Great Southern Bancorp | 8-K: FY2026 Q1 Revenue: USD 56.29 M

Revenue: As of FY2026 Q1, the actual value is USD 56.29 M.EPS: As of FY2026 Q1, the actual value is USD 1.58, beating the estimate of USD 1.29.EBIT: As of FY2026 Q1, the actual value is USD -26.83 M.Net IncomeGreat Southern Bancorp, Inc. reported preliminary net income of $17.5 million for the three months ended March 31, 2026, which is an increase of $0.3 million year-over-year compared to $17.2 million for the same period in 2025 . Net income was $17,476 thousand for Q1 2026, $17,160 thousand for Q1 2025, and $16,275 thousand for Q4 2025 . For the first quarter ended March 31, 2026, net income increased by 1.8% to $17.5 million from $17.2 million in the first quarter ended March 31, 2025 .Net Interest IncomeNet interest income for the first quarter of 2026 decreased by $1.0 million, or approximately 2.0%, to $48.3 million, compared to $49.3 million for the first quarter of 2025 . This decrease was largely due to the completion of accounting recognition in October 2025 of interest income from a previously terminated interest rate swap, which contributed $2.0 million of net interest income in Q1 2025 . The decrease was partially offset by lower interest expense on deposit accounts and other borrowings . Net interest income was $48,328 thousand for Q1 2026, $49,334 thousand for Q1 2025, and $49,163 thousand for Q4 2025 . The average interest rate spread was 3.20% for Q1 2026, compared to 3.00% for Q1 2025 and 3.16% for Q4 2025 . Interest income on loans increased $483,000 due to the collection of unbooked interest on three relationships . Active interest rate swaps resulted in a reduction of interest income of - $1.0 million in Q1 2026 and - $1.7 million in Q1 2025 .Non-Interest IncomeNon-interest income increased by $439,000 to $7.0 million for the quarter ended March 31, 2026, compared to the same period in 2025 . This increase was primarily driven by a $353,000 (134.7%) rise in commissions, largely from annuity sales that were approximately 160% higher than the prior-year quarter . Other non-interest income also increased by $421,000 due to fees from loan origination with an interest rate swap and a payment from exiting a tax credit limited partnership . Non-interest income was $7,029 thousand for Q1 2026, $6,590 thousand for Q1 2025, and $7,188 thousand for Q4 2025 . Total non-interest income was $7.0 million in 1Q26, a 6.7% increase from $6.6 million in 1Q25 . Specific items include POS and ATM fee income and service charges of $3.1 million in 1Q26 (down 4.1% from $3.2 million in 1Q25), overdraft and insufficient funds fees of $1.23 million in 1Q26 (up 1.3% from $1.21 million in 1Q25), late charges and fees on loans of $136,000 in 1Q26 (a 44% decrease compared to $243,000 in 1Q25), other non-interest income of $1.2 million in 1Q26 (a 16.1% increase from $1.1 million in 1Q25), net gains on loan sales of $719,000 in 1Q26 (up 19.6% from $601,000 in 1Q25), and loss on derivative interest rate products of - $2,000 in 1Q26 (compared to - $24,000 in 1Q25) .Non-Interest ExpenseNon-interest expense decreased by $30,000 to $34.8 million for the quarter ended March 31, 2026, compared to the same period in 2025 . Legal, audit, and other professional fees decreased by $348,000 due to a $261,000 insurance reimbursement of legal fees in Q1 2026 . Advertising expense decreased by $453,000 due to an annual reimbursement related to the debit card program . Conversely, net occupancy and equipment expenses increased by $331,000, or 3.9%, due to a $339,000 increase in computer license and support expenses . Non-interest expense was $34,792 thousand for Q1 2026, $34,822 thousand for Q1 2025, and $36,000 thousand for Q4 2025 . Total non-interest expense declined to $34.8 million in 1Q26, a $30,000 decrease from $34.8 million in 1Q25 . Net Occupancy and Equipment Expense increased to $8.9 million in 1Q26, a $331,000 year-over-year increase . Legal, Audit, and Other Professional Fees decreased by $348,000 to $690,000 in 1Q26, compared to $1.0 million in 1Q25 . Salaries and Employee Benefits decreased by $58,000 to $20.1 million in 1Q26, consistent with $20.1 million in 1Q25 .Provision for Credit LossesGreat Southern Bancorp, Inc. recorded a negative provision for losses on unfunded commitments of - $931,000 for the quarter ended March 31, 2026, compared to a negative provision of - $348,000 for the same period in 2025 . The Company did not record a provision expense on its portfolio of outstanding loans for either period . Total net recoveries were $13,000 for Q1 2026, compared to total net charge-offs of $56,000 during Q1 2025 . The provision (credit) for credit losses on loans and unfunded commitments was - $931 thousand for Q1 2026, - $348 thousand for Q1 2025, and $882 thousand for Q4 2025 . A negative provision of $931,000 