8-K
GREAT SOUTHERN BANCORP, INC. (GSBC)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 8-K
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 15, 2025
_______________________________
GREAT SOUTHERN BANCORP, INC.
(Exact name of registrant as specified in its charter)
_______________________________
| Maryland | 0-18082 | 43-1524856 |
|---|---|---|
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
1451 East Battlefield
Springfield, Missouri 65804
(Address of Principal Executive Offices) (Zip Code)
(417) 887-4400
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
_______________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.01 per share | GSBC | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On October 15, 2025, Great Southern Bancorp, Inc. issued a press release reporting preliminary financial results for the three months ended September 30, 2025. A copy of the press release, including unaudited financial information released as a part thereof, is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 7.01. Regulation FD Disclosure.
The Company also published an investor presentation and loan portfolio related to its third quarter 2025 financial results, which are available on its website. A copy of the investor presentations are attached as Exhibit 99.2 and Exhibit 99.3.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description |
|---|---|
| 99.1 | Press Release dated October 15, 2025 |
| 99.2 | Earnings Presentation |
| 99.3 | Loan Portfolio |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GREAT SOUTHERN BANCORP, INC. | ||
|---|---|---|
| Date: October 16, 2025 | By: | /s/ Joseph W. Turner |
| Joseph W. Turner | ||
| President and Chief Executive Officer |
EdgarFiling
EXHIBIT 99.1
Great Southern Bancorp, Inc. Reports Preliminary Third Quarter Earningsof $1.56 Per Diluted Common Share
Preliminary Financial Results and Business Update for the Quarter EndedSeptember 30, 2025
SPRINGFIELD, Mo., Oct. 15, 2025 (GLOBE NEWSWIRE) -- Great Southern Bancorp, Inc. (the “Company”) (NASDAQ:GSBC), the holding company for Great Southern Bank (the “Bank”), today reported that preliminary earnings for the three months ended September 30, 2025, were $1.56 per diluted common share ($17.8 million net income) compared to $1.41 per diluted common share ($16.5 million net income) for the three months ended September 30, 2024.
For the quarter ended September 30, 2025, annualized return on average common equity was 11.30%, annualized return on average assets was 1.23%, and annualized net interest margin was 3.72%, compared to 11.10%, 1.11% and 3.42%, respectively, for the quarter ended September 30, 2024.
Third Quarter 2025 Key Results:
- Net Interest Income: Net interest income for the third quarter of 2025 increased $2.8 million (or approximately 5.8%) to $50.8 million compared to $48.0 million for the third quarter of 2024, largely driven by lower interest expense on deposit accounts and other borrowings. Annualized net interest margin was 3.72% for the quarter ended September 30, 2025, compared to 3.42% for the quarter ended September 30, 2024, and 3.68% for the quarter ended June 30, 2025. On October 6, 2025, interest income from the Company’s terminated interest rate swap ceased, which had been providing approximately $2.0 million of interest income per quarter through the third quarter of 2025.
- Asset Quality: Non-performing assets and potential problem loans totaled $9.2 million at September 30, 2025, a decrease of $7.4 million from $16.6 million at December 31, 2024. At September 30, 2025, non-performing assets were $7.8 million (0.14% of total assets), a decrease of $1.8 million from $9.6 million (0.16% of total assets) at December 31, 2024. See “Asset Quality” below.
- Liquidity: The Company had secured borrowing line availability at the FHLBank and Federal Reserve Bank of $1.11 billion and $356.2 million, respectively, at September 30, 2025. In addition, at September 30, 2025, the Company had unpledged securities with a market value totaling $369.9 million, which could be pledged as collateral for additional borrowing capacity at either the FHLBank or Federal Reserve Bank.
- Capital: The Company’s capital position remained strong as of September 30, 2025, significantly exceeding the thresholds established by regulators. On a preliminary basis, as of September 30, 2025, the Company’s Tier 1 Leverage Ratio was 11.9%, Common Equity Tier 1 Capital Ratio was 13.3%, Tier 1 Capital Ratio was 13.8%, and Total Capital Ratio was 15.1%. The Company’s tangible common equity to tangible assets ratio was 10.9% at September 30, 2025. See “Capital” below.
- Loans: Total net loans, excluding mortgage loans held for sale, decreased $222.7 million, or 4.7%, from $4.69 billion at December 31, 2024 to $4.47 billion at September 30, 2025. This decrease was primarily driven by decreases in construction loans, other residential (multi-family) loans, and one- to four-family residential loans. Compared to June 30, 2025, net loans decreased $66.6 million.
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Selected Financial Data:
| Three Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| September 30, | September 30, | June 30, | ||||||
| 2025 | 2024 | 2025 | ||||||
| (Dollars in thousands, except per share data) | ||||||||
| Net interest income | $ | 50,773 | $ | 47,975 | $ | 50,963 | ||
| Provision (credit) for credit losses on loans<br> and unfunded commitments | (379 | ) | 1,137 | (110 | ) | |||
| Non-interest income | 7,062 | 6,992 | 8,212 | |||||
| Non-interest expense | 36,116 | 33,717 | 35,005 | |||||
| Provision for income taxes | 4,346 | 3,623 | 4,494 | |||||
| Net income | $ | 17,752 | $ | 16,490 | $ | 19,786 | ||
| Earnings per diluted common share | $ | 1.56 | $ | 1.41 | $ | 1.72 |
Joseph W. Turner, President and CEO of Great Southern, commented, “Our third quarter results reflect continued stability in our core operations and disciplined execution of our long-term strategy to sustain profitability, protect credit quality, and enhance shareholder value. Core performance remained solid, with consistent net interest income, strong asset quality, and prudent expense management despite a continued competitive funding environment. We reported net income of $17.8 million, or $1.56 per diluted common share, for the third quarter of 2025, compared to $16.5 million, or $1.41 per diluted common share, in the same period last year.”
Turner noted, “Despite continued economic pressures, our core operations have been strong. Total interest income for the third quarter of 2025 was $79.1 million, reflecting only modest decreases in interest income and yields on loans and investment securities, despite reductions in market interest rates since the third quarter of 2024. Net interest income for the quarter increased to $50.8 million compared to $48.0 million in the same quarter last year, demonstrating the continued resilience of our margin and disciplined asset-liability management in a highly competitive deposit market. However, as we’ve noted previously, we will no longer have the benefit of interest income from the terminated swap in future periods. The funding costs of deposits and other borrowings continued to decrease, bolstering net interest income. Core deposits remained stable during the quarter, underscoring the strength of our customer relationships and the enduring value of our community banking franchise. We continue to manage deposit and other funding costs carefully, maintaining pricing discipline while also ensuring flexibility amidst a volatile interest rate environment.”
Turner added, “Our balance sheet remains well-positioned, with total assets of approximately $5.74 billion at September 30, 2025, reflecting modest contraction due to elevated net loan payoffs during the quarter and throughout much of 2025. Total net loans declined by approximately $222.7 million from the year-end 2024 balance, largely due to multi-family loan and construction loan pay-downs, consistent with renewed refinancing and capital markets activity. Credit quality remains a key strength, with low levels of non-performing assets and no provision expense recorded this quarter or year to date on the portfolio of outstanding loan balances, reflecting the soundness of our underwriting and portfolio management practices.”
Turner further noted, “On the expense side, operating discipline remains a primary focus. Non-interest expense for the third quarter totaled approximately $36.1 million, modestly above recent quarters, driven by higher legal and professional fees and upgrades of the Bank’s core technology systems. Non-interest income totaled $7.1 million for the third quarter of 2025, supported by loan, deposit, and debit card service fee income and other recurring revenue sources.”
Turner continued, “Looking ahead, our priorities remain unchanged: maintaining strong capital and liquidity positions, supporting our customers, and continuing to generate value for our shareholders. At September 30, 2025, the tangible common equity ratio was 10.9% and book value per common share was approximately $56.18 per share, reflecting the benefit of consistent earnings and opportunistic share repurchases. In the third quarter of 2025, we repurchased roughly 165,000 shares of our common stock, underscoring our continued commitment to long-term tangible book value per share growth.”
“Great Southern’s third-quarter 2025 results underscore the durability of our franchise and the consistency of our performance across economic cycles. We remain confident in our disciplined approach, sound balance sheet, and dedicated associates, all of which position us to deliver value for our customers, communities and shareholders,” Turner concluded.
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NET INTEREST INCOME
| Three Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| September 30, | September 30, | June 30, | |||||||
| 2025 | 2024 | 2025 | |||||||
| (Dollars in thousands) | |||||||||
| Interest Income | $ | 79,079 | $ | 83,796 | $ | 80,975 | |||
| Interest Expense | 28,306 | 35,821 | 30,012 | ||||||
| Net Interest Income | $ | 50,773 | $ | 47,975 | $ | 50,963 | |||
| Net interest margin | 3.72 | % | 3.42 | % | 3.68 | % | |||
| Average interest-earning<br> assets to average<br>interest-bearing liabilities | 128.1 | % | 126.8 | % | 126.9 | % |
Net interest income for the third quarter of 2025 increased $2.8 million (5.8%) to $50.8 million, compared to $48.0 million for the third quarter of 2024. This increase in net interest income was driven primarily by the strategic management of maturing/repricing brokered deposits and interest-bearing demand deposits to reduce interest expense. Also, there was no interest expense on subordinated notes in the quarter ended September 30, 2025, as those notes were redeemed in June 2025. These interest expense reductions were partially offset by a reduction in interest income on loans due to lower balances and lower market rates, which impacted the interest rate on variable-rate loans. Annualized net interest margin was 3.72% in the third quarter of 2025, compared to 3.42% in the same period of 2024 and 3.68% in the second quarter of 2025. The average interest rate spread was 3.13% for the three months ended September 30, 2025, compared to 2.74% for the three months ended September 30, 2024 and 3.09% for the three months ended June 30, 2025.
The average yield on total interest-earning assets decreased from 5.98% in the 2024 third quarter to 5.79% in the 2025 third quarter, with the average yield on loans decreasing 23 basis points, the average yield on investment securities increasing 15 basis points and the average yield on other interest earning assets (primarily funds held at the Federal Reserve Bank) decreasing 113 basis points. The average rate paid on total interest-bearing liabilities decreased from 3.24% in the 2024 third quarter to 2.66% in the 2025 third quarter, with the average rate paid on interest-bearing demand and savings deposits, time deposits and brokered deposits decreasing 34 basis points, 68 basis points and 72 basis points, respectively.
