[10-Q] GREAT SOUTHERN BANCORP, INC. Quarterly Earnings Report

Rhea-AI Filing Summary

Great Southern Bancorp (GSBC) reported third‑quarter results. Net income was $17,752 (in thousands), up from $16,490 a year ago, and diluted EPS rose to $1.56 from $1.41. Net interest income improved to $50,773 (in thousands) as deposit interest expense declined year over year, and there was no loan loss provision compared to $1,200 (in thousands) last year.

Total assets were $5,737,867 (in thousands) at September 30, 2025, down from $5,981,628 at year‑end, reflecting lower loans receivable of $4,467,683 versus $4,690,393 (both in thousands). Deposits were $4,528,033 (in thousands) versus $4,605,549 at year‑end. Stockholders’ equity increased to $632,926 (in thousands), helped by a smaller accumulated other comprehensive loss. The company declared a quarterly dividend of $0.43 per share and repurchased common stock during the quarter.

Operating cash flow was positive, and financing cash flows included redemption of subordinated notes. Shares outstanding were 11,189,262 as of November 4, 2025. Overall, results show stable credit costs, lower funding expense, and tighter balance sheet levels.

Insights

Banking analyst

Improved earnings on lower funding costs, smaller balance sheet.

GSBC delivered higher quarterly earnings as deposit and borrowing costs eased. Net interest income rose to $50,773 (in thousands) with no new loan loss provision versus a $1,200 (in thousands) provision last year, supporting net income of $17,752 (in thousands).

Balances contracted: total assets were $5,737,867 (in thousands) and loans receivable net were $4,467,683 (in thousands). Deposits were $4,528,033 (in thousands). Equity improved to $632,926 (in thousands) alongside a narrower accumulated other comprehensive loss.

Cash flows show capital actions including redemption of subordinated notes and ongoing buybacks and dividends ($0.43 per share). Future disclosures in company filings may specify net interest margin trends and loan growth trajectory.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 0-18082

GREAT SOUTHERN BANCORP, INC.

(Exact name of registrant as specified in its charter)

Maryland		43-1524856
(State or other jurisdiction of incorporation or organization)	​	(I.R.S. Employer Identification No.)
​	​	​
1451 E. Battlefield, Springfield, Missouri	​	65804
(Address of principal executive offices)	​	(Zip Code)
​	​	​
(417) 887-4400
(Registrant’s telephone number, including area code)

​

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☒
Non-accelerated filer ☐	Smaller reporting company ☐
​	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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐   No ☒

The number of shares outstanding of each of the registrant’s classes of common stock: 11,189,262 shares of common stock, par value $.01 per share, outstanding at November 4, 2025.

​

​

​

​

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In Thousands, Except Number of Shares)

​

​	​	​	​	​	​	​
​		SEPTEMBER 30,			DECEMBER 31,
​	​	2025		​	2024
​	​	(Unaudited)
ASSETS	​	​	​	​	​	​
Cash		$	94,106		$	109,366
Interest-bearing deposits in other financial institutions	​	​	102,129	​	​	86,390
Cash and cash equivalents	​	​	196,235	​	​	195,756
​	​	​	​	​	​	​
Available-for-sale securities	​	​	531,348	​	​	533,373
Held-to-maturity securities	​	​	181,315	​	​	187,433
Mortgage loans held for sale	​	​	5,593	​	​	6,937
Loans receivable, net of allowance for credit losses of $64,749 – September 2025; $64,760 – December 2024	​	​	4,467,683	​	​	4,690,393
Interest receivable	​	​	19,931	​	​	20,430
Prepaid expenses and other assets	​	​	133,412	​	​	136,594
Other real estate owned and repossessions, net	​	​	6,083	​	​	5,993
Premises and equipment, net	​	​	133,769	​	​	132,466
Goodwill and other intangible assets	​	​	9,769	​	​	10,094
Federal Home Loan Bank stock and other interest-earning assets	​	​	25,603	​	​	28,392
Current and deferred income taxes	​	​	27,126	​	​	33,767
Total Assets		$	5,737,867		$	5,981,628
​	​	​	​	​	​	​
LIABILITIES AND STOCKHOLDERS’ EQUITY	​	​	​	​	​	​
Liabilities:	​	​	​	​	​	​
Deposits		$	4,528,033		$	4,605,549
Securities sold under reverse repurchase agreements with customers	​	​	42,674	​	​	64,444
Short-term borrowings and other interest-bearing liabilities	​	​	425,907	​	​	514,247
Subordinated debentures issued to capital trust	​	​	25,774	​	​	25,774
Subordinated notes	​	​	—	​	​	74,876
Accrued interest payable	​	​	3,909	​	​	12,761
Advances from borrowers for taxes and insurance	​	​	9,904	​	​	5,272
Accrued expenses and other liabilities	​	​	61,074	​	​	70,634
Liability for unfunded commitments	​	​	7,666	​	​	8,503
Total Liabilities	​	​	5,104,941	​	​	5,382,060
​	​	​	​	​	​	​
Stockholders’ Equity:	​	​	​	​	​	​
Capital stock	​	​	​	​	​	​
Serial preferred stock, $.01 par value; authorized 1,000,000 shares; issued and outstanding September 2025 and December 2024 - - 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	​	​	113	​	​	117
Additional paid-in capital	​	​	52,855	​	​	50,336
Retained earnings	​	​	615,837	​	​	603,477
Accumulated other comprehensive loss	​	​	(35,879)	​	​	(54,362)
Total Stockholders’ Equity	​	​	632,926	​	​	599,568
​	​	​	​	​	​	​
Total Liabilities and Stockholders’ Equity		$	5,737,867		$	5,981,628

​

See Notes to Consolidated Financial Statements

​

1

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Data)

​

​	​	​	​	​	​	​
​		THREE MONTHS ENDED
​	​	SEPTEMBER 30,
​	​	2025			2024
​	​	(Unaudited)
INTEREST INCOME	​	​	​	​	​	​
Loans		$	72,028		$	76,425
Investment securities and other	​	​	7,051	​	​	7,371
TOTAL INTEREST INCOME	​	​	79,079	​	​	83,796
​	​	​	​	​	​	​
INTEREST EXPENSE	​	​	​	​	​	​
Deposits	​	​	23,984	​	​	28,486
Securities sold under reverse repurchase agreements	​	​	297	​	​	385
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities	​	​	3,618	​	​	5,388
Subordinated debentures issued to capital trust	​	​	407	​	​	456
Subordinated notes	​	​	—	​	​	1,106
TOTAL INTEREST EXPENSE	​	​	28,306	​	​	35,821
​	​	​	​	​	​	​
NET INTEREST INCOME	​	​	50,773	​	​	47,975
PROVISION FOR CREDIT LOSSES ON LOANS	​	​	—	​	​	1,200
CREDIT FOR LOSSES ON UNFUNDED COMMITMENTS	​	​	(379)	​	​	(63)
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES ON LOANS AND CREDIT FOR LOSSES ON UNFUNDED COMMITMENTS	​	​	51,152	​	​	46,838
​	​	​	​	​	​	​
NON-INTEREST INCOME	​	​	​	​	​	​
Commissions	​	​	566	​	​	360
Overdraft and insufficient funds fees	​	​	1,367	​	​	1,307
Point-Of-Sale and ATM fee income and service charges	​	​	3,290	​	​	3,467
Net gains on loan sales	​	​	916	​	​	1,076
Late charges and fees on loans	​	​	189	​	​	77
Loss on derivative interest rate products	​	​	(2)	​	​	(37)
Other income	​	​	736	​	​	742
TOTAL NON-INTEREST INCOME	​	​	7,062	​	​	6,992
​	​	​	​	​	​	​
NON-INTEREST EXPENSE	​	​	​	​	​	​
Salaries and employee benefits	​	​	20,184	​	​	19,548
Net occupancy and equipment expense	​	​	8,873	​	​	8,138
Postage	​	​	893	​	​	861
Insurance	​	​	1,110	​	​	1,052
Advertising	​	​	985	​	​	928
Office supplies and printing	​	​	238	​	​	232
Telephone	​	​	690	​	​	669
Legal, audit and other professional fees	​	​	1,248	​	​	809
Income on other real estate and repossessions	​	​	(142)	​	​	(536)
Intangible asset amortization	​	​	109	​	​	108
Other operating expenses	​	​	1,928	​	​	1,908
TOTAL NON-INTEREST EXPENSE	​	​	36,116	​	​	33,717
​	​	​	​	​	​	​
INCOME BEFORE INCOME TAXES	​	​	22,098	​	​	20,113
PROVISION FOR INCOME TAXES	​	​	4,346	​	​	3,623
NET INCOME		$	17,752	​	$	16,490
​	​	​	​	​	​	​
Basic Earnings Per Common Share		$	1.57	​	$	1.41
Diluted Earnings Per Common Share		$	1.56	​	$	1.41
​	​	​	​	​	​	​
Dividends Declared Per Common Share		$	0.43	​	$	0.40

​

See Notes to Consolidated Financial Statements

​

2

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Data)

​

​	​	​	​	​	​	​
​		NINE MONTHS ENDED
​	​	SEPTEMBER 30,
​	​	2025			2024
​		(Unaudited)
INTEREST INCOME	​	​	​	​	​	​
Loans	​	$	218,929	​	$	221,796
Investment securities and other	​		21,368	​	​	20,317
TOTAL INTEREST INCOME	​		240,297	​	​	242,113
​	​	​	​	​	​	​
INTEREST EXPENSE	​		​	​	​	​
Deposits	​		72,952	​	​	83,906
Securities sold under reverse repurchase agreements	​		1,040	​	​	1,112
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities	​		12,042	​	​	12,805
Subordinated debentures issued to capital trust	​		1,178	​	​	1,364
Subordinated notes	​	​	2,015	​	​	3,317
TOTAL INTEREST EXPENSE	​		89,227	​	​	102,504
​	​	​	​	​	​	​
NET INTEREST INCOME	​		151,070	​	​	139,609
PROVISION FOR CREDIT LOSSES ON LOANS	​		—	​	​	1,700
CREDIT FOR LOSSES ON UNFUNDED COMMITMENTS	​		(837)	​	​	(540)
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES ON LOANS AND CREDIT FOR LOSSES ON UNFUNDED COMMITMENTS	​		151,907	​	​	138,449
​	​	​	​	​	​	​
NON-INTEREST INCOME	​	​	​	​	​	​
Commissions	​		1,239	​	​	1,010
Overdraft and insufficient funds fees	​		3,848	​	​	3,826
Point-Of-Sale and ATM fee income and service charges	​		9,968	​	​	10,238
Net gains on loan sales	​		2,410	​	​	2,880
Late charges and fees on loans	​		772	​	​	380
Loss on derivative interest rate products	​		(54)	​	​	(57)
Other income	​		3,681	​	​	5,354
TOTAL NON-INTEREST INCOME	​		21,864	​	​	23,631
​	​	​	​	​	​	​
NON-INTEREST EXPENSE	​	​	​	​	​	​
Salaries and employee benefits	​		60,318	​	​	59,090
Net occupancy and equipment expense	​		25,841	​	​	23,818
Postage	​		2,649	​	​	2,445
Insurance	​		3,370	​	​	3,459
Advertising	​		1,980	​	​	2,169
Office supplies and printing	​		742	​	​	735
Telephone	​		2,101	​	​	2,075
Legal, audit and other professional fees	​		3,215	​	​	4,398
Income on other real estate and repossessions	​		(380)	​	​	(190)
Intangible asset amortization	​		325	​	​	325
Other operating expenses	​		5,782	​	​	6,224
TOTAL NON-INTEREST EXPENSE	​		105,943	​	​	104,548
​	​	​	​	​	​	​
INCOME BEFORE INCOME TAXES	​		67,828	​	​	57,532
PROVISION FOR INCOME TAXES	​		13,130	​	​	10,647
NET INCOME	​	$	54,698	​	$	46,885
​	​	​	​	​	​	​
Basic Earnings Per Common Share	​	$	4.77	​	$	4.01
Diluted Earnings Per Common Share	​	$	4.74	​	$	3.99
​	​	​	​	​	​	​
Dividends Declared Per Common Share	​	$	1.23	​	$	1.20

​

See Notes to Consolidated Financial Statements

​

3

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands)

​

​	​	​	​	​	​	​
​		THREE MONTHS ENDED
​	​	SEPTEMBER 30,
​		2025			2024
​	​	(Unaudited)
Net Income	​	$	17,752	​	$	16,490
​	​	​	​	​	​	​
Unrealized appreciation on available-for-sale securities, net of taxes of $1,987 and $5,913, for 2025 and 2024, respectively	​	​	6,089	​	​	18,124
​	​	​	​	​	​	​
Unrealized loss on securities transferred to held-to-maturity, net of credit of $(15) and $(10) for 2025 and 2024, respectively	​	​	(45)	​	​	(33)
​	​	​	​	​	​	​
Amortization of realized loss on termination of cash flow hedge, net of credit of $(467) and $(467), for 2025 and 2024, respectively	​	​	(1,580)	​	​	(1,580)
​	​	​	​	​	​	​
Change in value of active cash flow hedges, net of taxes of $316 and $3,123 for 2025 and 2024, respectively	​	​	970	​	​	9,571
​	​	​	​	​	​	​
Comprehensive Income	​	$	23,186	​	$	42,572

​

​	​	​	​	​	​	​
​		NINE MONTHS ENDED
​	​	SEPTEMBER 30,
​		2025			2024
​		(Unaudited)
Net Income	​	$	54,698	​	$	46,885
​	​	​	​	​	​	​
Unrealized appreciation on available-for-sale securities, net of taxes of $5,055 and $3,699, for 2025 and 2024, respectively	​		15,491	​		11,334
​	​	​	​	​	​	​
Unrealized loss on securities transferred to held-to-maturity, net of credit of $(47) and $(35) for 2025 and 2024, respectively	​		(143)	​		(105)
​	​	​	​	​	​	​
Amortization of realized loss on termination of cash flow hedge, net of credit of $(1,387) and $(1,391), for 2025 and 2024, respectively	​	​	(4,688)	​	​	(4,706)
​	​	​	​	​	​	​
Change in value of active cash flow hedges, net of taxes of $2,551 and $2,151 for 2025 and 2024, respectively	​		7,823	​		6,595
​	​	​	​	​	​	​
Comprehensive Income	​	$	73,181	​	$	60,003

​

See Notes to Consolidated Financial Statements

​

4

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In Thousands, Except Per Share Data)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

THREE MONTHS ENDED SEPTEMBER 30, 2025

​

​

​

​

​

​

​

​

​

​

​

Accumulated

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other

​

​

​

​

​

​

​

Common

Additional

Retained

Comprehensive

Treasury

​

​

​

​

Stock

Paid-in Capital

Earnings

Income (Loss)

Stock

Total

​

(Unaudited)

Balance, June 30, 2025

$

114

$

51,646

​

$

611,921

​

$

(41,313)

$

—

$

622,368

Net income

​

​

—

​

​

—

​

​

17,752

​

​

—

​

​

—

​

​

17,752

Stock issued under Stock Option Plan

​

​

—

​

​

1,209

​

​

—

​

​

—

​

​

1,065

​

​

2,274

Common cash dividends declared, $0.43 per share

​

​

—

​

​

—

​

​

(4,848)

​

​

—

​

​

—

​

​

(4,848)

Change in fair value of cash flow hedges

​

​

—

​

​

—

​

​

—

​

​

(610)

​

​

—

​

​

(610)

Change in fair value of held-to-maturity securities

​

​

—

​

​

—

​

​

—

​

​

(45)

​

​

—

​

​

(45)

Change in fair value of available-for-sale securities

​

​

—

​

​

—

​

​

—

​

​

6,089

​

​

—

​

​

6,089

Repurchase of the Company’s common stock

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(10,054)

​

​

(10,054)

Reclassification of treasury stock per Maryland law

​

​

(1)

​

​

—

​

​

(8,988)

​

​

—

​

​

8,989

​

​

—

Balance, September 30, 2025

$

113

$

52,855

​

$

615,837

​

$

(35,879)

$

—

$

632,926

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

THREE MONTHS ENDED SEPTEMBER 30, 2024

​

​

​

​

​

​

​

​

​

​

​

Accumulated

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other

​

​

​

​

​

​

​

Common

Additional

Retained

Comprehensive

Treasury

​

​

​

​

Stock

Paid-in Capital

Earnings

Income (Loss)

Stock

Total

​

(Unaudited)

Balance, June 30, 2024

​

$

116

​

$

45,321

​

$

578,800

​

$

(55,445)

​

$

—

​

$

568,792

Net income

​

​

—

​

​

—

​

​

16,490

​

​

—

​

​

—

​

​

16,490

Stock issued under Stock Option Plan

​

—

​

​

2,593

​

​

—

​

​

—

​

​

2,914

​

​

5,507

Common cash dividends declared, $0.40 per share

​

—

​

​

—

​

​

(4,673)

​

​

—

​

​

—

​

​

(4,673)

Change in fair value of cash flow hedges

​

—

​

​

—

​

​

—

​

​

7,991

​

​

—

​

​

7,991

Change in fair value of held-to-maturity securities

​

—

​

​

—

​

​

—

​

​

(33)

​

​

—

​

​

(33)

Change in fair value of available-for-sale securities

​

—

​

​

—

​

​

—

​

​

18,124

​

​

—

​

​

18,124

Repurchase of the Company’s common stock

​

—

​

​

—

​

​

—

​

​

—

​

​

(108)

​

​

(108)

Reclassification of treasury stock per Maryland law

​

1

​

​

—

​

​

2,805

​

​

—

​

​

(2,806)

​

​

—

Balance, September 30, 2024

​

$

117

​

$

47,914

​

$

593,422

​

$

(29,363)

​

$

—

​

$

612,090

​

See Notes to Consolidated Financial Statements

​

5

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In Thousands, Except Per Share Data)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

NINE MONTHS ENDED SEPTEMBER 30, 2025

​

​

​

​

​

​

​

​

​

​

​

Accumulated

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other

​

​

​

​

​

​

​

​

Common

​

Additional

​

Retained

​

Comprehensive

​

Treasury

​

​

​

​

Stock

Paid-in Capital

Earnings

Income (Loss)

Stock

Total

​

​

(Unaudited)

Balance, January 1, 2025

​

$

117

​

$

50,336

​

$

603,477

​

$

(54,362)

​

$

—

​

$

599,568

Net income

​

​

—

​

​

—

​

​

54,698

​

​

—

​

​

—

​

​

54,698

Stock issued under Stock Option Plan

​

​

—

​

​

2,519

​

​

—

​

​

—

​

​

1,740

​

​

4,259

Common cash dividends declared, $1.23 per share

​

​

—

​

​

—

​

​

(14,033)

​

​

—

​

​

—

​

​

(14,033)

Change in fair value of cash flow hedges

​

​

—

​

​

—

​

​

—

​

​

3,135

​

​

—

​

​

3,135

Change in fair value of held-to-maturity securities

​

​

—

​

​

—

​

​

—

​

​

(143)

​

​

—

​

​

(143)

Change in fair value of available-for-sale securities

​

​

—

​

​

—

​

​

—

​

​

15,491

​

​

—

​

​

15,491

Purchase of the Company’s common stock

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(30,049)

​

​

(30,049)

Reclassification of treasury stock per Maryland law

​

​

(4)

​

​

—

​

​

(28,305)

​

​

—

​

​

28,309

​

​

—

Balance, September 30, 2025

​

$

113

​

$

52,855

​

$

615,837

​

$

(35,879)

​

$

—

​

$

632,926

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

NINE MONTHS ENDED SEPTEMBER 30, 2024

​

​

​

​

​

​

​

​

​

​

​

Accumulated

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other

​

​

​

​

​

​

​

​

Common

​

Additional

​

Retained

​

Comprehensive

​

Treasury

​

​

​

​

Stock

Paid-in Capital

Earnings

Income (Loss)

Stock

Total

​

​

(Unaudited)

Balance, January 1, 2024

​

$

118

​

$

44,320

​

$

569,872

​

$

(42,481)

​

$

—

​

$

571,829

Net income

​

—

​

​

—

​

​

46,885

​

​

—

​

​

—

​

​

46,885

Stock issued under Stock Option Plan

​

—

​

​

3,594

​

​

—

​

​

—

​

​

3,342

​

​

6,936

Common cash dividends declared, $1.20 per share

​

—

​

​

—

​

​

(13,986)

​

​

—

​

​

—

​

​

(13,986)

Retained Earnings effect of ASU 2023-02 adoption

​

​

—

​

​

—

​

​

(223)

​

​

—

​

​

—

​

​

(223)

Change in fair value of cash flow hedges

​

​

—

​

​

—

​

​

—

​

​

1,889

​

​

—

​

​

1,889

Change in fair value of held-to-maturity securities

​

​

—

​

​

—

​

​

—

​

​

(105)

​

​

—

​

​

(105)

Change in fair value of available-for-sale securities

​

​

—

​

​

—

​

​

—

​

​

11,334

​

​

—

​

​

11,334

Purchase of the Company’s common stock

​

—

​

​

—

​

​

—

​

​

—

​

​

(12,469)

​

​

(12,469)

Reclassification of treasury stock per Maryland law

​

(1)

​

​

—

​

​

(9,126)

​

​

—

​

​

9,127

​

​

—

Balance, September 30, 2024

​

$

117

​

$

47,914

​

$

593,422

​

$

(29,363)

​

$

—

​

$

612,090

​

See Notes to Consolidated Financial Statements

​

6

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

​

​	​	​	​	​	​	​
​	​	NINE MONTHS ENDED
​		SEPTEMBER 30,
​	​	2025			2024
​	​	(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES	​	​	​	​	​	​
Net income		$	54,698	​	$	46,885
Proceeds from sales of loans held for sale	​	​	112,932	​	​	133,935
Originations of loans held for sale	​	​	(108,734)	​	​	(134,855)
Items not requiring (providing) cash:	​	​	​	​	​	​
Depreciation	​	​	5,935	​	​	6,230
Amortization	​	​	376	​	​	526
Compensation expense for stock option grants	​	​	1,369	​	​	1,299
Provision for credit losses on loans	​	​	—	​	​	1,700
Provision (credit) for unfunded commitments	​	​	(837)	​	​	(540)
Net gain on loan sales	​	​	(2,410)	​	​	(2,880)
Net (gain) loss on sale of premises and equipment	​	​	(25)	​	​	16
Net gain on sale/write-down of other real estate owned and repossessions	​	​	(1)	​	​	(491)
Accretion of deferred income, premiums, discounts and other	​	​	(11,119)	​	​	(10,461)
Loss on derivative interest rate products	​	​	54	​	​	57
Net non-cash gain recorded on contract termination	​	​	—	​	​	(2,762)
Deferred income taxes	​	​	(618)	​	​	(544)
Changes in:	​	​	​	​	​	​
Interest receivable	​	​	499	​	​	(1,056)
Prepaid expenses and other assets	​	​	914	​	​	3,977
Accrued expenses and other liabilities	​	​	5,776	​	​	(6,583)
Income taxes refundable/payable	​	​	1,087	​	​	(175)
Net cash provided by operating activities	​	​	59,896	​	​	34,278
​	​	​	​	​	​	​
CASH FLOWS FROM INVESTING ACTIVITIES	​	​	​	​	​	​
Net change in loans	​	​	245,169	​	​	(123,795)
Purchase of loans	​	​	(20,000)	​	​	(6,251)
Purchase of premises and equipment	​	​	(8,066)	​	​	(3,492)
Proceeds from sale of premises and equipment	​	​	79	​	​	96
Proceeds from sale of other real estate owned and repossessions	​	​	142	​	​	11,012
Proceeds from maturities and calls of available-for-sale securities	​	​	1,624	​	​	—
Principal reductions on mortgage-backed securities	​	​	37,664	​	​	27,151
Purchase of available-for-sale securities	​	​	(8,903)	​	​	(92,631)
Investment in tax credit partnerships	​	​	(10,909)	​	​	(11,997)
Redemption of Federal Home Loan Bank stock and change in other interest-earning assets	​	​	2,789	​	​	8,401
Net cash provided by (used in) investing activities	​	​	239,589	​	​	(191,506)
​	​	​	​	​	​	​
CASH FLOWS FROM FINANCING ACTIVITIES	​	​	​	​	​	​
Net decrease in certificates of deposit	​	​	(144,174)	​	​	(5,062)
Net increase (decrease) in checking and savings deposits	​	​	66,682	​	​	(19,111)
Net increase in short-term borrowings	​	​	69,890	​	​	14,622
Proceeds from borrowing under Federal Reserve Bank Term Funding Program	​	​	—	​	​	180,000
Repayment of borrowing under Federal Reserve Bank Term Funding Program	​	​	(180,000)	​	​	—
Redemption of subordinated notes	​	​	(75,000)	​	​	—
Advances from borrowers for taxes and insurance	​	​	4,632	​	​	4,679
Repurchase of the Company’s common stock	​	​	(30,049)	​	​	(12,469)
Dividends paid	​	​	(13,877)	​	​	(14,036)
Stock options exercised	​	​	2,890	​	​	5,637
Net cash provided by (used in) financing activities	​	​	(299,006)	​	​	154,260
​	​	​	​	​	​	​
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	​	​	479	​	​	(2,968)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		​	195,756	​	​	211,333
CASH AND CASH EQUIVALENTS, END OF PERIOD	​	$	196,235	​	$	208,365

​

See Notes to Consolidated Financial Statements

​

​

7

​

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1: BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements of Great Southern Bancorp, Inc. (the “Company” or “Great Southern”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The financial statements presented herein reflect all adjustments which are, in the opinion of management, necessary to fairly present the financial condition, results of operations, changes in stockholders’ equity and cash flows of the Company as of the dates and for the periods presented. Those adjustments consist only of normal recurring adjustments. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the full year. The consolidated statement of financial condition of the Company as of December 31, 2024, has been derived from the audited consolidated statement of financial condition of the Company as of that date.

Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”).

Reclassifications

Prior period consolidated financial statements are reclassified whenever necessary to conform to the current period presentation.

​

NOTE 2: NATURE OF OPERATIONS AND OPERATING SEGMENTS

The Company operates as a one-bank holding company. The Company’s business primarily consists of the operations of Great Southern Bank (the “Bank”), which provides a full range of financial services to customers primarily located in Missouri, Iowa, Kansas, Minnesota, Nebraska and Arkansas. The Bank also originates commercial loans from lending offices in Atlanta; Charlotte, North Carolina; Chicago; Dallas; Denver; Omaha, Nebraska; and Phoenix. The Company and the Bank are subject to regulation by certain federal and state agencies and undergo periodic examinations by those regulatory agencies.

The Company’s banking operation is its only reportable segment. The banking operation is principally engaged in the business of originating residential and commercial real estate loans, construction loans, commercial business loans and consumer loans and funding these loans by attracting deposits from the general public, accepting brokered deposits and borrowing from the Federal Home Loan Bank and others. The operating results of this segment are regularly reviewed by management to make decisions about resource allocations and to assess performance. Selected information is not presented separately for the Company’s reportable segment, as there is no material difference between that information and the corresponding information in the consolidated financial statements.

​

NOTE 3: RECENT ACCOUNTING PRONOUNCEMENTS

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is focused on additional income tax disclosures and requires public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate). ASU 2023-09 became effective for the Company beginning with the fiscal year ending December 31, 2025 and did not have a material impact on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities. ASU 2024-03 requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense caption. The prescribed categories include, among other things, employee compensation, depreciation, and intangible asset amortization. Additionally, entities must disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. ASU 2024-03 is effective for us, on a prospective basis, for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, although early adoption and retrospective application is permitted. ASU 2024-03 is currently not expected to have a material impact on the Company’s consolidated financial statements, but will impact disclosures.

8

​

​

NOTE 4: EARNINGS PER SHARE

​

​	​	​	​	​	​	​
​		Three Months Ended September 30,
​	​	2025			2024
​		(In Thousands, Except Per Share Data)
Basic:	​	​	​	​	​	​
Average common shares outstanding	​		11,335	​		11,656
Net income		$	17,752		$	16,490
Per common share amount		$	1.57		$	1.41
​	​	​	​	​	​	​
Diluted:	​	​	​	​	​	​
Average common shares outstanding	​	​	11,335	​	​	11,656
Net effect of dilutive stock options – based on the treasury stock method using average market price	​	​	62	​	​	63
Diluted common shares	​	​	11,397	​	​	11,719
Net income		$	17,752		$	16,490
Per common share amount		$	1.56		$	1.41

​

​	​	​	​	​	​	​
​		Nine Months Ended September 30,
​		2025			2024
​		(In Thousands, Except Per Share Data)
Basic:	​	​			​
Average common shares outstanding	​	​	11,479		​	11,688
Net income	​	$	54,698	​	$	46,885
Per common share amount	​	$	4.77	​	$	4.01
​	​	​	​	​	​	​
Diluted:	​		​	​		​
Average common shares outstanding	​		11,479	​		11,688
Net effect of dilutive stock options – based on the treasury stock method using average market price	​		62	​		58
Diluted common shares	​		11,541	​		11,746
Net income	​	$	54,698	​	$	46,885
Per common share amount	​	$	4.74	​	$	3.99

​

Options outstanding at September 30, 2025 and 2024, to purchase 715,362 and 712,403 shares of common stock, respectively, were not included in the computation of diluted earnings per common share for each of the three- and nine-month periods then ended because the exercise prices of such options were greater than the average market price of the common stock for the three- and nine-months ended September 30, 2025 and 2024, respectively.

​

NOTE 5: INVESTMENT SECURITIES

Available-for-sale securities (“AFS”), which include any security for which the Company has no immediate plan to sell but which may be sold in the future, are carried at fair value. Realized gains and losses, based on the specifically identified amortized cost of the individual security, are included in non-interest income. Unrealized gains and losses are recorded, net of related income tax effects, in stockholders’ equity. Premiums and discounts are amortized and accreted, respectively, to interest income over the estimated life of the security. Prepayments are anticipated for certain mortgage-backed and Small Business Administration (SBA) securities. Premiums on callable securities are amortized to their earliest call date.

Held-to-maturity securities (“HTM”), which include any security for which the Company has both the positive intent and ability to hold until maturity, are carried at historical cost adjusted for amortization of premiums and accretion of discounts. Premiums and discounts are amortized and accreted, respectively, to interest income over the security’s estimated life. Prepayments are anticipated for certain mortgage-backed securities. Premiums on callable securities are amortized to their earliest call date.

