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• Bank of America for the Midwest
• A regional Wells Fargo

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• Deposit Accounts: Offers a variety of checking, savings, money market, and certificate of deposit accounts for individuals and businesses to manage their funds.
• Commercial Real Estate Loans: Provides financing for the acquisition, development, and construction of commercial properties, including office, retail, and multi-family units.
• Commercial and Industrial Loans: Delivers credit solutions to businesses for working capital, equipment purchases, inventory financing, and other operational needs.
• Residential Mortgage Loans: Offers various mortgage products to individuals for purchasing or refinancing primary residences and investment properties.
• Consumer Loans: Provides personal loans, auto loans, and home equity lines of credit to individuals for a wide range of personal financing needs.
• Treasury Management Services: Supplies businesses with tools and services like remote deposit capture, automated clearing house (ACH) services, and wire transfers to optimize cash flow and manage liquidity.
• Wealth Management and Investment Services: Offers financial planning, investment advisory, and trust services to individuals and businesses seeking to grow and preserve their assets.

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Great Southern Bancorp (symbol: GSBC) is a financial institution, specifically a bank holding company that operates Great Southern Bank. As such, it does not have "major customers" in the traditional sense of a few large entities purchasing its products. Instead, it serves a broad base of depositors and borrowers across various market segments.

The company primarily sells its financial products and services to individuals and businesses. Here are the major categories of customers that Great Southern Bancorp serves:

• Retail Banking Customers (Individuals and Households): This category includes individual consumers and families who utilize a range of personal banking services such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), individual retirement accounts (IRAs), mortgages, home equity loans, personal loans, and debit/credit card services.
• Commercial Banking Customers (Businesses and Organizations): This category encompasses small to medium-sized businesses (SMBs), larger corporations, and non-profit organizations. These customers rely on Great Southern for business checking and savings accounts, commercial loans, lines of credit, equipment financing, treasury management services, merchant services, and other specialized business banking solutions.
• Commercial Real Estate (CRE) Investors and Developers: This segment is a significant focus for many banks, including Great Southern. It involves providing financing for the acquisition, development, construction, and refinancing of commercial properties such as office buildings, retail centers, multi-family residential complexes, industrial facilities, and mixed-use developments.

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Joseph W. Turner, President & Chief Executive Officer

Mr. Turner joined Great Southern in 1991, became an officer in 1995, and a director in 1997, serving as President and Chief Executive Officer since 2000. Before joining Great Southern, he was an attorney with the Kansas City, Missouri law firm of Stinson LLP (formerly Stinson, Mag and Fizzell). He is the son of William V. Turner, the Chairman, and the brother of Julie Turner Brown, a Director. Mr. Turner is also a board member at CoxHealth.

Rex A. Copeland, Senior Vice President, Treasurer & Chief Financial Officer

Mr. Copeland joined Great Southern Bank in 2000 and is responsible for the company's financial functions, including internal and external financial reporting. He previously practiced as a Certified Public Accountant and served other financial services companies in corporate accounting, internal audit, and independent public accounting prior to his time at Great Southern.

William V. Turner, Chairman of the Board

Mr. Turner has served as Chairman of the Board of Great Southern since 1974, and held roles as Chief Executive Officer from 1974 to 2000 and President from 1974 to 1997. He has held similar positions with Bancorp since its formation in 1989 and also served as Chairman and President of Great Southern Financial Corporation since 1974. He is the father of Joseph W. Turner and Julie Turner Brown.

Julie Turner Brown, Director

Ms. Brown has served as a Director of Great Southern Bancorp since 2002. She is an attorney and shareholder with the Springfield, Missouri law firm of Carnahan Evans, P.C. Ms. Brown is the daughter of William V. Turner and the sister of Joseph W. Turner. Her legal background provides valuable expertise to the Board.

Larry D. Frazier, Independent Director

Mr. Frazier was first appointed a director of Great Southern and Bancorp in 1992. He is retired from White River Valley Electric Cooperative, where he served as Chief Executive Officer from 1975 to 1998, and also served as President of Rural Missouri Cable T.V., Inc. from 1979 to 2000.

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1. Limited Growth Prospects and Scale: As a community bank with less than $10 billion in assets, Great Southern Bancorp's valuation multiples tend to be constrained due to a relative lack of scale. The company faces limited growth prospects, influenced by muted loan demand and its slow-growth geographic footprint, which could impact its long-term performance and potential for significant upside beyond current levels.