Market interest rates, primarily the federal funds rate and SOFR rates, declined in the fourth quarter of 2024, and remained lower through the third quarter of 2025, with an additional federal funds rate cut in September 2025. This market rate decline had a muted impact on the average yield on loans, as cash flows from lower-rate fixed rate loans were deployed into loans with comparably higher rates of interest. The decline in market interest rates also resulted in lower average rates paid on deposits and borrowings, compared to the prior-year third quarter.
To mitigate exposure to the risk of fluctuations in future cash flows resulting from changes in interest rates (primarily related to falling interest rates), the Company has strategically utilized derivative financial instruments - primarily interest rate swaps - as part of its interest rate risk management strategy.
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The following table presents, for the periods indicated, the effect of cash flow hedge accounting included in interest income in the consolidated statements of income:
| Three Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| September 30, | September 30, | June 30, | |||||||
| 2025 | 2024 | 2025 | |||||||
| (In thousands) | |||||||||
| Terminated interest<br> rate swaps | $ | 2,047 | $ | 2,047 | $ | 2,025 | |||
| Active interest rate swaps | (1,761 | ) | (2,743 | ) | (1,757 | ) | |||
| Increase (decrease) to interest income | $ | 286 | $ | (696 | ) | $ | 268 |
The Company entered into an interest rate swap in October 2018, which was terminated in March 2020. Upon termination, the Company received $45.9 million, inclusive of accrued but unpaid interest, from its swap counterparty. The net amount, after deducting accrued interest and deferred income taxes, was accreted to interest income on loans monthly until the originally scheduled termination date of October 6, 2025. With this date having passed, the Company no longer has the benefit of that income from the terminated swap.
The cost of deposits has been negatively impacted by the high level of competition for deposits across the industry and the lingering effects of liquidity events at several banks in March and April 2023. After the second quarter of 2023, the Company had a significant amount of time deposits maturing at relatively low interest rates. These deposits were either renewed at higher rates or withdrawn, requiring the Company to replace the withdrawn deposits with other funding sources at then-current market rates. Market rates for time deposits for much of 2024 remained elevated, but have declined as the FOMC cut the federal funds rate by 100 basis points in late 2024, 25 basis points in the third quarter of 2025 and signaled that further rate cuts may occur in the fourth quarter of 2025. As of September 30, 2025, time deposit maturities over the next 12 months were as follows: within three months — $675 million, with a weighted-average rate of 3.97%; within three to six months — $365 million, with a weighted-average rate of 3.29%; and within six to twelve months — $54 million, with a weighted-average rate of 2.16%. Based on time deposit market rates in September 2025, replacement rates for these maturing time deposits are likely to be approximately 3.10-3.60%, depending on term.
NON-INTEREST INCOME
For the quarter ended September 30, 2025, non-interest income increased $70,000 to $7.1 million when compared to the quarter ended September 30, 2024. The largest individual change in the various non-interest income categories in comparing the two periods was an increase of $206,000 in commission income.
NON-INTEREST EXPENSE
For the quarter ended September 30, 2025, non-interest expense increased $2.4 million to $36.1 million when compared to the quarter ended September 30, 2024, primarily as a result of the following items:
- Net occupancy and equipment expenses: Net occupancy and equipment expenses increased $735,000, or 9.0%, from the prior-year quarter. Various components of computer license and support expenses, related to upgrades of core systems capabilities and disaster recovery site, collectively increased by $637,000 in the third quarter of 2025 compared to the third quarter of 2024.
- Salaries and employee benefits: Salaries and employee benefits increased $636,000, or 3.3%, from the prior-year quarter. Much of this increase related to annual merit increases in various lending and operations areas.
- Legal, audit and other professional fees: Legal, audit and other professional fees increased $439,000 from the prior-year quarter, to $1.2 million. Of this total, legal fees increased $355,000 compared to the prior year period. In the quarter ended September 30, 2025, the Company incurred increased legal expenses related to certain corporate matters along with loan collection activities.
- Expense on other real estate owned: Expenses on other real estate owned increased $394,000, or 73.5%, from the prior-year quarter. In the quarter ended September 30, 2024, the Company recorded gains on sales of other real estate owned totaling $452,000, with no such gains in the 2025 period. In the quarter ended September 30, 2025, the Company recorded a total of $133,000 in rental income in excess of expense from other real estate owned, compared to $76,000 in the quarter ended September 30,
- The increase in rental income in the 2025 period related to the $6.0 million office building that was added to other real estate owned in the fourth quarter of 2024. See “Asset Quality” below.
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The Company’s efficiency ratio for the quarter ended September 30, 2025, was 62.45% compared to 61.34% for the same quarter in 2024. The Company’s ratio of non-interest expense to average assets was 2.50% for the three months ended September 30, 2025, compared to 2.27% for the three months ended September 30, 2024. Average assets for the three months ended September 30, 2025, decreased $185.3 million, or 3.1%, compared to the three months ended September 30, 2024, primarily due to the decline in the average balance of net loans.
INCOME TAXES
For the three months ended September 30, 2025 and 2024, the Company's effective tax rate was 19.7% and 18.0%, respectively. For the nine months ended September 30, 2025 and 2024, the Company's effective tax rate was 19.4% and 18.5%, respectively. These effective rates were below the statutory federal tax rate of 21.0%, due primarily to the utilization of certain investment tax credits and the Company’s tax-exempt investments and tax-exempt loans, which reduced the Company’s effective tax rate. The Company’s effective tax rate may fluctuate in future periods as it is impacted by the level and timing of the Company’s utilization of tax credits, the level of tax-exempt investments and loans, the amount of taxable income in various state jurisdictions and the overall level of pre-tax income. State tax expense estimates continually evolve as taxable income and apportionment between states are analyzed. The Company currently expects its effective tax rate (combined federal and state) will be approximately 18.5% to 20.0% in future periods.
CAPITAL
| September 30, | December 31, | June 30, | ||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | ||||
| Consolidated Regulatory Capital Ratios | (Preliminary) | |||||
| Tier<br> 1 Leverage Ratio | 11.9 | % | 11.2 | % | 11.5 | % |
| Common<br> Equity Tier 1 Capital Ratio | 13.3 | % | 12.3 | % | 13.0 | % |
| Tier<br> 1 Capital Ratio | 13.8 | % | 12.8 | % | 13.5 | % |
| Total<br> Capital Ratio | 15.1 | % | 15.4 | % | 14.7 | % |
| Tangible<br> Common Equity Ratio | 10.9 | % | 9.9 | % | 10.5 | % |
As of September 30, 2025, total stockholders’ equity was $632.9 million, representing 11.0% of total assets and a book value of $56.18 per common share. This compares to total stockholders’ equity of $599.6 million, or 10.0% of total assets, and a book value of $51.14 per common share at December 31, 2024. The $33.4 million increase in stockholders’ equity from December 31, 2024, was primarily driven by $54.7 million in net income, a decrease in unrealized losses and a $4.2 million increase from stock option exercises, partially offset by $14.0 million in cash dividends declared on the Company’s common stock and $30.0 million in common stock repurchases. The decreased unrealized losses on the Company’s available-for-sale investment securities and interest rate swaps, which totaled $35.9 million and $54.4 million (net of taxes) at September 30, 2025 and December 31, 2024, respectively, increased stockholders’ equity by $18.5 million during the first nine months of 2025. These net unrealized losses primarily resulted from increased intermediate-term market interest rates in prior periods, which generally decreased the fair value of the investment securities and interest rate swaps. In the first nine months of 2025, these market interest rates decreased, resulting in increases in the fair value of the Company’s investment securities and interest rate swaps.
The Company had unrealized losses on its portfolio of held-to-maturity investment securities, which totaled $17.7 million and $24.7 million at September 30, 2025 and December 31, 2024, respectively, that were not included in its total capital balance. If held-to-maturity unrealized losses were included in capital (net of taxes) at September 30, 2025 and December 31, 2024, they would have decreased total stockholder’s equity at those dates by $13.4 million and $18.6 million, respectively. These amounts were equal to 2.1% of total stockholders’ equity of $632.9 million at September 30, 2025, compared to 3.1% of total stockholders’ equity of $599.6 million at December 31, 2024.
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In April 2025, the Company’s Board of Directors approved a new stock repurchase program, which succeeded the previous repurchase program (authorized in November 2022) following the repurchase of that program’s remaining available shares. The November 2022 stock repurchase program was completed during the third quarter of 2025. The stock repurchase program approved in April 2025 authorizes the purchase, from time to time, of up to one million additional shares of the Company’s common stock. As of September 30, 2025, approximately 929,000 shares remained available under this stock repurchase authorization.
During the three months ended September 30, 2025, the Company repurchased 165,116 shares of its common stock at an average price of $60.33, and the Company’s Board of Directors declared a regular quarterly cash dividend of $0.43 per common share, which, combined, reduced stockholders’ equity by $14.9 million.
During the nine months ended September 30, 2025, the Company repurchased 514,458 shares of its common stock at an average price of $57.89, and the Company’s Board of Directors declared regular quarterly cash dividends totaling $1.23 per common share, which, combined, reduced stockholders’ equity by $44.1 million.
LIQUIDITY AND DEPOSITS
Liquidity is a measure of the Company’s ability to generate sufficient cash to meet present and future financial obligations in a timely manner. The Company’s primary sources of funds are customer deposits, FHLBank advances, other borrowings, loan repayments, unpledged securities, proceeds from sales of loans and available-for-sale securities and funds provided from operations. The Company utilizes some or all of these sources of funds depending on the comparative costs and availability at the time. The Company has from time to time chosen not to pay rates on deposits as high as the rates paid by certain of its competitors and, at management’s discretion, supplements deposits with alternative sources of funds. Management believes that the Company maintains overall liquidity sufficient to satisfy its depositors’ requirements and meet its borrowers’ credit needs.
At September 30, 2025, the Company had the following available secured lines and on-balance sheet liquidity:
| September 30, 2025 | |
|---|---|
| Federal Home Loan Bank line | $1,111.0 million |
| Federal Reserve Bank line | 356.2 million |
| Cash and cash equivalents | 196.2 million |
| Unpledged securities – Available-for-sale | 344.3 million |
| Unpledged securities – Held-to-maturity | 25.6 million |
During the nine months ended September 30, 2025, the Company’s total deposits decreased $77.5 million. Interest-bearing checking balances increased $54.3 million (2.4%), primarily in certain money market accounts, and non-interest-bearing checking balances increased $12.4 million (1.5%). Time deposits generated through the Company’s banking center and corporate services networks decreased $52.1 million (6.7%). Brokered deposits, obtained through a variety of sources, decreased $92.1 million (11.9%). During the three months ended September 30, 2025, the Company’s total deposits decreased $156.1 million, $153.3 million of which was in brokered deposits. As total assets (primarily loans receivable) decreased, the Company elected not to replace some of its maturing brokered deposits.
