17 unchanged sentences
During a period of falling interest rates, the opposite would be true.
−Removed: As of June 30, 2025, Great Southern’s interest rate risk models indicated that, generally, rising interest rates are expected to have a modestly positive impact on the Company’s net interest income, while declining interest rates are expected to have a mostly neutral impact on net interest income.
+Added: As of September 30, 2025, Great Southern’s interest rate risk models indicated that, generally, rising interest rates are expected to have a modestly positive impact on the Company’s net interest income, while declining interest rates are 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.
9 unchanged sentences
This increased loan yields and expanded our net interest income and net interest margin in the latter half of 2022 and the first three months of 2023.
−Removed: While market interest rate increases are expected to result in increases to loan yields, we expect that much of this benefit will be offset by increased funding costs, including changes in the funding mix, as experienced in the year ended December 31, 2023 and much of 2024.
−Removed: As of June 30, 2025, time deposit maturities over the next 12 months were as follows:
+Added: While market interest rate increases are expected to result in increases to loan yields, we expect that much of this benefit will be offset by increased funding costs, including changes in the funding mix, as experienced in 2023 and much of 2024.
+Added: As of September 30, 2025, time deposit maturities over the next 12 months were as follows:
within three months — $675.1 million with a weighted-average rate of 3.97%;
1 unchanged sentence
and within six to twelve months — $54.2 million with a weighted-average rate of 2.16%.
−Removed: Based on time deposit market rates in June 2025, replacement rates for these maturing time deposits are likely to be approximately 3.35-3.85%.
+Added: Based on time deposit market rates in September 2025, replacement rates for these maturing time deposits are likely to be approximately 3.10-3.60%, depending on term.
The current level and shape of the interest rate yield curve poses challenges for interest rate risk management.
11 unchanged sentences
In 2024, the FRB implemented rate decreases of 0.50% 0.25%, and 0.25% in September, November and December, respectively.
−Removed: At December 31, 2024, the Federal Funds rate was 4.50%, and remained at that level as of June 30, 2025.
−Removed: Financial markets expect the possibility of further decreases in Federal Funds interest rates in 2025 to be likely, but at a methodical pace and with interest rate decisions being made at each FRB meeting based on economic data available at the time.
−Removed: Great Southern’s loan portfolio includes loans ($1.60 billion at June 30, 2025) tied to various SOFR indexes that will be subject to adjustment at least once within 90 days after June 30, 2025.
+Added: At December 31, 2024, the Federal Funds rate was 4.50%.
+Added: In 2025, the FRB implemented a rate decrease of 0.25% in September, which brought the Federal Funds rate to 4.25% at September 30, 2025, and another rate decrease of 0.25% in October.
+Added: Great Southern’s loan portfolio includes loans ($1.54 billion at September 30, 2025) tied to various SOFR indexes that will be subject to adjustment at least once within 90 days after September 30, 2025.
All of these loans have interest rate floors at various rates.
−Removed: Great Southern also has a portfolio of loans ($731.1 million at June 30, 2025) tied to a “prime rate” of interest that will adjust immediately or within 90 days of a change to the “prime rate” of interest.
+Added: Great Southern also has a portfolio of loans ($666.4 million at September 30, 2025) tied to a “prime rate” of interest that will adjust immediately or within 90 days of a change to the “prime rate” of interest.
All of these loans had interest rate floors at various rates.
−Removed: In addition, Great Southern has a portfolio of loans ($10.3 million at June 30, 2025) tied to an AMERIBOR index that will adjust immediately or within 90 days of a change to the rate of interest on this index.
+Added: In addition, Great Southern has a portfolio of loans ($10.6 million at September 30, 2025) 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.
−Removed: At June 30, 2025, nearly all of these SOFR, AMERIBOR and “prime rate” loans had fully-indexed rates that were at or above their floor rate and so are expected to move fully with future market interest rate increases, and most are expected to move fully with future market interest rate decreases as many of these loans have floor rates well below their current index rate.
+Added: At September 30, 2025, nearly all of these SOFR, AMERIBOR and “prime rate” loans had fully-indexed rates that were at or above their floor rate and so are expected to move fully with future market interest rate increases, and most are expected to move fully with future market interest rate decreases as many of these loans have floor rates well below their current index rate.
Interest rate risk exposure estimates (the sensitivity gap) are not exact measures of an institution’s actual interest rate risk.
43 unchanged sentences
To the extent the fixed rate of interest exceeds the floating rate of interest, the Company receives net interest settlements, which are recorded as loan interest income.
−Removed: If the floating rate of interest exceeds the fixed rate of interest (as it did as of June 30, 2025), the Company pays net settlements to the counterparty and records those net payments as a reduction of interest income on loans.
+Added: If the floating rate of interest exceeds the fixed rate of interest (as it did as of September 30, 2025), the Company pays net settlements to the counterparty and records those net payments as a reduction of interest income on loans.
In February 2023, the Company entered into interest rate swap transactions as part of its ongoing interest rate management strategies to hedge the risk of certain of its fixed rate brokered deposits.
8 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.