Great Southern Bancorp, Inc. Reports Preliminary Third Quarter Earnings of $1.56 Per Diluted Common Share

Rhea-AI Summary

Great Southern Bancorp (NASDAQ:GSBC) reported preliminary Q3 2025 results: EPS $1.56 ($17.8M net income) vs $1.41 ($16.5M) year-ago.

Key metrics: NII $50.8M (+5.8% YoY), NIM 3.72%, ROAE 11.30%, ROAA 1.23%. Total assets ~$5.74B; total net loans down $222.7M (4.7%) from 12/31/24. Non-performing assets $7.8M (0.14% of assets). Capital ratios preliminary: Tier 1 leverage 11.9%, CET1 13.3%, tangible common equity 10.9%.

Other items: terminated swap interest income ceased Oct 6, 2025 (~$2.0M/quarter previously); non-interest expense rose to $36.1M; ~165,000 shares repurchased in Q3.

Positive

• EPS increased to $1.56 from $1.41
• Net interest income $50.8M (+5.8% YoY)
• NIM improved to 3.72%
• Strong preliminary capital: Tier 1 leverage 11.9%

Negative

• Total net loans decreased $222.7M (4.7%) since 12/31/24
• Non-interest expense rose $2.4M to $36.1M
• Loss of terminated swap income after Oct 6, 2025 (~$2.0M/quarter)

Insights

Regional bank analyst

Preliminary Q3 results show modest earnings growth, improved margin and strong capital, offset by loan runoff and higher operating expenses.

Net income increased to $17.8 million or $1.56 diluted EPS for the quarter ended September 30, 2025, up from $16.5 million ($1.41) a year earlier. Net interest income rose to $50.8 million, driven by lower interest expense and a higher annualized net interest margin of 3.72%, supporting the improvement in profitability.

Credit and capital metrics remain strong: non-performing assets are low at $7.8 million (0.14% of assets) and key regulatory ratios are well above minimums (Tier 1 Leverage 11.9%, CET1 13.3%, Total Capital 15.1%). However, total net loans fell $222.7 million year-to-date, and non-interest expense rose to $36.1 million, pushing the efficiency ratio to 62.45%.

Watch quarterly trends over the next 1–4 quarters for three concrete items: the post-October 6, 2025 impact from the terminated swap (the prior accretion provided ~$2.0 million per quarter), further loan runoff or stabilization after the reported $222.7 million decline, and re-pricing or replacement costs for time deposits maturing (noted maturities of $675 million, $365 million, and $54 million across the next 12 months). Continued share repurchases (~165,000 shares in the quarter) are a secondary capital-deployment item to monitor in the same horizon.

Preliminary Financial Results and Business Update for the Quarter Ended September 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.
  

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 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.

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 assets to average 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.

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 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, 2024. 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.
  

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 1 Leverage Ratio	11.9	%		11.2	%		11.5	%
Common Equity Tier 1 Capital Ratio	13.3	%		12.3	%		13.0	%
Tier 1 Capital Ratio	13.8	%		12.8	%		13.5	%
Total Capital Ratio	15.1	%		15.4	%		14.7	%
Tangible 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.

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).

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.

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 Balance, July 1		Additions to Non- Performing		Removed from Non- Performing		Transfers to Potential Problem Loans		Transfers to Foreclosed Assets and Repossessions			Charge- Offs		Payments			Ending Balance, September 30
		(In thousands)
One- to four-family 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 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 Balance, July 1		Additions to Potential Problem		Removed from Potential Problem			Transfers to Non- Performing		Transfers to Foreclosed Assets and Repossessions		Charge- Offs			Loan Advances (Payments)			Ending Balance, September 30
		(In thousands)
One- to four-family 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 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.