At September 30, 2025, the Company had the following deposit balances:
| September 30, 2025 | |
|---|---|
| Interest-bearing checking | $2,269.0 million |
| Non-interest-bearing checking | 855.4 million |
| Time deposits | 723.7 million |
| Brokered deposits | 680.0 million |
At September 30, 2025, the Company estimated that its uninsured deposits, excluding deposit accounts of the Company’s consolidated subsidiaries, were approximately $741.9 million (16.4% of total deposits).
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LOANS
Total net loans, excluding mortgage loans held for sale, decreased $222.7 million, or 4.7%, from $4.69 billion at December 31, 2024 to $4.47 billion at September 30, 2025. This decrease was primarily driven by decreases in construction loans of $122.7 million, other residential (multi-family) loans of $63.7 million, one- to four-family residential loans of $36.6 million and commercial real estate loans of $12.8 million. Compared to June 30, 2025, net loans decreased $66.6 million.
The pipeline of the unfunded portion of loans and formal loan commitments remained strong, with the largest portion of these unfunded balances represented by the unfunded portion of outstanding construction loans ($582.4 million at September 30, 2025). See the table below.
For additional details about the Company’s loan portfolio, please refer to the quarterly loan portfolio presentation available on the Company’s Investor Relations website under “Presentations.”
Loan commitments and the unfunded portion of loans at the dates indicated were as follows (in thousands):
| September 30, 2025 | June 30,2025 | March 31,2025 | December 31,2024 | December31,2023 | December 31,2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Closed non-construction loans with unused available lines | ||||||||||||
| Secured by real estate (one- to four-family) | $ | 207,820 | $ | 211,453 | $ | 211,119 | $ | 205,599 | $ | 203,964 | $ | 199,182 |
| Secured by real estate (not one- to four-family) | — | — | — | — | — | — | ||||||
| Not secured by real estate – commercial business | 87,205 | 102,891 | 106,211 | 106,621 | 82,435 | 104,452 | ||||||
| Closed construction loans with unused available lines | ||||||||||||
| Secured by real estate (one-to four-family) | 88,257 | 96,935 | 96,807 | 94,501 | 101,545 | 100,669 | ||||||
| Secured by real estate (not one-to four-family) | 600,243 | 644,427 | 657,828 | 703,947 | 719,039 | 1,444,450 | ||||||
| Loan commitments not closed | ||||||||||||
| Secured by real estate (one-to four-family) | 16,923 | 17,148 | 19,264 | 14,373 | 12,347 | 16,819 | ||||||
| Secured by real estate (not one-to four-family) | 27,565 | 13,002 | 50,296 | 53,660 | 48,153 | 157,645 | ||||||
| Not secured by real estate – commercial business | 32,837 | 27,003 | 18,484 | 22,884 | 11,763 | 50,145 | ||||||
| $ | 1,060,850 | $ | 1,112,859 | $ | 1,160,009 | $ | 1,201,585 | $ | 1,179,246 | $ | 2,073,362 |
PROVISION FOR CREDIT LOSSES AND ALLOWANCE FOR CREDIT LOSSES
During the three months ended September 30, 2025, the Company did not record a provision expense on its portfolio of outstanding loans, compared to a provision expense of $1.2 million in the same period in 2024. During the nine months ended September 30, 2025, the Company did not record a provision expense on its portfolio of outstanding loans, compared to a provision expense of $1.7 million in the same period in 2024. Total net charge-offs were $66,000 for the three months ended September 30, 2025, compared to total net charge-offs of $1.5 million during the same period in the prior year. Total net charge-offs were $11,000 for the nine months ended September 30, 2025, compared to total net charge-offs of $1.5 million during the same period in the prior year. Additionally, for the quarter ended September 30, 2025, the Company recorded a negative provision for losses on unfunded commitments of $379,000, compared to a negative provision of $63,000 for the same period in 2024. For the nine months ended September 30, 2025, the Company recorded a negative provision for losses on unfunded commitments of $837,000, compared to a negative provision of $540,000 for the same period in 2024.
The Bank’s allowance for credit losses as a percentage of total loans was 1.43%, 1.36% and 1.41% at September 30, 2025, December 31, 2024 and June 30, 2025, respectively. Management considers the allowance for credit losses adequate to cover losses inherent in the Bank’s loan portfolio at September 30, 2025, based on recent reviews of the portfolio and current economic conditions. However, if challenging economic conditions persist or worsen, or if management’s assessment of the loan portfolio changes, additional provisions for credit losses may be required, which could adversely impact the Company’s future financial performance.
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ASSET QUALITY
At September 30, 2025, non-performing assets were $7.8 million, a decrease of $1.8 million from $9.6 million at December 31, 2024 and a decrease of $273,000 from $8.1 million at June 30, 2025. Non-performing assets as a percentage of total assets were 0.14% at September 30, 2025, compared to 0.16% at December 31, 2024 and 0.14% at June 30, 2025.
Activity in the non-performing loan categories during the quarter ended September 30, 2025, was as follows:
| Beginning<br>Balance,<br>July 1 | Additions<br>to Non-<br>Performing | Removed<br>from Non-<br>Performing | Transfers<br>to Potential<br>Problem<br>Loans | Transfers to<br>Foreclosed<br>Assets and<br>Repossessions | Charge-<br>Offs | Payments | Ending Balance, September 30 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | ||||||||||||||||||
| One- to four-family<br> construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||
| Subdivision construction | — | — | — | — | — | — | — | — | ||||||||||
| Land development | — | — | — | — | — | — | — | — | ||||||||||
| Commercial construction | — | — | — | — | — | — | — | — | ||||||||||
| One- to four-family residential | 2,026 | 1 | — | — | (69 | ) | — | (252 | ) | 1,706 | ||||||||
| Other residential (multi-family) | — | — | — | — | — | — | — | — | ||||||||||
| Commercial real estate | — | — | — | — | — | — | — | — | ||||||||||
| Commercial business | — | — | — | — | — | — | — | — | ||||||||||
| Consumer | 18 | 9 | — | — | — | — | (5 | ) | 22 | |||||||||
| Total<br> non-performing loans | $ | 2,044 | $ | 10 | $ | — | $ | — | $ | (69 | ) | $ | — | $ | (257 | ) | $ | 1,728 |
- Compared to June 30, 2025, non-performing loans decreased $316,000.
- The non-performing one- to four-family residential category consisted of six loans at September 30, 2025, none of which were added during the current quarter.
- The largest relationship in the one- to four-family residential category totaled $614,000 at September 30, 2025. This relationship was added to non-performing loans in 2024 and is collateralized by a single-family residential property in the Sarasota, Fla. area.
- During the quarter ended September 30, 2025, one- to four-family residential loans experienced two loan pay-offs totaling $237,000.
Activity in the potential problem loans categories during the quarter ended September 30, 2025, was as follows:
| Beginning<br>Balance,<br>July 1 | Additions to<br>Potential<br>Problem | Removed<br>from<br>Potential<br>Problem | Transfers<br>to Non-<br>Performing | Transfers to<br>Foreclosed<br>Assets and<br>Repossessions | Charge-<br>Offs | LoanAdvances(Payments) | Ending Balance, September 30 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | |||||||||||||||||||
| One- to four-family<br> construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||
| Subdivision construction | — | — | — | — | — | — | — | — | |||||||||||
| Land development | — | — | — | — | — | — | — | — | |||||||||||
| Commercial construction | — | — | — | — | — | — | — | — | |||||||||||
| One- to four-family residential | 1,839 | 292 | (963 | ) | — | — | — | (13 | ) | 1,155 | |||||||||
| Other residential (multi-family) | — | — | — | — | — | — | — | — | |||||||||||
| Commercial real estate | 4,297 | — | (4,297 | ) | — | — | — | — | — | ||||||||||
| Commercial business | 33 | — | — | — | — | (32 | ) | (1 | ) | — | |||||||||
| Consumer | 1,037 | 10 | (784 | ) | — | — | (11 | ) | (9 | ) | 243 | ||||||||
| Total<br> potential problem loans | $ | 7,206 | $ | 302 | $ | (6,044 | ) | $ | — | $ | — | $ | (43 | ) | $ | (23 | ) | $ | 1,398 |
Compared to June 30, 2025, potential problem loans decreased $5.8 million.
During the three months ended September 30, 2025, one loan relationship in the commercial real estate ($4.3 million) and consumer ($784,000) categories was upgraded from the substandard category to the special mention category, removing it from the potential problem loan list. This relationship is collateralized by three nursing care facilities located in southwest Missouri.
At September 30, 2025, the one- to four-family residential category consisted of 13 loans, four of which were added to potential problem loans during the current quarter.
During the three months ended September 30, 2025, one loan relationship in the one- to four-family category ($963,000) was upgraded from the substandard category to non-classified, removing it from the potential problem loan list. This relationship is collateralized by multiple single-family residential properties in Indiana and Florida.
The largest relationship in the one- to four-family category totaled $225,000 and was added in the current quarter. This relationship is collateralized by a single-family residential property in the St. Louis area.
At September 30, 2025, the consumer category of potential problem loans consisted of 14 loans, three of which were added during the current quarter.
8
Activity in the foreclosed assets and repossessions categories during the quarter ended September 30, 2025 was as follows:
| Beginning<br>Balance,<br>July 1 | Additions | ORE and<br>Repossession<br>Sales | Capitalized<br>Costs | ORE and<br>Repossession<br>Write-Downs | Ending<br>Balance,<br>September 30 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | |||||||||||||
| One-to<br> four-family construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |
| Subdivision<br> construction | — | — | — | — | — | — | |||||||
| Land<br> development | — | — | — | — | — | — | |||||||
| Commercial<br> construction | — | — | — | — | — | — | |||||||
| One-<br> to four-family residential | — | 69 | (69 | ) | — | — | — | ||||||
| Other<br> residential (multi-family) | — | — | — | — | — | — | |||||||
| Commercial<br> real estate | 6,036 | — | — | — | — | 6,036 | |||||||
| Commercial<br> business | — | — | — | — | — | — | |||||||
| Consumer | 4 | 71 | (28 | ) | — | — | 47 | ||||||
| Total<br> foreclosed assets and repossessions | $ | 6,040 | $ | 140 | $ | (97 | ) | $ | — | $ | — | $ | 6,083 |
- Compared to June 30, 2025, foreclosed assets increased $43,000.
- The largest asset in the commercial real estate category, totaling $6.0 million, consisted of an office building located in Clayton, Mo. This asset was foreclosed upon in the fourth quarter of 2024.
