10q10k10q10k.net

What changed in GREAT SOUTHERN BANCORP, INC.'s 10-K — 2024 vs 2025

vs

Paragraph-level year-over-year comparison of GREAT SOUTHERN BANCORP, INC.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+699 added−708 removedSource: 10-K (2026-03-06) vs 10-K (2025-03-07)

Top changes in GREAT SOUTHERN BANCORP, INC.'s 2025 10-K

699 paragraphs added · 708 removed · 545 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

206 edited+30 added−32 removed258 unchanged
Biggest changeFor periods prior to the adoption of ASU 2016-13 in 2021, this table was prepared using the previous GAAP incurred loss method. ​ 26 Table of Contents The following table sets forth credit ratios as of December 31, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 ​ ​ (Dollars In Thousands) ​ ​ ​ ​ ​ ​ ​ ​ Allowance for Credit Losses ​ $ 64,760 ​ $ 64,670 ​ Total Loans ​ 4,761,848 ​ 4,661,348 ​ Ratio of Allowance for Credit Losses to Total Loans ​ 1.36 % 1.39 % ​ ​ ​ ​ ​ ​ ​ ​ Non-performing Loans ​ $ 3,573 ​ $ 11,748 ​ Total Loans ​ 4,761,848 ​ 4,661,348 ​ Ratio of Non-performing Loans to Total Loans ​ 0.07 % 0.25 % ​ ​ ​ ​ ​ ​ ​ ​ Ratio of Allowance for Credit Losses to Non-performing Loans ​ 1,812.48 % 550.48 % ​ ​ 27 Table of Contents The following table sets forth an analysis of activity in the Bank’s allowance for credit losses showing the details of the activity by types of loans. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 2022 2021 2020 ​ ​ (Dollars In Thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 64,670 ​ $ 63,480 ​ $ 60,754 ​ $ 55,743 ​ $ 40,294 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CECL adoption adjustment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family residential ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,533 ​ ​ — ​ Other residential ​ ​ — ​ ​ — ​ ​ — ​ ​ 5,832 ​ ​ — ​ Commercial real estate ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,531) ​ ​ — ​ Construction ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,165) ​ ​ — ​ Other commercial ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,499 ​ ​ — ​ Consumer, overdrafts and other loans ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,427 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total CECL adoption adjustment ​ ​ — ​ ​ — ​ ​ — ​ ​ 11,595 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Charge-offs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family residential ​ 64 ​ 31 ​ 40 ​ 190 ​ 70 ​ Other residential ​ — ​ — ​ — ​ — ​ — ​ Commercial real estate ​ 1,300 ​ — ​ 44 ​ 142 ​ 43 ​ Construction ​ 101 ​ — ​ 84 ​ 154 ​ 1 ​ Other commercial ​ 243 ​ 1,037 ​ 51 ​ 81 ​ 28 ​ Consumer, overdrafts and other loans ​ 1,492 ​ 1,754 ​ 1,950 ​ 2,054 ​ 3,152 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total charge-offs ​ 3,200 ​ 2,822 ​ 2,169 ​ 2,621 ​ 3,294 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoveries: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family residential ​ 38 ​ 70 ​ 195 ​ 485 ​ 183 ​ Other residential ​ — ​ — ​ 110 ​ 92 ​ 180 ​ Commercial real estate ​ — ​ 145 ​ 1 ​ 48 ​ 73 ​ Construction ​ 194 ​ 6 ​ — ​ 20 ​ 204 ​ Other commercial ​ 490 ​ 241 ​ 240 ​ 334 ​ 149 ​ Consumer, overdrafts and other loans ​ 868 ​ 1,300 ​ 1,349 ​ 1,758 ​ 2,083 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total recoveries ​ 1,590 ​ 1,762 ​ 1,895 ​ 2,737 ​ 2,872 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net charge-offs (recoveries) ​ 1,610 ​ 1,060 ​ 274 ​ (116) ​ 422 ​ Provision (credit) for losses on loans ​ 1,700 ​ 2,250 ​ 3,000 ​ (6,700) ​ 15,871 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at end of period ​ $ 64,760 ​ $ 64,670 ​ $ 63,480 ​ $ 60,754 ​ $ 55,743 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ratio of net charge-offs to average loans outstanding by loan category ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family residential ​ ​ — % ​ — % ​ — % ​ (0.01) % ​ — % Other residential ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Commercial real estate ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Construction ​ ​ (0.1) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Other commercial ​ ​ (0.1) ​ ​ 0.3 ​ ​ — ​ ​ (0.01) ​ ​ — ​ Consumer, overdrafts and other loans ​ ​ 0.4 ​ ​ 0.3 ​ ​ 0.01 ​ ​ 0.01 ​ ​ 0.02 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ratio of net charge-offs to average loans outstanding ​ 0.03 % 0.02 % 0.01 % — % 0.01 % ​ Investment Activities Excluding securities issued by the United States Government, or its agencies, there were no investment securities in excess of 10% of the Company’s stockholders’ equity at December 31, 2024, 2023 or 2022.
Biggest changeThe allowance and the activity within the allowance during 2025, 2024 and 2023 are discussed further in Note 3 “Loans and Allowance for Credit Losses” of the accompanying audited financial statements and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in Item 8 and Item 7 of this Report, respectively. ​ The allocation of the allowance for losses on loans at the dates indicated is summarized as follows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2025 ​ 2024 ​ 2023 ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ % of ​ ​ ​ ​ ​ ​ ​ ​ % of ​ ​ ​ ​ ​ ​ ​ ​ % of ​ ​ ​ ​ ​ ​ ​ ​ % of ​ ​ ​ ​ ​ ​ ​ ​ % of ​ ​ ​ ​ ​ Loans to ​ ​ ​ ​ Loans to ​ ​ ​ ​ Loans to ​ ​ ​ ​ Loans to ​ ​ ​ ​ Loans to ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Total ​ ​ ​ ​ Total ​ ​ ​ ​ Total ​ ​ ​ ​ Total ​ ​ Amount ​ Loans ​ Amount ​ Loans ​ Amount ​ Loans ​ Amount ​ Loans ​ Amount ​ Loans ​ ​ (Dollars In Thousands) One- to four-family residential and construction ​ $ 7,483 19.3 % $ 9,224 19.0 % $ 9,820 20.5 % $ 11,171 21.6 % $ 9,364 18.4 % Other residential and construction ​ 18,476 34.7 ​ 15,594 36.9 ​ 13,370 32.2 ​ 12,110 28.3 ​ 10,502 28.9 ​ Commercial real estate ​ 29,223 35.3 ​ 28,802 32.6 ​ 28,171 32.9 ​ 27,096 33.7 ​ 28,604 36.5 ​ Commercial construction ​ 2,396 3.0 ​ 2,735 3.5 ​ 2,844 3.9 ​ 2,865 5.8 ​ 2,797 4.3 ​ Other commercial ​ 3,911 3.8 ​ 4,656 4.4 ​ 6,935 6.8 ​ 5,822 6.4 ​ 4,142 6.9 ​ Consumer and overdrafts ​ 3,282 3.9 ​ 3,749 3.6 ​ 3,530 3.7 ​ 4,416 4.2 ​ 5,345 5.0 ​ Total ​ $ 64,771 100.0 % $ 64,760 100.0 % $ 64,670 100.0 % $ 63,480 100.0 % $ 60,754 100.0 % ​ The following table sets forth credit ratios as of December 31, 2025 and 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (Dollars In Thousands) ​ ​ ​ ​ ​ ​ ​ ​ Allowance for Credit Losses ​ $ 64,771 ​ $ 64,760 ​ Total Loans ​ 4,427,678 ​ 4,761,848 ​ Ratio of Allowance for Credit Losses to Total Loans ​ 1.46 % 1.36 % ​ ​ ​ ​ ​ ​ ​ ​ Non-performing Loans ​ $ 2,094 ​ $ 3,573 ​ Total Loans ​ 4,427,678 ​ 4,761,848 ​ Ratio of Non-performing Loans to Total Loans ​ 0.05 % 0.07 % ​ ​ ​ ​ ​ ​ ​ ​ Ratio of Allowance for Credit Losses to Non-performing Loans ​ 3,093.15 % 1,812.48 % ​ ​ 24 Table of Contents The following table sets forth an analysis of activity in the Bank’s allowance for credit losses showing the details of the activity by types of loans. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ 2022 ​ ​ ​ 2021 ​ ​ (Dollars In Thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 64,760 ​ $ 64,670 ​ $ 63,480 ​ $ 60,754 ​ $ 55,743 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CECL adoption adjustment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family residential ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,533 ​ Other residential ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 5,832 ​ Commercial real estate ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,531) ​ Construction ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,165) ​ Other commercial ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,499 ​ Consumer, overdrafts and other loans ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,427 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total CECL adoption adjustment ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 11,595 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Charge-offs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family residential ​ 46 ​ 64 ​ 31 ​ 40 ​ 190 ​ Other residential ​ — ​ — ​ — ​ — ​ — ​ Commercial real estate ​ 8 ​ 1,300 ​ — ​ 44 ​ 142 ​ Construction ​ — ​ 101 ​ — ​ 84 ​ 154 ​ Other commercial ​ 179 ​ 243 ​ 1,037 ​ 51 ​ 81 ​ Consumer, overdrafts and other loans ​ 1,073 ​ 1,492 ​ 1,754 ​ 1,950 ​ 2,054 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total charge-offs ​ 1,306 ​ 3,200 ​ 2,822 ​ 2,169 ​ 2,621 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoveries: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family residential ​ 33 ​ 38 ​ 70 ​ 195 ​ 485 ​ Other residential ​ — ​ — ​ — ​ 110 ​ 92 ​ Commercial real estate ​ — ​ — ​ 145 ​ 1 ​ 48 ​ Construction ​ 321 ​ 194 ​ 6 ​ — ​ 20 ​ Other commercial ​ 366 ​ 490 ​ 241 ​ 240 ​ 334 ​ Consumer, overdrafts and other loans ​ 597 ​ 868 ​ 1,300 ​ 1,349 ​ 1,758 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total recoveries ​ 1,317 ​ 1,590 ​ 1,762 ​ 1,895 ​ 2,737 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net charge-offs (recoveries) ​ (11) ​ 1,610 ​ 1,060 ​ 274 ​ (116) ​ Provision (credit) for losses on loans ​ — ​ 1,700 ​ 2,250 ​ 3,000 ​ (6,700) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at end of period ​ $ 64,771 ​ $ 64,760 ​ $ 64,670 ​ $ 63,480 ​ $ 60,754 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ratio of net charge-offs to average loans outstanding by loan category ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family residential ​ ​ — % ​ — % ​ — % ​ — % ​ (0.01) % Other residential ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Commercial real estate ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ — ​ Construction ​ ​ (0.2) ​ ​ (0.1) ​ ​ — ​ ​ — ​ ​ — ​ Other commercial ​ ​ (0.1) ​ ​ (0.1) ​ ​ 0.3 ​ ​ — ​ ​ (0.01) ​ Consumer, overdrafts and other loans ​ ​ 0.3 ​ ​ 0.4 ​ ​ 0.3 ​ ​ 0.01 ​ ​ 0.01 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ratio of net charge-offs to average loans outstanding ​ — % 0.03 % 0.02 % 0.01 % — % ​ Investment Activities Excluding securities issued by the United States Government, or its agencies, there were no investment securities in excess of 10% of the Company’s stockholders’ equity at December 31, 2025, 2024 or 2023.
Under the regulations, FDIC-insured depository institutions, their holding companies, subsidiaries and affiliates are generally prohibited, subject to certain exemptions, from proprietary trading of securities and other financial instruments and from acquiring or retaining an ownership interest in a “covered fund.” Effective July 22, 2019, a bank and its holding company are exempt from the Volcker Rule if the bank and every company that controls it have consolidated assets of $10 billion or less and have total consolidated trading assets and liabilities of 5% or less of its consolidated assets. 45 Table of Contents Interstate Banking and Branching Federal law allows the FRB to approve an application of a bank holding company to acquire control of, or acquire all or substantially all of the assets of, a bank located in a state other than such holding company’s home state, without regard to whether the transaction is prohibited by the laws of any state.
Under the regulations, FDIC-insured depository institutions, their holding companies, subsidiaries and affiliates are generally prohibited, subject to certain exemptions, from proprietary trading of securities and other financial instruments and from acquiring or retaining an ownership interest in a “covered fund.” Effective July 22, 2019, a bank and its holding company are exempt from the Volcker Rule if the bank and every company that controls it have consolidated assets of $10 billion or less and have total consolidated trading assets and liabilities of 5% or less of its consolidated assets. 41 Table of Contents Interstate Banking and Branching Federal law allows the FRB to approve an application of a bank holding company to acquire control of, or acquire all or substantially all of the assets of, a bank located in a state other than such holding company’s home state, without regard to whether the transaction is prohibited by the laws of any state.
As a result, these non-bank competitors have certain advantages over us in accessing funding and in providing various services. From mid-2022 to mid-2024, the Company increased the interest rates it paid on many deposit products. In the second half of 2024, the Company began selectively lowering interest rates paid on deposit products.
As a result, these non-bank competitors have certain advantages over us in accessing funding and in providing various services. From mid-2022 to mid-2024, the Company increased the interest rates it paid on many deposit products. In the second half of 2024 and in 2025, the Company began selectively lowering interest rates paid on deposit products.
For the year ended December 31, 2024, gross interest income which would have been recorded had the nonaccruing loans been current in accordance with their original terms amounted to $681,000. No interest income was included on these loans for the year ended December 31, 2024.
No interest income was included on these loans for the year ended December 31, 2025. For the year ended December 31, 2024, gross interest income which would have been recorded had the nonaccruing loans been current in accordance with their original terms amounted to $681,000. No interest income was included on these loans for the year ended December 31, 2024.
Specifically, the new rule requires a banking organization to notify its primary federal regulator as soon as possible, and no later than 36 hours after, the banking organization determines that a “computer-security incident” rising to the level of a “notification incident” has occurred.
Specifically, the rule requires a banking organization to notify its primary federal regulator as soon as possible, and no later than 36 hours after, the banking organization determines that a “computer-security incident” rising to the level of a “notification incident” has occurred.
The Company has also utilized both fixed-rate and floating-rate brokered deposits of varying terms, as well as overnight FHLBank borrowings. 42 Table of Contents Despite the highly competitive environment and the challenges it presents to us, management believes the Company will continue to be competitive because of its strong commitment to quality customer service, competitive products and pricing, convenient local branches, online and mobile capabilities, and active community involvement.
The Company has also utilized both fixed-rate and floating-rate brokered deposits of varying terms, as well as overnight FHLBank borrowings. 38 Table of Contents Despite the highly competitive environment and the challenges it presents to us, management believes the Company will continue to be competitive because of its strong commitment to quality customer service, competitive products and pricing, convenient local branches, online and mobile capabilities, and active community involvement.
See “Capital” below. 46 Table of Contents A bank holding company is required to give the FRB prior written notice of any purchase or redemption of its outstanding equity securities if the gross consideration for the purchase or redemption, when combined with the net consideration paid for all such purchases or redemptions during the preceding 12 months, is equal to 10% or more of the company’s consolidated net worth.
See “Capital” below. 42 Table of Contents A bank holding company is required to give the FRB prior written notice of any purchase or redemption of its outstanding equity securities if the gross consideration for the purchase or redemption, when combined with the net consideration paid for all such purchases or redemptions during the preceding 12 months, is equal to 10% or more of the company’s consolidated net worth.
See “Government Supervision and Regulation” below. 15 Table of Contents Unlike residential mortgage loans, which generally are made on the basis of the borrower’s ability to make repayment from his or her employment and other income and which are secured by real property, the value of which tends to be more easily ascertainable, other commercial loans are of higher risk and typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business.
See “Government Supervision and Regulation” below. 14 Table of Contents Unlike residential mortgage loans, which generally are made on the basis of the borrower’s ability to make repayment from his or her employment and other income and which are secured by real property, the value of which tends to be more easily ascertainable, other commercial loans are of higher risk and typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business.
Normally, Great Southern’s commercial real estate and other residential construction loans are made either as the initial stage of a combination loan (i.e., with a commitment from the Bank to provide permanent financing upon completion of the project) or with a commitment from a third party to provide permanent financing. 14 Table of Contents The Bank’s commercial real estate and construction loan portfolios consist of loans with diverse collateral types.
Normally, Great Southern’s commercial real estate and other residential construction loans are made either as the initial stage of a combination loan (i.e., with a commitment from the Bank to provide permanent financing upon completion of the project) or with a commitment from a third party to provide permanent financing. 13 Table of Contents The Bank’s commercial real estate and construction loan portfolios consist of loans with diverse collateral types.
Nearly any teller transaction that can be performed in the traditional drive-thru can be performed at an ITM, including cashing a check to the penny. ITMs provide convenience and enhanced access for customers, while creating greater operational efficiencies for the Bank. In January 2024, in Springfield, Missouri, a retail banking center at 600 W.
Nearly any teller transaction that can be performed in the traditional drive-thru can be performed at an ITM, including cashing a check to the cents. ITMs provide convenience and enhanced access for customers, while creating greater operational efficiencies for the Bank. In January 2024, in Springfield, Missouri, a retail banking center at 600 W.
As of December 31, 2024, the Company was “well-capitalized.” The federal banking agencies consider concentrations of credit risk and risks from non-traditional activities, as well as an institution’s ability to manage those risks, when determining the adequacy of an institution’s capital. This evaluation is generally made as part of the institution’s regular safety and soundness examination.
As of December 31, 2025, the Company was “well-capitalized.” The federal banking agencies consider concentrations of credit risk and risks from non-traditional activities, as well as an institution’s ability to manage those risks, when determining the adequacy of an institution’s capital. This evaluation is generally made as part of the institution’s regular safety and soundness examination.
Fees from prepayments, commitments, letters of credit and late payments totaled $614,000, $898,000 and $1.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. Loan origination fees, net of related costs, are accounted for in accordance with FASB ASC 310-20, Receivables – Nonrefundable Fees and Other Costs .
Fees from prepayments, commitments, letters of credit and late payments totaled $1.3 million, $614,000 and $898,000 for the years ended December 31, 2025, 2024 and 2023, respectively. Loan origination fees, net of related costs, are accounted for in accordance with FASB ASC 310-20, Receivables – Nonrefundable Fees and Other Costs .
Department of the Treasury, issued the priorities for anti-money laundering and countering the financing of terrorism policy required under the AMLA. The priorities, which were subsequently updated by FinCEN in May 2024, include corruption, cybercrime, terrorist financing, fraud, transnational crime, drug trafficking, human trafficking and proliferation financing. 44 Table of Contents Privacy Standards and Cybersecurity.
Department of the Treasury, issued the priorities for anti-money laundering and countering the financing of terrorism policy required under the AMLA. The priorities, which were subsequently updated by FinCEN in May 2024, include corruption, cybercrime, terrorist financing, fraud, transnational crime, drug trafficking, human trafficking and proliferation financing. 40 Table of Contents Privacy Standards and Cybersecurity.
Real Estate Development had net income of $-0- in each of the years ended December 31, 2024 and 2023. Great Southern Community Development Company, L.L.C. and Great Southern CDE, L.L.C. Generally, the purpose of CDC is to invest in community development projects that have a public benefit and are permissible under Missouri and Kansas law.
Real Estate Development had net income of $-0- in each of the years ended December 31, 2025 and 2024. Great Southern Community Development Company, L.L.C. and Great Southern CDE, L.L.C. Generally, the purpose of CDC is to invest in community development projects that have a public benefit and are permissible under Missouri and Kansas law.
Additionally, the Company faces competition from a large number of community banks, many of which have senior management who were previously with other local banks or investor groups with strong local business and community ties. 41 Table of Contents The Company encounters strong competition in attracting deposits throughout its six-state retail footprint.
Additionally, the Company faces competition from a large number of community banks, many of which have senior management who were previously with other local banks or investor groups with strong local business and community ties. 37 Table of Contents The Company encounters strong competition in attracting deposits throughout its six-state retail footprint.
Great Southern generally retains servicing rights for these participations sold. 17 Table of Contents Great Southern also sells whole residential real estate loans without recourse to Freddie Mac and Fannie Mae as well as to private investors, such as other banks, thrift institutions, mortgage companies and life insurance companies.
Great Southern generally retains servicing rights for these participations sold. 16 Table of Contents Great Southern also sells whole residential real estate loans without recourse to Freddie Mac and Fannie Mae as well as to private investors, such as other banks, thrift institutions, mortgage companies and life insurance companies.
(“GSTCLLC”) was $54.4 million. GSTCLLC was formed in 2016 under the laws of the State of Missouri. These subsidiaries are primarily engaged in the activities described below. In addition, Great Southern has two other subsidiary companies that are not considered service corporations, GSB One, L.L.C. and GSB Two, L.L.C. These companies are also described below.
(“GSTCLLC”) was $59.4 million. GSTCLLC was formed in 2016 under the laws of the State of Missouri. These subsidiaries are primarily engaged in the activities described below. In addition, Great Southern has two other subsidiary companies that are not considered service corporations, GSB One, L.L.C. and GSB Two, L.L.C. These companies are also described below.
In addition, at December 31, 2024, one- to four-family residential loans accounted for approximately 18% of the total outstanding portfolio. Great Southern in recent years has also increased its emphasis on the origination of other commercial loans and home equity loans, and has issued letters of credit.
In addition, at December 31, 2025, one- to four-family residential loans accounted for approximately 18% of the total outstanding portfolio. Great Southern, in recent years, has also increased its emphasis on the origination of other commercial loans and home equity loans, and has issued letters of credit.
Great Southern has continued its commercial lending in all of these geographic areas and in the commercial loan production offices in Atlanta, Charlotte, Chicago, Dallas, Denver, Omaha and Phoenix. As part of its commercial lending activities, Great Southern issues letters of credit and receives fees averaging approximately 1% of the amount of the letter of credit per year.
Great Southern has continued its commercial lending in all of these geographic areas and in the commercial loan production offices in Atlanta, Charlotte, Chicago, Dallas, Denver, Omaha and Phoenix. As part of its commercial lending activities, Great Southern issues letters of credit and receives fees averaging approximately 1% of the amount of the letter of credit each year.
The FRBSTL also has a Bank Term Funding Program (“BTFP”), which was created in March 2023 to support American businesses and households by making additional funding available to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.
The FRBSTL also has a Bank Term Funding Program (“BTFP”), which was created in March 2023 to support American businesses and households by making additional funding available to eligible depository institutions to help ensure banks have the ability to meet the needs of all their depositors.
Great Southern Real Estate Development Corporation. Generally, the purpose of Real Estate Development is to hold real estate assets which have been obtained through foreclosure by the Bank and which require ongoing operation of a business or completion of construction. During 2024 and 2023, Real Estate Development did not hold any real estate assets related to foreclosed property.
Great Southern Real Estate Development Corporation. Generally, the purpose of Real Estate Development is to hold real estate assets which have been obtained through foreclosure by the Bank and which require ongoing operation of a business or completion of construction. During 2025 and 2024, Real Estate Development did not hold any real estate assets related to foreclosed property.
Great Southern remains committed and focused on the health and safety of our associates, customers, and communities, especially as COVID-19 and other viruses remain a threat. Company management continues to monitor information related to the COVID-19 and other impactful viruses, using federal and state guidelines for public safety to manage the threat.
Great Southern remains committed and focused on the health and safety of our associates, customers, and communities, especially as COVID-19, influenza and other viruses remain a threat. Company management continues to monitor information related to various impactful viruses, using federal and state guidelines for public safety to manage the threat.
The following tables show, as of the date indicated, the composition of loan modifications made to loans to borrowers experiencing financial difficulty, by the loan class and type of concessions granted. Each of the types of concessions granted comprised 2% or less of their respective classes of loans at December 31, 2024 and December 31, 2023.
The following tables show, as of the date indicated, the composition of loan modifications made to loans to borrowers experiencing financial difficulty, by the loan class and type of concessions granted. Each of the types of concessions granted comprised 2% or less of their respective classes of loans at December 31, 2025 and December 31, 2024.
In addition, some competitors located outside of our market areas conduct business primarily over the Internet, which may enable them to realize certain savings and offer certain deposit products and services at lower costs or at higher rates and with greater convenience to certain customers.
Some competitors located outside of our market areas conduct business primarily over the Internet, which may enable them to realize certain savings and offer certain deposit products and services at lower costs or at higher rates and with greater convenience to certain customers.
For secured loans originated for portfolio, most lenders have approval authorities of $250,000 or below while thirteen Senior Managers have approval authority of varying amounts up to $2 million. Lender approval authorities are also subject to loans-to-one borrower limits of $500,000 or below for most lenders and of varying amounts up to $5 million for Senior Managers and Underwriters.
For secured loans originated and held, most lenders have approval authorities of $250,000 or below while thirteen Senior Managers have approval authority of varying amounts up to $2 million. Lender approval authorities are also subject to loans-to-one borrower limits of $500,000 or below for most lenders and of varying amounts up to $5 million for Senior Managers and Underwriters.
Underwriting standards also include loan-to-value ratios which vary depending on collateral type, debt service coverage ratios or debt payment to income ratios, where applicable, credit histories, use of guaranties and other recommended terms relating to equity requirements, amortization, and maturity.
Underwriting standards also include loan-to-value ratios that vary depending on collateral type, debt service coverage ratios or debt payment to income ratios, where applicable, credit histories, use of guaranties and other recommended terms relating to equity requirements, amortization, and maturity.
The FDIC also has the authority to take enforcement actions against banks and savings associations. 48 Table of Contents Guidance on Commercial Real Estate Concentrations The federal banking agencies have issued guidance on sound risk management practices for concentrations in commercial real estate lending.
The FDIC also has the authority to take enforcement actions against banks and savings associations. 44 Table of Contents Guidance on Commercial Real Estate Concentrations The federal banking agencies have issued guidance on sound risk management practices for concentrations in commercial real estate lending.
The Bank continues to emphasize real estate lending while also expanding and increasing its originations of commercial business loans. The corporate office of Great Southern is located at 218 S. Glenstone, Springfield, Missouri, 65802 and its telephone number at that address is 417-887-4400. 5 Table of Contents Internet Website Bancorp maintains a website at www.greatsouthernbank.com.
The Bank continues to emphasize real estate lending while also expanding and increasing its originations of commercial business loans. The corporate office of Great Southern is located at 218 S. Glenstone, Springfield, Missouri, 65802 and its telephone number at that address is 417-887-4400. Internet Website Bancorp maintains a website at www.greatsouthernbank.com.
The FHLBank may prescribe the acceptable uses for these advances, as well as other risks on availability, limitations on the size of the advances and repayment provisions. At both December 31, 2024 and 2023, the Bank had no FHLBank term advances outstanding.