Activity in the foreclosed assets and repossessions categories during the quarter ended September 30, 2025 was as follows:

		Beginning Balance, July 1		Additions		ORE and Repossession Sales			Capitalized Costs		ORE and Repossession Write-Downs		Ending Balance, September 30
		(In thousands)
One-to four-family construction	$	—	$	—	$	—		$	—	$	—	$	—
Subdivision construction		—		—		—			—		—		—
Land development		—		—		—			—		—		—
Commercial construction		—		—		—			—		—		—
One- to four-family residential		—		69		(69	)		—		—		—
Other residential (multi-family)		—		—		—			—		—		—
Commercial real estate		6,036		—		—			—		—		6,036
Commercial business		—		—		—			—		—		—
Consumer		4		71		(28	)		—		—		47
Total 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.

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.

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 assets	$	5,737,867			$	5,981,628
Loans receivable, gross		4,538,114				4,761,848
Allowance for credit losses		64,749				64,760
Other real estate owned, net		6,083				5,993
Available-for-sale securities, at fair value		531,348				533,373
Held-to-maturity securities, at amortized cost		181,315				187,433
Deposits		4,528,033				4,605,549
Total borrowings		494,355				679,341
Total stockholders’ equity		632,926				599,568
Non-performing assets		7,811				9,566

		Three Months Ended							Nine Months Ended							Three Months Ended
		September 30,							September 30,							June 30,
		2025				2024			2025				2024			2025
		(In thousands)
Selected Operating Data:
Interest income	$	79,079			$	83,796		$	240,297			$	242,113		$	80,975
Interest expense		28,306				35,821			89,227				102,504			30,012
Net interest income		50,773				47,975			151,070				139,609			50,963
Provision (credit) for credit losses on loans and unfunded commitments		(379	)			1,137			(837	)			1,160			(110	)
Non-interest income		7,062				6,992			21,864				23,631			8,212
Non-interest expense		36,116				33,717			105,943				104,548			35,005
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

	At or For the Three Months Ended								At or For the Nine 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 income (fully diluted)	$	1.56			$	1.41			$	4.74			$	3.99			$	1.72
Book value	$	56.18			$	52.40			$	56.18			$	52.40			$	54.61
Earnings Performance Ratios:
Annualized return on average assets		1.23	%			1.11	%			1.24	%			1.07	%			1.34	%
Annualized return on average common stockholders’ equity		11.30	%			11.10	%			11.80	%			10.83	%			12.81	%
Net interest margin		3.72	%			3.42	%			3.66	%			3.39	%			3.68	%
Average interest rate spread		3.13	%			2.74	%			3.08	%			2.72	%			3.09	%
Efficiency ratio		62.45	%			61.34	%			61.26	%			64.05	%			59.16	%
Non-interest expense to average total assets		2.50	%			2.27	%			2.40	%			2.38	%			2.37	%
Asset Quality Ratios:
Allowance for credit losses to period-end loans		1.43	%			1.36	%			1.43	%			1.36	%			1.41	%
Non-performing assets to period-end assets		0.14	%			0.13	%			0.14	%			0.13	%			0.14	%
Non-performing loans to period-end loans		0.04	%			0.16	%			0.04	%			0.16	%			0.04	%
Annualized net charge-offs (recoveries) to average loans		0.01	%			0.13	%			0.00	%			0.03	%			(0.01	)%

