Great Southern Bancorp, Inc. reported preliminary earnings of $1.47 per diluted common share for the first quarter of 2025, a notable increase from $1.13 per diluted common share in the first quarter of 2024. Net income for the quarter reached $17.2 million, up from $13.4 million in the prior-year quarter. Net interest income increased by $4.5 million, or 10.1%, to $49.3 million compared to the first quarter of 2024.
The annualized net interest margin expanded to 3.57% in Q1 2025, up from 3.32% in Q1 2024 and 3.49% in Q4 2024. The company recorded a negative provision for losses on unfunded commitments of $348,000, contributing to improved profitability. Non-performing assets remained low at $9.5 million, representing 0.16% of total assets at March 31, 2025, a decrease of $48,000 from December 31, 2024.
The Board of Directors approved a new stock repurchase program in April 2025, authorizing the purchase of up to one million additional shares of common stock. This program will succeed the existing authorization, which had approximately 270,000 shares remaining as of March 31, 2025. In Q1 2025, the company repurchased 173,344 shares of its common stock at an average price of $58.38 per share. The company anticipates recording approximately $2.0 million in interest income from a terminated interest rate swap in each of the first three quarters of 2025, after which this benefit will cease.
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