GSBC 10-K & 10-Q changes, risk factors and insider trading
Great Southern Bancorp, Inc. · Nasdaq · State Commercial Banks · CIK 854560 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “Climate change and related legislative and regulatory initiatives may materially affect the Company's business and results of operations.”
New heading “Scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices may impose additional costs on us or expose us to new or additional risks.”
Removed heading “Climate change and related legislative and regulatory initiatives may result in operational changes and expenditures that could significantly impact our business.”
Largest changes
“Climate change and related legislative and regulatory initiatives may result in operational changes and expenditures that could significantly impact our business.”see in full comparison
“Climate change and related legislative and regulatory initiatives may materially affect the Company's business and results of operations.”see in full comparison
“Scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices may impose additional costs on us or expose us to new or additional risks.”see in full comparison
“Recent changes in the regulatory landscape and shifting federal priorities have moved toward a reduction in emphasis on certain ESG priorities, particularly around climate change and diversity, equity, and inclusion (“DEI”). This shift has led to a rollback of regulations that mandate specific disclosures and operational practices in these areas. However, some stakeholder groups continue to demand greater transparency and action, resulting in a complex and potentially conflicting environment for companies. …”see in full comparison
“The current and anticipated effects of climate change are creating an increasing level of concern for the state of the global environment. As a result, political and social attention to the issue of climate change has increased. In recent years, governments across the world have entered into international agreements relating to climate change. The U.S. Congress, state legislatures and federal and state regulatory agencies have continued to propose and advance numerous legislative and regulatory initiatives seeking to mitigate the effects of climate change. …”see in full comparison
“The lack of empirical data regarding the financial and credit risks posed by climate change makes it difficult to predict its specific impact on our financial condition and results of operations. However, the physical effects of climate change, such as more frequent and severe weather disasters, could directly affect us. For instance, such events may damage real property securing loans in our portfolio or reduce the value of that collateral. …”see in full comparison
Full comparison: every changed paragraph (16)
Inflation rose sharply from the end of 2021 to mid-2024 to levels not seen in more than 40 years. In the second half of 20232024 and into 2024,2025, inflation measures moderated but were still higher than levels targeted by the FRB. Small to medium-sized businesses may be impacted more during periods of high inflation, as they are not able to leverage economies of scale to mitigate cost pressures compared to larger businesses. Consequently, the ability of our business customers to repay their loans may deteriorate, and in some cases this deterioration may occur quickly, which would adversely impact our results of operations and financial condition. Furthermore, a prolonged period of inflation could cause wages and other costs to the Company to increase, which could adversely affect our results of operations and financial condition.
Climate change and related legislative and regulatory initiatives may result in operational changes and expenditures that could significantly impact our business.
The current and anticipated effects of climate change are creating an increasing level of concern for the state of the global environment. As a result, political and social attention to the issue of climate change has increased. In recent years, governments across the world have entered into international agreements relating to climate change. The U.S. Congress, state legislatures and federal and state regulatory agencies have continued to propose and advance numerous legislative and regulatory initiatives seeking to mitigate the effects of climate change. Such initiatives are expected to continue, including potentially increasing supervisory expectations with respect to banks’ risk management practices and credit portfolio concentrations based on climate-related factors, as well as encouraging investment by banks in climate-related initiatives and lending to communities disproportionately impacted by the effects of climate change. These measures may result in the imposition of taxes and fees and the implementation of operational changes, each of which may require us to incur significant compliance, operating and other costs.
Our commercial and other residential (multi-family) construction, commercial real estate, other residential (multi-family) and other commercial loans accounted for approximately 78.8%78.3% of our total loan portfolio as of December 31, 2024.2025. Generally, we consider these types of loans to involve a higher degree of risk compared to first mortgage loans on one- to four-family, owner-occupied residential properties. At December 31, 2024,2025, including completed projects and those under construction, we had $1.75$1.52 billion of loans secured by apartments, $348.6$336.5 million of loans secured by warehouse facilities, $314.1 million of loans secured by motels/hotels, $297.1 million of loans secured by retail-related projects, $288.4 million of loans secured by warehouse facilities, $270.0$249.0 million of loans secured by healthcare facilities, $269.0 million of loans secured by motels/hotels and $196.1$172.7 million of loans secured by office facilities, which are particularly sensitive to certain risks, including the following:
We plan to continue to originate commercial real estate and construction loansloans, basedincluding onother residential (multi-family) loans, subject to economic and market conditions. From 2008 to 2013, there was not significant demand for these types of loans due to the economic downturn. In more recent years, demand for these types of loans has increased and we expect to continue to originate these types of loans. Because of the increased risks related to these types of loans, we may determine it necessary to increase the level of our provision for credit losses. Increased provisions for credit losses would adversely impact our operating results. See “Item 1. Business-The Company-Lending Activities-Commercial Real Estate and Construction Lending,” “-Other Commercial Lending,” “-Residential Real Estate Lending” and “-Allowance for Losses on Loans and Foreclosed Assets” and “Item 7. Management’s Discussion of Financial Condition and Results of Operations – Non-performing Assets” in this Report.
Due to the high level of competition for deposits in our markets, we have from time to time utilized a sizable amount of certificates of deposit obtained through deposit brokers and advances from the FHLBank to help fund our asset base. Brokered deposits are marketed through national brokerage firms that solicit funds from their customers for deposit in banks, including our bank. Brokered deposits and FHLBank advances may generally be more sensitive to changes in interest rates and volatility in the capital markets than retail deposits attracted through our branch network, and our reliance on these sources of funds increases the sensitivity of our portfolio to these external factors. Our brokered deposits and term FHLBank advances totaled $663.4 million and $-0-, respectively, at December 31, 2025, compared with $772.1 million and $-0-, respectively, at December 31, 2024, compared with $661.5 million and $-0-, respectively, at December 31, 2023.2024. We had overnight borrowings from the FHLBank of $333.0 million and $251.0$330.0 million at December 31, 20242025 and 2023,2024, respectively. We expect to continue to utilize FHLBank advances and overnight borrowings and brokered deposits from time to time as a supplemental funding source.
In January 2024, the Bank borrowed $180.0 million under the Federal Reserve Bank’s BTFP. The borrowing matured and was repaid in January 2025. The line was secured primarily by the Bank’s held-to-maturity investment securities, with assets pledged totaling approximately $188 million as of December 31, 2024.
The federal banking agencies have issued guidance on sound risk management practices for concentrations in commercial real estate lending (see “Item 1. Business--Business – Government Supervision and Regulation-GuidanceRegulation – Guidance on Commercial Real Estate Concentrations”). For purposes of this guidance, “commercial real estate” includes, among other types, other residential (multi-family) loans and non-owner occupied nonresidential loans, two categories which have been a source of loan growth for the Company. A bank that has experienced rapid growth in commercial real estate lending, has notable exposure to a specific type of commercial real estate loan, or is approaching or exceeding the following supervisory criteria may be identified for further supervisory analysis with respect to real estate concentration risk: total loans for construction land development and other land representing 100% or more of the bank’s tier 1 regulatory capital plus the allowance for loan losses includable in total regulatory capital; or total commercial real estate loans (as defined in the guidance) that exceed 300% of the bank’s tier 1 regulatory capital plus the allowance for loan losses includable in total regulatory capital and the bank’s commercial real estate portfolio has increased by 50% or more during the prior 36 months. Our total commercial real estate loans exceeded the 300% threshold at December 31, 2024.2025.
Climate change and related legislative and regulatory initiatives may materially affect the Company's business and results of operations.
The effects of climate change continue to raise significant concerns about the state of the environment. Federal and state policy approaches to climate change continue to evolve, and changes in legislative or regulatory priorities could alter the requirements and expectations placed on businesses, including banks, to address climate-related risks.
The lack of empirical data regarding the financial and credit risks posed by climate change makes it difficult to predict its specific impact on our financial condition and results of operations. However, the physical effects of climate change, such as more frequent and severe weather disasters, could directly affect us. For instance, such events may damage real property securing loans in our portfolio or reduce the value of that collateral. If our borrower’s insurance is insufficient to cover these losses or if insurance becomes unavailable, the value of collateral securing our loans could be negatively affected, potentially impacting our financial condition and results of operations. Moreover, climate change may adversely affect regional and local economic activity, harming our customers and the communities in which we operate. Regardless of changes in federal policy, the effects of climate change and their unknown long-term impacts could still have a material adverse effect on our financial condition and results of operations.
Scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices may impose additional costs on us or expose us to new or additional risks.
In recent years, companies have faced scrutiny from customers, regulators, investors, and other stakeholders related to their environmental, social, and governance (“ESG”) practices and disclosure. Investor advocacy groups, investment funds, and influential investors are also focused on these practices, especially as they relate to the environment, health and safety, diversity, labor conditions, and human rights. ESG-related compliance costs could result in increases to our overall operational costs. Failure to adapt to or comply with regulatory requirements, or investor or stakeholder expectations and standards, could negatively impact our reputation, our ability to do business with certain partners, and our stock price.
Recent changes in the regulatory landscape and shifting federal priorities have moved toward a reduction in emphasis on certain ESG priorities, particularly around climate change and diversity, equity, and inclusion (“DEI”). This shift has led to a rollback of regulations that mandate specific disclosures and operational practices in these areas. However, some stakeholder groups continue to demand greater transparency and action, resulting in a complex and potentially conflicting environment for companies. If regulatory enforcement of ESG-related policies becomes less stringent, companies may face reputational risks if their practices are seen as insufficient or inconsistent with broader societal expectations, especially related to DEI and environmental stewardship. As a result, navigating this evolving regulatory and public opinion landscape may require us to balance compliance with regulatory requirements against maintaining investor, customer, and stakeholder trust.
Operational risks also arise from potential system failures, over-reliance on AI, and integration challenges with existing infrastructure. Disruptions in AI systems could impact critical functions such as fraud detection, transaction monitoring, and customer support. Ethical and reputational risks, including unintended consequences or perceived unfairness in AI-driven decisions, may erode customer trust and expose us to regulatory scrutiny.