The FHLBank may prescribe the acceptable uses for these advances, as well as other risks on availability, limitations on the size of the advances and repayment provisions. At both December 31, 2025 and 2024, the Bank had no FHLBank term advances outstanding.
The decrease in the commercial construction loan portfolio (including multi-family residential construction) from December 31, 2023 to December 31, 2024 was due to loans moving from the construction category to the appropriate commercial real estate or other residential (multi-family) category, as projects were completed.
The decrease in the commercial construction loan portfolio (including multi-family residential construction) from December 31, 2024 to December 31, 2025 was due to loans moving from the construction category to the appropriate commercial real estate or other residential (multi-family) category, as projects were completed.
Extensions of credit to borrowers whose past due loans were charged-off or whose loans are classified as substandard require special lending approval. Great Southern is permitted under applicable regulations to originate or purchase loans and loan participations secured by real estate located in any part of the United States.
Extensions of credit to borrowers whose past due loans were charged-off or whose loans are classified as substandard require special lending approval. 7 Table of Contents Great Southern is permitted under applicable regulations to originate or purchase loans and loan participations secured by real estate located in any part of the United States.
Following are the total classified assets at December 31, 2024 and 2023, per the Bank’s internal asset classification list. The allowances for credit losses reflected below are the portions of the Bank’s total allowances for credit losses relating to these classified loans.
Following are the total classified assets at December 31, 2025 and 2024, per the Bank’s internal asset classification list. The allowances for credit losses reflected below are the portions of the Bank’s total allowances for credit losses relating to these classified loans.
They also resulted in gains of $43.9 million and $45.9 million, respectively, which were included in Non-interest Income in the Company’s Consolidated Statement of Income for the year ended December 31, 2009. Prior to these acquisitions, the Company operated banking centers in Missouri with loan production offices in Arkansas and Kansas.
They also resulted in gains of $43.9 million and $45.9 million, respectively, which were included in Non-interest Income in the Company’s Consolidated Statement of Income for the year ended December 31, 2009. Prior to these 2 Table of Contents acquisitions, the Company operated banking centers in Missouri with loan production offices in Arkansas and Kansas.
Through these partnerships, the Company receives allocations of federal tax credits which are used to partially offset annual federal tax liabilities and reduce income tax expense by the difference of the tax credits utilized less the amortization of the investment cost. Examinations The Company and its consolidated subsidiaries have not been audited recently by the Internal Revenue Service (IRS).
Through these partnerships, the Company receives allocations of federal tax credits which are used to partially offset annual federal tax liabilities and reduce income tax expense by the difference of the tax credits utilized less the amortization of the investment cost. 46 Table of Contents Examinations The Company and its consolidated subsidiaries have not been audited recently by the Internal Revenue Service (IRS).
The Company also operates commercial loan production offices in Atlanta; Charlotte; Chicago; Dallas; Denver; Omaha; and Phoenix; and a mortgage lending office in Springfield, Missouri. The Company regularly evaluates its banking center network and lines of business to ensure that it is serving customers in the best way possible.
The Company also operates commercial loan production offices in Atlanta, Charlotte, Chicago, Dallas, Denver, Omaha, and Phoenix and a mortgage lending office in Springfield, Missouri. 5 Table of Contents The Company regularly evaluates its banking center network and lines of business to ensure that it is serving customers in the best way possible.
GSRE Holding II was formed in 2009 under the laws of the State of Missouri. At December 31, 2024, the Bank’s total investment in GSRE Holding III, L.L.C. (“GSRE Holding III”) was $-0-. GSRE Holding III was formed in 2012 under the laws of the State of Missouri. At December 31, 2024, the Bank’s total investment in GSTC Investments, L.L.C.
GSRE Holding II was formed in 2009 under the laws of the State of Missouri. At December 31, 2025, the Bank’s total investment in GSRE Holding III, L.L.C. (“GSRE Holding III”) was $-0-. GSRE Holding III was formed in 2012 under the laws of the State of Missouri. At December 31, 2025, the Bank’s total investment in GSTC Investments, L.L.C.
The deposits assumed totaled approximately $228 million and the loans acquired totaled approximately $159 million. The loss sharing agreements related to the FDIC-assisted transactions in 2009, 2011 and 2012 added to the complexity of our operations by creating the need for new employees and processes to ensure compliance with the loss sharing agreements and the collection of problem assets acquired.
The deposits assumed totaled approximately $228 million and the loans acquired totaled approximately $159 million. 3 Table of Contents The loss sharing agreements related to the FDIC-assisted transactions in 2009, 2011 and 2012 added to the complexity of our operations by creating the need for new employees and processes to ensure compliance with the loss sharing agreements and the collection of problem assets acquired.
All loans, regardless of size or type, are required to conform to certain minimum underwriting standards designed to assure portfolio quality. These standards and procedures include, but are not limited to, an analysis of the borrower’s financial condition, collateral, repayment ability, inquiry and analysis of liquid assets and credit history as required by loan type.
All loans, regardless of size or type, are required to conform to certain minimum underwriting standards to ensure portfolio quality. These standards and procedures include, but are not limited to, an analysis of the borrower’s financial condition, collateral, repayment ability, inquiry and analysis of liquid assets and credit history as required by loan type.
However, in all cases, whether a commercial or other loan, the prevailing circumstances may be such that management may determine it is in the best interest of the Bank not to foreclose on the collateral. ​ 19 Table of Contents The following tables set forth our loans by aging as of the dates indicated.
However, in all cases, whether a commercial or other loan, the prevailing circumstances may be such that management may determine it is in the best interest of the Bank not to foreclose on the collateral. The following tables set forth our loans by aging as of the dates indicated.
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.” 43 Table of Contents Economic Growth Act.
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.” 39 Table of Contents Economic Growth Act.
These securities are highly rated by major rating agencies and have a long history of no credit losses. Likewise, the Company historically has not experienced losses on these types of securities. Accordingly, no allowance for credit losses has been recorded for these securities. Sources of Funds General .
These securities are highly rated by major rating agencies and have a long history of no credit losses. Likewise, the Company historically has not experienced losses on these types of securities. Accordingly, no allowance for credit losses has been recorded for these securities. 29 Table of Contents Sources of Funds General .
As of December 31, 2024, the Bank was “well-capitalized.” An institution that is not well-capitalized is subject to certain restrictions on brokered deposits and interest rates on deposits. 47 Table of Contents The federal banking regulators are required to take prompt corrective action if an institution fails to satisfy the requirements to qualify as adequately capitalized.
As of December 31, 2025, the Bank was “well-capitalized.” An institution that is not well-capitalized is subject to certain restrictions on brokered deposits and interest rates on deposits. 43 Table of Contents The federal banking regulators are required to take prompt corrective action if an institution fails to satisfy the requirements to qualify as adequately capitalized.
Great Southern retains in its portfolio substantially all of the adjustable-rate mortgage loans that it originates. Another principal lending activity of Great Southern is the origination of commercial real estate, other residential (multi-family) and multi-family and commercial construction loans.
Great Southern retains in its portfolio substantially all of the adjustable-rate mortgage loans that it originates. 6 Table of Contents Another principal lending activity of Great Southern is the origination of commercial real estate, other residential (multi-family) and multi-family and commercial construction loans.
The primary products offered in these offices are commercial real estate, commercial business and commercial construction loans. In March 2023, a leased retail banking center office at 1232 S. Rangeline Road in Joplin, Missouri, was consolidated into a nearby office at 2801 E. 32 nd Street. One banking center now serves the Joplin market.
The primary products offered in these offices are commercial real estate, commercial business and commercial construction loans. In March 2023, a leased retail banking center office at 1232 S. Rangeline Road in Joplin, Missouri, was consolidated into a nearby office at 2801 E. 32 nd Street.
Typically, private mortgage insurance is required for loan amounts above the 80% level. At December 31, 2024 and 2023, loans secured by second liens on residential properties were $87.9 million, or 1.8%, and $87.2 million, or 1.9%, respectively, of our total loan portfolio.
Typically, private mortgage insurance is required for loan amounts above the 80% level. At December 31, 2025 and 2024, loans secured by second liens on residential properties were $94.0 million, or 2.1%, and $87.9 million, or 1.8%, respectively, of our total loan portfolio.
Real Estate Development was incorporated and organized in 2003 under the laws of the State of Missouri. At December 31, 2024, the Bank’s total investment in Great Southern Community Development Company, L.L.C. (“CDC”) and its subsidiary Great Southern CDE, L.L.C. (“CDE”) was $714,000. CDC and CDE were formed in 2010 under the laws of the State of Missouri.
Real Estate Development was incorporated and organized in 2003 under the laws of the State of Missouri. At December 31, 2025, the Bank’s total investment in Great Southern Community Development Company, L.L.C. (“CDC”) and its subsidiary Great Southern CDE, L.L.C. (“CDE”) was $713,000. CDC and CDE were formed in 2010 under the laws of the State of Missouri.
No assurance can be given, however, that the Bank will not be adversely affected by environmental contamination. Residential Real Estate Lending At December 31, 2024 and 2023, loans secured by residential real estate, excluding that which is under construction, totaled $2.4 billion and $1.8 billion, respectively, and represented approximately 50.1% and 39.4%, respectively, of the Bank’s total loan portfolio.
No assurance can be given, however, that the Bank will not be adversely affected by environmental contamination. Residential Real Estate Lending At December 31, 2025 and 2024, loans secured by residential real estate, excluding that which is under construction, totaled $2.2 billion and $2.4 billion, respectively, and represented approximately 49.1% and 50.1%, respectively, of the Bank’s total loan portfolio.
CDC had consolidated net loss of $1,000 and $-0- in the years ended December 31, 2024 and 2023, respectively. GS, L.L.C. GSLLC was organized in 2005. GSLLC is a limited liability company that invests in multiple limited liability entities for the purpose of acquiring state and federal tax credits which are utilized by Great Southern.
CDC had consolidated net loss of $1,000 in each of the years ended December 31, 2025 and 2024. GS, L.L.C. GSLLC was organized in 2005. GSLLC is a limited liability company that invests in multiple limited liability entities for the purpose of acquiring state and federal tax credits which are utilized by Great Southern.
From 2013 through 2024, these delinquencies trended much lower. 13 Table of Contents In underwriting one- to four-family residential real estate loans, Great Southern evaluates the borrower’s ability to make monthly payments and the value of the property securing the loan.
From 2013 through 2025, these delinquencies trended much lower. 12 Table of Contents In underwriting one- to four-family residential real estate loans, Great Southern evaluates the borrower’s ability to make monthly payments and the value of the property securing the loan.
Generally, the purpose of GSRE Holding II is to hold real estate assets which have been obtained through foreclosure by the Bank and which require ongoing operation of a business or completion of construction. In 2024 and 2023, GSRE Holding II did not hold any significant real estate assets.
Generally, the purpose of GSRE Holding III is to hold real estate assets which have been obtained through foreclosure by the Bank and which require ongoing operation of a business or completion of construction. In 2025 and 2024, GSRE Holding III did not hold any significant real estate assets.
In addition to volunteerism, Great Southern associates generously supported their communities in 2024 through monetary donations totaling nearly $59,000. Government Supervision and Regulation General The Company and its subsidiaries are subject to supervision and examination by applicable federal and state banking agencies.
In addition to volunteerism, Great Southern associates generously supported their communities in 2025 through monetary donations totaling nearly $56,000. Government Supervision and Regulation General The Company and its subsidiaries are subject to supervision and examination by applicable federal and state banking agencies.
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. At December 31, 2024, Great Southern had an allowance for credit losses of $64.8 million, of which $518,000 had been allocated to specific loans.
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. At December 31, 2025, Great Southern had an allowance for credit losses of $64.8 million, none of which had been allocated to specific loans.
The following table sets forth loans that were secured by certain types of collateral at December 31, 2024.
The following table sets forth loans that were secured by certain types of collateral at December 31, 2025.
The remaining $95.6 million of loans serviced for others related to one- to four-family real estate loans which the Bank had originated and sold, but retained the obligation to service, or had acquired the servicing rights through various FDIC-assisted transactions.
The remaining $85.9 million of loans serviced for others related to one- to four-family real estate loans which the Bank had originated and sold, but retained the obligation to service, or had acquired the servicing rights through various FDIC-assisted transactions.
In September 2021, the Company opened a new banking center at 2801 E. 32nd Street in Joplin, Missouri, replacing a nearby leased office. The Company currently has two banking centers serving the Joplin market. 4 Table of Contents In November 2021, the Company consolidated one banking center in the St. Louis region.
In September 2021, the Company opened a new banking center at 2801 E. 32nd Street in Joplin, Missouri, replacing a nearby leased office. The Company currently has two banking centers serving the Joplin market. In November 2021, the Company consolidated one banking center in the St. Louis region.
The availability of funds from loan sales is influenced generally by the level of interest rates, which in turn may impact the volume of originations. 33 Table of Contents Deposits . The Bank attracts both short-term and long-term deposits from the general public by offering a wide variety of accounts and rates and purchases brokered deposits from time to time.
The availability of funds from loan sales is influenced generally by the level of interest rates, which in turn may impact the volume of originations. Deposits . The Bank attracts both short-term and long-term deposits from the general public by offering a wide variety of accounts and rates and purchases various forms of brokered deposits from time to time.
We also have branch offices in the states of Iowa, Kansas, Minnesota, Arkansas and Nebraska, which made up approximately 14%, 6%, 3%, less than 1%, and less than 1% of our total deposit franchise dollars, respectively (based on FDIC market share deposits of June 30, 2024).
We also have branch offices in the states of Iowa, Kansas, Minnesota, Arkansas and Nebraska, which made up approximately 14.5%, 6.2%, 2.5%, less than 1%, and less than 1% of our total deposit franchise dollars, respectively (based on FDIC market share deposits of June 30, 2025).
Our Community Matters program allows each associate to be paid up to 32 hours per year, with supervisory approval, to volunteer for activities in their community during normal work hours. During 2024 Great Southern associates found creative and meaningful ways to give back to their communities, donating over 7,400 hours in support of more than 300 organizations.
Our Community Matters program allows each associate to be paid up to 32 hours per year, with supervisory approval, to volunteer for activities in their community during normal work hours. During 2025, Great Southern associates found creative and meaningful ways to give back to their communities, donating over 6,200 hours in support of more than 300 organizations.
Generally, the purpose of GSRE Holding is to hold real estate assets which have been obtained through foreclosure by the Bank and which require ongoing operation of a business or completion of construction. At December 31, 2024, GSRE Holding held cash of $5.9 million and real estate assets of $6.0 million.
Generally, the purpose of GSRE Holding is to hold real estate assets which have been obtained through foreclosure by the Bank and which require ongoing operation of a business or completion of construction. At December 31, 2025, GSRE Holding held cash of $6.3 million and real estate assets of $6.0 million.
At December 31, 2024, 2023 and 2022, all of the Company’s agency collateralized mortgage-backed obligations had fixed rates of interest. ​ 30 Table of Contents The following tables present the contractual maturities and weighted average tax-equivalent yields of available-for-sale and held-to-maturity securities at December 31, 2024.
At December 31, 2025, 2024 and 2023, all of the Company’s agency collateralized mortgage-backed obligations had fixed rates of interest. The following tables present the contractual maturities and weighted average tax-equivalent yields of available-for-sale and held-to-maturity securities at December 31, 2025.
Loans classified as “Doubtful” were $510,000 and $-0- at December 31, 2024 and 2023, respectively.
Loans classified as “Doubtful” were $-0- and $510,000 at December 31, 2025 and 2024, respectively.
Other Commercial Lending At December 31, 2024 and 2023, Great Southern had $209 million and $318 million, respectively, in other commercial loans outstanding, or 4.4% and 6.8%, respectively, of the Bank’s total loan portfolio. Great Southern’s other commercial lending activities encompass loans with a variety of purposes and security, including loans to finance accounts receivable, inventory and equipment.
Other Commercial Lending At December 31, 2025 and 2024, Great Southern had $169 million and $209 million, respectively, in other commercial loans outstanding, or 3.8% and 4.4%, respectively, of the Bank’s total loan portfolio. Great Southern’s other commercial lending activities encompass loans with a variety of purposes and security, including loans to finance accounts receivable, inventory and equipment.
Great Southern subjects these loans to its normal underwriting standards used for originated loans and rejects any credits that do not meet those guidelines. The originating bank generally retains the servicing of these loans. The Bank purchased $26.3 million and $400,000 of these loans in the fiscal years ended December 31, 2024 and 2023, respectively.
Great Southern subjects these loans to its normal underwriting standards used for originated loans and rejects any credits that do not meet those guidelines. The originating bank generally retains the servicing of these loans. The Bank purchased $-0- and $26.3 million of these loans in the years ended December 31, 2025 and 2024, respectively.
Net gains and transfer fees on sales of loans for the years ended December 31, 2024, 2023 and 2022 were $3.8 million, $2.3 million and $2.6 million, respectively. These gains were primarily from the sale of fixed-rate residential loans. The Bank serviced loans owned by others totaling approximately $397.0 million and $439.9 million at December 31, 2024 and 2023, respectively.
Net gains and transfer fees on sales of loans for the years ended December 31, 2025, 2024 and 2023 were $3.3 million, $3.8 million and $2.3 million, respectively. These gains were primarily from the sale of fixed-rate residential loans. The Bank serviced loans owned by others totaling approximately $282.2 million and $397.0 million at December 31, 2025 and 2024, respectively.
The Bank’s one- to four-family residential real estate loan portfolio decreased during 2024 due to net loan repayments and was fairly stable during 2023. For many years, other residential (multi-family) loan balances had increased as the Bank emphasized this type of lending.
The Bank’s one- to four-family residential real estate loan portfolio decreased during 2025 and 2024 due to net loan repayments. For many years, other residential (multi-family) loan balances had increased as the Bank emphasized this type of lending.
Over the last five years, commercial real estate loans made up approximately 32-37% of the total loan portfolio while outstanding commercial construction loans (including multi-family residential construction) were 8-17%.
Over the last five years, commercial real estate loans made up approximately 33-37% of the total loan portfolio while outstanding commercial construction loans (including multi-family residential construction) were 6-17%.
At December 31, 2024 and 2023, we had $719.3 million and $695.4 million in the unfunded portion of loans originated with the purpose of construction that had been closed, but were not yet fully funded. These balances are managed through the Bank’s various risk management processes.
At December 31, 2025 and 2024, we had $650.5 million and $719.3 million in the unfunded portion of loans originated with the purpose of construction that had been closed, but were not yet fully funded. These balances are managed through the Bank’s various risk management processes.
Indirect consumer loans were only $7.4 million and $10.2 million at December 31, 2024 and 2023, respectively. Consumer loans may entail greater risk than do residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by rapidly depreciable assets such as automobiles.
Indirect consumer loans were $5.7 million and $7.4 million at December 31, 2025 and 2024, respectively. Consumer loans may entail greater risk than do residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by rapidly depreciable assets such as automobiles.
As a Missouri-chartered trust company, Great Southern may invest up to 3%, which was equal to $179.4 million at December 31, 2024, of its assets in service corporations. At December 31, 2024, the Bank’s total investment in Great Southern Real Estate Development Corporation (“Real Estate Development”) was $2.7 million.
As a Missouri-chartered trust company, Great Southern may invest up to 3%, which was equal to $168.0 million at December 31, 2025, of its assets in service corporations. At December 31, 2025, the Bank’s total investment in Great Southern Real Estate Development Corporation (“Real Estate Development”) was $2.7 million.
The Bank sold one- to four-family whole real estate loans, SBA-guaranteed loans and loan participations in aggregate amounts of $171.0 million, $154.9 million and $100.8 million during fiscal 2024, 2023 and 2022, respectively. The Bank typically sells long-term fixed rate mortgages.
The Bank sold one- to four-family whole real estate loans, SBA-guaranteed loans and loan participations in aggregate amounts of $149.5 million, $171.0 million and $154.9 million during fiscal 2025, 2024 and 2023, respectively. The Bank typically sells long-term fixed rate mortgages.
In addition to the market areas where the Bank has offices, the Bank has made or purchased loans, secured primarily by commercial real estate, in other states, primarily Florida, Tennessee, South Carolina, Michigan, Kentucky, Indiana and Ohio. At December 31, 2024, loans in these states comprised approximately 9.5% combined of the total loan portfolio.
In addition to the market areas where the Bank has offices, the Bank has made or purchased loans, secured primarily by commercial real estate, in other states, primarily Florida, Tennessee, South Carolina, Michigan, Kentucky, Indiana and Ohio. At December 31, 2025, loans in these seven states comprised approximately 11.7% combined of the total loan portfolio.
The exception to this was in 2021, when loan balances decreased due to projects refinancing or being sold and paying off at a faster pace. The Bank’s outstanding other residential (multi-family) loan portfolio increased by approximately 64.5% in 2024.
The exception to this was in 2021 and 2025, when loan balances decreased due to projects refinancing or being sold and paying off at a faster pace. The Bank’s outstanding other residential (multi-family) loan portfolio decreased by approximately 10.4% in 2025, following a 64.5% increase in 2024.
The servicing of these loans generated fees (net of amortization of the servicing rights) to the Bank for the years ended December 31, 2024, 2023 and 2022, of $228,000, $202,000 and $185,000, respectively.
The servicing of these loans generated fees (net of amortization of the servicing rights) to the Bank for the years ended December 31, 2025, 2024 and 2023, of $232,000, $228,000 and $202,000, respectively.
The financial institutions with the top three market share positions in Missouri at June 30, 2024, were UMB Bank, U.S. Bank, and Bank of America, which had a combined market share of 29.1% (based on FDIC market share deposits).
The financial institutions with the top three market share positions in Missouri at June 30, 2025, were UMB Bank, U.S. Bank, and Bank of America, which had a combined market share of 30.2% (based on FDIC market share deposits).
The Company’s market share in its primary metropolitan statistical areas was as follows at June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Percentage of Total ​ ​ Metropolitan Statistical Area ​ Branch Offices ​ Market Share ​ Rank ​ Institution with Leading Market Share Position Springfield, MO 19 13.3% ​ 1 Great Southern Bank Sioux City, IA-NE-SD 6 6.9% ​ 4 Security National Bank of Sioux City Davenport/Moline/Rock Island, IA-IL 3 1.1% ​ 20 Quad City Bank and Trust Co.
The Company’s market share in its primary metropolitan statistical areas was as follows at June 30, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Percentage of Total ​ ​ ​ ​ ​ ​ ​ ​ Metropolitan Statistical Area ​ Branch Offices ​ Market Share ​ Rank ​ Institution with Leading Market Share Position Springfield, MO 17 13.4% ​ 1 Great Southern Bank Sioux City, IA-NE-SD 6 6.8% ​ 4 Security National Bank of Sioux City Davenport/Moline/Rock Island, IA-IL 3 1.0% ​ 21 Quad City Bank and Trust Co.
At December 31, 2024, Great Southern had $18.5 million in FHLBank of Des Moines stock, which was in compliance with this requirement. In past years, the Bank has received dividends on its FHLBank stock. Over the past five years, such dividends have averaged 7.07% annually and were 9.31% for the year ended December 31, 2024.
At December 31, 2025, Great Southern had $18.4 million in FHLBank of Des Moines stock, which was in compliance with this requirement. In past years, the Bank has received dividends on its FHLBank stock. Over the past five years, such dividends have averaged 7.91% annually and were 9.75% for the year ended December 31, 2025.
State Taxation Missouri-based banks, such as the Bank, are subject to a franchise tax which is imposed on the bank’s taxable income at the rate of 4.48% of the taxable income (determined without regard for any net operating losses) - income-based calculation. Prior to 2020, this rate was 7.00%.
State Taxation Missouri-based banks, such as the Bank, are subject to a franchise tax which is imposed on the bank’s taxable income at the rate of 4.48% of the taxable income (determined without regard for any net operating losses) - income-based calculation.
This allows the Bank to better manage the maturity of its deposits. Additionally, the Bank may issue brokered deposits which are callable at the Bank’s discretion prior to their stated maturity date. Currently, the rates offered by the Bank for brokered deposits are comparable to those offered for retail certificates of deposit of similar size and maturity.
This allows the Bank to better manage the maturity of its deposits. Additionally, the Bank may issue brokered deposits which are callable at the Bank’s discretion prior to their stated maturity date. Currently, the rates offered by the Bank for brokered deposits are generally higher than those offered for retail certificates of deposit of similar maturity.
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” at December 31, 2024 and 2023 were $15.9 million and $8.3 million, respectively.
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” at December 31, 2025 and 2024 were $20.5 million and $15.9 million, respectively.
Since December 31, 2008, the commercial construction loan portfolio (including multi-family residential construction) has decreased from 32% of the loan portfolio to 8% of the loan portfolio at December 31, 2024, while, overall, the percentage of commercial real estate loans in the total loan portfolio has trended upward, and was about 33% of the total loan portfolio at December 31, 2024.
Since December 31, 2008, the commercial construction loan portfolio (including multi-family residential construction) has decreased from 32% of the loan portfolio to 6% of the loan portfolio at December 31, 2025, while, overall, the percentage of commercial real estate loans in the total loan portfolio has trended upward, and was about 35% of the total loan portfolio at December 31, 2025.

