GREAT SOUTHERN BANCORP, INC.

Previous wording

At March 31, 2026, the amortizable intangible assets included the arena naming rights of $4.2 million, which are reflected in the table below. These amortizable intangible assets are reviewed for impairment if circumstances indicate their value may not be recoverable based on a comparison of fair value. During both the three months ended March 31, 2026 and the three months ended March 31, 2025, the amortization expense of the arena naming rights was $108,000.

Current wording

At June 30, 2026, the amortizable intangible assets included the arena naming rights of $4.0 million, which are reflected in the table below. These amortizable intangible assets are reviewed for impairment if circumstances indicate their value may not be recoverable based on a comparison of fair value. During both the three months ended June 30, 2026 and 2025, the amortization expense of the arena naming rights was $108,000. During both the six months ended June 30, 2026 and 2025, the amortization expense of the arena naming rights was $217,000.

Previous wording

Total fiscal support to the economy throughout the pandemic, including the CARES Act, the American Rescue Plan of March 2021, and several smaller fiscal packages, totaled well over $5 trillion. The amount of this support was equal to almost 25% of pre-pandemic 2019 GDP and approximately three times the level of support provided during the global financial crisis of 2007-2008. Additionally, the Federal Reserve acted decisively by slashing its benchmark interest rate to near zero and ensuring credit availability to businesses, households, and municipal governments. The Federal Reserve’s efforts largely insulated the financial system from the problems in the economy, a significant difference from the financial crisis of 2007-2008. Purchases of Treasury and agency mortgage-backed securities totaling $120 billion each month by the Federal Reserve commenced shortly after the pandemic began. In November 2021, the Federal Reserve began to taper its quantitative easing (QE), winding down its bond purchases with its final open market purchase

Current wording

Total fiscal support to the economy throughout the pandemic, including the CARES Act, the American Rescue Plan of March 2021, and several smaller fiscal packages, totaled well over $5 trillion. The amount of this support was equal to almost 25% of pre-pandemic 2019 GDP and approximately three times the level of support provided during the global financial crisis of 2007-2008.

Previous wording

conducted on March 9, 2022. The federal government deficit was $2.8 trillion in fiscal 2021, close to $1.4 trillion in fiscal 2022, and $1.7 trillion in fiscal 2023. The Federal Reserve aggressively raised the federal funds interest rates from early 2022 through mid - 2023, pushing the federal funds rate to more than 5.50%, its highest level in 22 years. The Federal Reserve’s actions were motivated by surging inflation in 2021 caused by pandemic-fueled spending, which outpaced the ability of producers to supply goods and services after having been impacted by COVID-related shutdowns and clogged transportation systems. The Federal Reserve made some headway in its attempt to force inflation down. The federal funds rate range was between 5.25% to 5.50% until mid-September 2024. The target range decreased in December 2025 to 3.50%-3.75%, which carried over to the first quarter of 2026.

Current wording

Additionally, the Federal Reserve acted decisively by slashing its benchmark interest rate to near zero and ensuring credit availability to businesses, households, and municipal governments. The Federal Reserve’s efforts largely insulated the financial system from the problems in the economy, a significant difference from the financial crisis of 2007-2008. Purchases of Treasury and agency mortgage-backed securities totaling $120 billion each month by the Federal Reserve commenced shortly after the pandemic began. In November 2021, the Federal Reserve began to taper its quantitative easing (QE), winding down its bond purchases with its final open market purchase conducted on March 9, 2022. The federal government deficit was $2.8 trillion in fiscal 2021, close to $1.4 trillion in fiscal 2022, and $1.7 trillion in fiscal 2023. The Federal Reserve aggressively raised the federal funds interest rates from early 2022 through mid - 2023, pushing the federal funds rate to more than 5.50%, its highest level in 22 years. The Federal Reserve’s actions were motivated by surging inflation in 2021 caused by pandemic-fueled spending, which outpaced the ability of producers to supply goods and services after having been impacted by COVID-related shutdowns and clogged transportation systems. The Federal Reserve made some headway in its attempt to force inflation down. The federal funds rate range was between 5.25% to 5.50% until mid-September 2024. The target range decreased in December 2025 to 3.50%-3.75%, which carried over to the first half of 2026.

Previous wording

The personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation, eased from its peak of 7.1% in June 2022 to 2.9% in December 2023. At March 31, 2026, Core PCE, which excludes food and energy prices, rose 3.2% from one year ago; the Federal Reserve’s target is 2%.

Current wording

The personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation, eased from its peak of 7.1% in June 2022 to 2.9% in December 2023. At June 30, 2026, Core PCE, which excludes food and energy prices, rose to 3.3% from 2.6% one year ago; the Federal Reserve’s target is 2%.

Previous wording

Based on Moody’s U.S. Baseline Outlook and Alternative Scenarios Analysis dated April 2026, real GDP grew in the fourth quarter of 2025 by 0.7% annualized. The new April outlook on GDP growth for 2026 and 2027 is 2.3% and 1.7%, respectively, which is a decrease for 2026 from January’s projection of 2.6% and an increase for 2027, which was 1.5%.

Current wording

Based on Moody’s U.S. Baseline Outlook and Alternative Scenarios Analysis dated July 2026, real GDP grew in the first quarter of 2026 by 2.1% based on the third estimate from the Bureau of Economic Analysis. The July 2026 outlook on GDP growth for 2026 and 2027 is 2.2% and 1.9%, respectively, compared to April 2026’s report of 2.3% for 2026 and 1.7% for 2027.

