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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the Quarterly Period Ended June 30, 2025

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

Commission File Number 0-18082

GREAT SOUTHERN BANCORP, INC.

(Exact name of registrant as specified in its charter)

Maryland		43-1524856
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1451 E. Battlefield, Springfield, Missouri		65804
(Address of principal executive offices)		(Zip Code)

(417) 887-4400
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act.

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock,
par value $0.01 per share	GSBC	The NASDAQ Stock Market LLC

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

Yes ☒ No ☐

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

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


Large accelerated filer ☐	Accelerated filer ☒
Non-accelerated filer ☐	Smaller reporting company ☐
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

Yes ☐ No ☒

The number of shares outstanding of each of the registrant’s classes of common stock: 11,328,345 shares of common stock, par value $.01 per share, outstanding at August 5, 2025.

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In Thousands, Except Number of Shares)

	JUNE 30,		DECEMBER 31,
	2025		2024

	(Unaudited)
ASSETS
Cash	$	110,007	$	109,366
Interest-bearing deposits in other financial institutions		135,906		86,390
Cash and cash equivalents		245,913		195,756

Available-for-sale securities		527,543		533,373
Held-to-maturity securities		183,100		187,433
Mortgage loans held for sale		5,616		6,937
Loans receivable, net of allowance for credit losses of $64,815 – June 2025; $64,760 – December 2024		4,534,287		4,690,393
Interest receivable		20,644		20,430
Prepaid expenses and other assets		133,614		136,594
Other real estate owned and repossessions, net		6,040		5,993
Premises and equipment, net		134,337		132,466
Goodwill and other intangible assets		9,877		10,094
Federal Home Loan Bank stock and other interest-earning assets		23,714		28,392
Current and deferred income taxes		29,987		33,767
Total Assets	$	5,854,672	$	5,981,628

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits	$	4,684,126	$	4,605,549
Securities sold under reverse repurchase agreements with customers		54,802		64,444
Short-term borrowings and other interest-bearing liabilities		369,907		514,247
Subordinated debentures issued to capital trust		25,774		25,774
Subordinated notes		—		74,876
Accrued interest payable		4,065		12,761
Advances from borrowers for taxes and insurance		8,822		5,272
Accrued expenses and other liabilities		76,763		70,634
Liability for unfunded commitments		8,045		8,503
Total Liabilities		5,232,304		5,382,060

Stockholders’ Equity:
Capital stock
Serial preferred stock, $.01 par value; authorized 1,000,000 shares; issued and outstanding June 2025 and December 2024 - - 0 - shares		—		—
Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding June 2025 – 11,396,533 shares; December 2024 – 11,723,548 shares		114		117
Additional paid-in capital		51,646		50,336
Retained earnings		611,921		603,477
Accumulated other comprehensive loss		(41,313)		(54,362)
Total Stockholders’ Equity		622,368		599,568

Total Liabilities and Stockholders’ Equity	$	5,854,672	$	5,981,628

See Notes to Consolidated Financial Statements

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Data)


	THREE MONTHS ENDED
	JUNE 30,
	2025		2024

	(Unaudited)
INTEREST INCOME
Loans	$	73,830	$	74,295
Investment securities and other		7,145		6,632
TOTAL INTEREST INCOME		80,975		80,927

INTEREST EXPENSE
Deposits		24,368		27,783
Securities sold under reverse repurchase agreements		372		394
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities		3,974		4,373
Subordinated debentures issued to capital trust		389		454
Subordinated notes		909		1,105
TOTAL INTEREST EXPENSE		30,012		34,109

NET INTEREST INCOME		50,963		46,818
PROVISION FOR CREDIT LOSSES ON LOANS		—		—
PROVISION (CREDIT) FOR UNFUNDED COMMITMENTS		(110)		(607)
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES ON LOANS AND PROVISION (CREDIT) FOR UNFUNDED COMMITMENTS		51,073		47,425