BUSINESS INITIATIVES
Technology initiatives and advancements continue with the Company’s current core provider. Projects to improve customer-facing online services and deliver a full overhaul of the Company’s treasury management services platform have moved, or are soon scheduled to move, to the trial phase, while foundational projects focused on fostering system efforts and innovations have launched.
Construction of the Company's new banking center at 723 N. Benton in Springfield, Mo., is nearly complete, with a grand opening scheduled for late October. The new facility, designed as a next-generation banking center to replace a facility previously existing at that location, features customer-centered designs, tools and technology, and will allow the Company to test new processes and innovations. The location is one of 12 banking centers the Company operates in Springfield, in addition to a drive-thru Express Center.
Earnings Conference Call
The Company will host a conference call on Thursday, October 16, 2025, at 2:00 p.m. Central Time to discuss third quarter 2025 preliminary earnings. The call will be available live or in a recorded version at the Company’s Investor Relations website, http://investors.greatsouthernbank.com. Participants may register for the call at https://register-conf.media-server.com/register/BIb44167a7082b469c9767fe40b68f0ef4.
| 9 |
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About Great Southern Bancorp, Inc.
Headquartered in Springfield, Missouri, Great Southern offers a broad range of banking services to customers. The Company operates 89 retail banking centers in Missouri, Iowa, Kansas, Minnesota, Arkansas and Nebraska and commercial lending offices in Atlanta, Charlotte, Chicago, Dallas, Denver, Omaha, and Phoenix. The common stock of Great Southern Bancorp, Inc. is listed on the Nasdaq Global Select Market under the symbol “GSBC.”
www.GreatSouthernBank.com
Forward-Looking Statements
When used in this press release and in other documents filed or furnished by the Company with or to the Securities and Exchange Commission (the “SEC”), in the Company's other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “may,” “might,” “could,” “should,” "will likely result," "are expected to," "will continue," "is anticipated," “believe,” "estimate," "project," "intends" or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements also include, but are not limited to, statements regarding plans, objectives, expectations or consequences of announced transactions, known trends and statements about future performance, operations, products and services of the Company. The Company’s ability to predict results or the actual effects of future plans or strategies is inherently uncertain, and the Company’s actual results could differ materially from those contained in the forward-looking statements.
Factors that could cause or contribute to such differences include, but are not limited to: (i) expected revenues, cost savings, earnings accretion, synergies and other benefits from the Company's merger and acquisition activities might not be realized within the anticipated time frames or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; (ii) changes in economic conditions, either nationally or in the Company's market areas; (iii) the effects of any new or continuing public health issues on general economic and financial market conditions; (iv) fluctuations in interest rates, the effects of inflation or a potential recession, whether caused by Federal Reserve actions or otherwise; (v) the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; (vi) slower or negative economic growth caused by tariffs, changes in energy prices, supply chain disruptions or other factors; (vii) the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; (viii) the possibility of realized or unrealized losses on securities held in the Company's investment portfolio; (ix) the Company's ability to access cost-effective funding and maintain sufficient liquidity; (x) fluctuations in real estate values and both residential and commercial real estate market conditions; (xi) the ability to adapt successfully to technological changes to meet customers' needs and developments in the marketplace; (xii) the possibility that security measures implemented might not be sufficient to mitigate the risk of a cyber-attack or cyber theft, and that such security measures might not protect against systems failures or interruptions; (xiii) legislative or regulatory changes that adversely affect the Company's business; (xiv) changes in accounting policies and practices or accounting standards; (xv) results of examinations of the Company and the Bank by their regulators, including the possibility that the regulators may, among other things, require the Company to limit its business activities, change its business mix, increase its allowance for credit losses, write-down assets or increase its capital levels, or affect its ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; (xvi) costs and effects of litigation, including settlements and judgments; (xvii) competition; and (xviii) natural disasters, war, terrorist activities or civil unrest and their effects on economic and business environments in which the Company operates. The Company wishes to advise readers that the factors listed above and other risks described in the Company’s most recent Annual Report on Form 10-K, including, without limitation, those described under “Item 1A. Risk Factors,” subsequent Quarterly Reports on Form 10-Q and other documents filed or furnished from time to time by the Company with the SEC (which are available on our website at www.greatsouthernbank.com and the SEC’s website at www.sec.gov), could affect the Company's financial performance and cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.
The Company does not undertake-and specifically declines any obligation- to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
| 10 |
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The following tables set forth selected consolidated financial information of the Company at the dates and for the periods indicated. Financial data at all dates other than December 31, 2024, and for all periods, is unaudited. In the opinion of management, all adjustments, which consist only of normal recurring accrual adjustments, necessary for a fair presentation of the results at and for such unaudited dates and periods have been included. The results of operations and other data for the three and nine months ended September 30, 2025 and 2024, and the three months ended June 30, 2025, are not necessarily indicative of the results of operations which may be expected for any future period.
| September 30, | December 31, | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||||||||||
| (In thousands) | |||||||||||||||
| Selected Financial Condition Data: | |||||||||||||||
| Total<br> assets | $ | 5,737,867 | $ | 5,981,628 | |||||||||||
| Loans<br> receivable, gross | 4,538,114 | 4,761,848 | |||||||||||||
| Allowance<br> for credit losses | 64,749 | 64,760 | |||||||||||||
| Other<br> real estate owned, net | 6,083 | 5,993 | |||||||||||||
| Available-for-sale<br> securities, at fair value | 531,348 | 533,373 | |||||||||||||
| Held-to-maturity<br> securities, at amortized cost | 181,315 | 187,433 | |||||||||||||
| Deposits | 4,528,033 | 4,605,549 | |||||||||||||
| Total<br> borrowings | 494,355 | 679,341 | |||||||||||||
| Total<br> stockholders’ equity | 632,926 | 599,568 | |||||||||||||
| Non-performing<br> assets | 7,811 | 9,566 | |||||||||||||
| Three Months Ended | Nine Months Ended | Three Months<br>Ended | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||
| September 30, | September 30, | June 30, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | |||||||||||
| (In thousands) | |||||||||||||||
| Selected Operating Data: | |||||||||||||||
| Interest<br> income | $ | 79,079 | $ | 83,796 | $ | 240,297 | $ | 242,113 | $ | 80,975 | |||||
| Interest<br> expense | 28,306 | 35,821 | 89,227 | 102,504 | 30,012 | ||||||||||
| Net<br> interest income | 50,773 | 47,975 | 151,070 | 139,609 | 50,963 | ||||||||||
| Provision<br> (credit) for credit losses on loans and unfunded commitments | (379 | ) | 1,137 | (837 | ) | 1,160 | (110 | ) | |||||||
| Non-interest<br> income | 7,062 | 6,992 | 21,864 | 23,631 | 8,212 | ||||||||||
| Non-interest<br> expense | 36,116 | 33,717 | 105,943 | 104,548 | 35,005 | ||||||||||
| Provision<br> for income taxes | 4,346 | 3,623 | 13,130 | 10,647 | 4,494 | ||||||||||
| Net<br> income | $ | 17,752 | $ | 16,490 | $ | 54,698 | $ | 46,885 | $ | 19,786 | |||||
| At or For the Three<br>Months Ended | At or For the Nine<br>Months Ended | At or For the Three Months Ended | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| September 30, | September 30, | June 30, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | |||||||||||
| (Dollars in thousands, except per share data) | |||||||||||||||
| Per Common Share: | |||||||||||||||
| Net<br> income (fully diluted) | $ | 1.56 | $ | 1.41 | $ | 4.74 | $ | 3.99 | $ | 1.72 | |||||
| Book<br> value | $ | 56.18 | $ | 52.40 | $ | 56.18 | $ | 52.40 | $ | 54.61 | |||||
| Earnings Performance Ratios: | |||||||||||||||
| Annualized<br> return on average assets | 1.23 | % | 1.11 | % | 1.24 | % | 1.07 | % | 1.34 | % | |||||
| Annualized<br> return on average<br>common stockholders’ equity | 11.30 | % | 11.10 | % | 11.80 | % | 10.83 | % | 12.81 | % | |||||
| Net<br> interest margin | 3.72 | % | 3.42 | % | 3.66 | % | 3.39 | % | 3.68 | % | |||||
| Average<br> interest rate spread | 3.13 | % | 2.74 | % | 3.08 | % | 2.72 | % | 3.09 | % | |||||
| Efficiency<br> ratio | 62.45 | % | 61.34 | % | 61.26 | % | 64.05 | % | 59.16 | % | |||||
| Non-interest<br> expense to average total assets | 2.50 | % | 2.27 | % | 2.40 | % | 2.38 | % | 2.37 | % | |||||
| Asset Quality Ratios: | |||||||||||||||
| Allowance<br> for credit losses to period-end loans | 1.43 | % | 1.36 | % | 1.43 | % | 1.36 | % | 1.41 | % | |||||
| Non-performing<br> assets to period-end assets | 0.14 | % | 0.13 | % | 0.14 | % | 0.13 | % | 0.14 | % | |||||
| Non-performing<br> loans to period-end loans | 0.04 | % | 0.16 | % | 0.04 | % | 0.16 | % | 0.04 | % | |||||
| Annualized<br> net charge-offs (recoveries) to average loans | 0.01 | % | 0.13 | % | 0.00 | % | 0.03 | % | (0.01 | )% |
| 11 |
| --- | | Great Southern<br> Bancorp, Inc. and SubsidiariesConsolidated Statements of Financial Condition(In thousands, except number of<br> shares) | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | September 30,<br>2025 | | | December 31,<br>2024 | | | June 30,<br>2025 | | | Assets | | | | | | | | | | Cash | 94,106 | | $ | 109,366 | | $ | 110,007 | | | Interest-bearing deposits in other financial<br> institutions | 102,129 | | | 86,390 | | | 135,906 | | | Cash<br> and cash equivalents | 196,235 | | | 195,756 | | | 245,913 | | | Available-for-sale securities | 531,348 | | | 533,373 | | | 527,543 | | | Held-to-maturity securities | 181,315 | | | 187,433 | | | 183,100 | | | Mortgage loans held for sale | 5,593 | | | 6,937 | | | 5,616 | | | Loans receivable,<br> net of allowance for credit losses of 64,749 – September 2025; 64,760 – December 2024; 64,815– June 2025 | 4,467,683 | | | 4,690,393 | | | 4,534,287 | | | Interest receivable | 19,931 | | | 20,430 | | | 20,644 | | | Prepaid expenses and other assets | 133,412 | | | 136,594 | | | 133,614 | | | Other real estate owned and repossessions, net | 6,083 | | | 5,993 | | | 6,040 | | | Premises and equipment, net | 133,769 | | | 132,466 | | | 134,337 | | | Goodwill and other intangible assets | 9,769 | | | 10,094 | | | 9,877 | | | Federal Home Loan Bank stock and other interest-earning<br> assets | 25,603 | | | 28,392 | | | 23,714 | | | Current and deferred income taxes | 27,126 | | | 33,767 | | | 29,987 | | | Total<br> Assets | 5,737,867 | | $ | 5,981,628 | | $ | 5,854,672 | | | Liabilities and Stockholders’ Equity | | | | | | | | | | Liabilities | | | | | | | | | | Deposits | 4,528,033 | | $ | 4,605,549 | | $ | 4,684,126 | | | Securities<br> sold under reverse repurchase agreements with customers | 42,674 | | | 64,444 | | | 54,802 | | | Short-term<br> borrowings | 425,907 | | | 514,247 | | | 369,907 | | | Subordinated<br> debentures issued to capital trust | 25,774 | | | 25,774 | | | 25,774 | | | Subordinated<br> notes | — | | | 74,876 | | | — | | | Accrued<br> interest payable | 3,909 | | | 12,761 | | | 4,065 | | | Advances<br> from borrowers for taxes and insurance | 9,904 | | | 5,272 | | | 8,822 | | | Accounts<br> payable and accrued expenses | 61,074 | | | 70,634 | | | 76,763 | | | Liability<br> for unfunded commitments | 7,666 | | | 8,503 | | | 8,045 | | | Total<br> Liabilities | 5,104,941 | | | 5,382,060 | | | 5,232,304 | | | Stockholders’ Equity | | | | | | | | | | Capital<br> stock | | | | | | | | | | Preferred<br> stock, .01 par value; authorized 1,000,000 shares; issued and outstanding September 2025, December 2024 and June 2025 -0- shares | — | | | — | | | — | | | Common<br> stock, .01 par value; authorized 20,000,000 shares; issued and outstanding September 2025 – 11,265,937 shares; December 2024<br> – 11,723,548 shares; June 2025 – 11,396,533 shares | 113 | | | 117 | | | 114 | | | Additional<br> paid-in capital | 52,855 | | | 50,336 | | | 51,646 | | | Retained<br> earnings | 615,837 | | | 603,477 | | | 611,921 | | | Accumulated<br> other comprehensive loss | (35,879 | ) | | (54,362 | ) | | (41,313 | ) | | Total<br> Stockholders’ Equity | 632,926 | | | 599,568 | | | 622,368 | | | Total<br> Liabilities and Stockholders’ Equity | 5,737,867 | | $ | 5,981,628 | | $ | 5,854,672 | |
All values are in US Dollars.
