{"url_path":"/sec/gsbc/8-k/2026-07-16/body","section_key":"body","section_title":"Body","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-07-16","source_url":"https://www.sec.gov/Archives/edgar/data/854560/0001171843-26-004726-index.html","accession_number":"0001171843-26-004726","cik":"0000854560","ticker":"GSBC","issuer_name":"GREAT SOUTHERN BANCORP, INC.","edgar_url":"https://www.sec.gov/Archives/edgar/data/854560/0001171843-26-004726-index.html","primary_entity_key":"0000854560","primary_entity_name":"GREAT SOUTHERN BANCORP, INC."},"word_count":9850,"has_tables":true,"body_markdown":"EX-99.1\n2\nexh_991.htm\nPRESS RELEASE\n\nEdgarFiling\n\n**EXHIBIT 99.1**\n\n****\n\n**Great Southern Bancorp, Inc. Reports Preliminary Second Quarter\nEarnings of $1.43 Per Diluted Common Share**\n\n**Preliminary Financial Results and Business Update for the Quarter Ended June 30, 2026**\n\nSPRINGFIELD, Mo., July 15, 2026 (GLOBE NEWSWIRE) -- Great Southern Bancorp, Inc. (the “Company”) (NASDAQ:GSBC), the holding\ncompany for Great Southern Bank (the “Bank”), today reported that preliminary earnings for the three months ended June 30,\n2026, were $1.43 per diluted common share ($15.8 million net income) compared to $1.72 per diluted common share ($19.8 million net income)\nfor the three months ended June 30, 2025. The 2026 second quarter results were negatively impacted by non-recurring expenses recorded\nin the period related to the consolidation of certain banking centers and other operational areas, which are discussed below.\n\nFor the quarter ended June 30, 2026, annualized return on average common equity was 9.83%, annualized return on average assets was\n1.12%, annualized net interest margin was 3.76% and the efficiency ratio was 67.21%, compared to 12.81%, 1.34%, 3.68% and 59.16%, respectively,\nfor the quarter ended June 30, 2025.\n\nExcluding the non-recurring expenses referenced above, for the quarter ended June 30, 2026, net income was $17.4 million, earnings\nper diluted common share were $1.57, annualized return on average common equity was 10.82%, annualized return on average assets was 1.24%,\nand the efficiency ratio was 63.47%. A reconciliation of these non-GAAP calculations is detailed in “Non-GAAP Financial Measures”\nbelow.\n\n**Key Results****:**\n\n**Net Interest Income****:** Net interest income for the second quarter of 2026 decreased $1.5 million\n(2.9%) to $49.5 million compared to $51.0 million for the second quarter of 2025, largely driven by the completion of accounting recognition\nin October 2025 of interest income from a previously terminated interest rate swap. This was partially offset by lower interest expense\non deposit accounts and other borrowings. Annualized net interest margin was 3.76% for the quarter ended June 30, 2026, compared to 3.68%\nfor the quarter ended June 30, 2025, and 3.71% for the quarter ended March 31, 2026.\n\n**Asset Quality****:**Non-performing assets and potential problem loans totaled $10.6 million at\nJune 30, 2026, an increase of $1.1 million from $9.5 million at December 31, 2025. At June 30, 2026, non-performing assets were $9.4 million\n(0.17% of total assets), an increase of $1.3 million from $8.1 million (0.15% of total assets) at December 31, 2025. See “Asset\nQuality” below.\n\n**Loans****:**Total net loans, excluding mortgage loans held for sale, decreased $49.1 million,\nor 1.1%, from $4.36 billion at December 31, 2025 to $4.31 billion at June 30, 2026. This decrease was primarily driven by decreases in\ncommercial real estate loans and other residential (multi-family) loans, partially offset by an increase in construction loans. The Bank\nexperienced an increased amount of loan prepayments in the 2026 second quarter compared to a lower amount of prepayments in the first\nquarter of 2026.\n\n**Liquidity****:**The Company had secured borrowing line availability at the FHLBank and Federal\nReserve Bank of $1.23 billion and $319.6 million, respectively, at June 30, 2026.\n\n**Capital****:** The Company’s capital position remained strong as of June 30, 2026, significantly\nexceeding the “well-capitalized” thresholds established by regulatory agencies. See “Capital” below.\n\n1\n\n**Certain Income and Expense Items Impacting Second Quarter 2026 Results****:** During the three months\nended June 30, 2026, there were certain income and expense items that impacted the Company’s results of operations.\n\nInterest income on loans increased $393,000 due to collection of unbooked interest on one relationship. This relationship has recently\nprovided interest payments semi-annually, but we do not have assurances of future payments or amounts, if payments are made.\n\nOther non-interest income included $176,000 due to fees received on the origination of back-to-back interest rate swaps as part of\na new commercial real estate loan transaction. These types of fees occur sporadically as part of our operations.\n\nIn June 2026, the Company decided to consolidate operations of nine banking centers into other nearby Great Southern banking center\nlocations. See “Business Initiatives” below. Accounting rules require that certain costs and expected losses be recorded immediately,\nwhile any expected gains are not recorded until realized. Upon evaluating the carrying value and estimated market value of each affected\nlocation (all of which are owned facilities), a valuation allowance of $1.4 million was recognized in the second quarter of 2026 related\nto four of the locations. The Company currently does not expect to ultimately realize losses on the sale of the other five properties\nand expects the eventual aggregate selling price of all affected properties will exceed the combined carrying value of the affected locations\n(approximately $12.6 million).  In addition to the valuation allowance, severance expense of $234,000 was recognized in the second\nquarter of 2026 related to the termination of 39 employees due to the closure of the nine banking centers.\n\nThe Company also completed\na limited number of other operational workforce reductions in the quarter, including the closure of two commercial lending locations.\nThese reductions resulted in the recognition of $327,000 in severance costs related to 27 employees along with $163,000 in remaining lease\nexpense associated with the loan production office.\n\nThe $2.1 million of expenses outlined above are included in the Consolidated\nStatements of Income under “Noninterest Expense – Net Occupancy and Equipment Expense” and “Noninterest Expenses\n– Salaries and employee benefits,” respectively.\n\n**Selected Financial Data:**\n\n \n**Three\nMonths Ended**\n\n \n**June 30,**\n\n \n**June 30,**\n\n**March 31,**\n\n \n**2026**\n\n \n**2025**\n\n \n**2026**\n\n \n \n**(Dollars in thousands, except per share\ndata)**\n\n \n \n \n\nNet interest income\n$\n49,493\n \n$\n50,963\n \n \n$\n48,328\n \n\nProvision (credit) for credit losses on loans and unfunded commitments\n \n8\n \n \n(110\n)\n \n \n(931\n)\n\nNon-interest income\n \n7,375\n \n \n8,212\n \n \n \n7,029\n \n\nNon-interest expense\n \n38,222\n \n \n35,005\n \n \n \n34,792\n \n\nProvision for income taxes\n \n2,843\n \n \n4,494\n \n \n \n4,020\n \n\n \n \n \n \n \n \n \n \n \n\nNet income\n$\n15,795\n \n$\n19,786\n \n \n$\n17,476\n \n\n \n \n \n \n \n \n \n \n \n\nEarnings per diluted common share\n$\n1.43\n \n$\n1.72\n \n \n$\n1.58\n \n\n \n \n \n \n \n \n \n \n \n \n \n\nJoseph W. Turner, President and CEO of Great Southern, commented: \"Our second quarter performance reflects continued strong results\nwithin our core banking franchise. Throughout the quarter, we remained focused on the fundamentals that have consistently guided our long-term\nsuccess, including sound credit underwriting, thoughtful balance sheet management, and prudent expense control. We reported preliminary\nnet income of $15.8 million, or $1.43 per diluted common share, for the second quarter of 2026, compared to $19.8 million, or $1.72 per\ndiluted common share, for the second quarter of 2025. As outlined above, our second quarter results were inclusive of one-time expenses\nassociated with branch consolidation and workforce reduction initiatives. For the six months ended June 30, 2026, preliminary net income\ntotaled $33.3 million, or $2.99 per diluted common share, compared to $36.9 million, or $3.18 per diluted common share, in the first half\nof 2025.”\n\n2\n\nTurner noted, \"Net interest income remained strong in the quarter, a result of prudent asset-liability management and disciplined pricing\non earning assets and funding sources. Our net interest margin was 3.76% in the quarter, compared to 3.68% in the second quarter of 2025.\nOur pricing discipline helped mitigate the absence of $2.0 million in quarterly interest income recorded in the prior year period from\na previously terminated interest rate swap, as well as lower earning assets, given the loan balance decline in the second quarter of 2026.\nThough our prioritization of net interest income will remain, credit and pricing discipline may temper near-term earnings given our focus\non long-term stockholder returns.”\n\nTurner continued, “Turning to our balance sheet, and as discussed in the prior quarter, period-to-period loan trends are influenced\nsignificantly by loan repayments from our borrowers. Elevated payoff activity in the second quarter of 2026 led to a $148.9 million decline\nin loan balances, compared to balances at the end of the 2026 first quarter. Despite the increased payoff volume, we remain committed\nto an origination strategy anchored by conservative credit and underwriting standards. As it relates to funding, we were pleased to see\ncontinued expansion within our core non-interest-bearing checking portfolios, reflecting the strength of our long-standing customer relationships.