NON-INTEREST INCOME
Commissions		411		269
Overdraft and insufficient funds fees		1,266		1,230
Point-Of-Sale and ATM fee income and service charges		3,444		3,588
Net gains on loan sales		893		1,127
Late charges and fees on loans		340		136
Loss on derivative interest rate products		(28)		(7)
Other income		1,886		3,490
TOTAL NON-INTEREST INCOME		8,212		9,833

NON-INTEREST EXPENSE
Salaries and employee benefits		20,005		19,886
Net occupancy and equipment expense		8,435		7,841
Postage		825		777
Insurance		1,095		1,263
Advertising		705		891
Office supplies and printing		238		236
Telephone		705		685
Legal, audit and other professional fees		929		1,864
Expense (income) on other real estate and repossessions		(168)		285
Intangible asset amortization		108		109
Other operating expenses		2,128		2,572
TOTAL NON-INTEREST EXPENSE		35,005		36,409

INCOME BEFORE INCOME TAXES		24,280		20,849
PROVISION FOR INCOME TAXES		4,494		3,861
NET INCOME	$	19,786	$	16,988

Basic Earnings Per Common Share	$	1.73	$	1.46
Diluted Earnings Per Common Share	$	1.72	$	1.45

Dividends Declared Per Common Share	$	0.40	$	0.40

See Notes to Consolidated Financial Statements

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Data)


	SIX MONTHS ENDED
	JUNE 30,
	2025		2024

	(Unaudited)
INTEREST INCOME
Loans	$	146,901	$	145,371
Investment securities and other		14,317		12,946
TOTAL INTEREST INCOME		161,218		158,317

INTEREST EXPENSE
Deposits		48,968		55,420
Securities sold under reverse repurchase agreements		743		727
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities		8,424		7,417
Subordinated debentures issued to capital trust		771		908
Subordinated notes		2,015		2,211
TOTAL INTEREST EXPENSE		60,921		66,683

NET INTEREST INCOME		100,297		91,634
PROVISION FOR CREDIT LOSSES ON LOANS		—		500
PROVISION (CREDIT) FOR UNFUNDED COMMITMENTS		(458)		(477)
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES ON LOANS AND PROVISION (CREDIT) FOR UNFUNDED COMMITMENTS		100,755		91,611

NON-INTEREST INCOME
Commissions		673		650
Overdraft and insufficient funds fees		2,481		2,519
Point-Of-Sale and ATM fee income and service charges		6,678		6,771
Net gains on loan sales		1,494		1,804
Late charges and fees on loans		583		303
Loss on derivative interest rate products		(52)		(20)
Other income		2,945		4,612
TOTAL NON-INTEREST INCOME		14,802		16,639

NON-INTEREST EXPENSE
Salaries and employee benefits		40,134		39,542
Net occupancy and equipment expense		16,968		15,680
Postage		1,756		1,584
Insurance		2,260		2,407
Advertising		995		1,241
Office supplies and printing		504		503
Telephone		1,411		1,406
Legal, audit and other professional fees		1,967		3,589
Expense (income) on other real estate and repossessions		(238)		346
Intangible asset amortization		216		217
Other operating expenses		3,854		4,316
TOTAL NON-INTEREST EXPENSE		69,827		70,831

INCOME BEFORE INCOME TAXES		45,730		37,419
PROVISION FOR INCOME TAXES		8,784		7,024
NET INCOME	$	36,946	$	30,395

Basic Earnings Per Common Share	$	3.20	$	2.60
Diluted Earnings Per Common Share	$	3.18	$	2.58

Dividends Declared Per Common Share	$	0.80	$	0.80

See Notes to Consolidated Financial Statements

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands)


	THREE MONTHS ENDED
	JUNE 30,
	2025		2024

	(Unaudited)
Net Income	$	19,786	$	16,988

Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes (credit) of $577 and $(434), for 2025 and 2024, respectively		1,770		(1,329)

Unrealized loss on securities transferred to held-to-maturity, net of taxes (credit) of $(17) and $(12) for 2025 and 2024, respectively		(54)		(37)

Amortization of realized loss on termination of cash flow hedge, net of taxes (credit) of $(463) and $(463), for 2025 and 2024, respectively		(1,562)		(1,562)