| 12 |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Three Months Ended | Nine Months Ended | Three Months Ended | |||||||||||||
| September 30, | September 30, | June 30, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | |||||||||||
| Interest Income | |||||||||||||||
| Loans | $ | 72,028 | $ | 76,425 | $ | 218,929 | $ | 221,796 | $ | 73,830 | |||||
| Investment<br> securities and other | 7,051 | 7,371 | 21,368 | 20,317 | 7,145 | ||||||||||
| 79,079 | 83,796 | 240,297 | 242,113 | 80,975 | |||||||||||
| Interest Expense | |||||||||||||||
| Deposits | 23,984 | 28,486 | 72,952 | 83,906 | 24,368 | ||||||||||
| Securities<br> sold under reverse repurchase agreements | 297 | 385 | 1,040 | 1,112 | 372 | ||||||||||
| Short-term<br> borrowings, overnight FHLBank borrowings and other interest-bearing liabilities | 3,618 | 5,388 | 12,042 | 12,805 | 3,974 | ||||||||||
| Subordinated<br> debentures issued to capital trust | 407 | 456 | 1,178 | 1,364 | 389 | ||||||||||
| Subordinated<br> notes | — | 1,106 | 2,015 | 3,317 | 909 | ||||||||||
| 28,306 | 35,821 | 89,227 | 102,504 | 30,012 | |||||||||||
| Net Interest Income | 50,773 | 47,975 | 151,070 | 139,609 | 50,963 | ||||||||||
| Provision for Credit Losses on Loans | — | 1,200 | — | 1,700 | — | ||||||||||
| Provision (Credit) for Unfunded Commitments | (379 | ) | (63 | ) | (837 | ) | (540 | ) | (110 | ) | |||||
| Net Interest Income After Provision for Credit Losses and Provision (Credit) for Unfunded Commitments | 51,152 | 46,838 | 151,907 | 138,449 | 51,073 | ||||||||||
| Non-interest Income | |||||||||||||||
| Commissions | 566 | 360 | 1,239 | 1,010 | 411 | ||||||||||
| Overdraft<br> and Insufficient funds fees | 1,367 | 1,307 | 3,848 | 3,826 | 1,266 | ||||||||||
| POS<br> and ATM fee income and service charges | 3,290 | 3,467 | 9,968 | 10,238 | 3,444 | ||||||||||
| Net<br> gains on loan sales | 916 | 1,076 | 2,410 | 2,880 | 893 | ||||||||||
| Late<br> charges and fees on loans | 189 | 77 | 772 | 380 | 340 | ||||||||||
| Gain<br> (loss) on derivative interest rate products | (2 | ) | (37 | ) | (54 | ) | (57 | ) | (28 | ) | |||||
| Other<br> income | 736 | 742 | 3,681 | 5,354 | 1,886 | ||||||||||
| 7,062 | 6,992 | 21,864 | 23,631 | 8,212 | |||||||||||
| Non-interest Expense | |||||||||||||||
| Salaries<br> and employee benefits | 20,184 | 19,548 | 60,318 | 59,090 | 20,005 | ||||||||||
| Net<br> occupancy and equipment expense | 8,873 | 8,138 | 25,841 | 23,818 | 8,435 | ||||||||||
| Postage | 893 | 861 | 2,649 | 2,445 | 825 | ||||||||||
| Insurance | 1,110 | 1,052 | 3,370 | 3,459 | 1,095 | ||||||||||
| Advertising | 985 | 928 | 1,980 | 2,169 | 705 | ||||||||||
| Office<br> supplies and printing | 238 | 232 | 742 | 735 | 238 | ||||||||||
| Telephone | 690 | 669 | 2,101 | 2,075 | 705 | ||||||||||
| Legal,<br> audit and other professional fees | 1,248 | 809 | 3,215 | 4,398 | 929 | ||||||||||
| Expense<br> (income) on other real estate and repossessions | (142 | ) | (536 | ) | (380 | ) | (190 | ) | (168 | ) | |||||
| Acquired<br> intangible asset amortization | 109 | 108 | 325 | 325 | 108 | ||||||||||
| Other<br> operating expenses | 1,928 | 1,908 | 5,782 | 6,224 | 2,128 | ||||||||||
| 36,116 | 33,717 | 105,943 | 104,548 | 35,005 | |||||||||||
| Income Before Income Taxes | 22,098 | 20,113 | 67,828 | 57,532 | 24,280 | ||||||||||
| Provision for Income Taxes | 4,346 | 3,623 | 13,130 | 10,647 | 4,494 | ||||||||||
| Net Income | $ | 17,752 | $ | 16,490 | $ | 54,698 | $ | 46,885 | $ | 19,786 | |||||
| Earnings Per Common Share | |||||||||||||||
| Basic | $ | 1.57 | $ | 1.41 | $ | 4.77 | $ | 4.01 | $ | 1.73 | |||||
| Diluted | $ | 1.56 | $ | 1.41 | $ | 4.74 | $ | 3.99 | $ | 1.72 | |||||
| Dividends Declared Per Common Share | $ | 0.43 | $ | 0.40 | $ | 1.23 | $ | 1.20 | $ | 0.40 |
| 13 |
| --- |
Average Balances, Interest Rates and Yields
The following table presents, for the periods indicated, the total dollar amounts of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. Average balances of loans receivable include the average balances of nonaccrual loans for each period. Interest income on loans includes interest received on nonaccrual loans on a cash basis. Interest income on loans also includes the amortization of net loan fees, which were deferred in accordance with accounting standards. Net fees included in interest income were $1.0 million and $1.1 million for the three months ended September 30, 2025 and 2024, respectively. Net fees included in interest income were $3.1 million and $3.4 million for the nine months ended September 30, 2025 and 2024, respectively. Tax-exempt income was not calculated on a tax equivalent basis. The table does not reflect any effect of income taxes.
| September 30, 2025 | Three Months Ended<br>September 30, 2025 | Three Months Ended<br>September 30, 2024 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Average | Yield/ | Average | Yield/ | ||||||||||||||
| Yield/Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Interest-earning assets: | |||||||||||||||||
| Loans receivable: | |||||||||||||||||
| One-<br> to four-family residential | 4.26 | % | $ | 807,670 | $ | 8,634 | 4.24 | % | $ | 859,737 | $ | 8,781 | 4.06 | % | |||
| Other<br> residential | 6.87 | 1,515,977 | 26,807 | 7.02 | 1,291,490 | 24,208 | 7.46 | ||||||||||
| Commercial<br> real estate | 6.18 | 1,482,201 | 23,350 | 6.25 | 1,515,949 | 24,115 | 6.33 | ||||||||||
| Construction | 7.09 | 406,510 | 7,338 | 7.16 | 644,620 | 12,633 | 7.80 | ||||||||||
| Commercial<br> business | 5.65 | 216,556 | 3,278 | 6.01 | 242,619 | 4,040 | 6.62 | ||||||||||
| Other<br> loans | 6.25 | 169,999 | 2,621 | 6.12 | 169,172 | 2,648 | 6.23 | ||||||||||
| Total<br> loans receivable | 6.11 | 4,598,913 | 72,028 | 6.21 | 4,723,587 | 76,425 | 6.44 | ||||||||||
| Investment securities | 3.20 | 722,880 | 6,081 | 3.34 | 758,793 | 6,092 | 3.19 | ||||||||||
| Other interest-earning assets | 4.05 | 93,028 | 970 | 4.14 | 96,641 | 1,279 | 5.27 | ||||||||||
| Total<br> interest-earning assets | 5.69 | 5,414,821 | 79,079 | 5.79 | 5,579,021 | 83,796 | 5.98 | ||||||||||
| Non-interest-earning assets: | |||||||||||||||||
| Cash<br> and cash equivalents | 93,707 | 104,409 | |||||||||||||||
| Other<br> non-earning assets | 259,598 | 269,972 | |||||||||||||||
| Total<br> assets | $ | 5,768,126 | $ | 5,953,402 | |||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||
| Interest-bearing<br> demand and savings | 1.35 | $ | 2,257,894 | 8,305 | 1.46 | $ | 2,210,988 | 10,030 | 1.80 | ||||||||
| Time<br> deposits | 3.28 | 746,500 | 6,293 | 3.34 | 856,418 | 8,664 | 4.02 | ||||||||||
| Brokered<br> deposits | 4.29 | 825,951 | 9,386 | 4.51 | 745,373 | 9,792 | 5.23 | ||||||||||
| Total<br> deposits | 2.28 | 3,830,345 | 23,984 | 2.48 | 3,812,779 | 28,486 | 2.97 | ||||||||||
| Securities<br> sold under reverse repurchase agreements | 1.63 | 56,772 | 297 | 2.08 | 76,572 | 385 | 2.00 | ||||||||||
| Short-term<br> borrowings, overnight FHLBank borrowings and other interest-bearing liabilities | 4.33 | 315,397 | 3,618 | 4.55 | 408,739 | 5,388 | 5.24 | ||||||||||
| Subordinated<br> debentures issued to capital trust | 6.16 | 25,774 | 407 | 6.26 | 25,774 | 456 | 7.04 | ||||||||||
| Subordinated<br> notes | --- | — | — | — | 74,770 | 1,106 | 5.88 | ||||||||||
| Total<br> interest-bearing liabilities | 2.50 | 4,228,288 | 28,306 | 2.66 | 4,398,634 | 35,821 | 3.24 | ||||||||||
| Non-interest-bearing liabilities: | |||||||||||||||||
| Demand<br> deposits | 847,232 | 862,170 | |||||||||||||||
| Other<br> liabilities | 64,050 | 98,590 | |||||||||||||||
| Total<br> liabilities | 5,139,570 | 5,359,394 | |||||||||||||||
| Stockholders’ equity | 628,556 | 594,008 | |||||||||||||||
| Total<br> liabilities and stockholders’ equity | $ | 5,768,126 | $ | 5,953,402 | |||||||||||||
| Net interest income: | $ | 50,773 | $ | 47,975 | |||||||||||||
| Interest rate spread | 3.19 | % | 3.13 | % | 2.74 | % | |||||||||||
| Net interest margin* | 3.72 | % | 3.42 | % | |||||||||||||
| Average interest-earning<br> assets to average interest-bearing liabilities | 128.1 | % | 126.8 | % |
__________________________
*Defined as the Company’s net interest income divided by average total interest-earning assets.