\nAdditionally, as total earning assets moderated during the quarter, we were able to reduce higher-cost wholesale funding. These actions\nsupported the level of our net interest margin while preserving our balance sheet flexibility.”\n\nTurner added, \"Asset quality remained very strong through the first half of 2026. Total non-performing assets were $9.4 million, or\n0.17% of total assets, as of June 30, 2026. Included in this total is a $1.8 million multi-family loan transferred to foreclosed assets\nin the quarter. This loan experienced idiosyncratic issues which resulted in a $909,000 charge off upon its transfer to foreclosed assets.\n\nTurner further commented, \"As outlined above, we announced the consolidation of nine banking centers into other nearby locations along\nwith the elimination of 66 positions across various divisions in the Company. Though these decisions resulted in the realization of several\nnon-recurring expenses in the second quarter of 2026, we’re confident they will allow for better alignment with our customer base\nand improved returns for our stockholders, going forward. We expect the operational efficiencies created by these actions, the impact\nof which should begin to be realized in the fourth quarter of 2026, will produce an increase in annual pre-tax income of over $2 million.”\n\n\"Great Southern enters the second half of 2026 in a strong position, with robust capital and liquidity levels and a prudent balance\nsheet posture. As of June 30, 2026, tangible common equity was 11.47% of tangible assets and book value per common share increased to\n$58.95. Looking ahead, we remain focused on protecting asset quality, executing thoughtful operational improvements, and building long-term\nvalue for our stockholders,\" Turner concluded.\n\n**NET INTEREST INCOME**\n\n \n**Three\nMonths Ended**\n\n \n \n**June\n30,**\n \n**June\n30,**\n\n \n**March\n31,**\n\n \n \n**2026**\n\n \n**2025**\n\n \n**2026**\n\n \n \n**(Dollars in thousands)**\n\nInterest Income\n$\n72,461\n \n \n$\n80,975\n \n \n$\n71,165\n \n\nInterest Expense\n \n22,968\n \n \n \n30,012\n \n \n \n22,837\n \n\nNet Interest Income\n$\n49,493\n \n \n$\n50,963\n \n \n$\n48,328\n \n\n \n \n \n \n \n \n \n \n \n\nNet interest margin\n \n3.76\n%\n \n \n3.68\n%\n \n \n3.71\n%\n\nAverage interest-earning assets to average interest-bearing liabilities\n \n129.9\n%\n \n \n126.9\n%\n \n \n128.8\n%\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n3\n\nNet interest income for the second quarter of 2026 decreased $1.5 million (2.9%) to $49.5 million, compared to $51.0 million for the\nsecond quarter of 2025. This decrease was driven primarily by the $2.0 million net reduction in quarterly interest income associated with\na previously terminated interest rate swap (income recognition ended on October 6, 2025). Additionally, compared to the year-ago quarter,\ninterest income declined due to lower loan balances and lower market rates, which primarily impacted the interest rates on existing variable-rate\nloans and newly originated fixed-rate loans. Mostly offsetting the decrease in interest income was reduced interest expense, due to the\nstrategic management of maturing/repricing brokered deposits and interest-bearing demand deposits. Also, there was no interest expense\non subordinated notes in the quarter ended June 30, 2026, as those notes were redeemed in June 2025. Annualized net interest margin was\n3.76% in the second quarter of 2026, compared to 3.68% in the same period of 2025 and 3.71% in the first quarter of 2026. The average\ninterest rate spread was 3.24% for the three months ended June 30, 2026, compared to 3.09% for the three months ended June 30, 2025 and\n3.20% for the three months ended March 31, 2026.\n\nThe average yield on total interest-earning assets decreased from 5.84% in the 2025 second quarter to 5.51% in the 2026 second quarter,\nwith the average yield on loans decreasing 37 basis points, the average yield on investment securities increasing two basis points and\nthe average yield on other interest earning assets (primarily funds held at the Federal Reserve Bank) decreasing 80 basis points. The\naverage rate paid on total interest-bearing liabilities decreased from 2.75% in the 2025 second quarter to 2.27% in the 2026 second quarter,\nwith the average rate paid on interest-bearing demand and savings deposits, time deposits and brokered deposits decreasing 22 basis points,\n53 basis points and 61 basis points, respectively. The average rate paid on short-term borrowings decreased 67 basis points.\n\nMarket interest rates, primarily the federal funds rate and SOFR rates, declined in the fourth quarter of 2025, and remained lower\nthrough the first half of 2026. There were no federal funds rate cuts in the first half of 2026, but there were federal funds rate cuts\nin September, October, and December of 2025, totaling 75 basis points. This market rate decline reduced the average yield on loans, though\nthe impact was tempered as cash flows from lower-rate fixed rate loans originated a few years ago were deployed into residential and commercial\nreal estate loans with comparably higher rates of interest. The decline in market interest rates also resulted in lower average rates\npaid on deposits and borrowings, compared to the prior-year second quarter and the first quarter of 2026.\n\nTo mitigate exposure to the risk of fluctuations in future cash flows resulting from changes in interest rates (primarily related to\nfalling interest rates), the Company has strategically utilized derivative financial instruments - primarily interest rate swaps - as\npart of its interest rate risk management strategy.\n\nThe following table presents, for the periods indicated, the effect of cash flow hedge accounting included in interest income in the\nconsolidated statements of income:\n\n \n**Three\nMonths Ended**\n\n \n**June\n30,**\n\n \n**June\n30,**\n\n \n**March\n31,**\n\n \n**2026**\n\n \n**2025**\n\n \n**2026**\n\n \n \n**(In thousands)**\n\nTerminated interest rate swaps\n$\n—\n \n \n$\n2,025\n \n \n$\n—\n \n\nActive interest rate swaps\n \n(1,022\n)\n \n \n(1,757\n)\n \n \n(1,031\n)\n\nIncrease (decrease) to interest income\n$\n(1,022\n)\n \n$\n268\n \n \n$\n(1,031\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n\nThe Company entered into an interest rate swap in October 2018, which was terminated in March 2020. Upon termination, the Company received\n$45.9 million, inclusive of accrued but unpaid interest, from its swap counterparty. The net amount, after deducting accrued interest\nand deferred income taxes, was accreted to interest income on loans monthly until the originally scheduled termination date of October\n6, 2025. With this date having passed, the Company no longer has the benefit of that income from the terminated swap. At June 30, 2026,\nthe Company had two active interest rate swaps with a combined notional amount of $400 million. These swaps resulted in a reduction of\ninterest income of $1.0 million and $1.8 million in the three months ended June 30, 2026 and 2025, respectively.\n\n4\n\nMarket rates for time deposits for much of 2024 were elevated but have declined as the FOMC cut the federal funds rate by 100 basis\npoints in late 2024, 25 basis points in the third quarter of 2025 and 50 basis points in the fourth quarter of 2025. As of June 30, 2026,\ntime deposit maturities (including brokered time deposits) over the next 12 months were as follows: within three months — $630.7\nmillion, with a weighted-average rate of 3.38%; within three to six months — $263.2 million, with a weighted-average rate of 3.10%;\nand within six to twelve months — $25.5 million, with a weighted-average rate of 1.40%. Based on time deposit market rates in June\n2026, overall average replacement rates for maturing time deposits originated through our retail branch system are likely to be approximately\n2.70 - 3.20%, depending on term. Brokered time deposit rates were generally at or above 3.90% at the end of June 2026.\n\n**NON-INTEREST INCOME**\n\nFor the quarter ended June 30, 2026, non-interest income decreased $837,000, to $7.4 million, when compared to the quarter ended June\n30, 2025, primarily as a result of the following items:\n\nOther income: Other income decreased $897,000 compared to the prior-year second quarter. In the second quarter of 2025, the\nCompany recorded income of $1.1 million related to exits from, and other activities of, its investments in tax credit partnerships, which\nwas not repeated in the current quarter.\n\nCommissions: Commission income increased $230,000 compared to the prior-year second quarter. The increase was due to annuity\nsales that were approximately 94% higher in the 2026 period compared to the 2025 period. Yields on these products have been attractive\nto many of our customers.\n\n**NON-INTEREST EXPENSE**\n\nFor the quarter ended June 30, 2026, non-interest expense increased $3.2 million, to $38.2 million, when compared to the quarter ended\nJune 30, 2025, primarily as a result of the following items:\n\nNet occupancy and equipment expenses: Net occupancy and equipment expenses increased $2.2 million, or 26.7%, from the prior-year\nsecond quarter. In June 2026, the Company decided to consolidate operations of nine banking centers into other nearby Great Southern banking\ncenter locations and close one leased facility which served as the Company’s Omaha, Neb. loan production office. The Company evaluated\nthe carrying value of the affected owned premises (totaling approximately $12.6 million) to determine if any impairment of the value of\nthese premises was warranted and recorded a valuation allowance of $1.4 million related to certain affected premises, furniture, fixtures\nand equipment of the owned locations at June 30, 2026. During the three months ended June 30, 2026, the Company also recorded expenses\ntotaling $163,000 related to contractual future lease payments for the Omaha leased lending facility. For additional information on these\nconsolidations, see “Business Initiatives” below.