… 188 more changes not shown on this page.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

50 edited+17 added−11 removed138 unchanged
Biggest changeThis risk is affected by, among other things: ● cash flows of the borrower and/or the project being financed; ● in the case of a collateralized loan, the changes and uncertainties as to the future value of the collateral; ● the credit history of a particular borrower; ● changes in economic and industry conditions; and ● the duration of the loan. 55 Table of Contents The allowance for credit losses is measured using an average historical loss model which 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.
Biggest changeThe allowance for credit losses is measured using an average historical loss model which 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 market value of our common stock will likely continue to fluctuate in response to a number of factors including the following, most of which are beyond our control, as well as the other factors described in this “Risk Factors” section: ● actual or anticipated quarterly fluctuations in our operating and financial results; ● developments related to investigations, proceedings or litigation that involve us; ● changes in financial estimates and recommendations by financial analysts; ● dispositions, acquisitions and financings; ● actions of our current stockholders, including sales of common stock by existing stockholders and our directors and executive officers; ● fluctuations in the stock price and operating results of our competitors; 62 Table of Contents ● regulatory developments; and ● other developments related to the financial services industry.
The market value of our common stock will likely continue to fluctuate in response to a number of factors including the following, most of which are beyond our control, as well as the other factors described in this “Risk Factors” section: ● actual or anticipated quarterly fluctuations in our operating and financial results; ● developments related to investigations, proceedings or litigation that involve us; ● changes in financial estimates and recommendations by financial analysts; ● dispositions, acquisitions and financings; ● actions of our current stockholders, including sales of common stock by existing stockholders and our directors and executive officers; ● fluctuations in the stock price and operating results of our competitors; 57 Table of Contents ● regulatory developments; and ● other developments related to the financial services industry.
The indenture governing the junior subordinated debt securities, together with the related guarantee, prohibits us, subject to limited exceptions, from declaring or paying any dividends or distributions on, or redeeming, repurchasing, acquiring or making any liquidation payments with respect to, any of our capital stock (including any preferred stock and our common stock) at any time when (i) there shall have occurred and be continuing an event of default under the indenture or any event, act or condition that with notice or lapse of time or both would constitute an event of default under the indenture; or (ii) we are in default with respect to payment of any obligations under the related guarantee; or (iii) we have deferred payment of interest on the junior subordinated debt securities.
The indenture governing the junior subordinated debt securities, together with the related 58 Table of Contents guarantee, prohibits us, subject to limited exceptions, from declaring or paying any dividends or distributions on, or redeeming, repurchasing, acquiring or making any liquidation payments with respect to, any of our capital stock (including any preferred stock and our common stock) at any time when (i) there shall have occurred and be continuing an event of default under the indenture or any event, act or condition that with notice or lapse of time or both would constitute an event of default under the indenture; or (ii) we are in default with respect to payment of any obligations under the related guarantee; or (iii) we have deferred payment of interest on the junior subordinated debt securities.
The occurrence of any systems failure or interruption could damage our reputation and result in a loss of clients and business, or could expose us to legal liability. Any of these occurrences could have a material adverse effect on our business, financial condition and results of operations. 61 Table of Contents Our controls and procedures may be ineffective.
The occurrence of any systems failure or interruption could damage our reputation and result in a loss of clients and business, or could expose us to legal liability. Any of these occurrences could have a material adverse effect on our business, financial condition and results of operations. 56 Table of Contents Our controls and procedures may be ineffective.
As of December 31, 2024, we had outstanding $25.8 million aggregate principal amount of junior subordinated debt securities issued in connection with the sale of trust preferred securities by one of our subsidiaries that is a statutory business trust. We have also guaranteed those trust preferred securities.
As of December 31, 2025, we had outstanding $25.8 million aggregate principal amount of junior subordinated debt securities issued in connection with the sale of trust preferred securities by one of our subsidiaries that is a statutory business trust. We have also guaranteed those trust preferred securities.
In addition to the Turner family members, we are aware of other beneficial owners of more than five percent of the outstanding shares of our common stock. One of these beneficial owners is also a director of the Company. As of December 31, 2024, one of the Company’s directors, Earl A.
In addition to the Turner family members, we are aware of other beneficial owners of more than five percent of the outstanding shares of our common stock. One of these beneficial owners is also a director of the Company. As of December 31, 2025, one of the Company’s directors, Earl A.
We have experienced times during which acquisitions could not be made in specific markets at prices our management considered acceptable and expect that we will experience this condition in the future in one or more markets; ● The acquisition of other entities generally requires integration of systems, procedures and personnel of the acquired entity in order to make the transaction economically feasible.
We have experienced times during which acquisitions could not be made in specific markets at prices our management considered acceptable and expect that we will experience this condition in the future in one or more markets; 52 Table of Contents ● The acquisition of other entities generally requires integration of systems, procedures and personnel of the acquired entity in order to make the transaction economically feasible.
Our total commercial real estate loans exceeded the 300% threshold at December 31, 2024. We may see our non-owner occupied commercial real estate lending grow as a percentage of total regulatory capital, or we may slow the growth of this type of lending activity.
Our total commercial real estate loans exceeded the 300% threshold at December 31, 2025. We may see our non-owner occupied commercial real estate lending grow as a percentage of total regulatory capital, or we may slow the growth of this type of lending activity.
These provisions also could discourage proxy contests and make it more difficult for holders of our common stock to elect directors other than the candidates nominated by our board of directors. Three members of the Turner family may exert substantial influence over the Company through their board and management positions and their ownership of the Company’s stock.
These provisions also could discourage proxy contests and make it more difficult for holders of our common stock to elect directors other than the candidates nominated by our board of directors. 59 Table of Contents Three members of the Turner family may exert substantial influence over the Company through their board and management positions and their ownership of the Company’s stock.
If Great Southern were to cease meeting these conditions, our access to FHLBank advances could be significantly reduced or eliminated. 57 Table of Contents Certain Federal Home Loan Banks, including the Federal Home Loan Bank of Des Moines, have experienced lower earnings from time to time and paid out lower dividends to their members.
If Great Southern were to cease meeting these conditions, our access to FHLBank advances could be significantly reduced or eliminated. Certain Federal Home Loan Banks, including the Federal Home Loan Bank of Des Moines, have experienced lower earnings from time to time and paid out lower dividends to their members.
The contractual term excludes expected extensions, renewals and modifications unless there is a reasonable expectation that a modification will be executed. Additionally, the allowance for credit losses considers other qualitative factors not included in historical loss rates or macroeconomic forecast such as changes in portfolio composition, underwriting practices, or significant unique events or conditions.
The contractual term excludes expected extensions, renewals and modifications unless there is a reasonable expectation that a modification will be executed. Additionally, the allowance for credit 50 Table of Contents losses considers other qualitative factors not included in historical loss rates or macroeconomic forecast such as changes in portfolio composition, underwriting practices, or significant unique events or conditions.
Our commercial and other residential (multi-family) construction, commercial real estate, other residential (multi-family) and other commercial loans accounted for approximately 78.8% of our total loan portfolio as of December 31, 2024. Generally, we consider these types of loans to involve a higher degree of risk compared to first mortgage loans on one- to four-family, owner-occupied residential properties.
Our commercial and other residential (multi-family) construction, commercial real estate, other residential (multi-family) and other commercial loans accounted for approximately 78.3% of our total loan portfolio as of December 31, 2025. Generally, we consider these types of loans to involve a higher degree of risk compared to first mortgage loans on one- to four-family, owner-occupied residential properties.
In the second half of 2023 and into 2024, inflation measures moderated but were still higher than levels targeted by the FRB. Small to medium-sized businesses may be impacted more during periods of high inflation, as they are not able to leverage economies of scale to mitigate cost pressures compared to larger businesses.
In 2024 and 2025, inflation measures moderated but were still higher than levels targeted by the FRB. Small to medium-sized businesses may be impacted more during periods of high inflation, as they are not able to leverage economies of scale to mitigate cost pressures compared to larger businesses.
Steinert, beneficially owned 939,596 shares of our common stock (excluding 4,000 shares underlying stock options exercisable as of or within 60 days after that date), representing approximately 8.0% of total shares outstanding.
Steinert, beneficially owned 939,596 shares of our common stock (excluding 6,000 shares underlying stock options exercisable as of or within 60 days after that date), representing approximately 8.5% of total shares outstanding.
At December 31, 2024, approximately $781.4 million, or 16.4%, of our loan portfolio consisted of loans for apartments and other types of commercial real estate properties in the St. Louis metropolitan area. Also, we have a significant amount of loans to borrowers in or secured by properties in Texas, primarily through our commercial loan production office in Dallas.
At December 31, 2025, approximately $709.3 million, or 16.0%, of our loan portfolio consisted of loans for apartments and other types of commercial real estate properties in the St. Louis metropolitan area. Also, we have a significant amount of loans to borrowers in or secured by properties in Texas, primarily through our commercial loan production office in Dallas.
Recently enacted, proposed and future legislation and regulations have had, will continue to have, or may have an adverse effect on our business and operations. Our success depends on our continued ability to maintain compliance with the various regulations to which we are subject.
We are subject to extensive federal and state legislation, regulation, examination and supervision. Recently enacted, proposed and future legislation and regulations have had, will continue to have, or may have an adverse effect on our business and operations. Our success depends on our continued ability to maintain compliance with the various regulations to which we are subject.
In addition, a substantial portion of our loans (approximately 63% of our total loan portfolio as of December 31, 2024) have adjustable rates of interest.
In addition, a substantial portion of our loans (approximately 66% of our total loan portfolio as of December 31, 2025) have adjustable rates of interest.
A borrower’s ability to make a balloon payment typically will depend on being able to either refinance the loan or complete a timely sale of the underlying property. 54 Table of Contents We plan to continue to originate commercial real estate and construction loans based on economic and market conditions.
A borrower’s ability to make a balloon payment typically will depend on being able to either refinance the loan or complete a timely sale of the underlying property. 49 Table of Contents We plan to continue to originate commercial real estate and construction loans, including other residential (multi-family) loans, subject to economic and market conditions.
At December 31, 2024, the Bank owned $18.5 million of stock in the FHLBank of Des Moines, which declared and paid an annualized dividend approximating 9.50% during the fourth quarter of 2024.
At December 31, 2025, the Bank owned $18.4 million of stock in the FHLBank of Des Moines, which declared and paid an annualized dividend approximating 9.75% during the fourth quarter of 2025.
At December 31, 2024, approximately $372.0 million, or 7.8%, of our loan portfolio consisted of loans to borrowers in or secured by properties in the Springfield metropolitan area. ​ In addition to the concentrations in the southwest Missouri area, we now have our largest concentration of loans to borrowers in or secured by properties in the St. Louis metropolitan area.
At December 31, 2025, approximately $369.9 million, or 8.3%, of our loan portfolio consisted of loans to borrowers in or secured by properties in the Springfield metropolitan area. ​ In addition to the concentrations in the southwest Missouri area, we now have our largest concentration of loans to borrowers in or secured by properties in the St. Louis metropolitan area.
At December 31, 2024, approximately $586.4 million, or 12.3%, of our loan portfolio consisted of loans primarily for various types of commercial real estate in Texas. 52 Table of Contents With the FDIC-assisted transactions that were completed in 2009-2014, we have additional concentrations of loans in the Minneapolis metropolitan area and in Western, Eastern and Central Iowa.
At December 31, 2025, approximately $500.7 million, or 11.3%, of our loan portfolio consisted of loans primarily for various types of commercial real estate in Texas. With the FDIC-assisted transactions that were completed in 2009-2014, we have additional concentrations of loans in the Minneapolis metropolitan area and in Western, Eastern and Central Iowa.
For purposes of this guidance, “commercial real estate” includes, among other types, other residential (multi-family) loans and non-owner occupied nonresidential loans, two categories which have been a source of loan growth for the Company.
Business – Government Supervision and Regulation – Guidance on Commercial Real Estate Concentrations”). For purposes of this guidance, “commercial real estate” includes, among other types, other residential (multi-family) loans and non-owner occupied nonresidential loans, two categories which have been a source of loan growth for the Company.
As of December 31, 2024, they also collectively beneficially owned approximately 2,089,498 shares of the Company’s common stock (excluding 82,402 shares underlying stock options exercisable as of or within 60 days after that date), representing approximately 17.8% of total shares outstanding, though they are subject to the voting limitation provision in our charter which precludes any person or group with beneficial ownership in excess of 10% of total shares outstanding from voting shares in excess of that threshold.
As of December 31, 2025, they also collectively beneficially owned approximately 2,090,242 shares of the Company’s common stock (excluding 99,826 shares underlying stock options exercisable as of or within 60 days after that date), representing approximately 18.9% of total shares outstanding, though they are subject to the voting limitation provision in our charter which precludes any person or group with beneficial ownership in excess of 10% of total shares outstanding from voting shares in excess of that threshold.
At December 31, 2024, including completed projects and those under construction, we had $1.75 billion of loans secured by apartments, $348.6 million of loans secured by retail-related projects, $288.4 million of loans secured by warehouse facilities, $270.0 million of loans secured by healthcare facilities, $269.0 million of loans secured by motels/hotels and $196.1 million of loans secured by office facilities, which are particularly sensitive to certain risks, including the following: ● large loan balances owed by a single borrower; ● payments that are dependent on the successful operation of the project; and ● loans that are more directly impacted by adverse conditions in the real estate market or the economy generally.
At December 31, 2025, including completed projects and those under construction, we had $1.52 billion of loans secured by apartments, $336.5 million of loans secured by warehouse facilities, $314.1 million of loans secured by motels/hotels, $297.1 million of loans secured by retail-related projects, $249.0 million of loans secured by healthcare facilities, and $172.7 million of loans secured by office facilities, which are particularly sensitive to certain risks, including the following: ● large loan balances owed by a single borrower; ● payments that are dependent on the successful operation of the project; and ● loans that are more directly impacted by adverse conditions in the real estate market or the economy generally.
If the Company or the Bank fails to meet these minimum capital guidelines and other regulatory requirements, our financial condition and results of operations could be materially and adversely affected and could compromise the status of the Company as a financial holding company.
If the Company or the Bank fails to meet these minimum capital guidelines and other regulatory requirements, our financial condition and results of operations could be materially and adversely affected and could compromise the status of the Company as a financial holding company. See “Item 1.-The Company -Government Supervision and Regulation” in this Report.
Our brokered deposits and term FHLBank advances totaled $772.1 million and $-0-, respectively, at December 31, 2024, compared with $661.5 million and $-0-, respectively, at December 31, 2023. We had overnight borrowings from the FHLBank of $333.0 million and $251.0 million at December 31, 2024 and 2023, respectively.
Our brokered deposits and term FHLBank advances totaled $663.4 million and $-0-, respectively, at December 31, 2025, compared with $772.1 million and $-0-, respectively, at December 31, 2024. We had overnight borrowings from the FHLBank of $333.0 and $330.0 million at December 31, 2025 and 2024, respectively.
The shares that can be voted by the Turner family members (1,172,355 shares as of December 31, 2024, per the ten percent voting limitation in our charter) and the shares beneficially owned by Mr. Steinert (939,596) total 2,111,951, representing approximately 18.0% of total shares outstanding.
The shares that can be voted by the Turner family members (1,106,225 shares as of December 31, 2025, per the ten percent voting limitation in our charter) and the shares beneficially owned by Mr. Steinert (939,596) total 2,045,821, representing approximately 18.5% of total shares outstanding.
At December 31, 2024, approximately $354.7 million, or 7.4%, and $355.3 million, or 7.4%, of our loan portfolio consisted of loans primarily for various types of commercial real estate in Minnesota and Iowa, respectively.
At December 31, 2025, approximately $324.1 million, or 7.3%, and $379.0 million, or 8.5%, of our loan portfolio consisted of loans primarily for various types of commercial real estate in Minnesota and Iowa, respectively.
For additional information, see Item 7A. “Quantitative and Qualitative Disclosures About Market Risk.” 56 Table of Contents The fair value of our investment securities can fluctuate due to market conditions outside of our control.
For additional information, see Item 7A. “Quantitative and Qualitative Disclosures About Market Risk.” The fair value of our investment securities can fluctuate due to market conditions outside of our control. Factors beyond our control can significantly influence the fair value of securities in our investment securities portfolio and can cause potential adverse changes to the fair value of these securities.
An economic downturn, sustained high unemployment levels, or stock market volatility may negatively impact our operating results and have a negative effect on the ability of our borrowers to make timely repayments of their loans, increasing the risk of loan defaults and losses.
An economic downturn, sustained high unemployment levels, or stock market volatility may negatively impact our operating results and have a negative effect on the ability of our borrowers to make timely repayments of their loans, increasing the risk of loan defaults and losses. 47 Table of Contents Since our business is primarily concentrated in Missouri, Iowa, Kansas and Minnesota, a significant downturn in these state or local economies, particularly in the St.
Should we be required by regulatory authorities or otherwise elect to raise additional capital, we may seek to do so through the issuance of, among other things, our common stock or securities convertible into our common stock, which could dilute an existing stockholder’s ownership interest in the Company. 58 Table of Contents Our ability to raise additional capital, if needed or desired, will depend on conditions in the capital markets at that time, which are outside our control, and on our financial condition and performance.
Should we be required by regulatory authorities or otherwise elect to raise additional capital, we may seek to do so through the issuance of, among other things, our common stock or securities convertible into our common stock, which could dilute an existing stockholder’s ownership interest in the Company.
Our access to funding sources in amounts adequate to finance our activities could be impaired by factors that affect us specifically or the financial services industry in general. Factors that could negatively affect our access to liquidity sources include a decrease in the level of our business activity due to a market downturn or regulatory action against us.
Factors that could negatively affect our access to liquidity sources include a decrease in the level of our business activity due to a market downturn or regulatory action 51 Table of Contents against us.
Specifically, under regulations adopted by the Federal Reserve Board, (a) any other bank holding company may be required to obtain the approval of the Federal Reserve Board to acquire or retain 5% or more of our common stock and (b) any person other than a bank holding company may be required to obtain the approval of the Federal Reserve Board to acquire or retain 10% or more of our common stock. 64 Table of Contents These provisions may discourage potential takeover attempts, discourage bids for our common stock at a premium over market price or adversely affect the market price of, and the voting and other rights of the holders of, our common stock.
Specifically, under regulations adopted by the Federal Reserve Board, (a) any other bank holding company may be required to obtain the approval of the Federal Reserve Board to acquire or retain 5% or more of our common stock and (b) any person other than a bank holding company may be required to obtain the approval of the Federal Reserve Board to acquire or retain 10% or more of our common stock.
See “Item 1.-The Company -Government Supervision and Regulation” in this Report. 59 Table of Contents 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.
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. The federal banking agencies have issued guidance on sound risk management practices for concentrations in commercial real estate lending (see “Item 1.
Accordingly, we cannot make assurances of our ability to raise additional capital if needed or desired, or on terms that will be acceptable to us.
Our ability to raise additional capital, if needed or desired, will depend on conditions in the capital markets at that time, which are outside our control, and on our financial condition and performance. Accordingly, we cannot make assurances of our ability to raise additional capital if needed or desired, or on terms that will be acceptable to us.
Although we have historically paid cash dividends on our common stock, we are not required to do so and our board of directors could reduce, suspend or eliminate our common stock cash dividend in the future. 63 Table of Contents If we defer payments of interest on our outstanding junior subordinated debt securities or if certain defaults relating to those debt securities occur, we will be prohibited from declaring or paying dividends or distributions on, and from making liquidation payments with respect to, our common stock.
If we defer payments of interest on our outstanding junior subordinated debt securities or if certain defaults relating to those debt securities occur, we will be prohibited from declaring or paying dividends or distributions on, and from making liquidation payments with respect to, our common stock.
Additionally, the responses of various governmental and nongovernmental authorities and consumers to any new or continuing public health issues may have material long-term effects on the Company and its customers, which are difficult to quantify in the near-term or long-term.
Additionally, the responses of various governmental and nongovernmental authorities and consumers to any new or continuing public health issues may have material long-term effects on the Company and its customers, which are difficult to quantify in the near-term or long-term. 48 Table of Contents We could be subject to a number of risks as the result of any such crises, which could have a material adverse effect on our business, financial condition, liquidity and results of operations.
Since our business is primarily concentrated in Missouri, Iowa, Kansas and Minnesota, a significant downturn in these state or local economies, particularly in the St. Louis and Springfield, Missouri areas, may adversely affect our business. We also have originated a significant dollar amount of loans in Texas through our commercial loan production office in Dallas.
Louis and Springfield, Missouri areas, may adversely affect our business. We also have originated a significant dollar amount of loans in Texas through our commercial loan production office in Dallas. A significant downturn in that state’s economy may adversely affect our business. ​ Our lending and deposit gathering activities historically were concentrated primarily in the Springfield and southwest Missouri areas.
If the Company replaces its core operating systems, including those for loans, deposits, financials and other ancillary systems (collectively referred to as core system), such systems conversions entail significant operational risks. The core system is used to track customer relationships and accounts and report financial information for the Company.
The Company is subject to significant risk if, in the future, it chooses to convert its core or other operating systems and may encounter significant adverse developments. If the Company replaces its core operating systems, including those for loans, deposits, financials and other ancillary systems (collectively referred to as core system), such systems conversions entail significant operational risks.
Although we believe the economy in these areas has recently been favorable relative to other areas, we do not know whether these conditions will continue. Until the past several years, our greatest concentration of loans and deposits has traditionally been in the greater Springfield area.
Our success continues to depend heavily on general economic conditions in Springfield and the surrounding areas. Although we believe the economy in these areas has recently been favorable relative to other areas, we do not know whether these conditions will continue.
Such events could also affect the stability of our deposit base, cause significant property damage, adversely affect our employees, adversely impact the values of collateral securing our loans and/or interfere with our borrowers’ abilities to repay their debt obligations to us. 53 Table of Contents Climate change and related legislative and regulatory initiatives may result in operational changes and expenditures that could significantly impact our business.
There is no assurance that our business continuity and disaster recovery program can adequately mitigate these risks. Such events could also affect the stability of our deposit base, cause significant property damage, adversely affect our employees, adversely impact the values of collateral securing our loans and/or interfere with our borrowers’ abilities to repay their debt obligations to us.
These measures may result in the imposition of taxes and fees and the implementation of operational changes, each of which may require us to incur significant compliance, operating and other costs. ​ 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.
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.
Operational risks also arise from potential system failures, over-reliance on AI, and integration challenges with existing infrastructure. Disruptions in AI systems could impact critical functions such as fraud detection, transaction monitoring, and customer support.
Operational risks also arise from potential system failures, over-reliance on AI, and integration challenges with existing infrastructure.
The core system is integrated with various other applications that are used to service customer requests by Bank personnel or directly by customers (such as online banking and mobile applications). Changing the core system would subject the Company to operational risks during and after the conversion, including disruptions to its technology systems, which may adversely impact our customers.
The core system is used to track customer relationships and accounts and report financial information for the Company. The core system is integrated with various other applications that are used to service customer requests by Bank personnel or directly by customers (such as online banking and mobile applications).
The Company has plans, policies and procedures designed to prevent or limit the risks of a failure during or after the conversion of our core systems. However, there can be no assurance that any such adverse developments will not occur or, if they do occur, that they will be timely and adequately remediated.
However, there can be no assurance that any such adverse developments will not occur or, if they do occur, that they will be timely and adequately remediated.
With a population of approximately 491,000, the greater Springfield area is the third largest metropolitan area in Missouri.
Until the past several years, our greatest concentration of loans and deposits has traditionally been in the greater Springfield area. With a population of approximately 497,000, the greater Springfield area is the third largest metropolitan area in Missouri.
We also experience competition from a variety of institutions outside of our market areas. Some of these institutions conduct business primarily over the Internet and may thus be able to realize certain cost savings and offer products and services at more favorable rates and with greater convenience to the customer.
Some of these institutions conduct business primarily over the Internet and may thus be able to realize certain cost savings and offer products and services at more favorable rates and with greater convenience to the customer. 53 Table of Contents Risks Relating to Regulation Our business may be adversely affected by the highly regulated environment in which we operate, including the various capital adequacy guidelines we are required to meet.
Ethical and reputational risks, including unintended consequences or perceived unfairness in AI-driven decisions, may erode customer trust and expose us to regulatory scrutiny. 60 Table of Contents Mitigating these risks requires a robust governance framework, regularly testing and auditing of AI models, and strong human oversight.
Disruptions in AI systems could impact critical functions such as fraud detection, transaction monitoring, and customer support. 55 Table of Contents Ethical and reputational risks, including unintended consequences or perceived unfairness in AI-driven decisions, may erode customer trust and expose us to regulatory scrutiny.
We expect to continue to utilize FHLBank advances and overnight borrowings and brokered deposits from time to time as a supplemental funding source. In January 2024, the Bank borrowed $180.0 million under the Federal Reserve Bank’s BTFP. The borrowing matured and was repaid in January 2025.
We expect to continue to utilize FHLBank advances and overnight borrowings and brokered deposits from time to time as a supplemental funding source. Bank regulators can restrict our access to these sources of funds in certain circumstances.
Risks Relating to Technology and Cybersecurity and Other Operational Matters Our exposure to operational risks may adversely affect us.
As a result, navigating this evolving regulatory and public opinion landscape may require us to balance compliance with regulatory requirements against maintaining investor, customer, and stakeholder trust. Risks Relating to Technology and Cybersecurity and Other Operational Matters Our exposure to operational risks may adversely affect us.
Removed
A significant downturn in that state’s economy may adversely affect our business. ​ Our lending and deposit gathering activities historically were concentrated primarily in the Springfield and southwest Missouri areas. Our success continues to depend heavily on general economic conditions in Springfield and the surrounding areas.
Added
This risk is affected by, among other things: ● cash flows of the borrower and/or the project being financed; ● in the case of a collateralized loan, the changes and uncertainties as to the future value of the collateral; ● the credit history of a particular borrower; ● changes in economic and industry conditions; and ● the duration of the loan.
Removed
We could be subject to a number of risks as the result of any such crises, which could have a material adverse effect on our business, financial condition, liquidity and results of operations.
Added
Our access to funding sources in amounts adequate to finance our activities could be impaired by factors that affect us specifically or the financial services industry in general.
Removed
There is no assurance that our business continuity and disaster recovery program can adequately mitigate these risks.
Added
We also experience competition from a variety of institutions outside of our market areas.
Removed
The current and anticipated effects of climate change are creating an increasing level of concern for the state of the global environment. As a result, political and social attention to the issue of climate change has increased. In recent years, governments across the world have entered into international agreements relating to climate change. The U.S.
Added
Climate change and related legislative and regulatory initiatives may materially affect the Company's business and results of operations. The effects of climate change continue to raise significant concerns about the state of the environment.
Removed
Congress, state legislatures and federal and state regulatory agencies have continued to propose and advance numerous legislative and regulatory initiatives seeking to mitigate the effects of climate change.
Added
Federal and state policy approaches to climate change continue to evolve, and changes in legislative or regulatory priorities could alter the requirements and expectations placed on businesses, including banks, to address climate-related risks.
Removed
Such initiatives are expected to continue, including potentially increasing supervisory expectations with respect to banks’ risk management practices and credit portfolio concentrations based on climate-related factors, as well as encouraging investment by banks in climate-related initiatives and lending to communities disproportionately impacted by the effects of climate change.
Added
The lack of empirical data regarding the financial and credit risks posed by climate change makes it difficult to predict its specific impact on our financial condition and results of operations. However, the physical effects of climate change, such as more frequent and severe weather disasters, could directly affect us.
Removed
Factors beyond our control can significantly influence the fair value of securities in our investment securities portfolio and can cause potential adverse changes to the fair value of these securities.
Added
For instance, such events may damage real property securing loans in our portfolio or reduce the value of that collateral. If our borrower’s insurance is insufficient to cover these losses or if insurance becomes unavailable, the value of collateral securing our loans could be negatively affected, potentially impacting our financial condition and results of operations.
Removed
The line was secured primarily by the Bank’s held-to-maturity investment securities, with assets pledged totaling approximately $188 million as of December 31, 2024. Bank regulators can restrict our access to these sources of funds in certain circumstances.
Added
Moreover, climate change may adversely affect regional and local economic activity, harming our customers and 54 Table of Contents the communities in which we operate. Regardless of changes in federal policy, the effects of climate change and their unknown long-term impacts could still have a material adverse effect on our financial condition and results of operations.
Removed
Risks Relating to Regulation Our business may be adversely affected by the highly regulated environment in which we operate, including the various capital adequacy guidelines we are required to meet. We are subject to extensive federal and state legislation, regulation, examination and supervision.
Added
Scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices may impose additional costs on us or expose us to new or additional risks. In recent years, companies have faced scrutiny from customers, regulators, investors, and other stakeholders related to their environmental, social, and governance (“ESG”) practices and disclosure.
Removed
The federal banking agencies have issued guidance on sound risk management practices for concentrations in commercial real estate lending (see “Item 1. Business-- Government Supervision and Regulation-Guidance on Commercial Real Estate Concentrations”).
Added
Investor advocacy groups, investment funds, and influential investors are also focused on these practices, especially as they relate to the environment, health and safety, diversity, labor conditions, and human rights. ESG-related compliance costs could result in increases to our overall operational costs.
Removed
Investments in cybersecurity, data privacy protections, and employee training are critical to managing these risks. The Company is subject to significant risk if, in the future, it chooses to convert its core or other operating systems and may encounter significant adverse developments.
Added
Failure to adapt to or comply with regulatory requirements, or investor or stakeholder expectations and standards, could negatively impact our reputation, our ability to do business with certain partners, and our stock price.
Added
Recent changes in the regulatory landscape and shifting federal priorities have moved toward a reduction in emphasis on certain ESG priorities, particularly around climate change and diversity, equity, and inclusion (“DEI”). This shift has led to a rollback of regulations that mandate specific disclosures and operational practices in these areas.
Added
However, some stakeholder groups continue to demand greater transparency and action, resulting in a complex and potentially conflicting environment for companies. If regulatory enforcement of ESG-related policies becomes less stringent, companies may face reputational risks if their practices are seen as insufficient or inconsistent with broader societal expectations, especially related to DEI and environmental stewardship.
Added
Mitigating these risks requires a robust governance framework, regularly testing and auditing of AI models, and strong human oversight. Investments in cybersecurity, data privacy protections, and employee training are critical to managing these risks.
Added
Changing the core system would subject the Company to operational risks during and after the conversion, including disruptions to its technology systems, which may adversely impact our customers. The Company has plans, policies and procedures designed to prevent or limit the risks of a failure during or after the conversion of our core systems.
Added
Although we have historically paid cash dividends on our common stock, we are not required to do so and our board of directors could reduce, suspend or eliminate our common stock cash dividend in the future.
Added
These provisions may discourage potential takeover attempts, discourage bids for our common stock at a premium over market price or adversely affect the market price of, and the voting and other rights of the holders of, our common stock.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