Ethical and reputational risks, including unintended consequences or perceived unfairness in AI-driven decisions, may erode customer trust and expose us to regulatory scrutiny.
Management's Discussion & Analysis (MD&A)
New heading “Results of Operations and Comparison for the Years Ended December 31, 2025 and 2024”
New heading “Interest Expense – FHLBank Advances; Short-term Borrowings, Repurchase Agreements and Other Interest-bearing Liabilities; Subordinated Debentures Issued to Capital Trust and Subordinated Notes”
Removed heading “Results of Operations and Comparison for the Years Ended December 31, 2023 and 2022”
Removed heading “Interest Expense - FHLBank Advances, Short-term Borrowings, Repurchase Agreements and Other Interest-bearing Liabilities; Subordinated Debentures Issued to Capital Trust and Subordinated Notes”
Largest changes
“The Company’s overall interest rate spread decreased 62 basis points, or 17.1%, from 3.59% during the year ended December 31, 2022, to 2.97% during the year ended December 31, 2023. The decrease was due to a 178 basis point increase in the weighted average rate paid on interest-bearing liabilities, partially offset by a 116 basis point increase in the weighted average yield on interest-earning assets. …”see in full comparison
“The Company’s net interest income was negatively impacted in 2023 by the high level of competition for deposits due to asset growth across the industry and the lingering effects of liquidity events at several banks in March 2023. The Company also had a substantial amount of time deposits maturing at relatively low rates in the second quarter of 2023, and these time deposits either renewed at higher rates or left the Company, in turn requiring their replacement with other funding sources at then-current, higher market rates. …”see in full comparison
“Loans classified as “Watch” decreased $20.4 million, from $28.7 million at December 31, 2022 to $8.3 million at December 31, 2023, primarily due to the combination of one large loan being upgraded to “Satisfactory,” one unrelated large loan being downgraded to “Substandard” and added to non-performing loans, and one unrelated loan being downgraded to “Special Mention.” While loans classified as “Special Mention” are not adversely classified, they are deserving of management’s close attention to ensure repayment prospects or the credit position of the assets does not deteriorate and expose the …”see in full comparison
“The U.S. retail market experienced a challenging first half of 2025 with store closures and increased bankruptcy filings since 2020. The sector had a positive turn starting in the third quarter of 2025 that continued into the fourth quarter of 2025 with clear signs of stabilization and renewed momentum. The combination of low space availability, steady demand from a diverse array of areas, and minimal new supply should limit the magnitude of any vacancy expansion. …”see in full comparison
“Current U.S. industrial market performance continues to favor the tenant, reporting a decade-long high vacancy rate of 7.5%. Deliveries continued to outpace net absorption in 2025 and impending supply additions will pressure vacancy higher, in conjunction with pressure from ongoing concerns regarding consumer spending. Assuming the economy continues to expand, although at a reduced pace, vacancy is forecast to increase through 2026, peaking at around 8%, and begin declining into 2027 as deliveries moderate. …”see in full comparison
“The prospect of escalating tariffs at home and abroad could make retailers hesitant to expand distribution networks until the threat of additional trade barriers dissipates. Significant tariff increases would also force retailers to raise prices, decreasing the volume of goods consumers are able to purchase. During November 2024, the CFO of Walmart, the third largest user of U.S. industrial space, noted that tariffs “are inflationary for customers” and that “there probably will be cases where prices will go up for consumers.””see in full comparison
Full comparison: every changed paragraph (218)
When used in this Annual Report and in other documents filed or furnished by Great Southern Bancorp, Inc. (the “Company”) with or to the Securities and Exchange Commission (the “SEC”), in the Company’s press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “may,” “might,” “could,” “should,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “believe,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements also include, but are not limited to, statements regarding plans, objectives, expectations or consequences of announced transactions, known trends and statements about future performance, operations, products and services of the Company. The Company’s ability to predict results or the actual effects of future plans or strategies is inherently uncertain, and the Company’s actual results could differ materially from those contained in the forward-looking statements.
Factors that could cause or contribute to such differences include, but are not limited to: (i) expected revenues, cost savings, earnings accretion, synergies and other benefits from the Company’s merger and acquisition activities might not be realized within the anticipated time frames or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; (ii) changes in economic conditions, either nationally or in the Company’s market areas; (iii) the effects of any new or continuing public health issues on general economic and financial market conditions; (iv) fluctuations in interest rates, the effects of inflation or a potential recession, whether caused by Federal Reserve actions or otherwise; (v) the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; (vi) slower or negative economic growth caused by changestariffs,changes in energy prices, supply chain disruptions or other factors; (vii) the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; (viii) the possibility of realized or unrealized losses on securities held in the Company’s investment portfolio; (ix) the Company’s ability to access cost-effective funding and maintain sufficient liquidity; (x) fluctuations in real estate values and both residential and commercial real estate market conditions; (xi) the ability to adapt successfully to technological changes to meet customers’ needs and developments in the marketplace; (xii) the possibility that security measures implemented might not be sufficient to mitigate the risk of a cyber-attack or cyber theft, and that such security measures might not protect against systems failures or interruptions; (xiii) legislative or regulatory changes that adversely affect the Company’s business; (xiv) changes in accounting policies and practices or accounting standards; (xv) results of examinations of the Company and Great Southernthe Bank by their regulators, including the possibility that the regulators may, among other things, require the Company to limit its business activities, change its business mix, increase its allowance for credit losses, write-down assets or increase its capital levels, or affect its ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; (xvi) costs and effects of litigation, including settlements and judgments; (xvii) competition; and (xviii) natural disasters, war, terrorist activities or civil unrest and their effects on economic and business environments in which the Company operates. The Company wishes to advise readers that the factors listed above and other risks described in the Company’s most recentthis Annual Report on Form 10-K, including, without limitation, those described under “Item 1A. Risk Factors,” subsequent Quarterly Reports on Form 10-Q and other documents filed or furnished from time to time by the Company with the SEC (which are available on our website at www.greatsouthernbank.com and the SEC’s website at www.sec.gov), could affect the Company’s financial performance and cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.
On January 1, 2021, the Company adopted the new accounting standard related to the allowance for credit losses. This standard eliminates the probable initial recognition threshold in GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. See Note 3 to the accompanying financial statements contained in Item 8 of this Report for additional information.
The Company measures the allowance for credit losses under ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, referred to as the CECL methodology. See Note 3 “Loans and Allowance for Credit Losses” to the accompanying financial statements contained in Item 8 of this Report for additional information regarding the allowance for credit losses.information. Inherent in this process is the evaluation and risk assessment of individual credit relationships. From time to time, certain credit relationships may deteriorate due to changes in payment performance, cash flow of the borrower, value of collateral, or other factors. Due to these changing circumstances, management may revise its loss estimates and assumptions for these specific credits. In some cases, losses may be realized; in other instances, the factors that led to the deterioration may improve or the credit may be refinanced elsewhere and allocated allowances may be released from the particular credit.
Changes in economic conditions could cause the values of assets and liabilities recorded in the Company’s financial statements to changefluctuate rapidly, resulting in material future adjustments to asset values, the allowance for credit losses, or capital that could negatively affect the Company’s ability to meet regulatory capital requirements and maintain sufficient liquidity. Following the housing and mortgage crisis and correction beginning in mid-2007, the United States entered an economic downturn. Unemployment rose from 4.7% in November 2007 to peak at 10.0% in October 2009. Economic conditions improved in the subsequent years, as indicated by higher consumer confidence levels, increased economic activity and low unemployment levels. The U.S. economy continued to operate at historically strong levels until the COVID-19 pandemic in March 2020, which severely affected tourism, labor markets, business travel, immigration, and the global supply chain, among other areas. The economy plunged into recession in the first quarter of 2020, as efforts to contain the spread of the coronavirus forced all but essential business activity, or any work that could not be done from home, to stop, shuttering factories, restaurants, entertainment, sporting events, retail shops, personal services, and more.
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,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%. The Federal Reserve’s action in December 2025 represented the third consecutive rate cut in the latter part of 2025 and 1.75% in total cuts from September 2024.
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 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 December 31, 2025, Core PCE, which excludes food and energy prices, wasrose 2.8%3.0% atfrom Decemberone 31,year 2024,ago, above the Federal Reserve’s target of 2%.
Based on Moody’s U.S. Baseline Outlook and Alternative Scenarios Analysis dated January 2026, real GDP grew in the 3rd quarter of 2025 by 4.3% annualized. The new January outlook on GDP growth for 2026 and 2027 is 2.6% and 1.5%, respectively, which is an increase for 2026 from December’s projection of 2.1% and a decrease for 2027, which was 1.9%.
Based on Moody’s U.S. Baseline Outlook and Alternative Scenarios Analysis dated January 2025, real GDP in 2025 is projected to be 2.2% on an annual average basis, which is unchanged from the projection in December 2024. GDP is projected to grow 1.7% in 2026 and 1.9% in 2027, before returning to trend in 2028. Consumer spending remained an important source of growth, along with exports, nonresidential investment both federal and state, and local spending.
The national unemployment rate wasdecreased unchangedslightly to 4.4% for December 2025 compared to the previous quarter end at 4.1%4.6% for bothNovember December 2024 and September 2024.2025. The number of unemployed individuals was 6.97.5 million as of December 20242025. with 256,000 jobs added in December 2024. In December 2024, the healthcare, retail trade, government,Healthcare, social assistance, andfood leisureservices and hospitalitydrinking areasplaces and nonfarm payroll employment contributed to the 188,000115,000 of total job gains.gains in December 2025.