Previous wording

As of March 2026, the labor force participation rate (the share of working-age Americans employed or actively looking for a job) remained stable at 61.9%. The unemployment rate for the Midwest, where the Company conducts most of its business, increased from 4.2% for February 2026 to a preliminary 4.6% for March 2026. Unemployment rates for March 2026 in the states where the Company has a branch or a loan production office were Arizona at 4.7%, Arkansas at 4.7%, Colorado at 3.9%, Georgia at 3.5%, Illinois at 5.1%, Iowa at 3.3%, Kansas at 3.9%, Minnesota at 4.5%, Missouri at 3.9%, Nebraska at 3.1%, North Carolina at 3.7%, and Texas at 4.3%. These rates are relatively unchanged for a majority of the states compared to February 2026.

Current wording

As of June 2026, the labor force participation rate (the share of working-age Americans employed or actively looking for a job) decreased by 0.3% to 61.5%. The unemployment rate for the Midwest, where the Company conducts most of its business, decreased from March 2026 at 4.2% to June 2026 at 4.0%. Unemployment rates for June 2026 in the states where the Company has a branch or a loan production office were as follows: Arizona at 4.9%, Arkansas at 4.1%, Colorado at 3.9%, Georgia at 3.4%, Illinois at 5.1%, Iowa at 3.2%, Kansas at 3.8%, Minnesota at 4.4%, Missouri at 3.7%, Nebraska at 2.9%, North Carolina at 3.6%, and Texas at 4.4%. These rates are relatively unchanged for a majority of those states compared to March 2026.

Previous wording

Existing-home sales decreased 3.6% in March 2026, compared to February 2026, to a seasonally adjusted annual rate of 3.98 million; year-over-year existing home sales decreased 1.0%. In the Midwest, existing-home sales slowed by 4.2% in March 2026 to an annual rate of $920,000, down 3.2% from one year earlier.

Current wording

Existing-home sales decreased 2.4% in June 2026, compared to May 2026, to a seasonally adjusted annual rate of 4.09 million; year-over-year existing home sales decreased 2.8%. In the Midwest, existing-home sales decreased to 3.0% in June 2026 at an annual rate of $980,000, up 2.1% from one year earlier.

Previous wording

The median existing-home sales price rose 1.4% from March 2025 to $408,800 in March 2026. The median price in the Midwest was $315,500, up 4.9% from March 2025. The South region reported a median price increase when compared to the prior year of 0.8% and the West region reported a median price decrease when compared to the prior year of 1.3%.

Current wording

The median existing-home sales price rose 1.8% from June 2025 to $432,700 in June 2026. The median price in the Midwest in June 2026 was $346,600, up 2.7% from June 2025. The South region reported a median price increase when compared to the prior year of 0.9% and the West region reported a median price increase when compared to the prior year of 0.9%.

Previous wording

Total housing inventory registered at the end of March 2026 was 1.36 million units, up 3.0% from February 2026 and up 2.3% from one year ago. Unsold inventory sat at a 4.1-month supply at the end of March 2026, up from 3.8 months at the end of February 2026 and up from 4.0 months at the end of March 2025.

Current wording

Total housing inventory registered at the end of June 2026 was 1.56 million units, down 0.6% from May 2026 and up 1.3% from one year ago. Unsold inventory sat at a 4.6-month supply at the end of June 2026, up from 4.5 months in May 2026 and up 4.6 months from one year ago.

Previous wording

New home construction dropped precipitously after the financial crisis of 2007-2008 and has yet to fully recover. Issues contributing to the country’s current housing shortage include increasing labor and materials costs, availability of building materials, increased interest rates and tighter lending underwriting standards. Single-family housing starts in March 2026 were at an annual rate of 1,032,000, 9.7% above the revised figure for February 2026 of 941,000.

Current wording

New home construction dropped precipitously after the financial crisis of 2007-2008 and has yet to fully recover. Issues contributing to the country’s current housing shortage include increasing labor and materials costs, availability of building materials, increased interest rates and tighter lending underwriting standards. Single-family housing starts in June 2026 were at an annual rate of 895,000, 0.2% below the revised figure for May 2026 of 897,000.

Previous wording

Sales of new single‐family houses in March 2026 were at a seasonally adjusted annual rate of 682,000 according to the U.S. Census Bureau and the Department of Housing and Urban Development. This was 7.4% above the February 2026 rate of 635,000 and 3.3% above the March 2025 rate of 660,000.

Current wording

Sales of new single‐family houses in June 2026 were at a seasonally adjusted annual rate of 628,000 according to the U.S. Census Bureau and the Department of Housing and Urban Development. This was 1.6% above the May 2026 rate of 618,000 and 5.6% below the June 2025 rate of 665,000.

Previous wording

The median sales price of new houses sold in March 2026 was $387,400, 5.3% below the median price of $409,000 in February 2026. The seasonally adjusted estimate of new houses for sale at the end of March 2026 represented a supply of 8.5 months at the current sales rate.

Current wording

The median sales price of new houses sold in June 2026 was $398,300, which was 3.3% below the May 2026 median of $412,000. The seasonally adjusted estimate of new houses for sale at the end of June 2026 represented a supply of 9.3 months at the current sales rate.

Previous wording

According to Freddie Mac, the average commitment rate for a 30-year, fixed-rate mortgage was 6.30% as of April 21, 2026, down from 6.83% one year ago.

Current wording

According to Freddie Mac, the average commitment rate for a 30-year, fixed-rate mortgage was 6.55% as of July 22, 2026, down from 6.75% one year ago.

