Great Southern Bancorp, Inc. (GSBC): Business Model Canvas [Dec-2025 Updated]

You're digging into the nuts and bolts of how Great Southern Bancorp, Inc. (GSBC) actually makes money and manages risk, which is smart given the current rate environment. Honestly, looking at their Q3 2025 numbers-like the $50.8 million in Net Interest Income and that rock-solid Tier 1 Leverage Ratio of 11.9%-it's clear their model hinges on disciplined commercial lending and core deposit gathering across their $5.74 billion asset base. We see a clear strategy focused on relationship banking and maintaining a strong capital base, which is their main defense. This canvas breaks down exactly where their value comes from and what keeps the lights on. It's a focused blueprint for stability.

Great Southern Bancorp, Inc. (GSBC) - Canvas Business Model: Key Partnerships

Correspondent banks for liquidity and services are implicitly linked to the secured funding lines available from the Federal Home Loan Bank (FHLBank) and the Federal Reserve Bank.

Debit card brand providers offer expense reimbursement, which directly offsets marketing costs. For the quarter ended March 31, 2025, Great Southern Bancorp, Inc. received an annual marketing and card expense reimbursement of $433,000.

Tax credit partnerships are a source of non-interest income, though the amounts are lumpy and not predictable. For the quarter ended June 30, 2025, Great Southern Bancorp, Inc. recorded income of $1.1 million related to exits from, and other activities of, its investments in tax credit partnerships.

The Federal Home Loan Bank (FHLBank) provides secured funding lines. Availability on the FHLBank line was $1.11 billion as of September 30, 2025.

Technology vendors are crucial for the digital infrastructure. Great Southern Bancorp, Inc. selected Fiserv to overhaul its digital banking and payments experience, utilizing the DNA core processing platform. Non-interest expense for the quarter ended March 31, 2025, included an increase of $694,000 (or 8.9%) in net occupancy and equipment expense, largely due to ongoing investments in systems, hardware, and software infrastructure.

Here's the quick math on the primary funding and liquidity partnerships as of late 2025:

The technology vendor relationship with Fiserv supports the bank, which had total assets of $6.0 billion as of March 27, 2025.

You can see the reliance on these external entities for funding and operational support in the structure. The key is monitoring the FHLBank availability against actual utilization, which isn't detailed here.

• Fiserv: Core processing platform (DNA) provider.
• Debit Card Brand Provider: Source of marketing expense offset.
• FHLBank: Primary secured funding source.
• Tax Credit Partnership Counterparties: Source of variable non-interest income.

Finance: draft 13-week cash view by Friday.

Great Southern Bancorp, Inc. (GSBC) - Canvas Business Model: Key Activities

You're looking at the core engine of Great Southern Bancorp, Inc. as of late 2025. These aren't just things they do; these are the specific, measurable actions that drive their financial results, based on their latest filings through Q3 2025.

Commercial real estate and multifamily loan origination

Great Southern Bancorp, Inc.'s banking operation is fundamentally about originating various loans, including commercial real estate and construction loans, and funding them through public deposits and borrowings. While total net loans saw a decrease of $222.7 million in the third quarter of 2025, the historical driver for loan portfolio growth, as seen in late 2024, was commercial real estate and multi-family residential lending.

Here's a look at the scale of their balance sheet activity as of the end of the third quarter of 2025:

They are definitely focused on maintaining a pipeline, even if payoffs were high in Q2 2025.

Core deposit gathering and funding cost management

A critical activity is attracting core deposits and managing the cost of that funding. You can see the success of this management in the improved net interest margin (NIM). The annualized NIM improved to 3.72% in the third quarter of 2025, up from 3.42% in the third quarter of 2024.

This margin expansion was helped by a lower cost of funds:

• Average rate paid on total interest-bearing liabilities in Q3 2025 was 2.66%.
• This was down from 3.24% paid in the third quarter of 2024.
• Net interest income for Q3 2025 was $50.8 million, a 5.8% increase year-over-year.

Managing deposit costs is clearly a top-tier activity for Great Southern Bancorp, Inc.

Maintaining a strong capital base and regulatory compliance

Great Southern Bancorp, Inc. actively manages its capital structure to remain well above regulatory thresholds. This involves retaining earnings and managing asset growth to keep key ratios strong. The company reported a total asset base of $5.74 billion at the end of the third quarter of 2025.

Their capital strength as of Q3 2025 and Q1 2025 highlights this focus:

They definitely operate with a significant buffer above minimums.