9

​

The amortized cost and fair values of securities were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

​

​

​

Gross

​

Gross

​

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

Fair

​

Cost

Gains

Losses

Value

​

(In Thousands)

AVAILABLE-FOR-SALE SECURITIES:

​

​

​

​

​

​

​

​

​

​

​

​

Agency mortgage-backed securities

$

331,285

$

668

$

27,308

$

304,645

Agency collateralized mortgage obligations

​

​

121,636

​

​

927

​

​

6,550

​

​

116,013

States and political subdivisions

​

​

56,639

​

​

156

​

​

3,049

​

​

53,746

Small Business Administration securities

​

​

62,433

​

​

19

​

​

5,508

​

​

56,944

​

$

571,993

$

1,770

$

42,415

$

531,348

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

​

​

​

​

​

Amortized

​

Gross

​

Gross

​

​

​

​

Amortized

​

Fair Value

​

Carrying

​

Unrealized

​

Unrealized

​

Fair

​

Cost

Adjustment

Value

Gains

Losses

Value

​

​

(In Thousands)

HELD-TO-MATURITY SECURITIES:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agency mortgage-backed securities

​

$

70,036

​

$

1,450

​

$

71,486

​

$

—

​

$

6,086

​

$

65,400

Agency collateralized mortgage obligations

​

105,632

​

(1,926)

​

103,706

​

—

​

11,080

​

92,626

States and political subdivisions

​

6,099

​

24

​

6,123

​

—

​

560

​

5,563

​

​

$

181,767

​

$

(452)

​

$

181,315

​

$

—

​

$

17,726

​

$

163,589

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

​

Gross

​

Gross

​

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

Fair

​

Cost

Gains

Losses

Value

​

(In Thousands)

AVAILABLE-FOR-SALE SECURITIES:

​

​

​

​

​

​

​

​

​

​

​

​

Agency mortgage-backed securities

$

346,712

$

69

$

40,874

$

305,907

Agency collateralized mortgage obligations

​

​

123,395

​

​

—

​

​

9,771

​

​

113,624

States and political subdivisions securities

​

​

58,608

​

​

69

​

​

2,729

​

​

55,948

Small Business Administration securities

​

​

65,849

​

​

—

​

​

7,955

​

​

57,894

​

$

594,564

$

138

$

61,329

$

533,373

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

​

​

​

​

​

Amortized

​

Gross

​

Gross

​

​

​

​

​

Amortized

​

Fair Value

​

Carrying

​

Unrealized

​

Unrealized

​

Fair

​

Cost

Adjustment

Value

Gains

Losses

Value

​

​

(In Thousands)

HELD-TO-MATURITY SECURITIES:

​

​

​

​

​

​

Agency mortgage-backed securities

​

$

71,065

​

$

1,864

​

$

72,929

​

$

—

​

$

8,523

​

$

64,406

Agency collateralized mortgage obligations

​

110,493

​

(2,140)

​

108,353

​

—

​

15,495

​

92,858

States and political subdivisions

​

6,137

​

14

​

6,151

​

—

​

650

​

5,501

​

​

$

187,695

​

$

(262)

​

$

187,433

​

$

—

​

$

24,668

​

$

162,765

​

10

​

The amortized cost and fair value of available-for-sale and held-to-maturity securities at September 30, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-Sale

​

Held-to-Maturity

​

​

Amortized

​

Fair

​

Amortized

​

Fair

​

Cost

Value

Carrying Value

Value

​

​

(In Thousands)

One year or less

​

$

—

​

$

—

​

$

—

$

—

After one through two years

​

​

245

​

​

246

​

​

—

​

​

—

After two through three years

​

​

1,012

​

​

1,025

​

​

—

​

​

—

After three through four years

​

​

—

​

​

—

​

​

—

​

​

—

After four through five years

​

​

—

​

​

—

​

​

1,052

​

​

994

After five through fifteen years

​

​

22,107

​

​

21,111

​

​

4,564

​

​

4,146

After fifteen years

​

​

33,275

​

​

31,364

​

​

507

​

​

423

Securities not due on a single maturity date

​

​

515,354

​

​

477,602

​

​

175,192

​

​

158,026

​

​

$

571,993

​

$

531,348

​

$

181,315

$

163,589

​

Certain available-for-sale investments in debt securities are reported in the financial statements at an amount less than their amortized cost. The total fair value of these investments at September 30, 2025 and December 31, 2024, was approximately $418.0 million and $523.9 million, respectively, which was approximately 78.7% and 98.2% of the Company’s total available-for-sale investment portfolio at those dates. A high percentage of the unrealized losses were related to the Company’s mortgage-backed securities, collateralized mortgage obligations and Small Business Administration (SBA) securities, which are issued and guaranteed by U.S. government-sponsored entities and agencies. The Company’s state and political subdivisions securities are investments in insured fixed rate municipal bonds for which the issuers continue to make timely principal and interest payments under the contractual terms of the securities. Held-to-maturity investments in debt securities are reported in the financial statements at their amortized carrying value at September 30, 2025 and December 31, 2024, which was $181.3 million and $187.4 million, respectively. Total fair value of these investments at September 30, 2025 and December 31, 2024 was approximately $163.6 million and $162.8 million, respectively, which is 100.0% of the Company’s held-to-maturity investment portfolio.

Held-to-maturity investment securities are evaluated for potential losses under ASU 2016-13. The Company continually assesses its liquidity sources, both on-balance sheet and off-balance sheet, and believes that at September 30, 2025, it had ample liquidity sources to fund its ongoing operations without selling investment securities in this portfolio.

Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings of issuers, management believes the declines in fair value for the Company’s available-for-sale debt securities are not credit related.

11

​

The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2025 and December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

​

Less than 12 Months

​

12 Months or More

​

Total

​

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

Fair

​

Unrealized

Description of Securities

Value

Losses

Value

Losses

Value

Losses

​

(In Thousands)

AVAILABLE-FOR-SALE SECURITIES:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agency mortgage-backed securities

$

3,274

​

$

(11)

​

$

245,989

​

$

(27,297)

​

$

249,263

​

$

(27,308)

Agency collateralized mortgage obligations

​

​

—

​

​

—

​

​

71,782

​

​

(6,550)

​

​

71,782

​

​

(6,550)

States and political subdivisions securities

​

​

5,068

​

​

(247)

​

​

42,155

​

​

(2,802)

​

​

47,223

​

​

(3,049)

Small Business Administration securities

​

​

—

​

​

—

​

​

49,763

​

​

(5,508)

​

​

49,763

​

​

(5,508)

​

$

8,342

​

$

(258)

​

$

409,689

​

$

(42,157)

​

$

418,031

​

$

(42,415)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

HELD-TO-MATURITY SECURITIES:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agency mortgage-backed securities

​

$

—

​

$

—

​

$

65,400

​

$

(6,086)

​

$

65,400

​

$

(6,086)

Agency collateralized mortgage obligations

​

​

—

​

​

—

​

​

92,626

​

​

(11,080)

​

​

92,626

​

​

(11,080)

States and political subdivisions securities

​

​

—

​

​

—

​

​

5,563

​

​

(560)

​

​

5,563

​

​

(560)

​

​

$

—

​

$

—

​

$

163,589

​

$

(17,726)

​

$

163,589

​

$

(17,726)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

Less than 12 Months

​

12 Months or More

​

Total

​

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

Fair

​

Unrealized

Description of Securities

Value

Losses

Value

Losses

Value

Losses

​

(In Thousands)

AVAILABLE-FOR-SALE SECURITIES:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agency mortgage-backed securities

$

45,977

$

(1,008)

$

253,971

$

(39,866)

$

299,948

$

(40,874)

Agency collateralized mortgage obligations

​

​

50,720

​

​

(890)

​

​

62,903

​

​

(8,881)

​

​

113,623

​

​

(9,771)

States and political subdivisions securities

​

​

7,229

​

​

(270)

​

​

50,665

​

​

(7,685)

​

​

57,894

​

​

(7,955)

Small Business Administration securities

​

​

14,523

​

​

(343)

​

​

37,945

​

​

(2,386)

​

​

52,468

​

​

(2,729)

​

$

118,449

​

$

(2,511)

$

405,484

​

$

(58,818)

$

523,933

​

$

(61,329)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

HELD-TO-MATURITY SECURITIES:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agency mortgage-backed securities

​

$

—

​

$

—

​

$

64,406

​

$

(8,523)

​

$

64,406

​

$

(8,523)

Agency collateralized mortgage obligations

​

​

—

​

​

—

​

​

92,858

​

​

(15,495)

​

​

92,858

​

​

(15,495)

States and political subdivisions securities

​

​

—

​

​

—

​

​

5,501

​

​

(650)

​

​

5,501

​

​

(650)

​

​

$

—

​

$

—

​

$

162,765

​

$

(24,668)

​

$

162,765

​

$

(24,668)

​

There were no sales of available-for-sale securities during the three or nine months ended September 30, 2025 or September 30, 2024, respectively.

Allowance for Credit Losses. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments. All of the mortgage-backed, collateralized mortgage, and SBA securities held by the Company as of September 30, 2025 were issued by U.S. government-sponsored entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. Likewise, the Company has not historically experienced losses on these types of securities. Accordingly, no allowance for credit losses has been recorded for these securities.

Regarding securities issued by state and political subdivisions, management considers the following when evaluating these securities: (i) current issuer bond ratings, (ii) historical loss rates for given bond ratings, (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, (iv) updated financial information of the issuer, (v) internal forecasts and (vi) whether such securities provide insurance or other credit enhancement or are pre-refunded by the issuers. These securities are highly rated by major rating agencies and have a long history of no credit losses. Likewise, the Company has not experienced historical losses on these types of securities. Accordingly, no allowance for credit losses has been recorded for these securities.

​

12

​

NOTE 6: LOANS AND ALLOWANCE FOR CREDIT LOSSES

The Company measures the allowance for credit losses under ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, referred to as the CECL methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loans receivable. It also applies to off-balance sheet credit exposures not accounted for as insurance, including loan commitments, standby letters of credits, financial guarantees, and other similar instruments.

Classes of loans at September 30, 2025 and December 31, 2024 were as follows:

​

​	​	​	​	​	​	​	​
​		September 30,			December 31,
​	​	2025		​	2024
​	​	(In Thousands)
One- to four-family residential construction		$	21,856	​	$	30,533	​
Subdivision construction	​	​	25,452	​	​	19,861	​
Land development	​	​	32,725	​	​	42,504	​
Commercial construction	​	​	242,936	​	​	352,793	​
Owner occupied one- to four-family residential	​	​	672,276	​	​	710,446	​
Non-owner occupied one- to four-family residential	​	​	124,516	​	​	122,901	​
Commercial real estate	​	​	1,530,990	​	​	1,543,742	​
Other residential (multi-family)	​	​	1,485,546	​	​	1,549,249	​
Commercial business	​	​	230,299	​	​	220,291	​
Consumer auto	​	​	24,447	​	​	25,787	​
Consumer other	​	​	23,712	​	​	27,905	​
Home equity lines of credit	​	​	123,359	​	​	115,836	​
​	​	​	4,538,114	​	​	4,761,848	​
Allowance for credit losses	​	​	(64,749)	​	​	(64,760)	​
Deferred loan fees and gains, net	​	​	(5,682)	​	​	(6,695)	​
​		$	4,467,683	​	$	4,690,393	​
​	​	​	​	​	​	​	​
Weighted average interest rate	​	​	6.11	%	​	6.08	%

​

Classes of loans by aging were as follows, as of the dates indicated.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Loans

​

​

​

​

​

​

​

​

Over 90

​

​

​

​

​

​

​

Total

​

> 90 Days Past

​

​

30-59 Days

​

60-89 Days

​

Days

​

Total Past

​

​

​

​

Loans

​

Due and

​

​

Past Due

Past Due

Past Due

Due

Current

Receivable

Still Accruing

​

​

(In Thousands)

One- to four-family residential construction

$

6

​

$

—

​

$

—

​

$

6

​

$

21,850

​

$

21,856

​

$

—

Subdivision construction

​

​

—

​

​

—

​

​

—

​

​

—

​

​

25,452

​

​

25,452

​

​

—

Land development

​

​

—

​

​

—

​

​

—

​

​

—

​

​

32,725

​

​

32,725

​

​

—

Commercial construction

​

​

—

​

​

—

​

​

—

​

​

—

​

​

242,936

​

​

242,936

​

​

—

Owner occupied one- to four-family residential

​

​

—

​

​

77

​

​

582

​

​

659

​

​

671,617

​

​

672,276

​

​

—

Non-owner occupied one- to four-family residential

​

​

—

​

​

—

​

​

1,124

​

​

1,124

​

​

123,392

​

​

124,516

​

​

—

Commercial real estate

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1,530,990

​

​

1,530,990

​

​

—

Other residential (multi-family)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1,485,546

​

​

1,485,546

​

​

—

Commercial business

​

​

—

​

​

—

​

​

—

​

​

—

​

​

230,299

​

​

230,299

​

​

—

Consumer auto

​

​

20

​

​

3

​

​

9

​

​

32

​

​

24,415

​

​

24,447

​

​

—

Consumer other

​

​

65

​

​

2

​

​

13

​

​

80

​

​

23,632

​

​

23,712

​

​

—

Home equity lines of credit

​

​

93

​

​

—

​

​

—

​

​

93

​

​

123,266

​

​

123,359

​

​

—

Total

​

$

184

​

$

82

​

$

1,728

​

$

1,994

​

$

4,536,120

​

$

4,538,114

​

$

—

​

13

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Loans

​

​

​

​

​

​

Over 90

​

​

​

​

​

Total

​

> 90 Days Past

​

​

30-59 Days

​

60-89 Days

​

Days

​

Total Past

​

​

​

​

Loans

​

Due and

​

​

Past Due

Past Due

Past Due

Due

Current

Receivable

Still Accruing

​

​

(In Thousands)

One- to four-family residential construction

$

12

​

$

—

​

$

—

​

$

12

​

$

30,521

​

$

30,533

​

$

—

Subdivision construction

​

​

—

​

​

—

​

​

—

​

​

—

​

​

19,861

​

​

19,861

​

​

—

Land development

​

​

—

​

​

—

​

​

464

​

​

464

​

​

42,040

​

​

42,504

​

​

—

Commercial construction

​

​

—

​

​

—

​

​

—

​

​

—

​

​

352,793

​

​

352,793

​

​

—

Owner occupied one- to four-family residential

​

​

1,704

​

​

816

​

​

950

​

​

3,470

​

​

706,976

​

​

710,446

​

​

—

Non-owner occupied one- to four-family residential

​

​

642

​

​

—

​

​

1,681

​

​

2,323

​

​

120,578

​

​

122,901

​

​

—

Commercial real estate

​

​

—

​

​

—

​

​

77

​

​

77

​

​

1,543,665

​

​

1,543,742

​

​

—

Other residential (multi-family)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1,549,249

​

​

1,549,249

​

​

—

Commercial business

​

​

—

​

​

—

​

​

384

​

​

384

​

​

219,907

​

​

220,291

​

​

—

Consumer auto

​

​

39

​

​

1

​

​

—

​

​

40

​

​

25,747

​

​

25,787

​

​

—

Consumer other

​

​

145

​

​

4

​

​

17

​

​

166

​

​

27,739

​

​

27,905

​

​

—

Home equity lines of credit

​

​

63

​

​

56

​

​

—

​

​

119

​

​

115,717

​

​

115,836

​

​

—

Total

​

$

2,605

​

$

877

​

$

3,573

​

$

7,055

​

$

4,754,793

​

$

4,761,848

​

$

—

​

Loans are placed on nonaccrual status at 90 days past due and interest is considered a loss unless the loan is well secured and in the process of collection. Payments received on nonaccrual loans are applied to principal until the loans are returned to accrual status. Loans are returned to accrual status when all payments contractually due are brought current, payment performance is sustained for a period of time, generally six months, and future payments are reasonably assured. With the exception of consumer loans, charge-offs on loans are recorded when available information indicates a loan is not fully collectible and the loss is reasonably quantifiable. Consumer loans are charged-off at specified delinquency dates consistent with regulatory guidelines.

Nonaccruing loans are summarized as follows:

​

​	​	​	​	​	​	​
​		September 30,			December 31,
​	​	2025		​	2024
​	​	(In Thousands)
One- to four-family residential construction	​	$	—	​	$	—
Subdivision construction	​	​	—	​	​	—
Land development	​	​	—	​	​	464
Commercial construction	​	​	—	​	​	—
Owner occupied one- to four-family residential	​	​	582	​	​	950
Non-owner occupied one- to four-family residential	​	​	1,124	​	​	1,681
Commercial real estate	​	​	—	​	​	77
Other residential (multi-family)	​	​	—	​	​	—
Commercial business	​	​	—	​	​	384
Consumer auto	​	​	9	​	​	—
Consumer other	​	​	13	​	​	17
Home equity lines of credit	​	​	—	​	​	—
Total nonaccruing loans	​	$	1,728	​	$	3,573

​

During the three and nine months ended September 30, 2025, the Company recorded $74,000 and $189,000, respectively, in interest income related to recoveries on nonaccrual loans. No interest income was recorded on nonaccrual loans for the three or nine months ended September 30, 2024.

Nonaccrual loans for which there is no related allowance for credit losses as of September 30, 2025 and December 31, 2024, had an amortized cost of $1.7 million and $2.2 million, respectively. These loans were individually assessed and did not require an allowance due to being adequately collateralized under the collateral-dependent valuation method at those dates. A collateral-dependent loan is a financial asset for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty based on the Company’s assessment as of the reporting date. Collateral-dependent loans are identified primarily by a classified risk rating with a loan balance equal to or greater than $100,000, including, but not limited to, any loan in the process of foreclosure or repossession.

14

​

The following table presents the activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2025 and 2024. During the three and nine months ended September 30, 2025, the Company did not record a provision expense on its portfolio of outstanding loans. During the three months ended September 30, 2024, the Company recorded provision expense of $1.2 million on its portfolio of outstanding loans and during the nine months ended September 30, 2024, the Company recorded provision expense of $1.7 million on its portfolio of outstanding loans.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

One- to Four-

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Family

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential and

​

Other

​

Commercial

​

Commercial

​

Commercial

​

​

​

​

​

​

Construction

Residential

Real Estate

Construction

Business

Consumer

Total

​

​

(In Thousands)

Allowance for credit losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, June 30, 2024

​

$

9,678

​

$

13,886

​

$

29,469

​

$

2,841

​

$

5,677

​

$

3,704

​

$

65,255

Provision (credit) charged to expense

​

​

(463)

​

​

1,708

​

​

633

​

​

(106)

​

​

(930)

​

​

358

​

​

1,200

Losses charged off

​

​

—

​

​

—

​

​

(1,235)

​

​

—

​

​

(164)

​

​

(332)

​

​

(1,731)

Recoveries

​

​

4

​

​

—

​

​

—

​

​

—

​

​

17

​

​

170

​

​

191

Balance, September 30, 2024

​

$

9,219

​

$

15,594

​

$

28,867

​

$

2,735

​

$

4,600

​

$

3,900

​

$

64,915

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance for credit losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, June 30, 2025

​

$

9,204

​

$

15,594

​

$

28,794

​

$

2,936

​

$

4,712

​

$

3,575

​

$

64,815

Provision (credit) charged to expense

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Losses charged off

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(32)

​

​

(270)

​

​

(302)

Recoveries

​

​

2

​

​

—

​

​

—

​

​

—

​

​

90

​

​

144

​

​

236

Balance, September 30, 2025

​

$

9,206

​

$

15,594

​

$

28,794

​

$

2,936

​

$

4,770

​

$

3,449

​

$

64,749

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

One- to Four-

​

​

​

​

​

​

​

​

​

​

​

​

​

Family

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential and

​

Other

​

Commercial

​

Commercial

​

Commercial

​

​

​

​

Construction

Residential

Real Estate

Construction

Business

Consumer

Total

​

​

(In Thousands)

Allowance for credit losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, January 1, 2024

​

$

9,820

​

$

13,370

​

$

28,171

​

$

2,844

​

$

6,935

​

$

3,530

​

$

64,670

Provision (credit) charged to expense

​

​

(570)

​

​

2,224

​

​

1,931

​

​

(202)

​

​

(2,526)

​

​

843

​

​

1,700

Losses charged off

​

​

(65)

​

​

—

​

​

(1,235)

​

​

(101)

​

​

(195)

​

​

(1,111)

​

​

(2,707)

Recoveries

​

​

34

​

​

—

​

​

—

​

​

194

​

​

386

​

​

638

​

​

1,252

Balance, September 30, 2024

​

$

9,219

​

$

15,594

​

$

28,867

​

$

2,735

​

$

4,600

​

$

3,900

​

$

64,915

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance for credit losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, January 1, 2025

​

$

9,224

​

$

15,594

​

$

28,802

​

$

2,735

​

$

4,656

​

$

3,749

​

$

64,760

Provision (credit) charged to expense

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Losses charged off

​

(46)

​

​

—

​

​

(8)

​

​

—

​

​

(179)

​

​

(745)

​

​

(978)

Recoveries

​

28

​

​

—

​

​

—

​

​

201

​

​

293

​

​

445

​

​

967

Balance, September 30, 2025

​

$

9,206

​

$

15,594

​

$

28,794

​

$

2,936

​

$

4,770

​

$

3,449

​

$

64,749

​

The following table presents the activity in the allowance for unfunded commitments by portfolio segment for the three and nine months ended September 30, 2025 and 2024. The provision for losses on unfunded commitments for the three months ended September 30, 2025 was a credit (negative expense) of $379,000, compared to a credit (negative expense) of $63,000 for the three months ended September 30, 2024. The provision for losses on unfunded commitments for the nine months ended September 30, 2025 was a credit (negative expense) of $837,000, compared to a credit (negative expense) of $540,000 for the nine months ended September 30, 2024.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

One- to Four-

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Family

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential and

​

Other

​

Commercial

​

Commercial

​

Commercial

​

​

​

​

​

Construction

Residential

Real Estate

Construction

Business

Consumer

Total

​

(In Thousands)

Allowance for unfunded commitments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, June 30, 2024

​

$

673

​

$

3,346

​

$

646

​

$

550

​

$

1,343

​

$

452

​

$

7,010

Provision (credit) charged to expense

​

​

(262)

​

​

(543)

​

​

(19)

​

​

(57)

​

​

801

​

​

17

​

​

(63)

Balance, September 30, 2024

​

$

411

​

$

2,803

​

$

627

​

$

493

​

$

2,144

​

$

469

​

$

6,947

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance for unfunded commitments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, June 30, 2025

​

$

755

​

$

4,603

​

$

681

​

$

472

​

$

1,147

​

$

387

​

$

8,045

Provision (credit) charged to expense

​

46

​

​

(136)

​

​

(91)

​

​

(94)

​

​

(84)

​

​

(20)

​

​

(379)

Balance, September 30, 2025

​

$

801

​

$

4,467

​

$

590

​

$

378

​

$

1,063

​

$

367

​

$

7,666

​

15

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

One- to Four-

​

​

​

​

​

​

​

​

​

​

​

​

​

Family

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential and

​

Other

​

Commercial

​

Commercial

​

Commercial

​

​

​

​

Construction

Residential

Real Estate

Construction

Business

Consumer

Total

​

​

(In Thousands)

Allowance for unfunded commitments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, January 1, 2024

​

$

706

​

$

4,006

​

$

619

​

$

741

​

$

959

​

$

456

​

$

7,487

Provision (credit) charged to expense

​

(295)

​

​

(1,203)

​

​

8

​

​

(248)

​

​

1,185

​

​

13

​

​

(540)

Balance, September 30, 2024

$

411

​

$

2,803

​

$

627

​

$

493

​

$

2,144

​

$

469

​

$

6,947

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance for unfunded commitments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, January 1, 2025

$

619

​

$

4,833

​

$

653

​

$

496

​

$

1,468

​

$

434

​

$

8,503

Provision (credit) charged to expense

​

182

​

​

(366)

​

​

(63)

​

​

(118)

​

​

(405)

​

​

(67)

​

​

(837)

Balance, September 30, 2025

$

801

​

$

4,467

​

$

590

​

$

378

​

$

1,063

​

$

367

​

$

7,666

​

The portfolio segments used in the preceding tables correspond to the loan classes used in all other tables in Note 6 as follows:

● The one- to four-family residential and construction segment includes the one- to four-family residential construction, subdivision construction, owner occupied one- to four-family residential and non-owner occupied one- to four-family residential classes.

● The other residential (multi-family) segment corresponds to the other residential (multi-family) class.

● The commercial real estate segment includes the commercial real estate and industrial revenue bonds classes.

● The commercial construction segment includes the land development and commercial construction classes.

● The commercial business segment corresponds to the commercial business class.

● The consumer segment includes the consumer auto, consumer other and home equity lines of credit classes.

The following table presents the amortized cost basis of collateral-dependent loans by class of loans:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

December 31, 2024

​

​

Principal

Specific

​

Principal

​

Specific

​

Balance

Allowance

Balance

Allowance

​

​

(In Thousands)

One- to four-family residential construction

​

$

—

​

$

—

​

$

—

​

$

—

Subdivision construction

​

—

​

​

—

​

​

—

​

​

—

Land development

​

—

​

​

—

​

​

464

​

​

12

Commercial construction

​

—

​

​

—

​

​

—

​

​

—

Owner occupied one- to four- family residential

​

1,223

​

​

—

​

​

1,677

​

​

—

Non-owner occupied one- to four-family residential

​

1,124

​

​

—

​

​

1,681

​

​

261

Commercial real estate

​

—

​

​

—

​

​

4,253

​

​

—

Other residential (multi-family)

​

—

​

​

—

​

​

—

​

​

—

Commercial business

​

—

​

​

—

​

​

384

​

​

245

Consumer auto

​

—

​

​

—

​

​

—

​

​

—

Consumer other

​

—

​

​

—

​

​

—

​

​

—

Home equity lines of credit

​

—

​

​

—

​

​

1,390

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

2,347

​

$

—

​

$

9,849

​

$

518

​

Modified Loans. Loan modifications are reported if concessions have been granted to borrowers that are experiencing financial difficulty. The estimate of lifetime expected losses utilized in the allowance for credit losses model is developed using average historical loss on loans with similar risk characteristics, which includes losses from modifications of loans to borrowers experiencing financial difficulty. As a result, a charge to the allowance for credit losses is generally not recorded upon modification. For modifications to loans made to borrowers experiencing financial difficulty that are adversely classified, the Company determines the allowance for credit losses on an individual basis, using the same process that it utilizes for other adversely classified loans. If collection efforts have begun and the modified loan is subsequently deemed collateral-dependent, the loan is placed on nonaccrual status and the allowance for credit losses is determined based on an individual evaluation. If necessary, the loan is charged down to fair market value less estimated sales costs.

16

​

The following table shows, as of the date indicated, the composition of modifications made to loans to borrowers experiencing financial difficulty, by the loan class and type of concession granted. There were no such modifications during the nine months ended September 30, 2025. During the three and nine months ended September 30, 2025, principal forgiveness of $27,000 and $34,000, respectively, was completed on consumer loans. During the three and nine months ended September 30, 2024, principal forgiveness of $20,000 and $275,000, respectively, was completed on consumer loans and a land development loan.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized Cost Basis at December 31, 2024

​

​

Interest Rate

​

Term

​

​

​

Total

​

Reduction

Extension

Combination

Modifications

​

​

​

(In Thousands)

Construction and land development

$

—

​

$

—

​

$

—

​

$

—

One- to four-family residential

​

—

​

​

—

​

​

—

​

​

—

Other residential (multi-family)

​

—

​

​

2,709

​

​

—

​

​

2,709

Commercial real estate

​

—

​

​

70

​

​

—

​

​

70

Commercial business

​

—

​

​

—

​

​

—

​

​

—

Consumer

​

—

​

​

31

​

​

—

​

​

31

​

$

—

​

$

2,810

​

$

—

​

$

2,810

​

The Company closely monitors the performance of loans to borrowers experiencing financial difficulty that are modified to understand the effectiveness of its modification efforts. The following table depicts the performance of loans (under modified terms) at December 31, 2024. There were no such loans at September 30, 2025.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

​

​

30-89 Days

​

Over 90 Days

​

​

​

​

​

Current

​

Past Due

​

Past Due

​

Total

​

​

(In Thousands)

Construction and land development

$

—

$

—

$

—

$

—

One- to four-family residential

​

—

​

—

​

—

​

—

Other residential (multi-family)

​

2,709

​

—

​

—

​

2,709

Commercial real estate

​

70

​

—

​

—

​

70

Commercial business

​

—

​

—

​

—

​

—

Consumer

​

31

​

—

​

—

​

31

​

​

$

2,810

​

$

—

​

$

—

​

$

2,810

​

Loan Risk Ratings. The Company utilizes an internal risk rating system comprised of a series of grades to categorize loans according to perceived risk associated with the expectation of debt repayment. The analysis of the borrower’s ability to repay considers specific information, including, but not limited to, current financial information, historical payment experience, industry information and collateral levels and types. A risk rating is assigned at loan origination and then monitored throughout the contractual term for possible risk rating changes.

Satisfactory loans range from Excellent to Moderate Risk, but generally are loans supported by strong recent financial statements. The character and capacity of the borrower are solid, including reasonable project performance, good industry experience, liquidity and/or net worth. The probability of financial deterioration seems unlikely. Repayment is expected from approved sources over a reasonable period of time.

Watch loans are identified when the borrower has capacity to perform according to terms; however, elements of uncertainty exist. Margins of debt service coverage may be narrow, historical patterns of financial performance may be erratic, collateral margins may be diminished or the borrower may be a new and/or thinly capitalized company. Some management weakness on the part of the borrower may also exist, the borrower may have somewhat limited access to other financial institutions, and that access may diminish in difficult economic times.

Special Mention loans have weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of repayment prospects or the Bank’s credit position at some future date. This is a transitional grade closely monitored for improvement or deterioration.

17

​

The Substandard rating is applied to loans where the borrower exhibits well-defined weaknesses that jeopardize its continued performance and are of a severity that the distinct possibility of default exists. Loans are placed on “nonaccrual” when management does not expect to collect payments consistent with acceptable and agreed upon terms of repayment.

Doubtful loans have all the weaknesses inherent to those classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable.

The Loss category is used when loans are considered uncollectable and no longer included as an asset.

All loans are analyzed for risk rating updates regularly. For larger loans, rating assessments may be more frequent if relevant information is obtained earlier through debt covenant monitoring or overall relationship management. Smaller loans are monitored as identified by the loan officer based on the risk profile of the individual borrower or if the loan becomes past due related to credit issues. Loans rated Watch, Special Mention, Substandard or Doubtful are subject to formal quarterly review and continuous monitoring processes. In addition to the regular monitoring performed by the lending personnel and credit committees, loans are subject to review by the credit review department, which verifies the appropriateness of the risk ratings for the loans chosen as part of its risk-based review plan.