5 edited+0 added−1 removed4 unchanged
Biggest changeOversight and Identification of Risks Associated with Third Parties Third Party Risk Management, a component of IT Risk Management, reviews new vendors prior to onboarding to oversee and identify potential risks and performs ongoing monitoring of emerging risks related to third-party service providers.
Biggest changeEngagement of Third Parties The Company utilizes third parties for some cybersecurity services, including but not limited to managed security services, external and internal penetration testing, social engineering tests, third party risk reviews and tabletop exercises. 60 Table of Contents Oversight and Identification of Risks Associated with Third Parties Third Party Risk Management, a component of IT Risk Management, reviews new vendors prior to onboarding to oversee and identify potential risks and performs ongoing monitoring of emerging risks related to third-party service providers.
The ISSC is chaired by the Managing Director of Information Security, who has 18 years of information technology (IT) and information security experience in the financial services industry. Key metrics are monitored on an ongoing basis by the IT Risk Management and IT Security teams, with oversight by the ISSC.
The ISSC is chaired by the Managing Director of Information Security, who has 19 years of information technology (IT) and information security experience in the financial services industry. Key metrics are monitored on an ongoing basis by the IT Risk Management and IT Security teams, with oversight by the ISSC.
ITEM 1C. CYBERSECURITY Cybersecurity and Risk Management The Company’s cybersecurity risk management processes are integrated into the overall risk management process managed by the Chief Risk Officer through reporting of cyber risks to the Information Security Steering Committee (ISSC). The cybersecurity risk management processes will be transitioned under the Chief Information Officer’s division for the 2025 year.
ITEM 1C. CYBERSECURITY Cybersecurity and Risk Management The Company’s cybersecurity risk management processes are integrated into the overall risk management process managed by the Chief Information Officer through reporting of cyber risks to the Information Security Steering Committee (ISSC).
The Company maintains an Incident Response Plan (IRP) that covers response and remediation processes for managing cybersecurity incidents. The Incident Response Team (IRT) members include senior management and other relevant personnel, with defined roles and responsibilities. IRP metrics related to monitoring and detection are presented to the ISSC and reported to the board.
The Incident Response Team (IRT) members include senior management and other relevant personnel, with defined roles and responsibilities. IRP metrics related to monitoring and detection are presented to the ISSC and reported to the board. The IRT is notified of all incidents, and incidents are elevated to the board when warranted.
IT Risk Management performs regular information security-focused risk assessments, including but not limited to assessments based on the Center for Information Security Controls Self-Assessment Tool and Ransomware Self-Assessment Tool aligned to the Federal Financial Institutions Examination Council standards. IT Risk Management maintains processes for prevention, detection, and mitigation of cybersecurity incidents.
IT Risk Management performs regular information security-focused risk assessments aligned to the Federal Financial Institutions Examination Council standards. IT Risk Management maintains processes for prevention, detection, and mitigation of cybersecurity incidents. The Company maintains an Incident Response Plan (IRP) that covers response and remediation processes for managing cybersecurity incidents.
Removed
The IRT is notified of all incidents, and incidents are elevated to the board when warranted. 65 Table of Contents Engagement of Third Parties The Company utilizes third parties for some cybersecurity services, including but not limited to managed security services, external and internal penetration testing, social engineering tests, third party risk reviews and tabletop exercises.

Item 2. Properties

Properties — owned and leased real estate

4 edited+2 added−0 removed1 unchanged
Biggest changeThe aggregate net book value of the Company’s premises and equipment was $132.5 million and $138.6 million at December 31, 2024 and 2023, respectively. See also Note 5 of the accompanying audited financial statements, which are included in Item 8 of this Report. ​ ​ 66 Table of Contents
Biggest changeThe aggregate net book value of the Company’s premises and equipment was $133.3 million and $132.5 million at December 31, 2025 and 2024, respectively. See also Note 5 of the accompanying audited financial statements, which are included in Item 8 of this Report.
ITEM 2. PROPERTIES. ​ The Company’s corporate offices and operations center are located in Springfield, Missouri. At December 31, 2024, the Company operated 89 retail banking centers and over 200 automated teller machines (“ATMs”) in Missouri, Iowa, Minnesota, Kansas, Nebraska and Arkansas.
ITEM 2. PROPERTIES. ​ The Company’s corporate offices and operations center are located in Springfield, Missouri. At December 31, 2025, the Company operated 89 retail banking centers and over 200 automated teller machines (“ATMs”) in Missouri, Iowa, Minnesota, Kansas, Nebraska and Arkansas.
Louis and Kansas City, Missouri metropolitan areas. The ATMs are located at various banking centers and primarily convenience stores and retail centers located throughout southwest and central Missouri. At December 31, 2024, the Company also operated seven commercial loan production offices and one mortgage loan production office.
Louis and Kansas City, Missouri metropolitan areas. The ATMs are located at various banking centers and primarily convenience stores and retail centers throughout southwest and central Missouri. At December 31, 2025, the Company also operated seven commercial loan production offices and one mortgage loan production office.
Of the 90 banking centers, the Company owns 86 of its locations and four were leased for various terms. The majority of our banking center locations are in southwest and central Missouri, including the Springfield, Missouri metropolitan area, with additional concentrations in the Sioux City, Iowa; Des Moines, Iowa; Quad Cities, Iowa; Minneapolis; St.
Of the 89 banking centers, the Company owns 85 of its locations and four were leased for various terms. The majority of our banking center locations are in southwest and central Missouri, including the Springfield, Missouri metropolitan area, with additional concentrations in the Sioux City, Iowa; Des Moines, Iowa; Quad Cities, Iowa; Minneapolis; St.
Added
In January 2026, the Company consolidated operations of its leased Edina, Minn., banking center, located at 3400 W. 66th St., in Edina, Minn., with its banking center at 10880 175th Court in Lakeville, Minn.
Added
In the first half of 2026, the Company expects to transition its banking center located at 4700 Mid Rivers Mall Dr. in Cottleville, Mo., to its second drive-thru Express Center location. See “Business Initiatives” section for further discussion of the Company’s banking center changes. ​

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

0 edited+3 added−3 removed2 unchanged
Removed
Great Southern has previously reported certain issues and contractual disputes regarding its proposed conversion to a new core banking platform to be delivered by a third-party vendor. This ultimately led to Great Southern terminating the Master Agreement with the third-party vendor and initiating litigation against them, with the third-party vendor filing a counterclaim against Great Southern.
Added
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 court required the plaintiffs to file an amended petition, which they did in October 2025.
Removed
In December 2024, an agreement in principle was reached between Great Southern and the third-party vendor whereby the Master Agreement would be terminated and the parties’ card servicing agreement would be continued and expanded. Great Southern recorded a $2.0 million accrued expense for 2024 in connection with these developments.
Added
The Bank has responded to the amended petition by filing a motion to dismiss on various grounds. The plaintiffs allege a breach of 61 Table of Contents fiduciary duty in this matter. At this stage of the proceeding, it is not possible to predict the outcome.
Removed
However, at this time, no assurance can be given as to when or whether final agreements will be executed and a full settlement of the matter will be achieved. ​ ITEM 4. MINE SAFETY DISCLOSURES Not applicable. ​
Added
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. ​ ITEM 4. MINE SAFETY DISCLOSURES Not applicable. ​

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

4 edited+2 added−0 removed1 unchanged
Biggest changeAs indicated below, the Company repurchased the following shares of its common stock during the three months ended December 31, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Number Maximum ​ ​ ​ ​ ​ ​ ​ of Shares ​ Number of ​ ​ Total Number ​ ​ Average ​ Purchased as ​ Shares that May ​ ​ of Shares ​ ​ Price ​ Part of Publicly ​ Yet Be Purchased ​ ​ Purchased ​ ​ Per Share ​ Announced Program ​ Under the Program (1) October 1, 2024 – October 31, 2024 4,100 $ 56.325 4,100 483,679 November 1, 2024 – November 30, 2024 5,500 ​ 56.838 5,500 478,179 December 1, 2024 – December 31, 2024 34,950 ​ 61.814 34,950 443,229 ​ 44,550 ​ 60.694 44,550 ​ ​ (1) Amount represents the number of shares available to be repurchased under the then-current program as of the last calendar day of the month shown. 68 Table of Contents ITEM 6.
Biggest changeThe following table provides information regarding the Company’s repurchases of its common stock during the three months ended December 31, 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Number ​ ​ ​ Maximum ​ ​ ​ ​ ​ ​ ​ of Shares ​ Number of ​ ​ Total Number ​ ​ Average ​ Purchased as ​ Shares that May ​ ​ of Shares ​ ​ Price ​ Part of Publicly ​ Yet Be Purchased ​ ​ Purchased ​ ​ Per Share ​ Announced Program ​ Under the Program (1) October 1, 2025 – October 31, 2025 72,000 $ 58.731 72,000 856,771 November 1, 2025 – November 30, 2025 116,019 ​ 58.163 116,019 740,752 December 1, 2025 – December 31, 2025 53,282 ​ 62.680 53,282 687,470 ​ 241,301 ​ 59.330 241,301 ​ ​ (1) Amount represents the number of shares available to be repurchased under the then-current program as of the last calendar day of the month shown. 63 Table of Contents ITEM 6.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. Market Information The Company’s common stock is listed on The NASDAQ Global Select Market under the symbol “GSBC.” As of December 31, 2024, there were 11,723,548 total shares of common stock outstanding and approximately 2,000 stockholders of record.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. Market Information The Company’s common stock is listed on The NASDAQ Global Select Market under the symbol “GSBC.” As of December 31, 2025, there were 11,062,252 total shares of common stock outstanding and approximately 2,000 stockholders of record.
Business – Government Supervision and Regulation – Dividends.” Stock Repurchases On December 21, 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 does not have an expiration date.
Business – Government Supervision and Regulation – Dividends.” 62 Table of Contents Stock Repurchases 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.
The authorization of this program became effective in April 2023, upon completion of the previously authorized repurchase program. 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.
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.
Added
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.
Added
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 previously authorized repurchase program.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

1 edited+0 added−0 removed0 unchanged
Biggest changeITEM 6. ​ [RESERVED] ​ 69 ITEM 7. ​ MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ​ 69 ITEM 7A. ​ QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ​ 108 ITEM 8. ​ FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA ​ 113
Biggest changeITEM 6. ​ [RESERVED] ​ 64 ITEM 7. ​ MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ​ 64 ITEM 7A. ​ QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ​ 101 ITEM 8. ​ FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA ​ 106