| 14 |
| --- | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Average | Yield/ | Average | Yield/ | ||||||||||||||
| Yield/Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Interest-earning assets: | |||||||||||||||||
| Loans receivable: | |||||||||||||||||
| One-<br> to four-family residential | 4.26 | % | $ | 820,105 | $ | 25,952 | 4.23 | % | $ | 875,829 | $ | 26,247 | 4.00 | % | |||
| Other<br> residential | 6.87 | 1,542,433 | 80,538 | 6.98 | 1,108,548 | 60,699 | 7.31 | ||||||||||
| Commercial<br> real estate | 6.18 | 1,493,780 | 69,446 | 6.22 | 1,505,200 | 70,179 | 6.23 | ||||||||||
| Construction | 7.09 | 458,809 | 24,608 | 7.17 | 767,772 | 44,001 | 7.66 | ||||||||||
| Commercial<br> business | 5.65 | 212,173 | 10,617 | 6.69 | 264,878 | 13,024 | 6.57 | ||||||||||
| Other<br> loans | 6.25 | 168,003 | 7,768 | 6.18 | 171,085 | 7,646 | 5.97 | ||||||||||
| Total<br> loans receivable | 6.11 | 4,695,303 | 218,929 | 6.23 | 4,693,312 | 221,796 | 6.31 | ||||||||||
| Investment securities | 3.20 | 729,390 | 18,254 | 3.35 | 708,422 | 16,450 | 3.10 | ||||||||||
| Other interest-earning assets | 4.05 | 98,472 | 3,114 | 4.23 | 98,156 | 3,867 | 5.26 | ||||||||||
| Total<br> interest-earning assets | 5.69 | 5,523,165 | 240,297 | 5.82 | 5,499,890 | 242,113 | 5.88 | ||||||||||
| Non-interest-earning assets: | |||||||||||||||||
| Cash<br> and cash equivalents | 98,236 | 96,546 | |||||||||||||||
| Other<br> non-earning assets | 259,659 | 252,076 | |||||||||||||||
| Total assets | $ | 5,881,060 | $ | 5,848,512 | |||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||
| Interest-bearing<br> demand and savings | 1.35 | $ | 2,235,234 | 23,892 | 1.43 | $ | 2,223,153 | 29,306 | 1.76 | ||||||||
| Time<br> deposits | 3.28 | 758,627 | 19,528 | 3.44 | 896,059 | 26,902 | 4.01 | ||||||||||
| Brokered<br> deposits | 4.29 | 871,057 | 29,532 | 4.53 | 705,988 | 27,698 | 5.24 | ||||||||||
| Total<br> deposits | 2.28 | 3,864,918 | 72,952 | 2.52 | 3,825,200 | 83,906 | 2.93 | ||||||||||
| Securities<br> sold under reverse repurchase agreements | 1.63 | 68,166 | 1,040 | 2.04 | 76,005 | 1,112 | 1.95 | ||||||||||
| Short-term<br> borrowings, overnight FHLBank borrowings and other interest-bearing liabilities | 4.33 | 351,499 | 12,042 | 4.58 | 330,155 | 12,805 | 5.18 | ||||||||||
| Subordinated<br> debentures issued to capital trust | 6.16 | 25,774 | 1,178 | 6.11 | 25,774 | 1,364 | 7.07 | ||||||||||
| Subordinated<br> notes | --- | 45,575 | 2,015 | 5.91 | 74,696 | 3,317 | 5.93 | ||||||||||
| Total<br> interest-bearing liabilities | 2.50 | 4,355,932 | 89,227 | 2.74 | 4,331,830 | 102,504 | 3.16 | ||||||||||
| Non-interest-bearing liabilities: | |||||||||||||||||
| Demand<br> deposits | 839,711 | 856,877 | |||||||||||||||
| Other<br> liabilities | 67,305 | 82,516 | |||||||||||||||
| Total<br> liabilities | 5,262,948 | 5,271,223 | |||||||||||||||
| Stockholders’ equity | 618,112 | 577,289 | |||||||||||||||
| Total<br> liabilities and stockholders’ equity | $ | 5,881,060 | $ | 5,848,512 | |||||||||||||
| Net interest income: | $ | 151,070 | $ | 139,609 | |||||||||||||
| Interest rate spread | 3.19 | % | 3.08 | % | 2.72 | % | |||||||||||
| Net interest margin* | 3.66 | % | 3.39 | % | |||||||||||||
| Average interest-earning<br> assets to average interest-bearing liabilities | 126.8 | % | 127.0 | % |
__________________________
*Defined as the Company’s net interest income divided by average total interest-earning assets.
| 15 |
| --- |
NON-GAAP FINANCIAL MEASURES
This document contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”), specifically, the ratio of tangible common equity to tangible assets.
In calculating the ratio of tangible common equity to tangible assets, we subtract period-end intangible assets from common equity and from total assets. Management believes that the presentation of this measure excluding the impact of intangible assets provides useful supplemental information that is helpful in understanding our financial condition and results of operations, as it provides a method to assess management’s success in utilizing our tangible capital as well as our capital strength. Management also believes that providing a measure that excludes balances of intangible assets, which are subjective components of valuation, facilitates the comparison of our performance with the performance of our peers. In addition, management believes that this is a standard financial measure used in the banking industry to evaluate performance.
This non-GAAP financial measurement is supplemental and is not a substitute for any analysis based on GAAP financial measures. Because not all companies use the same calculation of non-GAAP measures, this presentation may not be comparable to other similarly titled measures as calculated by other companies.