As of December 2024,2025, the labor force participation rate (the share of working-age Americans employed or actively looking for a job) remained stable at 62.5%.62.4%. The unemployment rate for the Midwest, where the Company conducts most of its business, increasedwas unchanged from 3.6%November in2025 to December 20232025 toat 4.1%4.1 in December 2024.%. Unemployment rates for December 20242025 in the states where the Company has a branch or a loan production office were: Arizona at 3.8%,4.3%, Arkansas at 3.4%,4.2%, Colorado at 4.4%,3.8%, Georgia at 3.7%,3.6%, Illinois at 5.2%,4.6%, Iowa at 3.2%,3.5%, Kansas at 3.6%,3.8%, Minnesota at 3.3%,4.1%, Missouri at 3.7%,3.9%, Nebraska at 2.8%,3.0%, North Carolina at 3.7%,3.9%, and Texas at 4.2%.4.3%. These rates arewere slightlyrelatively higherunchanged for a majority of the states compared to SeptemberNovember 2024.2025.
Existing-home sales increased by 2.2%5.1% in December 20242025, compared to November 2025, to a seasonally adjusted annual rate of 4.244.35 million,million; upyear-over-year 9.3%existing fromhome thesales previousincreased year.1.4%. In the Midwest, existing-home sales fellslowed 1.0%to 2.0% in December 20242025 toat an annual rate of 990,000,2.02 million, up 6.5%3.6% from one year earlier.
The median existing-home sales price rose 6.0%0.4% from December 20232024 to $404,400$405,400 in December 2024, which is the 18th consecutive month of year-over-year price increases.2025. The median price in the Midwest was $298,600,$306,000, up 9.0%3.1% from December 2023.2024. AllThe South and West regions reported median price increasesdecreases when compared to the prior year.year of 0.3% and 1.4%, respectively.
Total housing inventory registered at the end of December 20242025 was 1.151.18 million units, down 13.5%18.1% from November 20242025 and up 16.2%3.5% from 1.0one millionyear at the end of December 2023.ago. Unsold inventory sat at a 3.3-month supply at the end of December 2024,2025, down from 4.2 months in November 2025 and up from 3.13.2 months at the end ofin December 2023.2024.
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 December 20242025 were at a rate of 1.05981,000, million; 3.3%4.1% above the revised figure for November 2024 figure2025 of 1.02 million.$942,000.
Sales of new single‐family houses in December 20242025 were at a seasonally adjusted annual rate of 698,000,745,000 according to the U.S. Census Bureau and the Department of Housing and Urban Development. This was 3.6%1.7% below the November 2025 rate of 758,000 and 3.8% above the NovemberDecember 2024 rate of 674,000 and 6.7% above the December 2023 rate of 654,000.718,000.
The median sales price of new houses sold in December 20242025 was $427,000,$414,400. inThis lineis with4.2% above the $428,600November reported2025 in December 2023. The average salesmedian price in December 2024 of $513,600 was down from $514,000 in December 2023.$397,600. The seasonally‐adjusted estimate of new houses for sale at the end of December 2024 was 494,000. This2025 represented a supply of 8.57.6 months at the current sales rate.
According to Freddie Mac, the average commitment rate for a 30-year, fixed-rate mortgage was 6.95%6.09% as of January 31,22, 20252026, which was updown from 6.63%6.96% one year ago.
Other Residential (Multi-Family) Housing and Commercial Real Estate According to CoStar, the U.S. apartment market's supply-demand dynamic is ready for a rebalancing. Net deliveries in the fourth quarter of 2025 fell below 100,000 units, a decline of more than 30% from the same period a year earlier. After compressing slightly in the first half of 2025, vacancy increased in the second half of the year to its current rate of 8.6%. This prolonged imbalance signals a combination of cooling renter demand and lingering elevated new construction, which will keep vacancy high in the near term. Vacancy rates increased among quality segments, rising to 11.2% for 4- and 5-Star buildings, 8.1 % among 3 Star buildings and 6.1% for 1- & 2-Star buildings. Absorption in upcoming quarters is expected to slowly chip away at the nation's overall vacancy rate, which is forecast to decline from 8.5% at year-end 2025 to 8.4% by the fourth quarter of 2026. While overall vacancy is expected to decline in 2026, stabilized vacancy is forecast to inch upward through the first quarter of 2027, reflecting ongoing efforts to absorb the supply overhang built up over the past two years. This separation, easing overall vacancy alongside continually elevated stabilized vacancy, suggests rent growth improvement may be gradual, with its pace tempered by softness in stabilized communities.
Per CoStar, developers pushed supply to a 40-year high in 2024, with annual net deliveries peaking above 700,000 units in the fourth quarter. Annual supply fell by 25% in 2025 to approximately 523,000 units and is expected to decline by more than 36% in 2026 to approximately 333,000 units, the lowest level since 2014. The effect of the slowdown is not symmetrical across the nation. Phoenix, Atlanta, Houston, and Austin are forecasting significant delivery/supply cuts. Under-construction volumes also fell sharply in the fourth quarter of 2025, including declines of nearly 2,000 units in Austin, and notable reductions in Phoenix. On the opposite side of the spectrum, eleven of the largest 50 markets posted year-over-year increases in deliveries in 2025, with Los Angeles, Boston, and Columbus among the markets with rising supply. Miami and Charlotte lead nationally, with more than 8 percent of existing inventory under construction, the highest ratios in the country per CoStar.
Sale transaction activity, which contracted sharply beginning in 2022, has not only stabilized but accelerated, closing 2025 at approximately $135 billion. The rebound reflects a convergence of easing credit conditions, improved liquidity, and investor expectations after three Federal Reserve rate cuts in 2025. Private investors accounted for more than half of acquisitions in 2025, while institutional managers represented roughly one-quarter. This mixture of buyers illustrates a market where private capital is ample and the most likely to execute value-add and opportunistic strategies, while institutional funding remains selective, favoring cash-flowing strategies in supply constrained submarkets.
Other Residential (Multi-Family) Housing and Commercial Real Estate The U.S. multi-family market experienced a continued strong recovery in demand through 2024, driven by stable economic growth plus a continued slowing of renter households making the jump to ownership and creating fewer units to backfill. Despite the notable growth in demand in 2024, the influx of new supply continued to saturate the market. The gap closed significantly in the second half of 2024. In the fourth quarter of 2024, the supply/demand gap only totaled 24,000 units, the smallest amount since the end of 2021. Most new supply additions are concentrated at the 4 and 5 Star price point, contributing to the weakest rent growth observed in this level of the market. Consequently, the persistent imbalance between supply and demand stabilized the vacancy rate in the fourth quarter of 2024 at 8%.
CoStar reported, nationally, absorption continued to accelerate in the fourth quarter of 2024, offering the market an opportunity to stabilize and possibly begin recovering. The year ended December 31, 2024 saw 553,000 units absorbed, which was the strongest year since 2021. Despite this demand, 677,000 new units were completed in 2024, which completes three years in a row in which supply outpaced demand. Forecasts for 2025 show demand finally outpacing deliveries, which positions the market to see the vacancy rate begin declining. The 4 & 5 Star segment exhibited the weakest performance, at 0.2%, a slight improvement from the negative or zero year-over-year rent growth experienced over the past year due to increasing vacancies.
The Midwest and Northeast regions have fared the best over the past two years in terms of rent growth. Deliveries in the Midwest for 2024 were only 22,000 units higher than in 2019. This controlled increase in projected new supply is expected to keep Midwestern markets more balanced, thereby avoiding the oversupply conditions that contributed to weaker rent growth in the Sun Belt. At the market level, projections suggest that all but 2 major markets, Austin and San Antonio, will return to positive rent growth by the end of 2025. Kansas City was one of the metropolitan areas with the most robust rent growth at the end of 2024.
The December 2024 national multi-family market vacancy rates were slightly higher than the previous quarter at 8%. Our market areas reflected the following apartment vacancy levels as of December 20242025: Springfield, Missouri at 5.9%,7.0%, St. Louis at 9.9%,10.4%, Kansas City at 8.1%,9.1%, Minneapolis at 7.6%,6.5%, Dallas-Fort Worth at 11.2%,12.1%, Chicago at 5.1%,5%, Atlanta at 12.4%,11.6%, Phoenix at 11.7%,12.4%, Denver at 11.1%12.1% and Charlotte, North Carolina at 12.6%.12.1%.
An uncertain economic outlook dampened the office sector’s momentum through 2025. The national vacancy rate remained at its all-time high at 14.1% at December 31, 2025. On an encouraging note, supply growth has diminished to a historically low level. Net absorption turned positive in each of the final two quarters of 2025, offsetting occupancy losses earlier in the year. Given the overall improvement in performance, the CoStar forecast anticipates a vacancy plateau through 2026, followed by a gradual decrease. Rent growth is expected to strengthen in 2026, led by premium and Class A buildings.
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. 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. The overall national rate has fallen 100 basis points from its peak at 16.5% in early 2024, with four- and five-star buildings seeing even sharper declines. 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.
CoStar reported office asking rents have risen little for approximately the past 5 years. Outside of premium buildings and a few strong warm-weather markets, CoStar projects that effective rents are likely to remain stagnant for the next 12 to 18 months even as nominal rates begin to pick back up.
Investment activity continued to build during 2025, with sales volume reaching $58 billion, a 26% increase from the prior year. The number of office deals that traded during the year were double digits above last year's pace. Even as fundamentals remain fluid, investors are monitoring a potential change in leasing demand. The latter half of 2025 posted the first positive net absorption since 2021 just as the national vacancy rate reached its projected peak. The next several quarters may prove to be a pivotal time for restoring confidence in the office market. If current projections play out, the market could witness the convergence of peaking vacancies, steady leasing activity, a trough in rent growth, and accelerating capital flows. At the same time, the climb in CMBS delinquency rates in recent years is a good reminder that the office recovery is in early stages and will require a multi-year period of incremental progress to fully regain its footing.
Absorption for the office industry was flat for 2024, and the vacancy rate has remained unchanged since September 2024 at 13.9%. CoStar expects the vacancy rate to rise further before plateauing in 2026. Rents are expected to flatten out in the next 12 months before beginning a recovery driven by stabilizing demand and a lack of relevant, competitive supply. Various indicators show office attendance was still trending upward, albeit slowly. But while attendance was rising, office-using job growth had nearly stalled.