\n\nAdditionally, various components of computer license and support\nexpenses, related to upgrades of core systems capabilities and disaster recovery site, collectively increased by $333,000 in the second\nquarter of 2026 compared to the second quarter of 2025.\n\nSalaries and employee benefits: Salaries and employee benefits increased $686,000, or 3.4%, from the prior-year second quarter.\nThe increase was primarily due to the Company recording $561,000 in expenses related to severance pay for employees affected by the consolidations\nin banking centers and other operational areas. See “Business Initiatives” below.\n\nThe Company’s efficiency ratio for the quarter ended June 30, 2026, was 67.21% compared to 59.16% for the same quarter in 2025.\nThe Company’s ratio of non-interest expense to average assets was 2.72% for the three months ended June 30, 2026, compared to 2.37%\nfor the three months ended June 30, 2025. These increased percentages were largely due to the one-time expenses previously discussed.\nAverage assets for the three months ended June 30, 2026, decreased $298.6 million, or 5.0%, compared to the three months ended June 30,\n2025, primarily due to the decline in the average balance of net loans.\n\n5\n\n**INCOME TAXES**\n\nFor the three months ended June 30, 2026 and 2025, the Company's effective tax rate was 15.3% and 18.5%, respectively. For the six\nmonths ended June 30, 2026 and 2025, the Company's effective tax rate was 17.1% and 19.2%, respectively. These effective rates were below\nthe statutory federal tax rate of 21.0%, due primarily to the utilization of certain investment tax credits and the Company’s tax-exempt\ninvestments and tax-exempt loans, which reduced the Company’s effective tax rate. The effective rates in the 2026 periods also decreased\ndue to a higher-than-normal level of deductions related to the significant amount of stock option exercises by the Company’s employees.\nThe Company’s effective tax rate may fluctuate in future periods as it is impacted by the level and timing of the Company’s\nutilization of tax credits, the level of tax-exempt investments and loans, the amount of taxable income in various state jurisdictions\nand the overall level of pre-tax income. State tax expense estimates continually evolve as taxable income and apportionment between states\nare analyzed. The Company currently expects its effective tax rate (combined federal and state) will be approximately 18.0% to 19.5% in\nfuture periods.\n\n**CAPITAL**\n\n \n \n**June 30,**\n \n**December 31,**\n \n**March 31,**\n\n \n \n**2026**\n \n**2025**\n \n**2026**\n\n**Consolidated Regulatory Capital Ratios**\n \n**(Preliminary)**\n \n \n \n \n \n \n\nTier 1 Leverage Ratio\n \n12.4\n%\n \n12.2\n%\n \n12.2\n%\n\nCommon Equity Tier 1 Capital Ratio\n \n14.0\n%\n \n13.6\n%\n \n13.5\n%\n\nTier 1 Capital Ratio\n \n14.6\n%\n \n14.1\n%\n \n14.0\n%\n\nTotal Capital Ratio\n \n15.8\n%\n \n15.3\n%\n \n15.2\n%\n\nTangible Common Equity Ratio\n \n11.5\n%\n \n11.2\n%\n \n11.0\n%\n\n \n \n \n \n \n \n \n \n \n \n\nAs of June 30, 2026, total stockholders’ equity was $641.6 million, representing 11.6% of total assets and a book value of $58.95\nper common share. This compares to total stockholders’ equity of $636.1 million, or 11.4% of total assets, and a book value of $57.50\nper common share at December 31, 2025. The $5.5 million increase in stockholders’ equity from December 31, 2025, was primarily driven\nby $33.3 million in net income and an $11.9 million increase from stock option exercises, partially offset by $9.4 million in cash dividends\ndeclared on the Company’s common stock, $24.8 million in common stock repurchases, and an increase in unrealized losses on investments\nand interest rate swaps. The increased unrealized losses on the Company’s available-for-sale investment securities and interest\nrate swaps, which totaled $37.7 million and $32.2 million (net of taxes) at June 30, 2026 and December 31, 2025, respectively, decreased\nstockholders’ equity by $5.5 million during the six months ended June 30, 2026. These net unrealized losses primarily resulted from\nincreased intermediate-term market interest rates, which generally decreased the fair value of the investment securities and interest\nrate swaps. In 2026, market interest rates and interest rate expectations for future periods decreased early in the first quarter before\nincreasing significantly since March to levels higher than those at December 31, 2025, ultimately resulting in decreases in the fair value\nof the Company’s investment securities and interest rate swaps during the six months ended June 30, 2026.\n\nThe Company had unrealized losses on its portfolio of held-to-maturity investment securities, which totaled $17.4 million and $16.6\nmillion at June 30, 2026 and December 31, 2025, respectively, that were not included in its total capital balance. If unrealized losses\non held-to-maturity securities were included in capital (net of taxes) at June 30, 2026 and December 31, 2025, they would have decreased\ntotal stockholder’s equity at those dates by $13.1 million and $12.5 million, respectively. These amounts were equal to 2.0% of\ntotal stockholders’ equity of $641.6 million at June 30, 2026 and $636.1 million at December 31, 2025.\n\nIn April 2025, the Company’s Board of Directors authorized the purchase, from time to time, of up to one million additional shares\nof the Company’s common stock. As of June 30, 2026, approximately 304,000 shares remained available under this stock repurchase\nauthorization.\n\nDuring the three months ended June 30, 2026, the Company repurchased 114,624 shares of its common stock at an average price of $68.39,\nand the Company’s Board of Directors declared a regular quarterly cash dividend of $0.43 per common share, which, combined, reduced\nstockholders’ equity by $12.5 million. During the three months ended June 30, 2026, the Company experienced stock option exercises\nof 125,221 shares of its common stock at an average price of $54.17, which increased stockholders’ equity by $7.3 million.\n\n6\n\nDuring the six months ended June 30, 2026, the Company repurchased 383,288 shares of its common stock at an average price of $64.29,\nand the Company’s Board of Directors declared regular quarterly cash dividends totaling $0.86 per common share, which, combined,\nreduced stockholders’ equity by $34.1 million. During the six months ended June 30, 2026, the Company experienced stock option exercises\nof 205,480 shares of its common stock at an average price of $52.89, which increased stockholders’ equity by $11.9 million.\n\n**LIQUIDITY AND DEPOSITS**\n\nLiquidity is a measure of the Company’s ability to generate sufficient cash to meet present and future financial obligations\nin a timely manner. The Company’s primary sources of funds are customer deposits, FHLBank advances, other borrowings, loan repayments,\nunpledged securities, proceeds from sales of loans and available-for-sale securities and funds provided from operations. The Company utilizes\nsome or all of these sources of funds depending on the comparative costs and availability at the time. The Company has, from time to time,\nchosen not to pay rates on deposits as high as the rates paid by certain of its competitors and, at management’s discretion, supplements\ndeposits with alternative sources of funds. Management believes that the Company maintains overall liquidity sufficient to satisfy its\ndepositors’ requirements and meet its borrowers’ credit needs.\n\nAt June 30, 2026, the Company had the following available secured lines and on-balance sheet liquidity:\n\n \n**June\n30, 2026**\n\nFederal Home Loan Bank line\n$1,234.0 million\n\nFederal Reserve Bank line\n319.6 million\n\nCash and cash equivalents\n180.0 million\n\nUnpledged securities – Available-for-sale\n339.9 million\n\nUnpledged securities – Held-to-maturity\n23.4 million\n\n \n \n\nDuring the six months ended June 30, 2026, the Company’s total deposits decreased $180.7 million. Interest-bearing checking balances\ndecreased $91.8 million (4.0%), primarily in certain money market accounts, and non-interest-bearing checking balances increased $35.9\nmillion (4.3%). Time deposits generated through the Company’s banking center and corporate services networks decreased $36.9 million\n(5.4%). Brokered deposits, obtained through a variety of sources, decreased $87.8 million (13.2%). As total assets (primarily loans receivable)\ndecreased, the Company elected not to replace some of its maturing brokered deposits. Most of this deposit decrease occurred in the second\nquarter of 2026, as total deposits decreased $143.1 million in the three months ended June 30, 2026.\n\nAt June 30, 2026, the Company had the following deposit balances:\n\n \n**June\n30, 2026**\n\nInterest-bearing checking\n$2,197.6 million\n\nNon-interest-bearing checking\n877.4 million\n\nTime deposits\n651.5 million\n\nBrokered deposits\n575.6 million\n\n \n \n\nAt June 30, 2026, the Company estimated that its uninsured deposits, excluding deposit accounts of the Company’s consolidated\nsubsidiaries, were approximately $665.6 million (15.5% of total deposits).\n\n**LOANS**\n\nTotal net loans, excluding mortgage loans held for sale, decreased $49.1 million, or 1.1%, from $4.36 billion at December 31, 2025\nto $4.31 billion at June 30, 2026. This decrease was primarily driven by decreases in commercial real estate loans of $73.3 million and\nother residential (multi-family) loans of $39.9 million, partially offset by an increase in construction loans of $53.2 million. Compared\nto March 31, 2026, net loans decreased $148.9 million.