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

251 edited+97 added−111 removed127 unchanged
Biggest change“Financial Statements and Supplementary Information.” Results for past periods are not necessarily indicative of results that may be expected for any future period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 2022 2021 2020 ​ (Dollars In Thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Summary Statement of Financial Condition Information: ​ ​ ​ ​ ​ Assets ​ $ 5,981,628 ​ $ 5,812,402 ​ $ 5,680,702 ​ $ 5,449,944 ​ $ 5,526,420 Loans receivable, net ​ 4,697,330 ​ 4,595,469 ​ 4,511,647 ​ 4,016,235 ​ 4,314,584 Allowance for credit losses on loans ​ 64,760 ​ 64,670 ​ 63,480 ​ 60,754 ​ 55,743 Available-for-sale securities ​ 533,373 ​ 478,207 ​ 490,592 ​ 501,032 ​ 414,933 Held-to-maturity securities ​ ​ 187,433 ​ ​ 195,023 ​ ​ 202,495 ​ ​ — ​ ​ — Other real estate and repossessions, net ​ 5,993 ​ 23 ​ 233 ​ 2,087 ​ 1,877 Deposits ​ 4,605,549 ​ 4,721,708 ​ 4,684,910 ​ 4,552,101 ​ 4,516,903 Total borrowings and other interest- bearing liabilities ​ 679,341 ​ 423,806 ​ 366,481 ​ 238,713 ​ 339,863 Stockholders’ equity (retained earnings substantially restricted) ​ 599,568 ​ 571,829 ​ 533,087 ​ 616,752 ​ 629,741 Common stockholders’ equity ​ 599,568 ​ 571,829 ​ 533,087 ​ 616,752 ​ 629,741 Average loans receivable ​ 4,716,533 ​ 4,631,856 ​ 4,386,042 ​ 4,274,176 ​ 4,399,259 Average total assets ​ 5,886,214 ​ 5,719,196 ​ 5,519,790 ​ 5,502,356 ​ 5,323,426 Average deposits ​ 4,681,660 ​ 4,754,310 ​ 4,607,363 ​ 4,539,740 ​ 4,330,271 Average stockholders’ equity ​ 585,960 ​ 550,920 ​ 565,173 ​ 627,516 ​ 622,437 Number of deposit accounts ​ 228,885 ​ 230,697 ​ 232,688 ​ 229,942 ​ 229,470 Number of full-service offices ​ 89 ​ 90 ​ 92 ​ 93 ​ 94 ​ 69 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2024 2023 2022 2021 2020 ​ ​ (In Thousands) Summary Statement of Income Information: ​ ​ ​ ​ ​ Interest income: ​ ​ ​ ​ ​ Loans ​ $ 297,176 ​ $ 271,952 ​ $ 205,751 ​ $ 186,269 ​ $ 204,964 Investment securities and other ​ 27,522 ​ 24,883 ​ 21,226 ​ 12,404 ​ 12,739 ​ ​ 324,698 ​ 296,835 ​ 226,977 ​ 198,673 ​ 217,703 Interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ 109,705 ​ 88,757 ​ 20,676 ​ 13,102 ​ 32,431 Securities sold under reverse repurchase agreements ​ 1,407 ​ 1,205 ​ 324 ​ 37 ​ 31 Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities ​ 18,222 ​ 7,500 ​ 1,066 ​ — ​ 644 Subordinated debentures issued to capital trust ​ 1,798 ​ 1,736 ​ 875 ​ 448 ​ 628 Subordinated notes ​ 4,423 ​ 4,422 ​ 4,422 ​ 7,165 ​ 6,831 ​ ​ 135,555 ​ 103,620 ​ 27,363 ​ 20,752 ​ 40,565 Net interest income ​ 189,143 ​ 193,215 ​ 199,614 ​ 177,921 ​ 177,138 Provision (credit) for credit losses on loans ​ 1,700 ​ 2,250 ​ 3,000 ​ (6,700) ​ 15,871 Provision (credit) for unfunded commitments ​ ​ 1,016 ​ ​ (5,329) ​ ​ 3,187 ​ ​ 939 ​ ​ — Net interest income after provision (credit) for credit losses and provision (credit) for unfunded commitments ​ 186,427 ​ 196,294 ​ 193,427 ​ 183,682 ​ 161,267 Non-interest income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commissions ​ 1,227 ​ 1,153 ​ 1,208 ​ 1,263 ​ 892 Overdraft and insufficient funds fees ​ 5,140 ​ 7,617 ​ 7,872 ​ 6,686 ​ 6,481 POS and ATM fee income and service charges ​ 13,586 ​ 14,346 ​ 15,705 ​ 15,029 ​ 12,203 Net gain on loan sales ​ 3,779 ​ 2,354 ​ 2,584 ​ 9,463 ​ 8,089 Net realized gain (loss) on sales of available-for-sale securities ​ — ​ — ​ (130) ​ — ​ 78 Late charges and fees on loans ​ 512 ​ 786 ​ 1,182 ​ 1,434 ​ 1,419 Gain (loss) on derivative interest rate products ​ (58) ​ (337) ​ 321 ​ 312 ​ (264) Other income ​ 6,379 ​ 4,154 ​ 5,399 ​ 4,130 ​ 6,152 ​ ​ 30,565 ​ 30,073 ​ 34,141 ​ 38,317 ​ 35,050 Non-interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Salaries and employee benefits ​ 78,599 ​ 78,521 ​ 75,300 ​ 70,290 ​ 70,810 Net occupancy and equipment expense ​ 32,118 ​ 30,834 ​ 28,471 ​ 29,163 ​ 27,582 Postage ​ 3,329 ​ 3,590 ​ 3,379 ​ 3,164 ​ 3,069 Insurance ​ 4,622 ​ 4,542 ​ 3,197 ​ 3,061 ​ 2,405 Advertising ​ 3,124 ​ 3,396 ​ 3,261 ​ 3,072 ​ 2,631 Office supplies and printing ​ 1,008 ​ 1,057 ​ 867 ​ 848 ​ 1,016 Telephone ​ 2,772 ​ 2,730 ​ 3,170 ​ 3,458 ​ 3,794 Legal, audit and other professional fees ​ 5,399 ​ 7,086 ​ 6,330 ​ 6,555 ​ 2,378 Expense (income) on other real estate and repossessions ​ (304) ​ 311 ​ 359 ​ 627 ​ 2,023 Acquired intangible asset amortization ​ 433 ​ 286 ​ 768 ​ 863 ​ 1,154 Other operating expenses ​ 10,395 ​ 8,670 ​ 8,264 ​ 6,534 ​ 6,363 ​ ​ 141,495 ​ 141,023 ​ 133,366 ​ 127,635 ​ 123,225 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before income taxes ​ 75,497 ​ 85,344 ​ 94,202 ​ 94,364 ​ 73,092 Provision for income taxes ​ 13,690 ​ 17,544 ​ 18,254 ​ 19,737 ​ 13,779 Net income ​ $ 61,807 ​ $ 67,800 ​ $ 75,948 ​ $ 74,627 ​ $ 59,313 ​ 70 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At or For the Year Ended December 31, ​ 2024 2023 2022 2021 2020 ​ ​ (Number of Shares In Thousands) Performance Data and Ratios: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Common Share Data: ​ ​ ​ ​ ​ ​ Basic earnings per common share ​ $ 5.28 ​ $ 5.65 ​ $ 6.07 ​ $ 5.50 ​ $ 4.22 ​ Diluted earnings per common share ​ 5.26 ​ 5.61 ​ 6.02 ​ 5.46 ​ 4.21 ​ Cash dividends declared ​ 1.60 ​ 1.60 ​ 1.56 ​ 1.40 ​ 2.36 ​ Book value per common share ​ 51.14 ​ 48.44 ​ 43.58 ​ 46.98 ​ 45.79 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average shares outstanding ​ 11,695 ​ 11,992 ​ 12,517 ​ 13,558 ​ 14,043 ​ Year-end actual shares outstanding ​ 11,724 ​ 11,804 ​ 12,231 ​ 13,128 ​ 13,753 ​ Average fully diluted shares outstanding ​ 11,755 ​ 12,080 ​ 12,607 ​ 13,674 ​ 14,104 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings Performance Ratios: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Return on average assets(1) ​ 1.05 % 1.19 % 1.38 % 1.36 % 1.11 % Return on average stockholders’ equity(2) ​ 10.55 ​ 12.31 ​ 13.44 ​ 11.89 ​ 9.53 ​ Non-interest income to average total assets ​ 0.52 ​ 0.53 ​ 0.62 ​ 0.70 ​ 0.66 ​ Non-interest expense to average total assets ​ 2.40 ​ 2.47 ​ 2.42 ​ 2.32 ​ 2.31 ​ Average interest rate spread(3) ​ 2.76 ​ 2.97 ​ 3.59 ​ 3.22 ​ 3.23 ​ Year-end interest rate spread ​ 2.86 ​ 2.78 ​ 3.63 ​ 3.20 ​ 3.08 ​ Net interest margin(4) ​ 3.42 ​ 3.57 ​ 3.80 ​ 3.37 ​ 3.49 ​ Efficiency ratio(5) ​ 64.40 ​ 63.16 ​ 57.05 ​ 59.03 ​ 58.07 ​ Net overhead ratio(6) ​ 1.88 ​ 1.94 ​ 1.80 ​ 1.62 ​ 1.66 ​ Common dividend pay-out ratio(7) ​ 30.42 ​ 28.52 ​ 25.91 ​ 25.64 ​ 56.06 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Quality Ratios (8): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses/year-end loans ​ 1.36 % 1.39 % 1.39 % 1.49 % 1.32 % Non-performing assets/year-end loans and foreclosed assets ​ 0.20 ​ 0.25 ​ 0.08 ​ 0.15 ​ 0.09 ​ Allowance for credit losses/non-performing loans ​ 1,812.48 ​ 550.48 ​ 1,729.69 ​ 1,120.31 ​ 1,831.86 ​ Net charge-offs/average loans ​ 0.03 ​ 0.02 ​ 0.01 ​ 0.00 ​ 0.01 ​ Gross non-performing assets/year end assets ​ 0.16 ​ 0.20 ​ 0.07 ​ 0.11 ​ 0.07 ​ Non-performing loans/year-end loans ​ 0.07 ​ 0.25 ​ 0.08 ​ 0.13 ​ 0.07 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet Ratios: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans to deposits ​ 101.99 % 97.33 % 96.30 % 88.23 % 95.52 % Average interest-earning assets as a percentage of average interest-bearing liabilities ​ 126.98 ​ 131.11 ​ 140.32 ​ 139.94 ​ 132.49 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital Ratios: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average common stockholders’ equity to average assets ​ 10.0 % 9.6 % 10.2 % 11.4 % 11.7 % Year-end tangible common stockholders’ equity to tangible assets(9) ​ 9.9 ​ 9.7 ​ 9.2 ​ 11.2 ​ 11.3 ​ Great Southern Bancorp, Inc.: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tier 1 capital ratio ​ 12.8 ​ 12.4 ​ 11.0 ​ 13.4 ​ 12.7 ​ Total capital ratio ​ 15.4 ​ 15.2 ​ 13.5 ​ 16.3 ​ 17.2 ​ Tier 1 leverage ratio ​ 11.2 ​ 11.0 ​ 10.6 ​ 11.3 ​ 10.9 ​ Common equity Tier 1 ratio ​ 12.3 ​ 11.9 ​ 10.6 ​ 12.9 ​ 12.2 ​ Great Southern Bank: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tier 1 capital ratio ​ 12.6 ​ 13.1 ​ 11.9 ​ 14.1 ​ 13.7 ​ Total capital ratio ​ 13.9 ​ 14.3 ​ 13.1 ​ 15.4 ​ 14.9 ​ Tier 1 leverage ratio ​ 11.0 ​ 11.6 ​ 11.5 ​ 11.9 ​ 11.8 ​ Common equity Tier 1 ratio ​ 12.6 ​ 13.1 ​ 11.9 ​ 14.1 ​ 13.7 ​ (1) Net income divided by average total assets.
Biggest change“Financial Statements and Supplementary Information.” Results for past periods are not necessarily indicative of results that may be expected for any future period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ 2022 ​ ​ ​ 2021 ​ (Dollars In Thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Summary Statement of Financial Condition Information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ $ 5,598,606 ​ $ 5,981,628 ​ $ 5,812,402 ​ $ 5,680,702 ​ $ 5,449,944 Loans receivable, net ​ 4,363,691 ​ 4,697,330 ​ 4,595,469 ​ 4,511,647 ​ 4,016,235 Allowance for credit losses on loans ​ 64,771 ​ 64,760 ​ 64,670 ​ 63,480 ​ 60,754 Available-for-sale securities ​ 523,831 ​ 533,373 ​ 478,207 ​ 490,592 ​ 501,032 Held-to-maturity securities ​ ​ 179,200 ​ ​ 187,433 ​ ​ 195,023 ​ ​ 202,495 ​ ​ — Other real estate and repossessions, net ​ 6,036 ​ 5,993 ​ 23 ​ 233 ​ 2,087 Deposits ​ 4,482,774 ​ 4,605,549 ​ 4,721,708 ​ 4,684,910 ​ 4,552,101 Total borrowings and other interest- bearing liabilities ​ 405,169 ​ 679,341 ​ 423,806 ​ 366,481 ​ 238,713 Stockholders’ equity (retained earnings substantially restricted) ​ 636,126 ​ 599,568 ​ 571,829 ​ 533,087 ​ 616,752 Common stockholders’ equity ​ 636,126 ​ 599,568 ​ 571,829 ​ 533,087 ​ 616,752 Average loans receivable ​ 4,633,992 ​ 4,716,533 ​ 4,631,856 ​ 4,386,042 ​ 4,274,176 Average total assets ​ 5,814,609 ​ 5,886,214 ​ 5,719,196 ​ 5,519,790 ​ 5,502,356 Average deposits ​ 4,679,098 ​ 4,681,660 ​ 4,754,310 ​ 4,607,363 ​ 4,539,740 Average stockholders’ equity ​ 623,749 ​ 585,960 ​ 550,920 ​ 565,173 ​ 627,516 Number of deposit accounts ​ 225,750 ​ 228,885 ​ 230,697 ​ 232,688 ​ 229,942 Number of full-service offices ​ 89 ​ 89 ​ 90 ​ 92 ​ 93 ​ 64 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ 2022 ​ ​ ​ 2021 ​ ​ (In Thousands) Summary Statement of Income Information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ $ 285,460 ​ $ 297,176 ​ $ 271,952 ​ $ 205,751 ​ $ 186,269 Investment securities and other ​ 28,272 ​ 27,522 ​ 24,883 ​ 21,226 ​ 12,404 ​ ​ 313,732 ​ 324,698 ​ 296,835 ​ 226,977 ​ 198,673 Interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ 94,137 ​ 109,705 ​ 88,757 ​ 20,676 ​ 13,102 Securities sold under reverse repurchase agreements ​ 1,160 ​ 1,407 ​ 1,205 ​ 324 ​ 37 Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities ​ 14,640 ​ 18,222 ​ 7,500 ​ 1,066 ​ — Subordinated debentures issued to capital trust ​ 1,547 ​ 1,798 ​ 1,736 ​ 875 ​ 448 Subordinated notes ​ 2,015 ​ 4,423 ​ 4,422 ​ 4,422 ​ 7,165 ​ ​ 113,499 ​ 135,555 ​ 103,620 ​ 27,363 ​ 20,752 Net interest income ​ 200,233 ​ 189,143 ​ 193,215 ​ 199,614 ​ 177,921 Provision (credit) for credit losses on loans ​ — ​ 1,700 ​ 2,250 ​ 3,000 ​ (6,700) Provision (credit) for unfunded commitments ​ ​ 45 ​ ​ 1,016 ​ ​ (5,329) ​ ​ 3,187 ​ ​ 939 Net interest income after provision (credit) for credit losses and provision (credit) for unfunded commitments ​ 200,188 ​ 186,427 ​ 196,294 ​ 193,427 ​ 183,682 Non-interest income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commissions ​ 1,626 ​ 1,227 ​ 1,153 ​ 1,208 ​ 1,263 Overdraft and insufficient funds fees ​ 5,182 ​ 5,140 ​ 7,617 ​ 7,872 ​ 6,686 POS and ATM fee income and service charges ​ 13,202 ​ 13,586 ​ 14,346 ​ 15,705 ​ 15,029 Net gain on loan sales ​ 3,272 ​ 3,779 ​ 2,354 ​ 2,584 ​ 9,463 Net realized loss on sales of available-for-sale securities ​ — ​ — ​ — ​ (130) ​ — Late charges and fees on loans ​ 1,193 ​ 512 ​ 786 ​ 1,182 ​ 1,434 Gain (loss) on derivative interest rate products ​ (62) ​ (58) ​ (337) ​ 321 ​ 312 Other income ​ 4,639 ​ 6,379 ​ 4,154 ​ 5,399 ​ 4,130 ​ ​ 29,052 ​ 30,565 ​ 30,073 ​ 34,141 ​ 38,317 Non-interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Salaries and employee benefits ​ 79,963 ​ 78,599 ​ 78,521 ​ 75,300 ​ 70,290 Net occupancy and equipment expense ​ 35,297 ​ 32,118 ​ 30,834 ​ 28,471 ​ 29,163 Postage ​ 3,565 ​ 3,329 ​ 3,590 ​ 3,379 ​ 3,164 Insurance ​ 4,448 ​ 4,622 ​ 4,542 ​ 3,197 ​ 3,061 Advertising ​ 2,929 ​ 3,124 ​ 3,396 ​ 3,261 ​ 3,072 Office supplies and printing ​ 953 ​ 1,008 ​ 1,057 ​ 867 ​ 848 Telephone ​ 2,797 ​ 2,772 ​ 2,730 ​ 3,170 ​ 3,458 Legal, audit and other professional fees ​ 4,166 ​ 5,399 ​ 7,086 ​ 6,330 ​ 6,555 Expense (income) on other real estate and repossessions ​ (518) ​ (304) ​ 311 ​ 359 ​ 627 Intangible asset amortization ​ 434 ​ 433 ​ 286 ​ 768 ​ 863 Other operating expenses ​ 7,909 ​ 10,395 ​ 8,670 ​ 8,264 ​ 6,534 ​ ​ 141,943 ​ 141,495 ​ 141,023 ​ 133,366 ​ 127,635 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before income taxes ​ 87,297 ​ 75,497 ​ 85,344 ​ 94,202 ​ 94,364 Provision for income taxes ​ 16,324 ​ 13,690 ​ 17,544 ​ 18,254 ​ 19,737 Net income ​ $ 70,973 ​ $ 61,807 ​ $ 67,800 ​ $ 75,948 ​ $ 74,627 ​ 65 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At or For the Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ 2022 ​ ​ ​ 2021 ​ ​ (Number of Shares In Thousands) Performance Data and Ratios: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Common Share Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per common share ​ $ 6.23 ​ $ 5.28 ​ $ 5.65 ​ $ 6.07 ​ $ 5.50 ​ Diluted earnings per common share ​ 6.19 ​ 5.26 ​ 5.61 ​ 6.02 ​ 5.46 ​ Cash dividends declared ​ 1.66 ​ 1.60 ​ 1.60 ​ 1.56 ​ 1.40 ​ Book value per common share ​ 57.50 ​ 51.14 ​ 48.44 ​ 43.58 ​ 46.98 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average shares outstanding ​ 11,397 ​ 11,695 ​ 11,992 ​ 12,517 ​ 13,558 ​ Year-end actual shares outstanding ​ 11,062 ​ 11,724 ​ 11,804 ​ 12,231 ​ 13,128 ​ Average fully diluted shares outstanding ​ 11,457 ​ 11,755 ​ 12,080 ​ 12,607 ​ 13,674 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings Performance Ratios: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Return on average assets(1) ​ 1.22 % 1.05 % 1.19 % 1.38 % 1.36 % Return on average stockholders’ equity(2) ​ 11.38 ​ 10.55 ​ 12.31 ​ 13.44 ​ 11.89 ​ Non-interest income to average total assets ​ 0.50 ​ 0.52 ​ 0.53 ​ 0.62 ​ 0.70 ​ Non-interest expense to average total assets ​ 2.44 ​ 2.40 ​ 2.47 ​ 2.42 ​ 2.32 ​ Average interest rate spread(3) ​ 3.10 ​ 2.76 ​ 2.97 ​ 3.59 ​ 3.22 ​ Year-end interest rate spread ​ 3.18 ​ 2.86 ​ 2.78 ​ 3.63 ​ 3.20 ​ Net interest margin(4) ​ 3.67 ​ 3.42 ​ 3.57 ​ 3.80 ​ 3.37 ​ Efficiency ratio(5) ​ 61.91 ​ 64.40 ​ 63.16 ​ 57.05 ​ 59.03 ​ Net overhead ratio(6) ​ 1.94 ​ 1.88 ​ 1.94 ​ 1.80 ​ 1.62 ​ Common dividend pay-out ratio(7) ​ 26.82 ​ 30.42 ​ 28.52 ​ 25.91 ​ 25.64 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Quality Ratios: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses/year-end loans ​ 1.46 % 1.36 % 1.39 % 1.39 % 1.49 % Non-performing assets/year-end loans and foreclosed assets ​ 0.18 ​ 0.20 ​ 0.25 ​ 0.08 ​ 0.15 ​ Allowance for credit losses/non-performing loans ​ 3,093.15 ​ 1,812.48 ​ 550.48 ​ 1,729.69 ​ 1,120.31 ​ Net charge-offs (recoveries)/average loans ​ (0.00) ​ 0.03 ​ 0.02 ​ 0.01 ​ 0.00 ​ Gross non-performing assets/year end assets ​ 0.15 ​ 0.16 ​ 0.20 ​ 0.07 ​ 0.11 ​ Non-performing loans/year-end loans ​ 0.05 ​ 0.07 ​ 0.25 ​ 0.08 ​ 0.13 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet Ratios: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans to deposits ​ 97.34 % 101.99 % 97.33 % 96.30 % 88.23 % Average interest-earning assets as a percentage of average interest-bearing liabilities ​ 127.44 ​ 126.98 ​ 131.11 ​ 140.32 ​ 139.94 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital Ratios: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average common stockholders’ equity to average assets ​ 10.7 % 10.0 % 9.6 % 10.2 % 11.4 % Year-end tangible common stockholders’ equity to tangible assets(8) ​ 11.2 ​ 9.9 ​ 9.7 ​ 9.2 ​ 11.2 ​ Great Southern Bancorp, Inc.: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tier 1 capital ratio ​ 14.1 ​ 12.8 ​ 12.4 ​ 11.0 ​ 13.4 ​ Total capital ratio ​ 15.3 ​ 15.4 ​ 15.2 ​ 13.5 ​ 16.3 ​ Tier 1 leverage ratio ​ 12.2 ​ 11.2 ​ 11.0 ​ 10.6 ​ 11.3 ​ Common equity Tier 1 ratio ​ 13.6 ​ 12.3 ​ 11.9 ​ 10.6 ​ 12.9 ​ Great Southern Bank: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tier 1 capital ratio ​ 13.0 ​ 12.6 ​ 13.1 ​ 11.9 ​ 14.1 ​ Total capital ratio ​ 14.3 ​ 13.9 ​ 14.3 ​ 13.1 ​ 15.4 ​ Tier 1 leverage ratio ​ 11.3 ​ 11.0 ​ 11.6 ​ 11.5 ​ 11.9 ​ Common equity Tier 1 ratio ​ 13.0 ​ 12.6 ​ 13.1 ​ 11.9 ​ 14.1 ​ (1) Net income divided by average total assets.
(the “Company”) with 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.
(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.
Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as changes in underwriting standards, portfolio mix, 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.
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.
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 economic growth caused by changes in energy prices, supply chain disruptions or other factors; (vii) the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; (viii) the possibility of realized or unrealized losses on securities held in the Company’s investment portfolio; (ix) the Company’s ability to access cost-effective funding and maintain sufficient liquidity; (x) fluctuations in real estate values and both residential and commercial real estate market conditions; (xi) the ability to adapt successfully to technological changes to meet customers’ needs and developments in the marketplace; (xii) the possibility that security measures implemented might not be sufficient to mitigate the risk of a cyber-attack or cyber theft, and that such security measures might not protect against systems failures or interruptions; (xiii) legislative or regulatory changes that adversely affect the Company’s business; (xiv) changes in accounting policies and practices or accounting standards; (xv) results of examinations of the Company and Great Southern Bank by their regulators, including the possibility that the regulators may, among other things, require the Company to limit its business activities, change its business mix, increase its allowance for credit losses, write-down assets or increase its capital levels, or affect its ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; (xvi) costs and effects of litigation, including settlements and judgments; (xvii) competition; and (xviii) natural disasters, war, terrorist activities or civil unrest and their effects on economic and business environments in which the Company operates.
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.
There may also be a negative impact on the Company’s net interest income if the Company is unable to significantly lower its funding costs due to a highly competitive rate environment for deposits, although interest rates on assets may decline further. Conversely, market interest rate increases would normally result in increased interest rates on our SOFR-based, AMERIBOR-based and prime-based loans.
There may also be a negative impact on the Company’s net interest income if the Company is unable to significantly lower its funding costs due to a highly competitive rate environment for deposits, although interest rates on assets may decline further. Conversely, market interest rate increases would normally result in increased interest rates on our SOFR-based and prime-based loans.
In addition, described above, in the comparison of the year ended December 31, 2024 to the year ended December 31, 2023, are two additional interest rate swap transactions, each with a notional amount of $200 million, an effective date of May 1, 2023 and a termination date of May 1, 2028.
In addition, described above, in the comparison of the year ended December 31, 2025 to the year ended December 31, 2024, are two additional interest rate swap transactions, each with a notional amount of $200 million, an effective date of May 1, 2023 and a termination date of May 1, 2028.
Activity in the non-performing loans category during the year ended December 31, 2024, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers to Transfers to ​ ​ ​ ​ ​ Beginning ​ Additions ​ Removed ​ Potential ​ Foreclosed ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ Balance, ​ to Non- ​ from Non- ​ Problem ​ Assets and ​ Charge- ​ ​ ​ ​ Balance, ​ January 1 Performing Performing Loans Repossessions Offs Payments December 31 ​ ​ (In Thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family construction ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Subdivision construction ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Land development ​ 384 ​ 553 ​ — ​ — ​ (133) ​ (101) ​ (239) ​ 464 Commercial construction ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — One- to four-family residential ​ 722 ​ 2,770 ​ (673) ​ — ​ — ​ — ​ (188) ​ 2,631 Other residential (multi-family) ​ — ​ 9,572 ​ — ​ — ​ (9,279) ​ — ​ (293) ​ — Commercial real estate ​ 10,552 ​ 859 ​ — ​ — ​ (6,189) ​ (1,433) ​ (3,712) ​ 77 Commercial business ​ 31 ​ 384 ​ — ​ — ​ — ​ (31) ​ — ​ 384 Consumer ​ 59 ​ 130 ​ — ​ — ​ — ​ (103) ​ (69) ​ 17 Total non-performing loans ​ $ 11,748 ​ $ 14,268 ​ $ (673) ​ $ — ​ $ (15,601) ​ $ (1,668) ​ $ (4,501) ​ $ 3,573 ​ 90 Table of Contents At December 31, 2024, the non-performing one-to four-family residential category included seven loans, six of which were added during 2024.
Activity in the non-performing loans category during the year ended December 31, 2024, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers to ​ ​ ​ Transfers to ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ Additions ​ Removed ​ Potential ​ Foreclosed ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ Balance, ​ to Non- ​ from Non- ​ Problem ​ Assets and ​ Charge- ​ ​ ​ ​ Balance, ​ ​ January 1 ​ Performing ​ Performing ​ Loans ​ Repossessions ​ Offs ​ Payments ​ December 31 ​ ​ (In Thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family construction ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Subdivision construction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Land development ​ 384 ​ ​ 553 ​ ​ — ​ ​ — ​ ​ (133) ​ ​ (101) ​ ​ (239) ​ ​ 464 Commercial construction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — One- to four-family residential ​ 722 ​ ​ 2,770 ​ ​ (673) ​ ​ — ​ ​ — ​ ​ — ​ ​ (188) ​ ​ 2,631 Other residential (multi-family) ​ — ​ ​ 9,572 ​ ​ — ​ ​ — ​ ​ (9,279) ​ ​ — ​ ​ (293) ​ ​ — Commercial real estate ​ 10,552 ​ ​ 859 ​ ​ — ​ ​ — ​ ​ (6,189) ​ ​ (1,433) ​ ​ (3,712) ​ ​ 77 Commercial business ​ 31 ​ ​ 384 ​ ​ — ​ ​ — ​ ​ — ​ ​ (31) ​ ​ — ​ ​ 384 Consumer ​ 59 ​ ​ 130 ​ ​ — ​ ​ — ​ ​ — ​ ​ (103) ​ ​ (69) ​ ​ 17 Total non-performing loans ​ $ 11,748 ​ $ 14,268 ​ $ (673) ​ $ — ​ $ (15,601) ​ $ (1,668) ​ $ (4,501) ​ $ 3,573 ​ At December 31, 2024, the non-performing one-to four-family residential category included seven loans, six of which were added during 2024.