The stock of office space rose by about 25 million square feet in 2024 with a similar amount forecasted in 2025. The ongoing reset in property values could lead to lower asking rates as more buildings transact at significant discounts to prior valuations. The national trend showed a shrinking pipeline, as some cities, like Austin, TX, faced near-term supply pressure with only 3% of inventory underway.
CoStar reported office asking rents have remained steady over the past four years, and said a combination of aggressive discounts by new, low-basis owners, a looming lack of available space in premium new buildings, and an ongoing amount of sublease inventory is expected to keep office asking rents flat for the next 12 to 18 months. With attendance rising only gradually and job growth stagnant, there appears little likelihood of a dramatic change in demand conditions in the next 18-24 months.
As of December 2024,2025, national office vacancy rates remained stable at 13.9% compared to September 2024,14.1%, while our market areas reflected the following vacancy levels: Springfield, Missouri at 4.2%,4.0%, St. Louis at 9.7%,10.7%, Kansas City at 11.2%,10.5%, Minneapolis at 11.5%,11.8%, Dallas-Fort Worth at 18%,17.9%, Chicago at 16.7%,17.3%, Atlanta at 16.7%,16.8%, Denver at 17.2%,18.1%, Phoenix at 16.7%16.4% and Charlotte, North Carolina at 14.5%.14.2%.
The U.S. retail market experienced a challenging first half of 2025 with store closures and increased bankruptcy filings since 2020. The sector had a positive turn starting in the third quarter of 2025 that continued into the fourth quarter of 2025 with clear signs of stabilization and renewed momentum. The combination of low space availability, steady demand from a diverse array of areas, and minimal new supply should limit the magnitude of any vacancy expansion. The updated forecast calls for move-ins to rise further in the fourth quarter, supporting a stable to improving outlook for absorption and rents. While the balance of risks remains tilted to the downside, the sector's supply-constrained nature and the ongoing shift toward service and experience-based retail continue to reinforce expectations for steady long-term performance.
The share of available space leased each quarter remains elevated, and the median time to lease fell to a new historic low of under 7 months in the third quarter of 2025 (down from 7.3 months for the year and 7.5 months in the first quarter of 2025). Store closures, while a drag on net demand, have provided much-needed supply for expanding tenants. Costar market participants reported exceptionally strong backfill demand for spaces as they became available, with some landlords achieving rent increases of 40% or more on newly leased units. Leasing activity remained limited in number but meaningful in square footage. The following notable entities signed for more than 200,000 SF over the course of the year for 2025, demonstrating that well-located, large format space continues to attract demand when available: Crunch Fitness, The Picklr, Burlington, Hobby Lobby, and Academy Sports.
Rent growth moderated over the course of 2025, reflecting a normalization from the rapid gains seen in the prior two years. Rent performance continues to diverge across markets and segments. Metros in the South and West with strong population and income growth such as Austin, Dallas, and Orlando are outperforming, with annual rent gains of 3–5% or more. In contrast, supply-heavy and slow-growth markets, particularly in the Northeast and Midwest, have lagged, with some even experiencing negative rent growth. 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 over the next several quarters as the market works through the backlog of space from recent closures. 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.
As of December 31, 2024, the U.S. retail market was in one of its firmest fundamental positions on record thanks to steadily rising demand and limited new supply. However, there has been a sharp uptick in bankruptcies and store closures. At that date, there was just 501 million SF of space available for lease across the U.S., which was almost 125 million SF below the amount available for lease during the height of the pandemic.
As transaction volumes trended higher, the rise in cap rates was settling down. Higher exit caps have made it more challenging for developers to meet their proformas and an increasing number are choosing to hold instead of taking their assets to market. The shift in cap rates over the last two years was evident in the trend of single-tenant investment sales of net leased properties. Fewer buyers were in the market, and investment opportunities continued to expand. Unanchored and open-air shopping centers have seen cap rates above 7%, occasionally climbing into the 8% to 9% range, depending on market specifics and the quality of the asset. However, the limited new retail construction and historically low availability rates should limit any potential surge in vacancy rates in the event of a demand pullback.
Current U.S. industrial market performance continues to favor the tenant, reporting a decade-long high vacancy rate of 7.5%. Deliveries continued to outpace net absorption in 2025 and impending supply additions will pressure vacancy higher, in conjunction with pressure from ongoing concerns regarding consumer spending. Assuming the economy continues to expand, although at a reduced pace, vacancy is forecast to increase through 2026, peaking at around 8%, and begin declining into 2027 as deliveries moderate. The forecast for weaker absorption and higher near-term vacancy reflects a projected slowdown in U.S. retail spending growth, which Oxford Economics expects to remain positive but slow in 2026.
Annual net absorption remains sluggish, measuring 90.1 million SF over the last 12 months; however, it has strengthened in the second half of 2025. Tariffs present a risk to demand for logistics buildings, particularly in major West Coast port-dependent markets, as import traffic and U.S. consumer spending could slow. While industrial building deliveries are set to moderate further as the construction pipeline thins, supply growth will still likely outpace net absorption in upcoming quarters. Industrial tenants remain active, but the pace of new available space listings hitting the market continues to rise, outpacing leasing and raising the U.S. industrial availability rate, which, included under construction supply. Availability increased in most markets across the country. However, smaller spaces continue to lease relatively quickly. Spaces under 50,000 SF had a median month to lease of under 5 months in 2025, compared to 6.2 months for 50,000 to 100,000 SF spaces, and 8 months for spaces over 100,000 SF.
Rents for big-box logistics buildings have declined, while rent growth for small bay buildings remained positive. Rent growth has slowed down from a record gain of over 10% in 2022, diminishing further in 2025 from a 3.2% increase at the end of 2024. Nevertheless, due to the record rent growth achieved from 2021 through 2023, owners in many markets are still able to increase in-place rents when their tenants' long-term leases expire. While concessions were almost nonexistent when the market was booming during 2021 and 2022, three months of free rent are increasingly attainable on 5-to 7-year leases. Elevated vacancy levels will likely continue to restrict landlords' ability to raise rents on large buildings, while weak economic conditions and large rent increases recorded in recent years limit smaller tenants' ability to absorb further sharp increases in rent. Rent growth in 2026 will likely moderate for a third consecutive year due to elevated vacancy, even if net absorption increases gradually. Per CoStar, there is potential for rent growth to accelerate given the limited amount of new supply underway, downside risks to demand from trade disruption and a potential slowdown in U.S. retail spending weigh on the forecast.
U.S. industrial market performance continued to downshift in the fourth quarter of 2024. While the national vacancy rate is not expected to rise above its 20-year average of 7.0%, forecasts for 2025 could still prove challenging for the market. Net absorption has remained positive but continued to lose steam, with early 2024 registering the lowest first quarter absorption tally since 2012. Net absorption for 2024 was 101 million SF compared to 133 million SF for 2023. This weakness tied partly to recent 12-year lows in home sales, which lowered sales of furniture, building materials, and appliances, leading to large distribution center closures by tenants including Big Lots, Ashley Furniture, and Home Depot.
The prospect of escalating tariffs at home and abroad could make retailers hesitant to expand distribution networks until the threat of additional trade barriers dissipates. Significant tariff increases would also force retailers to raise prices, decreasing the volume of goods consumers are able to purchase. During November 2024, the CFO of Walmart, the third largest user of U.S. industrial space, noted that tariffs “are inflationary for customers” and that “there probably will be cases where prices will go up for consumers.”
The U.S. industrial market is nearing the end of a record development surge. Higher interest rates have caused construction starts on new industrial projects to fall over the past two years. Quarterly net supply additions are on pace to fall below the pre-pandemic three-year average by mid-2025 and continue declining through at least 2026 when supply growth is set to hit an 11-year low. A gradual but persistent decline in speculative development completions has already begun. As of December 31, 2024, the amount of vacant space among existing Phoenix logistics properties 50,000 SF or larger has increased by 35 million SF, primarily due to speculative development since 2019 pushing the vacancy rate among these buildings over 19%, while another 11 million SF worth of unleased space remained under construction.
Nationally, year-over-year industrial rent growth decelerated over the past 12 months to 2.3%, a rate which was below the pre-pandemic five-year average. In the near term, it is expected that rent growth will slow further in both the small bay and big box logistics sectors. If net absorption can gradually increase, there is potential for rent growth to reaccelerate and return to the pre-pandemic three-year average of 5.5% by 2026, given the limited amount of new supply that will likely be on track to be completed during the year. However, big box logistics properties in markets most saturated with speculative development such as Austin, Indianapolis, Greenville/Spartanburg, Phoenix, and San Antonio are most at risk of lagging in any developing rent recovery, either due to slower asking rent increases or lingering, high levels of concessions.
For the fourth quarter of 2024,2025, national industrial vacancy rateswas increased7.5% towhile 6.9%, from 6.8% for the third quarter of 2024. Ourour market areas reflected the following industrial vacancy levels for the fourth quarter of 2024: Springfield, Missouri at 1.6%,1.5%, St. Louis at 4.0%,5.4%, Kansas City at 5.2%,6%, Minneapolis at 4.0%,4.1%, Dallas-Fort Worth at 9.6%,8.8%, Chicago at 5.5%, Atlanta at 8.1%, Phoenix at 12%,12.1%, Denver at 7.9%8.9% and Charlotte, North Carolina at 9.2%.9.8%.
The Company’s total assets increaseddecreased $169.2$383.0 million, or 2.9%,6.4%, from $5.81 billion at December 31, 2023, to $5.98 billion at December 31, 2024.2024, to $5.60 billion at December 31, 2025. Full details of the current year changes in total assets are provided below, under “Comparison of Financial Condition at December 31, 20242025 and December 31, 2023.2024.”