\n\n7\n\nThe pipeline of the unfunded portion of loans and formal loan commitments remained strong, with the largest portion of these unfunded\nbalances consisting of the unfunded portion of outstanding construction loans ($531.5 million at June 30, 2026). See the table below.\n\nFor additional details about the Company’s loan portfolio, please refer to the quarterly loan portfolio presentation available\non the Company’s Investor Relations website under “Presentations.”\n\nLoan commitments and the unfunded portion of loans at the dates indicated were as follows (in thousands):\n\n \n \n**June\n30, 2026**\n \n**March\n31, 2026**\n \n**December\n31, 2025**\n \n**December****31, 2024**\n \n**December\n31, 2023**\n\n**Closed non-construction loans with unused available lines**\n \n \n \n \n \n \n \n \n \n \n\nSecured by real estate (one- to four-family)\n$\n214,597\n$\n214,107\n$\n208,229\n$\n205,599\n$\n203,964\n\nSecured by real estate (not one- to\nfour-family)\n \n—\n \n—\n \n—\n \n—\n \n—\n\nNot secured by real estate – commercial\nbusiness\n \n106,290\n \n106,024\n \n114,568\n \n106,621\n \n82,435\n\n \n \n \n \n \n \n \n \n \n \n \n\n**Closed construction loans with unused available lines**\n \n \n \n \n \n \n \n \n \n \n\nSecured by real estate (one-to four-family)\n \n116,195\n \n119,231\n \n112,684\n \n94,501\n \n101,545\n\nSecured by real estate (not one-to four-family)\n \n531,842\n \n530,756\n \n624,025\n \n703,947\n \n719,039\n\n \n \n \n \n \n \n \n \n \n \n \n\n**Loan commitments not closed**\n \n \n \n \n \n \n \n \n \n \n\nSecured by real estate (one-to four-family)\n \n22,937\n \n19,194\n \n14,113\n \n14,373\n \n12,347\n\nSecured by real estate (not one-to four-family)\n \n49,139\n \n24,053\n \n19,412\n \n53,660\n \n48,153\n\nNot secured by real estate – commercial\nbusiness\n \n33,940\n \n35,762\n \n38,262\n \n22,884\n \n11,763\n\n \n \n \n \n \n \n \n \n \n \n \n\n \n$\n1,074,940\n$\n1,049,127\n$\n1,131,293\n$\n1,201,585\n$\n1,179,246\n\n \n \n \n \n \n \n \n \n \n \n \n\n**PROVISION FOR CREDIT LOSSES AND ALLOWANCE FOR CREDIT LOSSES**\n\nDuring both the three months and six months ended June 30, 2026 and 2025, the Company did not record a provision expense on its portfolio\nof outstanding loans. Total net charge offs were $819,000 for the three months ended June 30, 2026, compared to total net recoveries of\n$111,000 during the same period in the prior year. Total net charge offs were $806,000 for the six months ended June 30, 2026, compared\nto total net recoveries of $55,000 during the same period in the prior year. During the quarter ended June 30, 2026, the Company recorded\na provision for losses on unfunded commitments of $8,000, compared to a negative provision for losses on unfunded commitments of $110,000\nfor the same period in 2025. For the six months ended June 30, 2026, the Company recorded a negative provision for losses on unfunded\ncommitments of $923,000, compared to a negative provision for losses on unfunded commitments of $458,000 for the same period in 2025.\n\nThe Bank’s allowance for credit losses as a percentage of total loans was 1.46% at both June 30, 2026 and December 31, 2025,\ncompared to 1.43% at March 31, 2026. Management considers the allowance for credit losses adequate to cover losses inherent in the Bank’s\nloan portfolio at June 30, 2026, based on recent reviews of the portfolio and current economic conditions. However, if challenging economic\nconditions persist or worsen, or if management’s assessment of the loan portfolio changes, additional provisions for credit losses\nmay be required, which could adversely impact the Company’s future financial performance.\n\n**ASSET QUALITY**\n\nAt June 30, 2026, non-performing assets were $9.4 million, an increase of $1.3 million from $8.1 million at December 31, 2025, and\na decrease of $676,000 compared to March 31, 2026. Non-performing assets as a percentage of total assets were 0.17% at June 30, 2026,\ncompared to 0.15% at December 31, 2025.\n\n8\n\nActivity in the non-performing loan categories during the quarter ended June 30, 2026, was as follows:\n\n \n \n**Beginning**\n**Balance,**\n**April\n1**\n \n**Additions**\n**to\nNon-**\n**Performing**\n \n**Removed**\n**from\nNon-**\n**Performing**\n \n**Transfers**\n**to\nPotential**\n**Problem**\n**Loans**\n \n**Transfers\nto**\n**Foreclosed**\n**Assets and**\n**Repossessions**\n \n**Charge-**\n**Offs**\n \n**Payments**\n \n**Ending**\n**Balance,**\n**June\n30**\n\n \n \n**(In thousands)**\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nOne- to four-family construction\n$\n—\n$\n—\n$\n—\n$\n—\n$\n—\n \n$\n—\n \n$\n—\n \n$\n—\n\nSubdivision construction\n \n—\n \n—\n \n—\n \n—\n \n—\n \n \n—\n \n \n—\n \n \n—\n\nLand development\n \n—\n \n—\n \n—\n \n—\n \n—\n \n \n—\n \n \n—\n \n \n—\n\nCommercial construction\n \n—\n \n—\n \n—\n \n—\n \n—\n \n \n—\n \n \n—\n \n \n—\n\nOne- to four-family residential\n \n703\n \n368\n \n—\n \n—\n \n—\n \n \n—\n \n \n(81\n)\n \n990\n\nOther residential (multi-family)\n \n2,725\n \n—\n \n—\n \n—\n \n(1,807\n)\n \n(909\n)\n \n(9\n)\n \n—\n\nCommercial real estate\n \n—\n \n—\n \n—\n \n—\n \n—\n \n \n—\n \n \n—\n \n \n—\n\nCommercial business\n \n—\n \n36\n \n—\n \n—\n \n—\n \n \n—\n \n \n—\n \n \n36\n\nConsumer\n \n26\n \n—\n \n—\n \n—\n \n—\n \n \n(17\n)\n \n(2\n)\n \n7\n\nTotal non-performing loans\n$\n3,454\n$\n404\n$\n—\n$\n—\n$\n(1,807\n)\n$\n(926\n)\n$\n(92\n)\n$\n1,033\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCompared to March 31, 2026, non-performing loans decreased $2.4 million.\n\nThe non-performing one- to four-family residential category consisted of seven loans at June 30, 2026, three of which were added during\nthe current quarter.\n\nThe largest relationship in the one- to four-family residential category totaled $386,000 at June 30, 2026. This relationship was\nadded to non-performing loans in 2024 and is collateralized by a single-family residential property in southern Iowa.\n\nDuring the three months ended June 30, 2026, a single loan totaling $1.8 million ($2.7 million at March 31, 2026) which had been collateralized\nby an apartment in eastern Iowa was transferred from the non-performing other residential (multi-family) category to foreclosed assets.\nUpon transfer to foreclosed assets the Company recorded a loan charge-off of $909,000 on the property, based upon an updated independent\nappraisal of the asset.\n\n9\n\nActivity in the potential problem loans categories during the quarter ended June 30, 2026, was as follows:\n\n \n \n**Beginning**\n**Balance,**\n**April\n1**\n \n**Additionsto**\n**Potential**\n**Problem**\n \n**Removed**\n**from**\n**Potential**\n**Problem**\n \n**Transfers**\n**to\nNon-**\n**Performing**\n \n**Transfers\nto**\n**Foreclosed**\n**Assets and**\n**Repossessions**\n \n**Charge-**\n**Offs**\n \n**LoanAdvances(Payments)**\n \n**Ending**\n**Balance,**\n**June\n30**\n\n \n \n**(In thousands)**\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nOne- to four-family construction\n$\n—\n$\n—\n$\n—\n$\n—\n$\n—\n \n$\n—\n \n$\n—\n \n$\n—\n\nSubdivision construction\n \n—\n \n—\n \n—\n \n—\n \n—\n \n \n—\n \n \n—\n \n \n—\n\nLand development\n \n—\n \n—\n \n—\n \n—\n \n—\n \n \n—\n \n \n—\n \n \n—\n\nCommercial construction\n \n—\n \n—\n \n—\n \n—\n \n—\n \n \n—\n \n \n—\n \n \n—\n\nOne- to four-family residential\n \n943\n \n25\n \n—\n \n—\n \n—\n \n \n—\n \n \n(112\n)\n \n856\n\nOther residential (multi-family)\n \n—\n \n—\n \n—\n \n—\n \n—\n \n \n—\n \n \n—\n \n \n—\n\nCommercial real estate\n \n—\n \n—\n \n—\n \n—\n \n—\n \n \n—\n \n \n—\n \n \n—\n\nCommercial business\n \n14\n \n—\n \n—\n \n—\n \n—\n \n \n—\n \n \n(2\n)\n \n12\n\nConsumer\n \n281\n \n47\n \n—\n \n—\n \n(5\n)\n \n(7\n)\n \n(27\n)\n \n289\n\nTotal potential problem loans\n$\n1,238\n$\n72\n$\n—\n$\n—\n$\n(5\n)\n$\n(7\n)\n$\n(141\n)\n$\n1,157\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCompared to March 31, 2026, potential problem loans decreased $81,000.\n\nAt June 30, 2026, the one- to four-family residential category consisted of 12 loans, one of which was added to potential problem\nloans during the current quarter.\n\nThe largest relationship in the one- to four-family category totaled $256,000 and was added in the third quarter of 2025. This relationship\nis collateralized by a single-family residential property in the St. Louis area.\n\nAt June 30, 2026, the consumer category of potential problem loans consisted of 18 loans, five of which were added during the current\nquarter.\n\nActivity in the foreclosed assets and repossessions categories during the quarter ended June 30, 2026 was as follows:\n\n \n \n**Beginning**\n**Balance,**\n**April\n1**\n \n**Additions**\n \n**ORE\nand**\n**Repossession**\n**Sales**\n \n**Capitalized**\n**Costs**\n \n**ORE and**\n**Repossession**\n**Write-Downs**\n \n**Ending**\n**Balance,**\n**June\n30**\n\n \n \n**(In thousands)**\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\nOne-to four-family construction\n$\n—\n$\n—\n$\n—\n \n$\n—\n$\n—\n$\n—\n\nSubdivision construction\n \n—\n \n—\n \n—\n \n \n—\n \n—\n \n—\n\nLand development\n \n—\n \n—\n \n—\n \n \n—\n \n—\n \n—\n\nCommercial construction\n \n—\n \n—\n \n—\n \n \n—\n \n—\n \n—\n\nOne- to four-family residential\n \n643\n \n—\n \n(643\n)\n \n—\n \n—\n \n—\n\nOther residential (multi-family)\n \n—\n \n1,807\n \n—\n \n \n—\n \n—\n \n1,807\n\nCommercial real estate\n \n5,960\n \n—\n \n—\n \n \n582\n \n—\n \n6,542\n\nCommercial business\n \n—\n \n—\n \n—\n \n \n—\n \n—\n \n—\n\nConsumer\n \n12\n \n12\n \n(13\n)\n \n—\n \n—\n \n11\n\nTotal foreclosed assets and repossessions\n$\n6,615\n$\n1,819\n$\n(656\n)\n$\n582\n$\n—\n$\n8,360\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCompared to March 31, 2026, foreclosed assets increased $1.8 million.