Great Southern Bancorp Reports $17.5 Million Net Income in Q1 2026

Great Southern Bancorp, Inc. reported its financial results for the first quarter of 2026, revealing a net income of $17.5 million, a slight increase from $17.2 million in the same period last year. This translates to a basic earnings per share of $1.59, up from $1.47 in the prior year. The company's total interest income decreased by 11.3% to $71.2 million, primarily due to a decline in interest income from loans, which fell by $8.4 million to $64.7 million. The decrease in interest income was attributed to lower average loan balances and a reduction in the average yield on loans, which dropped from 6.23% to 5.86%.

In terms of expenses, Great Southern's total interest expense decreased significantly by 26.1% to $22.8 million, driven by lower interest rates and a reduction in the average balance of interest-bearing liabilities. Non-interest income also saw an increase of 6.7% to $7.0 million, largely due to a substantial rise in commission income, which more than doubled compared to the previous year. The company’s non-interest expenses remained relatively stable, decreasing slightly to $34.8 million from $34.9 million in the prior year.

Operationally, Great Southern experienced a net increase in loans of $99.8 million, bringing the total outstanding loans to $4.46 billion as of March 31, 2026. This growth was primarily driven by an increase in construction and commercial real estate loans. However, the company noted a decrease in other residential (multi-family) loans. The total deposits decreased by $37.6 million to $4.45 billion, with a notable decline in retail certificates of deposit, reflecting the competitive landscape for deposit funding.

Looking ahead, Great Southern Bancorp expressed cautious optimism regarding its financial outlook. The company continues to focus on maintaining credit quality and managing interest rate risk amid fluctuating market conditions. The management indicated that while the current economic environment presents challenges, particularly with rising interest rates, they are committed to strategic initiatives aimed at enhancing operational efficiency and customer service. The company’s capital ratios remain strong, with a common equity Tier 1 capital ratio of 13.5%, indicating a solid capital position to support future growth.