Great Southern Bancorp (GSBC) investor relations material

Executive summary

• Q4 2025 net income was $16.3 million ($1.45 per diluted share), up from $14.9 million ($1.27 per share) in Q4 2024; full-year net income was $71 million ($6.19 per share), reflecting strong core banking operations and margin expansion.

• Annualized return on average common equity for Q4 2025 was 10.16%, and return on average assets was 1.16%; for the year, these were 11.38% and 1.22%.

• Results were driven by resilient net interest income, strong asset quality, and effective asset-liability management amid economic volatility.

• Commercial real estate and multi-family real estate remain the largest loan categories, comprising 35% and 31% of the portfolio, respectively.

• Asset quality remained strong, with non-performing assets at $8.1 million (0.15% of assets) at year-end, down from $9.6 million a year earlier.

Financial highlights

• Net interest income for Q4 2025 was $49.2 million, down 0.7% year-over-year, mainly due to the loss of swap income and lower loan balances.

• Net interest margin expanded to 3.70% in Q4 2025 from 3.49% in Q4 2024.

• Non-interest income rose to $7.2 million in Q4 2025, primarily from increased loan fees and prepayment fees.

• Non-interest expense for Q4 2025 was $36 million, down 2.6% year-over-year, reflecting the absence of a prior-year litigation charge and lower litigation costs.

• Efficiency ratio improved to 63.89% in Q4 2025 from 65.43% in Q4 2024.

Outlook and guidance

• Management expects loan growth to remain challenging in 2026 due to continued elevated payoffs and selective loan demand.

• Net interest margin is expected to remain stable, with little room for further improvement unless market conditions change.

• Expense levels may rise in Q1 2026 due to annual salary increases and payroll tax resets.

• The company anticipates an effective tax rate of 18.5% to 19.5% in future periods.

• Management will continue investing in technology and maintaining strong capital and liquidity positions.