Previous wording

Per CoStar, developers pushed supply to a 40-year high in 2024, with annual net deliveries peaking above 690,000 units in the fourth quarter of that year. Annual supply fell by 24% by year-end 2025, to approximately 529,000 units, and is projected to decline by more than 36% in 2026 to approximately 333,000 units, the lowest level since 2014. The effect of the slowdown is uneven across the nation. Phoenix, Denver, and Austin are forecasting significant delivery/supply cuts. Under-construction volumes also fell sharply in the fourth quarter of 2025, including declines of nearly 1,700 units in Phoenix, and notable reductions in Austin. Conversely, 11 of the 50 largest markets are projected to post year-over-year increases in deliveries in 2025 when these numbers are released, with Los Angeles, Boston, Columbus, and San Diego expected to be among the markets with rising supply. Miami and Charlotte lead nationally, with more than 8% of existing inventory under construction as of December 31, 2025, the highest ratios in the country per CoStar.

Current wording

Per CoStar, developers pushed supply to a 40-year high in 2024, with annual net deliveries peaking above 690,000 units in the fourth quarter of the year. Annual supply fell by 24% by year-end 2025, to approximately 529,000 units, and is projected to decline by more than 27% in 2026 to approximately 385,000 units at year-end 2026, the lowest level since 2019. The effect of the slowdown is uneven across the nation. Phoenix, Denver, and Austin are forecasting significant delivery/supply cuts. Under-construction volumes also fell sharply in the first half of 2026, including declines of more than 6,700 units in Dallas-Fort Worth, 4,200 units in Houston, and notable reductions in Charlotte as well. If sustained, this pullback in new supply would support excess inventory absorption in overbuilt Sun Belt markets, helping stabilize vacancy and support a return to stronger rent growth by early 2027.

Previous wording

Our market areas reflected the following apartment vacancy levels as of March 2026: Springfield, Missouri at 7.6%, St. Louis 10.5%, Kansas City 8.9%, Minneapolis at 6.6%, Dallas-Fort Worth 12.3%, Chicago 5.1%, Atlanta 11.6%, Phoenix 11.7%, Denver 11.7% and Charlotte, North Carolina 12.9%.

Current wording

Our market areas reflected the following apartment vacancy levels as of June 2026: Springfield, Missouri at 8.7%, St. Louis 10.0%, Kansas City 8.5%, Minneapolis at 6.1%, Dallas-Fort Worth 11.6%, Chicago 5.2%, Atlanta 10.9%, Phoenix 11.2%, Denver 10.3% and Charlotte, North Carolina 11.7%.

Previous wording

The demand recovery is complex and variable both across and within the country’s major cities according to CoStar. Only about half of major metro areas have posted occupancy gains in the past 12 months, a historically unique occurrence which indicates the fragmented nature of the market. One obstacle to recovery is the stalling out of office using job growth. The hiring slowdown has been mitigated somewhat by a meaningful increase in office attendance in some parts of the country. However, much return-to-office momentum seems to be driven by an increase in in-office work by “hybrid” employees. These attendance and employment trends are now interacting with a lack of desirable new supply in many markets to bring availability meaningfully down. Slowing construction is a major factor, and one result is that there are now approximately 60 fewer Class A buildings in major markets able to accommodate requirements of 100,000 square feet than there were at the start of 2025.

Current wording

The demand recovery is complex and variable both across and within the country’s major cities according to CoStar. Only about half of major metro areas have posted occupancy gains in the past 12 months, a historically unique occurrence which indicates the fragmented nature of the market. Leasing volumes remain depressed in many markets, including Atlanta, Chicago, Los Angeles, Seattle, and Washington, DC. Furthermore, the composition of tenants in the market has shifted. The number of lease deals executed in the first half of 2026 was the most in a decade. However, per CoStar, the average size remains roughly 15% smaller than in the late 2010s, a geographically broad trend that has persisted for the past two years.

Previous wording

First quarter 2026 sales volume posted its strongest performance in four years with more than $13 billion in transactions. After five years of negative net absorption, demand was positive in each of the last three quarters as new construction ground to a halt and headline vacancy ticked slightly lower.

Current wording

Second quarter 2026 sales volume dipped slightly from the first quarter of 2026. After five years of negative net absorption, demand was positive in each of the last four quarters as new construction came to a halt and headline vacancy ticked slightly lower. While the overall fundamental picture for office space remains persistent in the near term, the acceleration in trades suggests capital is increasingly positioning ahead of what could be a turning point for the sector. The broadening of buyer activity continues to support improving liquidity, even as underwriting practices remain tempered and business plans rely more on asset-level execution than market-driven rent growth. If absorption continues to improve as it has done in the last four quarters and pricing momentum continues, transaction activity is likely to remain on an upward path.

Previous wording

As of March 2026, national office vacancy rates remained stable at 14.0%, while our market areas reflected the following vacancy levels: Springfield, Missouri at 4.3%, St. Louis at 10.8%, Kansas City 10.0%, Minneapolis 11.7%, Dallas-Fort Worth at 17.8%, Chicago at 17.2%, Atlanta at 16.6%, Denver at 18.1%, Phoenix at 16.4% and Charlotte, North Carolina at 14.2%.

Current wording

As of June 2026, national office vacancy rates remained stable at 13.9%, while our market areas reflected the following vacancy levels: Springfield, Missouri at 3.9%, St. Louis at 11%, Kansas City 9.9%, Minneapolis 12.5%, Dallas-Fort Worth at 17.4%, Chicago at 17.0%, Atlanta at 16.4%, Denver at 18.5%, Phoenix at 15.8% and Charlotte, North Carolina at 13.1%.

Previous wording

The U.S. retail market reported a modest softening in the first quarter of 2026 with net absorption turning negative, reflecting a typical first quarter increase in move-outs that was augmented by several larger batch closures. While discretionary spending has slowed and operating costs have risen, the impact on overall market health has been contained. Strong backfill demand and limited new supply helped keep availability stable, emphasizing the sector’s ongoing supply-constrained nature.