18

​

The following tables present a summary of loans by category and risk rating separated by origination and loan class as of September 30, 2025 and December 31, 2024.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Term Loans by Origination Year

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

​

September 30, 2025

2025 YTD

2024

2023

2022

2021

Prior

Loans

Total

​

​

(In Thousands)

One- to four-family residential construction

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Satisfactory (1-4)

​

$

6,449

​

$

4,465

​

$

3,162

​

$

822

​

$

—

​

$

—

​

$

6,958

​

$

21,856

Watch (5)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Special Mention (6)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Classified (7-9)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

6,449

​

​

4,465

​

​

3,162

​

​

822

​

​

—

​

​

—

​

​

6,958

​

​

21,856

Current Period Gross Charge Offs

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Subdivision construction

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Satisfactory (1-4)

​

790

​

​

3,899

​

​

339

​

​

265

​

​

17,368

​

​

437

​

​

2,354

​

​

25,452

Watch (5)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Special Mention (6)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Classified (7-9)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

790

​

​

3,899

​

​

339

​

​

265

​

​

17,368

​

​

437

​

​

2,354

​

​

25,452

Current Period Gross Charge Offs

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Construction and land development

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Satisfactory (1-4)

​

5,666

​

​

9,929

​

​

4,250

​

​

2,329

​

​

392

​

​

7,267

​

​

2,892

​

​

32,725

Watch (5)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Special Mention (6)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Classified (7-9)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

5,666

​

​

9,929

​

​

4,250

​

​

2,329

​

​

392

​

​

7,267

​

​

2,892

​

​

32,725

Current Period Gross Charge Offs

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other construction

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Satisfactory (1-4)

​

24,194

​

​

146,042

​

​

11,306

​

​

43,233

​

​

18,161

​

​

—

​

​

—

​

​

242,936

Watch (5)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Special Mention (6)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Classified (7-9)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

24,194

​

​

146,042

​

​

11,306

​

​

43,233

​

​

18,161

​

​

—

​

​

—

​

​

242,936

Current Period Gross Charge Offs

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

One- to four-family residential

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Satisfactory (1-4)

​

48,726

​

​

40,795

​

​

53,640

​

​

278,886

​

​

157,517

​

​

212,337

​

​

1,315

​

​

793,216

Watch (5)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

714

​

​

—

​

​

714

Special Mention (6)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Classified (7-9)

​

—

​

​

29

​

​

71

​

​

475

​

​

270

​

​

1,403

​

​

614

​

​

2,862

Total

​

48,726

​

​

40,824

​

​

53,711

​

​

279,361

​

​

157,787

​

​

214,454

​

​

1,929

​

​

796,792

Current Period Gross Charge Offs

​

​

—

​

​

—

​

​

—

​

​

21

​

​

16

​

​

9

​

​

—

​

​

46

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other residential (multi-family)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Satisfactory (1-4)

​

88,290

​

​

120,379

​

​

112,729

​

​

578,941

​

​

358,548

​

​

220,649

​

​

3,336

​

​

1,482,872

Watch (5)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

2,674

​

​

—

​

​

2,674

Special Mention (6)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Classified (7-9)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

88,290

​

​

120,379

​

​

112,729

​

​

578,941

​

​

358,548

​

​

223,323

​

​

3,336

​

​

1,485,546

Current Period Gross Charge Offs

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial real estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Satisfactory (1-4)

​

37,758

​

​

127,216

​

​

98,011

​

​

320,790

​

​

191,515

​

​

702,547

​

​

30,562

​

​

1,508,399

Watch (5)

​

—

​

​

—

​

​

—

​

​

10,548

​

​

—

​

​

7,768

​

​

—

​

​

18,316

Special Mention (6)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

4,275

​

​

—

​

​

4,275

Classified (7-9)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

37,758

​

​

127,216

​

​

98,011

​

​

331,338

​

​

191,515

​

​

714,590

​

​

30,562

​

​

1,530,990

Current Period Gross Charge Offs

​

​

—

​

​

—

​

​

—

​

​

—

​

​

8

​

​

—

​

​

—

​

​

8

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial business

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Satisfactory (1-4)

​

24,074

​

​

24,280

​

​

10,538

​

​

14,740

​

​

16,521

​

​

39,846

​

​

96,840

​

​

226,839

Watch (5)

​

—

​

​

—

​

​

—

​

​

863

​

​

2,568

​

​

29

​

​

—

​

​

3,460

Special Mention (6)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Classified (7-9)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

24,074

​

​

24,280

​

​

10,538

​

​

15,603

​

​

19,089

​

​

39,875

​

​

96,840

​

​

230,299

Current Period Gross Charge Offs

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

135

​

​

44

​

​

179

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Satisfactory (1-4)

​

12,968

​

​

11,513

​

​

5,566

​

​

3,239

​

​

1,280

​

​

8,232

​

​

127,310

​

​

170,108

Watch (5)

​

—

​

​

—

​

​

—

​

​

1

​

​

—

​

​

190

​

​

72

​

​

263

Special Mention (6)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

883

​

​

883

Classified (7-9)

​

—

​

​

1

​

​

20

​

​

11

​

​

14

​

​

47

​

​

171

​

​

264

Total

​

12,968

​

​

11,514

​

​

5,586

​

​

3,251

​

​

1,294

​

​

8,469

​

​

128,436

​

​

171,518

Current Period Gross Charge Offs

​

​

19

​

​

43

​

​

21

​

​

14

​

​

2

​

​

643

​

​

3

​

​

745

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Combined

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Satisfactory (1-4)

​

248,915

​

​

488,518

​

​

299,541

​

​

1,243,245

​

​

761,302

​

​

1,191,315

​

​

271,567

​

​

4,504,403

Watch (5)

​

—

​

​

—

​

​

—

​

​

11,412

​

​

2,568

​

​

11,375

​

​

72

​

​

25,427

Special Mention (6)

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

4,275

​

​

883

​

​

5,158

Classified (7-9)

​

—

​

​

30

​

​

91

​

​

486

​

​

284

​

​

1,450

​

​

785

​

​

3,126

Total

​

$

248,915

​

$

488,548

​

$

299,632

​

$

1,255,143

​

$

764,154

​

$

1,208,415

​

$

273,307

​

$

4,538,114

Current Period Gross Charge Offs

​

$

19

​

$

43

​

$

21

​

$

35

​

$

26

​

$

787

​

$

47

​

$

978

​

19

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Term Loans by Origination Year

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

​

December 31, 2024

2024

2023

2022

2021

2020

Prior

Loans

Total

​

​

(In Thousands)

One- to four-family residential construction

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Satisfactory (1-4)

​

$

11,750

​

$

8,961

​

$

822

​

$

—

​

$

—

​

$

—

​

$

9,000

​

$

30,533

Watch (5)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Special Mention (6)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Classified (7-9)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

​

11,750

​

​

8,961

​

​

822

​

​

—

​

​

—

​

​

—

​

​

9,000

​

​

30,533

Current Period Gross Charge Offs

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Subdivision construction

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Satisfactory (1-4)

​

​

711

​

​

182

​

​

136

​

​

17,609

​

​

29

​

​

205

​

​

989

​

​

19,861

Watch (5)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Special Mention (6)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Classified (7-9)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

​

711

​

​

182

​

​

136

​

​

17,609

​

​

29

​

​

205

​

​

989

​

​

19,861

Current Period Gross Charge Offs

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Construction and land development

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Satisfactory (1-4)

​

​

18,282

​

​

6,112

​

​

2,722

​

​

5,210

​

​

3,105

​

​

4,236

​

​

2,373

​

​

42,040

Watch (5)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Special Mention (6)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Classified (7-9)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

464

​

​

—

​

​

—

​

​

464

Total

​

​

18,282

​

​

6,112

​

​

2,722

​

​

5,210

​

​

3,569

​

​

4,236

​

​

2,373

​

​

42,504

Current Period Gross Charge Offs

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

101

​

​

—

​

​

101

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other construction

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Satisfactory (1-4)

​

​

78,337

​

​

52,046

​

​

189,389

​

​

33,021

​

​

—

​

​

—

​

​

—

​

​

352,793

Watch (5)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Special Mention (6)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Classified (7-9)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

78,337

​

​

52,046

​

​

189,389

​

​

33,021

​

​

—

​

​

—

​

​

—

​

​

352,793

Current Period Gross Charge Offs

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

One- to four-family residential

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Satisfactory (1-4)

​

​

42,931

​

​

59,973

​

​

304,054

​

​

176,759

​

​

91,238

​

​

153,392

​

​

426

​

​

828,773

Watch (5)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

145

​

​

597

​

​

—

​

​

742

Special Mention (6)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Classified (7-9)

​

​

—

​

​

628

​

​

387

​

​

129

​

​

—

​

​

1,178

​

​

1,510

​

​

3,832

Total

​

​

42,931

​

​

60,601

​

​

304,441

​

​

176,888

​

​

91,383

​

​

155,167

​

​

1,936

​

​

833,347

Current Period Gross Charge Offs

​

​

—

​

​

49

​

​

—

​

​

—

​

​

—

​

​

16

​

​

—

​

​

65

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other residential (multi-family)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Satisfactory (1-4)

​

​

66,028

​

​

92,268

​

​

552,183

​

​

506,902

​

​

179,094

​

​

146,712

​

​

3,352

​

​

1,546,539

Watch (5)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

2,710

​

​

—

​

​

2,710

Special Mention (6)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Classified (7-9)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

66,028

​

​

92,268

​

​

552,183

​

​

506,902

​

​

179,094

​

​

149,422

​

​

3,352

​

​

1,549,249

Current Period Gross Charge Offs

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial real estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Satisfactory (1-4)

​

​

97,512

​

​

81,282

​

​

320,442

​

​

217,049

​

​

96,246

​

​

682,549

​

​

35,937

​

​

1,531,017

Watch (5)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

7,879

​

​

—

​

​

7,879

Special Mention (6)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

438

​

​

—

​

​

438

Classified (7-9)

​

​

—

​

​

—

​

​

—

​

​

77

​

​

—

​

​

4,331

​

​

—

​

​

4,408

Total

​

​

97,512

​

​

81,282

​

​

320,442

​

​

217,126

​

​

96,246

​

​

695,197

​

​

35,937

​

​

1,543,742

Current Period Gross Charge Offs

​

​

—

​

​

—

​

​

54

​

​

10

​

​

—

​

​

1,236

​

​

—

​

​

1,300

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial business

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Satisfactory (1-4)

​

​

21,179

​

​

29,846

​

​

28,678

​

​

20,301

​

​

7,646

​

​

44,908

​

​

62,015

​

​

214,573

Watch (5)

​

​

—

​

​

—

​

​

1,005

​

​

3,296

​

​

—

​

​

—

​

​

—

​

​

4,301

Special Mention (6)

​

​

—

​

​

—

​

​

995

​

​

—

​

​

38

​

​

—

​

​

—

​

​

1,033

Classified (7-9)

​

​

—

​

​

245

​

​

—

​

​

—

​

​

—

​

​

139

​

​

—

​

​

384

Total

​

​

21,179

​

​

30,091

​

​

30,678

​

​

23,597

​

​

7,684

​

​

45,047

​

​

62,015

​

​

220,291

Current Period Gross Charge Offs

​

​

—

​

​

—

​

​

—

​

​

4

​

​

27

​

​

164

​

​

48

​

​

243

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Satisfactory (1-4)

​

​

17,391

​

​

9,234

​

​

6,147

​

​

2,618

​

​

1,151

​

​

10,478

​

​

120,653

​

​

167,672

Watch (5)

​

​

—

​

​

—

​

​

5

​

​

—

​

​

4

​

​

194

​

​

107

​

​

310

Special Mention (6)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Classified (7-9)

​

​

1

​

​

9

​

​

11

​

​

20

​

​

—

​

​

53

​

​

1,452

​

​

1,546

Total

​

​

17,392

​

​

9,243

​

​

6,163

​

​

2,638

​

​

1,155

​

​

10,725

​

​

122,212

​

​

169,528

Current Period Gross Charge Offs

​

​

13

​

​

105

​

​

122

​

​

32

​

​

4

​

​

1,161

​

​

54

​

​

1,491

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Combined

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Satisfactory (1-4)

​

​

354,121

​

​

339,904

​

​

1,404,573

​

​

979,469

​

​

378,509

​

​

1,042,480

​

​

234,745

​

​

4,733,801

Watch (5)

​

—

​

​

—

​

​

1,010

​

​

3,296

​

​

149

​

​

11,380

​

​

107

​

​

15,942

Special Mention (6)

​

—

​

​

—

​

​

995

​

​

—

​

​

38

​

​

438

​

​

—

​

​

1,471

Classified (7-9)

​

1

​

​

882

​

​

398

​

​

226

​

​

464

​

​

5,701

​

​

2,962

​

​

10,634

Total

​

$

354,122

​

$

340,786

​

$

1,406,976

​

$

982,991

​

$

379,160

​

$

1,059,999

​

$

237,814

​

$

4,761,848

Current Period Gross Charge Offs

​

$

13

​

$

154

​

$

176

​

$

46

​

$

31

​

$

2,678

​

$

102

​

$

3,200

​

​

​

20

​

NOTE 7: INVESTMENTS IN LIMITED PARTNERSHIPS

Investments in Affordable Housing Partnerships

Periodically, the Company has invested in certain limited partnerships that were formed to develop and operate apartments and single-family houses designed as high-quality affordable housing for lower income tenants throughout Missouri and contiguous states (“Affordable Housing Partnerships”). At September 30, 2025, the Company had 21 such investments, with a net carrying value of $99.7 million. At December 31, 2024, the Company had 23 such investments, with a net carrying value of $98.8 million. Due to the Company’s inability to exercise any significant influence over any of the investments in Affordable Housing Partnerships, they all are accounted for using the proportional amortization method. Each of the partnerships must meet the regulatory requirements for affordable housing for a minimum 15-year compliance period to fully utilize the tax credits. If the partnerships cease to qualify during the compliance period, the credits may be denied for any period in which the projects are not in compliance and a portion of the credits previously taken may be subject to recapture with interest.

The remaining federal affordable housing tax credits to be utilized through 2034 were $96.5 million as of September 30, 2025, assuming no tax credit recapture events occur and all projects currently under construction are completed as planned. Amortization of the investments in partnerships is expected to be approximately $86.5 million, assuming all projects currently under construction are completed and funded as planned.

The Company’s usage of federal affordable housing tax credits approximated $3.2 million and $2.8 million during the three months ended September 30, 2025 and 2024, respectively. Investment amortization was $3.1 million for the three months ended September 30, 2025, compared to $2.5 million for the three months ended September 30, 2024.

The Company’s usage of federal affordable housing tax credits approximated $9.6 million and $8.4 million during the nine months ended September 30, 2025 and 2024, respectively. Investment amortization was $8.7 million for the nine months ended September 30, 2025, compared to $7.6 million for the nine months ended September 30, 2024.

Investments in Community Development Entities

From time to time, the Company has invested in certain limited partnerships that were formed to develop and operate business and real estate projects located in low-income communities. At September 30, 2025, the Company had one such investment, with a net carrying value of $125,000. At December 31, 2024, the Company had one such investment, with a net carrying value of $199,000. Due to the Company’s inability to exercise any significant influence over any of the investments in qualified community development entities, they are accounted for using the proportional amortization method. Each of the partnerships provides federal new market tax credits over a seven-year credit allowance period. In each of the first three years, credits totaling five percent of the original investment are allowed on the credit allowance dates, and for the final four years, credits totaling six percent of the original investment are allowed on the credit allowance dates. Each of the partnerships must be invested in a qualified community development entity on each of the credit allowance dates during the seven-year period to utilize the tax credits. If the community development entities cease to qualify during the seven-year period, the credits may be denied for any credit allowance date and a portion of the credits previously taken may be subject to recapture with interest. The investments in the community development entities cannot be redeemed before the end of the seven-year period.

The Company’s usage of federal new market tax credits approximated $30,000 during both the three months ended September 30, 2025 and the three months ended September 30, 2024. Investment amortization amounted to $25,000 for both the three months ended September 30, 2025 and the three months ended September 30, 2024.

The Company’s usage of federal new market tax credits approximated $90,000 during both the nine months ended September 30, 2025 and the nine months ended September 30, 2024. Investment amortization amounted to $75,000 and $50,000 for the nine months ended September 30, 2025 and the nine months ended September 30, 2024, respectively. Upon adoption of ASU 2023-02 on January 1, 2024, the Company recorded a reduction in the investment in these new market tax credits, with a corresponding reduction in retained earnings, of $62,000.

Investments in Limited Partnerships for Federal Rehabilitation/Historic Tax Credits

From time to time, the Company has invested in certain limited partnerships that were formed to provide certain federal rehabilitation/historic tax credits. At September 30, 2025 and December 31, 2024, the Company had no such investments, with the previous investment fully amortizing during 2024. Under current tax law, such partnerships provide federal rehabilitation/historic tax credits over a five-year credit allowance period.

21

​

The Company’s usage of certain federal rehabilitation/historic tax credits approximated $75,000 and $76,000 during the three months ended September 30, 2025 and the three months ended September 30, 2024, respectively. Investment amortization amounted to $-0- and $64,000 for the three months ended September 30, 2025 and the three months ended September 30, 2024, respectively.

The Company’s usage of certain federal rehabilitation/historic tax credits approximated $225,000 and $228,000 during the nine months ended September 30, 2025 and nine months ended September 30, 2024, respectively. Investment amortization amounted to $-0- and $191,000 for the nine months ended September 30, 2025 and the nine months ended September 30, 2024, respectively. Upon adoption of ASU 2023-02 on January 1, 2024, the Company recorded a reduction in the investment in these rehabilitation/historic tax credits, with a corresponding reduction in retained earnings, of $161,000.

Investments in Limited Partnerships for State Tax Credits

On occasion, the Company has invested in limited partnerships that were formed to provide certain state tax credits. The Company has primarily syndicated these tax credits and the impact to the Consolidated Statements of Income has not been material.

​

​

NOTE 8: OTHER REAL ESTATE OWNED AND REPOSSESSIONS

Major classifications of other real estate owned were as follows:

​

​	​	​	​	​	​	​
​		September 30,			December 31,
​	​	2025		​	2024
​	​	(In Thousands)
Foreclosed assets held for sale and repossessions		​			​
One- to four-family construction	​	$	—	​	$	—
Subdivision construction	​		—	​		—
Land development	​		—	​		—
Commercial construction	​		—	​		—
One- to four-family residential	​		—	​		—
Other residential (multi-family)	​		—	​		—
Commercial real estate	​		6,036	​		5,960
Commercial business	​		—	​		—
Consumer	​		47	​		33
Total foreclosed assets held for sale and repossessions	​		6,083	​		5,993
​	​	​	​	​	​	​
Other real estate owned not acquired through foreclosure	​		—	​		—
​	​	​	​	​	​	​
Other real estate owned and repossessions	​	$	6,083	​	$	5,993

​

At September 30, 2025 and December 31, 2024, there was no other real estate owned not acquired through foreclosure.

At September 30, 2025, no residential mortgage loans were in the process of foreclosure compared to mortgage loans in the process of foreclosure totaling $12,000 at December 31, 2024.

22

​

Expenses (income) applicable to other real estate owned and repossessions included the following:

​

​	​	​	​	​	​	​
​	​	Three Months Ended
​	​	September 30,
​		2025			2024
​	​	(In Thousands)
Net loss (gain) on sales of other real estate owned and repossessions	​	$	(7)	​	$	(459)
Valuation write-downs	​		—	​	​	—
Operating expenses (income), net of rental income	​		(135)	​	​	(77)
​	​	$	(142)	​	$	(536)

​

​	​	​	​	​	​	​
​	​	Nine Months Ended
​	​	September 30,
​		2025			2024
​	​	(In Thousands)
Net loss (gain) on sales of other real estate owned and repossessions	​	$	(1)	​	$	(491)
Valuation write-downs	​		—	​	​	—
Operating expenses (income), net of rental income	​		(379)	​	​	301
​	​	$	(380)	​	$	(190)

​

​

NOTE 9: PREMISES AND EQUIPMENT

Major classifications of premises and equipment, stated at cost, were as follows:

​

​	​	​	​	​	​	​
​	​	September 30,		​	December 31,
​		2025			2024
​	​	(In Thousands)
Land	​	$	39,638	​	$	39,340
Buildings and improvements	​		109,482	​		107,525
Furniture, fixtures and equipment	​		72,091	​		69,916
Operating leases right of use asset	​		5,616	​		6,390
​	​		226,827	​		223,171
Less: accumulated depreciation	​		93,058	​		90,705
	​	$	133,769	​	$	132,466

​

Leases. The Company records leases in accordance with ASU 2016-02, Leases (Topic 842). The amount of the right of use asset and corresponding lease liability will fluctuate based on the Company’s lease terminations, new leases and lease modifications and renewals. As of September 30, 2025, the lease right of use asset value was $5.6 million and the corresponding lease liability was $5.8 million. As of December 31, 2024, the lease right of use asset value was $6.4 million and the corresponding lease liability was $6.6 million. At September 30, 2025, expected lease terms ranged from 1.8 years to 13.2 years with a weighted-average lease term of 6.3 years. The weighted-average discount rate at September 30, 2025 was 3.99%.

For the three months ended September 30, 2025 and 2024, total lease expense was $433,000 and $408,000, respectively. For both the nine months ended September 30, 2025 and 2024, total lease expense was $1.3 million. The Company’s short-term leases related to offsite ATMs have both fixed and variable lease payment components, based on the number of transactions at the various ATMs. The variable portion of these lease payments is not material and the lease expense related to ATMs for the three months ended September 30, 2025 and 2024 was $82,000 and $87,000, respectively. The lease expense related to ATMs for the nine months ended September 30, 2025 and 2024 was $237,000 and $258,000, respectively.

23

​

The Company does not sublease any of its leased facilities; however, it does lease to other parties portions of facilities that it owns. In terms of being the lessor in these circumstances, all of these lease agreements are classified as operating leases. In the three months ended September 30, 2025 and 2024, income recognized from these lease agreements was $369,000 and $303,000, respectively, and was included in occupancy and equipment expense. In the nine months ended September 30, 2025 and 2024, income recognized from these lease agreements was $1.0 million and $984,000, respectively, and was included in occupancy and equipment expense.

​

​	​	​	​	​	​	​
​		September 30, 2025			December 31, 2024
​	​	(In Thousands)
Statement of Financial Condition	​	​	​	​	​	​
Operating leases right of use asset	​	$	5,616	​	$	6,390
Operating leases liability	​	$	5,822	​	$	6,621
​	​	​	​	​	​	​
​		For the Three Months Ended
​	​	September 30, 2025			September 30, 2024
​	​	(In Thousands)
Statement of Income	​	​	​	​	​	​
Operating lease costs classified as occupancy and equipment expense (includes short-term lease costs and amortization of right of use asset)	​	$	433	​	$	408
​	​	​	​	​	​	​
Supplemental Cash Flow Information	​	​	​	​	​	​
Cash paid for amounts included in the measurement of lease liabilities:	​	​	​	​	​	​
Operating cash flows from operating leases	​	$	433	​	$	404
Right of use assets obtained in exchange for lease obligations:	​	​	​	​	​	​
Operating leases	​	$	—	​	$	—

​

​	​	​	​	​	​	​
​	​	For the Nine Months Ended
​		September 30, 2025			September 30, 2024
​	​	(In Thousands)
Statement of Income	​	​	​	​	​	​
Operating lease costs classified as occupancy and equipment expense (includes short-term lease costs and amortization of right of use asset)	​	$	1,254	​	$	1,303
​	​	​	​	​	​	​
Supplemental Cash Flow Information	​			​
Cash paid for amounts included in the measurement of lease liabilities:	​			​
Operating cash flows from operating leases	​	$	1,249	​	$	1,282
Right of use assets obtained in exchange for lease obligations:	​			​
Operating leases	​	$	24	​	$	814

​

At September 30, 2025, future expected lease payments for leases with terms exceeding one year were as follows (in thousands):

​

​	​	​	​
2025		$	324
2026	​		1,334
2027	​		1,285
2028	​		1,018
2029	​		663
2030	​	​	506
Thereafter	​		1,482
​	​	​	​
Future lease payments expected	​		6,612
​	​	​	​
Less: interest portion of lease payments	​		(790)
​	​	​	​
Lease liability	​	$	5,822

​

​

24

​

NOTE 10: DEPOSITS

​

​	​	​	​	​	​	​	​	​
​	​	Weighted Average	​	September 30,		​	December 31,
​		Interest Rate		2025			2024
​	​	​	​	(In Thousands, Except Interest Rates)
​	​	​	​	​	​	​	​	​
Non-interest-bearing accounts	​	—	​	$	855,353	​	$	842,931
Interest-bearing checking and savings accounts	​	1.35% and 1.39%	​	​	2,268,993	​	​	2,214,732
​	​	​	​		3,124,346	​	​	3,057,663
​	​	​	​		​	​	​	​
Certificate accounts	​	0.00% - 0.99%	​		35,337	​	​	52,720
​	​	1.00% - 1.99%	​	​	101,519	​	​	75,938
​	​	2.00% - 2.99%	​	​	19,919	​	​	8,244
​	​	3.00% - 3.99%	​		540,657	​	​	89,967
​	​	4.00% - 4.99%	​		26,240	​	​	548,903
​	​	5.00% and above	​	​	—	​	​	—
​	​	​	​	​	723,672	​	​	775,772
​	​	​	​	​	​	​	​	​
Brokered deposits	​	4.29% and 4.61%	​	​	680,015	​	​	772,114
​	​	​	​	​	680,015	​	​	772,114
​	​	​	​		​	​	​	​
​	​	​	​	$	4,528,033	​	$	4,605,549

​

The Bank utilizes brokered deposits as an additional funding source. The aggregate amount of brokered deposits was approximately $680.0 million and $772.1 million at September 30, 2025 and December 31, 2024, respectively. At both September 30, 2025 and December 31, 2024, brokered deposits included $300.0 million of purchased funds through the IntraFi Financial network. These IntraFi Financial deposits have a rate of interest that floats daily with an index of effective federal funds rate plus a spread. At September 30, 2025, approximately 37% of the Company’s total deposits were uninsured, when including deposit accounts of consolidated subsidiaries of the Company and collateralized deposits of unaffiliated entities. Excluding deposit accounts of the Company’s consolidated subsidiaries, approximately 16% of the Company’s total deposits were uninsured at September 30, 2025.

​

NOTE 11: ADVANCES FROM FEDERAL HOME LOAN BANK

At September 30, 2025 and December 31, 2024, there were no outstanding term advances from the Federal Home Loan Bank of Des Moines. At September 30, 2025 and December 31, 2024, the Company did have outstanding overnight borrowings from the Federal Home Loan Bank of Des Moines, which are included in Note 12 below.

The Bank has pledged FHLB stock, investment securities and first mortgage loans free of other pledges, liens and encumbrances as collateral for outstanding advances or borrowings. At September 30, 2025, investment securities with carrying values of approximately $290.2 million and loans with carrying values of approximately $2.08 billion were pledged as collateral for FHLB borrowings, which equates to an advance equivalent of $1.54 billion. At December 31, 2024 investment securities with carrying values of approximately $110.4 million and loans with carrying values of approximately $2.12 billion were pledged as collateral for outstanding advances or borrowings, which equates to an advance equivalent of $1.39 billion. The Bank had $1.11 billion remaining available on its line of credit under a borrowing arrangement with the FHLB of Des Moines at September 30, 2025.

NOTE 12: SECURITIES SOLD UNDER REVERSE REPURCHASE AGREEMENTS AND SHORT-TERM BORROWINGS

​

​	​	​	​	​	​	​
​		September 30,			December 31,
​	​	2025		​	2024
​	​	(In Thousands)
​	​	​	​	​	​	​
Notes payable – Community Development Equity Funds		$	907		$	1,247
Securities sold under reverse repurchase agreements	​		42,674	​		64,444
Short-term borrowings from Federal Reserve Bank	​		—	​		180,000
Overnight borrowings from the Federal Home Loan Bank	​	​	425,000	​	​	333,000
​	​	$	468,581	​	$	578,691

​

25

​

Short-term borrowings from the Federal Reserve Bank at December 31, 2024, were part of the Federal Reserve Bank’s Bank Term Funding Program (BTFP). The BTFP borrowing matured and was repaid in January 2025 and had a fixed interest rate of 4.83%. The line was secured primarily by the Bank’s held-to-maturity investment securities, with assets pledged totaling approximately $187.7 million as of December 31, 2024. As of September 30, 2025, the Company had no outstanding borrowings from the Federal Reserve Bank.

The Bank enters into sales of securities under agreements to repurchase (reverse repurchase agreements). Reverse repurchase agreements are treated as financings, and the obligations to repurchase securities sold are reflected as a liability in the statements of financial condition. The dollar amount of securities underlying the agreements remains in the asset accounts. The underlying securities sold in the agreements are held by the Bank during the agreement period. All agreements are written on a term of one month or less.

The following table represents the Company’s securities sold under reverse repurchase agreements, by collateral type. These securities contractually mature daily.

​

​	​	​	​	​	​	​
​		September 30,			December 31,
​	​	2025		​	2024
​	​	(In Thousands)
Mortgage-backed securities – GNMA, FNMA, FHLMC	​	$	42,674	​	$	64,444

​

​

NOTE 13: SUBORDINATED NOTES

On June 10, 2020, the Company completed the public offering and sale of $75.0 million of its subordinated notes. The notes were due June 15, 2030, and had a fixed interest rate of 5.50% until June 15, 2025, at which time the rate was to begin floating at a rate expected to be equal to three-month term Secured Overnight Financing Rate (SOFR) plus 5.325%. The notes were sold at par, resulting in net proceeds, after underwriting discounts and commissions, legal, accounting and other professional fees, of approximately $73.5 million. Total debt issuance costs of approximately $1.5 million were deferred and amortized over the expected life of the notes, which was five years.

On June 15, 2025, in accordance with the terms of the notes, the Company redeemed all $75.0 million aggregate principal amount of the subordinated notes at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest.

Amortization of the debt issuance costs during the three months ended September 30, 2025 and 2024, totaled $0 and $74,000, respectively. Amortization of the debt issuance costs during the nine months ended September 30, 2025 and 2024, totaled $124,000 and $223,000, respectively.

At September 30, 2025 and December 31, 2024, subordinated notes were as follows:

​

​	​	​	​	​	​	​
​		September 30,			December 31,
​	​	2025		​	2024
​	​	(In Thousands)
Subordinated notes	​	$	—	​	$	75,000
Less: unamortized debt issuance costs	​		—	​	​	124
​	​	$	—	​	$	74,876

​

​

NOTE 14: INCOME TAXES

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing its expected impact on our consolidated financial statements.

26

​

Reconciliations of the Company’s effective tax rates to the statutory corporate tax rates were as follows:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended				​	Three Months Ended
​	​	September 30, 2025				​	September 30, 2024
​		(In Thousands)					(In Thousands)				​
Tax at statutory rate		$	4,640	​	21.0	%	$	4,224	​	21.0	%
Nontaxable interest and dividends		​	60	​	0.3	​	​	(74)	​	(0.4)	​
U.S. federal tax credits (primarily low-income housing)		​	(1,028)	​	(4.7)	​	​	(830)	​	(4.1)	​
State income or franchise taxes		​	492	​	2.2	​	​	255	​	1.3	​
Other		​	182	​	0.9	​	​	48	​	0.2	​
​		$	4,346	​	19.7	%	$	3,623	​	18.0	%

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	Nine Months Ended				​	Nine Months Ended
​	​	September 30, 2025				​	September 30, 2024
​		(In Thousands)					(In Thousands)				​
Tax at statutory rate	​	$	14,244	​	21.0	%	$	12,082	​	21.0	%
Nontaxable interest and dividends		​	(135)	​	(0.2)	​	​	(272)	​	(0.5)	​
U.S. federal tax credits (primarily low-income housing)		​	(2,746)	​	(4.0)	​	​	(2,489)	​	(4.3)	​
State income or franchise taxes		​	1,195	​	1.8	​	​	1,031	​	1.8	​
Other		​	572	​	0.8	​	​	295	​	0.5	​
​		$	13,130	​	19.4	%	$	10,647	​	18.5	%

​

During the nine months ended September 30, 2025, the Company paid U.S. federal income taxes totaling $3.0 million and paid taxes to various state jurisdictions totaling $1.1 million. There were no payments to any individual state jurisdiction exceeding five percent of taxable income. In addition, the Company received a refund of $19,000 from one state jurisdiction and federal income tax refunds totaling $65,000.

The Company and its consolidated subsidiaries have not been audited recently by the Internal Revenue Service (IRS). As a result, federal tax years through December 31, 2020 are now closed. In addition, there were no pending audits by any state jurisdiction at September 30, 2025.

