Great Southern Bancorp, Inc. Reports Preliminary Fourth Quarter Earnings of $1.45 Per Diluted Common Share

Core Insights - Great Southern Bancorp reported a strong financial performance for the fourth quarter and full year of 2025, with net income of $16.3 million or $1.45 per diluted common share, compared to $14.9 million or $1.27 per diluted common share in the same period of 2024 [1][6]. - For the full year 2025, net income reached $71.0 million or $6.19 per diluted common share, an increase from $61.8 million or $5.26 per diluted common share in 2024 [1][6]. Financial Performance - The annualized return on average common equity for Q4 2025 was 10.16%, up from 9.76% in Q4 2024, while the annualized return on average assets increased to 1.16% from 1.00% [2]. - The annualized net interest margin improved to 3.70% in Q4 2025, compared to 3.49% in Q4 2024 [2][5]. Selected Financial Data - Net interest income for Q4 2025 was $49.2 million, a slight decrease of $371,000 or approximately 0.7% from $49.5 million in Q4 2024 [4][5]. - Non-interest income increased to $7.2 million in Q4 2025, up by $254,000 from the previous year, primarily due to a significant rise in late charges and fees on loans [14]. Expense Management - Non-interest expense for Q4 2025 was $36.0 million, a decrease of $947,000 from Q4 2024, reflecting effective cost control measures [15]. - The efficiency ratio improved to 63.89% in Q4 2025 from 65.43% in Q4 2024 [15]. Asset Quality - Non-performing assets decreased to $8.1 million at year-end 2025, representing 0.15% of total assets, down from $9.6 million or 0.16% at year-end 2024 [33]. - The allowance for credit losses as a percentage of total loans was 1.46% at December 31, 2025, compared to 1.36% at December 31, 2024 [32]. Capital Position - Total stockholders' equity increased to $636.1 million at December 31, 2025, with a book value of $57.50 per common share, up from $51.14 per common share at the end of 2024 [19]. - The tangible common equity ratio was 11.2% at year-end 2025, significantly exceeding regulatory capital requirements [19]. Liquidity and Deposits - The Company had secured borrowing line availability of $1.32 billion from the Federal Home Loan Bank and $305.2 million from the Federal Reserve Bank as of December 31, 2025 [25]. - Total deposits decreased by $122.8 million during 2025, with a notable decline in brokered deposits by $108.7 million or 14.1% [26]. Loan Portfolio - Total net loans decreased by $333.5 million or 7.1% from $4.69 billion at December 31, 2024, to $4.36 billion at December 31, 2025, primarily due to reductions in various loan categories [28]. - The pipeline of unfunded loans remained strong, particularly in construction loans, with $605.5 million in unfunded commitments as of December 31, 2025 [29].