Great Southern Bancorp, Inc. and Subsidiaries Consolidated Statements of Financial Condition (In thousands, except number of shares)
		September 30, 2025				December 31, 2024				June 30, 2025
Assets
Cash	$	94,106			$	109,366			$	110,007
Interest-bearing deposits in other financial institutions		102,129				86,390				135,906
Cash 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, 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 assets		25,603				28,392				23,714
Current and deferred income taxes		27,126				33,767				29,987
Total 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 sold under reverse repurchase agreements with customers		42,674				64,444				54,802
Short-term borrowings		425,907				514,247				369,907
Subordinated debentures issued to capital trust		25,774				25,774				25,774
Subordinated notes		—				74,876				—
Accrued interest payable		3,909				12,761				4,065
Advances from borrowers for taxes and insurance		9,904				5,272				8,822
Accounts payable and accrued expenses		61,074				70,634				76,763
Liability for unfunded commitments		7,666				8,503				8,045
Total Liabilities		5,104,941				5,382,060				5,232,304
Stockholders’ Equity
Capital stock
Preferred stock, $.01 par value; authorized 1,000,000 shares; issued and outstanding September 2025, December 2024 and June 2025 -0- shares		—				—				—
Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding September 2025 – 11,265,937 shares; December 2024 – 11,723,548 shares; June 2025 – 11,396,533 shares		113				117				114
Additional paid-in capital		52,855				50,336				51,646
Retained earnings		615,837				603,477				611,921
Accumulated other comprehensive loss		(35,879	)			(54,362	)			(41,313	)
Total Stockholders’ Equity		632,926				599,568				622,368
Total Liabilities and Stockholders’ Equity	$	5,737,867			$	5,981,628			$	5,854,672

Great Southern Bancorp, Inc. and Subsidiaries Consolidated Statements of Income (In thousands, except per share data)
		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 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 sold under reverse repurchase agreements		297				385				1,040				1,112				372
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities		3,618				5,388				12,042				12,805				3,974
Subordinated debentures issued to capital trust		407				456				1,178				1,364				389
Subordinated 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 and Insufficient funds fees		1,367				1,307				3,848				3,826				1,266
POS and ATM fee income and service charges		3,290				3,467				9,968				10,238				3,444
Net gains on loan sales		916				1,076				2,410				2,880				893
Late charges and fees on loans		189				77				772				380				340
Gain (loss) on derivative interest rate products		(2	)			(37	)			(54	)			(57	)			(28	)
Other income		736				742				3,681				5,354				1,886
		7,062				6,992				21,864				23,631				8,212
Non-interest Expense
Salaries and employee benefits		20,184				19,548				60,318				59,090				20,005
Net 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 supplies and printing		238				232				742				735				238
Telephone		690				669				2,101				2,075				705
Legal, audit and other professional fees		1,248				809				3,215				4,398				929
Expense (income) on other real estate and repossessions		(142	)			(536	)			(380	)			(190	)			(168	)
Acquired intangible asset amortization		109				108				325				325				108
Other 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

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 September 30, 2025												Three Months Ended September 30, 2024
						Average								Yield/						Average								Yield/
		Yield/Rate				Balance				Interest				Rate						Balance				Interest				Rate
		(Dollars in thousands)
Interest-earning assets:
Loans receivable:
One- to four-family residential		4.26	%		$	807,670			$	8,634				4.24	%				$	859,737			$	8,781				4.06	%
Other residential		6.87				1,515,977				26,807				7.02						1,291,490				24,208				7.46
Commercial 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 business		5.65				216,556				3,278				6.01						242,619				4,040				6.62
Other loans		6.25				169,999				2,621				6.12						169,172				2,648				6.23
Total 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 interest-earning assets		5.69				5,414,821				79,079				5.79						5,579,021				83,796				5.98
Non-interest-earning assets:
Cash and cash equivalents						93,707														104,409
Other non-earning assets						259,598														269,972
Total assets					$	5,768,126													$	5,953,402
Interest-bearing liabilities:
Interest-bearing demand and savings		1.35			$	2,257,894				8,305				1.46					$	2,210,988				10,030				1.80
Time deposits		3.28				746,500				6,293				3.34						856,418				8,664				4.02
Brokered deposits		4.29				825,951				9,386				4.51						745,373				9,792				5.23
Total deposits		2.28				3,830,345				23,984				2.48						3,812,779				28,486				2.97
Securities sold under reverse repurchase agreements		1.63				56,772				297				2.08						76,572				385				2.00
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities		4.33				315,397				3,618				4.55						408,739				5,388				5.24
Subordinated debentures issued to capital trust		6.16				25,774				407				6.26						25,774				456				7.04
Subordinated notes		---				—				—				—						74,770				1,106				5.88
Total interest-bearing liabilities		2.50				4,228,288				28,306				2.66						4,398,634				35,821				3.24
Non-interest-bearing liabilities:
Demand deposits						847,232														862,170
Other liabilities						64,050														98,590
Total liabilities						5,139,570														5,359,394
Stockholders’ equity						628,556														594,008
Total 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 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.