​

NOTE 15: DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS

ASC Topic 820, Fair Value Measurements, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Topic 820 also specifies a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

● Quoted prices in active markets for identical assets or liabilities (Level 1): Inputs that are quoted unadjusted prices in active markets for identical assets that the Company has the ability to access at the measurement date. An active market for the asset is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

● Other observable inputs (Level 2): Inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity including quoted prices for similar assets, quoted prices for securities in inactive markets and inputs derived principally from or corroborated by observable market data by correlation or other means.

● Significant unobservable inputs (Level 3): Inputs that reflect assumptions of a source independent of the reporting entity or the reporting entity’s own assumptions that are supported by little or no market activity or observable inputs.

Financial instruments are broken down by recurring or nonrecurring measurement status. Recurring assets are initially measured at fair value and are required to be remeasured at fair value in the financial statements at each reporting date. Assets measured on a nonrecurring basis are assets that, due to an event or circumstance, were required to be remeasured at fair value after initial recognition in the financial statements at some time during the reporting period.

The Company considers transfers between the levels of the hierarchy to be recognized at the end of related reporting periods.

27

​

Recurring Measurements

The following table presents the fair value measurements of assets recognized in the accompanying statements of financial condition measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fell at September 30, 2025 and December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value measurements using

​

​

​

​

​

Quoted prices

​

​

​

​

​

​

​

​

​

​

​

in active

​

​

​

​

​

​

​

​

​

​

​

markets

​

Other

​

Significant

​

​

​

​

​

for identical

​

observable

​

unobservable

​

​

​

​

​

assets

​

inputs

​

inputs

​

Fair value

(Level 1)

(Level 2)

(Level 3)

​

​

(In Thousands)

September 30, 2025

​

​

​

​

​

​

​

​

Available-for-sale securities

​

​

​

​

​

​

​

​

​

​

​

​

Agency mortgage-backed securities

​

$

304,645

​

$

—

​

$

304,645

​

$

—

Agency collateralized mortgage obligations

​

116,013

​

​

—

​

​

116,013

​

​

—

States and political subdivisions securities

​

53,746

​

​

—

​

​

53,746

​

​

—

Small Business Administration securities

​

56,944

​

​

—

​

​

56,944

​

​

—

Interest rate derivative asset

​

5,797

​

​

—

​

​

5,797

​

​

—

Interest rate derivative liability

​

(12,412)

​

​

—

​

​

(12,412)

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale securities

​

​

​

​

​

​

​

​

​

​

​

​

Agency mortgage-backed securities

​

$

305,907

​

$

—

​

$

305,907

​

$

—

Agency collateralized mortgage obligations

​

113,624

​

​

—

​

​

113,624

​

​

—

States and political subdivisions securities

​

55,948

​

​

—

​

​

55,948

​

​

—

Small Business Administration securities

​

57,894

​

​

—

​

​

57,894

​

​

—

Interest rate derivative asset

​

8,065

​

​

—

​

​

8,065

​

​

—

Interest rate derivative liability

​

(25,000)

​

​

—

​

​

(25,000)

​

​

—

​

The following is a description of inputs and valuation methodologies used for assets recorded at fair value on a recurring basis and recognized in the accompanying statements of financial condition at September 30, 2025 and December 31, 2024 as well as the general classification of such assets pursuant to the valuation hierarchy. There were no significant changes in the valuation techniques during the nine-month period ended September 30, 2025.

Available-for-Sale Securities. Investment securities available-for-sale are recorded at fair value on a recurring basis. The fair values used by the Company are obtained from an independent pricing service, which represent either quoted market prices for the identical asset or fair values determined by pricing models, or other model-based valuation techniques, that consider observable market data, such as interest rate volatilities, SOFR yield curve, credit spreads and prices from market makers and live trading systems. Recurring Level 2 securities include U.S. government agency securities, mortgage-backed securities, state and municipal bonds and certain other investments. Inputs used for valuing Level 2 securities include observable data that may include dealer quotes, benchmark yields, market spreads, live trading levels and market consensus prepayment speeds, among other things. Additional inputs include indicative values derived from the independent pricing service’s proprietary computerized models. There were no recurring Level 3 securities at September 30, 2025 or December 31, 2024.

Interest Rate Derivatives. The fair values are estimated using forward-looking interest rate curves and are determined using observable market rates and, therefore, are classified within Level 2 of the valuation hierarchy.

28

​

Nonrecurring Measurements

The following tables present the fair value measurements of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the measurements fell at September 30, 2025 and December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements Using

​

​

​

​

​

Quoted prices

​

​

​

​

​

​

​

​

​

​

​

in active

​

​

​

​

​

​

​

​

​

​

​

markets

​

Other

​

Significant

​

​

​

​

​

for identical

​

observable

​

unobservable

​

​

​

​

​

assets

​

inputs

​

inputs

​

Fair value

(Level 1)

(Level 2)

(Level 3)

​

​

(In Thousands)

September 30, 2025

​

​

​

​

​

​

​

​

Collateral-dependent loans

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

​

​

Collateral-dependent loans

​

$

701

​

$

—

​

$

—

​

$

701

​

The following is a description of valuation methodologies used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying statements of financial condition, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below.

Loans Held for Sale. Mortgage loans held for sale are recorded at the lower of carrying value or fair value. The fair value of mortgage loans held for sale is based on what secondary markets are currently offering for portfolios with similar characteristics. As such, the Company classifies mortgage loans held for sale as Nonrecurring Level 2. Write-downs to fair value typically do not occur as the Company generally enters into commitments to sell individual mortgage loans at the time the loan is originated to reduce market risk. The Company typically does not have commercial loans held for sale. At September 30, 2025 and December 31, 2024, the aggregate fair value of mortgage loans held for sale was not materially different than their cost. Accordingly, no mortgage loans held for sale were marked down and reported at fair value.

Collateral-Dependent Loans. The Company records collateral-dependent loans as Nonrecurring Level 3. If a loan’s fair value as estimated by the Company is less than its carrying value, the Company either records a charge-off of the portion of the loan that exceeds the fair value or establishes a reserve within the allowance for credit losses specific to the loan. Loans for which such charge-offs or reserves were recorded during the nine months ended September 30, 2025 and the year ended December 31, 2024, are shown in the table above (net of reserves).

Foreclosed Assets Held for Sale. Foreclosed assets held for sale are initially recorded at fair value less estimated cost to sell at the date of foreclosure. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less estimated cost to sell. Foreclosed assets held for sale are classified within Level 3 of the fair value hierarchy. There were no foreclosed assets held for sale at September 30, 2025 or December 31, 2024 which had valuation write-downs subsequent to the initial recording of the assets.

Fair Value of Financial Instruments

The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying statements of financial condition at amounts other than fair value.

Cash and Cash Equivalents and Federal Home Loan Bank Stock. The carrying amount approximates fair value.

Held-to-Maturity Securities. Fair values for held-to-maturity securities are estimated based on quoted market prices of similar securities. For these securities, the Company obtains fair value measurements from an independent pricing service, which represent either quoted market prices for the identical asset or fair values determined by pricing models, or other model-based valuation techniques, that consider observable market data, such as interest rate volatilities, SOFR yield curve, credit spreads and prices from market makers and live trading systems. These securities include U.S. government agency securities, mortgage-backed securities, state and municipal bonds and certain other investments.

29

​

Loans and Interest Receivable. The fair value of loans is estimated on an exit price basis incorporating contractual cash flows, prepayment discount spreads, credit loss and liquidity premiums. Loans with similar characteristics are aggregated for purposes of the calculations. The carrying amount of accrued interest receivable approximates its fair value.

Deposits and Accrued Interest Payable. The fair value of demand deposits and savings accounts is the amount payable on demand at the reporting date, i.e., their carrying amounts. The fair value of fixed maturity certificates of deposit is estimated based on a discounted cash flow calculation using the average advances yield curve from 11 districts of the FHLB for the as of date. The carrying amount of accrued interest payable approximates its fair value.

Short-Term Borrowings. The carrying amount approximates fair value.

Subordinated Debentures Issued to Capital Trusts. The subordinated debentures have floating rates that reset quarterly. The carrying amount of these debentures approximates their fair value.

Subordinated Notes. The fair values used by the Company are obtained from independent sources and are derived from quoted market prices of the Company’s subordinated notes and quoted market prices of other subordinated debt instruments with similar characteristics.

Commitments to Originate Loans, Letters of Credit and Lines of Credit. The fair value of commitments is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date.

The following table presents estimated fair values of the Company’s financial instruments not recorded at fair value in the financial statements. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

December 31, 2024

​

​

Carrying

​

Fair

​

Hierarchy

​

Carrying

​

Fair

​

Hierarchy

​

Amount

Value

Level

Amount

Value

Level

​

​

(In Thousands)

Financial assets

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

196,235

​

$

196,235

1

​

$

195,756

​

$

195,756

1

Held-to-maturity securities

​

​

181,315

​

​

163,589

​

2

​

​

187,433

​

​

162,765

​

2

Mortgage loans held for sale

​

5,593

​

​

5,593

2

​

6,937

​

6,937

2

Loans, net of allowance for credit losses

​

4,467,683

​

​

4,348,382

3

​

4,690,393

​

4,529,729

3

Interest receivable

​

19,931

​

​

19,931

3

​

20,430

​

20,430

3

Investment in FHLBank stock and other assets

​

25,603

​

​

25,603

3

​

28,392

​

28,392

3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities

​

​

​

​

​

​

​

​

​

​

​

Deposits

​

4,528,033

​

​

4,525,509

3

​

4,605,549

​

4,602,312

3

Short-term borrowings

​

468,581

​

​

468,581

3

​

578,691

​

578,691

3

Subordinated debentures

​

25,774

​

​

25,774

3

​

25,774

​

25,774

3

Subordinated notes

​

—

​

​

—

2

​

74,876

​

74,438

2

Interest payable

​

3,909

​

​

3,909

3

​

12,761

​

12,761

3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unrecognized financial instruments (net of contractual value)

​

​

​

​

​

​

​

​

​

​

​

Commitments to originate loans

​

—

​

​

—

3

​

—

​

—

3

Letters of credit

​

53

​

​

53

3

​

72

​

72

3

Lines of credit

​

—

​

​

—

3

​

—

​

—

3

​

​

​

30

​

NOTE 16: DERIVATIVES AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its assets and liabilities. In the normal course of business, the Company may use derivative financial instruments (primarily interest rate swaps) from time to time to assist in its interest rate risk management. The Company has interest rate derivatives that result from a service provided to certain qualifying loan customers that are not used to manage interest rate risk in the Company’s assets or liabilities and are not designated in a qualifying hedging relationship. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. In addition, the Company has interest rate derivatives that have been designated in a qualified hedging relationship.

Nondesignated Hedges

The Company has interest rate swaps that are not designated in a qualifying hedging relationship. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain loan customers. The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings.

At September 30, 2025, the Company had five interest rate swaps totaling $85.0 million in notional amount with commercial customers, and five interest rate swaps with the same aggregate notional amount with third parties related to its program. At December 31, 2024, the Company had five interest rate swaps totaling $86.7 million in notional amount with commercial customers, and five interest rate swaps with the same notional amount with third parties related to its program. In addition, at December 31, 2024, the Company had one participation loan purchased totaling $8.4 million, in which the lead institution has an interest rate swap with its customer and the economics of the counterparty swap are passed along to the Company through the loan participation. During the three months ended September 30, 2025 and 2024, the Company recognized net losses of $2,000 and $37,000, respectively, in non-interest income related to changes in the fair value of these swaps. During the nine months ended September 30, 2025 and 2024, the Company recognized net losses of $54,000 and $57,000, respectively, in non-interest income related to changes in the fair value of these swaps.

Fair Value Hedges

Interest Rate Swaps. As a strategy to maintain acceptable levels of exposure to the risk of changes in future cash flows due to interest rate fluctuations, in February 2023, the Company entered into interest rate swap transactions. These transactions hedged the risk of certain of its fixed rate brokered deposits. The total notional amount of the swaps was $95 million with a termination date of February 28, 2025. Under the terms of the swaps, the Company received a fixed rate of interest of 4.65% and paid a floating rate of interest equal to USD-SOFR-COMPOUND plus a spread. The floating rate reset monthly and net settlements of interest due to/from the counterparty occurred monthly. To the extent that the fixed rate of interest exceeded USD-SOFR-COMPOUND plus the spread, the Company received net interest settlements, which were recorded as a reduction of deposit interest expense. If USD-SOFR-COMPOUND plus the spread exceeded the fixed rate of interest, the Company was required to pay net settlements to the counterparty and record those net payments as interest expense on deposits.

In January 2024, the Company elected to terminate these swaps prior to their contractual termination date in 2025. The Company received a net settlement payment from the swap counterparty totaling $26,500 upon termination. At the time of the early termination, the Company recorded a market value adjustment to the brokered deposits of $163,000, which was amortized as a reduction of interest expense from January 2024 through February 2025.

31

​

Cash Flow Hedges

Interest Rate Swaps. As a strategy to maintain acceptable levels of exposure to the risk of changes in future cash flows due to interest rate fluctuations, in October 2018, the Company entered into an interest rate swap transaction as part of its ongoing interest rate management strategies to hedge the risk of its floating rate loans. The notional amount of the swap was $400 million with a termination date of October 6, 2025. Under the terms of the swap, the Company received a fixed rate of interest of 3.018% and paid a floating rate of interest equal to one-month USD-LIBOR. The floating rate was reset monthly and net settlements of interest due to/from the counterparty also occurred monthly. To the extent that the fixed rate of interest exceeded one-month USD-LIBOR, the Company received net interest settlements which were recorded as loan interest income. If USD-LIBOR exceeded the fixed rate of interest, the Company was required to pay net settlements to the counterparty and record those net payments as a reduction of interest income on loans.

In March 2020, the Company and its swap counterparty mutually agreed to terminate the $400 million interest rate swap prior to its contractual maturity. The Company was paid $45.9 million from its swap counterparty as a result of this termination. This $45.9 million, less the accrued interest portion and net of deferred income taxes, was reflected in the Company’s stockholders’ equity as part of Accumulated Other Comprehensive Income (AOCI). This balance was accreted to interest income on loans monthly through the original contractual termination date of October 6, 2025. This had the effect of reducing Accumulated Other Comprehensive Income and increasing Net Interest Income and Retained Earnings over the period. The Company recorded $2.0 million of interest income related to this terminated swap in each of the three-month periods ended September 30, 2025 and 2024. The Company recorded $6.1 million of interest income related to the swap in each of the nine months ended September 30, 2025 and September 30, 2024. After October 6, 2025, the accretion of interest income related to the terminated swap concluded.

In March 2022, the Company entered into an interest rate swap transaction as part of its ongoing interest rate management strategies to hedge the risk of its floating rate loans. The notional amount of the swap was $300 million, with a termination date of March 1, 2024. Under the terms of the swap, the Company received a fixed rate of interest of 1.6725% and paid a floating rate of interest equal to one-month USD-LIBOR (or the equivalent replacement USD-SOFR rate once the USD-LIBOR rate ceased to be available). The floating rate reset monthly and net settlements of interest due to/from the counterparty also occurred monthly. To the extent the floating rate of interest exceeded the fixed rate of interest, the Company was required to pay net settlements to the counterparty and record those net payments as a reduction of interest income on loans. If the fixed rate of interest exceeded the floating rate of interest, the Company received net interest settlements, which were recorded as loan interest income. This interest rate swap reached its contractual termination date on March 1, 2024 and there has been no further interest income impact related to this swap after the three months ended March 31, 2024. The Company recorded a reduction of loan interest income related to this swap transaction of $1.9 million in the nine months ended September 30, 2024.

In July 2022, the Company entered into two additional interest rate swap transactions as part of its ongoing interest rate management strategies to hedge the risk of its floating rate loans. The notional amount of each swap is $200 million with an effective date of May 1, 2023 and a termination date of May 1, 2028. Under the terms of one swap, the Company receives a fixed rate of interest of 2.628% and pays a floating rate of interest equal to one-month USD-SOFR OIS. Under the terms of the other swap, the Company receives a fixed rate of interest of 5.725% and pays a floating rate of interest equal to one-month USD-Prime. In each case, the floating rate resets monthly and net settlements of interest due to/from the counterparty also occur monthly. To the extent the fixed rate of interest exceeds the floating rate of interest, the Company receives net interest settlements, which is recorded as loan interest income. If the floating rate of interest exceeds the fixed rate of interest, the Company pays net settlements to the counterparty and records those net payments as a reduction of interest income on loans. At September 30, 2025, the USD-Prime rate was 7.25% and the one-month USD-SOFR OIS rate was 4.30757%. The Company recorded a reduction of loan interest income related to these swap transactions of $1.8 million and $2.7 million in the three months ended September 30, 2025 and 2024, respectively. The Company recorded a reduction of loan interest income related to these swap transactions of $5.3 million and $8.3 million in the nine months ended September 30, 2025 and 2024, respectively.

The effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affected earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. During each of the three and nine months ended September 30, 2025 and 2024, the Company recognized no non-interest income related to changes in the fair value of these derivatives.

32

​

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition:

​

​	​	​	​	​	​	​	​	​
​		Location in		Fair Value
​	​	Consolidated Statements	​	September 30,			December 31,
​	​	of Financial Condition	​	2025		​	2024
​	​	​	​	(In Thousands)
Derivatives designated as hedging instruments	​	​	​	​	​	​	​	​
Active interest rate swaps	​	Accrued expenses and other liabilities	​	$	6,640	​	$	17,014
​	​	​	​	​	​	​	​	​
Total derivatives designated as hedging instruments	​	​	​	$	6,640	​	$	17,014
​	​	​	​	​	​	​	​	​
Derivatives not designated as hedging instruments	​	​	​	​	​	​	​	​
Asset Derivatives		​	​	​	​	​	​	​
Interest rate products		Prepaid expenses and other assets	​	$	5,797	​	$	8,065
​	​	​	​	​	​	​	​	​
Total derivatives not designated as hedging instruments	​	​	​	$	5,797	​	$	8,065
​	​	​	​	​	​	​	​	​
Liability Derivatives	​	​	​		​	​	​	​
Interest rate products	​	Accrued expenses and other liabilities	​	$	5,772	​	$	7,986
​	​	​	​	​	​	​	​	​
Total derivatives not designated as hedging instruments	​	​	​	$	5,772	​	$	7,986

​

The following table presents the effect of cash flow hedge accounting through AOCI on the statements of comprehensive income:

​

​	​	​	​	​	​	​
​		Amount of Gain (Loss)
​	​	Recognized in AOCI
​	​	Three Months Ended September 30,
Cash Flow Hedges		2025			2024
​		(In Thousands)
Terminated interest rate swap, net of income taxes	​	$	(1,580)	​	$	(1,580)
Active interest rate swaps, net of income taxes	​	​	970	​	​	9,571
​	​	$	(610)	​	$	7,991

​

​	​	​	​	​	​	​
​	​	Amount of Gain (Loss)
​	​	Recognized in AOCI
​	​	Nine Months Ended September 30,
Cash Flow Hedges		2025			2024
​		(In Thousands)
Terminated interest rate swap, net of income taxes	​	$	(4,688)	​	$	(4,706)
Active interest rate swaps, net of income taxes	​	​	7,823	​	​	6,595
​	​	$	3,135	​	$	1,889

​

The following table presents, for the periods indicated, the effect of cash flow hedge accounting on the statements of income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30,

Cash Flow Hedges

2025

2024

​

Interest

Interest

Interest

Interest

​

Income

Expense

Income

Expense

​

(In Thousands)

Total Interest Income

​

$

79,079

​

$

—

​

$

83,796

​

$

—

Total Interest Expense

​

​

—

​

​

28,306

​

​

—

​

​

35,821

​

​

$

79,079

​

$

28,306

​

$

83,796

​

$

35,821

​

​

​

​

​

​

​

​

​

​

​

​

​

Terminated interest rate swap

​

$

2,047

​

$

—

​

$

2,047

​

$

—

Active interest rate swaps

​

​

(1,761)

​

​

—

​

​

(2,743)

​

​

—

​

​

$

286

​

$

—

​

$

(696)

​

$

—

​

33

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30,

Cash Flow Hedges

​

2025

​

2024

​

​

Interest

​

Interest

​

Interest

​

Interest

​

Income

Expense

Income

Expense

​

​

(In Thousands)

Total Interest Income

​

$

240,297

​

$

—

​

$

242,113

​

$

—

Total Interest Expense

​

​

—

​

​

89,227

​

​

—

​

​

102,504

​

​

$

240,297

​

$

89,227

​

$

242,113

​

$

102,504

​

​

​

​

​

​

​

​

​

​

​

​

​

Terminated interest rate swap

​

$

6,075

​

$

—

​

$

6,120

​

$

—

Active interest rate swaps

​

​

(5,260)

​

​

—

​

​

(10,165)

​

​

—

​

​

$

815

​

$

—

​

$

(4,045)

​

$

—

​

Agreements with Derivative Counterparties

The Company has agreements with its derivative counterparties. If the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. If the Bank fails to maintain its status as a well-capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. Similarly, the Company could be required to settle its obligations under certain of its agreements if certain regulatory events occur, such as the issuance of a formal directive, or if the Company’s credit rating is downgraded below a specified level.

At September 30, 2025, the termination value of derivatives with our derivative dealer counterparties (related to loan level swaps with commercial lending customers and interest rate swaps to hedge risk related to the Company’s variable rate loans) in an overall net asset position, which included accrued interest but excluded any adjustment for nonperformance risk, related to these agreements was $25,000. The Company has minimum collateral posting thresholds with its derivative dealer counterparties. At September 30, 2025, the Company had given cash collateral to one derivative counterparty of $2.6 million to cover its net fair value position. This counterparty position included collateral from the counterparty of $4.9 million for commercial lending swaps and collateral from the Company of $7.2 million for interest rate swaps related to variable rate loans.

At December 31, 2024, the termination value of derivatives with our derivative dealer counterparties (related to loan level swaps with commercial lending customers and interest rate swaps to hedge risk related to the Company’s variable rate loans) in an overall net asset position, which included accrued interest but excluded any adjustment for nonperformance risk, related to these agreements was $79,000. At December 31, 2024, the Company had given cash collateral to one derivative counterparty of $9.9 million to cover its net fair value position. This counterparty position included collateral from the counterparty of $8.1 million for commercial lending swaps and collateral from the Company of $17.7 million for interest rate swaps related to variable rate loans.

If the Company had breached any of these provisions at September 30, 2025 or December 31, 2024, it could have been required to settle its obligations under the agreements at the termination value. Under the collateral agreements between the parties, either party may choose to provide cash or securities to satisfy its collateral requirements.

​

NOTE 17: OPERATING SEGMENTS

​

The Company’s banking operation is its only operating segment. The banking operation is principally engaged in the business of originating residential and commercial real estate loans, construction loans, commercial business loans and consumer loans and funding these loans by attracting deposits from the general public, accepting brokered deposits and borrowing from the Federal Home Loan Bank and others. The operating results of this segment are regularly reviewed by management to make decisions about resource allocations and to assess performance. The parent holding company does not have any significant operations other than ownership of the Bank, and the parent holding company’s only income is equity in the earnings of the Bank.

Our chief executive officer is our chief operating decision maker. Our chief executive officer reviews actual net income versus budgeted net income, as well as comparison to other comparable financial reporting periods, to assess performance on a monthly basis and to make decisions about allocating capital and personnel.

34

​

Financial results by operating segment (all attributed to the banking segment), including significant expense categories provided to the chief operating decision maker, are detailed below for the three and nine months ended September 30, 2025 and 2024.

​

​	​	​	​	​	​	​
​	​	Three Months Ended September 30,
​		2025			2024
​	​	(In Thousands)
Interest income	​	$	79,079	​	$	83,796
Interest expense	​		28,306	​		35,821
Net interest income	​		50,773	​		47,975
​	​	​	​	​	​	​
Credit loss expense	​		(379)	​		1,137
Net interest income after credit loss expense	​		51,152	​		46,838
​	​	​	​	​	​	​
Non-interest Income	​			​		​
Commissions	​		566	​		360
Overdraft and insufficient funds fees	​		1,367	​		1,307
Point-of-sale and ATM fee income and service charges	​		3,290	​		3,467
Net gain on loan sales	​		916	​		1,076
Late charges and fees on loans	​		189	​		77
Fees from debit card contracts	​		348	​		348
Other income	​		386	​		357
​	​		7,062	​		6,992
​	​	​	​	​	​	​
Non-interest Expense	​			​		​
Salaries and incentives	​		16,450	​		15,943
Employee benefits	​		3,734	​		3,605
Net occupancy expense	​		3,281	​		3,267
Technology, furniture and equipment expense	​		5,592	​		4,871
Postage	​		893	​		861
Insurance	​		1,110	​		1,052
Advertising	​		985	​		928
Office supplies and printing	​		238	​		232
Telephone	​		690	​		669
Legal, audit and other professional fees	​		1,248	​		809
Expense (income) on other real estate and repossessions	​		(142)	​		(536)
Intangible asset amortization	​		109	​		108
Travel meals and entertainment	​		883	​		808
Other operating expenses	​		1,045	​		1,100
​	​		36,116	​		33,717
​	​	​	​	​	​	​
Income Before Income Taxes	​		22,098	​		20,113
Provision for Income Taxes	​		4,346	​		3,623
Net Income	​	$	17,752	​	$	16,490

​

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​	​	​	​	​	​	​
​	​	Nine Months Ended September 30,
​		2025			2024
​	​	(In Thousands)
Interest income	​	$	240,297		$	242,113
Interest expense	​		89,227	​		102,504
Net interest income	​		151,070	​		139,609
​	​	​	​	​	​	​
Credit loss expense	​		(837)	​		1,160
Net interest income after credit loss expense	​		151,907	​		138,449
​	​	​	​	​	​	​
Non-interest Income	​			​
Commissions	​		1,239	​		1,010
Overdraft and insufficient funds fees	​		3,848	​		3,826
Point-of-sale and ATM fee income and service charges	​		9,968	​		10,238
Net gain on loan sales	​		2,410	​		2,880
Late charges and fees on loans	​		772	​		380
Fees from debit card contracts	​		1,216	​		1,449
Other income	​		2,411	​		3,848
​	​		21,864	​		23,631
​	​	​	​	​	​	​
Non-interest Expense	​			​
Salaries and incentives	​		48,928	​		48,021
Employee benefits	​		11,390	​		11,069
Net occupancy expense	​		9,663	​		9,252
Technology, furniture and equipment expense	​		16,178	​		14,566
Postage	​		2,649	​		2,445
Insurance	​		3,370	​		3,459
Advertising	​		1,980	​		2,169
Office supplies and printing	​		742	​		735
Telephone	​		2,101	​		2,075
Legal, audit and other professional fees	​		3,215	​		4,398
Expense (income) on other real estate and repossessions	​		(380)	​		(190)
Intangible asset amortization	​		325	​		325
Travel meals and entertainment	​		1,541	​		1,407
Other operating expenses	​		4,241	​		4,817
​	​		105,943	​		104,548
​	​	​	​	​	​	​
Income Before Income Taxes	​		67,828	​		57,532
Provision for Income Taxes	​		13,130	​		10,647
Net Income	​	$	54,698	​	$	46,885

​

​

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-looking Statements

When used in this Quarterly Report on Form 10-Q and in other documents filed or furnished by Great Southern Bancorp, Inc. (the “Company”) with or to the Securities and Exchange Commission (the “SEC”), in the Company’s 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.

Critical Accounting Policies, Judgments and Estimates

The accounting and financial reporting policies of the Company conform to accounting principles generally accepted in the United States and general practices within the financial services industry. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates.

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Allowance for Credit Losses and Valuation of Foreclosed Assets

The Company believes that the determination of the allowance for credit losses involves a higher degree of judgment and complexity than its other significant accounting policies. The allowance for credit losses is calculated with the objective of maintaining an allowance level believed by management to be sufficient to absorb estimated credit losses. The allowance for credit losses is measured using an average historical loss model that incorporates relevant information about past events (including historical credit loss experience on loans with similar risk characteristics), current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the loans. The allowance for credit losses is measured on a collective (pool) basis. Loans are aggregated into pools based on similar risk characteristics, including borrower type, collateral and repayment types and expected credit loss patterns. Loans that do not share similar risk characteristics, primarily classified loans with a balance of $100,000 or more, are evaluated on an individual basis.

For loans evaluated for credit losses on a collective basis, average historical loss rates are calculated for each pool using the Company’s historical net charge-offs (combined charge-offs and recoveries by observable historical reporting period) and outstanding loan balances during a lookback period. Lookback periods can be different based on the individual pool and represent management’s credit expectations for the pool of loans over the remaining contractual life. In certain loan pools, if the Company’s own historical loss rate is not reflective of the loss expectations, the historical loss rate is augmented by industry and peer data. The calculated average net charge-off rate is then adjusted for current conditions and reasonable and supportable forecasts. These adjustments increase or decrease the average historical loss rate to reflect expectations of future losses given economic forecasts of key macroeconomic variables including, but not limited to, unemployment rate, GDP, commercial real estate price index, consumer sentiment and construction spending. The adjustments are based on results from various regression models projecting the impact of the macroeconomic variables to loss rates. The forecast is used for a reasonable and supportable period before reverting to historical averages using a straight-line method. The forecast-adjusted loss rate is applied to the principal balance over the remaining contractual lives, adjusted for expected prepayments. The contractual term excludes expected extensions, renewals and modifications. Additionally, the allowance for credit losses considers other qualitative factors not included in historical loss rates or macroeconomic forecasts such as changes in portfolio composition, underwriting practices, or significant unique events or conditions.

See Note 6 “Loans and Allowance for Credit Losses” in the Notes to Consolidated Financial Statements included in this report for additional information regarding the allowance for credit losses. Inherent in this process is the evaluation and risk assessment of individual credit relationships. From time to time, certain credit relationships may deteriorate due to changes in payment performance, cash flow of the borrower, value of collateral, or other factors. Due to these changing circumstances, management may revise its loss estimates and assumptions for these specific credits. In some cases, losses may be realized; in other instances, the factors that led to the deterioration may improve or the credit may be refinanced elsewhere and allocated allowances may be released from the particular credit.

In addition, the Company considers that the determination of the valuation of foreclosed assets held for sale involves a high degree of judgment and complexity. The carrying value of foreclosed assets reflects management’s best estimate of the amount to be realized from the sale of the assets. While the estimate is generally based on a valuation by an independent appraiser or recent sales of similar properties, the amount that the Company realizes from the sale of the assets could differ materially from the carrying value reflected in the financial statements, resulting in gains or losses that could materially impact earnings in future periods.

Goodwill and Intangible Assets

Goodwill and intangible assets that have indefinite useful lives are subject to an impairment test at least annually and more frequently if circumstances indicate their value may not be recoverable. Goodwill is tested for impairment using a process that estimates the fair value of each of the Company’s reporting units compared with its carrying value. The Company defines reporting units as a level below each of its operating segments for which there is discrete financial information that is regularly reviewed. As of September 30, 2025, the Company had one reporting unit to which goodwill has been allocated – the Bank. If the fair value of a reporting unit exceeds its carrying value, then no impairment is recorded. If the carrying value exceeds the fair value of a reporting unit, further testing is completed comparing the implied fair value of the reporting unit’s goodwill to its carrying value to measure the amount of impairment. Intangible assets that are not amortized are tested for impairment at least annually by comparing the fair values of those assets to their carrying values. At September 30, 2025, goodwill consisted of $5.4 million at the Bank reporting unit, which included goodwill of $4.2 million that was recorded during 2016 related to the acquisition of 12 branches and the assumption of related deposits in the St. Louis market. Other identifiable deposit intangible assets that are subject to amortization are amortized on a straight-line basis and are now fully amortized.