Current wording

The U.S. retail market leveled out in the second quarter of 2026. While discretionary spending has slowed and operating costs have risen, the impact on overall market health has been contained. Strong backfill demand and limited new supply helped keep availability stable, emphasizing the sector’s ongoing supply-constrained nature. While downside risks remain, including renewed closure pressure tied to discretionary spending, refinancing challenges for mid-tier retailers and broader macro uncertainty amid higher energy prices, the market’s low supply base positions the retail sector to remain in relative balance through the remainder of 2026.

Previous wording

Retail rent growth continued to moderate through the first quarter of 2026, with the national average asking rent rising just 2.0% year-over year. While near term rent growth has slowed, longer term spreads remain elevated, providing landlords with meaningful rent roll-up on lease resets. Rent performance continues to vary widely across markets. Several Sun Belt metros, including Phoenix, Orlando, Atlanta, and Charlotte continue to post annual rent gains of 3-5%. This is supported by population growth as well as tenant demand. Simultaneously, multiple Midwestern markets have emerged as relative outperformers, posting above-average gains as rent growth broadens geographically. In contrast, high-cost coastal markets, including Los Angeles and San Francisco, are flat to modestly negative year-over-year. These high-cost coastal markets are also contending with elevated pass-through costs and slower demand formation, contributing to a performance gap. Looking ahead, rent growth is expected to remain restrained, but stable, over the next several quarters. However, much of this space is expected to backfill quickly given the persistent shortage of quality inventory and minimal new construction. As a result, rent growth is forecast to remain in line with recent historical averages. Smaller, well-located spaces and fast-growing metros are expected to continue outperforming, while assets in slower-growth markets face ongoing challenges.

Current wording

Retail rent growth continued to moderate through the second quarter of 2026, with the national average asking rent hovering around 2.0% year-over year. While near term rent growth has slowed, longer term spreads remain elevated, providing landlords with meaningful rent roll-up on lease resets. Rent performance continues to vary widely across markets. Several Sun Belt metros, including Phoenix, Orlando, Atlanta, and Charlotte, continue to post annual rent gains of 3-5%. This is supported by population growth as well as tenant demand. Simultaneously, multiple Midwestern markets have emerged as relative outperformers, posting above-average gains as rent growth broadens geographically. Looking ahead, rent growth is expected to remain restrained, but stable, over the next several quarters. However, much of this space is expected to backfill quickly given the persistent shortage of quality inventory and minimal new construction. As a result, rent growth is forecast to remain subdued but stable over the next several quarters. Smaller, well-located spaces and fast-growing metros are expected to continue outperforming, while assets in slower-growth markets face ongoing challenges.

Previous wording

During the first quarter of 2026, national retail vacancy rates remained steady at 4.4% while our market areas reflected the following vacancy levels: Springfield, Missouri at 2.4%, St. Louis at 4%, Kansas City at 4.6%, Minneapolis at 2.8%, Dallas-Fort Worth at 5.1%, Chicago at 4.9%, Atlanta at 4.4%, Phoenix at 4.6%, Denver at 4.5%, and Charlotte, North Carolina at 3.4%.

Current wording

During the second quarter of 2026, national retail vacancy rates remained steady at 4.3% while our market areas reflected the following vacancy levels: Springfield, Missouri at 2.5%, St. Louis at 3.9%, Kansas City at 4.7%, Minneapolis at 2.6%, Dallas-Fort Worth at 5.1%, Chicago at 4.9%, Atlanta at 4.4%, Phoenix at 4.8%, Denver at 4.4%, and Charlotte, North Carolina at 3.3%.

Previous wording

The profitability of the Company and, more specifically, the profitability of its primary subsidiary, the Bank, depends primarily on its net interest income, as well as provisions for credit losses and the level of non-interest income and non-interest expense. Net interest income is the difference between the interest income the Bank earns on its loans and investment securities, and the interest it pays on interest-bearing liabilities, which consists mainly of interest paid on deposits and borrowings. Net interest income is affected by the relative amounts of interest-earning assets and interest-bearing liabilities and the interest rates earned or paid on these balances. When interest-earning assets approximate or exceed interest-bearing liabilities, any positive interest rate spread will generate net interest income.

Current wording

The profitability of the Company and, more specifically, the profitability of its primary subsidiary, the Bank, depends primarily on net interest income, as well as provisions for credit losses and the level of non-interest income and non-interest expense. Net interest income is the difference between the interest income the Bank earns on its loans and investment securities, and the interest it pays on interest-bearing liabilities, which consists mainly of interest paid on deposits and borrowings. Net interest income is affected by the relative amounts of interest-earning assets and interest-bearing liabilities and the interest rates earned or paid on these balances. When interest-earning assets approximate or exceed interest-bearing liabilities, any positive interest rate spread will generate net interest income.

Previous wording

Great Southern’s total assets increased $88.7 million, or 1.6%, from $5.60 billion at December 31, 2025, to $5.69 billion at March 31, 2026. Details of the current period changes in total assets are provided below, under “Comparison of Financial Condition at March 31, 2026 and December 31, 2025.”

Current wording

Great Southern’s total assets decreased $75.8 million, or 1.4%, from $5.60 billion at December 31, 2025, to $5.52 billion at June 30, 2026. Details of the current period changes in total assets are provided below, under “Comparison of Financial Condition at June 30, 2026 and December 31, 2025.”

Previous wording

*Loans.*Net outstanding loans increased $99.8 million from December 31, 2025, to $4.46 billion at March 31, 2026. The increase was primarily in construction loans and commercial real estate loans, partially offset by a decrease in other residential (multi-family) loans. As loan demand is affected by a variety of factors, including general economic conditions, and because of the competition we face and our focus on pricing discipline and credit quality, no assurance can be given that our loan growth will match or exceed the average level of growth achieved in prior years. The Company’s strategy continues to be focused on maintaining credit risk and interest rate risk at appropriate levels.