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 includes the amortization of net loan fees, which were deferred in accordance with accounting standards.
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.
Activity in the potential problem loans category during the year ended December 31, 2024, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Removed ​ Transfers to ​ ​ ​ ​ ​ Beginning ​ Additions ​ from ​ Transfers ​ Foreclosed ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ Balance, ​ to Potential ​ Potential ​ to Non- ​ Assets and ​ ​ ​ ​ ​ ​ Balance, ​ January 1 Problem Problem Performing Repossessions Charge-Offs Payments December 31 ​ ​ (In Thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family construction ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Subdivision construction ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Land development ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Commercial construction ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — One- to four-family residential ​ 158 ​ 1,234 ​ (83) ​ (33) ​ — ​ — ​ (74) ​ 1,202 Other residential (multi-family) ​ 7,162 ​ — ​ — ​ — ​ — ​ — ​ (7,162) ​ — Commercial real estate ​ — ​ 4,358 ​ — ​ — ​ — ​ — ​ (27) ​ 4,331 Commercial business ​ — ​ 213 ​ — ​ — ​ — ​ — ​ (213) ​ — Consumer ​ 54 ​ 1,705 ​ (121) ​ — ​ (4) ​ (67) ​ (38) ​ 1,529 Total potential problem loans ​ $ 7,374 ​ $ 7,510 ​ $ (204) ​ $ (33) ​ $ (4) ​ $ (67) ​ $ (7,514) ​ $ 7,062 ​ At December 31, 2024, the commercial real estate category of potential problem loans included three loans totaling $4.3 million, all of which are part of one relationship and were added in 2024.
Activity in the potential problem loans category during the year ended December 31, 2024, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Removed ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers to ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ Additions ​ from ​ Transfers to ​ Foreclosed ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ Balance, ​ to Potential ​ Potential ​ Non- ​ Assets and ​ Charge- ​ ​ ​ ​ Balance, ​ ​ January 1 ​ Problem ​ Problem ​ Performing ​ Repossessions ​ Offs ​ Payments ​ December 31 ​ ​ (In Thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family construction ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Subdivision construction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Land development ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Commercial construction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — One- to four-family residential ​ 158 ​ ​ 1,234 ​ ​ (83) ​ ​ (33) ​ ​ — ​ ​ — ​ ​ (74) ​ ​ 1,202 Other residential (multi-family) ​ 7,162 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,162) ​ ​ — Commercial real estate ​ — ​ ​ 4,358 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (27) ​ ​ 4,331 Commercial business ​ — ​ ​ 213 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (213) ​ ​ — Consumer ​ 54 ​ ​ 1,705 ​ ​ (121) ​ ​ — ​ ​ (4) ​ ​ (67) ​ ​ (38) ​ ​ 1,529 Total potential problem loans ​ $ 7,374 ​ $ 7,510 ​ $ (204) ​ $ (33) ​ $ (4) ​ $ (67) ​ $ (7,514) ​ $ 7,062 ​ 94 Table of Contents At December 31, 2024, the commercial real estate category of potential problem loans included three loans totaling $4.3 million, all of which are part of one relationship and were added in 2024.
The rate paid on deposits increased 54 basis points, the rate paid on short-term borrowings and other interest-bearing liabilities decreased 16 basis points, the rate paid on subordinated debentures issued to capital trusts increased 24 basis points and the rate paid on reverse repurchase agreements increased 39 basis points.
The rate paid on deposits increased 54 basis points, the rate paid on short-term borrowings and other interest-bearing liabilities increased 16 basis points, the rate paid on subordinated debentures issued to capital trusts increased 24 basis points and the rate paid on reverse repurchase agreements increased 39 basis points.
This decrease was primarily due to a decrease in net interest income of $4.1 million, or 2.1%, and an increase in provision for credit losses on loans and unfunded commitments of $5.8 million, partially offset by a decrease in provision for income taxes of $3.9 million, or 22.0%. 85 Table of Contents Total Interest Income Total interest income increased $27.9 million, or 9.4%, during the year ended December 31, 2024 compared to the year ended December 31, 2023.
This decrease was primarily due to a decrease in net interest income of $4.1 million, or 2.1%, and an increase in provision for credit losses on loans and unfunded commitments of $5.8 million, partially offset by a decrease in provision for income taxes of $3.9 million, or 22.0%. 89 Table of Contents Total Interest Income Total interest income increased $27.9 million, or 9.4%, during the year ended December 31, 2024 compared to the year ended December 31, 2023.
While management believes no impairment existed at December 31, 2024, 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.
While management believes no impairment existed at December 31, 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.
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.
Current Economic Conditions Changes in economic conditions could cause the values of assets and liabilities recorded in the Company’s financial statements to fluctuate 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.
The following were significant items related to the increase in non-interest expense for the year ended December 31, 2024 as compared to the year ended December 31, 2023: Other operating expenses : Other operating expenses increased $1.7 million from the prior year. In 2024, the Company expensed $2.0 million due to developments related to a litigation/contract dispute matter.
The following were key items related to the increase in non-interest expense for the year ended December 31, 2024 as compared to the year ended December 31, 2023: Other operating expenses : Other operating expenses increased $1.7 million from the prior year. In 2024, the Company expensed $2.0 million due to developments related to a litigation/contract dispute matter.
In 2023, the Company expensed a total of $4.1 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 $2.0 million expensed in 2024.
In 2023, the Company expensed a total of $4.1 million, primarily related to training and implementation costs for the 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 $2.0 million expensed in 2024.
As of December 31, 2024, 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.
As of December 31, 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.
Also described above, in the comparison of the year ended December 31, 2024 to the year ended December 31, 2023, is an interest rate swap with a notional amount of $300 million that contractually terminated on March 1, 2024.
Also described above, in the comparison of the year ended December 31, 2025 to the year ended December 31, 2024, is an interest rate swap with a notional amount of $300 million that contractually terminated on March 1, 2024.
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.
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 73 Table of Contents 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.
As this interest rate swap reached its contractual termination date of March 1, 2024, there was no further interest income impact related to this swap after that date. 86 Table of Contents 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.
As this interest rate swap reached its contractual termination date of March 1, 2024, there was no further interest income impact related to this swap after that date. 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 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. 91 Table of Contents Potential Problem Loans. Potential problem loans decreased $312,000 during the year ended December 31, 2024, from $7.4 million at December 31, 2023 to $7.1 million at December 31, 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. Potential Problem Loans . Potential problem loans decreased $312,000 during the year ended December 31, 2024, from $7.4 million at December 31, 2023 to $7.1 million at December 31, 2024.
Described above, in the comparison of the year ended December 31, 2024 to the year ended December 31, 2023, is an interest rate swap with a notional amount of $400 million that was previously terminated.
Described above, in the comparison of the year ended December 31, 2025 to the year ended December 31, 2024, is an interest rate swap with a notional amount of $400 million that was previously terminated.
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.
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.
The level of provisions for unfunded commitments is primarily related to the increases and decreases in the balance of unfunded commitments. The Bank’s allowance for credit losses as a percentage of total loans was 1.36% and 1.39% at December 31, 2024 and 2023, respectively.
The level of provisions for unfunded commitments is primarily related to the increases and decreases in the balance of unfunded commitments. 92 Table of Contents The Bank’s allowance for credit losses as a percentage of total loans was 1.36% and 1.39% at December 31, 2024 and 2023, respectively.
Based on the Company’s qualitative goodwill impairment testing, management does not believe any of the Company’s goodwill or other intangible assets were impaired as of December 31, 2024.
Based on the Company’s qualitative goodwill impairment testing, management does not believe any of the Company’s goodwill or other intangible assets were impaired as of December 31, 2025.
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 3 and a 1.00% decrease on March 16. At December 31, 2021, the Federal Funds rate was 0.25%.
In response to the COVID-19 pandemic, the FRB decreased interest rates on two occasions in March 2020, a 0.50% decrease on March 3 and a 1.00% decrease on March 16. At December 31, 2021, the Federal Funds rate was 0.25%.
The Company recorded interest income related to this interest rate swap of $8.1 million in each of the years ended December 31, 2023 and December 31, 2022.
The Company recorded interest income related to this interest rate swap of $8.1 million in each of the years ended December 31, 2024 and December 31, 2023.
At December 31, 2024, the amortizable intangible assets consisted of the arena naming rights of $4.7 million. The amortizable intangible assets are reviewed for impairment if circumstances indicate their value may not be recoverable based on a comparison of fair value. See Note 1 to the accompanying audited financial statements for additional information.
At December 31, 2025, the amortizable intangible assets consisted of the arena naming rights of $4.3 million. The amortizable intangible assets are reviewed for impairment if circumstances indicate their value may not be recoverable based on a comparison of fair value. See Note 1 to the accompanying audited financial statements for additional information.
At December 31, 2024 and 2023, 0.2% of our owner occupied one- to four-family residential loans had loan-to-value ratios above 100% at origination. At December 31, 2024 and 2023, an estimated 0.4%, of total non-owner occupied one- to four-family residential loans had loan-to-value ratios above 100% at origination.
At both December 31, 2025 and 2024, 0.2% of our owner occupied one- to four-family residential loans had loan-to-value ratios above 100% at origination. At both December 31, 2025 and 2024, an estimated 0.4%, of total non-owner occupied one- to four-family residential loans had loan-to-value ratios above 100% at origination.
Activity in foreclosed assets and repossessions during the year ended December 31, 2024, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ ​ ​ ​ ​ Ending ​ ​ Balance, ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ Balance, ​ January 1 Additions Sales Costs Write-Downs December 31 ​ ​ (In Thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family construction ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Subdivision construction ​ — ​ — ​ — ​ — ​ — ​ — Land development ​ — ​ 133 ​ (133) ​ — ​ — ​ — Commercial construction ​ — ​ — ​ — ​ — ​ — ​ — One- to four-family residential ​ — ​ — ​ — ​ — ​ — ​ — Other residential (multi-family) ​ — ​ 9,279 ​ (9,279) ​ — ​ — ​ — Commercial real estate ​ — ​ 6,189 ​ (229) ​ — ​ — ​ 5,960 Commercial business ​ — ​ — ​ — ​ — ​ — ​ — Consumer ​ 23 ​ 151 ​ (141) ​ — ​ — ​ 33 Total foreclosed assets and repossessions ​ $ 23 ​ $ 15,752 ​ $ (9,782) ​ $ — ​ $ — ​ $ 5,993 ​ At December 31, 2024, the commercial real estate category of foreclosed assets consisted of one office building located in Clayton, Missouri that previously collateralized a $6.0 million loan that was transferred from non-performing loans during 2024 as described above in the discussion of non-performing loans.
All of the total $6.0 million of other real estate owned and repossessions at December 31, 2024 were acquired through foreclosure. 93 Table of Contents Activity in foreclosed assets and repossessions during the year ended December 31, 2024, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ Balance, ​ ​ ​ ​ ​ ​ ​ Capitalized ​ Write- ​ Balance, ​ ​ January 1 ​ Additions ​ Sales ​ Costs ​ Downs ​ December 31 ​ ​ (In Thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family construction ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Subdivision construction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Land development ​ — ​ ​ 133 ​ ​ (133) ​ ​ — ​ ​ — ​ ​ — Commercial construction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — One- to four-family residential ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Other residential (multi-family) ​ — ​ ​ 9,279 ​ ​ (9,279) ​ ​ — ​ ​ — ​ ​ — Commercial real estate ​ — ​ ​ 6,189 ​ ​ (229) ​ ​ — ​ ​ — ​ ​ 5,960 Commercial business ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Consumer ​ 23 ​ ​ 151 ​ ​ (141) ​ ​ — ​ ​ — ​ ​ 33 Total foreclosed assets and repossessions ​ $ 23 ​ $ 15,752 ​ $ (9,782) ​ $ — ​ $ — ​ $ 5,993 ​ At December 31, 2024, the commercial real estate category of foreclosed assets consisted of one office building located in Clayton, Missouri that previously collateralized a $6.0 million loan that was transferred from non-performing loans during 2024 as described above in the discussion of non-performing loans.
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.
To accomplish this goal, increasing rates to attract deposits may be necessary, which could negatively impact the Company’s net interest margin. 75 Table of Contents Our ability to fund growth in future periods may also depend on our ability to continue to access brokered deposits and FHLBank advances.
On December 31, 2023, the Bank’s common equity Tier 1 capital ratio was 13.1%, its Tier 1 capital ratio was 13.1%, its total capital ratio was 14.3% and its Tier 1 leverage ratio was 11.6%. As a result, as of December 31, 2023, the Bank was well capitalized, with capital ratios in excess of those required to qualify as such.
On December 31, 2025, the Bank’s common equity Tier 1 capital ratio was 13.0%, its Tier 1 capital ratio was 13.0%, its total capital ratio was 14.3% and its Tier 1 leverage ratio was 11.3%. As a result, as of December 31, 2025, the Bank was well capitalized, with capital ratios in excess of those required to qualify as such.
Great Southern’s loan portfolio includes loans ($1.57 billion at December 31, 2024) tied to various SOFR indices that will be subject to adjustment at least once within 90 days after December 31, 2024. All of these loans have interest rate floors at various rates.
Great Southern’s loan portfolio includes loans ($1.58 billion at December 31, 2025) tied to various SOFR indices that will be subject to adjustment at least once within 90 days after December 31, 2025. All of these loans have interest rate floors at various rates.
The $0.40 per share dividend declared but unpaid as of December 31, 2024, was paid to stockholders in January 2025. Common Stock Repurchases and Issuances . The Company has been in various buy-back programs since May 1990.
The $0.43 per share dividend declared but unpaid as of December 31, 2025, was paid to stockholders in January 2026. Common Stock Repurchases and Issuances . The Company has been in various buy-back programs since May 1990.
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%.
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 rate decreases of 0.25% in each of September, October, and December 2025, respectively.
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.
Effect of Federal Laws and Regulations 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.
Interest income net of disallowed interest expense related to tax-exempt assets was $1.8 million, $2.1 million and $2.1 million for 2024, 2023 and 2022, respectively. 95 Table of Contents Rate/Volume Analysis The following table presents the dollar amount of changes in interest income and interest expense for major components of interest-earning assets and interest-bearing liabilities for the periods shown.
Interest income net of disallowed interest expense related to tax-exempt assets was $1.3 million, $1.8 million and $2.1 million for 2025, 2024 and 2023, respectively. 88 Table of Contents Rate/Volume Analysis The following table presents the dollar amount of changes in interest income and interest expense for major components of interest-earning assets and interest-bearing liabilities for the periods shown.
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.
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.
Interest Expense - FHLBank Advances, Short-term Borrowings, Repurchase Agreements and Other Interest-bearing Liabilities; Subordinated Debentures Issued to Capital Trust and Subordinated Notes FHLBank term advances were not utilized during the years ended December 31, 2023 and 2022.
Interest Expense - FHLBank Advances, Short-term Borrowings, Repurchase Agreements and Other Interest-bearing Liabilities; Subordinated Debentures Issued to Capital Trust and Subordinated Notes FHLBank term advances were not utilized during the years ended December 31, 2024 and 2023. FHLBank overnight borrowings were utilized in 2024 and 2023.
Customer deposits at December 31, 2024 and December 31, 2023, totaling $5.0 million and $8.8 million, respectively, were part of the IntraFi Network Deposits program, which allows customers to maintain balances in an insured manner that would otherwise exceed the FDIC deposit insurance limit.
Customer deposits at December 31, 2025 and December 31, 2024, totaling $11.7 million and $5.0 million, respectively, were part of the IntraFi Network Deposits program, which allows customers to maintain balances in an insured manner that would otherwise exceed the FDIC deposit insurance limit.
Recent Accounting Pronouncements See Note 1 to the accompanying audited financial statements, which are included in Item 8 of this Report, for a description of recent accounting pronouncements including the respective dates of adoption and expected effects on the Company’s financial position and results of operations.
Business—Government Supervision and Regulation.” Recent Accounting Pronouncements See Note 1 to the accompanying audited financial statements, which are included in Item 8 of this Report, for a description of recent accounting pronouncements including the respective dates of adoption and expected effects on the Company’s financial position and results of operations.
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.
The Company wishes to advise readers that the factors listed above and other risks described in this Annual Report on Form 10-K, including, without limitation, those described under “Item 1A.
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 year ended December 31, 2024, total deposit balances decreased $116.2 million, or 2.5%.
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 year ended December 31, 2025, total deposit balances decreased $122.8 million, or 2.7%.
During the year ended December 31, 2024, the Company recorded a provision expense of $1.7 million on its portfolio of outstanding loans, compared to a provision expense of $2.3 million for the year ended December 31, 2023.
Provision for and Allowance for Credit Losses During the year ended December 31, 2024, the Company recorded a provision expense of $1.7 million on its portfolio of outstanding loans, compared to a provision expense of $2.3 million for the year ended December 31, 2023.
At December 31, 2024, 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.
At December 31, 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 68 Table of Contents in the St. Louis market.
The available-for-sale securities portfolio was 8.9% and 8.2% of total assets at December 31, 2024 and 2023, respectively. The Company’s held-to-maturity securities decreased $7.6 million, or 3.9%, compared to December 31, 2023. The decrease was primarily due to normal monthly payments received related to the portfolio of mortgage-backed securities and collateralized mortgage obligations.
The available-for-sale securities portfolio was 9.4% and 8.9% of total assets at December 31, 2025 and 2024, respectively. The Company’s held-to-maturity securities decreased $8.2 million, or 4.4%, compared to December 31, 2024. The decrease was primarily due to normal monthly payments received related to the portfolio of mortgage-backed securities and collateralized mortgage obligations.
Net fees included in interest income were $4.6 million, $5.7 million and $6.3 million for 2024, 2023 and 2022, respectively. Tax-exempt income was not calculated on a tax equivalent basis.
Net fees included in interest income were $4.1 million, $4.6 million and $5.7 million for 2025, 2024 and 2023, respectively. Tax-exempt income was not calculated on a tax equivalent basis.
Unemployment rates for December 2024 in the states where the Company has a branch or a loan production office were: Arizona at 3.8%, Arkansas at 3.4%, Colorado at 4.4%, Georgia at 3.7%, Illinois at 5.2%, Iowa at 3.2%, Kansas at 3.6%, Minnesota at 3.3%, Missouri at 3.7%, Nebraska at 2.8%, North Carolina at 3.7%, and Texas at 4.2%.
Unemployment rates for December 2025 in the states where the Company has a branch or a loan production office were: Arizona at 4.3%, Arkansas at 4.2%, Colorado at 3.8%, Georgia at 3.6%, Illinois at 4.6%, Iowa at 3.5%, Kansas at 3.8%, Minnesota at 4.1%, Missouri at 3.9%, Nebraska at 3.0%, North Carolina at 3.9%, and Texas at 4.3%.