Non-GAAP Reconciliation: Ratio of Tangible Common Equity to Tangible Assets
| September 30, | December 31, | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| (Dollars in thousands) | ||||||
| Common equity at period end | $ | 632,926 | $ | 599,568 | ||
| Less: Intangible assets at period end | 9,769 | 10,094 | ||||
| Tangible common equity at period end (a) | $ | 623,157 | $ | 589,474 | ||
| Total assets at period end | $ | 5,737,867 | $ | 5,981,628 | ||
| Less: Intangible assets at period end | 9,769 | 10,094 | ||||
| Tangible assets at period end (b) | $ | 5,728,098 | $ | 5,971,534 | ||
| Tangible common equity to tangible assets (a) / (b) | 10.88 | % | 9.87 | % |
CONTACT:
Kincade Ayers Investor Relations, (616) 233-0500 GSBC@lambert.com
16
EXHIBIT 99.2
Earnings Presentation October 2025 Great Southern Bancorp. Inc (NASDAQ: GSBC) Third Quarter Ended September 30, 2025
Forward - Looking Statements When used in this presentation and in other documents filed or furnished by the Company with or to the Securities and Exchange Commission (the “SEC”), in the Company's other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “may,” “might,” “could,” “should,” "will likely result," "are expected to," "will continue," "is anticipated," “believe,” "estimate," "project," "intends" or similar expressions are intended to identify "forward - looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward - looking statements also include, but are not limited to, statements regarding plans, objectives, expectations or consequences of announced transactions, known trends and statements about future performance, operations, products and services of the Company. The Company’s ability to predict results or the actual effects of future plans or strategies is inherently uncertain, and the Company’s actual results could differ materially from those contained in the forward - looking statements. Factors that could cause or contribute to such differences include, but are not limited to: (i) expected revenues, cost savings, earnings accretion, synergies and other benefits from the Company's merger and acquisition activities might not be realized within the anticipated time frames or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; (ii) changes in economic conditions, either nationally or in the Company's market areas; (iii) the effects of any new or continuing public health issues on general economic and financial market conditions; (iv) fluctuations in interest rates, the effects of inflation or a potential recession, whether caused by Federal Reserve actions or otherwise; (v) the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; (vi) slower or negative economic growth caused by tariffs, changes in energy prices, supply chain disruptions or other factors; (vii) the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write - offs and changes in estimates of the adequacy of the allowance for credit losses; (viii) the possibility of realized or unrealized losses on securities held in the Company's investment portfolio; (ix) the Company's ability to access cost - effective funding and maintain sufficient liquidity; (x) fluctuations in real estate values and both residential and commercial real estate market conditions; (xi) the ability to adapt successfully to technological changes to meet customers' needs and developments in the marketplace; (xii) the possibility that security measures implemented might not be sufficient to mitigate the risk of a cyber - attack or cyber theft, and that such security measures might not protect against systems failures or interruptions; (xiii) legislative or regulatory changes that adversely affect the Company's business; (xiv) changes in accounting policies and practices or accounting standards; (xv) results of examinations of the Company and Great Southern Bank by their regulators, including the possibility that the regulators may, among other things, require the Company to limit its business activities, change its business mix, increase its allowance for credit losses, write - down assets or increase its capital levels, or affect its ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; (xvi) costs and effects of litigation, including settlements and judgments; (xvii) competition; and (xviii) natural disasters, war, terrorist activities or civil unrest and their effects on economic and business environments in which the Company operates. The Company wishes to advise readers that the factors listed above and other risks described in the Company’s most recent Annual Report on Form 10 - K, including, without limitation, those described under “Item 1A. Risk Factors,” subsequent Quarterly Reports on Form 10 - Q and other documents filed or furnished from time to time by the Company with the SEC (which are available on our website at www.greatsouthernbank.com and the SEC’s website at www.sec.gov), could affect the Company's financial performance and cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake - and specifically declines any obligation - to publicly release the result of any revisions which may be made to any forward - looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Great Southern Bancorp. Inc | 2
Executive Management Team Joseph W. Turner joined Great Southern in 1991 and became an officer of Bancorp in 1995. He was appointed to the Board of Directors of Bancorp and Great Southern in 1997 and has served as President and Chief Executive Officer since 2000. In this role, he has led the company’s strategic vision, financial growth, and operational execution, positioning Great Southern as a strong and competitive institution. Before joining Great Southern, Mr. Turner practiced law with Stinson LLP in Kansas City, Missouri, where he specialized in financial and corporate matters. His deep understanding of regulatory compliance, risk management, and corporate governance has been instrumental in guiding the bank’s financial strategy. Mr. Turner is the son of William V. Turner, Chairman of the Board, and the brother of Julie Turner Brown, a fellow director. He also serves on the board of CoxHealth, contributing expertise in financial oversight. His decades of leadership have driven Great Southern’s success, ensuring stability, disciplined management, and long - term value for shareholders. Joseph W. Turner President & Chief Executive Officer Rex A. Copeland Senior Vice President & Chief Financial Officer Rex A. Copeland has served as Senior Vice President, Chief Financial Officer, and Treasurer of Great Southern Bancorp, Inc. and Great Southern Bank since 2000. He oversees all financial functions of the company, including financial reporting, strategic planning, risk management, and capital allocation. With decades of experience in corporate finance, he has played a pivotal role in shaping financial policies, ensuring regulatory compliance, and optimizing efficiency. Before joining Great Southern, Mr. Copeland held financial leadership positions at Bank One Corporation, where he contributed to internal audit, financial strategy and corporate accounting. He began his career as an auditor with Forvis Mazars, LLP (formerly BKD, LLP), developing a strong foundation in financial reporting, internal controls, and audit procedures. Previously practicing as a Certified Public Accountant, he has expertise in financial management, corporate governance, and regulatory affairs. Mr. Copeland’s leadership has been instrumental in Great Southern’s stability and long - term growth. His financial expertise supports disciplined fiscal management and shareholder value. He remains active in industry organizations, offering insights on financial best practices and corporate strategy. Great Southern Bancorp. Inc | 3
Financial Performance Great Southern Bancorp. Inc (NASDAQ: GSBC) Quarter ended September 30, 2025
Highlights & Developments Great Southern Bancorp. Inc | 5 Earnings Growth : 3 Q 25 net income increased to $ 17 . 8 million ( $ 1 . 56 per diluted share) from $ 16 . 5 million ( $ 1 . 41 per diluted share) in 3 Q 24 , driven by strong growth in net interest income and lower provisions for credit losses . Net Interest Income & Margin : Net interest income rose $2.8 million, or 5.8% year - over - year, to $50.8 million, with an annualized net interest margin of 3.72%, up from 3.42% in 3Q24. Asset Quality: Non - performing assets were $7.8 million (0.14% of total assets), a $1.8 million decrease from December 31, 2024. The decline reflects the Company’s continued commitment to prudent risk management and sound underwriting practices. Capital Strength: Stockholders' equity increased by $33.4 million to $632.9 million, compared to December 31, 2024. The increase reflects a tangible common equity to tangible assets ratio of 10.9% and sustained resilience in regulatory capital levels. Loan Portfolio Trends: Gross loans declined $ 223 . 7 million, or 4 . 7 % , to $ 4 . 54 billion from $ 4 . 76 billion at December 31 , 2024 , primarily due to reductions in construction, commercial real estate, one - to four - family residential, and other residential (multi - family) loans . 3Q24 2Q25 3Q25 ($000S EXCEPT PER SHARE DATA) INCOME STATEMENT $47,975 $50,963 $50,773 Net Interest Income $16,490 $19,786 $17,752 Net Income $1.41 $1.72 $1.56 Earnings per Diluted Common Share 4Q24 3Q25 ($000S) BALANCE SHEET $599,568 $632,926 Total Stockholders’ Equity $4,761,848 $4,538,114 Loans Receivable, Gross $4,605,549 $4,528,033 Total Deposits 3Q24 2Q25 3Q25 ASSET QUALITY RATIOS 1.36% 1.41% 1.43% Allowance for Credit Losses to Period - End Loans 0.13% 0.14% 0.14% Non - Performing Assets to Period - End Assets 0.13% (0.01)% 0.01% Annualized Net Charge - Offs (recoveries) to Average Loans
$47,975 $50,963 $50,773 3.42% 3.68% 3.72% 3Q24 2Q25 3Q25 Income Statement Net Income Growth: GSBC reported net income of $17.8 million in 3Q25, a 7.7% increase from $16.5 million in 3Q24. Earnings Per Share: Earnings per diluted common share rose to $1.56 in 3Q25 from $1.41 in 3Q24, marking a 10.6% increase. Interest Expense Contraction: Total interest expense declined to $28.3 million in 3Q25, a reduction of $7.5 million from 3Q24, primarily due to lower costs on deposit accounts and other borrowings. Net Interest Income: There was a 5.8% increase in net interest income, reaching $50.8 million in 3Q25, compared to $48.0 million in 3Q24. Net Interest Margin: Net interest margin improved by 30 basis points, standing at 3.72% in 3Q25, compared to 3.42% in 3Q24. Net Interest Margin & Net Interest Income Dollars In Thousands Net Interest Margin Net Interest Income Great Southern Bancorp. Inc | 6
$360 $411 $566 $1,307 $1,266 $1,367 $3,467 $3,444 $3,290 $1,076 $893 $916 $340 $742 $77 $1,886 $736 $189 ($37) 3Q24 ($28) 2Q25 ($2) 3Q25 Non - Interest Income Dollars In Thousands Other income Loss on derivative interest rate products Late charges and fees on loans Net gains on loan sales POS and ATM fee income and service charges Overdraft and Insufficient funds fees Commissions Non - Interest Income Total Non - Interest Income: $7.1 million, a 1.0% increase from $7.0 million in 3Q24. POS and ATM fee income and service charges: $3.3 million, down 5.1% from $3.5 million in 3Q24. Overdraft and insufficient funds fees: $1.4 million, a 4.6% increase from $1.3 million in 3Q24. Late charges and fees on loans: $189,000, a 145.5% increase compared to $77,000 in 3Q24, driven by increased payoff volume. Other Non - Interest Income: $736,000, a 0.8% decrease from $742,000 in 3Q24. Net gains on loan sales: $916,000, down 14.9% from $1.1 million in 3Q24. Loss on derivative interest rate products: Negative $2,000, compared to negative $37,000 in 3Q24. Great Southern Bancorp. Inc | 7