Current wording

*Loans.*Net outstanding loans decreased $49.1 million from December 31, 2025, to $4.31 billion at June 30, 2026. The decrease was primarily in commercial real estate loans and other residential (multi-family) loans, partially offset by an increase in construction loans. As loan demand is affected by a variety of factors, including general economic conditions, and because of the competition we face and our focus on pricing discipline and credit quality, no assurance can be given that our loan growth will match or exceed the average level of growth achieved in prior years. The Company’s strategy continues to be focused on maintaining credit risk and interest rate risk at appropriate levels.

Previous wording

Until 2025, the Company had experienced total loans receivable balances that were stable to growing over the past few years. Total commercial real estate and commercial construction balances were fairly stable over the past five years. One- to four-family loan totals increased in 2022 and have since decreased each year. Recent significant growth occurred in other residential (multi-family) loans up until 2025; however, other residential (multi-family) loan balances decreased in 2025. In the first three months of 2026, total loans receivable balances returned to growth. Most of Great Southern’s loans are generated in its primary lending locations, including Springfield, St. Louis, Kansas City, Des Moines and Minneapolis, as well as our loan production offices in Atlanta, Charlotte, Chicago, Dallas, Denver, Omaha, and Phoenix. Certain minimum underwriting standards and monitoring help assure the Company’s portfolio quality. All new loan originations that exceed lender approval authorities are subject to review and approval by Great Southern’s loan committee. Generally, the Company considers commercial construction, consumer, other residential (multi-family) and commercial real estate loans to involve a higher degree of risk compared to some other types of loans, such as first mortgage loans on one- to four-family, owner-occupied residential properties. For other residential (multi-family), commercial real estate, commercial business and construction loans, the credits are subject to an analysis of the borrower’s and guarantor’s financial condition, credit

Current wording

Until 2025, the Company had experienced total loans receivable balances that were stable to growing. Total commercial real estate and commercial construction balances were fairly stable over the preceding five years. One- to four-family loan totals increased in 2022 and have since decreased each year. Recent significant growth occurred in other residential (multi-family) loans up until 2025; however, other residential (multi-family) loan balances decreased in 2025 and in the first six months of 2026. Most of Great Southern’s loans are generated in its primary lending locations, including Springfield, St. Louis, Kansas City, Des Moines and Minneapolis, as well as our loan production offices in Atlanta, Charlotte, Chicago, Dallas, Denver and Phoenix. Certain minimum underwriting standards and monitoring help assure the Company’s portfolio quality. All new loan originations that exceed lender approval authorities are subject to review and approval by Great Southern’s loan committee. Generally, the Company considers commercial construction, consumer, other residential (multi-family) and commercial real estate loans to involve a higher degree of risk compared to some other types of loans, such as first mortgage loans on one- to four-family, owner-occupied residential properties. For other residential (multi-family), commercial real estate, commercial business and construction loans, the credits are subject to an analysis of the borrower’s and guarantor’s financial condition, credit history, verification of liquid assets, collateral, market analysis and repayment ability. It has been, and continues to be, Great Southern’s practice to verify information from potential borrowers regarding assets, income or payment ability and credit ratings as applicable and as required by the authority approving the loan. To minimize construction risk, projects are monitored as construction draws are requested by comparison to budget and with progress

Previous wording

history, verification of liquid assets, collateral, market analysis and repayment ability. It has been, and continues to be, Great Southern’s practice to verify information from potential borrowers regarding assets, income or payment ability and credit ratings as applicable and as required by the authority approving the loan. To minimize construction risk, projects are monitored as construction draws are requested by comparison to budget and with progress verified through property inspections. The geographic and product diversity of collateral, equity requirements and limitations on speculative construction projects help to mitigate overall risk in these loans. Underwriting standards for all loans also include loan-to-value ratio limitations, which vary depending on collateral type, debt service coverage ratios or debt payment to income ratio guidelines, where applicable, credit histories, use of guaranties and other recommended terms relating to equity requirements, amortization, and maturity. Consumer loans, other than home equity loans, are primarily secured by new or used motor vehicles and these loans are subject to underwriting standards designed to assure portfolio quality. In 2019, the Company discontinued indirect auto loan originations.

Current wording

verified through property inspections. The geographic and product diversity of collateral, equity requirements and limitations on speculative construction projects help to mitigate overall risk in these loans. Underwriting standards for all loans also include loan-to-value ratio limitations, which vary depending on collateral type, debt service coverage ratios or debt payment to income ratio guidelines, where applicable, credit histories, use of guaranties and other recommended terms relating to equity requirements, amortization, and maturity. Consumer loans, other than home equity loans, are primarily secured by new or used motor vehicles and these loans are subject to underwriting standards designed to assure portfolio quality. In 2019, the Company discontinued indirect auto loan originations.

Previous wording

Available-for-sale Securities.In the three months ended March 31, 2026, available-for-sale securities decreased $10.0 million, or 1.9%, from $523.8 million at December 31, 2025, to $513.8 million at March 31, 2026 due to monthly principal payments on investment securities and decreases in market value of the available-for-sale securities. For further information on investment securities, seeNote 5 to the accompanying financial statements contained in this Report.

Current wording

Available-for-sale Securities.In the six months ended June 30, 2026, available-for-sale securities decreased $20.0 million, or 3.8%, from $523.8 million at December 31, 2025, to $503.8 million at June 30, 2026 due to monthly principal payments on investment securities and decreases in market value of the available-for-sale securities. For further information on investment securities, seeNote 5 to the accompanying financial statements contained in this Report.

Previous wording

*Held-to-maturity Securities.*In the three months ended March 31, 2026, held-to-maturity securities decreased $1.6 million, or 0.9%, from $179.2 million at December 31, 2025, to $177.6 million at March 31, 2026, due to principal payments on mortgage-backed securities and collateralized mortgage obligations.