Disciplined credit underwriting and risk management

Keeping credit quality pristine is a constant key activity, which translates directly into lower provisions and better net income. The results show success in this area through Q3 2025.

Key credit quality metrics include:

• Non-performing assets (NPAs) were $7.8 million at the end of Q3 2025.
• NPAs as a percentage of total assets stood at 0.14% in Q3 2025.
• This represents an improvement from 0.16% of total assets at the end of 2024.
• Total net charge-offs for Q3 2025 were not explicitly detailed, but Q1 2025 net charge-offs were only $56,000.
• The allowance for credit losses (ACL) was 1.36% of total loans at March 31, 2025.

Prudent underwriting standards are clearly a core operational focus.

Strategic stock repurchases to return capital to shareholders

Returning capital through share repurchases is a stated strategic action, often announced following strong earnings quarters. Great Southern Bancorp, Inc. repurchased 165,116 shares in the third quarter of 2025 at an average price of $60.33 per share.

The commitment to this activity is ongoing:

• The Board approved a new stock repurchase authorization of up to another 1 million shares following Q3 2025 results.
• In the first quarter of 2025, the company executed common stock repurchases totaling $10.2 million.
• The company also declared a quarterly dividend of $0.43 per common share for Q3 2025, marking its 143rd consecutive quarterly payment (based on the Q3 dividend declaration mentioned in a later report).

Finance: draft 13-week cash view by Friday.

Great Southern Bancorp, Inc. (GSBC) - Canvas Business Model: Key Resources

You're looking at the core assets Great Southern Bancorp, Inc. uses to run its business as of late 2025. These aren't abstract concepts; these are the hard numbers backing up their operations.

The capital strength is definitely a key resource. As of September 30, 2025, Great Southern Bancorp, Inc. reported a Tier 1 Leverage Ratio of 11.9%. This ratio shows how much capital they have relative to their assets, and that figure is well above regulatory minimums, signaling a solid buffer against unexpected losses.

On the balance sheet side, the overall size of the firm is substantial. Great Southern Bancorp, Inc. held Total assets of $5.73 Billion USD as of September 2025. This scale supports their regional banking operations.

The engine of the business is its lending activity. The net loan portfolio, emphasizing commercial lending, stood at approximately $4.47 billion, based on recent reports showing a decrease from $4.69 billion. This portfolio is the primary driver of interest income for Great Southern Bancorp, Inc.

Physical presence remains critical for a regional bank. Great Southern Bancorp, Inc. maintains a network consisting of 89 retail banking centers across states like Missouri, Iowa, Kansas, Minnesota, Arkansas, and Nebraska. Beyond the branches, they support this with commercial lending offices in key metropolitan areas.

The management team's focus on core banking fundamentals is an intangible but vital resource. This focus has translated into strong credit quality performance, with non-performing assets at just 0.14% of total assets as of June 30, 2025. The team is clearly prioritizing disciplined underwriting.

Here's a quick look at the scale of the physical and financial footprint:

The operational structure also includes specific commercial lending offices in major hubs, which you can see listed out:

• Atlanta
• Charlotte
• Chicago
• Dallas
• Denver
• Omaha
• Phoenix

Great Southern Bancorp, Inc. (GSBC) - Canvas Business Model: Value Propositions

You're looking at what Great Southern Bancorp, Inc. offers its customers and investors-the core reasons they choose them over the competition. It's built on a foundation that's been around since 1923, focusing on solid, long-term banking relationships.

Stable, relationship-based banking with a conservative credit posture

The bank emphasizes a resilient approach to lending, which shows up in their asset quality figures. They keep non-performing assets (NPA) low, which is a big signal of a conservative credit posture. For instance, as of Q2 2025, non-performing assets were just $8.1 million, representing 0.14% of total assets. Even earlier in the year, Q1 2025 showed NPAs at $9.5 million, or 0.16% of total assets. The most recent figure available, as of September 30, 2025, shows NPAs at only $7.8 million. This discipline helps maintain stability, which is key for relationship banking.

Financial stability and high capital ratios, exceeding regulatory minimums

You can see the financial strength by looking at how well-capitalized Great Southern Bancorp, Inc. is. They maintain capital levels well above what regulators require, giving them a strong buffer. Here's a look at some of those key ratios from early 2025:

The Q2 2025 Tangible Common Equity Ratio was reported at 10.5%, still showing a healthy buffer above minimums. This financial heft supports their operations, which, as of Q3 2025, managed total assets of $5.74 billion.