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In April 2022, the Company, through its subsidiary Great Southern Bank, entered into a naming rights agreement with Missouri State University related to the main arena on the university’s campus in Springfield, Missouri. The terms of the agreement provide the naming rights to Great Southern Bank for a total cost of $5.5 million, to be paid over a period of seven years. The Company expects to amortize the naming rights intangible assets through non-interest expense over a period not to exceed 15 years.

At September 30, 2025, the amortizable intangible assets included the arena naming rights of $4.4 million, which are reflected in the table below. These amortizable intangible assets are reviewed for impairment if circumstances indicate their value may not be recoverable based on a comparison of fair value.

For purposes of testing goodwill for impairment, the Company uses a market approach to value its reporting unit. The market approach applies a market multiple, based on observed purchase transactions for each reporting unit, to the metrics appropriate for the valuation of the operating unit. Significant judgment is applied when goodwill is assessed for impairment. This judgment may include developing cash flow projections, selecting appropriate discount rates, identifying relevant market comparables and incorporating general economic and market conditions.

Our regular annual impairment assessment occurs in the third quarter of each year. The Company performed this annual review as of September 30, 2025 and concluded that no impairment of its goodwill or other intangible assets had occurred as of that date. While management believes no impairment existed as of September 30, 2025, different conditions or assumptions used to measure fair value of the reporting unit, or changes in cash flows or profitability, if significantly negative or unfavorable, could have a material adverse effect on the outcome of the Company’s impairment evaluation in the future.

A summary of goodwill and intangible assets as of the dates indicated is as follows:

​	​	​	​	​	​	​
​	​	September 30,		​	December 31,
​		2025			2024
​	​	(In Thousands)
Goodwill – Branch acquisitions	​	$	5,396	​	$	5,396
Arena Naming Rights	​		4,373	​		4,698
​	​	$	9,769	​	$	10,094

​

Current Economic Conditions

Changes in economic conditions could cause the values of assets and liabilities recorded in the Company’s financial statements to change rapidly, resulting in material future adjustments to asset values, the allowance for credit losses, or capital that could negatively affect the Company’s ability to meet regulatory capital requirements and maintain sufficient liquidity. Following the housing and mortgage crisis and correction beginning in mid-2007, the United States entered an economic downturn. Unemployment rose from 4.7% in November 2007 to peak at 10.0% in October 2009. Economic conditions improved in the subsequent years, as indicated by higher consumer confidence levels, increased economic activity and low unemployment levels. The U.S. economy continued to operate at historically strong levels until the COVID-19 pandemic in March 2020, which severely affected tourism, labor markets, business travel, immigration, and the global supply chain, among other areas. The economy plunged into recession in the first quarter of 2020, as efforts to contain the spread of the coronavirus forced all but essential business activity, or any work that could not be done from home, to stop, shuttering factories, restaurants, entertainment, sporting events, retail shops, personal services, and more.

More than 22 million jobs were lost in March and April 2020 as businesses closed their doors or reduced their operations, sending employees home on furlough or layoffs. With uncertain incomes and limited buying opportunities, consumer spending plummeted. As a result, gross domestic product (GDP), the broadest measure of the nation’s economic output, plunged. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), a fiscal relief bill passed by Congress and signed by the President in March 2020, injected approximately $3 trillion into the economy through direct payments to individuals and loans to small businesses intended to help keep employees on their payroll, fueling a historic bounce-back in economic activity.

Total fiscal support to the economy throughout the pandemic, including the CARES Act, the American Rescue Plan of March 2021, and several smaller fiscal packages, totaled well over $5 trillion. The amount of this support was equal to almost 25% of pre-pandemic 2019 GDP and approximately three times the level of support provided during the global financial crisis of 2007-2008.

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Additionally, the Federal Reserve acted decisively by slashing its benchmark interest rate to near zero and ensuring credit availability to businesses, households, and municipal governments. The Federal Reserve’s efforts largely insulated the financial system from the problems in the economy, a significant difference from the financial crisis of 2007-2008. Purchases of Treasury and agency mortgage-backed securities totaling $120 billion each month by the Federal Reserve commenced shortly after the pandemic began. In November 2021, the Federal Reserve began to taper its quantitative easing (QE), winding down its bond purchases with its final open market purchase conducted on March 9, 2022. The federal government deficit was $2.8 trillion in fiscal 2021, close to $1.4 trillion in fiscal 2022, and $1.7 trillion in fiscal 2023. The Federal Reserve aggressively raised the federal funds interest rates from early 2022 through mid - 2023, pushing the federal funds rate to more than 5.50%, its highest level in 22 years.The federal funds rate range was 5.25% to 5.50% until mid-September 2024.The range has steadily lowered since the high in mid-2023.The target range in 2025 until mid-September was 4.25% to 4.50%, at which point it was lowered to 4.00% to 4.25%. In late October 2025, the target range was lowered again, to 3.75% to 4.00%.

The Federal Reserve’s actions were motivated by surging inflation in 2021 caused by pandemic-fueled spending, which outpaced the ability of producers to supply goods and services after having been impacted by COVID-related shutdowns and clogged transportation systems. The Federal Reserve made some headway in its attempt to force inflation down. The personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation, eased from its peak of 7.1% in June 2022 to 2.9% in December 2023. At September 30, 2025, Core PCE, which excludes food and energy prices, rose 3.0% from one year ago, above the Federal Reserve’s target of 2%.

Based on Moody’s U.S. Baseline Outlook and Alternative Scenarios Analysis dated September 2025, real GDP in 2025 is projected to rise 1.8% on an annual average basis; this is an increase to prior GDP forecasts for 2025, which anticipated growth of 1.1%. The new outlook on GDP growth for 2026 and 2027 is 1.4% and 1.7%, respectively, which is a slight decrease from the previous projection of 1.4% and 1.8%.

Employment

The national unemployment rate increased slightly to 4.3% for August 2025 compared to June 2025 at 4.1%.The number of unemployed individuals was 7.4 million as of August 2025. In August 2025, healthcare, social assistance, and nonfarm payroll employment contributed 69,000 of total job gains.

As of August 2025, the labor force participation rate (the share of working-age Americans employed or actively looking for a job) remained stable at 62.3%. The unemployment rate for the Midwest, where the Company conducts most of its business, was unchanged from the quarter ended June 2025 to the month ended August 2025 at 4.2%.Unemployment rates for August 2025 in the states where the Company has a branch or a loan production office were: Arizona at 4.1%, Arkansas at 3.8%, Colorado at 4.2%, Georgia at 3.4%, Illinois at 4.4%, Iowa at 3.8%, Kansas at 3.8%, Minnesota at 3.6%, Missouri at 4.1%, Nebraska at 3.0%, North Carolina at 3.7%, and Texas at 4.1%. These rates were relatively unchanged for a majority of the states compared to June 2025.

Single Family Housing

Existing-home sales increased 1.5% in September 2025, compared to August 2025, to a seasonally adjusted annual rate of 4.06 million; year-over-year existing home sales increased 4.1%. In the Midwest, existing-home sales slowed to 2.1% in September 2025 at an annual rate of 940,000, up 2.2% from one year earlier.

The median existing-home sales price rose 2.1% from September 2024 to $415,200 in September 2025. The median price in the Midwest was $320,800, up 4.7% from September 2024. All regions reported median price increases when compared to the prior year.

Total housing inventory registered at the end of September 2025 was 1.55 million units, up 1.3% from August 2025 and 14.0% from one year ago. Unsold inventory sat at a 4.6-month supply at the end of September 2025, no change from August 2025, and up from 4.2 months at the end of September 2024.

New home construction dropped precipitously after the financial crisis of 2007-2008 and has yet to fully recover. Issues contributing to the country’s current housing shortage include increasing labor and materials costs, availability of building materials, increased interest rates and tighter lending underwriting standards. Single-family housing starts in August 2025 were at a rate of 890,000, 7% below the revised figure for July 2025 of $957,000 but 11.7% below August 2024.

Sales of new single‐family houses in August 2025 were at a seasonally adjusted annual rate of 800,000 according to the U.S. Census Bureau and the Department of Housing and Urban Development. This was 20.5% above the July 2025 rate of 664,000 and 15.4% above the August 2024 rate of 693,000.

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The median sales price of new houses sold in August 2025 was $413,500, which is 4.7% above the July 2025 median price of $395,100. The seasonally‐adjusted estimate of new houses for sale at the end of August 2025 represented a supply of 7.4 months at the current sales rate.

According to Freddie Mac, the average commitment rate for a 30-year, fixed-rate mortgage was 6.19% as of October 23, 2025, down from 6.54% one year ago.

Other Residential (Multi-Family) Housing and Commercial Real Estate

According to CoStar, the U.S. apartment market’s supply-demand balance is ready for a rebalancing. Annual absorption is projected to exceed net deliveries over the next year, for the first time since Q1 2022. This turning point in the supply/absorption balance should accelerate overall vacancy declines, supported by a shrinking construction pipeline and robust renter demand. However, vacancy compression appears to have stalled in 2025, with vacancy holding steady at its current rate of 8.2% since the beginning of the year. This stability reflects rising vacancy of lower quality segments offsetting declines in the higher quality, 4- and 5-Star apartment segment, where absorption has outpaced supply. As a result, vacancy for 4- and 5-Star apartments has declined from a peak of 11.8% to 10.9%, and is forecasted to continue falling through year-end.Large markets in the South and Southwest, such as Dallas and Atlanta, were absorption leaders.Absorption increases are also fueled by generational transitions – older members of Gen Z as well as Baby Boomers are making their way to rental properties rather than home ownership. Absorption in upcoming quarters is expected to gradually chip away at the nation’s elevated overall vacancy rate, which is forecasted to fall to 8.1% by year-end and below 7.9% by the fourth quarter of 2026.

Quarterly net deliveries have fallen approximately 25% over the year to approximately 140,000 units in the third quarter of 2025. Fewer apartments are projected to reach completion over the remainder of the year, with the forecast expected to fall below 75,000 units by the fourth quarter of 2025 based on a thinning construction pipeline. Construction starts have fallen to a decade-plus low due to extended lease-up periods, higher capital costs, and stricter lending.

While overall vacancy is expected to decline, stabilized vacancy is forecasted to increase through 2027, reflecting ongoing efforts to absorb the supply overhang built up over the past two years. While vacancies have surged in the South and Southwest due to oversupply, most Midwest and Northeast markets have seen only moderate supply increases, leading to more favorable prospects for rent growth in those regions. In contrast, rents have fallen in markets across states in the South, Arizona, and Texas. Among the 50 largest markets, vacancy is highest in Memphis, Austin, and San Antonio. This variance of declining overall vacancy alongside persistently elevated stabilized vacancy suggests rent growth improvement will be gradual. Recent lease-up activity has helped reduce vacancy among 4- and 5-Star buildings, reinforcing the recovery in this segment. However, stabilized vacancy is projected to end the year above its starting point – in the upper 6% range – pointing to slow but stable rent growth, in line with the second quarter’s 0.5%. In contrast to the high-end building segment, vacancies in mid and lower-quality buildings remain more limited. With U.S. wage growth running above average, there is room for rents to increase by 0.6% in 3 Star buildings and by 1.3% year-over-year in 1- and 2-Star buildings, both outpacing the overall average. Rent growth across all quality segments is forecasted to reach the mid-1% range by mid-year 2026 as vacancies continue to tighten.

Our market areas reflected the following apartment vacancy levels as of September 2025: Springfield, Missouri at 7.1%, St. Louis at 10.6%, Kansas City at 8.7%, Minneapolis at 6.6%, Dallas-Fort Worth at 11.8%, Chicago at 4.6%, Atlanta at 11.8%, Phoenix at 12.4%, Denver at 11.6% and Charlotte, North Carolina at 12.1%.

An uncertain economic outlook dampened the office sector’s momentum through the first nine months of 2025.The national vacancy rate remained at its all-time high at 14.1% at September 30, 2025.On an encouraging note, supply growth has diminished to a historically low level. Also, positive absorption in the third quarter of 2025 and the re-entry of institutional buyers into the market suggest that a turning point may be near.

The demand recovery is complex and variable both across and within the country’s major cities, according to CoStar. Only about half of major metro areas have posted occupancy gains in the past 12 months, a historically unique occurrence which indicates the fragmented nature of the market. One impediment to recovery is the stalling out of office-using job growth. The hiring slowdown has been mitigated somewhat by a meaningful increase in office attendance. However, much return-to-office momentum seems to be driven by an increase in in-office work by “hybrid” employees. These attendance and employment trends are now interacting with a lack of desirable new supply in many markets to bring availability meaningfully down. The overall availability rate for space is about 80 basis points below its peak at 16.5% in early 2024. Availability at four- and five-star buildings is down even more, with the current rate of 23.4% about 120 basis points below peak. The slowdown in construction means that tenants looking for large blocks of space have fewer options.

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CoStar reported that office asking rents have remained flat for nearly five years. A looming lack of available space in premium new buildings and an ongoing minimal amount of sublease inventory is expected to keep office asking rent growth nominally positive for the near future.

Through the first nine months of 2025, investment activity was up by approximately 36% from the same period last year. The acceleration was not just evident in sales volume. The number of office deals that traded during the first nine months of 2025 were 16% above last year’s pace. Even as fundamentals remain fluid, investors are monitoring a potential change in leasing demand. The third quarter of 2025 posted the first positive net absorption since 2021, just as the national vacancy rate appears to be reaching its projected peak. With approximately $6 billion in acquisitions year-to-date, institutional capital has been more active in the first nine months of 2025 than what was observed in the same period of the prior two years. The next several quarters may prove to be a pivotal time for restoring confidence in the office market. If current projections play out, the market could witness the convergence of peaking vacancies, steady leasing activity, a trough in rent growth, and accelerating capital flows. At the same time, the climb in CMBS delinquency rates in recent years suggests that an office recovery may be in its early stages and require a multi-year period of incremental progress to fully regain its footing.

As of September 2025, national office vacancy rates remained stable at 14.1%, while our market areas reflected the following vacancy levels: Springfield, Missouri at 4.4%, St. Louis at 10.1%, Kansas City at 10.8%, Minneapolis at 11.7%, Dallas-Fort Worth at 17.8%, Chicago at 16.6%, Atlanta at 16.9%, Denver at 17.7%, Phoenix at 16.3% and Charlotte, North Carolina at 14.3%.

In 2025, the U.S. retail market has witnessed the highest level of store closures and bankruptcy filings since 2020. Significant competition from e-commerce retailers, rising costs, restricted access to capital and multiple years of below-average closures, have all contributed to the uptick in store closures. Bankruptcy filings are correlated to low home sales, which have weighed heavily on furniture, retail, appliance, and home improvement sales. While store closures weigh on net demand formation, they also provide much-needed supply for those tenants looking to expand. Market participants reported exceptionally strong demand to backfill spaces as they go dark, with some able to secure rent increases of 40% or more. Over half of the leases signed during the first half of the year were for spaces on the market for less than ten months, while 30% of leased spaces were on the market for less than five months.

Increased competition for space has been largely driven by the limited amount of space developed across the U.S. since 2010. From 2000 to 2009, approximately 300 million square feet of retail space was delivered annually, of which nearly 40% was available for lease.Just 85 million square feet of new retail space has been delivered annually since the start of 2020, with the vast majority comprised of build-to-suit projects. This has left minimal second-generation space for tenants looking to expand.Per CoStar, most tenants and brokerage reps continue to report substantial competition for quality available space, resulting in availabilities backfilling at the fastest pace in nearly 15 years.

During the third quarter of 2025, national retail vacancy rates remained steady at 4.3% while our market areas reflected the following vacancy levels: Springfield, Missouri at 2.3%, St. Louis at 3.8%, Kansas City at 4.1%, Minneapolis at 2.7%, Dallas-Fort Worth at 4.9%, Chicago at 4.9%, Atlanta at 4.2%, Phoenix at 4.7%, Denver at 4.3%, and Charlotte, North Carolina at 3.2%.

Current U.S. industrial market performance continues to favor the tenant, reporting a decade-long high vacancy rate of 7.5%.Deliveries continued to outpace net absorption in 2025 and impending supply additions should push vacancy higher, in conjunction with pressure from ongoing concerns regarding consumer spending.Industrial market weakness is directly impacted by 12-year lows in home sales, which lowered sales of furniture, building materials, and appliances, leading to large distribution center closures by tenants including Big Lots, Ashley Furniture, and Home Depot.The forecast is for weaker absorption and higher near-term vacancy reflecting a projected slowdown in U.S. retail spending growth, which Oxford Economics expects to remain positive but slow considerably in the remainder of 2025.

The U.S. industrial market may be nearing the end of a record development surge. Quarterly net supply additions are on pace to fall below the pre-pandemic three-year average in 2025 and continue declining into 2026 when supply growth is projected to hit an 11-year low. The gradual but persistent decline in speculative development completions has been underway for about 12 months. While new deliveries have peaked, several Sunbelt and Midwest markets with fewer constraints on new development are still in the midst of a record supply wave that could take tenants more than two years to fully absorb. Austin, Indianapolis, Phoenix, and San Antonio stand out as markets with risks of prolonged higher availability rates, particularly among logistics properties between 100,000 and 500,000 square feet. Most speculative construction has consisted of projects in this size range in recent years and these properties also face competition from projects larger than 500,000 square feet that can demise their space to broaden their list of potential tenants.

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Due to elevated vacancy and spaces leasing at a slower pace, year-over-year rent growth has slowed to 1.4%, its lowest rate since 2012. Nevertheless, due to the record rent growth during the pandemic, many leases are still renewing at higher rates after being marked to market. This is much more easily achieved in the small bay industrial market, where, thanks to minimal recent development, vacancy remains near pre-pandemic record lows of 5%. In contrast, the stock of logistics buildings from 100,000 square feet to 500,000 square feet has grown by more than 14% over the past four years, and the vacancy rate among them stands at around 10%, hitting its highest level in over a decade.

Per CoStar, third-quarter 2025 transaction volume held steady compared to the previous quarter and the same period in 2024, suggesting a pause in momentum as investors digest the implications of the second quarter’s negative net absorption for the first time since 2010. On the investment side, yields for stabilized, multi-tenant warehouses above $10 million bottomed in 2021 around the mid-4% range. Since then, cap rates have expanded roughly 150 basis points and now typically hover near 6%. Single-tenant deals, offering durable contractual income, may garner more attention from investors in the near term given the recent slowdown in leasing momentum. Looking ahead, pricing risk remains as the market will need to see an increase in leasing momentum and sales velocity to gain confidence about the near-term outlook. Once the current stint of uncertainty fades, capital should continue to favor industrial assets, supported by the sector’s historically strong rent growth and predictable capital expenditures compared to other property types.

For the third quarter of 2025, national industrial vacancy was 7.5%. Our market areas reflected the following industrial vacancy levels for the third quarter of 2025: Springfield, Missouri at 1.8%, St. Louis at 4.6%, Kansas City at 5.9%, Minneapolis at 3.8%, Dallas-Fort Worth at 9.0%, Chicago at 5.9%, Atlanta at 8.7%, Phoenix at 12.2%, Denver at 8.5% and Charlotte, North Carolina at 9.9%.

Our management will continue to monitor regional, national, and global economic indicators such as unemployment, GDP, housing starts and prices, consumer sentiment, commercial real estate price index and commercial real estate occupancy, absorption and rental rates, as these could significantly affect customers in each of our market areas.

For discussion of the risk factors associated with multi-family and commercial real estate loans, see “Risk Factors – Risks Relating to Lending Activities – Our loan portfolio possesses increased risk due to our relatively high concentration of commercial and residential construction, commercial real estate, other residential (multi-family) and other commercial loans” and “Risk Factors – Risks Relating to Regulation – We currently exceed thresholds defined in interagency guidance on commercial real estate concentrations, and as such, we may incur additional expense or slow the growth of certain categories of commercial real estate lending” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024.

General

The profitability of the Company and, more specifically, the profitability of its primary subsidiary, the Bank, depends primarily on its net interest income, as well as provisions for credit losses and the level of non-interest income and non-interest expense. Net interest income is the difference between the interest income the Bank earns on its loans and investment securities, and the interest it pays on interest-bearing liabilities, which consists mainly of interest paid on deposits and borrowings. Net interest income is affected by the relative amounts of interest-earning assets and interest-bearing liabilities and the interest rates earned or paid on these balances. When interest-earning assets approximate or exceed interest-bearing liabilities, any positive interest rate spread will generate net interest income.

Great Southern’s total assets decreased $243.8 million, or 4.1%, from $5.98 billion at December 31, 2024, to $5.74 billion at September 30, 2025. Details of the current period changes in total assets are provided below, under “Comparison of Financial Condition at September 30, 2025 and December 31, 2024.”

Loans. Net outstanding loans decreased $222.7 million from December 31, 2024, to $4.47 billion at September 30, 2025. The decrease was primarily in construction loans, other residential (multi-family) loans, one- to four- family residential loans and commercial real estate loans. As loan demand is affected by a variety of factors, including general economic conditions, and because of the competition we face and our focus on pricing discipline and credit quality, no assurance can be given that our loan growth will match or exceed the average level of growth achieved in prior years. The Company’s strategy continues to be focused on maintaining credit risk and interest rate risk at appropriate levels.

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Over the past several years, growth has occurred in some loan types and in most of Great Southern’s primary lending locations, including Springfield, St. Louis, Kansas City, Des Moines and Minneapolis, as well as our loan production offices in Atlanta, Charlotte, Chicago, Dallas, Denver, Omaha, and Phoenix. Certain minimum underwriting standards and monitoring help assure the Company’s portfolio quality. All new loan originations that exceed lender approval authorities are subject to review and approval by Great Southern’s loan committee. Generally, the Company considers commercial construction, consumer, other residential (multi-family) and commercial real estate loans to involve a higher degree of risk compared to some other types of loans, such as first mortgage loans on one- to four-family, owner-occupied residential properties. For other residential (multi-family), commercial real estate, commercial business and construction loans, the credits are subject to an analysis of the borrower’s and guarantor’s financial condition, credit history, verification of liquid assets, collateral, market analysis and repayment ability. It has been, and continues to be, Great Southern’s practice to verify information from potential borrowers regarding assets, income or payment ability and credit ratings as applicable and as required by the authority approving the loan. To minimize construction risk, projects are monitored as construction draws are requested by comparison to budget and with progress verified through property inspections. The geographic and product diversity of collateral, equity requirements and limitations on speculative construction projects help to mitigate overall risk in these loans. Underwriting standards for all loans also include loan-to-value ratio limitations, which vary depending on collateral type, debt service coverage ratios or debt payment to income ratio guidelines, where applicable, credit histories, use of guaranties and other recommended terms relating to equity requirements, amortization, and maturity. Consumer loans, other than home equity loans, are primarily secured by new or used motor vehicles and these loans are subject to underwriting standards designed to assure portfolio quality. In 2019, the Company discontinued indirect auto loan originations.

While our policy allows us to lend up to 90% of the appraised value on one- to four-family residential properties, originations of loans with loan-to-value ratios at that level are minimal. Private mortgage insurance is typically required for loan amounts above the 80% level. Few exceptions occur and would be based on analyses which determined minimal transactional risk to be involved. We consider these lending practices to be consistent with or more conservative than what we believe to be the norm for banks our size. At both September 30, 2025 and December 31, 2024, 0.2% of our owner occupied one- to four-family residential loans had loan-to-value ratios above 100% at origination. At both September 30, 2025 and December 31, 2024, 0.4% of our non-owner occupied one- to four-family residential loans had loan-to-value ratios above 100% at origination.

The level of non-performing loans and foreclosed assets affects our net interest income and net income. We generally do not accrue interest income on these loans and do not recognize interest income until the loans are repaid or interest payments have been made for a period of time sufficient to provide evidence of improved repayment ability on the loans. Generally, the higher the level of non-performing assets, the greater the negative impact on interest income and net income.

Available-for-sale Securities. In the nine months ended September 30, 2025, available-for-sale securities decreased $2.0 million, or 0.4%, from $533.3 million at December 31, 2024, to $531.3 million at September 30, 2025 due to monthly principal payments on investment securities, partially offset by purchases of investment securities and increases in market value of the available-for-sale securities. For further information on investment securities, see Note 5 to the accompanying financial statements contained in this Report.

Held-to-maturity Securities. In the nine months ended September 30, 2025, held-to-maturity securities decreased $6.1 million, or 3.3%, from $187.4 million at December 31, 2024, to $181.3 million at September 30, 2025, due to principal payments on mortgage-backed securities and collateralized mortgage obligations.

Deposits. The Company attracts deposit accounts through its retail branch network, correspondent banking and corporate services areas, internet channels and brokered deposits. The Company then utilizes these deposit funds, along with FHLBank advances and other borrowings, to meet loan demand or otherwise fund its activities. In the nine months ended September 30, 2025, total deposit balances decreased $77.5 million, or 1.7%. Compared to December 31, 2024, transaction account balances increased $66.7 million, or 2.2%, to $3.12 billion at September 30, 2025, and retail certificates of deposit decreased $52.1 million, or 6.7%, to $723.7 million at September 30, 2025. The increase in transaction accounts was primarily a result of an increase in various money market accounts. Retail time deposits decreased due to a decrease in retail certificates generated or maintained through the banking center network. Competition for time deposits has been, and remains, significant in many of our markets. Brokered deposits, including IntraFi program purchased funds, were $680.0 million and $772.1 million at September 30, 2025 and December 31, 2024, respectively. The Company uses brokered deposits of select maturities from time to time to supplement its various funding channels and to manage interest rate risk.

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Our deposit balances may fluctuate depending on customer preferences and our relative need for funding. We do not consider our retail certificates of deposit to be guaranteed long-term funding because customers can withdraw their funds at any time with minimal interest penalty. When loan demand trends upward, we can increase rates paid on deposits to attract more deposits and utilize brokered deposits to generate additional funding. The level of competition for deposits in our markets is high. It is our goal to gain deposit market share, particularly checking accounts, in our branch footprint. To accomplish this goal, increasing rates to attract deposits may be necessary, which could negatively impact the Company’s net interest margin.

Our ability to fund growth in future periods may also depend on our ability to continue to access brokered deposits and FHLBank advances. In times when our loan demand has outpaced our generation of new deposits, we have utilized brokered deposits and FHLBank advances to fund these loans. These funding sources have been attractive to us because we can create either fixed or variable rate funding, as desired, which more closely matches the interest rate nature of much of our loan portfolio. It also gives us greater flexibility in increasing or decreasing the duration of our funding. While we do not currently anticipate that our ability to access these sources will be reduced or eliminated in future periods, if this should happen, the limitation on our ability to fund additional loans could have a material adverse effect on our business, financial condition and results of operations. See “Results of Operations and Comparison for the Three and Nine Months Ended September 30, 2025 and 2024 – Liquidity” below for further information on funding sources.

Securities sold under reverse repurchase agreements with customers. Securities sold under reverse repurchase agreements with customers decreased $21.8 million from $64.4 million at December 31, 2024 to $42.6 million at September 30, 2025. These balances fluctuate over time based on customer demand for this product.

Short-term borrowings and other interest-bearing liabilities. Short term borrowings and other interest-bearing liabilities decreased $88.3 million from $514.2 million at December 31, 2024 to $425.9 million at September 30, 2025, primarily due to the repayment of borrowings under the Federal Reserve Bank BTFP funding program and the Company’s utilization of brokered deposits as an alternative source of funding. The Company may, from time to time, utilize overnight borrowings, short-term FHLBank advances, and borrowings from the Federal Reserve Bank of St. Louis (FRBSTL), depending on relative interest rates. The Company’s FHLBank term advances were $-0- at both September 30, 2025 and December 31, 2024. At September 30, 2025 and December 31, 2024, there was $425.0 million and $333.0 million, respectively, in overnight borrowings from the FHLBank, which were included in short term borrowings.

In January 2024, the Bank borrowed $180.0 million under the Federal Reserve Bank’s Bank Term Funding Program (BTFP). The borrowing, which had a fixed interest rate of 4.83% and was secured primarily by the Bank’s held-to-maturity investment securities, was repaid in full upon maturity in January 2025.

Net Interest Income and Interest Rate Risk Management. Our net interest income may be affected positively or negatively by changes in market interest rates. A large portion of our loan portfolio is tied to one-month SOFR, three-month SOFR or the “prime rate” and adjusts immediately or shortly after the index rate adjusts (subject to the effect of contractual interest rate floors on some of the loans, which are discussed below). We monitor our sensitivity to interest rate changes on an ongoing basis (see “Quantitative and Qualitative Disclosures About Market Risk”).

The current level and shape of the interest rate yield curve poses challenges for interest rate risk management. Prior to its increase of 0.25% on December 16, 2015, the FRB had last changed interest rates on December 16, 2008. This was the first rate increase since September 29, 2006. The FRB also implemented rate increases of 0.25% on eight additional occasions from December 14, 2016 through December 31, 2018, with the Federal Funds rate reaching as high as 2.50%. After December 2018, the FRB paused its rate increases and, in July, September and October 2019, implemented rate decreases of 0.25% on each of those occasions. At December 31, 2019, the Federal Funds rate stood at 1.75%. In response to the COVID-19 pandemic, the FRB decreased interest rates on two occasions in March 2020, a 0.50% decrease on March 3rd and a 1.00% decrease on March 16th. At December 31, 2021, the Federal Funds rate was 0.25%. In 2022, the FRB implemented rate increases of 0.25%, 0.50%, 0.75%, 0.75%, 0.75%, 0.75% and 0.50% in March, May, June, July, September, November and December 2022, respectively. At December 31, 2022, the Federal Funds rate was 4.50%. In 2023, the FRB implemented rate increases of 0.25%, 0.25%, 0.25% and 0.25% in February, March, May and July 2023, respectively. At December 31, 2023, the Federal Funds rate was 5.50%. In 2024, the FRB implemented rate decreases of 0.50%, 0.25% and 0.25% in September, November, and December, respectively. At December 31, 2024, the Federal Funds rate was 4.50%. In 2025, the FRB implemented a rate decrease of 0.25% in September, which brought the Federal Funds rate to 4.25% at September 30, 2025, and another rate decrease of 0.25% in October.

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Great Southern’s loan portfolio includes loans ($1.54 billion at September 30, 2025) tied to various SOFR indexes that will be subject to adjustment at least once within 90 days after September 30, 2025. All of these loans have interest rate floors at various rates. Great Southern also has a portfolio of loans ($666.4 million at September 30, 2025) tied to a “prime rate” of interest that will adjust immediately or within 90 days of a change to the “prime rate” of interest. All of these loans had interest rate floors at various rates. In addition, Great Southern has a portfolio of loans ($10.6 million at September 30, 2025) tied to an AMERIBOR index that will adjust immediately or within 90 days of a change to the rate of interest on this index. All of these loans had interest rate floors at various rates. At September 30, 2025, nearly all of these SOFR, “prime rate” and AMERIBOR loans had fully-indexed rates that were at or above their floor rate and so are expected to move fully with future market interest rate increases, and most are expected to move fully with future market interest rate decreases as many of these loans have floor rates well below their current index rate.