\n\nThe largest asset in the commercial real estate category, totaling $6.5 million, consisted of an office building located in Clayton,\nMo. This asset was foreclosed upon in the fourth quarter of 2024. In the three months ended June 30, 2026, the Company capitalized $582,000\nin improvements to the property. As mentioned in previous filings, the Company reported that it expected such improvements to ultimately\ncost approximately $3 million and take several months to complete. It is expected that such additional costs will be incurred and capitalized\non this asset throughout the remainder of 2026. The majority of this expenditure represents the addition of fire suppression sprinklers\nthroughout the building and other significant improvements. Based on an independent valuation (which utilized sales and current market\nrents in the area for similarly improved buildings), Bank management does not currently anticipate any loss on this asset and decided\nto move forward with implementing these improvements.\n\nAt June 30, 2026, the other residential (multi-family) category, totaling $1.8 million, consisted of one relationship that was transferred\nfrom non-performing loans in the current quarter. This asset, mentioned above in the non-performing loans discussion, consisted of an\napartment complex in eastern Iowa. The borrower was no longer in compliance with their loan agreement and, ultimately, the property was\nplaced into foreclosure. The Company expects that it will make significant repairs and improvements to this property. Such improvements\nare expected to cost approximately $800,000 and take several months to complete. The Company expects to capitalize these expenditures,\nand these costs were contemplated as part of the charge-off analysis when the asset was transferred to foreclosed assets.\n\nThe one- to four-family residential category of foreclosed assets previously included one property consisting of a condominium in\nthe Sarasota, Fla. area, which was added during the three months ended March 31, 2026. This property was sold in the three months ended\nJune 30, 2026, with the Company realizing a small gain on the sale.\n\n**BUSINESS INITIATIVES**\n\nThe Company maintains its focus on technology initiatives and advancements with its current core provider and key partners. These investments\nin both foundational projects and a heightened customer experience continue to foster an organizational emphasis on innovation and forward\nprogress.\n\nGreat Southern launched a partnership with Greenlight, a debit card and financial learning app for kids and teens, in April 2026. The\npartnership offers a free Greenlight membership to Great Southern customers and is part of the Company’s ongoing efforts to expand\nboth technology and family banking offerings.\n\nAlso in April, the Company’s fully redesigned website www.GreatSouthernBank.com, launched. The website, representative\nof Great Southern’s continued technology investments, offers customers and interested parties an improved online experience with\nup-to-date content, improved navigation, easier access to financial education information and more.\n\n10\n\nIn June 2026 the Company decided, as part of its regular operational reviews, to consolidate nine banking centers into other Great\nSouthern locations and eliminate a total of 66 positions across various Company divisions, including those at the impacted banking centers.\nThese decisions were part of routine business maintenance as the organization evaluated products, services and workforce to align with\nchanging market dynamics. Of the nine consolidating banking centers, one is in Arkansas, one is in Kansas, two are in Iowa and five are\nin Missouri (three in the Springfield metro area). Affected banking centers will close October 1, except for the Arkansas location, which\nwill close September 25. All other consolidated staff positions outside of the banking centers have an effective date of September 30.\nAs a result of these planned consolidations, certain expenses were required to be recorded in the 2026 second quarter financial statements.\nA list of the affected banking center locations is available on our website www.GreatSouthernBank.com.\n\nThe banking center consolidations and the workforce reductions are expected to result in approximately $2.3 - $2.7 million in annual\npre-tax income improvement, beginning in the fourth quarter of 2026. This estimate incorporates compensation, facility and other non-interest\nexpense savings, expected to be $4.4 - $4.8 million annually. This expense savings is expected to be partially offset by a projected amount\nof customer deposit attrition over time related to the branch closures, resulting in additional interest expense on alternative funding\nsources along with reduced non-interest income generated from these deposit accounts. If deposit account attrition is ultimately greater\nthan our estimates, it may negatively impact our anticipated annual pre-tax income improvement. At June 30, 2026, total demand deposits\nat the nine banking centers were approximately $170 million and retail CD balances were approximately $25 million.\n\nAlso, as part of the organizational evaluation of products and services, Great Southern continues to expand its Live Teller ATM network\nwith four new locations, including its first installations in the Des Moines, Iowa, market and a new Great Southern Express-branded location\nin Ozark, Mo.\n\nThe banking center located at 3839 Indian Hills Dr. in Sioux City, Iowa, temporarily closed July 3, 2026, for a complete remodel. This\nreinvestment will bring a fully refreshed banking center to the Bank’s Sioux City customers, including updated and brightened interiors,\nupdated technology, and the installation of a drive-thru Live Teller ATM offering extended banking hours for customer convenience. During\nthe temporary closure, customers are served by six additional banking centers in the greater Sioux City area, and 15 ATM locations.\n\n**Earnings Conference Call**\n\nThe Company will host a conference call on Thursday, July 16, 2026, at 2:00 p.m. Central Time to discuss second quarter 2026 preliminary\nearnings. The call will be available live or in a recorded version at the Company’s Investor Relations website, http://investors.greatsouthernbank.com.\nParticipants may register for the call at https://register-conf.media-server.com/register/BI1519b65fe3df412abf1fe40dfe95c397.\n\n**About Great Southern Bancorp, Inc.**\n\nHeadquartered in Springfield, Missouri, Great Southern offers a broad range of banking services to customers. The Company currently\noperates 87 retail banking centers in Missouri, Iowa, Kansas, Minnesota, Arkansas and Nebraska and commercial lending offices in Atlanta,\nCharlotte, Chicago, Dallas, Denver, Omaha, and Phoenix. The common stock of Great Southern Bancorp, Inc. is listed on the Nasdaq Global\nSelect Market under the symbol “GSBC.”\n\n**www.GreatSouthernBank.com**\n\n11\n\n**Forward-Looking Statements**\n\nWhen used in this press release and in other documents filed or furnished by the Company with or to the Securities and Exchange Commission\n(the “SEC”), in the Company's other press releases or other public or stockholder communications, and in oral statements made\nwith the approval of an authorized executive officer, the words or phrases “may,” “might,” “could,”\n“should,” \"will likely result,\" \"are expected to,\" \"will continue,\" \"is anticipated,\" “believe,” \"estimate,\" \"project,\"\n\"intends\" or similar expressions are intended to identify \"forward-looking statements\" within the meaning of the Private Securities Litigation\nReform Act of 1995. Forward-looking statements also include, but are not limited to, statements regarding plans, objectives, expectations\nor consequences of announced transactions, known trends and statements about future performance, operations, products and services of\nthe Company. The Company’s ability to predict results or the actual effects of future plans or strategies is inherently uncertain,\nand the Company’s actual results could differ materially from those contained in the forward-looking statements.\n\nFactors that could cause or contribute to such differences include, but are not limited to: (i) expected revenues, cost savings, earnings\naccretion, synergies and other benefits from the Company's merger and acquisition activities might not be realized within the anticipated\ntime frames or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention,\nmight be greater than expected; (ii) changes in economic conditions, either nationally or in the Company's market areas; (iii) the effects\nof any new or continuing public health issues on general economic and financial market conditions; (iv) fluctuations in interest rates,\nthe effects of inflation or a potential recession, whether caused by Federal Reserve actions or otherwise; (v) the impact of bank failures\nor adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment;\n(vi) slower or negative economic growth caused by tariffs, changes in energy prices, supply chain disruptions or other factors; (vii)\nthe risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes\nin estimates of the adequacy of the allowance for credit losses; (viii) the possibility of realized or unrealized losses on securities\nheld in the Company's investment portfolio; (ix) the Company's ability to access cost-effective funding and maintain sufficient liquidity;\n(x) fluctuations in real estate values and both residential and commercial real estate market conditions; (xi) the ability to adapt successfully\nto technological changes to meet customers' needs and developments in the marketplace; (xii) the possibility that security measures implemented\nmight not be sufficient to mitigate the risk of a cyber-attack or cyber theft, and that such security measures might not protect