17 unchanged sentences
During a period of falling interest rates, the opposite would be true.
−Removed: As of March 31, 2026, 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 June 30, 2026, 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.
2 unchanged sentences
In a situation where market interest rates increase significantly in a short period of time, our net interest margin increase may be more pronounced in the very near term (first one to three months), due to fairly rapid increases in SOFR interest rates (which replaced LIBOR interest rates) and “prime” interest rates.
−Removed: In a situation where market interest rates decrease significantly in a short period of time, as they did
−Removed: in March 2020, our net interest margin decrease may be more pronounced in the very near term (first one to three months), due to fairly rapid decreases in SOFR interest rates and “prime” interest rates.
+Added: In a situation where market interest rates decrease significantly in a short period of time, as they did in March 2020, our net interest margin decrease may be more pronounced in the very near term (first one to three months), due to fairly rapid decreases in SOFR interest rates and “prime” interest rates.
In the subsequent months, we would expect that net interest margin would stabilize and begin to recover, as renewal interest rates on maturing time deposits decrease compared to the then-current rates paid on those products.
7 unchanged sentences
Another short series of Federal Funds rate cuts followed in late 2025.
−Removed: These rate cuts have not had a material negative impact on our net interest margin through March 31, 2026.
−Removed: As of March 31, 2026, time deposit maturities (including brokered time deposits) over the next 12 months were as follows:
+Added: These rate cuts have not had a material negative impact on our net interest margin through June 30, 2026.
+Added: As of June 30, 2026, time deposit maturities (including brokered time deposits) over the next 12 months were as follows:
within three months — $630.7 million, with a weighted-average rate of 3.38%;
1 unchanged sentence
and within six to twelve months — $25.5 million, with a weighted-average rate of 1.40%.
−Removed: Based on time deposit market rates in March 2026, replacement rates for maturing time deposits originated through our retail branch system are likely to be approximately 2.70-3.10%, depending on term.
−Removed: Brokered time deposit rates were generally at or above 3.75% in March 2026.
+Added: Based on time deposit market rates in June 2026, replacement rates for maturing time deposits originated through our retail branch system are likely to be approximately 2.70-3.20%, depending on term.
+Added: Brokered time deposit rates were generally at or above 3.90% at the end of June 2026.
The current level and shape of the interest rate yield curve pose challenges for interest rate risk management.
13 unchanged sentences
In 2025, the FRB implemented rate decreases of 0.25% in each of September, October and December, respectively.
−Removed: At December 31, 2025, the Federal Funds rate was 3.75%, and remained there at March 31, 2026.
−Removed: Financial markets now expect the possibility of further decreases in Federal Funds interest rates in 2026 to be modest, if any, with the number of potential cuts now expected to be only zero to one by the end of 2026.
−Removed: Great Southern’s loan portfolio includes loans ($1.71 billion at March 31, 2026) tied to various SOFR indexes that will be subject to adjustment at least once within 90 days after March 31, 2026.
+Added: At December 31, 2025, the Federal Funds rate was 3.75%, and remained there at June 30, 2026.
+Added: Financial markets no longer expect further decreases in Federal Funds interest rates in 2026, and now expect the Federal Funds interest rate to remain steady or to increase modestly by the end of 2026.
+Added: Great Southern’s loan portfolio includes loans ($1.68 billion at June 30, 2026) tied to various SOFR indexes that will be subject to adjustment at least once within 90 days after June 30, 2026.
Nearly all of these loans have interest rate floors at various rates.
−Removed: Great Southern also has a portfolio of loans ($601.8 million at March 31, 2026) 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 ($614.3 million at June 30, 2026) tied to a “prime rate” of interest that will adjust immediately or within 90 days of a change to the “prime rate” of interest.
Nearly all of these loans had interest rate floors at various rates.
−Removed: At March 31, 2026, nearly all of these SOFR, and “prime rate” loans had fully-indexed rates that were at or above their floor rate and in most cases well above the floor rate.
+Added: At June 30, 2026, nearly all of these SOFR and “prime rate” loans had fully-indexed rates that were at or above their floor rate and in most cases well above the floor rate.
Interest rate risk exposure estimates (the sensitivity gap) are not exact measures of an institution’s actual interest rate risk.
28 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.