A rate cut by the FRB generally would be expected to have an immediate negative impact on the Company’s interest income on loans due to the large total balance of loans tied to the SOFR indexes or the “prime rate” index and will be subject to adjustment at least once within 90 days or loans which generally adjust immediately as the Federal Funds rate adjusts. Interest rate floors may at least partially mitigate the negative impact of interest rate decreases. Loans at their floor rates are, however, subject to the risk that borrowers will seek to refinance elsewhere at the lower market rate. This negative impact may partially be offset by the Company’s ability to lower its funding costs in response to an FRB rate cut. However, the Company may be unable to significantly lower its funding costs due to a highly competitive rate environment for deposits. Conversely, market interest rate increases would normally result in increased interest rates on our SOFR-based, prime rate-based and AMERIBOR-based loans.

As of September 30, 2025, Great Southern’s interest rate risk models indicate that, generally, rising interest rates are expected to have a modestly positive impact on the Company’s net interest income, while declining interest rates are expected to have a mostly neutral impact on net interest income. Any negative impact of a falling Federal Funds rate and other market interest rates also falling could be more pronounced if we are not able to decrease non-maturity deposit rates accordingly. We model various interest rate scenarios for rising and falling rates, including both parallel and non-parallel shifts in rates. The results of our modeling indicate that net interest income is not likely to be significantly affected either positively or negatively in the first twelve months following relatively minor changes in interest rates because our portfolios are relatively well matched in a twelve-month horizon.

In a situation where market interest rates increase significantly in a short period of time, our net interest margin increase may be more pronounced in the very near term (first one to three months), due to fairly rapid increases in SOFR interest rates and “prime” interest rates. In a situation where market interest rates decrease significantly in a short period of time, as they did in March 2020, our net interest margin decrease may be more pronounced in the very near term (first one to three months), due to fairly rapid decreases in SOFR interest rates and “prime” interest rates. In the subsequent months, we would expect that net interest margin would stabilize and begin to improve, as renewal interest rates on maturing time deposits decrease.

Beginning in March 2022, market interest rates, including LIBOR interest rates, SOFR interest rates and “prime” interest rates, began to increase rapidly. This resulted in increasing loan yields and expansion of our net interest income and net interest margin throughout 2022 and into the first three months of 2023. In 2023, market interest rate increases moderated and loan yield increases moderated in line with market rates. However, there has been increased competition for deposits and other sources of funding, resulting in higher costs for those funds. This has been especially true since early March 2023. Deposit and other funding costs moderated a bit in late 2024 as the FRB cut the federal funds rate, but competition for deposits remains significant in 2025. For further discussion of the processes used to manage our exposure to interest rate risk, see “Item 3. Quantitative and Qualitative Disclosures About Market Risk – How We Measure the Risks to Us Associated with Interest Rate Changes.”

Non-Interest Income and Non-Interest (Operating) Expenses. The Company’s profitability is also affected by the level of its non-interest income and operating expenses. Non-interest income consists primarily of service charges and ATM fees, POS interchange fees, late charges and prepayment fees on loans, gains on sales of loans and available-for-sale investments and other general operating income. Non-interest income may also be affected by the Company’s interest rate derivative activities. See Note 16 “Derivatives and Hedging Activities” in the Notes to Consolidated Financial Statements included in this report.

Operating expenses consist primarily of salaries and employee benefits, occupancy-related expenses, expenses related to foreclosed assets, postage, FDIC deposit insurance, advertising and public relations, telephone, professional fees, office expenses and other general operating expenses. Details of the current period changes in non-interest income and non-interest expense are provided below, under “Results of Operations and Comparison for the Three and Nine Months Ended September 30, 2025 and 2024.”

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Effect of Federal Laws and Regulations

General. Federal legislation and regulation significantly affect the operations of the Company and the Bank, and have increased competition among commercial banks, savings institutions, mortgage banking enterprises and other financial institutions. In particular, the capital requirements and operations of regulated banking organizations such as the Company and the Bank have been and will be subject to changes in applicable statutes and regulations from time to time, which changes could, under certain circumstances, adversely affect the Company or the Bank.

Dodd-Frank Act. In 2010, sweeping financial regulatory reform legislation entitled the “Dodd-Frank Wall Street Reform and Consumer Protection Act” (the “Dodd-Frank Act”) was signed into law. The Dodd-Frank Act implemented far-reaching changes across the financial regulatory landscape. Certain aspects of the Dodd-Frank Act have been affected by the more recently enacted Economic Growth Act, as defined and discussed below under “Economic Growth Act.”

Capital Rules. The federal banking agencies have adopted regulatory capital rules that substantially amend the risk-based capital rules applicable to the Bank and the Company. The rules implement the “Basel III” regulatory capital reforms and changes required by the Dodd-Frank Act. “Basel III” refers to various documents released by the Basel Committee on Banking Supervision. For the Company and the Bank, the general effective date of the rules was January 1, 2015, and, for certain provisions, various phase-in periods and later effective dates apply. The chief features of these rules are summarized below.

The rules refine the definitions of what constitutes regulatory capital and add a new regulatory capital element, common equity Tier 1 capital. The minimum capital ratios are (i) a common equity Tier 1 (“CET1”) risk-based capital ratio of 4.5%; (ii) a Tier 1 risk-based capital ratio of 6%; (iii) a total risk-based capital ratio of 8%; and (iv) a Tier 1 leverage ratio of 4%. In addition to the minimum capital ratios, the rules include a capital conservation buffer, under which a banking organization must have CET1 more than 2.5% above each of its minimum risk-based capital ratios in order to avoid restrictions on paying dividends, repurchasing shares, and paying certain discretionary bonuses. The capital conservation buffer became fully implemented on January 1, 2019.

These rules also revised the prompt corrective action framework, which is designed to place restrictions on insured depository institutions if their capital levels show signs of weakness. Under the revised prompt corrective action requirements, insured depository institutions are required to meet the following in order to qualify as “well capitalized:” (i) a common equity Tier 1 risk-based capital ratio of at least 6.5%, (ii) a Tier 1 risk-based capital ratio of at least 8%, (iii) a total risk-based capital ratio of at least 10% and (iv) a Tier 1 leverage ratio of 5%, and must not be subject to an order, agreement or directive mandating a specific capital level.

Economic Growth Act. In May 2018, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the “Economic Growth Act”), was enacted to modify or eliminate certain financial reform rules and regulations, including some implemented under the Dodd-Frank Act. While the Economic Growth Act maintains most of the regulatory structure established by the Dodd-Frank Act, it amends certain aspects of the regulatory framework for small depository institutions with assets of less than $10 billion and for large banks with assets of more than $50 billion. Many of these amendments could result in meaningful regulatory changes.

The Economic Growth Act, among other matters, expands the definition of qualified mortgages which may be held by a financial institution and simplifies the regulatory capital rules for financial institutions and their holding companies with total consolidated assets of less than $10 billion by instructing the federal banking regulators to establish a single “Community Bank Leverage Ratio” (“CBLR”) of between 8 and 10 percent. Upon election, any qualifying depository institution or its holding company that exceeds the CBLR will be considered to have met generally applicable leverage and risk-based regulatory capital requirements and any qualifying depository institution that exceeds the CBLR will be considered “well-capitalized” under the prompt corrective action rules. Currently, the CBLR is 9.0%. To date, the Company and the Bank have chosen to not utilize the CBLR due to the Company’s size and complexity, including its commercial real estate and construction lending concentrations and significant off-balance sheet funding commitments.

In addition, the Economic Growth Act includes regulatory relief in the areas of examination cycles, call reports, mortgage disclosures and risk weights for certain high-risk commercial real estate loans.

One Big Beautiful Bill Act. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing its expected impact on our consolidated financial statements.

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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 complete, with a grand opening held in late October 2025. 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.

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.”

Comparison of Financial Condition at September 30, 2025 and December 31, 2024

During the nine months ended September 30, 2025, the Company’s total assets decreased by $243.8 million to $5.74 billion. The decrease was primarily due to a decrease in net loans.

Cash and cash equivalents were $196.2 million at September 30, 2025, an increase of $479,000, or 0.2%, from $195.8 million at December 31, 2024.

The Company’s available-for-sale securities decreased $2.0 million, or 0.4%, compared to December 31, 2024. This decrease is related to monthly principal payments on investment securities, partially offset by purchases of investment securities and increases in market value of the available-for-sale securities. The available-for-sale securities portfolio was 9.3% of total assets at September 30, 2025 and 8.9% of total assets at December 31, 2024.

The Company’s held-to-maturity securities decreased $6.1 million, or 3.3%, compared to December 31, 2024. This decrease was primarily due to normal monthly payments received related to the portfolio of mortgage-backed securities and collateralized mortgage obligations. The held-to-maturity securities portfolio was 3.2% of total assets at September 30, 2025 and 3.1% of total assets at December 31, 2024.

Net loans decreased $222.7 million from December 31, 2024, to $4.47 billion at September 30, 2025. This decrease was primarily in construction loans ($122.7 million decrease), other residential (multi-family) loans ($63.7 million decrease), one- to four-family residential loans ($36.6 million decrease) and commercial real estate loans ($12.8 million decrease). The decrease in construction loans primarily related to the completion of projects, with the loans then being paid off or retained by the Bank and moved to other loan categories. The decrease in other residential (multi-family) loans was primarily related to a few large loan payoffs in 2025. The pipeline of the unfunded portion of loans and formal loan commitments remained strong at September 30, 2025, with the largest portion of these unfunded balances represented by the unfunded portion of outstanding construction loans ($582.4 million).

Total liabilities decreased $277.1 million from December 31, 2024, to $5.10 billion at September 30, 2025. This decrease was primarily due to the repayment of the BTFP borrowings in January 2025, the repayment of subordinated notes in June 2025, and a decrease in the balance of time deposits, partially offset by an increase in transaction account deposits.

Total deposits decreased $77.5 million, or 1.7%, from $4.61 billion at December 31, 2024 to $4.53 billion at September 30, 2025. Transaction account balances increased $66.7 million, from $3.06 billion at December 31, 2024 to $3.12 billion at September 30, 2025. Total interest-bearing checking accounts and non-interest-bearing checking accounts increased $54.3 million and $12.4 million, respectively. Retail certificates of deposit decreased $52.1 million compared to December 31, 2024, to $723.7 million at September 30, 2025, due to competition for these types of deposits.

Brokered deposits decreased $92.1 million to $680.0 million at September 30, 2025, compared to $772.1 million at December 31, 2024. Brokered deposits were utilized to offset reductions in other deposit categories and to repay BTFP borrowings. The Company has the capacity to further expand its use of brokered deposits if it chooses to do so. Of the total brokered deposits at September 30, 2025, $300.0 million were floating rate deposits, which adjust daily, based on the effective federal funds rate index. The Company also utilized brokered deposits with maturities within six months as part of its interest rate risk management strategies.

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The Company’s term FHLBank advances were $-0- at both September 30, 2025 and December 31, 2024. At September 30, 2025 and December 31, 2024, there were no borrowings from the FHLBank, other than overnight borrowings, which are included in the short-term borrowings category. The Company may utilize both overnight borrowings and short-term FHLBank advances depending on relative interest rates.

Short-term borrowings and other interest-bearing liabilities decreased $88.3 million from $514.2 million at December 31, 2024 to $425.9 million at September 30, 2025. At September 30, 2025, $425.0 million of this total was in overnight borrowings from the FHLBank, which were used to purchase investment securities and to offset decreases in time deposits and brokered deposits, compared to $333.0 million of overnight borrowings from the FHLBank at December 31, 2024. At September 30, 2025 and December 31, 2024, there was $-0- and $180.0 million, respectively, in BTFP borrowings. The BTFP borrowing, which had a fixed interest rate of 4.83%, was repaid in full upon maturity in January 2025.

Securities sold under reverse repurchase agreements with customers decreased $21.8 million, or 33.8%, from $64.4 million at December 31, 2024 to $42.6 million at September 30, 2025. These balances fluctuate over time based on customer demand for this product.

Total stockholders’ equity increased $33.3 million, or 5.6%, from $599.6 million at December 31, 2024 to $632.9 million at September 30, 2025. Stockholders’ equity increased due to net income of $54.7 million for the nine months ended September 30, 2025 and rose by $4.2 million due to stock option exercises during the period. Additionally, accumulated other comprehensive loss (a reduction in equity) decreased $18.5 million during the nine months ended September 30, 2025 (thereby increasing total stockholders’ equity), primarily due to increases in the fair value of available-for-sale investment securities and the fair value of cash flow hedges, as a result of decreased market interest rates. Partially offsetting these changes were repurchases of the Company’s common stock totaling $30.0 million and dividends declared on common stock of $14.0 million.

Comparison of Results of Operations for the Three and Nine Months Ended September 30, 2025 and 2024

General

Net income was $17.8 million for the three months ended September 30, 2025 compared to $16.5 million for the three months ended September 30, 2024. This increase of $1.3 million, or 7.7%, was primarily due to an increase in net interest income of $2.8 million, or 5.8%, a decrease in provisions for credit losses on loans and unfunded commitments of $1.5 million, or 133.3%, and an increase in non-interest income of $70,000, or 1.0%, partially offset by an increase in non-interest expense of $2.4 million, or 7.1%, and an increase in income tax expense of $723,000, or 20.0%.

Net income was $54.7 million for the nine months ended September 30, 2025 compared to $46.9 million for the nine months ended September 30, 2024. This increase of $7.8 million, or 16.7%, was primarily due to an increase in net interest income of $11.5 million, or 8.2%, and decreases in provisions for credit losses on loans and unfunded commitments of $2.0 million, or 172.2%, partially offset by an increase in income tax expense of $2.5 million, or 23.3%, an increase in non-interest expense of $1.4 million, or 1.3%, and a decrease in non-interest income of $1.8 million, or 7.5%.

Total Interest Income

Total interest income decreased $4.7 million, or 5.6%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The decrease was due to a $4.4 million, or 5.8%, decrease in interest income on loans and a $320,000, or 4.3%, decrease in interest income on investment securities and other interest-earning assets. Interest income from loans decreased during the three months ended September 30, 2025 compared to the same period in 2024 due to lower average balances and average rates of interest. Interest income from investment securities and other interest-earning assets decreased during the three months ended September 30, 2025 compared to the same period in 2024 primarily due to lower average balances.

Total interest income decreased $1.8 million, or 0.8%, during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The decrease was due to a $2.9 million, or 1.3%, decrease in interest income on loans, partially offset by a $1.1 million, or 5.2%, increase in interest income on investment securities and other interest-earning assets. Interest income from loans decreased during the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to lower average rates of interest. Interest income from investment securities increased during the nine months ended September 30, 2025 compared to the same period in 2024 due to both higher average rates of interest and higher average balances. Interest income from other interest-earning assets decreased during the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to lower average rates of interest.

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Interest Income – Loans

During the three months ended September 30, 2025 compared to the three months ended September 30, 2024, interest income on loans decreased $4.4 million. Of the $4.4 million decrease in interest income on loans, $2.5 million was due to a decrease in average yield on loans, from 6.44% during the three months ended September 30, 2024 to 6.21% during the three months ended September 30, 2025. This decrease was primarily due to a reduction in the federal funds rate in the latter portion of 2024. The remaining decrease in interest income on loans of $1.9 million was due to lower average loan balances, which fell from $4.72 billion during the three months ended September 30, 2024, to $4.60 billion during the three months ended September 30, 2025. Since the end of 2022, loan originations and net loan growth have been muted; however, some loan growth has come as a result of the funding of previously approved but unfunded balances on construction loans. Loan payoffs increased in the second and third quarters of 2025.

During the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, interest income on loans decreased $2.9 million. Interest income on loans decreased $3.0 million due to a decrease in average interest rates on loans from 6.31% during the nine months ended September 30, 2024, to 6.23% during the nine months ended September 30, 2025. Partially offsetting that decrease, interest income on loans increased $101,000 due to higher average loan balances, which grew from $4.69 billion during the nine months ended September 30, 2024, to $4.70 billion during the nine months ended September 30, 2025.

In October 2018, the Company entered into an interest rate swap transaction 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. After this date, the Company no longer has the benefit of that income from the terminated swap. The Company recorded interest income related to the interest rate swap of $2.0 million in each of the three months ended September 30, 2025 and 2024. The Company recorded interest income related to the interest rate swap of $6.1 million in each of the nine months ended September 30, 2025 and 2024, respectively.

In March 2022, the Company entered into another interest rate swap transaction as part of its ongoing interest rate management strategies to hedge the risk of its floating rate loans. The notional amount of the swap was $300 million, with a contractual termination date of March 1, 2024. Under the terms of the swap, the Company received a fixed rate of interest of 1.6725% and paid a floating rate of interest equal to one-month USD-LIBOR (or the equivalent replacement USD-SOFR rate once the USD-LIBOR rate ceased to be available). The floating rate was reset monthly and net settlements of interest due to/from the counterparty also occurred monthly. To the extent that the fixed rate exceeded one-month USD-LIBOR/SOFR, the Company received net interest settlements, which were recorded as loan interest income. If one-month USD-LIBOR/SOFR exceeded the fixed rate of interest, the Company paid net settlements to the counterparty and recorded those net payments as a reduction of interest income on loans. The Company recorded a reduction of loan interest income related to this swap transaction of $1.9 million in the nine months ended September 30, 2024. Since reaching its contractual termination date on March 1, 2024, there has been no further interest income impact related to this swap.

In July 2022, the Company entered into two additional interest rate swap transactions as part of its ongoing interest rate management strategies to hedge the risk of its floating rate loans. The notional amount of each swap is $200 million with an effective date of May 1, 2023 and a termination date of May 1, 2028. Under the terms of one swap, the Company receives a fixed rate of interest of 2.628% and pays a floating rate of interest equal to one-month USD-SOFR OIS. Under the terms of the other swap, the Company receives a fixed rate of interest of 5.725% and pays a floating rate of interest equal to one-month USD-Prime. In each case, the floating rate resets monthly and net settlements of interest due to/from the counterparty also occur monthly. To the extent the fixed rate of interest exceeds the floating rate of interest, the Company receives net interest settlements, which are recorded as loan interest income. If the floating rate of interest exceeds the fixed rate of interest, the Company pays net settlements to the counterparty and records those net payments as a reduction of interest income on loans. The Company recorded a reduction of loan interest income related to these swap transactions of $1.8 million and $2.7 million in the three months ended September 30, 2025 and 2024, respectively. The Company recorded a reduction of loan interest income related to these swap transactions of $5.3 million and $8.3 million in the nine months ended September 30, 2025 and 2024, respectively. At September 30, 2025, the USD-Prime rate was 7.25% and the one-month USD-SOFR OIS rate was 4.30757%.

If market interest rates remain near or above their current levels, the Company’s interest rate swaps will continue to have a negative impact on net interest income. Market interest rate decreases will reduce the negative impact of these swaps.

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Interest Income – Investments and Other Interest-earning Assets

Interest income on investments decreased $11,000 in the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Average balances decreased from $758.8 million during the three months ended September 30, 2024, to $722.9 million during the three months ended September 30, 2025, reducing interest income by $216,000. Average balances of securities decreased primarily due to normal monthly payments received related to the portfolio of U.S. Government agency mortgage-backed securities and collateralized mortgage obligations. Interest income on investments increased $205,000 as a result of higher average interest rates, from 3.19% during the three months ended September 30, 2024, to 3.34% during the three months ended September 30, 2025. Securities purchased in 2024 and 2025 had higher interest rates than the average rates for the portfolio.

Interest income on investments increased $1.8 million in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Interest income on investments increased $1.3 million as a result of higher average interest rates, from 3.10% during the nine months ended September 30, 2024, to 3.35% during the nine months ended September 30, 2025. Average balances increased from $708.4 million during the nine months ended September 30, 2024, to $729.4 million during the nine months ended September 30, 2025, increasing interest income by $493,000. Average balances of securities increased primarily due to investment securities purchases in 2024 and 2025, partially offset by normal monthly payments received related to the portfolio of U.S. Government agency mortgage-backed securities and collateralized mortgage obligations.

Interest income on other interest-earning assets decreased $309,000 in the three months ended September 30, 2025, compared to the three months ended September 30, 2024. Average interest rates decreased from 5.27% during the three months ended September 30, 2024, to 4.14% during the three months ended September 30, 2025, reducing interest income by $263,000. The decline in the average interest rate was directly attributable to the decrease in the federal funds rate in the latter portion of 2024 and during the three months ended September 30, 2025. Interest income decreased $46,000 as a result of a decrease in average balances from $96.6 million during the three months ended September 30, 2024, to $93.0 million during the three months ended September 30, 2025.

Interest income on other interest-earning assets decreased $753,000 in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. Average interest rates fell from 5.26% during the nine months ended September 30, 2024, to 4.23% during the nine months ended September 30, 2025, resulting in a decrease of $766,000 in interest income. Partially offsetting this decrease, interest income increased $13,000 as a result of an increase in average balances, from $98.2 million during the nine months ended September 30, 2024, to $98.5 million during the nine months ended September 30, 2025.

Total Interest Expense

Total interest expense decreased $7.5 million, or 21.0%, during the three months ended September 30, 2025, when compared with the three months ended September 30, 2024. Interest expense on deposits decreased $4.5 million, or 15.8%, interest expense on short-term borrowings decreased $1.8 million, or 32.9%, interest expense on subordinated notes decreased $1.1 million, or 100.0%, interest expense on securities sold under reverse repurchase agreements decreased $88,000, or 22.9%, and interest expense on subordinated debentures issued to capital trusts decreased $49,000, or 10.7%.

Total interest expense decreased $13.3 million, or 13.0%, during the nine months ended September 30, 2025, when compared with the nine months ended September 30, 2024. Interest expense on deposits decreased $11.0 million, or 13.1%, interest expense on subordinated notes decreased $1.3 million, or 39.3%, interest expense on short-term borrowings decreased $763,000, or 6.0%, interest expense on subordinated debentures issued to capital trusts decreased $186,000, or 13.6%, and interest expense on securities sold under reverse repurchase agreements decreased $72,000, or 6.5%.

Interest Expense – Deposits

Interest expense on demand and savings deposits decreased $1.7 million during the three months ended September 30, 2025, when compared to the three months ended September 30, 2024. Average rates of interest decreased from 1.80% in the three months ended September 30, 2024 to 1.46% in the three months ended September 30, 2025, resulting in a $1.9 million decrease in interest expense. Interest rates paid on demand deposits were lower in the 2025 period due to the Company strategically lowering rates throughout the second half of 2024 and all of 2025, as market rates decreased. Partially offsetting this decrease, the average balances of demand and savings deposits increased from $2.21 billion in the three months ended September 30, 2024 to $2.26 billion in the three months ended September 30, 2025, resulting in an increase in interest expense on demand and savings deposits of $215,000.

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Interest expense on demand and savings deposits decreased $5.4 million during the nine months ended September 30, 2025 when compared to the nine months ended September 30, 2024. The average rates of interest decreased from 1.76% in the nine months ended September 30, 2024 to 1.43% in the nine months ended September 30, 2025, resulting in a $5.6 million decrease in interest expense. Partially offsetting this decrease, the average balances of demand and savings deposits increased from $2.22 billion in the nine months ended September 30, 2024, to $2.24 billion in the nine months ended September 30, 2025, resulting in an increase of $161,000 in interest expense.

Interest expense on time deposits decreased $2.4 million during the three months ended September 30, 2025 when compared to the three months ended September 30, 2024. The average balances of time deposits decreased from $856.4 million during the three months ended September 30, 2024 to $746.5 million in the three months ended September 30, 2025, resulting in a decrease in interest expense of $1.0 million. The average rates of interest on time deposits decreased from 4.02% in the three months ended September 30, 2024, to 3.34% in the three months ended September 30, 2025, resulting in a decrease in interest expense of $1.3 million. A large portion of the Company’s certificate of deposit portfolio matures within six months and therefore reprices fairly quickly; this is consistent with the portfolio term over the past several years. Market interest rates decreased in the second half of 2024 and into 2025 as the FOMC reduced the federal funds rate. Competition for time deposits remains significant in our market areas, and upon maturity, a portion of these deposits may be redeemed by customers.

Interest expense on time deposits decreased $7.4 million during the nine months ended September 30, 2025 when compared to the nine months ended September 30, 2024. The average balances of time deposits decreased from $896.1 million during the nine months ended September 30, 2024 to $758.6 million in the nine months ended September 30, 2025, resulting in a decrease in interest expense of $3.8 million during the period. Interest expense on time deposits decreased $3.5 million as a result of a decrease in average rates of interest from 4.01% in the nine months ended September 30, 2024, to 3.44% in the nine months ended September 30, 2025. As noted above, a large portion of the Company’s certificate of deposit portfolio matures within six months and therefore reprices fairly quickly. Older certificates of deposit that renewed or were replaced with new deposits generally resulted in the Company paying a lower rate of interest compared to the year-ago period.

Interest expense on brokered deposits decreased $406,000 during the three months ended September 30, 2025 when compared to the three months ended September 30, 2024. Interest expense on brokered deposits decreased $1.9 million due to average rates of interest that decreased from 5.23% in the three months ended September 30, 2024 to 4.51% in the three months ended September 30, 2025. Brokered deposits added in the second half of 2024 and throughout 2025 were at lower market rates than brokered deposits previously issued. The Company uses brokered deposits of select maturities and interest rate structures from time to time to supplement its various funding channels and to manage interest rate risk. A portion of the Company’s brokered deposits are floating rate, and the rate resets with changes to the effective federal funds rate. Partially offsetting this decrease, the average balance of brokered deposits increased from $745.4 million during the three months ended September 30, 2024 to $826.0 million during the three months ended September 30, 2025, resulting in an increase in interest expense of $1.5 million during the period.

Interest expense on brokered deposits increased $1.8 million during the nine months ended September 30, 2025 when compared to the nine months ended September 30, 2024. Interest expense on brokered deposits increased $4.3 million due to an increase in average balances from $706.0 million during the nine months ended September 30, 2024 to $871.1 million during the nine months ended September 30, 2025. Partially offsetting this increase, interest expense on brokered deposits decreased $2.5 million due to average rates of interest that decreased from 5.24% in the nine months ended September 30, 2024 to 4.53% in the nine months ended September 30, 2025. As noted above, brokered deposits added during 2024 and 2025 were at lower market rates than brokered deposits previously issued.

Interest Expense – FHLBank Advances; Short-term Borrowings, Repurchase Agreements and Other Interest-bearing Liabilities; Subordinated Debentures Issued to Capital Trusts and Subordinated Notes

FHLBank term advances were not utilized during the three or nine months ended September 30, 2025 and 2024.

Interest expense on reverse repurchase agreements decreased $88,000 during the three months ended September 30, 2025 when compared to the three months ended September 30, 2024. The average balance of repurchase agreements decreased from $76.6 million in the three months ended September 30, 2024 to $56.8 million in the three months ended September 30, 2025, due to fluctuations in customers’ desire for this product, resulting in a decrease in interest expense of $103,000 during the period. Interest expense on reverse repurchase agreements increased $15,000 due to higher average interest rates during the three months ended September 30, 2025 when compared to the three months ended September 30, 2024. The average rate of interest was 2.00% for the three months ended September 30, 2024 compared to 2.08% for the three months ended September 30, 2025, due to changes in the mix of customer balances in these products.

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Interest expense on reverse repurchase agreements decreased $72,000 during the nine months ended September 30, 2025 when compared to the nine months ended September 30, 2024. The average balance of repurchase agreements decreased from $76.0 million in the nine months ended September 30, 2024 to $68.2 million in the nine months ended September 30, 2025, due to fluctuations in customers’ desire for this product, resulting in a decrease in interest expense of $422,000. Interest expense on reverse repurchase agreements increased $350,000 due to higher average interest rates during the nine months ended September 30, 2025 when compared to the nine months ended September 30, 2024. The average rate of interest was 1.95% for the nine months ended September 30, 2024 compared to 2.04% for the nine months ended September 30, 2025, due to changes in the mix of customer balances in these products.

Interest expense on short-term borrowings (including overnight borrowings from the FHLBank and BTFP borrowings from FRBSTL) and other interest-bearing liabilities decreased $1.8 million during the three months ended September 30, 2025 when compared to the three months ended September 30, 2024. Interest expense on short-term borrowings (including overnight borrowings from the FHLBank and BTFP borrowings from FRBSTL) and other interest-bearing liabilities decreased $1.1 million due to lower average balances during the three months ended September 30, 2025 when compared to the three months ended September 30, 2024. The average balance of short-term borrowings and other interest-bearing liabilities decreased from $408.7 million in the three months ended September 30, 2024 to $315.4 million in the three months ended September 30, 2025. The Company chose to utilize more brokered deposits versus short-term borrowings in the 2025 period. The average rate of interest on short-term borrowings and other interest-bearing liabilities decreased from 5.24% for the three months ended September 30, 2024 to 4.55% for the three months ended September 30, 2025, resulting in a decrease in interest expense of $649,000 during the period. Interest rates on borrowings decreased after the federal funds rate was cut by 100 basis points from September to December 2024 and 25 basis points in September 2025.

Interest expense on short-term borrowings (including overnight borrowings from the FHLBank and BTFP borrowings from FRBSTL) and other interest-bearing liabilities decreased $763,000 during the nine months ended September 30, 2025 when compared to the nine months ended September 30, 2024. Interest expense on short-term borrowings and other interest-bearing liabilities decreased $1.7 million due to lower average rates of interest during the nine months ended September 30, 2025 when compared to the nine months ended September 30, 2024. The average rate of interest was 5.18% for the nine months ended September 30, 2024, compared to 4.58% for the nine months ended September 30, 2025. The average balance of short-term borrowings and other interest-bearing liabilities increased from $330.2 million in the nine months ended September 30, 2024 to $351.5 million in the nine months ended September 30, 2025, resulting in an increase in interest expense of $963,000 during the period.

During the three months ended September 30, 2025, compared to the three months ended September 30, 2024, interest expense on subordinated debentures issued to capital trusts decreased $49,000 due to lower average interest rates. The average interest rate was 7.04% in the three months ended September 30, 2024, compared to 6.26% in the three months ended September 30, 2025. The subordinated debentures are variable-rate debentures, which bear interest at an average rate of three-month SOFR (originally LIBOR), plus 1.60%, adjusted quarterly, which was 6.16% at September 30, 2025. There was no change in the average balance of the subordinated debentures between the 2024 and 2025 three-month periods.

During the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, interest expense on subordinated debentures issued to capital trusts decreased $186,000 due to lower average interest rates. The average interest rate was 7.07% in the nine months ended September 30, 2024 compared to 6.11% in the nine months ended September 30, 2025. The subordinated debentures are variable-rate debentures, as stated above. There was no change in the average balance of the subordinated debentures between the 2024 and 2025 nine-month periods.

In June 2020, the Company issued $75.0 million of 5.50% fixed-to-floating rate subordinated notes due June 15, 2030. The notes were sold at par, resulting in net proceeds, after underwriting discounts and commissions and other issuance costs, of approximately $73.5 million. These issuance costs were amortized over the expected life of the notes, which was five years from the issuance date, impacting the overall interest expense on the notes. On June 15, 2025, the Company redeemed all $75.0 million aggregate principal amount of these subordinated notes. Interest expense on subordinated notes decreased $1.1 million and $1.3 million, respectively, when compared to the prior-year three- and nine-month periods, due to the redemption of the subordinated notes.