Loans. In the year ended December 31, 2024,2025, the Company’s net loans increaseddecreased $100.8$333.5 million, or 2.2%,7.1%, from $4.59 billion at December 31, 2023, to $4.69 billion at December 31, 2024.2024, to $4.36 billion at December 31, 2025. This increasedecrease was primarily in other residential (multi-family) loans ($607.2 million increase), which was partially offset by decreases in construction loans ($358.7$161.8 million decrease), commercial businessconstruction loans ($109.1$96.5 million decrease), and one- to four- family residential loans ($57.2$51.3 million decrease), and commercial business loans ($41.8 million decrease). The pipeline of loan commitments remained strong at the end of 20242025 and increaseddecreased slightly compared to the end of 2023.2024. The pipeline of the unfunded portion of construction loans remained strong at the end of 20242025 and decreased slightly compared to the end of 2023.2024. As construction projects were completed, the related loans were either paid off or moved from the construction category to the appropriate permanent loan categories. 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.
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 has occurred in some loan types, primarily other residential (multi-family) loans andup until 2025; however, other residential (multi-family) loan balances decreased in most2025. 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 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.
Of the total loan portfolio at December 31, 20242025 and 2023,2024, 92.1%92.3% and 89.5%,92.0%, respectively, was secured by real estate, as this is the Bank’s primary focus in its lending efforts. At December 31, 20242025 and 2023,2024, commercial real estate and commercial construction loans (excluding multi-family loans) were 36.1%38.3% and 36.8%36.1% of the Bank’s total loan portfolio, respectively. Commercial real estate and commercial construction loans generally afford the Bank an opportunity to increase the yield on, and the proportion of interest rate sensitive loans in, its portfolio. They do, however, present somewhat greater risk to the Bank because they may be more adversely affected by conditions in the real estate markets or in the economy generally. At both December 31, 20242025 and 2023,2024, loans made in the Springfield, Missouri metropolitan statistical area (Springfield MSA) comprised 8% of the Bank’s total loan portfolio. The Company’s headquarters are located in Springfield and we have operated in this market since 1923. Loans made in the St. Louis metropolitan statistical area (St. Louis MSA) comprised 16% and 17% of the Bank’s total loan portfolio at both December 31, 20242025 and 2023.2024, respectively. The Company’s expansion into the St. Louis MSA, beginning in May 2009, has provided an opportunity to not only diversify from the Springfield MSA, but also has provided access to a larger economy with increased lending opportunities despite higher levels of competition. Loans made in the St. Louis MSA are primarily commercial real estate, commercial business and other residential (multi-family) loans, which are less likely to be impacted by the higher levels of unemployment rates, as mentioned above under “Current Economic Conditions,” than if the focus were on one- to four-family residential and consumer loans. For further discussions of the Bank’s loan portfolio, and specifically, commercial real estate and commercial construction loans, see “Item 1. Business – Lending Activities.”
The percentage of fixed-rate loans in our loan portfolio has been as much as 40%39% in recent years and was 37%34% as of December 31, 2024.2025. The majority of the increase in fixed rate loans over the past few years was in commercial real estate, which typically has short durations within our portfolio. Of the total amount of fixed rate loans in our portfolio as of December 31, 2024,2025, approximately 90%80% mature within the next five years and therefore are not considered to create significant long-term interest rate risk for the Company. The majority of the loans within the portfolio that mature in over five years are one- to four- family residential loans. Fixed rate loans make up only a portion of our balance sheet and our overall interest rate risk strategy. As of December 31, 2024,2025, our interest rate risk models indicated a one-year interest rate earnings sensitivity position that is generally balanced to modestly positive in an increasing rate environment. For further discussion of our interest rate sensitivity gap and the processes used to manage our exposure to interest rate risk, see “Quantitative and Qualitative Disclosures About Market Risk – How We Measure the Risks to Us Associated with Interest Rate Changes.” For discussion of the risk factors associated with interest rate changes, see “Risk Factors – We may be adversely affected by interest rate changes.”
While our policy allows us to lend up to 95% of the appraised value on one-to four-family residential properties, originations of loans with loan-to-value ratios at that level are minimal. Private mortgage insurance is typically required for loan amounts above the 80% level. Few exceptions occur and would be based on analyses which determined minimal transactional risk to be involved. We consider these lending practices to be consistent with or more conservative than what we believe to be the norm for banks our size. At both December 31, 20242025 and 2023,2024, 0.2% of our owner occupied one- to four-family residential loans had loan-to-value ratios above 100% at origination. At both December 31, 20242025 and 2023,2024, an estimated 0.4%, of total non-owner occupied one- to four-family residential loans had loan-to-value ratios above 100% at origination.
Available-for-sale Securities. Available-for-sale securities increased $55.2 million, or 11.5%, from $478.2 million at December 31, 2023, to $533.4 million at December 31, 2024. The Company purchased some agency mortgage-backed securities in 2024 with expected yields significantly in excess of the overall portfolio yield. For further information on investment securities, see Note 2 to the accompanying financial statements contained in this Report.
Held-to-maturityAvailable-for-sale Securities. Held-to-maturityAvailable-for-sale securities decreased $7.6$9.6 million, or 3.9%,1.8%, from $195.0$533.4 million at December 31, 2023,2024, to $187.4$523.8 million at December 31, 2024.2025. For further information on investment securities, see Note 2 to the accompanying financial statements contained in this Report.
Held-to-maturity Securities. Held-to-maturity securities decreased $8.2 million, or 4.4%, from $187.4 million at December 31, 2024, to $179.2 million at December 31, 2025. For further information on investment securities, see Note 2 to the accompanying financial statements contained in this Report.
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 year ended December 31, 2024,2025, total deposit balances decreased $116.2$122.8 million, or 2.5%.2.7%. Compared to December 31, 2023,2024, transaction account balances decreasedincreased $54.3$73.2 million and retail certificates of deposit decreased $172.4$87.3 million. The decreaseincrease in transaction accounts was primarily a result of aan decreaseincrease in non-interest-bearing accounts and various NOWmoney market accounts, as small businesses and individuals appear to be drawing down their balances to pay for goods and services, or are seeking a higher-yielding alternative. Retail certificates of deposit decreased due to a decrease in retail certificates generated through the banking center network and time deposits initiated through internet channels, which experienced a planned decrease as part of the Company’s balance sheet management between funding sources. Brokered deposits, including IntraFi program purchased funds, were $663.4 million at December 31, 2025, a decrease of $108.7 million from $772.1 million at December 31, 2024, an increase of $110.6 million from $661.5 million at December 31, 2023.2024. The Company uses brokered deposits of select maturities and interest rate characteristics from time to time to supplement its various funding channels and to manage interest rate risk.
Short-term borrowings and other interest-bearing liabilities increaseddecreased $261.6$183.3 million from $252.6 million at December 31, 2023 to $514.2 million at December 31, 2024.2024 to $330.9 million at December 31, 2025. The Company may utilize overnight borrowings and short-term FHLBank advances, depending on relative interest rates. In addition, inas of December 31, 2024, the Company had utilized BTFP borrowings of $180.0 million from FRBSTL.FRBSTL, which were repaid in full in 2025.
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% onin December 16, 2015, the FRB had last changed interest rates onin December 16, 2008. This was the first rate increase since September 29, 2006. The FRB also implemented rate increases of 0.25% on eight additional occasions beginning in December 14, 2016 and through December 31, 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 3 and a 1.00% decrease on March 16. 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%. Financial markets now expect the possibility of further decreases in Federal Funds interest rates in 20252026 to be likely,mixed, butif possiblyany, with potential cuts of only 0.50%0.25% at a methodical pace and with interest rate decisions being made at each FRB meeting based on economic data available at the time.
Great Southern’s loan portfolio includes loans ($1.57$1.58 billion at December 31, 20242025) tied to various SOFR indices that will be subject to adjustment at least once within 90 days after December 31, 2024.2025. All of these loans have interest rate floors at various rates. Great Southern also has a portfolio of loans ($748.0$654.1 million at December 31, 20242025) 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. In addition, Great Southern has a portfolio of loans ($8.6 million at December 31, 2024) tied to an AMERIBOR index that will adjust immediately or within 90 days of a change to the rate of interest on this index. All of these loans had interest rate floors at various rates. At December 31, 2024,2025, nearly all of these SOFR, AMERIBORSOFR and “prime rate” loans had fully-indexed rates that were at or above their floor raterate. We expect the majority of these SOFR and so“prime arerate” expectedloans to move fully with future market interest rate increases, and most are expected to move fully with future market interest rate decreasesdecreases, as many of these loans have floor rates well below their current index rate.
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, AMERIBOR-basedSOFR-based and prime-based loans.
What changed in the latest 10-Q
Risk Factors
There have been no material changes to the risk factors set forth in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
No wording changes found in this section.
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Management's Discussion & Analysis (MD&A)
New heading “Non-GAAP Reconciliation: Exclusion of One-Time Branch Consolidation and Severance Costs”
Largest changes
“Current U.S. industrial market performance continues to favor the tenant, reporting a decade-long high vacancy rate of 7.5% in March 2026. Deliveries continued to outpace net absorption in 2025 and impending supply additions will pressure vacancy higher, in conjunction with pressure from ongoing concerns regarding consumer spending. Assuming the economy continues to expand, although at a reduced pace, vacancy is forecast to increase through 2026, peaking below 8%, and begin declining into 2027 as deliveries moderate. …”see in full comparison
“Non-GAAP Reconciliation: Exclusion of One-Time Branch Consolidation and Severance Costs”see in full comparison
“Net occupancy and equipment expenses: Net occupancy and equipment expenses increased $2.2 million, or 26.7%, from the prior-year period. In June 2026, the Company decided to consolidate operations of nine banking centers into other nearby Great Southern banking center locations and close one leased facility which served as the Company’s Omaha, Neb. loan production office. …”see in full comparison
“The banking center consolidations and the workforce reductions are expected to result in approximately $2.3 - $2.7 million in annual pre-tax income improvement, beginning in the fourth quarter of 2026. This estimate incorporates compensation, facility and other non-interest expense savings, expected to be $4.4 - $4.8 million annually. …”see in full comparison
“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. …”see in full comparison
“Sale transaction activity rose 31% in the first quarter of 2026 based on the trailing four-quarters. This rebound reflects a convergence of easing credit conditions, improved liquidity, and investor expectations after three Federal Reserve rate cuts in 2025. Private investors accounted for more than half of acquisitions in 2025, while institutional managers represented roughly one-quarter. …”see in full comparison
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Goodwill and intangible assets that have indefinite useful lives are subject to an impairment test at least annually and more frequently if circumstances indicate their value may not be recoverable. Goodwill is tested for impairment using a process that estimates the fair value of each of the Company’s reporting units compared with its carrying value. The Company defines reporting units as a level below each of its operating segments for which there is discrete financial information that is regularly reviewed. As of MarchJune 31,30, 2026, the Company had one reporting unit to which goodwill has been allocated – the Bank. If the fair value of a reporting unit exceeds its carrying value, then no impairment is recorded. If the carrying value exceeds the fair value of a reporting unit, further testing is completed comparing the implied fair value of the reporting unit’s goodwill to its carrying value to measure the amount of impairment. Intangible assets that are not amortized are tested for impairment at least annually by comparing the fair values of those assets to their carrying values. At MarchJune 31,30, 2026, goodwill consisted of $5.4 million at the Bank reporting unit, which included goodwill of $4.2 million that was recorded during 2016 related to the acquisition of 12 branches and the assumption of related deposits in the St. Louis market. Other identifiable deposit intangible assets that were subject to amortization were amortized on a straight-line basis over a period of seven years and have been fully amortized.