Competitive loan products, especially for commercial real estate and construction

Great Southern Bank's core lending activities center on several key areas. They are active in originating commercial real estate loans, construction loans, commercial business loans, and consumer loans. Even with a shifting environment, the pipeline for construction loans remained strong heading into 2025. For example, in Q1 2025, the loan portfolio saw increases:

• Other residential (multi-family) loans increased by $43.2 million.
• Construction loans increased by $29.1 million.

Still, they also saw a decrease in commercial real estate loans of $54.4 million during that same quarter, showing they manage the portfolio actively based on market conditions.

Localized, community-focused service through a multi-state branch network

The value proposition includes a physical presence that supports community focus. Headquartered in Springfield, Missouri, Great Southern Bank operates a significant network across the US heartland and beyond. They run 89 retail banking centers across states including Missouri, Iowa, Kansas, Minnesota, Arkansas, and Nebraska. Plus, they have commercial lending offices in major hubs like Chicago, Dallas, and Atlanta. Overall, the company has 97 offices spanning 12 states.

Consistent shareholder value demonstrated by a $0.43 Q3 2025 dividend

Returning value to shareholders is a clear part of the offering. The Board declared a quarterly dividend of $0.43 per common share for the third quarter of 2025. This payment, which was payable on October 14, 2025, marked the 143rd consecutive quarterly dividend paid by the company. This was an increase of $0.03 from the prior quarter's dividend of $0.40 per share. This consistency shows a commitment to rewarding investors, even as they manage the business, which reported Q3 2025 revenue of $57.84 million.

Great Southern Bancorp, Inc. (GSBC) - Canvas Business Model: Customer Relationships

Great Southern Bancorp, Inc. centers its business on a long-term, relationship-driven banking model. This approach is designed to foster deep customer trust, which is reflected in their deposit stability; for instance, total deposits increased by $152.5 million during the first quarter of 2025. You are serving more than 222,700 customers across your footprint, and the success of this model relies heavily on the human element provided by your staff.

The personalized service aspect is delivered through local branch staff, supported by over 1,100 dedicated associates. This commitment to service quality shows up in operational metrics. For example, in 2025, the bank achieved a significant improvement in service efficiency, with 80% of customer calls consistently answered within 30 seconds. Furthermore, employee retention in the call center improved substantially, with the attrition rate dropping by 44% to just 11.5%, well below the industry average of 27%. This suggests that happier employees are delivering better service, which is key to retention.

For commercial clients, Great Southern Bancorp, Inc. deploys dedicated commercial lending officers in major metropolitan markets. You maintain commercial lending offices in key cities including Atlanta, Charlotte, Chicago, Dallas, Denver, Omaha, and Phoenix. This local presence allows for the disciplined, relationship-based lending that supports strong credit quality, evidenced by non-performing assets standing at a mere 0.14% of total assets as of September 30, 2025.

You balance this high-touch service with self-service options via online and mobile banking platforms. The bank has recorded an increase of over 2,000 customer banking interactions completed through self-service channels, which helps reallocate resources to other service improvements. While specific platform usage numbers for Great Southern Bancorp, Inc. aren't public, the industry trend shows that digital banking is the preferred method for 77% of consumers, with mobile being significantly more popular than the web-based online platform.

Proactive management of deposit costs to maintain customer retention is a critical financial lever. The bank actively manages its funding mix, as seen when it redeemed all outstanding 5.50% fixed-to-floating rate subordinated notes in June 2025 to avoid a significant interest cost increase. This discipline helped improve the annualized net interest margin to 3.68% in the second quarter of 2025, up from 3.43% in the year-ago quarter. Here's a look at the cost control on liabilities:

The relationship focus is also evident in the specialized lending teams and the types of relationships you cultivate:

• Commercial lending offices in 8 major metropolitan markets.
• SBA Lending offers up to 90% financing with up to 25-year amortization.
• Focus on relationship-driven loan growth to support longer-term stability.
• Low non-performing assets ratio of 0.14% as of September 30, 2025.

You're managing customer expectations by investing in technology that speeds up human interaction. Finance: draft 13-week cash view by Friday.

Great Southern Bancorp, Inc. (GSBC) - Canvas Business Model: Channels

You're looking at how Great Southern Bancorp, Inc. gets its value proposition to its customers and how it secures its funding base. It's a mix of the traditional Midwest footprint and modern digital access, supported by specialized corporate channels.