All Other Non - Interest Expense Non - Interest Expense Total Non - Interest Expense: $36.1 million, a $2.4 million increase from $33.7 million in 3Q24. Net Occupancy and Equipment Expense: Net occupancy expenses increased to $8.9 million, a $735,000 increase year - over - year. This increase was driven by various components of computer license and support expenses, which collectively increased by $637,000 in 3Q25 compared to 3Q24. Legal, Audit, and Other Professional Fees: Increased by $439,000 to $1.2 million, compared to $809,000 in 3Q24. Salaries and Employee Benefits : Increased by $ 636 , 000 to $ 20 . 2 million, compared to $ 19 . 5 million in 3 Q 24 . The slight increase was related to annual merit increases in various lending and operations areas . $19,548 $20,005 $20,184 $14,169 $15,000 $15,932 3Q24 2Q25 Salaries & Employee Benefits 3Q25 Non - Interest Expense Dollars In Thousands Great Southern Bancorp. Inc | 8
$4,606 $4,684 $4,528 4Q24 2Q25 3Q25 $2,214.7 $2,233.2 $2,269.0 $842.9 $859.9 $855.4 $775.8 $757.7 $723.7 $772.1 $833.3 $680.0 $2,500 $2,000 $1,500 $1,000 $500 $0 4Q24 3Q25 Interest - bearing 2Q25 Non - Interest - bearing Time Brokered Great Southern Bancorp. Inc | 9 Deposits Interest - Bearing Deposits: Increased by $54.3 million, or 2.4%, compared to 4Q24, primarily driven by an increase in certain money market accounts. Non - Interest - Bearing Deposits: Increased by $12.4 million, or 1.5%, compared to the 4Q24. Time Deposits: Decreased by $52.1 million, or 6.7%, compared to 4Q24. Brokered Deposits: Decreased by $92.1 million, or 11.9%, across various sources relative to 4Q24. Deposit Breakdown Dollars In Millions Total Deposits Dollars In Millions
Capital Stockholders’ Equity at September 30, 2025: $632.9 million, or 11.0% of total assets, up from $599.6 million (10.0% of total assets) at December 31, 2024. Key Drivers of Stockholders' Equity Growth: ● $54.7 million in net income. ● $4.2 million in stock option exercises. ● $14.0 million in cash dividends declared. ● $30.0 million in common stock repurchases. ● $18.5 million increase in stockholders’ equity from reduced AOCI Loss during the first nine months of 2025. *Preliminary June 30, 2025 Dec. 31, 2024 Sep. 30, 2025* Consolidated Regulatory Capital Ratios 11.5% 11.4% 11.9% Tier 1 Leverage Ratio 13.0% 12.3% 13.3% Common Equity Tier 1 Capital Ratio 13.5% 12.8% 13.8% Tier 1 Capital Ratio 14.7% 15.4% 15.1% Total Capital Ratio 10.5% 9.9% 10.9% Tangible Common Equity Ratio $599.6 10.0% $622.4 10.6% $632.9 11.0% 4Q24 2Q25 3Q25 Stockholders’ Equity Dollars In Millions Percentage of Total Assets Total Stockholders’ Equity Great Southern Bancorp. Inc | 10
Consumer* $167,318 4% Single Family Real Estate $815,971 18% Multi - family Real Estate $1,577,941 34% Commercial Real Estate $1,487,680 32% Commercial Business $195,082 4% Consumer* $171,519 4% Single Family Real Estate $802,384 17% Multi - family Real Estate $1,485,546 33% Commercial Real Estate $1,530,990 34% Const & Land Dev $322,969 7% Commercial Business $230,299 5% Loan Portfolio by Category Gross Loans [in thousands] *Includes Home Equity Loans of $123,359 9 - 30 - 25 $4,543,707 *Includes Home Equity Loans of $117,650 6 - 30 - 25 $4,610,559 Const & Land Dev $366,567 8% Great Southern Bancorp. Inc | 11
Kansas City $200,178 4% St. Louis $757,898 17% Springfield $402,209 9% $379,519 8% Oklahoma $107,713 2% Denver $146,660 3% Colorado - Other $108,695 2% Chicago $160,137 4% Georgia $131,020 3% Dallas $213,183 5% Texas - Other $346,326 8% Phoenix $141,203 3% Florida $146,540 3% Midwest Region $260,200 6% Other Region $123,099 3% Loan Growth by Region Gross Loans [in thousands] Southern Region $343,058 8% Minnesota $324,601 7% 9 - 30 - 25 $4,543,707 6 - 30 - 25 $4,610,559 Kansas City $203,534 4% St. Louis $791,838 16% Springfield $369,144 8% Minnesota $342,622 8% Denver $139,131 3% Colorado - Other $131,473 3% Georgia $131,287 3% Chicago $158,884 3% Dallas $220,073 5% Texas - Other $358,776 8% Phoenix $135,679 3% Florida $149,293 3% Midwest Region $255,285 6% Southern Region $372,672 9% Other Region $112,854 2% Missouri - Other $235,629 5% Iowa/Nebraska /South Dakota $372,469 8% Oklahoma $129,917 3% Missouri - Other $251,468 5% Iowa/Nebraska /South Dakota Great Southern Bancorp. Inc | 12
Asset Quality Metrics Non - Performing Assets (NPAs): Decreased to $7.8 million, representing 0.14% of total assets, down from $8.1 million (0.14% of total assets) in 2Q25. Allowance for Credit Losses (ACL): Remained stable at 1.43% of total loans, a slight increase from 1.41% in 2Q25. Net Charge - Offs: Net charge - offs totaled $66,000 for the quarter, representing 0.01% of average loans on an annualized basis, compared to net charge - offs of $1.5 million, or 0.13%, in 3Q24. Provision (Credit) for Credit Losses on Loans and Unfunded Commitments: Recorded a negative provision of $379,000, compared to a provision of $1.1 million in 3Q24, reflecting our disciplined approach to credit risk management. Net Charge - Offs (Recoveries) $1,500,000 $66,000 3Q24 ($111,000) 2Q25 3Q25 $9.6 $8.1 $7.8 0.16% 0.14% 0.14% 3Q25 Non - Performing Assets Dollars in Millions 4Q24 2Q25 Non - Performing Assets to Period - End Assets Non - Performing Assets Great Southern Bancorp. Inc | 13
Non - GAAP Reconciliation Great Southern Bancorp. Inc | 14 This document contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”), specifically, the ratio of tangible common equity to tangible assets. In calculating the ratio of tangible common equity to tangible assets, we subtract period - end intangible assets from common equity and from total assets. Management believes that the presentation of this measure excluding the impact of intangible assets provides useful supplemental information that is helpful in understanding our financial condition and results of operations, as it provides a method to assess management’s success in utilizing our tangible capital as well as our capital strength. Management also believes that providing a measure that excludes balances of intangible assets, which are subjective components of valuation, facilitates the comparison of our performance with the performance of our peers. In addition, management believes that this is a standard financial measure used in the banking industry to evaluate performance. This non - GAAP financial measurement is supplemental and is not a substitute for any analysis based on GAAP financial measures. Because not all companies use the same calculation of non - GAAP measures, this presentation may not be comparable to other similarly titled measures as calculated by other companies.
Non - GAAP Reconciliation Non - GAAP Reconciliation: Ratio of Tangible Common Equity to Tangible Assets Great Southern Bancorp. Inc | 15
Contact Us Great Southern Bancorp. Inc (NASDAQ: GSBC) Kincade Ayers (616) 233 - 0500 - GSBC@lambert.com Investor Relations
EXHIBIT 99.3
September 30, 2025 1
Loan Portfolio Gross Loans [in thousands] *Includes Home Equity Loans of $123,359 *Includes Home Equity Loans of $117,650 09 - 30 - 25 $4,543,707 Consumer* $171,519 4% Single Family Real Estate $802,384 17% Multi - family Real Estate $1,485,546 33% Commercial Real Estate $1,530,990 34% Land Dev $322,969 7% Commercial Business Const & $230,299 5% 2
Loan Portfolio by Region Gross Loans [in thousands] Kansas City $200,178 4% St. Louis $757,898 17% Springfield $402,209 9% 8% Missouri - Other $251,468 5% Iowa/Nebraska /South Dakota Minnesota $379,519 $324,601 7% Oklahoma 2% Denver Other $108,695 $146,660 $107,713 2% 3% Georgia $131,020 Colorado - 3% Chicago $160,137 4% Dallas $213,183 5% Texas - Other $346,326 8% Phoenix $141,203 3% Florida $146,540 3% Midwest Region $260,200 6% Southern Region $343,058 8% Other Region $123,099 3% 09 - 30 - 25 $4,543,707 3
Commercial Real Estate by Industry Gross Loans [in thousands] Retail $293,816 19% Healthcare $260,053 17% Motels / Hotels $254,714 17% Restaurants $101,825 7% Office Buildings $177,692 11% Industrial $270,088 18% Storage $67,197 4% Other $105,605 7% 09 - 30 - 25 $1,530,990 4
Commercial Real Estate by Region Gross Loans [in thousands] $109,431 7% St. Louis $288,990 19% Springfield $97,178 6% $102,014 7% Missouri - Other $119,791 8% Iowa/Nebraska/ Minnesota South Dakota $87,656 6% Chicago $146,606 9% Texas $124,353 8% Midwest Region $153,923 10% Southern Region $195,611 13% Other Region Kansas City $105,437 7% 09 - 30 - 25 $1,530,990 5
Commercial Real Estate Office and Retail All Data as of 09/30/25 Gross Loans [in thousands] Kansas City $9,807 6% St. Louis $55,009 31% Springfield $20,626 12% Oklahoma $17,700 10% Minnesota $12,201 7% Chicago $29,306 16% Denver $15,588 9% Midwest Region $9,121 5% Southern Region $5,731 3% Kansas City 18,405 5% 6 St. Louis 111,298 28% Springfield 14,807 4% Missouri - Other 54,660 14% Oklahoma 382 0% Minnesota 22,073 5% Chicago 29,963 7% Denver 11,140 3% Midwest Region 62,262 16% Southern Region 48,150 12% Other Region 22,500 6% Office $177,692 Other Region $2,603 1% Retail + Restaurant $395,640 Average credit size is $1,419,370 Average credit size is $1,483,023
Commercial Real Estate Office and Retail All Data as of 09/30/25 7 Gross Loans [in thousands] Office - $177,692 Retail + Restaurant - $395,640 100% of Office Portfolio – Pass Rated Restaurants Neighborhood & Shopping Center Mixed - Use Single Tenant Strip Center $101,825 $67,746 $22,196 $58,567 $145,306 Outstanding Balance 83 14 15 72 62 # of Loans $1,198 $4,839 $1,480 $813 $2,306 Avg. Loan Size 57% 51% 61% 50% 58% Weighted Avg. LTV 100% of Retail Portfolio – Pass Rated Traditional Medical $155,663 $22,029 Outstanding Balance 105 18 # of Loans $1,483 $1,159 Avg. Loan Size Owner Occupied 69% Weighted Avg. LTV $18,123 49 # of Loans $370 Avg. Loan Size 45% Weighted Avg. LTV Other Office Sq. Ft. $88,441 >100,000 $21,883 20,000 - 100,000 $27,217 <20,000 56 # of Loans $2,456 Avg. Loan Size 43% Weighted Avg. LTV
Construction & Land Development by Industry Gross Loans [in thousands] Single Family $21,856 7% Apartments $131,593 41% Residential Land Dev $25,453 8% Commercial Land Dev $32,725 10% Retail $20,797 6% Industrial $52,189 16% Storage $16,661 5% Other $21,695 7% 09 - 30 - 25 $322,969 8
Construction & Land Development by Region Gross Loans [in thousands] St. Louis $18,010 6% Missouri - Other $22,810 7% Denver $26,976 8% Colorado - Other $31,473 10% Georgia $9,870 3% Dallas $22,563 7% Texas - Other $37,696 12% Phoenix $14,586 5% Midwest Region $72,540 22% Southern Region $49,430 15% Other Region $17,015 5% 09 - 30 - 25 $322,969 9
Multi Family Real Estate by Region Gross Loans [in thousands] St. Louis $104,144 7% Missouri - Other $52,985 4% Iowa/Nebraska/ South Dakota $172,330 12% Minnesota $165,002 11% Oklahoma $52,270 Denver 3% $82,679 5% Colorado - Other $61,053 4% Georgia $73,173 5% Dallas $121,248 8% Texas - Other $228,395 15% Midwest Region $55,088 4% Southern Region $231,928 16% 09 - 30 - 25 Other Region $85,251 6% $1,485,546 Average credit size is $6,348,488 Average credit size is $6,414,393 10
Multi Family Real Estate by LTV Gross Loans [in thousands] 26% - 50% $365,436 25% 51% - 75% $1,021,280 69% $46,491 3% $33,175 2% 09 - 30 - 25 76% - 85% 86% and higher $1,485,546 25% or less $19,164 1% 11
Non - performing by Type Gross Loans [in thousands] 09 - 30 - 25 $1,728 *Includes Home Equity Loans of $0 *Includes Home Equity Loans of $0 Consumer* $22 1% Single Family Real Estate $1,706 99% 12
Non - performing by Region Gross Loans [in thousands] Missouri $160 9% Iowa/Nebraska/ South $393 23% Southern Region $1,151 67% Other Region $7 0% Midwest $17 1% 09 - 30 - 25 $1,728 13
States by Region Midwest Region Southern Region • Illinois • Indiana • Iowa • Kansas • Michigan • Minnesota • Missouri • Nebraska • North Dakota • Ohio • South Dakota • Wisconsin • Alabama • Arkansas • Delaware • Florida • Georgia • Kentucky • Louisiana • Maryland 14 • Mississippi • North Carolina • Oklahoma • South Carolina • Tennessee • Texas • Virginia • Washington DC • West Virginia