Rex Copeland
About Rex Copeland
Rex A. Copeland is Treasurer of Great Southern Bancorp, Inc. and Senior Vice President & Chief Financial Officer of Great Southern Bank. He joined the Bank in 2000 and is responsible for internal and external financial reporting; he is a Certified Public Accountant with prior experience in corporate accounting, internal audit, and independent public accounting. Age: 60 (as of FY2024 10-K); tenure as CFO exceeds five years per the company’s executive officer disclosure . Compensation incentives are tied primarily to quarterly EPS (corporate performance) and a CFO-specific bonus equal to 0.06% of pre-tax earnings, reinforcing earnings growth focus .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Financial services companies (prior roles) | Corporate accounting, internal audit | Not disclosed | Built core finance and control expertise |
| Independent public accounting | Auditor (CPA) | Not disclosed | External audit rigor; GAAP and controls discipline |
External Roles
No public-company directorships or external board roles disclosed in reviewed filings .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Actual Salary Paid ($) | $413,015 | $467,838 | $492,661 | — |
| Base Salary (set for year) ($) | — | — | $493,500 | $508,305 |
Notes:
- 2024 salary paid reflects actual compensation; the proxy also notes a 2024 base salary level of $493,500 and an increase to $508,305 for 2025 .
Performance Compensation
Annual Incentive Structure and Outcomes
| Item | 2022 | 2023 | 2024 |
|---|---|---|---|
| Non-Equity Incentive Plan Compensation ($) | $70,550 | $68,685 | $91,965 |
| CFO-specific bonus eligibility | 0.06% of pre-tax earnings | 0.06% of pre-tax earnings | 0.06% of pre-tax earnings |
| Corporate bonus framework | Up to 17.85% of base (2021 historical) | Up to 10.625% of base; target 8.50% (EPS-based) | Up to 10.625% of base; target 8.50% (EPS-based) |
Quarterly EPS Bonuses (selected periods, 2024)
| Metric | Q1 2024 | Q2 2024 |
|---|---|---|
| Actual EPS ($) | $1.13 | $1.45 |
| Payout vs targeted opportunity | 110% | 125% |
| Plan parameters (reference) | Target ladder $0.59–$1.24; payout 50%–125% | Target ladder $0.67–$1.40; payout 50%–125% |
Stock Options and Alternative Cash Elections
- Copeland elected alternative cash payments in lieu of option awards in 2023 ($45,043, payable in installments) and 2024 ($50,534, payable in installments) .
- Standard option vesting begins two years after grant, 25% annually to the fifth anniversary; 2024 grants for other NEOs vest 25% annually from Nov 20, 2026, strike $61.79 .
Equity Ownership & Alignment
Beneficial Ownership and Options
| Item | Value |
|---|---|
| Beneficially owned shares | 46,019 |
| Ownership as % of class | 0.40% |
| Options exercisable (12/31/2024) | 23,751 |
| Options unexercisable (12/31/2024) | 7,099 |
Vesting/CIC Economics
| Scenario | Value |
|---|---|
| CIC acceleration value of unvested options (Dec 31, 2024; stock $59.70) | $24,288 |
| CIC acceleration of alternative cash payment (elected in lieu of options) | $88,821 |
Hedging/Pledging and Ownership Guidelines
- Hedging of company securities is prohibited by insider trading policy .
- No executive stock ownership guidelines or pledging disclosures found for Copeland in reviewed filings .
Employment Terms
| Term | Copeland |
|---|---|
| Employment/Severance Agreement | None; no severance contract |
| Change-in-Control treatment | Unvested options vest in full; alternative cash may accelerate with specified value |
| Clawback | 2022 Omnibus Incentive Plan includes clawback/recoupment provisions; awards may be reduced or recouped per law and policy |
| Non-compete / Non-solicit | Not disclosed for Copeland |
| Supplemental life insurance | $175,000 death benefit (plus $60,000 standard term life) |
Pension and Retirement Benefits
| Plan | Credited Service (Years) | Present Value of Accumulated Benefit ($) | Payments During Last Fiscal Year ($) |
|---|---|---|---|
| Pentegra Retirement Fund | 24 | $809,000 | — |
Alternative Cash Payment Schedule (in lieu of 2024 option grant)
| Payment Date | Amount ($) |
|---|---|
| Dec 31, 2025 | $10,107 |
| Dec 31, 2026 | $10,107 |
| Dec 31, 2027 | $10,107 |
| Dec 29, 2028 | $10,107 |
| Jul 13, 2029 | $10,106 |
| Note: Installments are subject to continued employment; election available to officers intending to retire within six years . |
Related Party Transactions (Loans)
| Loan Type | Date | 2024 Year-End Balance ($) | Interest Rate | Est. Avg. Market Rate (2024) | Est. Interest Difference ($) |
|---|---|---|---|---|---|
| Home Mortgage | 06/06/2023 | $754,028 | 2.60% | 7.92% | $48,985 |
Compensation Committee and Governance
- Compensation Committee members: Kevin R. Ausburn; Thomas J. Carlson; Amelia A. Counts; Steven D. Edwards; Debra Mallonee (Shantz) Hart; Douglas M. Pitt; Earl A. Steinert, Jr. .
- Say-on-Pay: 2024 approval ~96% of votes cast .
- Corporate hedging policy: prohibits hedging/monetization (e.g., zero-cost collars, forwards) .
Investment Implications
- Alignment and retention: Copeland’s pay is heavily tied to corporate EPS outcomes plus a 0.06% pre-tax earnings bonus, reinforcing earnings quality and consistency; the elected alternative cash payment in lieu of options, with multi-year installment schedule, signals retirement intent within six years and creates retention hooks through 2029 .
- Potential selling pressure: Absence of new equity grants (replaced by cash installments) reduces incremental equity overhang from Copeland; option inventory is moderate (23,751 exercisable; 7,099 unexercisable), with CIC acceleration limited to unvested options .
- Governance and red flags: The below-market-rate mortgage represents a related party transaction with a quantified benefit ($48,985), which may be viewed as shareholder-unfriendly despite transparency; clawback provisions and hedging prohibitions partially mitigate governance risk .
- Succession/continuity risk: The alternative cash election framework is explicitly offered to officers planning retirement within six years; investors should monitor disclosures for transition planning and timing given CFO criticality to reporting integrity (Copeland signs SOX certifications) .