The physical presence is anchored in the heartland, but the reach extends to major commercial hubs. This dual approach lets Great Southern Bancorp, Inc. serve local consumer needs while pursuing larger commercial lending opportunities in key markets. The total physical footprint, as of early 2025 reports, is quite specific.

Here's the quick math on the physical and funding channels Great Southern Bancorp, Inc. uses:

The corporate services and brokered deposit networks are key for managing funding costs, which is evident in the Q1 2025 results where strategic management of these deposits helped improve the net interest margin to 3.57%.

You can see the reliance on the physical footprint when looking at deposit sources. For the year ended December 31, 2024, Great Southern Bancorp, Inc.'s total deposits decreased by $116.2 million. Still, the bank is investing in its physical future; for example, construction began on a next-generation banking center in Springfield, Mo., in March 2025, expected to finish in Q4 2025.

The digital channel is a necessary complement, even if the hard numbers for its direct usage aren't public. To be fair, most Americans, around 77 percent, prefer managing accounts digitally as of 2025 general trends, and 96 percent rate their existing digital experience as good or better.

The physical network supports the core relationship banking model, which is what Great Southern Bancorp, Inc. emphasizes for its more than 130,000 households.

• Retail Banking Centers States: 6
• Commercial Lending Office Hubs Mentioned: 7 (Atlanta, Charlotte, Chicago, Dallas, Denver, Omaha, Phoenix)

Finance: draft 13-week cash view by Friday.

Great Southern Bancorp, Inc. (GSBC) - Canvas Business Model: Customer Segments

You're looking at the core groups Great Southern Bancorp, Inc. serves to generate its revenue, which is heavily weighted toward lending and deposits across its regional footprint. Here's a breakdown of those segments based on the latest figures we have through September 30, 2025.

The lending side clearly targets commercial activity, with a significant focus on real estate. As of September 30, 2025, Great Southern Bancorp, Inc.'s total net loans stood at $4.47 billion. This portfolio is overwhelmingly concentrated in property-related lending; about 92% of its loans are for real estate or construction. This concentration suggests that small to medium-sized businesses (SMBs) needing commercial loans and commercial real estate developers are primary borrowers.

The emphasis on commercial real estate is substantial. Looking back to the end of 2024, multifamily and commercial real estate loans each made up 32% of the total loan portfolio. While loan payoffs have reduced the overall book size to $4.47 billion by September 30, 2025, the commitment to construction remains active, with unfunded construction commitments holding steady at approximately $600 million as of that date. Monthly fundings for construction were reported between $30 million to $40 million in the third quarter of 2025.

The table below gives you a snapshot of the loan book composition based on the most detailed historical data available, which informs the current segment focus:

Retail customers form the backbone of the deposit base and branch network. Great Southern Bancorp, Inc. is headquartered in Springfield, Missouri, and operates 89 retail banking centers across Missouri, Iowa, Kansas, Minnesota, Arkansas and Nebraska. The bank serves more than 130,000 households. Total deposits at the end of 2024 were $4.61 billion. The bank is actively managing its funding mix; for instance, from June 30, 2025, to September 30, 2025, total deposits decreased $77.5 million, with the reduction occurring almost exclusively in the broker deposit area.

The segment of high-net-worth individuals is served through deposit products like time and money market accounts, which contribute to the overall deposit base. While a specific breakdown of HNW utilization isn't itemized, the overall deposit structure shows the competitive environment for these funds. The average rate paid on time deposits decreased by 63 basis points in the three months ended June 30, 2025, compared to the same period in 2024.

Institutional investors and shareholders are those holding the common stock, listed on the NASDAQ Global Select Market under the symbol GSBC. The company's capital strength is a key metric for this segment. As of September 30, 2025, the tangible common equity to tangible assets ratio was 10.9%. The company had total assets of $5.74 billion at that same date.

• Retail banking centers operate in 6 states: Missouri, Iowa, Kansas, Minnesota, Arkansas, and Nebraska.
• Commercial lending offices are strategically placed in major metros including Chicago, Dallas, Denver, Atlanta, Charlotte, Omaha, and Phoenix.
• The company's Tier 1 Leverage Ratio was 11.9% as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Great Southern Bancorp, Inc. (GSBC) - Canvas Business Model: Cost Structure

When you look at the cost structure for Great Southern Bancorp, Inc. as of late 2025, the primary focus for management is clearly on managing funding costs, which directly impacts the net interest margin. The cost of money is a huge lever for a bank like GSBC.

