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 March 31, 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. ...

Financial Data and Key Metrics Changes - Total assets at the end of 2024 reached $6 billion, remaining consistent into Q1 2025 [17] - Total loans receivable increased by 2.2% or $100.8 million in 2024, reaching $4.76 billion, with flat growth in Q1 2025 [17][18] - Net income for 2024 was $61.8 million or $5.26 per diluted share, a decrease from $67.8 million or $5.61 per diluted share in 2023 [20] - Q1 2025 net income improved to $17.2 million or $1.47 per diluted share compared to $13.4 million or $1.13 per diluted share in Q1 2024 [20] - Return on average tangible common equity (ROATCE) and return on average assets (ROAA) declined for 2024 but improved in Q1 2025 compared to the prior year [21] Business Line Data and Key Metrics Changes - Multifamily residential and commercial real estate sectors drove loan growth in 2024, while construction lending also saw significant activity [17] - In Q1 2025, multifamily loans increased by $43 million, while commercial real estate and one to four family residential loans declined [34] - The company reported a net decrease in deposits of $116.2 million in 2024, primarily due to declines in non-interest bearing checking accounts and time deposits [19] Market Data and Key Metrics Changes - The competitive landscape for deposits has intensified, with a net decrease in deposits in 2024, but a subsequent increase of approximately $152.5 million in Q1 2025 [19] - Uninsured deposits accounted for 14% of total deposits as of March 2025, indicating stability in the deposit base [23][42] Company Strategy and Development Direction - The company emphasizes long-term value creation over short-term gains, focusing on disciplined capital allocation and strategic execution [15] - A commitment to enhancing shareholder value through stock repurchases and maintaining strong capital and liquidity positions is evident [15][31] - The company is investing in technology to improve customer experience and operational efficiency [49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating economic uncertainties and emphasized the importance of adaptability and prudent risk management [58] - The company anticipates increased loan demand for the remainder of 2025 while maintaining a disciplined approach to lending [37] - Management highlighted the importance of building strong relationships with customers to enhance lending opportunities [59] Other Important Information - The company declared a total regular cash dividend of $1.6 per common share in 2024 and $0.40 per common share in Q1 2025 [29] - Great Southern was recognized among the top performing banks in the BankDirector's 2024 Rating Banking Study, ranking 20 out of 300 banks [50] Q&A Session Summary - No questions were raised during the Q&A session, indicating a smooth presentation and clear communication from management [63]

Core Viewpoint - Great Southern Bancorp, Inc. (GSBC) is currently on sale amid a stock market sell-off, with a Zacks Rank of 1 (Strong Buy) and expected earnings growth of 7.6% in 2025 [1][13]. Company Overview - Great Southern Bancorp is the holding company for Great Southern Bank, founded in 1923 in Springfield, Missouri, and has expanded to 97 offices across 12 states [1]. - The company has a market capitalization of $619 million [3]. Financial Performance - In the first quarter of 2025, Great Southern Bancorp reported preliminary earnings of $1.47, exceeding the Zacks Consensus estimate of $1.26 by $0.21 [4]. - The company has beaten earnings estimates in 4 out of the last 5 quarters [5]. - Net interest income for the quarter increased by $4.5 million, or approximately 10.1%, to $49.3 million compared to $44.8 million a year ago, driven by higher interest income on loans and lower interest expenses on deposits [5]. - Total interest income for the first quarter of 2025 was $80.2 million, reflecting higher earning asset levels and loan yields [8]. Asset Quality - As of March 31, 2025, non-performing assets totaled $9.5 million, or 0.16% of total assets, a slight decrease from $9.6 million as of December 31, 2024 [6]. - Problematic loans, including non-performing assets and potential problem loans, amounted to $17 million as of March 31, 2025, an increase from $16.6 million at the end of 2024 [5]. Shareholder Focus - In the first quarter of 2025, the company repurchased 175,000 shares and announced a new stock repurchase program of up to one million additional shares [10]. - The company currently pays a dividend with a yield of 3% [12]. Analyst Outlook - Analysts have revised their estimates for 2025, increasing the Zacks Consensus Estimate from $5.25 to $5.66, indicating an earnings growth of 7.6% from $5.26 in 2024 [13][14]. Valuation Metrics - Great Southern Bancorp's shares have pulled back in 2025, with a price-to-earnings ratio of 9.4, considered cheap [15][18]. - The company has a price-to-book ratio of 1.04, which is close to the threshold of 1.0, indicating a potentially attractive valuation [19].