Change in value of active cash flow hedges, net of taxes (credit) of $872 and $(2) for 2025 and 2024, respectively		2,671		(8)

Comprehensive Income	$	22,611	$	14,052


	SIX MONTHS ENDED
	JUNE 30,
	2025		2024

	(Unaudited)
Net Income	$	36,946	$	30,395

Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes (credit) of $3,067 and $(2,216), for 2025 and 2024, respectively		9,403		(6,789)

Unrealized loss on securities transferred to held-to-maturity, net of taxes (credit) of $(32) and $(24) for 2025 and 2024, respectively		(98)		(73)

Amortization of realized loss on termination of cash flow hedge, net of taxes (credit) of $(920) and $(924), for 2025 and 2024, respectively		(3,108)		(3,126)

Change in value of active cash flow hedges, net of taxes (credit) of $2,236 and $(971) for 2025 and 2024, respectively		6,852		(2,976)

Comprehensive Income	$	49,995	$	17,431

See Notes to Consolidated Financial Statements

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In Thousands, Except Per Share Data)


	THREE MONTHS ENDED JUNE 30, 2025
							Accumulated
							Other
	Common		Additional		Retained		Comprehensive		Treasury
	Stock		Paid-in Capital		Earnings		Income (Loss)		Stock		Total

	(Unaudited)
Balance, March 31, 2025	$	116	$	51,076	$	606,239	$	(44,138)	$	—	$	613,293
Net income		—		—		19,786		—		—		19,786
Stock issued under Stock Option Plan		—		570		—		—		246		816
Common cash dividends declared, $0.40 per share		—		—		(4,559)		—		—		(4,559)
Change in fair value of cash flow hedges		—		—		—		1,109		—		1,109
Change in unrealized loss on held-to-maturity securities		—		—		—		(54)		—		(54)
Change in unrealized gain on available-for-sale securities		—		—		—		1,770		—		1,770
Repurchase of the Company’s common stock		—		—		—		—		(9,793)		(9,793)
Reclassification of treasury stock per Maryland law		(2)		—		(9,545)		—		9,547		—
Balance, June 30, 2025	$	114	$	51,646	$	611,921	$	(41,313)	$	—	$	622,368


	THREE MONTHS ENDED JUNE 30, 2024
							Accumulated
							Other
	Common		Additional		Retained		Comprehensive		Treasury
	Stock		Paid-in Capital		Earnings		Income (Loss)		Stock		Total

	(Unaudited)
Balance, March 31, 2024	$	117	$	44,807	$	572,747	$	(52,509)	$	—	$	565,162
Net income		—		—		16,988		—		—		16,988
Stock issued under Stock Option Plan		—		514		—		—		224		738
Common cash dividends declared, $0.40 per share		—		—		(4,634)		—		—		(4,634)
Change in fair value of cash flow hedges		—		—		—		(1,570)		—		(1,570)
Change in unrealized loss on held-to-maturity securities		—		—		—		(37)		—		(37)
Change in unrealized loss on available-for-sale securities		—		—		—		(1,329)		—		(1,329)
Repurchase of the Company’s common stock		—		—		—		—		(6,526)		(6,526)
Reclassification of treasury stock per Maryland law		(1)		—		(6,301)		—		6,302		—
Balance, June 30, 2024	$	116	$	45,321	$	578,800	$	(55,445)	$	—	$	568,792

See Notes to Consolidated Financial Statements

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In Thousands, Except Per Share Data)


	SIX MONTHS ENDED JUNE 30, 2025
							Accumulated
							Other
	Common		Additional		Retained		Comprehensive		Treasury
	Stock		Paid-in Capital		Earnings		Income (Loss)		Stock		Total