Net Interest Income

Net interest income for the three months ended September 30, 2025 increased $2.8 million to $50.8 million, compared to $48.0 million for the three months ended September 30, 2024. Net interest margin was 3.72% in the three months ended September 30, 2025, compared to 3.42% in the three months ended September 30, 2024, an increase of 30 basis points, or 8.8%. The Company experienced decreases in all interest income and interest expense categories, with the total decreases in interest expense outpacing the declines in interest income, primarily due to decreases in market interest rates.

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Net interest income for the nine months ended September 30, 2025 increased $11.5 million to $151.1 million, compared to $139.6 million for the nine months ended September 30, 2024. Net interest margin was 3.66% in the nine months ended September 30, 2025, compared to 3.39% in the nine months ended September 30, 2024, an increase of 27 basis points, or 8.0%. The Company experienced an increase in interest income on investment securities and a decrease in interest income on loans. In the nine-month period, the Company experienced decreases in all interest expense categories, with the total decreases in interest expense outpacing the declines in interest income, primarily due to decreases in market interest rates.

The Company’s overall average interest rate spread increased 39 basis points, or 14.2%, from 2.74% during the three months ended September 30, 2024 to 3.13% during the three months ended September 30, 2025, due to a 58 basis point decrease in the weighted average rate paid on interest-bearing liabilities, partially offset by a 19 basis point decrease in the weighted average yield earned on interest-earning assets. In comparing the two periods, the yield on loans decreased 23 basis points, the yield on investment securities increased 15 basis points and the yield on other interest-earning assets decreased 113 basis points. The rate paid on deposits decreased 49 basis points, the rate paid on reverse repurchase agreements increased 8 basis points, the rate paid on short-term borrowings and other interest-bearing liabilities decreased 69 basis points and the rate paid on subordinated debentures issued to capital trust decreased 78 basis points. Average interest rates earned on loans and paid on deposits are affected by the mix of the loan and deposit portfolios, the duration of loans and time deposits, the amount of fixed-rate and variable-rate loans and other repricing characteristics. In 2023, overall competition for deposits intensified as a few banks experienced significant liquidity issues in March and April 2023 and market rates moved higher more rapidly. Overall competition for deposits remained elevated in 2024 and market interest rates were higher in 2024, until the federal funds rate was reduced in late 2024. This resulted in lower market interest rates into 2025. The federal funds rate was further reduced by 0.25% in September 2025 and by 0.25% in October 2025.

The Company’s overall average interest rate spread increased 36 basis points, or 13.2%, from 2.72% during the nine months ended September 30, 2024 to 3.08% during the nine months ended September 30, 2025. The increase was due to a 42 basis point decrease in the weighted average rate paid on interest-bearing liabilities, partially offset by a six basis point decrease in the weighted average yield earned on interest-earning assets. In comparing the two periods, the yield on loans decreased 8 basis points, the yield on investment securities increased 25 basis points and the yield on other interest-earning assets decreased 103 basis points. The rate paid on deposits decreased 41 basis points, the rate paid on reverse repurchase agreements increased 9 basis points, the rate paid on short-term borrowings and other interest-bearing liabilities decreased 60 basis points and the rate paid on subordinated debentures issued to capital trust decreased 96 basis points.

For additional information on net interest income components, refer to the “Average Balances, Interest Rates and Yields” tables in this Quarterly Report on Form 10-Q.

Provision for and Allowance for Credit Losses

Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as changes in underwriting standards, portfolio mix and delinquency level or term, as well as for changes in economic conditions, including but not limited to, changes in the national unemployment rate, commercial real estate price index, consumer sentiment, gross domestic product (GDP) and construction spending.

Challenging or worsening economic conditions from higher inflation or interest rates, COVID-19 and subsequent variant outbreaks or similar events, global unrest or other factors may lead to increased losses in the portfolio and/or requirements for an increase in provision expense. Management maintains various controls in an attempt to identify and limit future losses, such as a watch list of problem loans and potential problem loans, documented loan administration policies and loan review staff to review the quality and anticipated collectability of the portfolio. Additional procedures provide for frequent management review of the loan portfolio based on loan size, loan type, delinquencies, financial analysis, ongoing correspondence with borrowers and problem loan workouts. Management determines which loans are non-homogeneous or collateral-dependent, evaluates risk of loss and makes additional provisions to expense, if necessary, to maintain the allowance at a satisfactory level.

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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 recorded during the three months ended September 30, 2024 on its portfolio of outstanding loans.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 during the nine months ended September 30, 2024 on its portfolio of outstanding loans. Net charge-offs were $66,000 for the three months ended September 30, 2025, compared to net charge-offs of $1.5 million in the three months ended September 30, 2024. Net charge-offs were $11,000 for the nine months ended September 30, 2025, compared to net charge-offs of $1.5 million in the nine months ended September 30, 2024. The provision for losses on unfunded commitments for the three months ended September 30, 2025 was a negative provision of $379,000, compared to a negative provision of $63,000 for the three months ended September 30, 2024. The provision for losses on unfunded commitments for the nine months ended September 30, 2025 was a negative provision of $837,000, compared to a negative provision of $540,000 for the nine months ended September 30, 2024. General market conditions and unique circumstances related to specific industries and individual projects contribute to the determination of the levels of provisions and charge-offs in each period.

The Bank’s allowance for credit losses as a percentage of total loans was 1.43% and 1.36% at September 30, 2025 and December 31, 2024, 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 Bank’s loan 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 loss may be required, which could adversely impact the Company’s future results of operations and financial condition.

Non-performing Assets

As a result of changes in loan portfolio composition, changes in economic and market conditions and other factors specific to a borrower’s circumstances, the level of non-performing assets will fluctuate.

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. Non-performing assets as a percentage of total assets were 0.14% and 0.16% at September 30, 2025 and December 31, 2024, respectively.

Compared to December 31, 2024, non-performing loans decreased $1.8 million, to $1.7 million at September 30, 2025. Compared to December 31, 2024, foreclosed assets increased $90,000 to $6.1 million at September 30, 2025.

Non-performing Loans. Activity in the non-performing loans category during the nine months ended September 30, 2025 was as follows:

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Transfers to

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Transfers to

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​

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Beginning

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Additions

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Removed

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Potential

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Foreclosed

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Ending

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Balance,

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to Non-

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from Non-

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Problem

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Assets and

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Charge-

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Balance,

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January 1

Performing

Performing

Loans

Repossessions

Offs

Payments

September 30

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(In Thousands)

One- to four-family construction

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$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Subdivision construction

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Land development

​

464

​

—

​

—

​

—

​

—

​

—

​

(464)

​

—

Commercial construction

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

One- to four-family residential

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2,631

​

629

​

—

​

—

​

(69)

​

—

​

(1,485)

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1,706

Other residential (multi-family)

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—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Commercial real estate

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77

​

—

​

—

​

—

​

(77)

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—

​

—

​

—

Commercial business

​

384

​

—

​

—

​

—

​

—

​

(135)

​

(249)

​

—

Consumer

​

17

​

40

​

—

​

—

​

—

​

—

​

(35)

​

22

Total non-performing loans

​

$

3,573

​

$

669

​

$

—

​

$

—

​

$

(146)

​

$

(135)

​

$

(2,233)

​

$

1,728

​

At September 30, 2025, the non-performing one- to four-family residential category included six loans, two of which were added in the nine months ended September 30, 2025. The largest relationship in the category totaled $614,000, or 36.0% of the category 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, Florida area. During the nine months ended September 30, 2025, non-performing one- to four-family residential loans experienced four loan pay-offs totaling $1.4 million. Additionally, the only loan in the non-performing land development category at the beginning of the period paid off. The non-performing consumer category included four loans at September 30, 2025.

55

​

Potential Problem Loans. Potential problem loans decreased $5.7 million, to $1.4 million at September 30, 2025 from $7.1 million at December 31, 2024. Potential problem loans are loans which management has identified through routine internal review procedures as having possible credit problems that may cause the borrowers difficulty in complying with the current repayment terms. These loans are not reflected in non-performing assets.

Activity in the potential problem loans category during the nine months ended September 30, 2025 was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Removed

​

Transfers to

​

​

​

​

​

Beginning

​

Additions

​

from

​

Transfers to

​

Foreclosed

​

​

​

Loan

​

Ending

​

​

Balance,

​

to Potential

​

Potential

​

Non-

​

Assets and

​

Charge-

​

Advances

​

Balance,

​

January 1

Problem

Problem

Performing

Repossessions

Offs

(Payments)

September 30

​

​

(In Thousands)

One- to four-family construction

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Subdivision construction

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Land development

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Commercial construction

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

One- to four-family residential

​

1,202

​

1,425

​

(1,421)

​

—

​

—

​

(9)

​

(42)

​

1,155

Other residential (multi-family)

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

—

Commercial real estate

​

4,331

​

—

​

(4,297)

​

—

​

—

​

—

​

(34)

​

—

Commercial business

​

—

​

33

​

—

​

—

​

—

​

(32)

​

(1)

​

—

Consumer

​

1,529

​

198

​

(1,425)

​

—

​

(2)

​

(23)

​

(34)

​

243

Total potential problem loans

​

$

7,062

​

$

1,656

​

$

(7,143)

​

$

—

​

$

(2)

​

$

(64)

​

$

(111)

​

$

1,398

​

At September 30, 2025, the one- to four-family residential category of potential problem loans included 13 loans, six of which were added to potential problem loans in the nine months ended September 30, 2025. The largest relationship in this category totaled $225,000, or 19.4% of the total category. During the nine months ended September 30, 2025, one loan relationship in the one- to four-family category ($963,000), which was reclassified from the consumer category earlier in 2025, 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. During the nine 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. The consumer category of potential problem loans included 14 loans, seven of which were added during the nine months ended September 30, 2025.

Other Real Estate Owned and Repossessions. All of the $6.1 million of other real estate owned and repossessions at September 30, 2025 were acquired through foreclosure.

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning

​

​

​

ORE and

​

​

​

ORE and

​

Ending

​

​

Balance,

​

​

​

Repossession

​

Capitalized

​

Repossession

​

Balance,

​

​

January 1

​

Additions

​

Sales

​

Costs

​

Write-Downs

​

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

​

5,960

​

76

​

—

​

—

​

—

​

6,036

Commercial business

​

—

​

—

​

—

​

—

​

—

​

—

Consumer

​

33

​

78

​

(64)

​

—

​

—

​

47

Total foreclosed assets and repossessions

​

$

5,993

​

$

223

​

$

(133)

​

$

—

​

$

—

​

$

6,083

​

At September 30, 2025, the commercial real estate category of foreclosed assets consisted of two foreclosed properties, the largest of which, totaling $6.0 million, was an office building located in Clayton, Missouri. This asset was foreclosed upon in the fourth quarter of 2024. The additions and sales in the consumer category were due to the volume of repossessions of automobiles, which generally are subject to a shorter repossession process.

56

​

Loans Classified “Watch” and “Special Mention”

The Company reviews the credit quality of its loan portfolio using an internal grading system that classifies loans as “Satisfactory,” “Watch,” “Special Mention,” “Substandard” and “Doubtful.” Multiple loan reviews take place on a continuous basis by credit risk and lending management. Reviews are focused on financial performance, occupancy trends, delinquency status, covenant compliance, collateral support, economic considerations and various other factors. Loans classified as “Watch” are being monitored due to indications of potential weaknesses or deficiencies that may require future reclassification as special mention or substandard. Loans classified as “Watch” increased $9.5 million, from $15.9 million at December 31, 2024 to $25.4 million at September 30, 2025, primarily due to the addition of one loan totaling $10.5 million that is secured by a nursing care facility located in southwest Florida. The loan was downgraded due to the borrower’s financial performance and delinquent taxes (which have since been paid). While loans classified as “Special Mention” are not adversely classified, they are deserving of management’s close attention to ensure repayment prospects and that the credit positions of the assets do not deteriorate and expose the institution to elevated risk, which might warrant adverse classification at a future date. In the nine months ended September 30, 2025, loans classified as “Special Mention” increased $3.7 million, to $5.2 million, primarily due to one loan relationship, totaling $5.2 million, being upgraded from substandard, partially offset by the repayment in full of two loans totaling $1.4 million. See Note 6 “Loans and Allowance for Credit Losses” in the Notes to Consolidated Financial Statements included in this report for further discussion of the Company’s loan grading system.

Non-interest Income

For the three months ended September 30, 2025, non-interest income increased $70,000, to $7.1 million, when compared to the three months 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.

For the nine months ended September 30, 2025, non-interest income decreased $1.8 million, to $21.9 million, when compared to the nine months ended September 30, 2024, primarily as a result of the following items:

Other income: Other income decreased $1.7 million, or 31.2%, compared to the prior-year period. In the 2024 nine-month period, the Company recorded $2.7 million of other income, net of expenses and write-offs, related to the termination of the master agreement between the Company and a third-party software vendor for the intended conversion of the Company’s core banking platform. Separately, in the nine months ended September 30, 2025, the Company recorded income of $1.1 million related to exits from, and other activities of, its investments in tax credit partnerships.

Net gains on loan sales: Net gains on loan sales decreased $470,000, or 16.3%, compared to the prior-year period. The decrease was due to a decrease in balance of fixed-rate single-family mortgage loans originated and sold during the 2025 period compared to the 2024 period. Fixed rate single-family mortgage loans originated are generally subsequently sold in the secondary market.

Late charges and fees on loans: Late charges and fees on loans increased $392,000 compared to the prior-year period. This increase was primarily due to prepayment fees on a few large commercial real estate loans which paid off in the 2025 period.

Non-interest Expense

For the three months ended September 30, 2025, non-interest expense increased $2.4 million, to $36.1 million, when compared to the three months 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 period. This was mainly due to a collective increase of $637,000 in various components of computer license and support expenses related to upgrades of core systems capabilities and disaster recovery site.

Salaries and employee benefits: Salaries and employee benefits increased $636,000, or 3.3%, from the prior-year period. 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, or 54.3%, from the prior-year period, to $1.2 million. Of this total, legal fees increased $355,000 compared to the prior year period. In the three months ended September 30, 2025, the Company incurred increased legal expenses related to certain corporate matters along with loan collection activities.

57

​

Expense (income) on other real estate owned: Expenses on other real estate owned increased $394,000, or 73.5%, from the prior-year period. In the three months 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 three months 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 three months 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.

For the nine months ended September 30, 2025, non-interest expense increased $1.4 million, to $105.9 million, when compared to the nine months ended September 30, 2024, primarily as a result of the following items:

Net occupancy and equipment expenses: Net occupancy and equipment expenses increased $2.0 million, or 8.5%, from the prior-year period. This increase was primarily related to various components of computer license and support expenses in connection with upgrades of core systems capabilities and collectively increased by $1.3 million in the nine months ended September 30, 2025 compared to the same period in 2024. In addition, parking lot maintenance expenses, primarily related to above-normal snow removal activity, collectively increased by $242,000 in the nine months ended September 30, 2025 compared to the same period in 2024.

Salaries and employee benefits: Salaries and employee benefits increased $1.2 million, or 2.1%, in the nine months ended September 30, 2025 compared to the prior-year period. Much of this increase related to annual merit increases in various lending and operations areas.

Other operating expenses: Other operating expenses decreased $442,000, or 7.1%, from the prior-year period. In the 2024 period, the Company recorded expenses totaling $600,000 related to the resolution of compliance matters, with no similar expenses recorded in the current-year period.

Legal, audit and other professional fees: Legal, audit and other professional fees decreased $1.2 million, or 26.9%, from the prior-year period, to $3.2 million. In the 2024 period, the Company expensed a total of $2.0 million related to training and implementation costs for the intended core systems conversion and professional fees to consultants engaged to support the Company’s proposed transition of core and ancillary software and information technology systems, compared to $105,000 expensed in the 2025 period. This decrease in expense was partially offset by an increase in legal fees related to certain corporate matters along with loan collection activities.

The Company’s efficiency ratio for the three months ended September 30, 2025, was 62.45% compared to 61.34% for the same period in 2024. The Company’s efficiency ratio for the nine months ended September 30, 2025, was 61.26% compared to 64.05% for the same period in 2024. The Company’s ratio of non-interest expense to average assets was 2.50% and 2.40% for the three- and nine-months ended September 30, 2025, respectively, compared to 2.27% and 2.38% for the three- and nine-months ended September 30, 2024, respectively. 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, and average assets for the nine months ended September 30, 2025, increased $32.5 million, or 0.6%, compared to the nine months ended September 30, 2024. The decrease in average assets in the three months ended September 30, 2025, was primarily due to a net decrease in average balances of outstanding loans. The small increase in average assets in the nine months ended September 30, 2025, was primarily due to a small increase in average balances of investment securities, along with no material change in average balances of outstanding loans.

Provision for 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. 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.

58

​

Average Balances, Interest Rates and Yields

​

The following tables present, for the periods indicated, the total dollar amount 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 loan fees included in interest income were $1.0 and $1.1 million for the three months ended September 30, 2025 and 2024, respectively. Net loan 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 tables do not reflect any effect of income taxes.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30,

​

Three Months Ended

​

Three Months Ended

​

​

2025

​

September 30, 2025

​

September 30, 2024

​

​

Yield/

​

Average

​

​

​

​

Yield/

​

Average

​

​

​

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 (multi-family)

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(1)

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(1)

3.20

​

722,880

​

6,081

3.34

​

758,793

​

6,092

3.19

​

Interest-earning deposits in other banks

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 trusts

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 total average interest-earning assets.

(1) Of the total average balances of investment securities, average tax-exempt investment securities were $51.7 million and $57.0 million for the three months ended September 30, 2025 and 2024, respectively. In addition, average tax-exempt loans and industrial revenue bonds were $9.6 million and $10.4 million for the three months ended September 30, 2025 and 2024, respectively. Interest income on tax-exempt assets included in this table was $544,000 and $463,000 for the three months ended September 30, 2025 and 2024, respectively.

​

59

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30,

​

Nine Months Ended

​

Nine Months Ended

​

​

2025

​

September 30, 2025

​

September 30, 2024

​

​

Yield/

​

Average

​

​

​

​

Yield/

​

Average

​

​

​

​

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 (multi-family)

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(1)

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(1)

3.20

​

​

729,390

​

​

18,254

3.35

​

​

708,422

​

​

16,450

3.10

​

Interest-earning deposits in other banks

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 trusts

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 total average interest-earning assets.

(1) Of the total average balances of investment securities, average tax-exempt investment securities were $52.9 million and $56.9 million for the nine months ended September 30, 2025 and 2024, respectively. In addition, average tax-exempt loans and industrial revenue bonds were $9.8 million and $10.8 million for the nine months ended September 30, 2025 and 2024, respectively. Interest income on tax-exempt assets included in this table was $1.6 million for both the nine months ended September 30, 2025 and 2024, respectively.

60

​

Rate/Volume Analysis

The following tables present the dollar amounts of changes in interest income and interest expense for major components of interest-earning assets and interest-bearing liabilities for the periods shown. For each category of interest-earning assets and interest-bearing liabilities, information is provided on changes attributable to (i) changes in rate (i.e., changes in rate multiplied by old volume) and (ii) changes in volume (i.e., changes in volume multiplied by old rate). For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately to volume and rate. Tax-exempt income was not calculated on a tax equivalent basis.

​

​	​	​	​	​	​	​	​	​	​
​		Three Months Ended September 30,
​	​	2025 vs. 2024
​	​	Increase (Decrease)						Total
​	​	Due to					​	Increase
​	​	Rate			Volume		​	(Decrease)
​	​	(Dollars in Thousands)
Interest-earning assets:		​			​			​
Loans receivable	​	$	(2,495)	​	$	(1,902)	​	$	(4,397)
Investment securities	​		205	​		(216)	​		(11)
Interest-earning deposits in other banks	​		(263)	​		(46)	​		(309)
Total interest-earning assets	​		(2,553)	​		(2,164)	​		(4,717)
Interest-bearing liabilities:	​		​	​		​	​		​
Demand deposits	​		(1,940)	​		215	​		(1,725)
Time deposits	​		(1,348)	​		(1,023)	​		(2,371)
Brokered deposits	​	​	(1,907)	​	​	1,501	​	​	(406)
Total deposits	​		(5,195)	​		693	​		(4,502)
Securities sold under reverse repurchase agreements	​	​	15	​	​	(103)	​	​	(88)
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities	​		(649)	​		(1,121)	​	​	(1,770)
Subordinated debentures issued to capital trust	​		(49)	​		—	​		(49)
Subordinated notes	​		—	​		(1,106)	​		(1,106)
Total interest-bearing liabilities	​		(5,878)	​		(1,637)	​		(7,515)
Net interest income	​	$	3,325	​	$	(527)	​	$	2,798

​

​	​	​	​	​	​	​	​	​	​
​		Nine Months Ended September 30,
​	​	2025 vs. 2024
​	​	Increase (Decrease)					​	Total
​	​	Due to					​	Increase
​		Rate			Volume			(Decrease)
​		(Dollars in Thousands)
Interest-earning assets:	​	​	​	​	​	​	​	​	​
Loans receivable		$	(2,968)		$	101		$	(2,867)
Investment securities	​	​	1,311	​	​	493	​	​	1,804
Interest-earning deposits in other banks	​	​	(766)	​	​	13	​	​	(753)
Total interest-earning assets	​	​	(2,423)	​	​	607	​	​	(1,816)
Interest-bearing liabilities:	​	​	​	​	​	​	​	​	​
Demand deposits	​	​	(5,575)	​	​	161	​	​	(5,414)
Time deposits	​	​	(3,543)	​	​	(3,831)	​	​	(7,374)
Brokered deposits	​	​	(2,507)	​	​	4,341	​	​	1,834
Total deposits	​	​	(11,625)	​	​	671	​	​	(10,954)
Securities sold under reverse repurchase agreements	​	​	350	​	​	(422)	​	​	(72)
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities	​	​	(1,726)	​	​	963	​	​	(763)
Subordinated debentures issued to capital trust	​	​	(186)	​	​	—	​	​	(186)
Subordinated notes	​	​	(11)	​	​	(1,291)	​	​	(1,302)
Total interest-bearing liabilities	​	​	(13,198)	​	​	(79)	​	​	(13,277)
Net interest income		$	10,775		$	686		$	11,461

​

61

​

Liquidity

Liquidity is a measure of the Company’s ability to generate sufficient cash to meet present and future financial obligations in a timely manner through either the sale or maturity of existing assets or the acquisition of additional funds through liability management. These obligations include the credit needs of customers, funding deposit withdrawals, and the day-to-day operations of the Company. Liquid assets include cash, interest-bearing deposits with financial institutions and certain investment securities and loans. As a result of the Company’s ability to generate liquidity primarily through liability funding, 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 commitments of approximately $16.9 million to fund loan originations, $1.09 billion of unused lines of credit and unadvanced loans, and $16.2 million of outstanding letters of credit.

Loan commitments and the unfunded portion of loans at the dates indicated were as follows (In Thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30,

​

June 30,

March 31,

December 31,

December 31,

December 31,

​

2025

2025

2025

2024

2023

​

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

​

The Company’s primary sources of funds are customer deposits, brokered deposits, short-term borrowings at the FHLBank, 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 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, when believed to be appropriate, supplements deposits with less expensive alternative sources of funds. In mid-2022, the Company steadily began increasing the interest rates it paid on many deposit products until September 2024 when the Company decreased the interest rates it paid on certain deposit products. The Company has also utilized both fixed-rate and floating-rate brokered deposits of varying terms, as well as overnight FHLBank borrowings.

At September 30, 2025 and December 31, 2024, the Company had the following available secured lines and on-balance sheet liquidity:

​	​	​	​	​	​	​
​	​	September 30,			December 31,
​	​	2025		​	2024
Federal Home Loan Bank line		$	1,111.0 million	​	$	1,058.8 million
Federal Reserve Bank line	​	​	356.2 million	​	​	346.4 million
Cash and cash equivalents	​	​	196.2 million	​	​	195.8 million
Unpledged securities – Available-for-sale	​	​	344.3 million	​	​	329.9 million
Unpledged securities – Held-to-maturity	​	​	25.6 million	​	​	25.0 million

​

Statements of Cash Flows. The Company had positive cash flows from operating activities during the nine months ended September 30, 2025 and 2024. The Company had positive cash flows from investing activities during the nine months ended September 30, 2025, and negative cash flows from investing activities during the nine months ended September 30, 2024.The Company had negative cash flows from financing activities during the nine months ended September 30, 2025, and positive cash flows from financing activities during the nine months ended September 30, 2024.

62

​

Cash flows from operating activities for the periods covered by the Statements of Cash Flows have been primarily related to changes in accrued and deferred assets, credits and other liabilities, the provision for credit losses, depreciation and amortization, realized gains on sales of loans and the amortization of deferred loan origination fees and discounts (premiums) on loans and investments, all of which are non-cash or non-operating adjustments to operating cash flows. Net income adjusted for non-cash and non-operating items and the origination and sale of loans held for sale were the primary source of cash flows from operating activities. Operating activities provided cash of $59.9 million and $34.3 million during the nine months ended September 30, 2025 and 2024, respectively.

During the nine months ended September 30, 2025 and 2024, investing activities provided cash of $239.6 million and used cash of $191.5 million, respectively. Investing activities in the 2025 period provided cash primarily due to net decreases in outstanding loan balances and principal payments received on investment securities. Investing activities in the 2024 period used cash primarily due to net increases in outstanding loan balances and purchases of investment securities.

Changes in cash flows from financing activities during the periods covered by the Statements of Cash Flows were due primarily to changes in deposits after interest credited and changes in short-term borrowings, as well as advances from borrowers for taxes and insurance, dividend payments to stockholders and repurchases of the Company’s common stock. During the nine months ended September 30, 2025 and 2024, financing activities used cash of $299.0 million and provided cash of $154.3 million, respectively. In the 2025 period, financing activities used cash primarily as a result of repayments of FRB borrowings and the redemption of all of the Company’s subordinated notes, net decreases in time deposits, repurchases of the Company’s common stock and dividends paid to stockholders, partially offset by increases in checking deposits and short-term borrowings. In the 2024 period, financing activities provided cash primarily as a result of increases in FRB borrowings and net increases in short-term borrowings, partially offset by repurchases of the Company’s common stock, dividends paid to stockholders and net decreases in checking and time deposits.

Capital Resources

Management continuously reviews the capital position of the Company and the Bank to ensure compliance with minimum regulatory requirements, as well as to explore ways to increase capital either by retained earnings or other means.

At September 30, 2025, the Company’s total stockholders’ equity was $632.9 million, or 11.0% of total assets, equivalent to a book value of $56.18 per common share. As of December 31, 2024, total stockholders’ equity was $599.6 million, or 10.0% of total assets, equivalent to a book value of $51.14 per common share. At September 30, 2025, the Company’s tangible common equity to tangible assets ratio was 10.9%, compared to 9.9% at December 31, 2024 (See Non-GAAP Financial Measures below).

Included in stockholders’ equity at September 30, 2025 and December 31, 2024, were unrealized losses (net of taxes) on the Company’s available-for-sale investment securities totaling $30.6 million and $46.1 million, respectively. This change in net unrealized losses primarily resulted from decreased intermediate-term market interest rates in the nine months ended September 30, 2025, which generally increased the fair value of the Company’s investment securities.

In addition, included in stockholders’ equity at September 30, 2025, were realized gains (net of taxes) on the Company’s terminated cash flow hedge (interest rate swap), totaling $113,000. This amount, plus associated deferred taxes, was accreted to interest income over the remaining term of the original interest rate swap contract, which ended on October 6, 2025.

Also included in stockholders’ equity at September 30, 2025, was an unrealized loss (net of taxes) on the Company’s two outstanding cash flow hedges (interest rate swaps) totaling $5.0 million. Increases in market interest rates since the inception of these hedges have caused their fair values to decrease. The unrealized loss position on these swaps improved substantially in the nine months ended September 30, 2025, due to a decline in market interest rates in that period.

As noted above, total stockholders’ equity increased $33.3 million, from $599.6 million at December 31, 2024 to $632.9 million at September 30, 2025. Total stockholders’ equity increased due to net income of $54.7 million in the nine months ended September 30, 2025, a $4.2 million increase in stockholders’ equity during that period due to stock option exercises and a decrease in accumulated other comprehensive loss of $18.5 million during that period primarily due to increases in the fair value of cash flow hedges and available-for-sale investment securities mainly because of a decrease in market interest rates during 2025. Partially offsetting these changes were repurchases of the Company’s common stock during the nine months ended September 30, 2025 totaling $30.0 million and dividends declared on common stock during that period of $14.0 million.

63

​

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.

Banks are required to maintain minimum risk-based capital ratios. These ratios compare capital, as defined by the risk-based regulations, to assets adjusted for their relative risk as defined by the regulations. Under current guidelines, banks must have a minimum common equity Tier 1 capital ratio of 4.50%, a minimum Tier 1 risk-based capital ratio of 6.00%, a minimum total risk-based capital ratio of 8.00%, and a minimum Tier 1 leverage ratio of 4.00%. To be considered “well capitalized,” banks must have a minimum common equity Tier 1 capital ratio of 6.50%, a minimum Tier 1 risk-based capital ratio of 8.00%, a minimum total risk-based capital ratio of 10.00%, and a minimum Tier 1 leverage ratio of 5.00%. On September 30, 2025, the Bank’s common equity Tier 1 capital ratio was 13.4%, its Tier 1 risk-based capital ratio was 13.4%, its total risk-based capital ratio was 14.6% and its Tier 1 leverage ratio was 11.5%. As a result, as of September 30, 2025, the Bank was well capitalized, with capital ratios in excess of those required to qualify as such. On December 31, 2024, the Bank’s common equity Tier 1 capital ratio was 12.6%, its Tier 1 capital ratio was 12.6%, its total capital ratio was 13.9% and its Tier 1 leverage ratio was 11.0%. As a result, as of December 31, 2024, the Bank was well capitalized, with capital ratios in excess of those required to qualify as such.

The FRB has established capital regulations for bank holding companies that generally parallel the capital regulations for banks. On September 30, 2025, the Company’s common equity Tier 1 capital ratio was 13.3%, its Tier 1 capital ratio was 13.8%, its total capital ratio was 15.1% and its Tier 1 leverage ratio was 11.9%. On December 31, 2024, the Company’s common equity Tier 1 capital ratio was 12.3%, its Tier 1 capital ratio was 12.8%, its total capital ratio was 15.4% and its Tier 1 leverage ratio was 11.2%.

In addition to the minimum common equity Tier 1 capital ratio, Tier 1 risk-based capital ratio and total risk-based capital ratio, the Company and the Bank have to maintain a capital conservation buffer consisting of additional common equity Tier 1 capital greater than 2.5% of risk-weighted assets above the required minimum levels in order to avoid limitations on paying dividends, repurchasing shares, and paying discretionary bonuses. At September 30, 2025 and December 31, 2024, both the Company and the Bank had a capital conservation buffer that exceeded the required minimum levels.

On June 15, 2025, the Company redeemed all of its outstanding 5.50% fixed-to-floating rate subordinated notes due June 15, 2030, with an aggregate principal balance of $75 million. The total redemption price was 100% of the aggregate principal balance of the subordinated notes plus accrued and unpaid interest. The Company utilized FHLB overnight borrowings to replace the funds used by the Company for the redemption payment. The annual combined interest expense and amortization of deferred issuance costs on the subordinated notes had been approximately $4.4 million.