Financial Data and Key Metrics Changes - The company reported net income of $17.2 million or $1.47 per diluted common share, up from $13.4 million or $1.13 per share in the same quarter a year ago, reflecting a strong performance [6][16] - Net interest income totaled $49.3 million in Q1 2025, an increase of about 10% from $44.8 million in Q1 2024 [8][16] - The net interest margin increased to 3.57%, up from 3.32% in the same period last year [17][24] Business Line Data and Key Metrics Changes - The loan portfolio remained flat at $4.76 billion, up 2.2% from the end of Q1 2024 [9][25] - The largest categories in the loan portfolio were multifamily at $1.59 billion and commercial real estate at $1.49 billion [10] - Non-interest income totaled $6.6 million, a decrease of 3.2% compared to the first quarter last year [20] Market Data and Key Metrics Changes - Total deposits increased by 3.3% to $4.76 billion compared to the end of 2024, driven by increases in interest-bearing checking balances [11][26] - Non-performing assets were 0.16% of total assets, with non-performing loans at 0.07% of period-end loans [28][29] Company Strategy and Development Direction - The company remains focused on execution, protecting margins, and supporting relationship-based loan growth while investing strategically in people and systems [15][24] - The board approved a new stock repurchase authorization of up to 1 million shares, indicating a commitment to returning value to shareholders [33] Management's Comments on Operating Environment and Future Outlook - Management noted that while there is competition for loans, the overall activity is down slightly, and they do not expect significant growth in the near term [47] - The company maintains a strong capital position and is well-positioned to address current and future funding needs despite economic uncertainties [25][34] Other Important Information - Non-interest expenses were flat year-over-year at $34.8 million, reflecting effective cost management [14][21] - The allowance for credit losses as a percentage of total loans stood at 1.36%, consistent with the end of 2024 [30] Q&A Session Summary Question: How should the margin react without changes to Fed policy? - Management indicated that while there may be slight benefits from maturing CDs, substantial changes are not expected [38] Question: How would the balance sheet react to potential Fed rate cuts? - Management feels neutral about interest rate risk and expects a slight negative impact initially, but recovery should occur quickly [43][44] Question: Thoughts on buyback activity going forward? - Management expects to remain active in buybacks, depending on share prices and availability [54][55] Question: Is modest growth in expenses reasonable without material planned expenditures? - Management confirmed that modest growth in expenses is a fair assumption, with no unusual expenditures anticipated [57]

Financial Data and Key Metrics Changes - The company reported net income of $17.2 million or $1.47 per diluted common share, up from $13.4 million or $1.13 per share in the same quarter a year ago, reflecting a strong performance driven by higher interest income and lower funding costs [6][16] - Net interest income totaled $49.3 million in Q1 2025, an increase of about 10% from $44.8 million in Q1 2024, with a net interest margin of 3.57%, up 25 basis points year-over-year [8][17] - Non-interest income decreased to $6.6 million, a decline of 3.2% compared to the first quarter last year [20] Business Line Data and Key Metrics Changes - The loan portfolio remained flat at $4.76 billion, up 2.2% from the end of Q1 2024, with multifamily loans at $1.59 billion and commercial real estate at $1.49 billion [9][10] - Construction lending totaled $475 million, with a healthy pipeline of unfunded balances [10] - Non-interest expenses were flat at $34.8 million year-over-year, despite investments in technology and personnel [14][21] Market Data and Key Metrics Changes - Total deposits increased by 3.3% to $4.76 billion, driven by increases in interest-bearing checking balances and brokerage deposits [11][26] - Non-performing assets remained minimal at 0.16% of total assets, with non-performing loans at 0.07% [28][29] Company Strategy and Development Direction - The company remains focused on executing its strategy, protecting margins, managing credit proactively, and investing in people and systems [15][24] - The board approved a new stock repurchase authorization of up to 1 million shares, indicating confidence in the company's capital position [33] Management's Comments on Operating Environment and Future Outlook - Management noted that while there is competition for loans, activity has decreased slightly, and they do not expect significant growth in the near term [47] - The company maintains a neutral interest rate risk posture and is prepared for potential rate cuts from the Fed [43][44] Other Important Information - The allowance for credit losses as a percentage of total loans stood at 1.36%, consistent with the end of 2024 [30] - Total assets increased to $5.99 billion, up from $5.78 billion a year ago [24] Q&A Session Summary Question: How should the margin react without changes to Fed policy? - Management indicated that while there may be slight benefits from maturing CDs, substantial changes are not expected [38] Question: How will the balance sheet react if there are rate cuts from the Fed? - Management believes the overall interest rate risk posture is neutral, with a slight negative impact expected initially from a rate cut [43] Question: Can the company expect to remain active with buybacks given the current growth? - Management confirmed they expect to continue buybacks, depending on market conditions [54] Question: Is modest growth in expenses reasonable without any material planned expenditures? - Management stated that modest growth in expenses is a fair assumption, with no unusual expenditures anticipated [57]