	(Unaudited)
Balance, January 1, 2025	$	117	$	50,336	$	603,477	$	(54,362)	$	—	$	599,568
Net income		—		—		36,946		—		—		36,946
Stock issued under Stock Option Plan		—		1,310		—		—		687		1,997
Common cash dividends declared, $0.80 per share		—		—		(9,185)		—		—		(9,185)
Change in fair value of cash flow hedges		—		—		—		3,744		—		3,744
Change in unrealized loss on held-to-maturity securities		—		—		—		(98)		—		(98)
Change in unrealized gain on available-for-sale securities		—		—		—		9,403		—		9,403
Purchase of the Company’s common stock		—		—		—		—		(20,007)		(20,007)
Reclassification of treasury stock per Maryland law		(3)		—		(19,317)		—		19,320		—
Balance, June 30, 2025	$	114	$	51,646	$	611,921	$	(41,313)	$	—	$	622,368


	SIX MONTHS ENDED JUNE 30, 2024
							Accumulated
							Other
	Common		Additional		Retained		Comprehensive		Treasury
	Stock		Paid-in Capital		Earnings		Income (Loss)		Stock		Total

	(Unaudited)
Balance, January 1, 2024	$	118	$	44,320	$	569,872	$	(42,481)	$	—	$	571,829
Net income		—		—		30,395		—		—		30,395
Stock issued under Stock Option Plan		—		1,001		—		—		428		1,429
Common cash dividends declared, $0.80 per share		—		—		(9,313)		—		—		(9,313)
Retained Earnings effect of ASU 2023-02 adoption		—		—		(223)		—		—		(223)
Change in fair value of cash flow hedges		—		—		—		(6,102)		—		(6,102)
Change in unrealized loss on held-to-maturity securities		—		—		—		(73)		—		(73)
Change in unrealized loss on available-for-sale securities		—		—		—		(6,789)		—		(6,789)
Purchase of the Company’s common stock		—		—		—		—		(12,361)		(12,361)
Reclassification of treasury stock per Maryland law		(2)		—		(11,931)		—		11,933		—
Balance, June 30, 2024	$	116	$	45,321	$	578,800	$	(55,445)	$	—	$	568,792

See Notes to Consolidated Financial Statements

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)


	SIX MONTHS ENDED
	JUNE 30,
	2025		2024

	(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	36,946	$	30,395
Proceeds from sales of loans held for sale		70,978		85,303
Originations of loans held for sale		(67,720)		(90,455)
Items not requiring (providing) cash:
Depreciation		3,950		4,177
Amortization		267		1,154
Compensation expense for stock option grants		912		866
Provision for credit losses on loans		—		500
Provision (credit) for unfunded commitments		(458)		(477)
Net gain on loan sales		(1,494)		(1,804)
Net (gain) loss on sale of premises and equipment		(29)		8
Net (gain) loss on sale/write-down of other real estate owned and repossessions		5		(33)
Accretion of deferred income, premiums, discounts and other		(7,478)		(6,601)
Loss on derivative interest rate products		52		20
Net non-cash gain recorded on contract termination		—		(2,762)
Deferred income taxes		(277)		(810)
Changes in:
Interest receivable		(214)		(1,214)
Prepaid expenses and other assets		1,142		4,049
Accrued expenses and other liabilities		18,021		(6,247)
Income taxes refundable/payable		(295)		497
Net cash provided by operating activities		54,308		16,566

CASH FLOWS FROM INVESTING ACTIVITIES
Net change in loans		157,762		(45,807)
Purchase of loans		—		(6,251)
Purchase of premises and equipment		(6,329)		(2,320)
Proceeds from sale of premises and equipment		33		26
Proceeds from sale of other real estate owned and repossessions		37		1,122
Proceeds from maturities and calls of available-for-sale securities		1,617		—
Principal reductions on mortgage-backed securities		28,100		16,718
Purchase of available-for-sale securities		(5,951)		(92,631)
Investment in tax credit partnerships		(9,003)		(11,306)
Redemption of Federal Home Loan Bank stock and change in other interest-earning assets		4,678		(3,739)
Net cash provided by (used in) investing activities		170,944		(144,188)

CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in certificates of deposit		43,118		(55,665)
Net increase (decrease) in checking and savings deposits		35,459		(50,720)
Net increase in short-term borrowings		26,018		47,049
Proceeds from borrowing under Federal Reserve Bank Term Funding Program		—		180,000
Repayment of borrowing under Federal Reserve Bank Term Funding Program		(180,000)		—
Redemption of subordinated notes		(75,000)		—
Advances from borrowers for taxes and insurance		3,550		3,294
Repurchase of the Company’s common stock		(20,007)		(12,361)
Dividends paid		(9,318)		(9,402)
Stock options exercised		1,085		563
Net cash provided by (used in) financing activities		(175,095)		102,758

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		50,157		(24,864)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		195,756		211,333
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	245,913	$	186,469

See Notes to Consolidated Financial Statements

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1: BASIS OF PRESENTATION

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

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

Reclassifications

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

NOTE 2: NATURE OF OPERATIONS AND OPERATING SEGMENTS

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

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

NOTE 3: RECENT ACCOUNTING PRONOUNCEMENTS

In March 2023, the FASB issued ASU 2023-02, Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. ASU 2023-02 is intended to improve the accounting and disclosures for investments in tax credit structures. ASU 2023-02 allows entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. Previously, this method was only available for qualifying tax equity investments in low-income housing tax credit structures. Currently, the Company does not have a material amount of tax credit structures, other than low-income housing tax credit structures. The adoption of ASU 2023-02 did not have a material impact on the Company’s consolidated financial statements and resulted in a reduction of retained earnings of $223,000 upon adoption on January 1, 2024.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 expands reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 implements a new requirement to disclose significant segment expenses regularly provided to the chief operating decision maker, expands certain annual disclosures to interim periods, clarifies that single reportable segment entities must apply Topic 280 in its entirety and permits more than one measure of segment profit or loss to be reported under certain conditions. ASU 2023-07 became effective for the Company for our annual financial statements in 2024. See Note 17 – Operating Segments.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is focused on additional income tax disclosures and requires public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate). ASU 2023-09 became effective for the Company beginning with the fiscal year ending December 31, 2025.

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

NOTE 4: EARNINGS PER SHARE


	Three Months Ended June 30,
	2025		2024

	(In Thousands, Except Per Share Data)
Basic:
Average common shares outstanding		11,464		11,642
Net income	$	19,786	$	16,988
Per common share amount	$	1.73	$	1.46

Diluted:
Average common shares outstanding		11,464		11,642
Net effect of dilutive stock options – based on the treasury stock method using average market price		53		59
Diluted common shares		11,517		11,701
Net income	$	19,786	$	16,988
Per common share amount	$	1.72	$	1.45


	Six Months Ended June 30,
	2025		2024

	(In Thousands, Except Per Share Data)
Basic:
Average common shares outstanding		11,551		11,704
Net income	$	36,946	$	30,395
Per common share amount	$	3.20	$	2.60

Diluted:
Average common shares outstanding		11,551		11,704
Net effect of dilutive stock options – based on the treasury stock method using average market price		53		59
Diluted common shares		11,604		11,763
Net income	$	36,946	$	30,395
Per common share amount	$	3.18	$	2.58

Options outstanding at June 30, 2025 and 2024, to purchase 835,549 and 741,708 shares of common stock, respectively, were not included in the computation of diluted earnings per common share for each of the three- and six-month periods then ended because the exercise prices of such options were greater than the average market price of the common stock for the three- and six-months ended June 30, 2025 and 2024, respectively.

NOTE 5: INVESTMENT SECURITIES

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

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

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


	June 30, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value

	(In Thousands)
AVAILABLE-FOR-SALE SECURITIES:
Agency mortgage-backed securities	$	333,620	$	185	$	31,637	$	302,168
Agency collateralized mortgage obligations		122,378		846		7,178		116,046
States and political subdivisions		56,759		46		5,036		51,769
Small Business Administration securities		63,507		—		5,947		57,560
	$	576,264	$	1,077	$	49,798	$	527,543


	June 30, 2025
					Amortized		Gross		Gross
	Amortized		Fair Value		Carrying		Unrealized		Unrealized		Fair
	Cost		Adjustment		Value		Gains		Losses		Value