Interest expense on deposits and borrowings (a key focus for management)

For the third quarter ended September 30, 2025, the total interest expense was reported at $28.3 million. This figure represented a notable reduction from the $35.8 million reported in the third quarter of 2024. This decrease was largely attributed to a lower cost of interest-bearing deposits and various borrowings, benefiting from FOMC rate cuts in late 2024 and September 2025. Furthermore, there was no interest expense recorded for subordinated notes in Q3 2025 because those notes were redeemed in June 2025. The average rate paid on total interest-bearing liabilities fell to 2.66% in Q3 2025, down from 3.24% in the same period last year.

Management is definitely keeping a close eye on funding costs, especially given the competitive deposit environment. Here's a quick look at the key cost figures from the Q3 2025 report:

Non-interest expense of $36.1 million in Q3 2025

The total non-interest expense for the third quarter of 2025 was $36.1 million. This was an increase of $2.4 million compared to the $33.7 million reported in the third quarter of 2024. The increase was driven by higher legal and professional fees, plus necessary upgrades to the Bank's core technology systems. The ratio of non-interest expense to average assets was 2.50% for the three months ended September 30, 2025.

Personnel costs for branch and lending staff

While the specific dollar amount for personnel costs isn't broken out separately in the immediate data, you know this is a major component of the total non-interest expense. Great Southern Bancorp, Inc. supports its operations with over 1,100 dedicated associates. These associates staff the physical footprint, which includes:

• 97 offices across 12 states.
• 89 retail banking centers in states like Missouri, Arkansas, Kansas, Iowa, Minnesota, and Nebraska.
• Seven commercial lending offices in major markets like Atlanta, Chicago, Dallas, Denver, Omaha, Phoenix, and Charlotte.

The cost of this team is baked into that $36.1 million figure, so expense management definitely involves staffing levels and productivity across this network.

Occupancy and equipment expenses for 97 offices

For the third quarter of 2025, the reported Net occupancy expenses increased to $8.9 million. This reflects the ongoing cost to maintain the physical infrastructure supporting the 97 offices. You have to factor in rent, utilities, maintenance, and depreciation for that entire network, which is significant even if the net figure is slightly up year-over-year.

Technology investments to enhance digital capabilities

The increase in non-interest expense was partly due to upgrades of the Bank's core technology systems. This shows Great Southern Bancorp, Inc. is actively spending capital to improve its digital offerings, which is a necessary cost to compete with modern banking platforms. Finance: draft 13-week cash view by Friday.

Great Southern Bancorp, Inc. (GSBC) - Canvas Business Model: Revenue Streams

You're looking at how Great Southern Bancorp, Inc. brings in the money, focusing on the numbers from late 2025. The core of the revenue engine is definitely the spread between what they earn on assets and what they pay out on liabilities.

For the third quarter of 2025, Great Southern Bancorp, Inc. reported $50.8 million in Net Interest Income (NII). This was a solid increase of approximately 5.8% compared to the same quarter last year, which management attributed to effectively managing interest expense on deposits and borrowings. The annualized net interest margin for the quarter ended September 30, 2025, stood at 3.72%.

Total interest income for that same quarter reached $79.1 million. This income is generated across the balance sheet, primarily from the loan portfolio and investment securities. At the end of Q3 2025, the total net loans for Great Southern Bancorp, Inc. stood at $4.47 billion, down from $4.53 billion at the end of Q2 2025.

Here's a quick look at the major revenue drivers for the third quarter of 2025:

Non-interest income provides the necessary diversification to the NII. For Q3 2025, this stream totaled $7.1 million. This figure is supported by several fee-based activities that you'd expect from a community bank.

The sources feeding into that non-interest income include:

• Service charges on deposit accounts.
• Fees generated on loans.
• Debit card fees collected from transactions.

It's important to note a temporary factor that influenced this period's interest income. Great Southern Bancorp, Inc. recognized approximately $2.0 million in interest income related to a terminated interest rate swap during Q3 2025. That specific benefit concluded after the quarter, as the swap's original termination date was October 6, 2025. Any future revenue streams from mortgage loan sales or tax credit partnership activities would be embedded within the total non-interest income figure, though specific dollar amounts for those items weren't separately itemized in the preliminary results.

Finance: draft 13-week cash view by Friday.