2. Cybersecurity and Operational Risk: The company is exposed to the risk that its security measures may not be sufficient to prevent cyber-attacks or cyber theft. Such incidents could lead to systems failures or interruptions, potentially disrupting operations, compromising data, and incurring significant costs.

3. Regulatory Changes and Compliance Risk: Great Southern Bancorp operates in a highly regulated environment. Adverse legislative or regulatory changes could significantly affect the company's business operations, financial performance, and compliance costs.

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The clear emerging threat for Great Southern Bancorp (GSBC) is the accelerating disruption from digital-first banks (neobanks), specialized fintech companies, and large technology firms entering various aspects of financial services. These entities often leverage superior technology, lower overheads, and innovative user experiences to offer services that can attract customers away from traditional regional banks. This includes online-only deposit accounts, peer-to-peer payment systems, specialized lending platforms, and digital wallets with integrated financial products. While GSBC's business has traditionally relied on physical branch networks and localized relationships, the banking industry is increasingly national and digital, allowing these newer entrants to compete effectively for deposits and loan customers across geographic boundaries.

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Great Southern Bancorp (GSBC) offers a range of financial products and services, including retail banking, commercial banking, and wealth management. The addressable markets for these services, primarily within their operating regions, are as follows:

• Commercial Banking: The market size for the Commercial Banking industry in Missouri is projected to be $29.4 billion in 2025.

• Retail Banking: For the state of Missouri, where Great Southern Bancorp has a significant retail banking presence, state-chartered banks reported total deposits of $166.5 billion and loan volume of $136.7 billion as of June 30, 2024. These figures represent the overall scale of banking activity, encompassing retail banking services within the region.

• Wealth Management Services: The global wealth management market was valued at approximately $1.68 trillion in 2023, with North America holding a dominant share. The global wealth management services market is projected to reach about $3.5 trillion by 2033.

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Great Southern Bancorp (GSBC) is expected to drive future revenue growth over the next two to three years through a combination of strategic initiatives and effective financial management. These drivers primarily focus on optimizing net interest income, expanding its lending portfolio, leveraging technology, and maintaining strong asset quality.

1. Net Interest Margin (NIM) Expansion and Optimization: Great Southern Bancorp has demonstrated consistent improvement in its net interest margin, with reported increases in Q1, Q2, and Q3 2025. This improvement is largely attributed to proactive funding cost management, including a decrease in the average rate paid on interest-bearing liabilities, coupled with stable loan and investment yields. The company's disciplined balance sheet strategy is expected to support continued NIM optimization, directly contributing to net interest income growth.

2. Targeted Loan Growth and Relationship-Based Lending: While overall loan balances have experienced some fluctuations, Great Southern Bancorp's management anticipates stable loan balances through the end of 2025 and sees opportunities for growth across its operational footprint. The company emphasizes a relationship-based approach to banking and lending, which is expected to foster new loan originations and expand the loan portfolio, thereby increasing interest income.

3. Strategic Investments in Technology and Infrastructure: Great Southern Bancorp has been making strategic investments in technology and infrastructure, which have already contributed to improved net interest margin and overall profitability. Continued focus on these investments is expected to enhance operational efficiency, improve the customer experience, and potentially enable the launch of new products or services. These advancements can indirectly drive revenue by making the bank more competitive and attractive to customers.

4. Strong Credit Quality and Risk Management: The company consistently highlights its strong credit quality, disciplined underwriting, and sound credit practices. By effectively managing credit risk and maintaining a healthy loan portfolio, Great Southern Bancorp can minimize provisions for credit losses, which directly impacts net income. This prudent approach to risk management supports sustainable lending activities and the overall financial stability necessary for long-term revenue generation.

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Share Repurchases

• In December 2022, Great Southern Bancorp's Board of Directors authorized a new stock repurchase program for up to one million additional shares.
• As of October 16, 2025, the company completed the repurchase of 1,000,000 shares for $54.2 million under the December 2022 authorization.
• A new stock repurchase authorization for up to one million additional shares was approved in the second quarter of 2025, set to take effect once the then-current authorization was fully utilized.

Share Issuance

• Great Southern Bancorp's stockholders' equity increased by $4.2 million in the third quarter of 2025 due to stock option exercises.
• In the first quarter of 2025, stock option exercises contributed to a $1.2 million increase in stockholders' equity.

Capital Expenditures

• Great Southern Bancorp aims to strategically invest in areas that enhance its capabilities and position the company for sustained future growth.
• Non-interest expenses in the third quarter of 2025 increased, partly attributed to technology upgrades.