	(In Thousands)
HELD-TO-MATURITY SECURITIES:
Agency mortgage-backed securities	$	70,430	$	1,588	$	72,018	$	—	$	6,722	$	65,296
Agency collateralized mortgage obligations		106,951		(2,000)		104,951		—		11,839		93,112
States and political subdivisions		6,111		20		6,131		—		757		5,374
	$	183,492	$	(392)	$	183,100	$	—	$	19,318	$	163,782


	December 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value

	(In Thousands)
AVAILABLE-FOR-SALE SECURITIES:
Agency mortgage-backed securities	$	346,712	$	69	$	40,874	$	305,907
Agency collateralized mortgage obligations		123,395		—		9,771		113,624
States and political subdivisions securities		58,608		69		2,729		55,948
Small Business Administration securities		65,849		—		7,955		57,894
	$	594,564	$	138	$	61,329	$	533,373


	December 31, 2024
					Amortized		Gross		Gross
	Amortized		Fair Value		Carrying		Unrealized		Unrealized		Fair
	Cost		Adjustment		Value		Gains		Losses		Value

	(In Thousands)
HELD-TO-MATURITY SECURITIES:
Agency mortgage-backed securities	$	71,065	$	1,864	$	72,929	$	—	$	8,523	$	64,406
Agency collateralized mortgage obligations		110,493		(2,140)		108,353		—		15,495		92,858
States and political subdivisions		6,137		14		6,151		—		650		5,501
	$	187,695	$	(262)	$	187,433	$	—	$	24,668	$	162,765

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


	Available-for-Sale				Held-to-Maturity
	Amortized		Fair		Amortized		Fair
	Cost		Value		Carrying Value		Value

	(In Thousands)
One year or less	$	—	$	—	$	—	$	—
After one through two years		245		245		—		—
After two through three years		1,003		1,010		—		—
After three through four years		—		—		—		—
After four through five years		—		—		—		—
After five through fifteen years		19,054		17,708		5,623		4,968
After fifteen years		36,457		32,806		508		406
Securities not due on a single maturity date		519,505		475,774		176,969		158,408
	$	576,264	$	527,543	$	183,100	$	163,782

Certain available-for-sale investments in debt securities are reported in the financial statements at an amount less than their amortized cost. The total fair value of these investments at June 30, 2025 and December 31, 2024, was approximately $469.2 million and $523.9 million, respectively, which was approximately 88.9% and 98.2% of the Company’s total available-for-sale investment portfolio at those dates. A high percentage of the unrealized losses were related to the Company’s mortgage-backed securities, collateralized mortgage obligations and Small Business Administration (SBA) securities, which are issued and guaranteed by U.S. government-sponsored entities and agencies. The Company’s state and political subdivisions securities are investments in insured fixed rate municipal bonds for which the issuers continue to make timely principal and interest payments under the contractual terms of the securities. Held-to-maturity investments in debt securities are reported in the financial statements at their amortized carrying value at June 30, 2025 and December 31, 2024, which was $183.1 million and $187.4 million, respectively. Total fair value of these investments at June 30, 2025 and December 31, 2024 was approximately $163.8 million and $162.8 million, respectively, which is 100.0% of the Company’s held-to-maturity investment portfolio.

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

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

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


	June 30, 2025
	Less than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Description of Securities	Value		Losses		Value		Losses		Value		Losses

	(In Thousands)
AVAILABLE-FOR-SALE SECURITIES:
Agency mortgage-backed securities	$	46,897	$	(430)	$	244,254	$	(31,207)	$	291,151	$	(31,637)
Agency collateralized mortgage obligations		8,922		(325)		63,297		(6,853)		72,219		(7,178)
States and political subdivisions securities		15,820		(1,425)		32,472		(3,611)		48,292		(5,036)
Small Business Administration securities		7,149		(13)		50,411		(5,934)		57,560		(5,947)
	$	78,788	$	(2,193)	$	390,434	$	(47,605)	$	469,222	$	(49,798)