against\nsystems failures or interruptions; (xiii) legislative or regulatory changes that adversely affect the Company's business; (xiv) changes\nin accounting policies and practices or accounting standards; (xv) results of examinations of the Company and the Bank by their regulators,\nincluding the possibility that the regulators may, among other things, require the Company to limit its business activities, change its\nbusiness mix, increase its allowance for credit losses, write-down assets or increase its capital levels, or affect its ability to borrow\nfunds or maintain or increase deposits, which could adversely affect its liquidity and earnings; (xvi) costs and effects of litigation,\nincluding settlements and judgments; (xvii) competition; and (xviii) natural disasters, war, terrorist activities or civil unrest and\ntheir effects on economic and business environments in which the Company operates. The Company wishes to advise readers that the factors\nlisted above and other risks described in the Company’s most recent Annual Report on Form 10-K, including, without limitation, those\ndescribed under “Item 1A. Risk Factors,” subsequent Quarterly Reports on Form 10-Q and other documents filed or furnished\nfrom time to time by the Company with the SEC (which are available on our website at www.greatsouthernbank.com and the SEC’s website\nat www.sec.gov), could affect the Company's financial performance and cause the Company's actual results for future periods to differ\nmaterially from any opinions or statements expressed with respect to future periods in any current statements.\n\nThe Company does not undertake-and specifically declines any obligation- to publicly release the result of any revisions which may\nbe made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence\nof anticipated or unanticipated events.\n\n12\n\nThe following tables set forth selected consolidated financial information of the Company\nat the dates and for the periods indicated. Financial data at all dates other than December 31, 2025, and for all periods is unaudited.\nIn the opinion of management, all adjustments, which consist only of normal recurring accrual adjustments, necessary for a fair presentation\nof the results at and for such unaudited dates and periods have been included. The results of operations and other data for the three\nand six months ended June 30, 2026 and 2025, and the three months ended March 31, 2026, are not necessarily indicative of the results\nof operations which may be expected for any future period.\n\n \n \n**June 30,**\n \n \n**December\n31,**\n\n \n \n**2026**\n \n \n**2025**\n\n \n**(In thousands)**\n\n**Selected Financial Condition Data:**\n \n \n \n \n \n\nTotal assets\n$\n5,522,824\n \n$\n5,598,606\n\nLoans receivable, gross\n \n4,377,132\n \n \n4,427,678\n\nAllowance for credit losses\n \n63,965\n \n \n64,771\n\nOther real estate owned, net\n \n8,360\n \n \n6,036\n\nAvailable-for-sale securities, at fair\nvalue\n \n503,795\n \n \n523,831\n\nHeld-to-maturity securities, at amortized\ncost\n \n175,264\n \n \n179,200\n\nDeposits\n \n4,302,067\n \n \n4,482,774\n\nTotal borrowings\n \n511,247\n \n \n405,169\n\nTotal stockholders’ equity\n \n641,597\n \n \n636,126\n\nNon-performing assets\n \n9,393\n \n \n8,130\n\n \n \n**Three MonthsEnded**\n \n**Six MonthsEnded**\n\n \n**Three Months**\n**Ended**\n\n \n \n**June 30,**\n \n**June 30,**\n\n \n**March 31,**\n\n \n \n**2026**\n \n**2025**\n\n \n**2026**\n\n \n**2025**\n\n \n**2026**\n\n \n \n**(In thousands)**\n\n**Selected Operating Data:**\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nInterest\nincome\n$\n72,461\n \n$\n80,975\n \n \n$\n143,626\n \n \n$\n161,218\n \n \n$\n71,165\n \n\nInterest expense\n \n22,968\n \n \n30,012\n \n \n \n45,805\n \n \n \n60,921\n \n \n \n22,837\n \n\nNet interest income\n \n49,493\n \n \n50,963\n \n \n \n97,821\n \n \n \n100,297\n \n \n \n48,328\n \n\nProvision (credit) for credit losses\non loans and unfunded commitments\n \n8\n \n \n(110\n)\n \n \n(923\n)\n \n \n(458\n)\n \n \n(931\n)\n\nNon-interest income\n \n7,375\n \n \n8,212\n \n \n \n14,404\n \n \n \n14,802\n \n \n \n7,029\n \n\nNon-interest expense\n \n38,222\n \n \n35,005\n \n \n \n73,014\n \n \n \n69,827\n \n \n \n34,792\n \n\nProvision for income taxes\n \n2,843\n \n \n4,494\n \n \n \n6,863\n \n \n \n8,784\n \n \n \n4,020\n \n\nNet income\n$\n15,795\n \n$\n19,786\n \n \n$\n33,271\n \n \n$\n36,946\n \n \n$\n17,476\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n**At or For the Three**\n**Months\nEnded**\n \n**At or For the Six**\n**Months\nEnded**\n \n**At or For the Three Months Ended**\n\n \n**June 30,**\n \n**June 30,**\n \n**March 31,**\n\n \n**2026**\n\n \n**2025**\n\n \n**2026**\n\n \n**2025**\n\n \n**2026**\n\n \n**(Dollars\nin thousands, except per share data)**\n\n**Per Common Share:**\n \n \n \n \n \n \n \n \n \n\nNet\nincome (fully diluted)\n$\n1.43\n \n \n$\n1.72\n \n \n$\n2.99\n \n \n$\n3.18\n \n \n$\n1.58\n \n\nBook value\n$\n58.95\n \n \n$\n54.61\n \n \n$\n58.95\n \n \n$\n54.61\n \n \n$\n58.27\n \n\n \n \n \n \n \n \n \n \n \n \n\n**Earnings Performance Ratios:**\n \n \n \n \n \n \n \n \n \n\nAnnualized return on average assets\n \n1.12\n%\n \n \n1.34\n%\n \n \n1.18\n%\n \n \n1.24\n%\n \n \n1.24\n%\n\nAnnualized return on average common\nstockholders’ equity\n \n9.83\n%\n \n \n12.81\n%\n \n \n10.34\n%\n \n \n12.06\n%\n \n \n10.85\n%\n\nNet interest margin\n \n3.76\n%\n \n \n3.68\n%\n \n \n3.74\n%\n \n \n3.63\n%\n \n \n3.71\n%\n\nAverage interest rate spread\n \n3.24\n%\n \n \n3.09\n%\n \n \n3.22\n%\n \n \n3.05\n%\n \n \n3.20\n%\n\nEfficiency ratio\n \n67.21\n%\n \n \n59.16\n%\n \n \n65.06\n%\n \n \n60.67\n%\n \n \n62.85\n%\n\nNon-interest expense to average total\nassets\n \n2.72\n%\n \n \n2.37\n%\n \n \n2.60\n%\n \n \n2.35\n%\n \n \n2.47\n%\n\n \n \n \n \n \n \n \n \n \n \n\n**Asset Quality Ratios:**\n \n \n \n \n \n \n \n \n \n\nAllowance for credit losses to period-end\nloans\n \n1.46\n%\n \n \n1.41\n%\n \n \n1.46\n%\n \n \n1.41\n%\n \n \n1.43\n%\n\nNon-performing assets to period-end\nassets\n \n0.17\n%\n \n \n0.14\n%\n \n \n0.17\n%\n \n \n0.14\n%\n \n \n0.18\n%\n\nNon-performing loans to period-end loans\n \n0.02\n%\n \n \n0.04\n%\n \n \n0.02\n%\n \n \n0.04\n%\n \n \n0.08\n%\n\nAnnualized net charge-offs (recoveries)\nto average loans\n \n0.07\n%\n \n \n(0.01\n)%\n \n \n0.04\n%\n \n \n0.00\n%\n \n \n0.00\n%\n\n \n \n \n \n \n \n \n \n \n \n\n13\n\n**Great Southern Bancorp, Inc. and SubsidiariesConsolidated\nStatements of Financial Condition(In thousands, except number of shares)**********\n\n \n \n**June\n30,**\n**2026**\n \n**December\n31,**\n**2025**\n \n**March\n31,**\n**2026**\n\n \n \n \n \n \n \n \n\n**Assets**\n \n \n \n \n \n \n\nCash\n$\n97,200\n \n$\n109,833\n \n$\n101,405\n \n\nInterest-bearing deposits in other financial\ninstitutions\n \n82,781\n \n \n79,721\n \n \n85,999\n \n\n     Cash and cash equivalents\n \n179,981\n \n \n189,554\n \n \n187,404\n \n\n \n \n \n \n \n \n \n\nAvailable-for-sale securities\n \n503,795\n \n \n523,831\n \n \n513,846\n \n\nHeld-to-maturity securities\n \n175,264\n \n \n179,200\n \n \n177,594\n \n\nMortgage loans held for sale\n \n7,868\n \n \n6,838\n \n \n6,823\n \n\nLoans receivable, net of allowance for\ncredit losses of $63,965 – June 2026;\n\n$64,771 – December 2025; $64,784 – March 2026\n \n4,307,712\n \n \n4,356,853\n \n \n4,456,639\n \n\nInterest receivable\n \n18,467\n \n \n18,068\n \n \n19,716\n \n\nPrepaid expenses and other assets\n \n123,005\n \n \n128,615\n \n \n124,023\n \n\nOther real estate owned and repossessions,\nnet\n \n8,360\n \n \n6,036\n \n \n6,615\n \n\nPremises and equipment, net\n \n132,838\n \n \n133,257\n \n \n132,113\n \n\nGoodwill and other intangible assets\n \n9,444\n \n \n9,660\n \n \n9,552\n \n\nFederal Home Loan Bank stock and other\ninterest-earning assets\n \n27,414\n \n \n20,079\n \n \n27,720\n \n\nCurrent and deferred income taxes\n \n28,676\n \n \n26,615\n \n \n25,277\n \n\n \n \n \n \n \n \n \n\n     Total Assets\n$\n5,522,824\n \n$\n5,598,606\n \n$\n5,687,322\n \n\n \n \n \n \n \n \n \n\n**Liabilities and Stockholders’ Equity**\n \n \n \n \n \n \n\n**Liabilities**\n \n \n \n \n \n \n\nDeposits\n$\n4,302,067\n \n$\n4,482,774\n \n$\n4,445,161\n \n\nSecurities sold under reverse repurchase\nagreements with customers\n \n39,913\n \n \n48,467\n \n \n37,198\n \n\nShort-term borrowings\n \n445,560\n \n \n330,928\n \n \n470,660\n \n\nSubordinated debentures issued to capital\ntrust\n \n25,774\n \n \n25,774\n \n \n25,774\n \n\nAccrued interest payable\n \n3,080\n \n \n3,612\n \n \n3,250\n \n\nAdvances from borrowers for taxes and\ninsurance\n \n10,283\n \n \n5,781\n \n \n9,021\n \n\nAccounts payable and accrued expenses\n \n46,925\n \n \n56,596\n \n \n55,011\n \n\nLiability for unfunded commitments\n \n7,625\n \n \n8,548\n \n \n7,617\n \n\n     Total Liabilities\n \n4,881,227\n \n \n4,962,480\n \n \n5,053,692\n \n\n \n \n \n \n \n \n \n\n**Stockholders’ Equity**\n \n \n \n \n \n \n\nCapital stock\n \n \n \n \n \n \n\nPreferred stock, $.01 par value; authorized\n1,000,000 shares; issued and outstanding June 2026, December 2025 and March 2026 -0- shares\n \n—\n \n \n—\n \n \n—\n \n\nCommon stock, $.01 par value; authorized\n20,000,000 shares; issued and outstanding June 2026 – 10,884,444 shares; December 2025 – 11,062,252 shares; March 2026 –\n10,873,847 shares\n \n83\n \n \n111\n \n \n83\n \n\nAdditional paid-in capital\n \n59,278\n \n \n54,120\n \n \n56,126\n \n\nRetained earnings\n \n619,960\n \n \n614,095\n \n \n612,570\n \n\nAccumulated other comprehensive loss\n \n(37,724\n)\n \n(32,200\n)\n \n(35,149\n)\n\n     Total Stockholders’\nEquity\n \n641,597\n \n \n636,126\n \n \n633,630\n \n\n \n \n \n \n \n \n \n\n     Total Liabilities\nand Stockholders’ Equity\n$\n5,522,824\n \n$\n5,598,606\n \n$\n5,687,322\n \n\n14\n\n**Great Southern