Current wording

*Held-to-maturity Securities.*In the six months ended June 30, 2026, held-to-maturity securities decreased $3.9 million, or 2.2%, from $179.2 million at December 31, 2025, to $175.3 million at June 30, 2026, due to principal payments on mortgage-backed securities and collateralized mortgage obligations.

Previous wording

*Deposits.*The Company attracts deposit accounts through its retail branch network, correspondent banking and corporate services areas, internet channels and brokered deposits. The Company then utilizes these deposit funds, along with FHLBank advances and other borrowings, to meet loan demand or otherwise fund its activities. In the three months ended March 31, 2026, total deposit balances decreased $37.6 million, or 0.8%. Compared to December 31, 2025, transaction account balances decreased $9.1 million, or 0.3%, to $3.12 billion at March 31, 2026, and retail certificates of deposit decreased $17.0 million, or 2.5%, to $671.4 million at March 31, 2026. The decrease in transaction accounts was primarily a result of a decrease in various money market accounts, as non-interest-bearing checking accounts increased $15.8 million. Retail time deposits decreased due to a decrease in retail certificates generated or maintained through the banking center network. Competition for time deposits has been, and remains, significant in most of our markets. Brokered deposits, including IntraFi program purchased funds, were $652.0 million and $663.4 million at March 31, 2026 and December 31, 2025, respectively. The Company uses brokered deposits of select maturities from time to time to supplement its various funding channels and to manage interest rate risk.

Current wording

*Deposits.*The Company attracts deposit accounts through its retail branch network, correspondent banking and corporate services areas, internet channels and brokered deposits. The Company then utilizes these deposit funds, along with FHLBank advances and other borrowings, to meet loan demand or otherwise fund its activities. In the six months ended June 30, 2026, total deposit balances decreased $180.7 million, or 4.0%. Compared to December 31, 2025, brokered deposits decreased $87.8 million, transaction account balances decreased $56.0 million, or 1.8%, to $3.07 billion, and retail certificates of deposit decreased $36.9 million, or 5.4%, to $651.5 million at June 30, 2026. The decrease in transaction accounts was primarily a result of a decrease in various money market accounts, as non-interest-bearing checking accounts increased $35.8 million. Retail time deposits decreased due to a decrease in retail certificates generated or maintained through the banking center network. Competition for time deposits has been, and remains, significant in most of our markets. Brokered deposits, including IntraFi program purchased funds, were $575.6 million and $663.4 million at June 30, 2026 and December 31, 2025, respectively. The Company uses brokered deposits of select maturities and interest rate structures from time to time to supplement its various funding channels and to manage interest rate risk.

Previous wording

Our ability to fund growth in future periods may also depend on our ability to continue to access brokered deposits and FHLBank advances. In times when loan demand has outpaced our generation of new deposits, we have utilized brokered deposits and FHLBank advances to fund these loans. These funding sources have been attractive to us because we can create either fixed or variable rate funding, as desired, which more closely matches the interest rate nature of much of our loan portfolio. It also gives us greater flexibility in increasing or decreasing the duration of our funding. While we do not currently anticipate that our ability to access these sources will be reduced or eliminated in future periods, if this should happen, the limitation on our ability to fund additional loans

Current wording

Our ability to fund growth in future periods may also depend on our ability to continue to access brokered deposits and FHLBank advances. In times when loan demand has outpaced our generation of new deposits, we have utilized brokered deposits and FHLBank advances to fund these loans. These funding sources have been attractive to us because we can create either fixed or variable rate funding, as desired, which more closely matches the interest rate nature of much of our loan portfolio. It also gives us greater flexibility in increasing or decreasing the duration of our funding. While we do not currently anticipate that our ability to access these sources will be reduced or eliminated in future periods, if this should happen, the limitation on our ability to fund additional loans could have a material adverse effect on our business, financial condition and results of operations. See “Results of Operations and Comparison for the Three and Six Months Ended June 30, 2026 and 2025 – Liquidity” below for further information on funding sources.

Previous wording

*Securities sold under reverse repurchase agreements with customers.*Securities sold under reverse repurchase agreements with customers decreased $11.3 million from $48.5 million at December 31, 2025 to $37.2 million at March 31, 2026. These balances fluctuate over time based on customer demand for this product.

Current wording

*Securities sold under reverse repurchase agreements with customers.*Securities sold under reverse repurchase agreements with customers decreased $8.6 million from $48.5 million at December 31, 2025 to $39.9 million at June 30, 2026. These balances fluctuate over time based on customer demand for this product.

Previous wording

Short-term borrowings and other interest-bearing liabilities. Short term borrowings and other interest-bearing liabilities increased $139.8 million from $330.9 million at December 31, 2025 to $470.7 million at March 31, 2026. The Company’s FHLBank term advances were $-0- at both March 31, 2026 and December 31, 2025. At March 31, 2026 and December 31, 2025, there was $470.0 million and $330.0 million, respectively, in overnight borrowings from the FHLBank, which were included in short term borrowings.

Current wording

Short-term borrowings and other interest-bearing liabilities. Short term borrowings and other interest-bearing liabilities increased $114.7 million from $330.9 million at December 31, 2025 to $445.6 million at June 30, 2026. The Company’s FHLBank term advances were $-0- at both June 30, 2026 and December 31, 2025. At June 30, 2026 and December 31, 2025, there were $445.0 million and $330.0 million, respectively, in overnight borrowings from the FHLBank, which were included in short term borrowings.