Dividends. During the three months ended September 30, 2025, the Company declared a common stock cash dividend of $0.43 per share, or 28% of net income per diluted common share for that three-month period, and paid a common stock cash dividend of $0.40 per share (which was declared in June 2025). During the three months ended September 30, 2024, the Company declared a common stock cash dividend of $0.40 per share, or 28% of net income per diluted common share for that three-month period, and paid a common stock cash dividend of $0.40 per share (which was declared in June 2024). During the nine months ended September 30, 2025, the Company declared common stock cash dividends totaling $1.23 per share, or 26% of net income per diluted common share for that nine-month period, and paid common stock cash dividends totaling $1.20 per share. During the nine months ended September 30, 2024, the Company declared common stock cash dividends totaling $1.20 per share, or 30% of net income per diluted common share for that nine-month period, and paid common stock cash dividends totaling $1.20 per share. The Board of Directors meets regularly to consider the level and timing of dividend payments. The $0.43 per share dividend declared but unpaid as of September 30, 2025, was paid to stockholders in October 2025.

Common Stock Repurchases and Issuances. The Company has been in various buy-back programs since May 1990. 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 per share and issued 34,520 shares of common stock at an average price of $52.29 per share to cover stock option exercises. During the three months ended September 30, 2024, the Company repurchased 2,971 shares of its common stock at an average price of $53.04 per share and issued 101,333 shares of common stock at an average price of $50.07 per share to cover stock option exercises.

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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 per share and issued 56,847 shares of common stock at an average price of $50.36 per share to cover stock option exercises. During the nine months ended September 30, 2024, the Company repurchased 239,933 shares of its common stock at an average price of $51.69 per share and issued 116,471 shares of common stock at an average price of $48.39 per share to cover stock option exercises.

In April 2025, the Company’s Board of Directors approved a new stock repurchase program to purchase shares of the Company’s outstanding common stock. The new stock repurchase program authorizes the purchase, from time to time in open market or privately negotiated transactions, of up to one million additional shares of the Company’s common stock. This program does not have an expiration date. The authorization of this program became effective in August 2025 upon completion of the previous repurchase program (authorized in November 2022). At September 30, 2025, approximately 929,000 shares remained available under the latest stock repurchase authorization.

Management has historically utilized stock buy-back programs from time to time as long as management believed that repurchasing the Company’s common stock would contribute to the overall growth of stockholder value. The number of shares that will be repurchased at any particular time and the prices that will be paid are subject to many factors, several of which are outside of the control of the Company. The primary factors typically include the number of shares available in the market from sellers at any given time, the market price of the stock and the projected impact on the Company’s earnings per share and capital.

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”). This non-GAAP financial information includes the tangible common equity to tangible assets ratio.

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	%

​

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Asset and Liability Management and Market Risk

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A principal operating objective of the Company is to produce stable earnings by achieving a favorable interest rate spread that can be sustained during fluctuations in prevailing interest rates. The Company has sought to reduce its exposure to adverse changes in interest rates by attempting to achieve a closer match between the periods in which its interest-bearing liabilities and interest-earning assets can be expected to reprice through the origination of adjustable-rate mortgages and loans with shorter terms to maturity and the purchase of other shorter term interest-earning assets.

Our Risk When Interest Rates Change

The rates of interest we earn on assets and pay on liabilities generally are established contractually for a period of time. Market interest rates change over time. Accordingly, our results of operations, like those of other financial institutions, are impacted by changes in interest rates and the interest rate sensitivity of our assets and liabilities. The risk associated with changes in interest rates and our ability to adapt to these changes is known as interest rate risk and is our most significant market risk.

How We Measure the Risk to Us Associated with Interest Rate Changes

In an attempt to manage our exposure to changes in interest rates and comply with applicable regulations, we monitor Great Southern’s interest rate risk. In monitoring interest rate risk, we regularly analyze and manage assets and liabilities based on their payment streams and interest rates, the timing of their maturities and their sensitivity to actual or potential changes in market interest rates.

The ability to maximize net interest income is largely dependent upon the achievement of a positive interest rate spread that can be sustained despite fluctuations in prevailing interest rates. Interest rate sensitivity is a measure of the difference between amounts of interest-earning assets and interest-bearing liabilities which either reprice or mature within a given period of time. The difference, or the interest rate repricing “gap,” provides an indication of the extent to which an institution’s interest rate spread will be affected by changes in interest rates. A gap is considered positive when the amount of interest-rate sensitive assets exceeds the amount of interest-rate sensitive liabilities repricing during the same period, and is considered negative when the amount of interest-rate sensitive liabilities exceeds the amount of interest-rate sensitive assets during the same period. Generally, during a period of rising interest rates, a negative gap within shorter repricing periods would adversely affect net interest income, while a positive gap within shorter repricing periods would result in an increase in net interest income. During a period of falling interest rates, the opposite would be true. As of September 30, 2025, Great Southern’s interest rate risk models indicated that, generally, rising interest rates are expected to have a modestly positive impact on the Company’s net interest income, while declining interest rates are expected to have a mostly neutral impact on net interest income. Any negative impact of a falling Federal Funds rate and other market interest rates also falling could be more pronounced if we are not able to decrease non-maturity deposit rates accordingly. We model various interest rate scenarios for rising and falling rates, including both parallel and non-parallel shifts in rates. The results of our modeling indicate that net interest income is not likely to be significantly affected either positively or negatively in the first twelve months following relatively minor changes in interest rates because our portfolios are relatively well matched in a twelve-month horizon. In a situation where market interest rates increase significantly in a short period of time, our net interest margin increase may be more pronounced in the very near term (first one to three months), due to fairly rapid increases in SOFR interest rates (which replaced LIBOR interest rates) and “prime” interest rates. In a situation where market interest rates decrease significantly in a short period of time, as they did in March 2020, our net interest margin decrease may be more pronounced in the very near term (first one to three months), due to fairly rapid decreases in SOFR interest rates and “prime” interest rates. In the subsequent months, we would expect that net interest margin would stabilize and begin to recover, as renewal interest rates on maturing time deposits decrease compared to the then-current rates paid on those products. During 2020, we experienced some compression of our net interest margin due to the Federal Funds rate being cut by 2.25% from July 2019 through March 2020. Margin compression primarily resulted from changes in the asset mix, mainly the addition of lower-yielding assets and the issuance of subordinated notes during 2020 and net interest margin remained lower than our historical average in 2021. LIBOR/SOFR interest rates decreased significantly in 2020 and remained very low in 2021 and into the first three months of 2022, putting pressure on loan yields, and strong pricing competition for loans and deposits remained in most of our markets. After March 2022, market interest rates increased fairly rapidly. This increased loan yields and expanded our net interest income and net interest margin in the latter half of 2022 and the first three months of 2023. While market interest rate increases are expected to result in increases to loan yields, we expect that much of this benefit will be offset by increased funding costs, including changes in the funding mix, as experienced in 2023 and much of 2024. As of September 30, 2025, time deposit maturities over the next 12 months were as follows: within three months — $675.1 million with a weighted-average rate of 3.97%; within three to six months — $364.6 million with a weighted-average rate of 3.29%; and within six to twelve months — $54.2 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.

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The current level and shape of the interest rate yield curve poses challenges for interest rate risk management. Prior to its increase of 0.25% on December 16, 2015, the FRB had last changed interest rates on December 16, 2008. This was the first rate increase since September 29, 2006. The FRB also implemented rate increases of 0.25% on eight additional occasions from December 14, 2016 through December 31, 2018, with the Federal Funds rate reaching as high as 2.50%. After December 2018, the FRB paused its rate increases and, in July, September and October 2019, implemented rate decreases of 0.25% on each of those occasions. At December 31, 2019, the Federal Funds rate stood at 1.75%. In response to the COVID-19 pandemic, the FRB decreased interest rates on two occasions in March 2020, a 0.50% decrease on March 3rd and a 1.00% decrease on March 16th. At December 31, 2021, the Federal Funds rate was 0.25%. In 2022, the FRB implemented rate increases of 0.25%, 0.50%, 0.75%, 0.75%, 0.75%, 0.75% and 0.50% in March, May, June, July, September, November and December 2022, respectively. At December 31, 2022, the Federal Funds rate was 4.50%. In 2023, the FRB implemented rate increases of 0.25%, 0.25%, 0.25% and 0.25% in February, March, May and July 2023, respectively. At December 31, 2023, the Federal Funds rate was 5.50%. In 2024, the FRB implemented rate decreases of 0.50% 0.25%, and 0.25% in September, November and December, respectively. At December 31, 2024, the Federal Funds rate was 4.50%. In 2025, the FRB implemented a rate decrease of 0.25% in September, which brought the Federal Funds rate to 4.25% at September 30, 2025, and another rate decrease of 0.25% in October.

Great Southern’s loan portfolio includes loans ($1.54 billion at September 30, 2025) tied to various SOFR indexes that will be subject to adjustment at least once within 90 days after September 30, 2025. All of these loans have interest rate floors at various rates. Great Southern also has a portfolio of loans ($666.4 million at September 30, 2025) tied to a “prime rate” of interest that will adjust immediately or within 90 days of a change to the “prime rate” of interest. All of these loans had interest rate floors at various rates. In addition, Great Southern has a portfolio of loans ($10.6 million at September 30, 2025) tied to an AMERIBOR index that will adjust immediately or within 90 days of a change to the rate of interest on this index. All of these loans had interest rate floors at various rates. At September 30, 2025, nearly all of these SOFR, AMERIBOR and “prime rate” loans had fully-indexed rates that were at or above their floor rate and so are expected to move fully with future market interest rate increases, and most are expected to move fully with future market interest rate decreases as many of these loans have floor rates well below their current index rate.

Interest rate risk exposure estimates (the sensitivity gap) are not exact measures of an institution’s actual interest rate risk. They are only indicators of interest rate risk exposure produced in a simplified modeling environment designed to allow management to gauge the Bank’s sensitivity to changes in interest rates. They do not necessarily indicate the impact of general interest rate movements on the Bank’s net interest income because the repricing of certain categories of assets and liabilities is subject to competitive and other factors beyond the Bank’s control. As a result, certain assets and liabilities indicated as maturing or otherwise repricing within a stated period may in fact mature or reprice at different times and in different amounts and cause a change, which could be material, in the Bank’s interest rate risk.

In order to minimize the potential for adverse effects of material and prolonged increases and decreases in interest rates on Great Southern’s results of operations, Great Southern has adopted asset and liability management policies to better match the maturities and repricing terms of Great Southern’s interest-earning assets and interest-bearing liabilities. Management recommends and the Board of Directors sets the asset and liability policies of Great Southern, which are implemented by the Asset and Liability Committee. The Asset and Liability Committee is chaired by the Chief Financial Officer and is comprised of members of Great Southern’s senior management. The purpose of the Asset and Liability Committee is to communicate, coordinate and control asset/liability management consistent with Great Southern’s business plan and board-approved policies. The Asset and Liability Committee establishes and monitors the volume and mix of assets and funding sources, taking into account relative costs and spreads, interest rate sensitivity and liquidity needs. The objectives are to manage assets and funding sources to produce results that are consistent with liquidity, capital adequacy, growth, risk and profitability goals. The Asset and Liability Committee meets on a monthly basis to review, among other things, economic conditions and interest rate outlook, current and projected liquidity needs and capital positions and anticipated changes in the volume and mix of assets and liabilities. At each meeting, the Asset and Liability Committee recommends appropriate strategy changes based on this review. The Chief Financial Officer or his designee is responsible for reviewing and reporting on the effects of the policy implementations and strategies to the Board of Directors at their monthly meetings.

In order to manage its assets and liabilities and achieve the desired liquidity, credit quality, interest rate risk, profitability and capital targets, Great Southern has focused its strategies on originating adjustable rate loans or loans with fixed rates that mature in less than five years, and managing its deposits and borrowings to establish stable relationships with both retail customers and wholesale funding sources.

At times, depending on the level of general interest rates, the relationship between long- and short-term interest rates, market conditions and competitive factors, we may determine to increase our interest rate risk position somewhat in order to maintain or increase our net interest margin.

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The Asset and Liability Committee regularly reviews interest rate risk by forecasting the impact of alternative interest rate environments on net interest income and market value of portfolio equity, which is defined as the net present value of an institution’s existing assets, liabilities and off-balance sheet instruments, and evaluating such impacts against the maximum potential changes in net interest income and market value of portfolio equity that are authorized by the Board of Directors of Great Southern.

In the normal course of business, the Company may use derivative financial instruments (primarily interest rate swaps) from time to time to assist in its interest rate risk management. In 2011, the Company began executing interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. Because the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. These interest rate derivatives result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions.

In October 2018, the Company entered into an interest rate swap transaction as part of its ongoing interest rate management strategies to hedge the risk of its floating rate loans. The notional amount of the swap was $400 million with a contractual termination date of October 6, 2025. Under the terms of the swap, the Company received a fixed rate of interest of 3.018% and paid a floating rate of interest equal to one-month USD-LIBOR (now SOFR). The floating rate reset monthly and net settlements of interest due to/from the counterparty also occurred monthly. Due to lower market interest rates, the Company received net interest settlements which were recorded as loan interest income. If USD-SOFR exceeded the fixed rate of interest, the Company was required to pay net settlements to the counterparty and record those net payments as a reduction of interest income on loans. The effective portion of the gain or loss on the derivative was reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affected earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings.

In March 2020, the Company and its swap counterparty mutually agreed to terminate the $400 million interest rate swap prior to its contractual maturity. The Company was paid $45.9 million from its swap counterparty as a result of this termination.

In March 2022, the Company entered into another interest rate swap transaction as part of its ongoing interest rate management strategies to hedge the risk of its floating rate loans. The notional amount of the swap was $300 million with an effective date of March 1, 2022 and a termination date of March 1, 2024. Under the terms of the swap, the Company received a fixed rate of interest of 1.6725% and paid a floating rate of interest equal to one-month USD-LIBOR (now SOFR). The floating rate reset monthly and net settlements of interest due to/from the counterparty also occurred monthly. The initial floating rate of interest was set at 0.24143%. The Company received net interest settlements, which were recorded as loan interest income, to the extent that the fixed rate of interest exceeded one-month USD-SOFR. If the USD-SOFR rate exceeded the fixed rate of interest, the Company paid net settlements to the counterparty and recorded those net payments as a reduction of interest income on loans.

In July 2022, the Company entered into two interest rate swap transactions as part of its ongoing interest rate management strategies to hedge the risk of its floating rate loans. The notional amount of each swap is $200 million with an effective date of May 1, 2023 and a termination date of May 1, 2028. Under the terms of one swap, beginning in May 2023, the Company receives a fixed rate of interest of 2.628% and pays a floating rate of interest equal to one-month USD-SOFR OIS. Under the terms of the other swap, beginning in May 2023, the Company receives a fixed rate of interest of 5.725% and pays a floating rate of interest equal to one-month USD-Prime. In each case, the floating rate resets monthly and net settlements of interest due to/from the counterparty also occur monthly. To the extent the fixed rate of interest exceeds the floating rate of interest, the Company receives net interest settlements, which are recorded as loan interest income. If the floating rate of interest exceeds the fixed rate of interest (as it did as of September 30, 2025), the Company pays net settlements to the counterparty and records those net payments as a reduction of interest income on loans.

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In February 2023, the Company entered into interest rate swap transactions as part of its ongoing interest rate management strategies to hedge the risk of certain of its fixed rate brokered deposits. The total notional amount of the swaps was $95 million with a termination date of February 28, 2025. Under the terms of the swaps, the Company received a fixed rate of interest of 4.65% and paid a floating rate of interest equal to USD-SOFR-COMPOUND plus a spread. The floating rate reset monthly and net settlements of interest due to/from the counterparty occurred monthly. To the extent that the fixed rate of interest exceeded USD-SOFR-COMPOUND plus the spread, the Company received net interest settlements, which were recorded as a reduction of deposit interest expense. If USD-SOFR-COMPOUND plus the spread exceeded the fixed rate of interest, the Company was required to pay net settlements to the counterparty and record those net payments as interest expense on deposits.

In January 2024, the Company elected to terminate these swaps prior to their contractual termination date in 2025. The Company received a net settlement payment from the swap counterparty totaling $26,500 upon termination. At the time of the early termination, the Company recorded a market value adjustment to the brokered deposits of $163,000, which was amortized as a reduction of interest expense from January 2024 through February 2025.

​

ITEM 4. CONTROLS AND PROCEDURES

We maintain a system of disclosure controls and procedures (as defined in Rule 13(a)-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) that is designed to provide reasonable assurance that information required to be disclosed by us in the reports that we file under the Exchange Act is recorded, processed, summarized and reported accurately and within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate. An evaluation of our disclosure controls and procedures was carried out as of September 30, 2025, under the supervision and with the participation of our principal executive officer, principal financial officer and several other members of our senior management. Our principal executive officer and principal financial officer concluded that, as of September 30, 2025, our disclosure controls and procedures were effective in ensuring that the information we are required to disclose in the reports we file or submit under the Act is (i) accumulated and communicated to our management (including the principal executive officer and principal financial officer) to allow timely decisions regarding required disclosure, and (ii) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the quarter ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

We do not expect that our internal control over financial reporting will prevent all errors and all fraud. A control procedure, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control procedure are met. Because of the inherent limitations in all control procedures, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns in controls or procedures can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any control procedure also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control procedure, misstatements due to error or fraud may occur and not be detected.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

In the normal course of business, the Company and its subsidiaries are subject to pending and threatened legal actions, some of which seek substantial relief or damages. While the ultimate outcome of such legal proceedings cannot be predicted with certainty, after reviewing pending and threatened litigation with counsel, management believes at this time that the outcome of such litigation will not have a material adverse effect on the Company’s business, financial condition or results of operations.

One litigation matter in which the Bank is defendant was previously set for trial in the third quarter of 2025. The trial was postponed and has not yet been rescheduled. The plaintiffs allege a breach of fiduciary duty in this matter. At this stage of the proceeding it is not possible to predict the outcome. However, the Bank believes it will prevail in this matter, and further believes that any loss should be indemnified, in whole or in part, or shared by others.

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Item 1A. Risk Factors

There have been no material changes to the risk factors set forth in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

In November 2022, the Company’s Board of Directors authorized management to repurchase up to 1,000,000 shares of the Company’s outstanding common stock, under a program of open market purchases or privately negotiated transactions. This program, which did not have an expiration date, was completed during the three months ended September 30, 2025.

In April 2025, the Company’s Board of Directors authorized management to repurchase up to an additional 1,000,000 shares of the Company’s outstanding common stock, under a program of open market purchases or privately negotiated transactions. This program does not have an expiration date. The authorization of this program became effective during the three months ended September 30, 2025, upon completion of the repurchase program authorized in November 2022 discussed above.

From time to time, the Company may utilize a pre-arranged trading plan pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934 to repurchase its shares under its repurchase programs.

The following table reflects the Company’s repurchase activity during the three months ended September 30, 2025.

​	​	​	​	​	​	​	​	​	​
​		​		​			Total Number of		Maximum Number
​	​	Total Number	​	Average		​	Shares Purchased	​	of Shares that May
​	​	of Shares	​	Price		​	as Part of Publicly	​	Yet Be Purchased
​	​	Purchased	​	Per Share		​	Announced Plan	​	Under the Plan(1)
​	​	​	​	​	​	​	​	​	​
July 1, 2025 – July 30, 2025		66,139	​	$	59.12		66,139		27,748
August 1, 2025 – August 31, 2025		44,977	​		59.15		44,977		982,771
September 1, 2025 – September 30, 2025		54,000	​		62.78		54,000		928,771
​		165,116	​	$	60.33		165,116	​	​

(1) Amount represents the number of shares available to be repurchased as of the last calendar day of the month shown.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable

Item 5. Other Information

Trading Plans

During the quarter ended September 30, 2025, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

​

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Item 6. Exhibits

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a) Exhibits

Exhibit No.		Description
​	​	​
(2)	​	Plan of acquisition, reorganization, arrangement, liquidation, or succession
​	​	​	​
​	​	(i)	The Purchase and Assumption Agreement, dated as of March 20, 2009, among Federal Deposit Insurance Corporation, Receiver of TeamBank, N.A., Paola, Kansas, Federal Deposit Insurance Corporation and Great Southern Bank, previously filed with the Commission (File No. 000-18082) as Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed on March 26, 2009 is incorporated herein by reference as Exhibit 2.1(i).
​	​	​	​
​	​	(ii)	The Purchase and Assumption Agreement, dated as of September 4, 2009, among Federal Deposit Insurance Corporation, Receiver of Vantus Bank, Sioux City, Iowa, Federal Deposit Insurance Corporation and Great Southern Bank, previously filed with the Commission (File No. 000-18082) as Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed on September 11, 2009 is incorporated herein by reference as Exhibit 2.1(ii).
​	​	​	​
​	​	(iii)	The Purchase and Assumption Agreement, dated as of October 7, 2011, among Federal Deposit Insurance Corporation, Receiver of Sun Security Bank, Ellington, Missouri, Federal Deposit Insurance Corporation and Great Southern Bank, previously filed with the Commission (File No. 000-18082) as Exhibit 2.1(iii) to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 is incorporated herein by reference as Exhibit 2(iii).
​	​	​	​
​	​	(iv)	The Purchase and Assumption Agreement, dated as of April 27, 2012, among Federal Deposit Insurance Corporation, Receiver of Inter Savings Bank, FSB, Maple Grove, Minnesota, Federal Deposit Insurance Corporation and Great Southern Bank, previously filed with the Commission (File No. 000-18082) as Exhibit 2.1(iv) to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 is incorporated herein by reference as Exhibit 2(iv).
​	​	​	​
​	​	(v)	The Purchase and Assumption Agreement All Deposits, dated as of June 20, 2014, among Federal Deposit Insurance Corporation, Receiver of Valley Bank, Moline, Illinois, Federal Deposit Insurance Corporation and Great Southern Bank, previously filed with the Commission (File No. 000-18082) as Exhibit 2.1(v) to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 is incorporated herein by reference as Exhibit 2(v).
​	​	​	​
(3)	​	Articles of incorporation and Bylaws
​	​	​	​
​	​	(i)	The Registrant’s Charter previously filed with the Commission as Appendix D to the Registrant’s Definitive Proxy Statement on Schedule 14A filed on March 31, 2004 (File No. 000-18082), is incorporated herein by reference as Exhibit 3.1.
​	​	​	​
​	​	(ii)	The Registrant’s Bylaws, previously filed with the Commission (File No. 000-18082) as Exhibit 3.2 to the Registrant’s Current Report on Form 8-K filed on October 19, 2007, are incorporated herein by reference as Exhibit 3.2.
​	​	​	​
(4)	​	Instruments defining the rights of security holders, including indentures
​	​	​
​	​	The description of the Registrant’s securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, previously filed with the Commission (File no. 000-18082) as Exhibit 4 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019, is incorporated herein by reference.
​	​	​
​	​	The Indenture, dated June 12, 2020, between the Registrant and U.S. Bank National Association, as Trustee, previously filed with the Commission (File No. 000-18082) as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on June 12, 2020, is incorporated herein by reference as Exhibit 4.1.
​	​	​
​	​	The First Supplemental Indenture, dated June 12, 2020, between the Registrant and U.S. Bank National Association, as Trustee (relating to the Registrant’s 5.50% Fixed-to-Floating Rate Subordinated Notes due June 15, 2030), including the form of subordinated note included therein, previously filed with the Commission (File No. 000-18082) as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on June 12, 2020, is incorporated herein by reference as Exhibit 4.2.

​

​

71

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​	​	The Registrant hereby agrees to furnish the SEC upon request, copies of the instruments defining the rights of the holders of each other issue of the Registrant’s long-term debt.
​	​	​	​
(9)	​	Voting trust agreement
​	​	​	​
​	​	Inapplicable.
​	​	​	​
(10)	​	Material contracts
​	​	​	​
​	​	The Amended and Restated Employment Agreement, dated November 4, 2019, between the Registrant and William V. Turner previously filed with the Commission (File No. 000-18082) as Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2019, is incorporated herein by reference as Exhibit 10.3.*
​	​	​	​
​	​	Amendment No. 1, dated as of November 17, 2021, to the Amended and Restated Employment Agreement, dated as of November 4, 2019, between the Registrant and William V. Turner, previously filed with the Commission (File No. 000-18082) as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on November 22, 2021, is incorporated herein by reference as Exhibit 10.3A.*
​	​	​	​
​	​	The Amended and Restated Employment Agreement, dated November 4, 2019, between the Registrant and Joseph W. Turner previously filed with the Commission (File No. 000-18082) as Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q for the quarterly period fiscal year ended September 30, 2019, is incorporated herein by reference as Exhibit 10.4.*
​	​	​	​
​	​	Amendment No. 1, dated as of March 5, 2020, to the Amended and Restated Employment Agreement with Joseph W. Turner previously filed with the Commission (File No. 000-18082) as Exhibit 10.4A to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 is incorporated herein by reference as Exhibit 10.4A.*
​	​	​	​
​	​	Amendment No. 2, dated as of November 17, 2021, to the Amended and Restated Employment Agreement, dated as of November 4, 2019, between the Registrant and Joseph W. Turner, previously filed with the Commission (File No. 000-18082) as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on November 22, 2021, is incorporated herein by reference as Exhibit 10.4B.*
​	​	​	​
​	​	A description of the current salary and bonus arrangements for 2025 for the Registrant’s executive officers previously filed with the Commission as Exhibit 10.7 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 is incorporated herein by reference as Exhibit 10.7.*
​	​	​	​
​	​	A description of the current fee arrangements for the Registrant’s directors previously filed with the Commission as Exhibit 10.8 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 is incorporated herein by reference as Exhibit 10.8.*
​	​	​	​
​	​	The Registrant’s 2013 Equity Incentive Plan previously filed with the Commission (File No. 000 18082) as Appendix A to the Registrant’s Definitive Proxy Statement on Schedule 14A filed on April 4, 2013, is incorporated herein by reference as Exhibit 10.10.*
​	​	​	​
​	​	The form of incentive stock option award agreement under the Registrant’s 2013 Equity Incentive Plan previously filed with the Commission as Exhibit 10.2 to the Registrant’s Registration Statement on Form S 8 (No. 333 189497) filed on June 20, 2013 is incorporated herein by reference as Exhibit 10.11.*
​	​	​	​
​	​	The form of non-qualified stock option award agreement under the Registrant’s 2013 Equity Incentive Plan previously filed with the Commission as Exhibit 10.3 to the Registrant’s Registration Statement on Form S 8 (No. 333 189497) filed on June 20, 2013 is incorporated herein by reference as Exhibit 10.12.*
​	​	​
​	​	The Registrant’s 2018 Omnibus Incentive Plan previously filed with the Commission (File No. 000-18082) as Appendix A to the Registrant’s Definitive Proxy Statement on Schedule 14A filed on March 27, 2018, is incorporated herein by reference as Exhibit 10.15.*
​	​	​	​
​	​	The form of incentive stock option award agreement under the Registrant’s 2018 Omnibus Incentive Plan previously filed with the Commission as Exhibit 10.2 to the Registrant’s Registration Statement on Form S-8 (File No. 333-225665) filed on June 15, 2018 is incorporated herein by reference as Exhibit 10.16.*
​	​	​	​
​	​	The form of non-qualified stock option award agreement under the Registrant’s 2018 Omnibus Incentive Plan previously filed with the Commission as Exhibit 10.3 to the Registrant’s Registration Statement on Form S-8 (File No. 333-225665) filed on June 15, 2018 is incorporated herein by reference as Exhibit 10.17.*

72

​

​	​	​	​
​	​	The Registrant’s 2022 Omnibus Incentive Plan previously filed with the Commission (File No. 000-18082) as Appendix A to the Registrant’s Definitive Proxy Statement on Schedule 14A filed on March 31, 2022, is incorporated herein by reference as Exhibit 10.18.*
​	​	​
​	​	The form of incentive stock option award agreement under the Registrant’s 2022 Omnibus Incentive Plan previously filed with the Commission as Exhibit 99.2 to the Registrant’s Registration Statement on Form S-8 (File No. 333-265683) filed on June 17, 2022 is incorporated herein by reference as Exhibit 10.19.*
​	​	​
​	​	The form of non-qualified stock option award agreement under the Registrant’s 2022 Omnibus Incentive Plan previously filed with the Commission as Exhibit 99.3 to the Registrant’s Registration Statement on Form S-8 (File No. 333-265683) filed on June 17, 2022 is incorporated herein by reference as Exhibit 10.20.*
​	​	​
​	​	The form of Executive Officer Stock Option Alternative Cash Payment Election Form previously filed with the Commission as Exhibit 10.21 to the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023, is incorporated herein by reference as Exhibit 10.21.*
​	​	​
(15)	​	Letter re unaudited interim financial information
​	​	​	​
​	​	Inapplicable.
​	​	​	​
(18)	​	Letter re change in accounting principles
​	​	​	​
​	​	Inapplicable.
​	​	​	​
(23)	​	Consents of experts and counsel
​	​	​	​
​	​	Inapplicable.
​	​	​	​
(24)	​	Power of attorney
​	​	​	​
​	​	None.
​	​	​	​
(31.1)	​	Rule 13a-14(a) Certification of Chief Executive Officer
​	​	​	​
​	​	Attached as Exhibit 31.1
​	​	​	​
(31.2)	​	Rule 13a-14(a) Certification of Treasurer
​	​	​	​
​	​	Attached as Exhibit 31.2
​	​	​	​
(32)	​	Certification pursuant to Section 906 of Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)
​	​	​	​
​	​	Attached as Exhibit 32.
​	​	​	​
(99)	​	Additional Exhibits
​	​	​	​
​	​	None.
​	​	​	​
(101)	​	Attached as Exhibit 101 are the following financial statements from the Great Southern Bancorp, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in Extensive Business Reporting Language (XBRL): (i) consolidated statements of financial condition, (ii) consolidated statements of income, (iii) consolidated statements of comprehensive income, (iv) consolidated statements of cash flows and (v) notes to consolidated financial statements.
​	​	​
(104)	​	Cover Page Interactive Data File formatted in Inline XBRL (contained in Exhibit 101).
​	​	​
​	​	* Management contract or compensatory plan or arrangement.

​

​

​

73

​

SIGNATURES

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 thereunto duly authorized.

​

​	Great Southern Bancorp, Inc.
​	​
Date: November 6, 2025	/s/ Joseph W. Turner
​	Joseph W. Turner President and Chief Executive Officer (Principal Executive Officer)
​	​
Date: November 6, 2025	/s/ Rex A. Copeland
​	Rex A. Copeland Treasurer (Principal Financial and Accounting Officer)

​

​

74

FAQ

What was GSBC’s Q3 2025 net income and EPS?

Net income was $17,752 (in thousands) and diluted EPS was $1.56.

How did GSBC’s net interest income change in Q3 2025?

Net interest income was $50,773 (in thousands), up from $47,975 (in thousands) a year ago.

What were GSBC’s total assets and deposits at September 30, 2025?

Total assets were $5,737,867 (in thousands) and deposits were $4,528,033 (in thousands).

What were loans receivable and the allowance at quarter‑end?

Loans receivable, net, were $4,467,683 (in thousands) with an allowance for credit losses of $64,749 (in thousands).

What dividend did GSBC declare for the quarter?

The company declared a $0.43 per share common dividend.

How did stockholders’ equity change?

Stockholders’ equity rose to $632,926 (in thousands), aided by a smaller accumulated other comprehensive loss.

How many GSBC shares were outstanding recently?

There were 11,189,262 common shares outstanding as of November 4, 2025.