Kevin Baker
About Kevin Baker
Kevin L. Baker, age 57, is Vice President and Chief Credit Officer of Great Southern Bank, responsible for the overall credit approval process, loan collections, and loan documentation/servicing; he joined the Bank in 2005 after serving as a lending officer at a commercial bank . Compensation is primarily tied to company earnings per share (EPS) via the annual incentive plan rather than individual credit metrics, and long-term incentives are delivered through stock options with time-based vesting; TSR, revenue growth, and EBITDA growth metrics are not disclosed for his compensation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Commercial bank (prior employer) | Lending Officer | pre-2005 | Credit underwriting experience prior to joining Great Southern |
External Roles
No external directorships or public company boards disclosed for Kevin L. Baker .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $397,602 | $467,213 | $492,661 |
| Pension – Qualified Plan Service Cost ($) | $37,000 | $31,000 | $34,000 |
| All Other Compensation ($) | $12,431 | $13,431 | $14,031 |
- Current-year base salary (2025): $508,305 .
- Perquisites/benefits include officer life insurance (supplemental $175,000 plus $60,000 employee term) and long-term disability up to $10,000/month; amounts for premiums are included in “All Other Compensation” .
Performance Compensation
Annual Incentive Plan – Structure
| Element | 2024 | 2025 |
|---|---|---|
| Performance Metric | Company EPS target | Company EPS target |
| Target Bonus % of Salary | Up to 10.625% | Up to 10.63% |
| Maximum Potential Payout ($) | $52,434 (plan-based table) | Not disclosed |
| Vesting/Payment | Cash, annual payout | Cash, annual payout |
Annual Incentive Plan – Actual Payouts
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Non-Equity Incentive Plan Compensation ($) | $68,000 | $17,478 | $46,667 |
Stock Option Grants (Long-Term Incentives)
| Item | 2022 Grant | 2023 Grant | 2024 Grant |
|---|---|---|---|
| Grant Date | 11/16/2022 | 11/15/2023 | 11/20/2024 |
| Options Granted (#) | 4,800 | 4,800 | 4,800 |
| Exercise Price ($/sh) | $61.55 | $53.22 | $61.79 |
| Vesting Start | 11/16/2025 | 11/15/2025 | 11/20/2026 |
| Vesting Cadence | 25% annually (1,200 sh on 11/16/25–27) | 25% annually (1,200 sh on 11/15/25–28) | 25% annually (1,200 sh on 11/20/26–29) |
| Expiration | 11/16/2032 | 11/15/2033 | 11/20/2034 |
| Grant Date Fair Value ($) | $64,704 | $56,304 | $72,192 |
Option Exercises
| Year | Shares Acquired on Exercise (#) | Value Realized ($) |
|---|---|---|
| 2024 | 625 | $13,111 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (shares) | 26,170 |
| Ownership as % of Class | 0.23% |
| Options included in beneficial ownership | 17,051 shares may be acquired via option exercises (within 60 days) |
| Total Options Outstanding – Exercisable | 22,051 |
| Total Options Outstanding – Unexercisable | 16,699 |
| 401(k) Company Stock Fund Units | Equivalent to ~9,105 shares |
| Shares Pledged as Collateral | None disclosed for Baker (no pledge noted in footnote) |
Outstanding Equity Awards (as of 12/31/2024)
| Exercisable (#) | Unexercisable (#) | Exercise Price ($/sh) | Expiration |
|---|---|---|---|
| 2,500 | — | 50.7100 | 11/18/2025 |
| 2,500 | — | 41.3000 | 10/24/2026 |
| 2,800 | — | 52.2000 | 11/15/2027 |
| 3,500 | — | 55.0000 | 11/28/2028 |
| 3,800 | — | 60.1500 | 11/20/2029 |
| 3,375 | 1,125 | 41.7400 | 10/26/2030 |
| 2,376 | 2,374 | 57.9800 | 11/17/2031 |
| 1,200 | 3,600 | 61.5500 | 11/16/2032 |
| — | 4,800 | 53.2200 | 11/15/2033 |
| — | 4,800 | 61.7900 | 11/20/2034 |
- Upcoming vesting schedules for unexercisable tranches: 1,125 sh on 10/26/2025 (41.74); 1,187 sh on 11/17/2025–2026 (57.98); 1,200 sh on 11/16/2025–2027 (61.55); 1,200 sh on 11/15/2025–2028 (53.22); 1,200 sh on 11/20/2026–2029 (61.79) .
Employment Terms
- No employment or severance agreement for Baker; employment at-will with no contractual severance .
- Change-in-control/death/disability: Unvested options accelerate; if a change in control had occurred on 12/31/2024, accelerated vesting value attributable to Baker’s unvested options (based on $59.70 closing price) would have been $55,392 .
- Insurance/perquisites: Supplemental officer life insurance death benefit of $175,000 plus $60,000 employee term benefit; long-term disability up to $10,000/month for named executive officers other than W. Turner .
- Related-party loans: Home mortgage (1/14/2016) fully repaid in 2024 with below-market rate vs estimated market difference of $6,235; construction home mortgage (6/24/2024) $520,000 at 8.50% (at market), balance $520,000 at year-end .
Compensation Committee Analysis
- Committee of independent directors oversees compensation; philosophy emphasizes safety/soundness, competitive base pay, long-term stock ownership, and aligning pay with performance, with primary components of base salary, annual incentive bonus, and long-term stock options .
Investment Implications
- Retention and severance: Absence of an employment agreement reduces guaranteed severance and could elevate mobility risk; retention relies on upcoming option vesting dates (annual tranches from 2025–2029) and annual bonus participation tied to EPS .
- Selling pressure: Significant scheduled vesting tranches begin in late 2025 and continue annually, with 625 shares exercised in 2024; monitor trading windows around vest dates and 10b5-1 plans for potential sales .
- Alignment: Ownership is modest at 0.23% of outstanding shares, but includes options and substantial 401(k) stock units; no pledging disclosed, which reduces misalignment risk .
- Change-in-control economics: Single-trigger acceleration of options in a change in control (no cash severance or contract), with quantified accelerated option value at $55,392 as of 12/31/2024, implying limited parachute exposure and a primarily equity-based upside in a sale scenario .
Source documents: GSBC 2025 Proxy (DEF 14A, 3/27/2025) [1:*], GSBC 2024 10-K (3/7/2025) [6:*].