Previous wording

The current level and shape of the interest rate yield curve poses challenges for interest rate risk management. Prior to its increase of 0.25% in December 2015, the FRB had last changed interest rates in December 2008. This was the first rate increase since September 2006. The FRB also implemented rate increases of 0.25% on eight additional occasions beginning in December 2016 through December 2018, with the Federal Funds rate reaching as high as 2.50%. After December 2018, the FRB paused its rate increases and, in July, September and October 2019, implemented rate decreases of 0.25% on each of those occasions. At December 31, 2019, the Federal Funds rate stood at 1.75%. In response to the COVID-19 pandemic, the FRB decreased interest rates on two occasions in March 2020, a 0.50% decrease on March 3rd and a 1.00% decrease on March 16th. At December 31, 2021, the Federal Funds rate was 0.25%. In 2022, the FRB implemented rate increases of 0.25%, 0.50%, 0.75%, 0.75%, 0.75%, 0.75% and 0.50% in March, May, June, July, September, November and December 2022, respectively. At December 31, 2022, the Federal Funds rate was 4.50%. In 2023, the FRB implemented rate increases of 0.25%, 0.25%, 0.25% and 0.25% in February, March, May and July 2023, respectively. At December 31, 2023, the Federal Funds rate was 5.50%. In 2024, the FRB implemented rate decreases of 0.50%, 0.25% and 0.25% in September, November, and December, respectively. At December 31, 2024, the Federal Funds rate was 4.50%. In 2025, the FRB implemented a rate decrease of 0.25% in each of September, October, and December 2025, respectively. At December 31, 2025, the Federal Funds rate was 3.75%. During the first three months of 2026, there were no changes to the Federal Funds rate. The Federal Funds rate remained at 3.75% at March 31, 2026. Financial markets currently expect the possibility of further decreases in Federal Funds interest rates in 2026 to be mixed, if any, with financial markets now pricing in zero to one potential cut of only 0.25% for the remainder of 2026.

Current wording

The current level and shape of the interest rate yield curve poses challenges for interest rate risk management. Prior to its increase of 0.25% in December 2015, the FRB had last changed interest rates in December 2008. This was the first rate increase since September 2006. The FRB also implemented rate increases of 0.25% on eight additional occasions between December 2016 and December 2018, with the Federal Funds rate reaching as high as 2.50%. After December 2018, the FRB paused its rate increases and, in July, September and October 2019, implemented rate decreases of 0.25% on each of those occasions. At December 31, 2019, the Federal Funds rate stood at 1.75%. In response to the COVID-19 pandemic, the FRB decreased interest rates on two occasions in March 2020, a 0.50% decrease on March 3rd and a 1.00% decrease on March 16th. At December 31, 2021, the Federal Funds rate was 0.25%. In 2022, the FRB implemented rate increases of 0.25%, 0.50%, 0.75%, 0.75%, 0.75%, 0.75% and 0.50% in March, May, June, July, September, November and December 2022, respectively. At December 31, 2022, the Federal Funds rate was 4.50%. In 2023, the FRB implemented rate increases of 0.25%, 0.25%, 0.25% and 0.25% in February, March, May and July 2023, respectively. At December 31, 2023, the Federal Funds rate was 5.50%. In 2024, the FRB implemented rate decreases of 0.50%, 0.25% and 0.25% in September, November, and December, respectively. At December 31, 2024, the Federal Funds rate was 4.50%. In 2025, the FRB implemented rate decreases of 0.25% in each of September, October, and December 2025, respectively. At December 31, 2025, the Federal Funds rate was 3.75%. During the first six months of 2026, there were no changes to the Federal Funds rate. The Federal Funds rate remained at 3.75% at June 30, 2026. Financial markets no longer expect further decreases in Federal Funds interest rates in 2026, and now expect the Federal Funds interest rate to remain steady or to increase modestly by the end of 2026.

Previous wording

Great Southern’s loan portfolio includes loans ($1.71 billion at March 31, 2026) tied to various SOFR indexes that will be subject to adjustment at least once within 90 days after March 31, 2026. Nearly all of these loans have interest rate floors at various rates. Great Southern also has a portfolio of loans ($601.8 million at March 31, 2026) tied to a “prime rate” of interest that will adjust immediately or within 90 days of a change to the “prime rate” of interest. Nearly all of these loans had interest rate floors at various rates. At March 31, 2026, nearly all of these SOFR, and “prime rate” loans had fully-indexed rates that were at or above their floor rate and in most cases well above the floor rate.

Current wording

Great Southern’s loan portfolio includes loans ($1.68 billion at June 30, 2026) tied to various SOFR indexes that will be subject to adjustment at least once within 90 days after June 30, 2026. Nearly all of these loans have interest rate floors at various rates. Great Southern also has a portfolio of loans ($614.3 million at June 30, 2026) tied to a “prime rate” of interest that will adjust immediately or within 90 days of a change to the “prime rate” of interest. Nearly all of these loans had interest rate floors at various rates. At June 30, 2026, nearly all of these SOFR, and “prime rate” loans had fully-indexed rates that were at or above their floor rate and in most cases well above the floor rate.

Previous wording

A rate cut by the FRB generally would be expected to have an immediate negative impact on the Company’s interest income on loans due to the large total balance of loans tied to the SOFR indexes or the “prime rate” index that will be subject to adjustment at least once within 90 days or loans which generally adjust immediately as the Federal Funds rate adjusts. Interest rate floors may at least partially mitigate the negative impact of interest rate decreases. Loans at their floor rates are, however, subject to the risk that borrowers will seek to refinance elsewhere at the lower market rate. There may also be a negative impact on the Company’s net interest income if the Company is unable to significantly lower its funding costs due to a highly competitive rate environment for deposits, although interest rates on assets may decline further. Conversely, market interest rate increases would normally result in increased interest rates on our SOFR-based and prime-based loans.