Interest income on tax-exempt assets included in this table was $2.2 million, $2.4 million and $2.2 million for 2024, 2023 and 2022, respectively.
Interest income on tax-exempt assets included in this table was $2.3 million, $2.2 million and $2.4 million for 2025, 2024 and 2023, respectively.
The Company’s FHLBank term advances were $-0- at both December 31, 2024 and December 31, 2023. At December 31, 2024 and 2023, overnight borrowings from the FHLBank were $333.0 million and $251.0 million, respectively, which are included in short-term borrowings.
The Company’s FHLBank term advances were $-0- at both December 31, 2025 and December 31, 2024. At December 31, 2025 and 2024, overnight borrowings from the FHLBank were $330.0 million and $333.0 million, respectively, which are included in short-term borrowings.
Great Southern also has a portfolio of loans ($748.0 million at December 31, 2024) tied to a “prime rate” of interest that will adjust immediately or within 90 days of a change to the “prime rate” of interest. Nearly all of these loans had interest rate floors at various rates.
Great Southern also has a portfolio of loans ($654.1 million at December 31, 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. Nearly all of these loans had interest rate floors at various rates.
Both the Company and the Bank had a capital conservation buffer that exceeded the required minimum levels at December 31, 2024 and 2023. 106 Table of Contents Dividends .
Both the Company and the Bank had a capital conservation buffer that exceeded the required minimum levels at December 31, 2025 and 2024. 99 Table of Contents Dividends .
This decrease was primarily due to an increase in non-interest expense of $7.7 million, or 5.7%, a decrease in net interest income of $6.4 million, or 3.2%, and a decrease in non-interest income of $4.1 million, or 11.9%, partially offset by a decrease in provision for credit losses on loans and unfunded commitments of $9.3 million, and a decrease in provision for income taxes of $710,000, or 3.9%.
This increase was primarily due to an increase in net interest income of $11.1 million, or 5.9%, and a decrease in provision for credit losses on loans and unfunded commitments of $2.7 million, partially offset by an increase in provision for income taxes of $2.6 million, or 19.2%, and a decrease in non-interest income of $1.5 million, or 5.0%.
During the year ended December 31, 2023, the Company declared common stock cash dividends of $1.60 per share (28.5% of net income per common share) and paid common stock cash dividends of $1.60 per share. The Board of Directors meets regularly to consider the level and the timing of dividend payments.
During the year ended December 31, 2024, the Company declared common stock cash dividends of $1.60 per share (30.4% of net income per common share) and paid common stock cash dividends of $1.60 per share. The Board of Directors meets regularly to consider the level and the timing of dividend payments.
The Company’s headquarters are located in Springfield and we have operated in this market since 1923. Loans made in the St. Louis metropolitan statistical area (St. Louis MSA) comprised 17% of the Bank’s total loan portfolio at both December 31, 2024 and 2023. The Company’s expansion into the St.
At both December 31, 2025 and 2024, loans made in the Springfield, Missouri metropolitan statistical area (Springfield MSA) comprised 8% of the Bank’s total loan portfolio. The Company’s headquarters are located in Springfield and we have operated in this market since 1923. Loans made in the St. Louis metropolitan statistical area (St.
The decrease was due to a 178 basis point increase in the weighted average rate paid on interest-bearing liabilities, partially offset by a 116 basis point increase in the weighted average yield on interest-earning assets.
The increase in interest rate spread was due to a 46 basis point decrease in the weighted average rate paid on interest-bearing liabilities, partially offset by a 12 basis point decrease in the weighted average yield on interest-earning assets.
Securities sold under reverse repurchase agreements with customers decreased $6.4 million, or 9.0%, from $70.8 million at December 31, 2023 to $64.4 million at December 31, 2024. These balances fluctuate over time based on customer demand for this product. Short-Term Borrowings and Other Interest-bearing Liabilities.
Securities sold under reverse repurchase agreements with customers decreased $15.9 million, or 24.8%, from $64.4 million at December 31, 2024 to $48.5 million at December 31, 2025. These balances fluctuate over time based on customer demand for this product. Short-Term Borrowings and Other Interest-bearing Liabilities.
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.
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.
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 and a reduced level of loan repayments in 2024.
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 2025, which reduced net loan growth.
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. Core PCE, which excludes food and energy prices, was 2.8% at December 31, 2024, above the Federal Reserve’s target of 2%. Based on Moody’s U.S.
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 December 31, 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.
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. 107 Table of Contents Non-GAAP Reconciliation: Ratio of Tangible Common Equity to Tangible Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, December 31, December 31, December 31, ​ 2024 2023 2022 2021 ​ 2020 ​ (Dollars In Thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common equity at period end ​ $ 599,568 ​ $ 571,829 ​ $ 533,087 ​ $ 616,752 ​ $ 629,741 ​ Less: Intangible assets at period end ​ 10,094 ​ 10,527 ​ 10,813 ​ 6,081 ​ 6,944 ​ Tangible common equity at period end (a) ​ $ 589,474 ​ $ 561,302 ​ $ 522,274 ​ $ 610,671 ​ $ 622,797 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets at period end ​ $ 5,981,628 ​ $ 5,812,402 ​ $ 5,680,702 ​ $ 5,449,944 ​ $ 5,526,420 ​ Less: Intangible assets at period end ​ 10,094 ​ 10,527 ​ 10,813 ​ 6,081 ​ 6,944 ​ Tangible assets at period end (b) ​ $ 5,971,534 ​ $ 5,801,875 ​ $ 5,669,889 ​ $ 5,443,863 ​ $ 5,519,476 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tangible common equity to tangible assets (a) / (b) ​ 9.87 % 9.67 % 9.21 % 11.22 % 11.28 % ​ ​
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. 100 Table of Contents Non-GAAP Reconciliation: Ratio of Tangible Common Equity to Tangible Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ December 31, ​ ​ ​ December 31, ​ ​ ​ December 31, ​ ​ ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ 2022 ​ 2021 ​ (Dollars In Thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common equity at period end ​ $ 636,126 ​ $ 599,568 ​ $ 571,829 ​ $ 533,087 ​ $ 616,752 ​ Less: Intangible assets at period end ​ 9,660 ​ 10,094 ​ 10,527 ​ 10,813 ​ 6,081 ​ Tangible common equity at period end (a) ​ $ 626,466 ​ $ 589,474 ​ $ 561,302 ​ $ 522,274 ​ $ 610,671 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets at period end ​ $ 5,598,606 ​ $ 5,981,628 ​ $ 5,812,402 ​ $ 5,680,702 ​ $ 5,449,944 ​ Less: Intangible assets at period end ​ 9,660 ​ 10,094 ​ 10,527 ​ 10,813 ​ 6,081 ​ Tangible assets at period end (b) ​ $ 5,588,946 ​ $ 5,971,534 ​ $ 5,801,875 ​ $ 5,669,889 ​ $ 5,443,863 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tangible common equity to tangible assets (a) / (b) ​ 11.21 % 9.87 % 9.67 % 9.21 % 11.22 % ​ ​
During each of the years ended December 31, 2024, 2023 and 2022, the Company experienced positive cash flows from operating activities, negative cash flows from investing activities and positive cash flows from financing activities. ​ 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, realized gains on the sale of investment securities and loans, depreciation and amortization 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.
The Company experienced negative cash flows from financing activities during the year ended December 31, 2025, and positive cash flows from financing activities during the years ended December 31, 2024 and 2023. ​ 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, depreciation and amortization 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.
Unsold inventory sat at a 3.3-month supply at the end of December 2024, up from 3.1 months at the end of December 2023. New home construction dropped precipitously after the financial crisis of 2007-2008 and has yet to fully recover.
Unsold inventory sat at a 3.3-month supply at the end of December 2025, down from 4.2 months in November 2025 and up 3.2 months in December 2024. New home construction dropped precipitously after the financial crisis of 2007-2008 and has yet to fully recover.
For further discussions of the Bank’s loan portfolio, and specifically, commercial real estate and commercial construction loans, see “Item 1. Business – Lending Activities.” The percentage of fixed-rate loans in our loan portfolio has been as much as 40% in recent years and was 37% as of December 31, 2024.
For further discussions of the Bank’s loan portfolio, and specifically, commercial real estate and commercial construction loans, see “Item 1. Business – Lending Activities.” 74 Table of Contents The percentage of fixed-rate loans in our loan portfolio has been as much as 39% in recent years and was 34% as of December 31, 2025.
(1) Of the total average balance of investment securities, average tax-exempt investment securities were $56.9 million, $56.0 million and $54.0 million for 2024, 2023 and 2022, respectively. In addition, average tax-exempt industrial revenue bonds were $10.6 million, $13.9 million and $16.4 million in 2024, 2023 and 2022, respectively.
(1) Of the total average balance of investment securities, average tax-exempt investment securities were $53.0 million, $56.9 million and $56.0 million for 2025, 2024 and 2023, respectively. In addition, average tax-exempt industrial revenue bonds were $9.7 million, $10.6 million and $13.9 million in 2025, 2024 and 2023, respectively.
The Company also experienced decreased balances in certain types of NOW accounts and IntraFi Network Reciprocal Deposits, mostly offset by increases in money market accounts, which generally have higher rates of interest than NOW accounts.
The Company experienced decreased balances in certain types of NOW accounts, mostly offset by increases in money market accounts, which generally have higher rates of interest than NOW accounts.
The FRB has established capital regulations for bank holding companies that generally parallel the capital regulations for banks. 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%.
The FRB has established capital regulations for bank holding companies that generally parallel the capital regulations for banks. On December 31, 2025, the Company’s common equity Tier 1 capital ratio was 13.6%, its Tier 1 capital ratio was 14.1%, its total capital ratio was 15.3% and its Tier 1 leverage ratio was 12.2%.
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 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. For additional information, see “Item 1.
Total Interest Expense Total interest expense increased $31.9 million, or 30.8%, during the year ended December 31, 2024, when compared with the year ended December 31, 2023, due to an increase in interest expense on deposits of $20.9 million, or 23.6%, an increase in interest expense on short-term borrowings of $10.7 million, or 143.0%, an increase in interest expense on securities sold under reverse repurchase agreements of $202,000, or 16.8%, and an increase in interest expense on subordinated debentures issued to capital trusts of $62,000, or 3.6%.
Interest income increased $28,000 as a result of an increase in average balances from $98.0 million during the year ended December 31, 2023, to $98.6 million during the year ended December 31, 2024. 90 Table of Contents Total Interest Expense Total interest expense increased $31.9 million, or 30.8%, during the year ended December 31, 2024, when compared with the year ended December 31, 2023, due to an increase in interest expense on deposits of $20.9 million, or 23.6%, an increase in interest expense on short-term borrowings of $10.7 million, or 104.0%, an increase in interest expense on securities sold under reverse repurchase agreements of $202,000, or 16.8%, and an increase in interest expense on subordinated debentures issued to capital trusts of $62,000, or 3.6%.
Securities sold under reverse repurchase agreements with customers decreased $6.4 million, or 9.0%, from $70.8 million at December 31, 2023 to $64.4 million at December 31, 2024. These balances fluctuate over time based on customer demand for this product.
Securities sold under reverse repurchase agreements with customers decreased $15.9 million, or 24.8%, from $64.4 million at December 31, 2024 to $48.5 million at December 31, 2025. These balances fluctuate over time based on customer demand for this product.
On December 31, 2023, the Company’s common equity Tier 1 capital ratio was 11.9%, its Tier 1 capital ratio was 12.4%, its total capital ratio was 15.2% and its Tier 1 leverage ratio was 11.0%.
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%.
Interest expense on short-term borrowings (including overnight borrowings from the FHLBank and BTFP borrowings from FRBSTL) and other interest-bearing liabilities increased $10.9 million due to an increase in average balances from $142.9 million during the year ended December 31, 2023, to $358.3 million during the year ended December 31, 2024, which was primarily due to changes in the Company’s funding needs for loans and investments and the mix of funding, which can fluctuate.
The average balance of repurchase agreements decreased $6.6 million from $82.2 million in the year ended December 31, 2023 to $75.6 million in the year ended December 31, 2024, which was due to changes in customers’ desire for this product, which can fluctuate. 91 Table of Contents Interest expense on short-term borrowings (including overnight borrowings from the FHLBank and BTFP borrowings from FRBSTL) and other interest-bearing liabilities increased $10.9 million due to an increase in average balances from $142.9 million during the year ended December 31, 2023, to $358.3 million during the year ended December 31, 2024, which was primarily due to changes in the Company’s funding needs for loans and investments and the mix of funding, which can fluctuate.
The Company recorded a reduction of loan interest income related to these swap transactions of $7.2 million in the year ended December 31, 2023. Interest Income – Investments and Other Interest-earning Assets Interest income on investments increased $772,000 in the year ended December 31, 2023 compared to the year ended December 31, 2022.
The Company recorded a reduction of loan interest income related to these swap transactions of $10.4 million and $7.2 million in the years ended December 31, 2024 and 2023, respectively. Interest Income – Investments and Other Interest-earning Assets Interest income on investments increased $2.6 million in the year ended December 31, 2024 compared to the year ended December 31, 2023.
At December 31, 2024, the Company had commitments of approximately $48.9 million to fund loan originations, $1.20 billion of unused lines of credit and unadvanced loans, and $16.8 million of outstanding letters of credit. ​ Loan commitments and the unfunded portion of loans at the dates indicated were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, December 31, December 31, December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ 2021 ​ 2020 Closed non-construction loans with unused available lines ​ ​ ​ ​ ​ Secured by real estate (one- to four-family) ​ $ 205,599 ​ $ 203,964 ​ $ 199,182 ​ $ 175,682 ​ $ 164,480 Secured by real estate (not one- to four-family) ​ — ​ — ​ — ​ 23,752 ​ 22,273 Not secured by real estate - commercial business ​ 106,621 ​ 82,435 ​ 104,452 ​ 91,786 ​ 77,411 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Closed construction loans with unused available lines ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured by real estate (one-to four-family) ​ 94,501 ​ 101,545 ​ 100,669 ​ 74,501 ​ 42,162 Secured by real estate (not one-to four-family) ​ 703,947 ​ 719,039 ​ 1,444,450 ​ 1,092,029 ​ 823,106 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan commitments not closed ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured by real estate (one-to four-family) ​ 14,373 ​ 12,347 ​ 16,819 ​ 53,529 ​ 85,917 Secured by real estate (not one-to four-family) ​ 53,660 ​ 48,153 ​ 157,645 ​ 146,826 ​ 45,860 Not secured by real estate - commercial business ​ 22,884 ​ 11,763 ​ 50,145 ​ 12,920 ​ 699 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,201,585 ​ $ 1,179,246 ​ $ 2,073,362 ​ $ 1,671,025 ​ $ 1,261,908 ​ The following table summarizes the Company’s fixed and determinable contractual obligations by payment date as of December 31, 2024.
At December 31, 2025, the Company had commitments of approximately $14.1 million to fund loan originations, $1.16 billion of unused lines of credit and unadvanced loans, and $15.2 million of outstanding letters of credit. ​ Loan commitments and the unfunded portion of loans at the dates indicated were as follows (in thousands): 96 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ December 31, ​ ​ ​ December 31, ​ ​ ​ December 31, ​ ​ ​ December 31, ​ ​ 2025 ​ 2024 ​ 2023 ​ 2022 ​ 2021 Closed non-construction loans with unused available lines ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured by real estate (one- to four-family) ​ $ 208,229 ​ $ 205,599 ​ $ 203,964 ​ $ 199,182 ​ $ 175,682 Secured by real estate (not one- to four-family) ​ — ​ — ​ — ​ — ​ 23,752 Not secured by real estate - commercial business ​ 114,568 ​ 106,621 ​ 82,435 ​ 104,452 ​ 91,786 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Closed construction loans with unused available lines ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured by real estate (one-to four-family) ​ 112,684 ​ 94,501 ​ 101,545 ​ 100,669 ​ 74,501 Secured by real estate (not one-to four-family) ​ 624,025 ​ 703,947 ​ 719,039 ​ 1,444,450 ​ 1,092,029 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan commitments not closed ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured by real estate (one-to four-family) ​ 14,113 ​ 14,373 ​ 12,347 ​ 16,819 ​ 53,529 Secured by real estate (not one-to four-family) ​ 19,412 ​ 53,660 ​ 48,153 ​ 157,645 ​ 146,826 Not secured by real estate - commercial business ​ 38,262 ​ 22,884 ​ 11,763 ​ 50,145 ​ 12,920 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,131,293 ​ $ 1,201,585 ​ $ 1,179,246 ​ $ 2,073,362 ​ $ 1,671,025 ​ The following table summarizes the Company’s fixed and determinable contractual obligations by payment date as of December 31, 2025.
The Company experienced net charge offs of $1.1 million for the year ended December 31, 2023 compared to net charge offs of $274,000 for the year ended December 31, 2022.
The Company experienced net charge offs of $1.6 million for the year ended December 31, 2024 compared to net charge offs of $1.1 million for the year ended December 31, 2023.
This relationship is collateralized by three nursing care facilities located in southwest Missouri. The borrower’s business cash flow was negatively impacted by a reduction in labor participation and increased operating costs as well as ongoing changes to the Missouri Medicaid reimbursement rate.
This relationship is collateralized by three nursing care facilities located in southwest Missouri. The borrower’s business cash flow was negatively impacted by a reduction in labor participation and increased operating costs as well as ongoing changes to the Missouri Medicaid reimbursement rate. Monthly payments were timely made prior to the transfer to this category and continued to be paid timely.
During 2023, loan originations and net loan growth were muted; however, some loan growth occurred in 2023 as a result of the funding of previously approved but unfunded balances on construction loans and the slowed loan repayments in 2023.
In 2023, loan originations and net loan growth were muted; however, in 2024, there was some loan growth as a result of the funding of previously approved but unfunded balances on construction loans and a reduced level of loan repayments in 2024.
As of December 2024, the labor force participation rate (the share of working-age Americans employed or actively looking for a job) remained stable at 62.5%. The unemployment rate for the Midwest, where the Company conducts most of its business, increased from 3.6% in December 2023 to 4.1% in December 2024.
As of December 2025, the labor force participation rate (the share of working-age Americans employed or actively looking for a job) remained stable at 62.4%. The unemployment rate for the Midwest, where the Company conducts most of its business, was unchanged from November 2025 to December 2025 at 4.1 %.
The Company experienced net charge offs of $1.6 million for the year ended December 31, 2024 compared to net charge offs of $1.1 million for the year ended December 31, 2023. 89 Table of Contents The Company recorded a provision for losses on unfunded commitments of $1.0 million for the year ended December 31, 2024, compared to a negative provision of $5.3 million for the year ended December 31, 2023.
The Company recorded a provision for losses on unfunded commitments of $1.0 million for the year ended December 31, 2024, compared to a negative provision of $5.3 million for the year ended December 31, 2023.
For additional information, including a reconciliation to GAAP, see “– Non-GAAP Financial Measures.” ​ 71 Table of Contents Forward-looking Statements When used in this Annual Report and in other documents filed or furnished by Great Southern Bancorp, Inc.
(7) Cash dividends per common share divided by earnings per common share. (8) Non-GAAP Financial Measure. For additional information, including a reconciliation to GAAP, see “– Non-GAAP Financial Measures.” ​ 66 Table of Contents Forward-looking Statements When used in this Annual Report and in other documents filed or furnished by Great Southern Bancorp, Inc.
As construction projects were completed, the related loans were either paid off or moved from the construction category to the appropriate permanent loan categories. Total liabilities increased $141.5 million from $5.24 billion at December 31, 2023 to $5.38 billion at December 31, 2024.
As construction projects were completed, the related loans were either paid off or moved from the construction category to the appropriate permanent loan categories. Total liabilities decreased $419.6 million from $5.38 billion at December 31, 2024 to $4.96 billion at December 31, 2025.