At MarchJune 31,30, 2026, the amortizable intangible assets included the arena naming rights of $4.2$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 MarchJune 31,30, 2026 and the three months ended March 31, 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.
Management does not believe any of the Company’s goodwill or other intangible assets were impaired as of MarchJune 31,30, 2026. While management believes no impairment existed as of MarchJune 31,30, 2026, different conditions or assumptions used to measure fair value of the reporting unit, or changes in cash flows or profitability, if significantly negative or unfavorable, could have a material adverse effect on the outcome of the Company’s impairment evaluation in the future.
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.
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 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 quarterhalf of 2026.
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 MarchJune 31,30, 2026, Core PCE, which excludes food and energy prices, rose 3.2%to 3.3% from 2.6% one year ago; the Federal Reserve’s target is 2%.
Based on Moody’s U.S. Baseline Outlook and Alternative Scenarios Analysis dated AprilJuly 2026, real GDP grew in the fourthfirst quarter of 20252026 by 0.7%2.1% annualized.based on the third estimate from the Bureau of Economic Analysis. The newJuly April2026 outlook on GDP growth for 2026 and 2027 is 2.3%2.2% and 1.7%,1.9%, respectively, whichcompared isto aApril decrease2026’s report of 2.3% for 2026 from January’s projection of 2.6% and an increase1.7% for 2027, which was 1.5%.2027.
The national unemployment rate decreasedchanged slightlyminimally to 4.2% for June 2026 compared to 4.3% for MarchMay 2026 compared to February 2026 at 4.4%.2026. The number of unemployed individuals was 7.27.1 million as of MarchJune 2026. Healthcare,Leisure construction,and hospitality employment declined by 61,000 in June 2026, reflecting weaker than usual seasonal hiring, but employment continued to trend up in professional and business services, social assistance, transportation and warehousinghealth contributed 137,000 of the total job gains in March 2026.care.
As of MarchJune 2026, the labor force participation rate (the share of working-age Americans employed or actively looking for a job) remaineddecreased stableby at0.3% 61.9%.to 61.5%. The unemployment rate for the Midwest, where the Company conducts most of its business, increaseddecreased from 4.2% for FebruaryMarch 2026 at 4.2% to aJune preliminary2026 4.6%at for March 2026.4.0%. Unemployment rates for MarchJune 2026 in the states where the Company has a branch or a loan production office were as follows: Arizona at 4.7%,4.9%, Arkansas at 4.7%,4.1%, Colorado at 3.9%, Georgia at 3.5%,3.4%, Illinois at 5.1%, Iowa at 3.3%,3.2%, Kansas at 3.9%,3.8%, Minnesota at 4.5%,4.4%, Missouri at 3.9%,3.7%, Nebraska at 3.1%,2.9%, North Carolina at 3.7%,3.6%, and Texas at 4.3%.4.4%. These rates are relatively unchanged for a majority of thethose states compared to FebruaryMarch 2026.
Existing-home sales decreased 3.6%2.4% in MarchJune 2026, compared to FebruaryMay 2026, to a seasonally adjusted annual rate of 3.984.09 million; year-over-year existing home sales decreased 1.0%.2.8%. In the Midwest, existing-home sales sloweddecreased byto 4.2%3.0% in MarchJune 2026 toat an annual rate of $920,000,$980,000, downup 3.2%2.1% from one year earlier.
The median existing-home sales price rose 1.4%1.8% from MarchJune 2025 to $408,800$432,700 in MarchJune 2026. The median price in the Midwest in June 2026 was $315,500,$346,600, up 4.9%2.7% from MarchJune 2025. The South region reported a median price increase when compared to the prior year of 0.8%0.9% and the West region reported a median price decreaseincrease when compared to the prior year of 1.3%.0.9%.
Total housing inventory registered at the end of MarchJune 2026 was 1.361.56 million units, updown 3.0%0.6% from FebruaryMay 2026 and up 2.3%1.3% from one year ago. Unsold inventory sat at a 4.1-month4.6-month supply at the end of MarchJune 2026, up from 3.84.5 months atin the end of FebruaryMay 2026 and up from 4.04.6 months atfrom theone endyear of March 2025.ago.
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 MarchJune 2026 were at an annual rate of 1,032,000,895,000, 9.7%0.2% abovebelow the revised figure for FebruaryMay 2026 of 941,000.897,000.
Sales of new single‐family houses in MarchJune 2026 were at a seasonally adjusted annual rate of 682,000628,000 according to the U.S. Census Bureau and the Department of Housing and Urban Development. This was 7.4%1.6% above the FebruaryMay 2026 rate of 635,000618,000 and 3.3%5.6% abovebelow the MarchJune 2025 rate of 660,000.665,000.
The median sales price of new houses sold in MarchJune 2026 was $387,400,$398,300, 5.3%which was 3.3% below the May 2026 median price of $409,000 in February 2026.$412,000. The seasonally adjusted estimate of new houses for sale at the end of MarchJune 2026 represented a supply of 8.59.3 months at the current sales rate.
According to Freddie Mac, the average commitment rate for a 30-year, fixed-rate mortgage was 6.30%6.55% as of AprilJuly 21,22, 2026, down from 6.83%6.75% one year ago.
Other Residential (Multi-Family) Housing and Commercial Real Estate According to CoStar, the U.S. apartment market is moving toward improved supply-demand balance, but conditions remain soft. Net deliveries in the second quarter of 2026 slowed to 113,000 units, which is down 25% from a year earlier. Construction starts have dropped to their lowest level in more than a decade, reflecting declining rent trends, longer lease-up timelines, higher capital costs, and tighter lending standards. Deliveries are reducing from their peak, yet supply is still projected to run above normal absorption, pushing vacancy higher through the second half of 2026. Vacancy rates overall decreased to 8.1% in the second quarter of 2026, with vacancy of 10.1% for 4- & 5-star buildings, at 8.1% among 3-star buildings, and 6.2% for 1- & 2-star buildings. Geographic variation remains a distinguishing feature of multifamily performance. Vacancies are rising most in the South and Mountain regions, where new supply has been concentrated, while Midwest and Northeast markets remain more balanced. Among the 50 largest markets, vacancy is among the highest in San Antonio, Memphis, and Austin.
Other Residential (Multi-Family) Housing and Commercial Real Estate According to CoStar, the U.S. apartment market’s supply-demand is ready for a rebalancing. Net deliveries are projected to marginally exceed absorption later in 2026, resulting in vacancy leveling out across the year. Vacancy rates decreased among quality segments, to 10.9% for 4- and 5-star buildings as absorption outpaced deliveries in this segment. However, 3 Star buildings reported an increase in vacancy to 8.3%, compared to 6.3% for 1- and 2-Star buildings. Absorption in upcoming quarters is expected to be offset by deliveries and lingering supply overhang from prior years. While overall vacancy is expected to plateau in 2026, stabilized vacancy is forecast to inch upward through the second quarter of 2027, reflecting ongoing efforts to absorb the supply overhang built up over the past two years. This separation, with stable overall vacancy alongside continually elevated stabilized vacancy, suggests rent growth improvement may be gradual, with its pace tempered by softness in stabilized communities.
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 thatthe year. Annual supply fell by 24% by year-end 2025, to approximately 529,000 units, and is projected to decline by more than 36%27% in 2026 to approximately 333,000385,000 units,units at year-end 2026, the lowest level since 2014.2019. 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 fourthfirst quarterhalf of 2025,2026, including declines of nearlymore 1,700than 6,700 units in Phoenix,Dallas-Fort Worth, 4,200 units in Houston, and notable reductions in Austin.Charlotte Conversely,as 11well. ofIf thesustained, 50this largestpullback marketsin arenew projectedsupply would support excess inventory absorption in overbuilt Sun Belt markets, helping stabilize vacancy and support a return to poststronger year-over-yearrent increasesgrowth inby deliveriesearly 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.2027.
Sale transaction activity continued to expand in the second quarter of 2026, albeit slower than the first quarter of 2026, at 3,600 transactions versus 18,000 properties in the first quarter. The change in pace stems from a combination of meager rent growth and a modest repricing of interest rate expectations. Activity remains concentrated in large, liquid markets where asset quality is consistent. Those markets include Atlanta, Chicago, and Phoenix to name a few. Cap rates have also stabilized for 4- and 5-star assets, between 5% and 5.5%, with premier assets occasionally dipping into the upper 4% territory. Comparatively, 3-Star properties are more likely to trade between 5.75% to 6.25%.