Current wording

A rate cut by the FRB generally would be expected to have an immediate negative impact on the Company’s interest income on loans due to the large total balance of loans tied to the SOFR indexes or the “prime rate” index that will be subject to adjustment at least once within 90 days or loans which generally adjust immediately as the Federal Funds rate adjusts. Interest rate floors may at least partially mitigate the negative impact of interest rate decreases. Loans at their floor rates are, however, subject to the risk that borrowers will seek to refinance elsewhere at the lower market rate. In the event of an FRB rate cut, the Company may be limited in its ability to significantly lower its funding costs due to a highly competitive rate environment, although interest rates on assets may decline further. Conversely, market interest rate increases would normally result in increased interest rates on our SOFR-based and prime-based loans, although funding costs may also increase.

Previous wording

As of March 31, 2026, Great Southern’s interest rate risk models indicate that, generally, rising interest rates are expected to have a modestly positive impact on the Company’s net interest income, while declining interest rates are expected to have a mostly neutral impact on net interest income. Any negative impact of a falling Federal Funds rate and other market interest rates also falling could be more pronounced if we are not able to decrease non-maturity deposit rates accordingly. We model various interest rate scenarios for rising and falling rates, including both parallel and non-parallel shifts in rates. The results of our modeling indicate that net interest

Current wording

As of June 30, 2026, Great Southern’s interest rate risk models indicated that, generally, rising interest rates would be expected to have a modestly positive impact on the Company’s net interest income, while declining interest rates would be expected to have a mostly neutral impact on net interest income. Any negative impact of a falling Federal Funds rate and other market interest rates also falling could be more pronounced if we are not able to decrease non-maturity deposit rates accordingly. We model various interest rate scenarios for rising and falling rates, including both parallel and non-parallel shifts in rates. The results of our modeling indicate that net interest income is not likely to be significantly affected either positively or negatively in the first twelve months following relatively minor changes in interest rates because our portfolios are relatively well matched in a twelve-month horizon.

Previous wording

In a situation where market interest rates increase significantly in a short period of time, our net interest margin increase may be more pronounced in the very near term (first one to three months), due to fairly rapid increases in SOFR interest rates and “prime” interest rates. In a situation where market interest rates decrease significantly in a short period of time, as they did in March 2020, our net interest margin decrease may be more pronounced in the very near term (first one to three months), due to fairly rapid decreases in SOFR interest rates and “prime” interest rates. In the subsequent months, we would expect that net interest margin would stabilize and begin to improve, as renewal interest rates on maturing time deposits decrease.

Current wording

rates. In a situation where market interest rates decrease significantly in a short period of time, as they did in March 2020, our net interest margin decrease may be more pronounced in the very near term (first one to three months), due to fairly rapid decreases in SOFR interest rates and “prime” interest rates. In the subsequent months, we would expect that net interest margin would stabilize and begin to improve, as renewal interest rates on maturing time deposits decrease.

Previous wording

Beginning in March 2022, market interest rates, including LIBOR interest rates, SOFR interest rates and “prime” interest rates, began to increase rapidly. This resulted in increasing loan yields and expansion of our net interest income and net interest margin throughout 2022 and into the first three months of 2023. In 2023, market interest rate increases moderated and loan yield increases moderated in line with market rates. However, there has been increased competition for deposits and other sources of funding, resulting in higher costs for those funds. This has been especially true since early March 2023. Deposit and other funding costs moderated a bit in late 2024 as the FRB cut the federal funds rate. Deposit and other funding costs further moderated in late 2025 as the FRB cut the federal funds rate three times, but competition for deposits remained significant into the first three months of 2026. For further discussion of the processes used to manage our exposure to interest rate risk, see “Item 3. Quantitative and Qualitative Disclosures About Market Risk – How We Measure the Risks to Us Associated with Interest Rate Changes.”

Current wording

Beginning in March 2022, market interest rates, including LIBOR interest rates, SOFR interest rates and “prime” interest rates, began to increase rapidly. This resulted in increasing loan yields and expansion of our net interest income and net interest margin throughout 2022 and into the first three months of 2023. In 2023, market interest rate increases moderated and loan yield increases moderated in line with market rates. However, there has been increased competition for deposits and other sources of funding since March 2023, resulting in higher costs for those funds. Deposit and other funding costs moderated some in late 2024 as the FRB cut the federal funds rate. Deposit and other funding costs further moderated in late 2025 as the FRB cut the federal funds rate three times, but competition for deposits remained significant into the first six months of 2026. For further discussion of the processes used to manage our exposure to interest rate risk, see “Item 3. Quantitative and Qualitative Disclosures About Market Risk – How We Measure the Risks to Us Associated with Interest Rate Changes.”

Previous wording

Operating expenses consist primarily of salaries and employee benefits, occupancy-related expenses, expenses related to foreclosed assets, postage, FDIC deposit insurance, advertising and public relations, telephone, professional fees, office expenses and other general operating expenses. Details of the current period changes in non-interest income and non-interest expense are provided below, under “Results of Operations and Comparison for the Three Months Ended March 31, 2026 and 2025.”

Current wording

Operating expenses consist primarily of salaries and employee benefits, occupancy-related expenses, expenses related to foreclosed assets, postage, FDIC deposit insurance, advertising and public relations, telephone, professional fees, office expenses and other general operating expenses. Details of the current period changes in non-interest income and non-interest expense are provided below, under “Results of Operations and Comparison for the Three and Six Months Ended June 30, 2026 and 2025.”

Previous wording

The Company maintains its focus on technology initiatives and advancements with its current core provider. These investments in both foundational projects and a heightened customer experience continue to foster an organizational emphasis on innovation and forward progress.

Current wording

The Company maintains its focus on technology initiatives and advancements with its current core provider and key partners. These investments in both foundational projects and a heightened customer experience continue to foster an organizational emphasis on innovation and forward progress.