… 379 more changes not shown on this page.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

24 edited+3 added−5 removed45 unchanged
Biggest change(3) Fair value of loans is shown excluding the $64.8 million allowance for credit losses and $6.7 million of deferred loans fees to correlate with the gross loan balances shown in the “Total” column. ​ 112 Table of Contents Repricing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2025 2026 2027 2028 2029 2030-2039 Thereafter Total Fair Value ​ (Dollars In Thousands) Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest bearing deposits ​ $ 86,390 ​ — ​ — ​ — ​ — ​ ​ — ​ — ​ $ 86,390 ​ $ 86,390 Weighted average rate ​ 4.36 % ​ — ​ — ​ — ​ — ​ ​ — ​ — ​ 4.36 % ​ Available-for-sale debt securities(1) ​ $ 7,995 ​ $ 2,591 ​ $ 17,086 ​ $ 15,829 ​ $ 16,550 ​ $ 215,386 ​ $ 257,936 ​ $ 533,373 ​ $ 533,373 Weighted average rate ​ 4.10 % 1.94 % ​ 1.55 % 3.88 % 2.75 % 3.07 % 3.07 % 3.05 % ​ Held-to-maturity securities (2) ​ ​ — ​ ​ 515 ​ $ — ​ ​ 32,182 ​ $ 11,978 ​ $ 61,123 ​ $ 81,635 ​ $ 187,433 ​ $ 162,765 Weighted average rate ​ — ​ 1.49 % — ​ 3.49 % 2.92 % 2.35 % 2.47 % 2.63 % ​ Adjustable rate loans (3) ​ $ 2,442,924 ​ $ 23,840 ​ $ 58,093 ​ $ 43,600 ​ $ 59,377 ​ $ 360,939 ​ ​ — ​ $ 2,988,773 ​ $ 2,915,599 Weighted average rate ​ ​ 7.16 % ​ 3.35 % ​ 3.84 % ​ 3.99 % ​ 4.61 % ​ 3.74 % ​ — ​ ​ 6.56 % ​ ​ Fixed rate loans (3) ​ $ 393,526 ​ $ 475,815 ​ $ 327,590 ​ $ 213,845 ​ $ 194,633 ​ $ 145,647 ​ $ 28,956 ​ $ 1,780,012 ​ $ 1,692,522 Weighted average rate ​ ​ 5.41 % ​ 5.02 % ​ 4.99 % ​ 5.20 % ​ 5.59 % ​ 4.45 % ​ 4.71 % ​ 5.13 % ​ ​ Federal Home Loan Bank stock and other interest earning assets ​ $ 28,392 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ $ 28,392 ​ $ 28,392 Weighted average rate ​ 7.26 % — ​ — ​ — ​ — ​ — ​ — ​ 7.26 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total financial assets ​ $ 2,959,227 ​ $ 502,761 ​ $ 402,769 ​ $ 305,456 ​ $ 282,538 ​ $ 783,095 ​ $ 368,527 ​ $ 5,604,373 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time deposits ​ $ 762,159 ​ $ 8,381 ​ $ 2,761 ​ $ 947 ​ $ 584 ​ $ 940 ​ ​ — ​ $ 775,772 ​ $ 772,295 Weighted average rate ​ 3.67 % 0.79 % 0.70 % 0.67 % 1.34 % 1.19 % — ​ 3.62 % ​ Brokered funds ​ $ 723,919 ​ $ 48,195 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ $ 772,114 ​ $ 772,354 Weighted average rate ​ 4.59 % 4.90 % — ​ — ​ — ​ — ​ — ​ 4.61 % ​ Interest-bearing demand ​ $ 2,214,732 ​ — ​ — ​ — ​ — ​ — ​ — ​ $ 2,214,732 ​ $ 2,214,732 Weighted average rate ​ 1.39 % — ​ — ​ — ​ — ​ — ​ — ​ 1.39 % ​ Non-interest-bearing demand (4) ​ — ​ — ​ — ​ — ​ — ​ ​ — ​ $ 842,931 ​ $ 842,931 ​ $ 842,931 Weighted average rate ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ Securities sold under reverse repurchase agreements ​ $ 64,444 ​ — ​ — ​ — ​ — ​ — ​ — ​ $ 64,444 ​ $ 64,444 Weighted average rate ​ 1.38 % — ​ — ​ — ​ — ​ — ​ — ​ 1.38 % ​ Short-term borrowings, overnight FHLB borrowings, and other liabilities ​ $ 514,247 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ $ 514,247 ​ $ 514,247 Weighted average rate ​ ​ 4.69 % ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 4.69 % ​ ​ Subordinated notes ​ $ 75,000 ​ ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ $ 75,000 ​ $ 74,438 Weighted average rate ​ 5.90 % — ​ — ​ — ​ — ​ — ​ — ​ 5.90 % ​ Subordinated debentures ​ $ 25,774 ​ — ​ — ​ — ​ — ​ ​ — ​ — ​ $ 25,774 ​ $ 25,774 Weighted average rate ​ 6.43 % — ​ — ​ — ​ — ​ — ​ — ​ 6.43 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total financial liabilities ​ $ 4,380,275 ​ $ 56,576 ​ $ 2,761 ​ $ 947 ​ $ 584 ​ $ 940 ​ $ 842,931 ​ $ 5,285,014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Periodic repricing GAP ​ $ (1,421,048) ​ $ 446,185 ​ $ 400,008 ​ $ 304,509 ​ $ 281,954 ​ $ 782,155 ​ $ (474,404) ​ $ 319,359 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative repricing GAP ​ $ (1,421,048) ​ $ (974,863) ​ $ (574,855) ​ $ (270,346) ​ $ 11,608 ​ $ 793,763 ​ $ 319,359 ​ ​ (1) Available-for-sale debt securities include approximately $477.4 million of mortgage-backed securities and collateralized mortgage obligations, which pay interest and principal monthly to the Company.
Biggest change(3) Fair value of loans is shown excluding the $64.8 million allowance for credit losses and $6.1 million of deferred loans fees to correlate with the gross loan balances shown in the “Total” column. ​ 105 Table of Contents Repricing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ ​ 2026 ​ ​ ​ 2027 ​ ​ ​ 2028 ​ ​ ​ 2029 ​ ​ ​ 2030 ​ ​ ​ 2031-2040 ​ ​ ​ Thereafter ​ ​ ​ Total ​ ​ ​ Fair Value ​ (Dollars In Thousands) Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest bearing deposits ​ $ 79,721 ​ — ​ — ​ — ​ — ​ ​ — ​ — ​ $ 79,721 ​ $ 79,721 Weighted average rate ​ 3.52 % ​ — ​ — ​ — ​ — ​ ​ — ​ — ​ 3.52 % ​ Available-for-sale debt securities(1) ​ $ 5,344 ​ $ 15,579 ​ $ 16,018 ​ $ 17,103 ​ $ 26,400 ​ $ 193,629 ​ $ 249,758 ​ $ 523,831 ​ $ 523,831 Weighted average rate ​ 3.91 % 1.61 % ​ 3.88 % 2.74 % 2.70 % 3.23 % 3.08 % 3.09 % ​ Held-to-maturity securities (2) ​ $ 506 ​ ​ — ​ $ 31,749 ​ $ 11,792 ​ $ 15,990 ​ $ 44,535 ​ $ 74,628 ​ $ 179,200 ​ $ 162,629 Weighted average rate ​ 1.49 % — ​ 3.46 % 2.91 % 1.60 % 2.60 % 2.48 % 2.64 % ​ Adjustable rate loans (3) ​ $ 2,383,006 ​ $ 79,208 ​ $ 55,730 ​ $ 51,022 ​ $ 68,729 ​ $ 278,270 ​ $ 13 ​ $ 2,915,978 ​ $ 2,863,316 Weighted average rate ​ ​ 6.51 % ​ 4.62 % ​ 4.84 % ​ 4.39 % ​ 4.51 % ​ 3.74 % ​ 4.93 % ​ 6.08 % ​ ​ Fixed rate loans (3) ​ $ 514,958 ​ $ 290,546 ​ $ 239,376 ​ $ 207,629 ​ $ 88,619 ​ $ 150,029 ​ $ 27,381 ​ $ 1,518,538 ​ $ 1,476,105 Weighted average rate ​ ​ 5.26 % ​ 5.07 % ​ 5.35 % ​ 5.74 % ​ 6.57 % ​ 4.65 % ​ 4.54 % ​ 5.31 % ​ ​ Federal Home Loan Bank stock and other interest earning assets ​ $ 20,079 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ $ 20,079 ​ $ 20,079 Weighted average rate ​ 8.58 % — ​ — ​ — ​ — ​ — ​ — ​ 8.58 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total financial assets ​ $ 3,003,614 ​ $ 385,333 ​ $ 342,873 ​ $ 287,546 ​ $ 199,738 ​ $ 666,463 ​ $ 351,780 ​ $ 5,237,347 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time deposits ​ $ 679,400 ​ $ 6,009 ​ $ 1,302 ​ $ 672 ​ $ 343 ​ $ 713 ​ ​ — ​ $ 688,439 ​ $ 686,422 Weighted average rate ​ 3.16 % 0.82 % 0.61 % 1.26 % 0.64 % 1.18 % — ​ 3.13 % ​ Brokered funds ​ $ 663,427 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ $ 663,427 ​ $ 663,440 Weighted average rate ​ 3.80 % — ​ — ​ — ​ — ​ — ​ — ​ 3.80 % ​ Interest-bearing demand ​ $ 2,289,393 ​ — ​ — ​ — ​ — ​ — ​ — ​ $ 2,289,393 ​ $ 2,289,393 Weighted average rate ​ 1.20 % — ​ — ​ — ​ — ​ — ​ — ​ 1.20 % ​ Non-interest-bearing demand (4) ​ — ​ — ​ — ​ — ​ — ​ ​ — ​ $ 841,515 ​ $ 841,515 ​ $ 841,515 Weighted average rate ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ Securities sold under reverse repurchase agreements ​ $ 48,467 ​ — ​ — ​ — ​ — ​ — ​ — ​ $ 48,467 ​ $ 48,467 Weighted average rate ​ 0.88 % — ​ — ​ — ​ — ​ — ​ — ​ 0.88 % ​ Short-term borrowings, overnight FHLB borrowings, and other liabilities ​ $ 330,928 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ $ 330,928 ​ $ 330,928 Weighted average rate ​ 3.98 % — ​ — ​ — ​ — ​ — ​ — ​ 3.98 % ​ Subordinated debentures ​ $ 25,774 ​ — ​ — ​ — ​ — ​ ​ — ​ — ​ $ 25,774 ​ $ 25,774 Weighted average rate ​ 5.72 % — ​ — ​ — ​ — ​ — ​ — ​ 5.72 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total financial liabilities ​ $ 4,037,389 ​ $ 6,009 ​ $ 1,302 ​ $ 672 ​ $ 343 ​ $ 713 ​ $ 841,515 ​ $ 4,887,943 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Periodic repricing GAP ​ $ (1,033,775) ​ $ 379,324 ​ $ 341,571 ​ $ 286,874 ​ $ 199,395 ​ $ 665,750 ​ $ (489,735) ​ $ 349,404 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative repricing GAP ​ $ (1,033,775) ​ $ (654,451) ​ $ (312,880) ​ $ (26,006) ​ $ 173,389 ​ $ 839,139 ​ $ 349,404 ​ ​ ​ ​ (1) Available-for-sale debt securities include approximately $472.4 million of mortgage-backed securities and collateralized mortgage obligations, which pay interest and principal monthly to the Company.
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. 110 Table of Contents 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 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. 103 Table of Contents 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.
During 2020, we experienced some compression of our net interest margin percentage due to the Federal Funds rate being cut by 2.25% from July 2019 through March 2020.
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.
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. 108 Table of Contents 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.
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. 101 Table of Contents 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.
As of December 31, 2024, 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.
As of December 31, 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.
(3) Fair value of loans is shown excluding the $64.8 million allowance for credit losses and $6.7 million of deferred loans fees to correlate with the gross loan balances shown in the “Total” column.
(3) Fair value of loans is shown excluding the $64.8 million allowance for credit losses and $6.1 million of deferred loans fees to correlate with the gross loan balances shown in the “Total” column.
At December 31, 2024, 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.
At December 31, 2025, nearly all of these SOFR 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.
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. 111 Table of Contents In January 2024, the Company elected to terminate the swaps related to brokered deposits prior to their contractual termination date in 2025.
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 the swaps related to brokered deposits prior to their contractual termination date in 2025.
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.
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.
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 3 and a 1.00% decrease on March 16. At December 31, 2021, the Federal Funds rate was 0.25%.
In response to the COVID-19 pandemic, the FRB decreased interest rates on two occasions in March 2020, a 0.50% decrease on March 3 and a 1.00% decrease on March 16. At December 31, 2021, the Federal Funds rate was 0.25%.
All of these loans have interest rate floors at various rates.
Nearly all of these loans have interest rate floors at various rates.
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%.
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 rate decreases of 0.25% in each of September, October and December, respectively.
This table does not show the effect of these monthly repayments of principal. (2) Held-to-maturity debt securities include approximately $181.3 million of mortgage-backed securities and collateralized mortgage obligations, which pay interest and principal monthly to the Company. This table does not show the effect of these monthly repayments of principal.
This table does not show the effect of these monthly repayments of principal. (2) Held-to-maturity debt securities include approximately $173.1 million of mortgage-backed securities and collateralized mortgage obligations, which pay interest and principal monthly to the Company. This table does not show the effect of these monthly repayments of principal.
This table does not show the effect of these monthly repayments of principal. (2) Held-to-maturity debt securities include approximately $181.3 million of mortgage-backed securities and collateralized mortgage obligations, which pay interest and principal monthly to the Company. This table does not show the effect of these monthly repayments of principal.
This table does not show the effect of these monthly repayments of principal. (2) Held-to-maturity debt securities include approximately $173.1 million of mortgage-backed securities and collateralized mortgage obligations, which pay interest and principal monthly to the Company. This table does not show the effect of these monthly repayments of principal.
The Company’s interest rate derivatives and hedging activities are discussed further in Note 15 of the accompanying audited financial statements, which are included in Item 8 of this Report. The following tables illustrate the expected maturities and repricing, respectively, of the Bank’s financial instruments at December 31, 2024.
The Company’s interest rate derivatives and hedging activities are discussed further in Note 15 of the accompanying audited financial statements, which are included in Item 8 of this Report. 104 Table of Contents The following tables illustrate the expected maturities and repricing, respectively, of the Bank’s financial instruments at December 31, 2025.
All of these loans have interest rate floors at various rates. Great Southern also has a portfolio of loans ($748.0 million at December 31, 2024) 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 have interest rate floors at various rates. Great Southern also has a portfolio of loans ($654.1 million at December 31, 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.
Financial markets now expect the possibility of further decreases in Federal Funds interest rates in 2025 to be likely, but possibly cuts of only 0.50% at a methodical pace and with interest rate decisions being made at each FRB meeting based on economic data available at the time. 109 Table of Contents Great Southern’s loan portfolio includes loans ($1.57 billion at December 31, 2024) tied to various SOFR indices that will be subject to adjustment at least once within 90 days after December 31, 2024.
Financial markets now expect the possibility of further decreases in Federal Funds interest rates in 2026 to be modest, if any, with potential cuts of only 0.25% at a methodical pace and with interest rate decisions being made at each FRB meeting based on economic data available at the time. 102 Table of Contents Great Southern’s loan portfolio includes loans ($1.58 billion at December 31, 2025) tied to various SOFR indices that will be subject to adjustment at least once within 90 days after December 31, 2025.
Based on time deposit market rates in February 2025, replacement rates for these maturing time deposits are likely to be approximately 3.50-4.00%. The current level and shape of the interest rate yield curve poses challenges for interest rate risk management.
Based on time deposit market rates in December 2025, replacement rates for these maturing time deposits are likely to be approximately 2.70-3.10%, depending on term. The current level and shape of the interest rate yield curve poses challenges for interest rate risk management.
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.
The notional amount of the swap was $300 million with an effective date of March 1, 2022 and terminated March 1, 2024. 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.
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 the year ended December 31, 2023 and much of 2024.
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. Market interest rate decreases began in late 2024, with a short series of Federal Funds rate cuts.
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.
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.
The FRB also implemented rate increases of 0.25% on eight additional occasions beginning December 14, 2016 and 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.
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%.
As of December 31, 2024, time deposit maturities over the next 12 months were as follows: within three months -- $724.3 million with a weighted-average rate of 4.19%; within three to six months -- $306.1 million with a weighted-average rate of 3.86%; and within six to twelve months -- $155.6 million with a weighted-average rate of 3.34%.
As of December 31, 2025, time deposit maturities over the next 12 months were as follows: within three months – $591.3 million with a weighted-average rate of 3.53%; within three to six months – $262.9 million with a weighted-average rate of 3.13%; and within six to twelve months – $38.7 million with a weighted-average rate of 1.87%.
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.
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 beginning December 2016 and through December 2018, with the Federal Funds rate reaching as high as 2.50%.
Removed
Nearly all of these loans have interest rate floors at various rates. In addition, Great Southern has a portfolio of loans ($8.6 million at December 31, 2024) tied to an AMERIBOR index that will adjust immediately or within 90 days of a change to the rate of interest on this index.
Added
Another short series of Federal Funds rate cuts followed in late 2025. These rate cuts have not had a material negative impact on our net interest margin through the end of 2025.
Removed
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).
Added
At December 31, 2025, the Federal Funds rate was 3.75%.
Removed
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.
Added
Maturities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ ​ 2026 ​ ​ ​ 2027 ​ ​ ​ 2028 ​ ​ ​ 2029 ​ ​ ​ 2030 ​ ​ ​ 2031-2040 ​ ​ ​ Thereafter ​ ​ ​ Total ​ ​ ​ Fair Value ​ (Dollars In Thousands) Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest bearing deposits ​ $ 79,721 ​ — ​ — ​ — ​ — ​ — ​ ​ — ​ $ 79,721 ​ $ 79,721 Weighted average rate ​ 3.52 % ​ — ​ — ​ — ​ — ​ — ​ ​ — ​ 3.52 % ​ Available-for-sale debt securities (1) ​ $ 5,344 ​ $ 15,579 ​ $ 16,018 ​ $ 17,103 ​ $ 26,400 ​ $ 193,629 ​ $ 249,758 ​ $ 523,831 ​ $ 523,831 Weighted average rate ​ 3.91 % 1.61 % 3.88 % 2.74 % 2.70 % 3.23 % 3.08 % 3.09 % ​ Held-to-maturity securities (2) ​ $ 506 ​ ​ — ​ $ 31,749 ​ $ 11,792 ​ $ 15,990 ​ $ 44,535 ​ $ 74,628 ​ $ 179,200 ​ $ 162,629 Weighted average rate ​ ​ 1.49 % ​ — ​ ​ 3.46 % ​ 2.91 % ​ 1.60 % ​ 2.60 % ​ 2.48 % ​ 2.64 % ​ ​ Adjustable rate loans (3) ​ $ 1,042,528 ​ $ 538,346 ​ $ 270,272 ​ $ 192,478 ​ $ 174,617 ​ $ 125,193 ​ $ 572,544 ​ $ 2,915,978 ​ $ 2,863,316 Weighted average rate ​ ​ 6.71 % ​ 6.56 % ​ 6.74 % ​ 6.71 % ​ 6.51 % ​ 6.16 % ​ 3.81 % ​ 6.08 % ​ ​ Fixed rate loans (3) ​ $ 514,958 ​ $ 290,546 ​ $ 239,376 ​ $ 207,629 ​ $ 88,619 ​ $ 150,029 ​ $ 27,381 ​ $ 1,518,538 ​ $ 1,476,105 Weighted average rate ​ ​ 5.26 % 5.07 % 5.35 % 5.74 % 6.57 % ​ 4.65 % ​ 4.54 % ​ 5.31 % ​ ​ Federal Home Loan Bank stock and other interest earning assets ​ $ 1,620 ​ — ​ — ​ — ​ — ​ — ​ $ 18,459 ​ $ 20,079 ​ $ 20,079 Weighted average rate ​ ​ 3.64 % ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 9.02 % ​ 8.58 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total financial assets ​ $ 1,644,677 ​ $ 844,471 ​ $ 557,415 ​ $ 429,002 ​ $ 305,626 ​ $ 513,386 ​ $ 942,770 ​ $ 5,237,347 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time deposits ​ $ 679,400 ​ $ 6,009 ​ $ 1,302 ​ $ 672 ​ $ 343 ​ $ 713 ​ ​ — ​ $ 688,439 ​ $ 686,422 Weighted average rate ​ 3.16 % 0.82 % 0.61 % 1.26 % 0.64 % 1.18 % — ​ 3.13 % ​ Brokered funds ​ $ 463,427 ​ $ 150,000 ​ $ 50,000 ​ — ​ — ​ — ​ — ​ $ 663,427 ​ $ 663,440 Weighted average rate ​ 3.82 % 3.79 % 3.80 % — ​ — ​ — ​ — ​ 3.80 % ​ Interest-bearing demand ​ $ 2,289,393 ​ — ​ — ​ — ​ — ​ ​ — ​ ​ — ​ $ 2,289,393 ​ $ 2,289,393 Weighted average rate ​ 1.20 % — ​ — ​ — ​ — ​ — ​ — ​ 1.20 % ​ Non-interest-bearing demand ​ $ 841,515 ​ — ​ — ​ — ​ — ​ — ​ — ​ $ 841,515 ​ $ 841,515 Weighted average rate ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ Securities sold under reverse repurchase agreements ​ $ 48,467 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ $ 48,467 ​ $ 48,467 Weighted average rate ​ ​ 0.88 % ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.88 % ​ ​ Short-term borrowings, overnight FHLB borrowings, and other liabilities ​ $ 330,928 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ $ 330,928 ​ $ 330,928 Weighted average rate ​ 3.98 % — ​ — ​ — ​ — ​ ​ — ​ ​ — ​ ​ 3.98 % ​ ​ Subordinated debentures ​ — ​ — ​ — ​ — ​ — ​ $ 25,774 ​ ​ — ​ $ 25,774 ​ $ 25,774 Weighted average rate ​ — ​ — ​ — ​ — ​ — ​ 5.72 % — ​ 5.72 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total financial liabilities ​ $ 4,653,130 ​ $ 156,009 ​ $ 51,302 ​ $ 672 ​ $ 343 ​ $ 26,487 ​ $ — ​ $ 4,887,943 ​ ​ (1) Available-for-sale debt securities include approximately $472.4 million of mortgage-backed securities and collateralized mortgage obligations, which pay interest and principal monthly to the Company.
Removed
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.
Removed
Maturities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2025 2026 2027 2028 2029 2030-2039 Thereafter Total Fair Value ​ (Dollars In Thousands) Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest bearing deposits ​ $ 86,390 ​ — ​ — ​ — ​ — ​ — ​ ​ — ​ $ 86,390 ​ $ 86,390 Weighted average rate ​ 4.36 % ​ — ​ — ​ — ​ — ​ — ​ ​ — ​ 4.36 % ​ Available-for-sale debt securities (1) ​ $ 7,995 ​ $ 2,591 ​ $ 17,086 ​ $ 15,829 ​ $ 16,550 ​ $ 215,386 ​ $ 257,936 ​ $ 533,373 ​ $ 533,373 Weighted average rate ​ 4.10 % 1.94 % 1.55 % 3.88 % 2.75 % 3.07 % 3.07 % 3.05 % ​ Held-to-maturity securities (2) ​ ​ — ​ $ 515 ​ ​ — ​ $ 32,182 ​ $ 11,978 ​ $ 61,123 ​ $ 81,635 ​ $ 187,433 ​ $ 162,765 Weighted average rate ​ ​ — ​ ​ 1.49 % ​ — ​ ​ 3.49 % ​ 2.92 % ​ 2.35 % ​ 2.47 % ​ 2.63 % ​ ​ Adjustable rate loans (3) ​ $ 1,056,077 ​ $ 603,878 ​ $ 338,240 ​ $ 94,672 ​ $ 148,690 ​ $ 128,377 ​ $ 618,839 ​ $ 2,988,773 ​ $ 2,915,599 Weighted average rate ​ ​ 7.36 % ​ 7.34 % ​ 7.21 % ​ 7.44 % ​ 7.10 % ​ 6.79 % ​ 3.74 % ​ 6.56 % ​ ​ Fixed rate loans (3) ​ $ 393,526 ​ $ 475,815 ​ $ 327,590 ​ $ 213,845 ​ $ 194,633 ​ $ 145,647 ​ $ 28,956 ​ $ 1,780,012 ​ $ 1,692,522 Weighted average rate ​ ​ 5.41 % 5.02 % 4.99 % 5.20 % 5.59 % ​ 4.45 % ​ 4.71 % ​ 5.13 % ​ ​ Federal Home Loan Bank stock and other interest earning assets ​ $ 9,900 ​ — ​ — ​ — ​ — ​ — ​ $ 18,492 ​ $ 28,392 ​ $ 28,392 Weighted average rate ​ ​ 4.33 % ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 8.84 % ​ 7.26 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total financial assets ​ $ 1,553,888 ​ $ 1,082,799 ​ $ 682,916 ​ $ 356,528 ​ $ 371,851 ​ $ 550,533 ​ $ 1,005,858 ​ $ 5,604,373 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time deposits ​ $ 762,159 ​ $ 8,381 ​ $ 2,761 ​ $ 947 ​ $ 584 ​ $ 940 ​ ​ — ​ $ 775,772 ​ $ 772,295 Weighted average rate ​ 3.67 % 0.79 % 0.70 % 0.67 % 1.34 % 1.19 % — ​ 3.62 % ​ Brokered funds ​ $ 623,919 ​ $ 148,195 ​ ​ — ​ — ​ — ​ — ​ — ​ $ 772,114 ​ $ 772,354 Weighted average rate ​ 4.59 % 4.67 % — ​ — ​ — ​ — ​ — ​ 4.61 % ​ Interest-bearing demand ​ $ 2,214,732 ​ — ​ — ​ — ​ — ​ ​ — ​ ​ — ​ $ 2,214,732 ​ $ 2,214,732 Weighted average rate ​ 1.39 % — ​ — ​ — ​ — ​ — ​ — ​ 1.39 % ​ Non-interest-bearing demand ​ $ 842,931 ​ — ​ — ​ — ​ — ​ — ​ — ​ $ 842,931 ​ $ 842,931 Weighted average rate ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ Securities sold under reverse repurchase agreements ​ $ 64,444 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ $ 64,444 ​ $ 64,444 Weighted average rate ​ ​ 1.38 % ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1.38 % ​ ​ Short-term borrowings, overnight FHLB borrowings, and other liabilities ​ $ 514,247 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ $ 514,247 ​ $ 514,247 Weighted average rate ​ 4.69 % — ​ — ​ — ​ — ​ ​ — ​ ​ — ​ ​ 4.69 % ​ ​ Subordinated notes ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ $ 75,000 ​ ​ — ​ $ 75,000 ​ $ 74,438 Weighted average rate ​ — ​ — ​ — ​ — ​ — ​ 5.90 % — ​ 5.90 % ​ Subordinated debentures ​ — ​ — ​ — ​ — ​ — ​ $ 25,774 ​ ​ — ​ $ 25,774 ​ $ 25,774 Weighted average rate ​ — ​ — ​ — ​ — ​ — ​ 6.43 % — ​ 6.43 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total financial liabilities ​ $ 5,022,432 ​ $ 156,576 ​ $ 2,761 ​ $ 947 ​ $ 584 ​ $ 101,714 ​ $ — ​ $ 5,285,014 ​ ​ (1) Available-for-sale debt securities include approximately $477.4 million of mortgage-backed securities and collateralized mortgage obligations, which pay interest and principal monthly to the Company.

Other GSBC 10-K year-over-year comparisons