Great Southern Bancorp, Inc. reported preliminary earnings of $1.72 per diluted common share for the second quarter of 2025, a significant increase from $1.45 per diluted common share in the second quarter of 2024. Net income for the quarter reached $19.8 million, up from $17.0 million in the prior-year quarter. Net interest income increased by $4.2 million, or 8.9%, to $51.0 million compared to the second quarter of 2024.
The annualized net interest margin further expanded to 3.68% in Q2 2025, up from 3.43% in Q2 2024 and 3.57% in Q1 2025. Non-performing assets decreased by $1.5 million from both March 31, 2025, and December 31, 2024, to $8.1 million, representing 0.14% of total assets at June 30, 2025. Gross loans totaled $4.6 billion at June 30, 2025, reflecting a $156 million net loan reduction in the quarter, which included a $30 million loan payoff.
The company strategically redeemed its $75 million aggregate principal amount of 5.50% fixed-to-floating rate subordinated notes on June 15, 2025, ahead of a scheduled rate step-up, utilizing excess cash on hand. Non-interest expenses decreased by $1.4 million to $35.0 million compared to the second quarter of 2024, contributing to an improved efficiency ratio of 59.16%. The company repurchased 175,998 shares of its common stock in Q2 2025, with approximately 94,000 shares remaining under the existing repurchase authorization as of June 30, 2025. The company anticipates recording approximately $2.0 million in interest income from a terminated interest rate swap in the third quarter of 2025, after which this benefit will cease.
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