Earnings Presentation April 2025 Great Southern Bancorp. Inc (NASDAQ: GSBC) First Quarter Ended March 31, 2025 Executive Management Team Joseph W. Turner President & Chief Executive Officer Forward-Looking Statements When used in this presentation and in other documents filed or furnished by Great Southern Bancorp, Inc. (the "Company") with the Securities and Exchange Commission (the "SEC"), in the Company's other press releases or other public or stockholder communications, and in oral statements made with ...

Financial Performance - For Q1 2025, Great Southern Bancorp reported earnings of $1.47 per diluted common share, up from $1.13 in Q1 2024, reflecting a net income increase to $17.2 million from $13.4 million[1]. - Net income for the three months ended March 31, 2025, was $17,160,000, up from $13,407,000 for the same period in 2024, representing a 28% increase[54]. - Earnings per common share for the three months ended March 31, 2025, were $1.47, compared to $1.14 for the same period in 2024, representing an increase of 29.0%[60]. - The annualized return on average common stockholders' equity increased to 11.30% for the first quarter of 2025, up from 9.36% in the first quarter of 2024[54]. - The annualized return on average assets improved to 1.15% for the three months ended March 31, 2025, compared to 0.93% for the same period in 2024[54]. Income and Expenses - Net interest income increased by $4.5 million (10.1%) to $49.3 million in Q1 2025, driven by higher interest income on loans and lower interest expense on deposits[5]. - Non-interest income for Q1 2025 was $6.6 million, a decrease of $216,000 compared to Q1 2024, with no significant changes in individual components[12]. - Non-interest expense increased by $400,000 to $34.8 million in Q1 2025, with an efficiency ratio of 62.27%, improved from 66.68% in Q1 2024[13]. - Noninterest expense for the three months ended March 31, 2025, was $34,822 million, slightly up from $34,422 million in the same period of 2024[60]. Asset and Capital Management - Total assets were approximately $5.99 billion at March 31, 2025, reflecting careful management of the loan portfolio and credit quality[6]. - Total stockholders' equity rose to $613.3 million as of March 31, 2025, up from $599.6 million at December 31, 2024, reflecting a $17.2 million net income[17]. - The Tier 1 Leverage Ratio was 11.3% and the Common Equity Tier 1 Capital Ratio was 12.4% as of March 31, 2025, indicating a strong capital position[5]. - The tangible common equity to tangible assets ratio improved to 10.08% as of March 31, 2025, compared to 9.87% as of March 31, 2024[69]. Loans and Deposits - Total deposits increased by $152.5 million in Q1 2025, with brokered deposits rising by $123.3 million, or 16.0%[25]. - Total net loans remained flat at $4.69 billion as of March 31, 2025, with increases in multi-family and construction loans offset by declines in commercial real estate and one-to-four-family residential loans[27]. - Total loans receivable increased to $4,756,057 million for the three months ended March 31, 2025, from $4,665,866 million in the same period of 2024[64]. Non-Performing Assets - Non-performing assets totaled $17.0 million at March 31, 2025, with non-performing assets at $9.5 million (0.16% of total assets), showing stability compared to previous quarters[5]. - Non-performing assets decreased to $9,518,000 as of March 31, 2025, compared to $9,566,000 on December 31, 2024[53]. - Non-performing loans decreased by $91,000 compared to December 31, 2024, totaling $3,482,000 as of March 31, 2025[34]. - Potential problem loans increased by $390,000 compared to December 31, 2024, reaching a total of $7,452,000 as of March 31, 2025[37]. Future Outlook and Plans - The Company expects its effective tax rate to be approximately 18.0% to 20.0% in future periods[16]. - The Board of Directors approved a new stock repurchase program in April 2025, authorizing the purchase of up to one million additional shares[21]. - The company plans to host a conference call on April 17, 2025, to discuss preliminary earnings for the first quarter of 2025[47]. Operational Developments - The company installed 10 ITM units in the St. Louis, Mo. market, enhancing customer service with live teller options[42]. - Construction of a new banking center in Springfield, Mo. began in March 2025, expected to be completed in Q4 2025[43]. - Technology updates are ongoing with the current core provider, with project completions expected to begin in Q3 2025[41].