Bancorp, Inc. and SubsidiariesConsolidated\nStatements of Income(In thousands, except per share data)**********\n\n \n**Three Months Ended**\n\n \n**Six Months Ended**\n\n \n**Three Months Ended**\n\n \n**June 30,**\n\n \n**June 30,**\n\n \n**March 31,**\n\n \n**2026**\n\n \n**2025**\n\n \n**2026**\n\n \n**2025**\n\n \n**2026**\n\n**Interest Income**\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nLoans\n$\n65,686\n \n \n$\n73,830\n \n \n$\n130,346\n \n \n$\n146,901\n \n \n$\n64,660\n \n\nInvestment securities and other\n \n6,775\n \n \n \n7,145\n \n \n \n13,280\n \n \n \n14,317\n \n \n \n6,505\n \n\n \n \n72,461\n \n \n \n80,975\n \n \n \n143,626\n \n \n \n161,218\n \n \n \n71,165\n \n\n**Interest Expense**\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nDeposits\n \n17,861\n \n \n \n24,368\n \n \n \n36,198\n \n \n \n48,968\n \n \n \n18,337\n \n\nSecurities sold under reverse repurchase\nagreements\n \n133\n \n \n \n372\n \n \n \n229\n \n \n \n743\n \n \n \n96\n \n\nShort-term borrowings, overnight FHLBank\nborrowings and other interest-bearing liabilities\n \n4,620\n \n \n \n3,974\n \n \n \n8,682\n \n \n \n8,424\n \n \n \n4,062\n \n\nSubordinated debentures issued to capital\ntrust\n \n354\n \n \n \n389\n \n \n \n696\n \n \n \n771\n \n \n \n342\n \n\nSubordinated notes\n \n—\n \n \n \n909\n \n \n \n—\n \n \n \n2,015\n \n \n \n—\n \n\n \n \n22,968\n \n \n \n30,012\n \n \n \n45,805\n \n \n \n60,921\n \n \n \n22,837\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**Net Interest Income**\n \n49,493\n \n \n \n50,963\n \n \n \n97,821\n \n \n \n100,297\n \n \n \n48,328\n \n\n**Provision for Credit Losses on Loans**\n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \n—\n \n\n**Provision (Credit) for Unfunded Commitments**\n \n8\n \n \n \n(110\n)\n \n \n(923\n)\n \n \n(458\n)\n \n \n(931\n)\n\n**Net Interest Income After Provision for Credit Losses and Provision (Credit) for Unfunded Commitments**\n \n49,485\n \n \n \n51,073\n \n \n \n98,744\n \n \n \n100,755\n \n \n \n49,259\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**Non-interest Income**\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCommissions\n \n641\n \n \n \n411\n \n \n \n1,256\n \n \n \n673\n \n \n \n615\n \n\nOverdraft and Insufficient funds fees\n \n1,248\n \n \n \n1,266\n \n \n \n2,479\n \n \n \n2,481\n \n \n \n1,231\n \n\nPOS and ATM fee income and service charges\n \n3,392\n \n \n \n3,444\n \n \n \n6,493\n \n \n \n6,678\n \n \n \n3,101\n \n\nNet gains on loan sales\n \n795\n \n \n \n893\n \n \n \n1,514\n \n \n \n1,494\n \n \n \n719\n \n\nLate charges and fees on loans\n \n305\n \n \n \n340\n \n \n \n441\n \n \n \n583\n \n \n \n136\n \n\nGain (loss) on derivative interest rate\nproducts\n \n5\n \n \n \n(28\n)\n \n \n3\n \n \n \n(52\n)\n \n \n(2\n)\n\nOther income\n \n989\n \n \n \n1,886\n \n \n \n2,218\n \n \n \n2,945\n \n \n \n1,229\n \n\n \n \n7,375\n \n \n \n8,212\n \n \n \n14,404\n \n \n \n14,802\n \n \n \n7,029\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**Non-interest Expense**\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nSalaries and employee benefits\n \n20,691\n \n \n \n20,005\n \n \n \n40,762\n \n \n \n40,134\n \n \n \n20,071\n \n\nNet occupancy and equipment expense\n \n10,683\n \n \n \n8,435\n \n \n \n19,547\n \n \n \n16,968\n \n \n \n8,864\n \n\nPostage\n \n889\n \n \n \n825\n \n \n \n1,814\n \n \n \n1,756\n \n \n \n925\n \n\nInsurance\n \n1,099\n \n \n \n1,095\n \n \n \n2,171\n \n \n \n2,260\n \n \n \n1,072\n \n\nAdvertising\n \n836\n \n \n \n705\n \n \n \n1,208\n \n \n \n995\n \n \n \n372\n \n\nOffice supplies and printing\n \n197\n \n \n \n238\n \n \n \n419\n \n \n \n504\n \n \n \n222\n \n\nTelephone\n \n705\n \n \n \n705\n \n \n \n1,390\n \n \n \n1,411\n \n \n \n685\n \n\nLegal, audit and other professional\nfees\n \n967\n \n \n \n929\n \n \n \n1,657\n \n \n \n1,967\n \n \n \n690\n \n\nExpense (income) on other real estate\nand repossessions\n \n(85\n)\n \n \n(168\n)\n \n \n(31\n)\n \n \n(238\n)\n \n \n54\n \n\nIntangible asset amortization\n \n108\n \n \n \n108\n \n \n \n216\n \n \n \n216\n \n \n \n108\n \n\nOther operating expenses\n \n2,132\n \n \n \n2,128\n \n \n \n3,861\n \n \n \n3,854\n \n \n \n1,729\n \n\n \n \n38,222\n \n \n \n35,005\n \n \n \n73,014\n \n \n \n69,827\n \n \n \n34,792\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**Income Before Income Taxes**\n \n18,638\n \n \n \n24,280\n \n \n \n40,134\n \n \n \n45,730\n \n \n \n21,496\n \n\n**Provision for Income Taxes**\n \n2,843\n \n \n \n4,494\n \n \n \n6,863\n \n \n \n8,784\n \n \n \n4,020\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**Net Income**\n$\n15,795\n \n \n$\n19,786\n \n \n$\n33,271\n \n \n$\n36,946\n \n \n$\n17,476\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**Earnings Per Common Share**\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nBasic\n$\n1.45\n \n \n$\n1.73\n \n \n$\n3.04\n \n \n$\n3.20\n \n \n$\n1.59\n \n\nDiluted\n$\n1.43\n \n \n$\n1.72\n \n \n$\n2.99\n \n \n$\n3.18\n \n \n$\n1.58\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**Dividends Declared Per Common Share**\n$\n0.43\n \n \n$\n0.40\n \n \n$\n0.86\n \n \n$\n0.80\n \n \n$\n0.43\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n15\n\n**Average Balances, Interest Rates and Yields**\n\nThe following table presents, for the periods indicated, the total dollar amounts of interest income from average interest-earning\nassets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and\nrates, and the net interest margin. Average balances of loans receivable include the average balances of nonaccrual loans for each period.\nInterest income on loans includes interest received on nonaccrual loans on a cash basis. Interest income on loans also includes the amortization\nof net loan fees, which were deferred in accordance with accounting standards. Net fees included in interest income were $1.2 million\nand $1.1 million for the three months ended June 30, 2026 and 2025, respectively. Net fees included in interest income were $2.0 million\nand $2.1 million for the six months ended June 30, 2026 and 2025, respectively. Tax-exempt income was not calculated on a tax equivalent\nbasis. The table does not reflect any effect of income taxes.\n\n \n**June 30, 2026**\n \n \n \n**Three\nMonths Ended**\n**June 30, 2026**\n \n**Three\nMonths Ended**\n**June 30, 2025**\n \n\n \n \n \n \n \n**Average**\n \n \n \n \n**Yield/**\n \n \n \n**Average**\n \n \n \n \n**Yield/**\n \n\n \n**Yield/Rate**\n \n \n \n**Balance**\n \n \n**Interest**\n \n**Rate**\n \n \n \n**Balance**\n \n \n**Interest**\n \n**Rate**\n \n\n \n**(Dollars\nin thousands)**\n \n\nInterest-earning assets:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nLoans receivable:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nOne- to four-family residential\n4.39\n%\n \n$\n785,845\n \n$\n8,611\n \n4.40\n%\n \n$\n822,283\n \n$\n8,750\n \n4.27\n%\n\nOther residential\n6.23\n \n \n \n1,319,178\n \n \n20,688\n \n6.29\n \n \n \n1,565,447\n \n \n27,281\n \n6.99\n \n\nCommercial real estate\n6.02\n \n \n \n1,538,995\n \n \n23,199\n \n6.05\n \n \n \n1,489,015\n \n \n23,082\n \n6.22\n \n\nConstruction\n6.21\n \n \n \n469,176\n \n \n7,433\n \n6.35\n \n \n \n480,254\n \n \n8,617\n \n7.20\n \n\nCommercial business\n5.81\n \n \n \n178,472\n \n \n3,023\n \n6.79\n \n \n \n208,119\n \n \n3,517\n \n6.78\n \n\nOther loans\n6.21\n \n \n \n181,982\n \n \n2,732\n \n6.02\n \n \n \n167,548\n \n \n2,583\n \n6.18\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nTotal loans receivable\n5.80\n \n \n \n4,473,648\n \n \n65,686\n \n5.89\n \n \n \n4,732,666\n \n \n73,830\n \n6.26\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nInvestment securities\n3.22\n \n \n \n709,009\n \n \n5,977\n \n3.38\n \n \n \n727,336\n \n \n6,099\n \n3.36\n \n\nOther interest-earning assets\n3.63\n \n \n \n91,392\n \n \n798\n \n3.50\n \n \n \n97,463\n \n \n1,046\n \n4.30\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nTotal interest-earning assets\n5.43\n \n \n \n5,274,049\n \n \n72,461\n \n5.51\n \n \n \n5,557,465\n \n \n80,975\n \n5.84\n \n\nNon-interest-earning assets:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCash and cash equivalents\n \n \n \n \n94,498\n \n \n \n \n \n \n \n \n100,289\n \n \n \n \n \n \n\nOther non-earning assets\n \n \n \n \n247,571\n \n \n \n \n \n \n \n \n256,923\n \n \n \n \n \n \n\nTotal assets\n \n \n \n$\n5,616,118\n \n \n \n \n \n \n \n$\n5,914,677\n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nInterest-bearing liabilities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nInterest-bearing demand and savings\n1.19\n \n \n$\n2,182,530\n \n \n6,423\n \n1.18\n \n \n$\n2,225,933\n \n \n7,791\n \n1.40\n \n\nTime deposits\n2.95\n \n \n \n659,741\n \n \n4,802\n \n2.92\n \n \n \n757,608\n \n \n6,521\n \n3.45\n \n\nBrokered deposits\n3.83\n \n \n \n684,484\n \n \n6,636\n \n3.89\n \n \n \n895,340\n \n \n10,056\n \n4.50\n \n\nTotal deposits\n1.97\n \n \n \n3,526,755\n \n \n17,861\n \n2.03\n \n \n \n3,878,881\n \n \n24,368\n \n2.52\n \n\nSecurities sold under reverse repurchase agreements\n1.55\n \n \n \n34,900\n \n \n133\n \n1.53\n \n \n \n65,607\n \n \n372\n \n2.27\n \n\nShort-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities\n3.97\n \n \n \n472,564\n \n \n4,620\n \n3.92\n \n \n \n347,303\n \n \n3,974\n \n4.59\n \n\nSubordinated debentures issued to capital trust\n5.52\n \n \n \n25,774\n \n \n354\n \n5.51\n \n \n \n25,774\n \n \n389\n \n6.05\n \n\nSubordinated notes\n—\n \n \n \n—\n \n \n—\n \n—\n \n \n \n62,631\n \n \n909\n \n5.82\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nTotal interest-bearing liabilities\n2.21\n \n \n \n4,059,993\n \n \n22,968\n \n2.27\n \n \n \n4,380,196\n \n \n30,012\n \n2.75\n \n\nNon-interest-bearing liabilities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nDemand deposits\n \n \n \n \n859,352\n \n \n \n \n \n \n \n \n849,862\n \n \n \n \n \n \n\nOther liabilities\n \n \n \n \n53,725\n \n \n \n \n \n \n \n \n66,585\n \n \n \n \n \n \n\nTotal liabilities\n \n \n \n \n4,973,070\n \n \n \n \n \n \n \n \n5,296,643\n \n \n \n \n \n \n\nStockholders’ equity\n \n \n \n \n643,048\n \n \n \n \n \n \n \n \n618,034\n \n \n \n \n \n \n\nTotal liabilities and stockholders’\nequity\n \n \n \n$\n5,616,118\n \n \n \n \n \n \n \n$\n5,914,677\n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNet interest income:\n \n \n \n \n \n \n$\n49,493\n \n \n \n \n \n \n \n$\n50,963\n \n \n \n\nInterest rate spread\n3.22\n%\n \n \n \n \n \n \n \n3.24\n%\n \n \n \n \n \n \n \n3.09\n%\n\nNet interest margin*\n \n \n \n \n \n \n \n \n \n3.76\n%\n \n \n \n \n \n \n \n3.68\n%\n\nAverage interest-earning assets to average interest-bearing liabilities\n \n \n \n \n129.9\n%\n \n \n \n \n \n \n \n126.9\n%\n \n \n \n \n \n\n___________________\n*Defined as the Company’s net interest income divided by average total interest-earning assets.