Sale transaction activity rose 31% in the first quarter of 2026 based on the trailing four-quarters. This rebound reflects a convergence of easing credit conditions, improved liquidity, and investor expectations after three Federal Reserve rate cuts in 2025. Private investors accounted for more than half of acquisitions in 2025, while institutional managers represented roughly one-quarter. This mixture of buyers illustrates a market where private capital is abundant and the most likely to execute value-add and opportunistic strategies, while institutional funding remains selective, favoring cash-flowing strategies in supply constrained submarkets. However, the level of optimism seen in 2025 may be moderating.
Our market areas reflected the following apartment vacancy levels as of MarchJune 2026: Springfield, Missouri at 7.6%,8.7%, St. Louis 10.5%,10.0%, Kansas City 8.9%,8.5%, Minneapolis at 6.6%,6.1%, Dallas-Fort Worth 12.3%,11.6%, Chicago 5.1%,5.2%, Atlanta 11.6%,10.9%, Phoenix 11.7%,11.2%, Denver 11.7%10.3% and Charlotte, North Carolina 12.9%.11.7%.
The office sector sawcontinued lowto net deliveries and asee demand rebound in the secondfirst half of 2025.2026, However,with growth in the geographiclast unevennessfour ofconsecutive demand and stagnant hiring suggests that downside risks persist in 2026.quarters. The national vacancy rate fell to 14.0%13.9% as of MarchJune 31,30, 2026 from a record high of 14.2% at midyear 2025. Net absorption turned positive in each of the final two quarters of 2025, offsetting occupancy losses earlier in the year. Given the overall improvement in performance, the forecast anticipates a continued high level of vacancy through the remainder of 2026, followed by a gradual decrease, driven primarily by an ongoing supply-side adjustment. DallasThis has all occurred despite an overall lack of hiring by firms in the traditional office-using powerhouse industries of information, finance, and Houstonprofessional outperformedservices. Collectively, organizations in absorption,these reflecting strong population andknowledge-based economic growth,sectors whilehave Chicagoshed postedroughly occupancy675,000 lossesjobs exceedingsince 4early million2023. squareThe feet.long-term Rentprojections growthare isstill expecteduncertain toon remainhow stagnantmuch inrecovery 2026.the office market will see.
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.
Office asking rents have risen little since early 2020, while effective rents have fallen significantly. Class A prime location rents have increased sharply in some submarkets, with demand concentrating in premium buildings. Meanwhile, Class A buildings in non-premium buildings have struggled until recently to maintain steady rents. Constricting availability has helped to stabilize rents in this tier of buildings in some markets, but not all. In certain submarkets, highly amenitized and/or transit-oriented areas, asking rents have resumed growth at or above the rate of inflation.
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.
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.
CoStar reported office asking rents have risen little for approximately the past five years. Going forward, a lack of new supply is expected to counterbalance generally average demand, allowing overall rent growth to stay nominally positive in 2026 before accelerating to a pace that exceeds inflation by 2028.
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.
As of MarchJune 2026, national office vacancy rates remained stable at 14.0%,13.9%, while our market areas reflected the following vacancy levels: Springfield, Missouri at 4.3%,3.9%, St. Louis at 10.8%,11%, Kansas City 10.0%,9.9%, Minneapolis 11.7%,12.5%, Dallas-Fort Worth at 17.8%,17.4%, Chicago at 17.2%,17.0%, Atlanta at 16.6%,16.4%, Denver at 18.1%,18.5%, Phoenix at 16.4%15.8% and Charlotte, North Carolina at 14.2%.13.1%.
The U.S. retail market reportedleveled a modest softeningout in the firstsecond 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.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.
Leasing activity remained a key point of strength in 2025 and in the first half of 2026. Estimated leasing volume exceeded 54 million SF in the second quarter of 2026, marking the strongest pace recorded since early 2024 and reinforcing the depth of tenant demand for well-located space. Market participants continue to report rapid backfilling of second-generation vacancies, particularly in centers with strong traffic and visibility. The median time to lease remains near historic lows, and the share of available space leased each quarter continues to run above historical norms, reflecting sustained competition for high-quality inventory.
Leasing activity remained a key point of strength in 2025 and early 2026. Estimated leasing volume exceeded 54 million SF in the first quarter of 2026, marking the strongest pace recorded since early 2024 and reinforcing the depth of tenant demand for well-located space. CoStar market participants reported exceptionally strong backfill demand for spaces as they became available, with landlords reporting strong interest and competitive leasing dynamics. Leasing continues to be dominated by smaller-format, freestanding, and in-line spaces. Spaces under 2,500 SF continue to account for a disproportionate share of transactions, reflecting ongoing demand from service-oriented and experience-driven tenants, including food service, fitness, personal care, and wellness concepts. Value-oriented retailers and national fitness operators remain among the most active tenant groups, supporting steady leasing velocity even as broader demand formation becomes more selective. Retailers are prioritizing fewer, higher-quality locations, reinforcing the divergence between top-performing assets and older, less competitive inventory.
Retail rent growth continued to moderate through the firstsecond quarter of 2026, with the national average asking rent risinghovering justaround 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 CharlotteCharlotte, 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 insubdued linebut withstable recentover historicalthe averages.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.
During the firstsecond quarter of 2026, national retail vacancy rates remained steady at 4.4%4.3% while our market areas reflected the following vacancy levels: Springfield, Missouri at 2.4%,2.5%, St. Louis at 4%,3.9%, Kansas City at 4.6%,4.7%, Minneapolis at 2.8%,2.6%, Dallas-Fort Worth at 5.1%, Chicago at 4.9%, Atlanta at 4.4%, Phoenix at 4.6%,4.8%, Denver at 4.5%,4.4%, and Charlotte, North Carolina at 3.4%.3.3%.
Current U.S. industrial market performance continues to favor the tenant, reporting a decade-long high vacancy rate of 7.4% at June 30, 2026. While net absorption has recovered from soft activity, a supply overhang remains. Assuming the economy continues to expand, albeit at a reduced sub-2% real GDP growth rate, according to Oxford Economics, vacancy is forecast to increase through the remainder of 2026, peaking below 8%, and to begin declining in 2027 as deliveries moderate. Going forward, continued trade uncertainty remains a drag on demand, specifically for national and regional logistics distribution hubs. Consumer spending on goods could weaken due to inflationary shocks and a reduction in real household incomes.
Due to elevated vacancy rates and slower leasing, year-over-year rent growth slowed to 1.2% for June 2026, its lowest rate since 2012. Annual asking rent growth has pulled back across various size groups, declining roughly 2.7% for spaces larger than 50,000 square feet, remaining flat for leases between 25,000 and 50,000 square feet, and rising less than 1% for smaller spaces. Competitive lease-up of new supply and elevated availability in older buildings continue to pressure landlord pricing power. While small-bay space remains the most liquid segment of the market, rising availability across most size ranges points to continued near-term softness in rent growth across markets and property types. However, due to record rent growth from 2021 through 2023, owners in many markets are still able to raise in-place rents when their tenants’ long-term leases expire. In the near term, rents for big-box logistics buildings of up to 500,000 SF are likely to remain soft due to elevated supply availability in most markets. Large industrial buildings in markets with the most saturated speculative development, such as Austin, Indianapolis, Phoenix, and San Antonio, are most at risk.
Sales volume increased to approximately $26 billion in the second quarter of 2026. This drive was carried forward from 2025, when total sales surpassed $80 billion, making it the third strongest year on record. Deal flow continues to skew toward the extremes. Transactions under $10 million remain the most active segment, while the $10 million to $50 million range has not progressed as far. Meanwhile, institutional capital has returned to the high end of the market, with sales over $50 million gaining share and showing renewed traction. Cap rates have expanded roughly 150 basis points and now typically hover in the mid-5% to 6% range. Pricing risk remains level as construction deliveries continue to slow.
Current U.S. industrial market performance continues to favor the tenant, reporting a decade-long high vacancy rate of 7.5% in March 2026. Deliveries continued to outpace net absorption in 2025 and impending supply additions will pressure vacancy higher, in conjunction with pressure from ongoing concerns regarding consumer spending. Assuming the economy continues to expand, although at a reduced pace, vacancy is forecast to increase through 2026, peaking below 8%, and begin declining into 2027 as deliveries moderate. The forecast for moderate absorption and slightly higher near-term vacancy reflects a projected slowdown in U.S. retail spending growth, which Oxford Economics expects to remain positive but slow in 2026. Annual net absorption has slowed, measuring 123 million SF over the last 12 months; however, it strengthened in the second half of 2025. Tariffs present a risk to demand for logistics buildings, particularly in major West Coast port-dependent markets, as import traffic and U.S. consumer spending could slow. While industrial building deliveries are set to moderate further as the construction pipeline thins, supply growth will still likely outpace net absorption in upcoming quarters. Industrial tenants remain active, but the pace of new available space listings hitting the market continues to rise, outpacing leasing and raising the U.S. industrial availability rate, which, included under construction supply. Availability increased in most markets across the country. However, smaller spaces continue to lease relatively quickly. Spaces under 50,000 SF had a median month to lease of under 5 months in 2025, compared to 6.2 months for 50,000 to 100,000-SF spaces, and over 8 months for spaces over 100,000 SF.
Rents for big-box logistics buildings have declined, while rent growth for small bay buildings remained positive. Rent growth has slowed down from a record gain of over 10% in 2022, diminishing further in 2025 to 1.7% from a 3.5% increase at the end of 2024.
Nevertheless, due to the record rent growth achieved from 2021 through 2023, owners in many markets are still able to increase in-place rents when their tenants’ long-term leases expire. While concessions were almost nonexistent when the market was booming during 2021 and 2022, three months of free rent are increasingly attainable on 5-to 7-year leases and property owners are increasingly offering concessions to secure large leases. Elevated vacancy levels will likely continue to restrict landlords’ ability to raise rents on large buildings, while weak economic conditions and large rent increases recorded in recent years limit smaller tenants’ ability to absorb further sharp increases in rent. Rent growth in 2026 will likely moderate for a third consecutive year due to elevated vacancy, even if net absorption increases gradually. Per CoStar, there is potential for rent growth to accelerate given the limited amount of new supply underway, though downside risks to demand from trade disruption and a potential slowdown in U.S. retail spending weigh on the forecast.