Group 1 - Great Southern Bancorp (GSBC) reported quarterly earnings of $1.47 per share, exceeding the Zacks Consensus Estimate of $1.26 per share, and up from $1.13 per share a year ago, representing an earnings surprise of 16.67% [1] - The company posted revenues of $55.92 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.39%, compared to year-ago revenues of $51.62 million [2] - Over the last four quarters, Great Southern Bancorp has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Group 2 - The stock has underperformed the market, losing about 13.6% since the beginning of the year, compared to the S&P 500's decline of 8.3% [3] - The current consensus EPS estimate for the coming quarter is $1.32 on revenues of $56.59 million, and for the current fiscal year, it is $5.25 on revenues of $225.58 million [7] - The Zacks Industry Rank for Financial - Savings and Loan is currently in the top 36% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Core Financial Performance - Great Southern Bancorp reported preliminary earnings of $1.47 per diluted common share for Q1 2025, up from $1.13 in Q1 2024, resulting in a net income of $17.2 million compared to $13.4 million in the previous year [1][6] - The annualized return on average common equity was 11.30% and the annualized return on average assets was 1.15% for Q1 2025, compared to 9.36% and 0.93% respectively for Q1 2024 [2] Net Interest Income - Net interest income increased by $4.5 million (10.1%) to $49.3 million in Q1 2025, driven by higher interest income on loans and lower interest expense on deposits [5][11] - The annualized net interest margin improved to 3.57% in Q1 2025 from 3.32% in Q1 2024 [5][7] Asset Quality - Non-performing assets totaled $9.5 million at March 31, 2025, a slight decrease from $9.6 million at December 31, 2024, representing 0.16% of total assets [5][33] - The allowance for credit losses was 1.36% of total loans, consistent with the previous quarter [32] Capital and Liquidity - The Company maintained a strong capital position with a Tier 1 Leverage Ratio of 11.3% and a Total Capital Ratio of 15.6% as of March 31, 2025 [16] - Total stockholders' equity increased to $613.3 million, representing 10.2% of total assets [16][17] Non-Interest Income and Expense - Non-interest income decreased by $216,000 to $6.6 million in Q1 2025 compared to the same period in 2024 [12] - Non-interest expense increased by $400,000 to $34.8 million, primarily due to increases in net occupancy and equipment expenses [13][20] Stock Repurchase Program - The Board of Directors approved a new stock repurchase program for up to one million additional shares, succeeding the existing program [21][22] Deposits and Loans - Total deposits increased by $152.5 million, with brokered deposits rising by $123.3 million (16.0%) [25][26] - Total net loans remained flat at $4.69 billion, with increases in other residential and construction loans offset by decreases in commercial real estate and one- to four-family residential loans [28]

Core Insights - Great Southern Bancorp reported preliminary earnings of $1.47 per diluted common share for Q1 2025, an increase from $1.13 in Q1 2024, resulting in a net income of $17.2 million compared to $13.4 million in the previous year [1][6] - The annualized return on average common equity was 11.30% and the annualized return on average assets was 1.15% for Q1 2025, both showing improvement from 9.36% and 0.93% respectively in Q1 2024 [2] Financial Performance - Net interest income increased by $4.5 million (10.1%) to $49.3 million in Q1 2025, driven by higher interest income on loans and lower interest expense on deposits [5][11] - Non-interest income decreased by $216,000 to $6.6 million in Q1 2025 compared to the same period in 2024 [13] - Non-interest expense rose by $400,000 to $34.8 million, with an efficiency ratio of 62.27%, improved from 66.68% in Q1 2024 [14] Asset Quality - Non-performing assets totaled $9.5 million at March 31, 2025, consistent with 0.16% of total assets, showing stability in asset quality [32] - The allowance for credit losses was 1.36% of total loans, indicating adequate coverage for potential losses [31] Capital and Liquidity - The capital position remained strong with a Tier 1 Leverage Ratio of 11.3% and a Total Capital Ratio of 15.6% as of March 31, 2025 [18] - The company had secured borrowing lines of $1.17 billion and $370.5 million from the FHLBank and Federal Reserve Bank respectively, along with unpledged securities valued at $337.4 million [25] Stock Repurchase and Dividends - The Board of Directors approved a new stock repurchase program for up to one million shares, succeeding the existing program [22] - The company repurchased approximately 175,000 shares at an average price of $58.38 during Q1 2025 and declared a quarterly cash dividend of $0.40 per share [23]