Great Southern Bancorp, Inc. Reports Preliminary Third Quarter Earnings of $1.27 Per Diluted Common Share Earnings Negatively Impacted in This Period by Non-Cash Hedge Accounting Adjustment

Joseph W. Turner, President and CEO of Great Southern

“Our third quarter results demonstrate the durability of our core banking franchise and the consistency of our operating model. During the quarter, we continued to execute on our proven fundamentals, prioritizing prudent balance sheet management, maintaining strict credit standards, and controlling non-interest expense. We reported preliminary net income of $14.0 million, or $1.27 per diluted common share, for the third quarter of 2026, compared to $17.8 million, or $1.56 per diluted common share, for the third quarter of 2025. As discussed above, third quarter 2026 results were negatively impacted by a non-cash hedge accounting adjustment recorded during the period. Excluding this non-cash adjustment, net income was $16.5 million, or $1.50 per diluted common share. For the nine months ended September 30, 2026, preliminary net income totaled $47.3 million, or $4.27 per diluted common share, compared to $54.7 million, or $4.74 per diluted common share, in the first nine months of 2025.”

Joseph W. Turner, President and CEO of Great Southern

“Net interest income in the third quarter of 2026 remained solid at $50.3 million, driven by active asset-liability management and pricing discipline on deposits and earning assets. Our net interest margin was 3.75% in the quarter, compared to 3.72% in the third quarter of 2025 and 3.76% in the second quarter of 2026. Our pricing discipline helped mitigate the absence of $2.0 million in quarterly interest income recorded in the prior year period from a previously terminated interest rate swap, as well as lower earning assets, given the loan balance decline compared to a year ago. While the cash flow hedge accounting adjustment impacted both interest income and non-interest income this quarter, approximately $3.3 million is scheduled to accrete back into interest income over upcoming quarters through early 2028. Additionally, as market yields rose to attractive levels on investment securities, we purchased approximately $400 million of fixed-rate agency mortgage-backed securities and collateralized mortgage obligations, funded primarily by short-term FHLB borrowings, to help mitigate the risk of potential significant future market interest rate declines. Though the narrower spread on this leverage trade is expected to modestly reduce our overall net interest margin percentage in future periods, it currently generates positive net interest income. While net interest income generation remains an ongoing priority, credit and pricing discipline will continue to serve as the governing factors in our approach to long-term stockholder returns.”

Joseph W. Turner, President and CEO of Great Southern

“Turning to our loan portfolio, period-end balances were heavily influenced by borrower repayment and refinancing activity during the quarter. While we experienced good new loan origination activity and construction loan funding in the quarter, elevated payoff activity in commercial real estate and multi-family loans led to a $59 million decline in net loans compared to balances at the end of the 2026 second quarter and a $108 million decline compared to balances at December 31, 2025. Despite these payoffs, our pipeline of unfunded commitments remained robust, driven by construction commitments that increased to $641 million, while we continued to maintain a disciplined origination strategy grounded in conservative underwriting standards. On the funding side, core non-interest-bearing checking balances grew $29 million during the first nine months of 2026, reflecting the strength of our customer relationships. As loan balances moderated, we intentionally allowed $300 million of higher-cost brokered deposits to run off during the nine-month period, supporting our margin while preserving balance sheet flexibility.”

Joseph W. Turner, President and CEO of Great Southern

“Asset quality remained very strong. Total non-performing assets were $10.5 million, or 0.18% of total assets, as of September 30, 2026, non-performing loans were just 0.03% of total loans, and net charge-offs were $397,000. We did not record a provision for credit losses on loans in the quarter or year to date. The $674,000 provision recorded in the third quarter was driven by an increase in our pipeline of unfunded commitments. Reported other real estate owned increased to $20.4 million, primarily reflecting the reclassification of $11.1 million in closed banking center properties held for sale, rather than credit-related foreclosures. For our foreclosed properties, independent valuations continue to support our carrying values, and we do not anticipate losses upon their ultimate resolution.”

Joseph W. Turner, President and CEO of Great Southern

“Operating discipline remained a primary focus, with non-interest expense of $36.3 million in the 2026 third quarter. As of October 1, 2026, we completed the previously announced consolidation of nine banking centers and the elimination of 66 positions across various divisions in the Company. While our employees worked through the transition this quarter, we expect the operational efficiencies created by these actions to begin lowering our non-interest expense run-rate in the fourth quarter of 2026 as we outlined last quarter, producing an increase in annual pre-tax income of over $2 million.”

Joseph W. Turner, President and CEO of Great Southern

“Great Southern’s capital and liquidity metrics remain very strong as we move into the final quarter of the year. As of September 30, 2026, tangible common equity was 10.4% of tangible assets and book value per common share was $56.97, each declining compared to the second quarter of 2026, reflecting the impact of higher market interest rates on investment security valuations alongside the expansion of our investment portfolio. During the third quarter of 2026, we repurchased 159,212 common shares, and in October 2026, our Board of Directors approved a new repurchase authorization of up to one million shares to succeed our existing program. Looking ahead, we remain focused on protecting asset quality, executing thoughtful operational improvements, and building long-term value for our stockholders.”