\n\n16\n\n \n**June 30, 2026**\n \n \n \n**Six\nMonths Ended**\n**June 30, 2026**\n \n**Six Months EndedJune 30,\n2025**\n\n \n \n \n \n \n**Average**\n \n \n \n \n**Yield/**\n \n \n \n**Average**\n \n \n \n \n**Yield/**\n \n\n \n**Yield/Rate**\n \n \n \n**Balance**\n \n \n**Interest**\n \n**Rate**\n \n \n \n**Balance**\n \n \n**Interest**\n \n**Rate**\n \n\n \n**(Dollars\nin thousands)**\n \n\nInterest-earning assets:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nLoans receivable:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nOne- to four-family residential\n4.39\n%\n \n$\n784,137\n \n$\n16,996\n \n4.37\n%\n \n$\n826,426\n \n$\n17,318\n \n4.23\n%\n\nOther residential\n6.23\n \n \n \n1,350,667\n \n \n42,220\n \n6.30\n \n \n \n1,555,881\n \n \n53,731\n \n6.96\n \n\nCommercial real estate\n6.02\n \n \n \n1,544,527\n \n \n45,988\n \n6.00\n \n \n \n1,499,665\n \n \n46,096\n \n6.20\n \n\nConstruction\n6.21\n \n \n \n436,986\n \n \n13,799\n \n6.37\n \n \n \n485,392\n \n \n17,270\n \n7.17\n \n\nCommercial business\n5.81\n \n \n \n178,149\n \n \n5,987\n \n6.78\n \n \n \n209,944\n \n \n7,339\n \n7.05\n \n\nOther loans\n6.21\n \n \n \n178,909\n \n \n5,356\n \n6.04\n \n \n \n166,989\n \n \n5,147\n \n6.22\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nTotal loans receivable\n5.80\n \n \n \n4,473,375\n \n \n130,346\n \n5.88\n \n \n \n4,744,297\n \n \n146,901\n \n6.24\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nInvestment securities\n3.22\n \n \n \n715,891\n \n \n11,709\n \n3.30\n \n \n \n732,699\n \n \n12,173\n \n3.35\n \n\nOther interest-earning assets\n3.63\n \n \n \n90,441\n \n \n1,571\n \n3.50\n \n \n \n101,238\n \n \n2,144\n \n4.27\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nTotal interest-earning assets\n5.43\n \n \n \n5,279,707\n \n \n143,626\n \n5.48\n \n \n \n5,578,234\n \n \n161,218\n \n5.83\n \n\nNon-interest-earning assets:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCash and cash equivalents\n \n \n \n \n96,086\n \n \n \n \n \n \n \n \n100,537\n \n \n \n \n \n \n\nOther non-earning assets\n \n \n \n \n247,025\n \n \n \n \n \n \n \n \n259,692\n \n \n \n \n \n \n\nTotal assets\n \n \n \n$\n5,622,818\n \n \n \n \n \n \n \n$\n5,938,463\n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nInterest-bearing liabilities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nInterest-bearing demand and savings\n1.19\n \n \n$\n2,216,555\n \n \n13,154\n \n1.20\n \n \n$\n2,223,716\n \n \n15,588\n \n1.41\n \n\nTime deposits\n2.95\n \n \n \n673,399\n \n \n9,897\n \n2.96\n \n \n \n764,791\n \n \n13,235\n \n3.49\n \n\nBrokered deposits\n3.83\n \n \n \n682,760\n \n \n13,147\n \n3.88\n \n \n \n893,983\n \n \n20,145\n \n4.54\n \n\nTotal deposits\n1.97\n \n \n \n3,572,714\n \n \n36,198\n \n2.04\n \n \n \n3,882,490\n \n \n48,968\n \n2.54\n \n\nSecurities sold under reverse repurchase agreements\n1.55\n \n \n \n36,522\n \n \n229\n \n1.26\n \n \n \n73,957\n \n \n743\n \n2.03\n \n\nShort-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities\n3.97\n \n \n \n446,007\n \n \n8,682\n \n3.93\n \n \n \n369,849\n \n \n8,424\n \n4.59\n \n\nSubordinated debentures issued to capital trust\n5.52\n \n \n \n25,774\n \n \n696\n \n5.45\n \n \n \n25,774\n \n \n771\n \n6.03\n \n\nSubordinated notes\n—\n \n \n \n—\n \n \n—\n \n—\n \n \n \n68,741\n \n \n2,015\n \n5.91\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nTotal interest-bearing liabilities\n2.21\n \n \n \n4,081,017\n \n \n45,805\n \n2.26\n \n \n \n4,420,811\n \n \n60,921\n \n2.78\n \n\nNon-interest-bearing liabilities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nDemand deposits\n \n \n \n \n847,290\n \n \n \n \n \n \n \n \n835,888\n \n \n \n \n \n \n\nOther liabilities\n \n \n \n \n50,914\n \n \n \n \n \n \n \n \n68,961\n \n \n \n \n \n \n\nTotal liabilities\n \n \n \n \n4,979,221\n \n \n \n \n \n \n \n \n5,325,660\n \n \n \n \n \n \n\nStockholders’ equity\n \n \n \n \n643,597\n \n \n \n \n \n \n \n \n612,803\n \n \n \n \n \n \n\nTotal liabilities and stockholders’ equity\n \n \n \n$\n5,622,818\n \n \n \n \n \n \n \n$\n5,938,463\n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNet interest income:\n \n \n \n \n \n \n$\n97,821\n \n \n \n \n \n \n \n$\n100,297\n \n \n \n\nInterest rate spread\n3.22\n%\n \n \n \n \n \n \n \n3.22\n%\n \n \n \n \n \n \n \n3.05\n%\n\nNet interest margin*\n \n \n \n \n \n \n \n \n \n3.74\n%\n \n \n \n \n \n \n \n3.63\n%\n\nAverage interest-earning assets to average interest-bearing liabilities\n \n \n \n \n129.4\n%\n \n \n \n \n \n \n \n126.2\n%\n \n \n \n \n \n\n___________________\n*Defined as the Company’s net interest income divided by average total interest-earning assets.\n\n17\n\nNON-GAAP FINANCIAL MEASURES\n\nThis document contains certain financial information determined by methods other than in accordance with accounting principles generally\naccepted in the United States (“GAAP”), including the ratio of tangible common equity to tangible assets and information excluding\none-time branch consolidation and severance costs, specifically, net income, earnings per diluted common share, annualized return on average\ncommon equity, annualized return on average assets and efficiency ratio.\n\nIn calculating the ratio of tangible common equity to tangible assets, we subtract period-end intangible assets from common equity\nand from total assets. Management believes that the presentation of this measure excluding the impact of intangible assets provides useful\nsupplemental information that is helpful in understanding our financial condition and results of operations, as it provides a method to\nassess management’s success in utilizing our tangible capital as well as our capital strength. Management also believes that providing\na measure that excludes balances of intangible assets, which are subjective components of valuation, facilitates the comparison of our\nperformance with the performance of our peers. In addition, management believes that this is a standard financial measure used in the\nbanking industry to evaluate performance.\n\nManagement believes that the presentation of certain measures excluding one-time branch consolidation and severance costs provides\nuseful supplemental information that is helpful in understanding our core operating performance when comparing periods.\n\nThese non-GAAP financial measurements are supplemental and not a substitute for any analysis based on GAAP financial measures. Because\nnot all companies use the same calculation of non-GAAP measures, this presentation may not be comparable to other similarly titled measures\nas calculated by other companies.\n\n**Non-GAAP Reconciliation: Ratio of Tangible Common Equity to Tangible Assets**\n\n \n \n**June 30,**\n \n \n \n**December\n31,**\n \n\n \n \n**2026**\n \n \n \n**2025**\n \n\n \n \n**(Dollars in thousands)**\n \n\n \n \n \n \n\nCommon equity at period end\n$\n641,597\n \n \n$\n636,126\n \n\nLess: Intangible assets at period end\n \n9,444\n \n \n \n9,660\n \n\nTangible common equity at period end (a)\n$\n632,153\n \n \n$\n626,466\n \n\n \n \n \n \n \n \n \n \n\nTotal assets at period end\n$\n5,522,824\n \n \n$\n5,598,606\n \n\nLess: Intangible assets at period end\n \n9,444\n \n \n \n9,660\n \n\nTangible assets at period end (b)\n$\n5,513,380\n \n \n$\n5,588,946\n \n\n \n \n \n \n \n \n \n \n\nTangible common equity to tangible assets (a) / (b)\n \n11.47\n%\n \n \n11.21\n%\n\n \n \n \n \n \n \n \n \n\n18\n\n**Non-GAAP Reconciliation: Exclusion of One-Time Branch Consolidation and Severance Costs**\n\n \n \n**Three Months Ended**\n \n\n \n \n**June\n30, 2026**\n \n\n \n \n**(Dollars in thousands)**\n \n\n \n \n \n \n\nReported net income at period end\n$\n15,795\n \n \n\nPlus: One-time consolidation and severance costs\n \n2,120\n \n \n\nLess: Tax adjustment related to consolidation and severance costs\n \n(521\n)\n \n\nNon-GAAP net income\n$\n17,394\n \n \n\n \n \n \n \n\nReported non-interest expense\n$\n38,222\n \n \n\nLess: One-time consolidation and severance costs\n \n(2,120\n)\n \n\nNon-GAAP non-interest expense\n$\n36,102\n \n \n\n \n \n \n \n\nNon-GAAP annualized return on average common equity\n \n \n \n\n*Definition: Non-GAAP net income\n(annualized) divided by average common equity*\n \n10.82\n \n%\n\n \n \n \n \n\nNon-GAAP annualized return on average assets\n \n \n \n\n*Definition: Non-GAAP net income\n(annualized) divided by average total assets*\n \n1.24\n \n%\n\n \n \n \n \n\nNon-GAAP efficiency ratio\n \n \n \n\n*Definition: Non-GAAP non-interest\nexpense divided by the sum of net interest income and non-interest income*\n \n63.47  \n%\n\n \n \n \n \n\nNon-GAAP earnings per common diluted share\n \n \n \n\n*Definition: Non-GAAP net income\ndivided by average diluted shares outstanding*\n$\n1.57\n \n \n\n \n \n \n \n \n\n**CONTACT:**\n\nKincade Ayers\nInvestor Relations\n(616) 233-0500\n\n19"}