was recorded in 1Q26, compared to a negative provision of $348,000 in 1Q25 .Operational MetricsReturn on Average Common Equity: Annualized return on average common equity was 10.85% for Q1 2026, compared to 11.30% for Q1 2025 and 10.16% for Q4 2025 .Return on Average Assets: Annualized return on average assets was 1.24% for Q1 2026, compared to 1.15% for Q1 2025 and 1.16% for Q4 2025 .Net Interest Margin: Annualized net interest margin was 3.71% for Q1 2026, compared to 3.57% for Q1 2025 and 3.70% for Q4 2025 .Efficiency Ratio: The Company’s efficiency ratio for Q1 2026 was 62.85%, compared to 62.27% for Q1 2025 and 63.89% for Q4 2025 .Non-Interest Expense to Average Total Assets: This ratio was 2.47% for Q1 2026, compared to 2.34% for Q1 2025 and 2.56% for Q4 2025 .Loans and Asset QualityTotal Net Loans: Total net loans, excluding mortgage loans held for sale, increased by $99.8 million, or 2.3%, from $4.36 billion at December 31, 2025, to $4.46 billion at March 31, 2026 . This growth was primarily driven by increases in construction loans ($83.0 million) and commercial real estate loans ($27.0 million), partially offset by decreases in other residential (multi-family) loans (- $18.1 million) . Loan repayments in Q1 2026 decreased by approximately $125 million compared to the 2025 quarterly average . Loans Receivable, Gross increased to $4.527 billion at March 31, 2026, from $4.428 billion at December 31, 2025 . Total gross loans were $4,533,822 thousand as of March 31, 2026, an increase from $4,434,516 thousand as of December 31, 2025 .Non-Performing Assets (NPAs): Non-performing assets totaled $10.1 million at March 31, 2026, an increase of $2.0 million from $8.1 million at December 31, 2025 . Non-performing assets as a percentage of total assets were 0.18% at March 31, 2026, compared to 0.15% at December 31, 2025 . Non-performing loans increased by $1.4 million compared to December 31, 2025 . The non-performing other residential (multi-family) category consisted of one loan totaling $2,725 thousand, added during the current quarter . NPAs increased to $10.1 million, representing 0.18% of total assets, at March 31, 2026, up from $8.1 million (0.15% of total assets) in 4Q25, and $9.5 million (0.16% of total assets) in 1Q25 .Potential Problem Loans: Potential problem loans decreased by $152,000 compared to December 31, 2025, totaling $1,238 thousand at March 31, 2026 .Foreclosed Assets and Repossessions: Foreclosed assets increased by $579,000 compared to December 31, 2025, totaling $6,615 thousand at March 31, 2026 . This included a one- to four-family residential relationship of $643,000 transferred from non-performing loans .Allowance for Credit Losses (ACL): The allowance for credit losses as a percentage of total loans was 1.43% at March 31, 2026, compared to 1.46% at December 31, 2025 . ACL to Period-End Loans remained stable at 1.43% at March 31, 2026, a slight decrease from 1.46% in 4Q25, and was 1.36% in 1Q25 .Annualized Net Charge-offs to Average Loans: This ratio was 0.00% for Q1 2026, Q1 2025, and Q4 2025 . Net recoveries totaled $13,000 for 1Q26, representing 0.00% of average loans on an annualized basis, compared to net charge-offs of $56,000 (0.00%) in 1Q25 and net recoveries of - $22,000 (0.00%) in 4Q25 .Liquidity and DepositsLiquidity Availability: At March 31, 2026, Great Southern Bancorp, Inc. had secured borrowing line availability of $1.24 billion at the FHLBank and $332.1 million at the Federal Reserve Bank . Cash and cash equivalents were $187.4 million, unpledged available-for-sale securities were $347.1 million, and unpledged held-to-maturity securities were $23.9 million .Total Deposits: Total deposits decreased by $37.6 million during Q1 2026 . Interest-bearing checking balances decreased by $25.0 million (1.1%), while non-interest-bearing checking balances increased by $15.8 million (1.9%) . Time deposits decreased by $17.0 million (2.5%), and brokered deposits decreased by $11.5 million (1.7%) . Uninsured deposits were approximately $740.1 million (16.7% of total deposits) at March 31, 2026 . Total deposits were $4.445 billion at March 31, 2026, down from $4.483 billion at December 31, 2025 . Interest-Bearing Deposits decreased by $25.0 million, or 1.1%, compared to 4Q25 . Non-Interest-Bearing Deposits increased by $15.8 million, or 1.9%, compared to 4Q25 . Time Deposits decreased by $17.0 million, or 2.5%, compared to 4Q25 . Brokered Deposits decreased by $11.5 million, or 1.7%, compared to 4Q25 .CapitalTotal Stockholders’ Equity: Total stockholders’ equity was $633.6 million at March 31, 2026, representing 11.1% of total assets, compared to $636.1 million (11.4% of total assets) at December 31, 2025 . The $2.5 million decrease was primarily due to $4.7 million in cash dividends, $16.9 million in common stock repurchases, and a $2.9 million increase in unrealized losses on investments and interest rate swaps, partially offset by $17.5 million in net income and a $4.6 million increase from stock option exercises . Total stockholders’ equity decreased by $2.5 million to $633.6 million at March 31, 2026, compared to $636.1 million at December 31, 2025, and was $613.3 million at March 31, 2025 . Total Stockholders’ Equity as Percentage of Total Assets was 11.1% at March 31, 2026, down from 11.4% at December 31, 2025, and was 10.2% at March 31, 2025 .Tangible Common Equity Ratio: The tangible common equity ratio was 10.99% at March 31, 2026, compared to 11.21% at December 31, 2025 . The Tangible Common Equity to Tangible Common Assets Ratio was 11.0% at March 31, 2026, compared to 11.2% at December 31, 2025, and 10.1% at March 31, 2025 .Regulatory Capital Ratios (March 31, 2026): Tier 1 Leverage Ratio was 12.2%, Common Equity Tier 1 Capital Ratio was 13.5%, Tier 1 Capital Ratio was 14.0%, and Total Capital Ratio was 15.2% . These ratios significantly exceed “well-capitalized” thresholds .Stock Repurchases: Great Southern Bancorp, Inc. repurchased 268,664 shares of its common stock at an average price of $62.55 during Q1 2026 . Approximately 419,000 shares remained available under the stock repurchase authorization as of March 31, 2026 .Loan Portfolio by Category (as of March 31, 2026)The loan portfolio of Great Southern Bancorp, Inc. (南方万通金控) was categorized as follows: Multi-family Real Estate constituted 30% ($1.369 billion), Commercial Real Estate 35% ($1.583 billion), Single Family Real Estate 17% ($789.551 million), Construction & Land Development 10% ($432.146 million), Commercial Business 4% ($180.182 million), and Consumer 4% ($179.525 million), including Home Equity Loans of $134,704 thousand .Commercial Real Estate by Industry (as of March 31, 2026)Commercial Real Estate loans totaled $1,583,124 thousand as of March 31, 2026, up from $1,556,148 thousand as of December 31, 2025 . The largest segments were: Motels / Hotels $311,738 thousand (20%), Industrial $302,812 thousand (19%), Retail $292,420 thousand (18%), Healthcare $232,934 thousand (15%), and Office Buildings $169,657 thousand (11%) . Office Loans totaled $169,657 thousand with an average credit size of $1,620,330, and all were Pass Rated . Non-owner occupied office loans were $130,195 thousand (55 loans, average size $2,367 thousand, 44% weighted average LTV), and owner-occupied loans were $18,426 thousand (47 loans, average size $392 thousand, 47% weighted average LTV) . Retail + Restaurant Loans totaled $385,639 thousand with an average credit size of $1,402,125, and all were Pass Rated . This category includes Restaurants ($93,219 thousand), Neighborhood & Shopping Center ($52,252 thousand), Mixed-Use ($21,840 thousand), Single Tenant ($56,990 thousand), and Strip Center ($161,338 thousand) .Construction & Land Development by Industry (as of March 31, 2026)Construction & Land Development loans amounted to $432,146 thousand as of March 31, 2026, increasing from $349,161 thousand as of December 31, 2025 . Key industries included: Apartments $243,827 thousand (56%), Commercial Land Development $43,555 thousand (10%), Single Family $38,981 thousand (9%), and Industrial $33,395 thousand (8%) .Multi-Family Real Estate by LTV (as of March 31, 2026)Multi-Family Real Estate loans totaled $1,369,294 thousand, with the majority (67% or $919,868 thousand) having an LTV between 51% and 75% . Loans with LTVs between 26% and 50% represented 24% or $329,908 thousand . The average credit size for multi-family real estate loans was $6,224,066 as of March 31, 2026 .Non-Performing Loans by Type (as of March 31, 2026)Total non-performing gross loans were $3,454 thousand as of March 31, 2026, an increase from $2,094 thousand as of December 31, 2025 . The primary categories were: Multi-family Real Estate $2,725 thousand (79%), Single Family Real Estate $703 thousand (20%), and Consumer $26 thousand (1%), including Home Equity Loans of $17 thousand .Non-Performing Loans by Region (as of March 31, 2026)Non-performing loans were predominantly located in Iowa/Nebraska/South Dakota, totaling $3,112 thousand (90%) . Missouri accounted for $303 thousand (9%), and the Midwest Region (excluding Iowa/Nebraska/South Dakota) had $31 thousand (1%) .Outlook / GuidanceGreat Southern Bancorp, Inc. expects its effective tax rate (combined federal and state) to be approximately 18.5% to 19.5% in future periods . Non-interest expense is expected to increase in the remainder of 2026 due to the implementation of various technology initiatives and advancements . The company remains committed to maintaining strong credit quality, managing funding and expenses carefully, and building long-term stockholder value through disciplined execution and sound risk management .