For the firstsecond quarter of 2026, national industrial vacancy was 7.5%7.4% while our market areas reflected the following industrial vacancy levels: Springfield, Missouri at 1.4%,1.5%, St. Louis at 5.3%,5.6%, Kansas City at 5.7%,5.9%, Minneapolis 4.3%,4.5%, Dallas-Fort Worth at 8.5%,8.2%, Chicago at 5.4%,5.5%, Atlanta at 8.4%,8.7%, Phoenix at 11.5%,10.6%, Denver at 9.4%9.0% and Charlotte, North Carolina at 10.4%.10.0%.
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.
Great Southern’s total assets increaseddecreased $88.7$75.8 million, or 1.6%,1.4%, from $5.60 billion at December 31, 2025, to $5.69$5.52 billion at MarchJune 31,30, 2026. Details of the current period changes in total assets are provided below, under “Comparison of Financial Condition at MarchJune 31,30, 2026 and December 31, 2025.”
Loans. Net outstanding loans increaseddecreased $99.8$49.1 million from December 31, 2025, to $4.46$4.31 billion at MarchJune 31,30, 2026. The increasedecrease was primarily in constructioncommercial real estate loans and commercialother realresidential estate(multi-family) loans, partially offset by aan decreaseincrease in other residential (multi-family)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.
Until 2025, the Company had experienced total loans receivable balances that were stable to growing over the past few years.growing. Total commercial real estate and commercial construction balances were fairly stable over the pastpreceding 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 2025.2025 Inand in the first threesix months of 2026, total loans receivable balances returned to growth.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, Omaha,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 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.
While our policy allows us to lend up to 95% of the appraised value on one- to four-family residential properties, originations of loans with loan-to-value ratios at that level are minimal. Private mortgage insurance is typically required for loan amounts above the 80% level. Few exceptions occur and would be based on analyses which determined minimal transactional risk to be involved. We consider these lending practices to be consistent with or more conservative than what we believe to be the norm for banks our size. At both MarchJune 31,30, 2026 and December 31, 2025, 0.2% of our owner occupied one- to four-family residential loans had loan-to-value ratios above 100% at origination. At MarchJune 31,30, 2026 and December 31, 2025, 0.2% and 0.4% of our non-owner occupied one- to four-family residential loans had loan-to-value ratios above 100% at origination, respectively.
Available-for-sale Securities. In the threesix months ended MarchJune 31,30, 2026, available-for-sale securities decreased $10.0$20.0 million, or 1.9%,3.8%, from $523.8 million at December 31, 2025, to $513.8$503.8 million at MarchJune 31,30, 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, see Note 5 to the accompanying financial statements contained in this Report.
Held-to-maturity Securities. In the threesix months ended MarchJune 31,30, 2026, held-to-maturity securities decreased $1.6$3.9 million, or 0.9%,2.2%, from $179.2 million at December 31, 2025, to $177.6$175.3 million at MarchJune 31,30, 2026, due to principal payments on mortgage-backed securities and collateralized mortgage obligations.
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 threesix months ended MarchJune 31,30, 2026, total deposit balances decreased $37.6$180.7 million, or 0.8%.4.0%. Compared to December 31, 2025, brokered deposits decreased $87.8 million, transaction account balances decreased $9.1$56.0 million, or 0.3%,1.8%, to $3.12$3.07 billion at March 31, 2026,billion, and retail certificates of deposit decreased $17.0$36.9 million, or 2.5%,5.4%, to $671.4$651.5 million at MarchJune 31,30, 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 $15.8$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 $652.0$575.6 million and $663.4 million at MarchJune 31,30, 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.
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 MarchJune 31,30, 2026 and 2025 – Liquidity” below for further information on funding sources.
Securities sold under reverse repurchase agreements with customers. Securities sold under reverse repurchase agreements with customers decreased $11.3$8.6 million from $48.5 million at December 31, 2025 to $37.2$39.9 million at MarchJune 31,30, 2026. These balances fluctuate over time based on customer demand for this product.
Short-term borrowings and other interest-bearing liabilities. Short term borrowings and other interest-bearing liabilities increased $139.8$114.7 million from $330.9 million at December 31, 2025 to $470.7$445.6 million at MarchJune 31,30, 2026. The Company’s FHLBank term advances were $-0- at both MarchJune 31,30, 2026 and December 31, 2025. At MarchJune 31,30, 2026 and December 31, 2025, there waswere $470.0$445.0 million and $330.0 million, respectively, in overnight borrowings from the FHLBank, which were included in short term borrowings.
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 inbetween December 2016 throughand 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 decreasedecreases 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 threesix months of 2026, there were no changes to the Federal Funds rate. The Federal Funds rate remained at 3.75% at MarchJune 31,30, 2026. Financial markets currentlyno longer expect the possibility of further decreases in Federal Funds interest rates in 20262026, and now expect the Federal Funds interest rate to beremain mixed,steady if any, with financial markets now pricing in zeroor to oneincrease potentialmodestly cut of only 0.25% forby the remainderend of 2026.
Great Southern’s loan portfolio includes loans ($1.71$1.68 billion at MarchJune 31,30, 2026) tied to various SOFR indexes that will be subject to adjustment at least once within 90 days after MarchJune 31,30, 2026. Nearly all of these loans have interest rate floors at various rates. Great Southern also has a portfolio of loans ($601.8$614.3 million at MarchJune 31,30, 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 MarchJune 31,30, 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.
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 onIn the Company’sevent netof interestan incomeFRB ifrate cut, the Company ismay unablebe limited in its ability to significantly lower its funding costs due to a highly competitive rate environment for deposits,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.loans, although funding costs may also increase.
As of MarchJune 31,30, 2026, Great Southern’s interest rate risk models indicateindicated that, generally, rising interest rates arewould be expected to have a modestly positive impact on the Company’s net interest income, while declining interest rates arewould 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.
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,funding since March 2023, resulting in higher costs for those funds. This has been especially true since early March 2023. Deposit and other funding costs moderated a bitsome 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 threesix 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.”
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 MarchJune 31,30, 2026 and 2025.”
The Company maintains its focus on technology initiatives and advancements with its current core provider.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.
GSBC insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 8 filings (8 insiders, 7 trade dates, 27,988 shares, about $1.9M). Net open-market shares: -27,988 (purchases minus sales); net value about -$1.9M.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-17 | Brown Julie A |
Open-market sale | 851 | $81.00 | $68.9K |
| 2026-07-21 | Turner William V |
Gift | 6,400 | $78.71 | $503.7K |
| 2026-07-14 | Pitt Douglas M |
Other | 46 | $78.01 | $3.6K |
| 2026-07-14 | Carlson Thomas J |
Other | 96 | $77.84 | $7.5K |
| 2026-07-14 | Hart Debra Mallonee |
Other | 11 | $78.01 | $858 |
| 2026-07-14 | Edwards Steven D |
Other | 23 | $77.71 | $1.8K |
| 2026-07-14 | Brown Julie A |
Other | 43 | $77.55 | $3.3K |
| 2026-07-14 | Turner Joseph W |
Other | 15 | $77.71 | $1.2K |
| 2026-05-26 | Steinert Earl A Jr |
Option exercise | 1,500 | $57.98 | $87.0K |
| 2026-05-26 | Steinert Earl A Jr |
Option exercise | 2,000 | $60.15 | $120.3K |
| 2026-05-26 | Steinert Earl A Jr |
Open-market sale | 4,500 | $71.62 | $322.3K |
| 2026-05-26 | Steinert Earl A Jr |
Option exercise | 1,000 | $61.55 | $61.5K |
| 2026-05-18 | Turner William V |
Open-market sale | 6,000 | $68.35 | $410.1K |
| 2026-05-18 | Turner William V |
Option exercise | 6,000 | $52.20 | $313.2K |
| 2026-05-06 | Baker Kevin L |
Open-market sale | 2,800 | $69.96 | $195.9K |
| 2026-05-06 | Baker Kevin L |
Option exercise | 2,800 | $52.20 | $146.2K |
| 2026-05-01 | Maples Mark A |
Option exercise | 1,187 | $57.98 | $68.8K |
| 2026-05-01 | Maples Mark A |
Option exercise | 1,200 | $61.55 | $73.9K |
| 2026-05-01 | Maples Mark A |
Open-market sale | 2,387 | $68.96 | $164.6K |
| 2026-05-01 | Copeland Rex A |
Option exercise | 914 | $52.20 | $47.7K |
| 2026-05-01 | Copeland Rex A |
Open-market sale | 914 | $68.77 | $62.9K |
| 2026-05-01 | Copeland Rex A |
Option exercise | 1,250 | $52.20 | $65.2K |
| 2026-04-30 | Copeland Rex A |
Option exercise | 2,036 | $52.20 | $106.3K |
| 2026-04-30 | Copeland Rex A |
Open-market sale | 2,036 | $68.25 | $139.0K |
| 2026-04-30 | Turner Joseph W |
Open-market sale | 6,000 | $68.16 | $409.0K |
| 2026-04-30 | Turner Joseph W |
Option exercise | 6,000 | $52.20 | $313.2K |
| 2026-04-20 | Bugh John M |
Option exercise | 2,500 | $41.30 | $103.2K |
| 2026-04-20 | Bugh John M |
Open-market sale | 2,500 | $67.59 | $169.0K |
| 2026-04-14 | Hart Debra Mallonee |
Other | 13 | $67.28 | $875 |
| 2026-04-14 | Carlson Thomas J |
Other | 109 | $67.57 | $7.4K |
| 2026-04-14 | Edwards Steven D |
Other | 26 | $67.97 | $1.8K |
| 2026-04-14 | Pitt Douglas M |
Other | 54 | $67.28 | $3.6K |
| 2026-04-14 | Brown Julie A |
Other | 50 | $67.56 | $3.4K |
| 2026-04-14 | Turner Joseph W |
Other | 17 | $67.57 | $1.1K |
Well-known investors holding GSBC (13F)
None of the 59 investors we track reported a position in their latest 13F.