HELD-TO-MATURITY SECURITIES:
Agency mortgage-backed securities	$	—	$	—	$	65,296	$	(6,722)	$	65,296	$	(6,722)
Agency collateralized mortgage obligations		—		—		93,112		(11,839)		93,112		(11,839)
States and political subdivisions securities		—		—		5,374		(757)		5,374		(757)
	$	—	$	—	$	163,782	$	(19,318)	$	163,782	$	(19,318)


	December 31, 2024
	Less than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Description of Securities	Value		Losses		Value		Losses		Value		Losses

	(In Thousands)
AVAILABLE-FOR-SALE SECURITIES:
Agency mortgage-backed securities	$	45,977	$	(1,008)	$	253,971	$	(39,866)	$	299,948	$	(40,874)
Agency collateralized mortgage obligations		50,720		(890)		62,903		(8,881)		113,623		(9,771)
States and political subdivisions securities		7,229		(270)		50,665		(7,685)		57,894		(7,955)
Small Business Administration securities		14,523		(343)		37,945		(2,386)		52,468		(2,729)
	$	118,449	$	(2,511)	$	405,484	$	(58,818)	$	523,933	$	(61,329)

HELD-TO-MATURITY SECURITIES:
Agency mortgage-backed securities	$	—	$	—	$	64,406	$	(8,523)	$	64,406	$	(8,523)
Agency collateralized mortgage obligations		—		—		92,858		(15,495)		92,858		(15,495)
States and political subdivisions securities		—		—		5,501		(650)		5,501		(650)
	$	—	$	—	$	162,765	$	(24,668)	$	162,765	$	(24,668)

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

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

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

NOTE 6: LOANS AND ALLOWANCE FOR CREDIT LOSSES

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

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


	June 30,			December 31,
	2025			2024

	(In Thousands)
One- to four-family residential construction	$	21,667		$	30,533
Subdivision construction		25,415			19,861
Land development		27,297			42,504
Commercial construction		292,188			352,793
Owner occupied one- to four-family residential		677,735			710,446
Non-owner occupied one- to four-family residential		132,620			122,901
Commercial real estate		1,487,680			1,543,742
Other residential (multi-family)		1,577,941			1,549,249
Commercial business		195,082			220,291
Consumer auto		24,738			25,787
Consumer other		24,930			27,905
Home equity lines of credit		117,650			115,836
		4,604,943			4,761,848
Allowance for credit losses		(64,815)			(64,760)
Deferred loan fees and gains, net		(5,841)			(6,695)
	$	4,534,287		$	4,690,393

Weighted average interest rate		6.16	%		6.08	%

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


	June 30, 2025
													Total Loans
					Over 90						Total		> 90 Days Past
	30-59 Days		60-89 Days		Days		Total Past				Loans		Due and
	Past Due		Past Due		Past Due		Due		Current		Receivable		Still Accruing

	(In Thousands)
One- to four-family residential construction	$	—	$	—	$	—	$	—	$	21,667	$	21,667	$	—
Subdivision construction		—		—		—		—		25,415		25,415		—
Land development		—		—		—		—		27,297		27,297		—
Commercial construction		—		—		—		—		292,188		292,188		—
Owner occupied one- to four-family residential		105		120		665		890		676,845		677,735		—
Non-owner occupied one- to four-family residential		—		—		1,361		1,361		131,259		132,620		—
Commercial real estate		—		—		—		—		1,487,680		1,487,680		—
Other residential (multi-family)		—		—		—		—		1,577,941		1,577,941		—
Commercial business		30		33		—		63		195,019		195,082		—
Consumer auto		12		13		—		25		24,713		24,738		—
Consumer other		18		24		18		60		24,870		24,930		—
Home equity lines of credit		38		47		—		85		117,565		117,650		—
Total	$	203	$	237	$	2,044	$	2,484	$	4,602,459	$	4,604,943	$	—

December 31, 2024

Total Loans

Over 90

Total

> 90 Days Past

GREAT SOUTHERN BANCORP, INC. 10-Q