		September 30, 2025				Nine Months Ended September 30, 2025												Nine Months Ended September 30, 2024
						Average								Yield/						Average								Yield/
		Yield/Rate				Balance				Interest				Rate						Balance				Interest				Rate
		(Dollars in thousands)
Interest-earning assets:
Loans receivable:
One- to four-family residential		4.26	%		$	820,105			$	25,952				4.23	%				$	875,829			$	26,247				4.00	%
Other residential		6.87				1,542,433				80,538				6.98						1,108,548				60,699				7.31
Commercial 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 business		5.65				212,173				10,617				6.69						264,878				13,024				6.57
Other loans		6.25				168,003				7,768				6.18						171,085				7,646				5.97
Total 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 interest-earning assets		5.69				5,523,165				240,297				5.82						5,499,890				242,113				5.88
Non-interest-earning assets:
Cash and cash equivalents						98,236														96,546
Other non-earning assets						259,659														252,076
Total assets					$	5,881,060													$	5,848,512
Interest-bearing liabilities:
Interest-bearing demand and savings		1.35			$	2,235,234				23,892				1.43					$	2,223,153				29,306				1.76
Time deposits		3.28				758,627				19,528				3.44						896,059				26,902				4.01
Brokered deposits		4.29				871,057				29,532				4.53						705,988				27,698				5.24
Total deposits		2.28				3,864,918				72,952				2.52						3,825,200				83,906				2.93
Securities sold under reverse repurchase agreements		1.63				68,166				1,040				2.04						76,005				1,112				1.95
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities		4.33				351,499				12,042				4.58						330,155				12,805				5.18
Subordinated debentures issued to capital trust		6.16				25,774				1,178				6.11						25,774				1,364				7.07
Subordinated notes		---				45,575				2,015				5.91						74,696				3,317				5.93
Total interest-bearing liabilities		2.50				4,355,932				89,227				2.74						4,331,830				102,504				3.16
Non-interest-bearing liabilities:
Demand deposits						839,711														856,877
Other liabilities						67,305														82,516
Total liabilities						5,262,948														5,271,223
Stockholders’ equity						618,112														577,289
Total 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 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.

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

FAQ

What were Great Southern Bancorp (GSBC) Q3 2025 earnings per share and net income?

EPS $1.56 and net income $17.8 million for Q3 2025.

How did Great Southern's net interest income and margin perform in Q3 2025 (GSBC)?

Net interest income was $50.8M (+5.8% YoY) with a NIM of 3.72%.

What happened to Great Southern's loan portfolio in Q3 2025 (GSBC)?

Total net loans fell $222.7M (4.7%) versus 12/31/2024, driven by construction and residential paydowns.

What capital ratios did Great Southern report for September 30, 2025 (GSBC)?

Preliminary ratios: Tier 1 leverage 11.9%, CET1 13.3%, Total capital 15.1%.

How did non-interest expense and efficiency change for Great Southern in Q3 2025 (GSBC)?

Non-interest expense rose to $36.1M; efficiency ratio was 62.45%.

Will Great Southern lose any recurring interest income after Q3 2025 (GSBC)?

Yes. Interest income from a terminated swap ceased on Oct 6, 2025 (≈$2.0M quarterly previously).

Did Great Southern repurchase shares in Q3 2025 and how many (GSBC)?

Yes. The company repurchased approximately 165,000 common shares in Q3 2025.