Maryland
|
43-1524856
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer Identification No.)
|
|
|
1451 E. Battlefield, Springfield, Missouri
|
65804
|
(Address of principal executive offices)
|
(Zip Code)
|
|
|
(417) 887-4400
|
Registrant's telephone number, including area code
|
Title of Each Class
|
Name of Each Exchange on Which Registered
|
Common Stock, par value $0.01 per share
|
The NASDAQ Stock Market LLC
|
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
|
Yes [ ] No [X]
|
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
|
Yes [ ] No [X]
|
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
|
Yes [X] No [ ]
|
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
|
Yes [X] No [ ]
|
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendments to this Form 10-K. [ ]
|
|
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of "accelerated filer," "large accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
|
|
Large accelerated filer [ ] Accelerated filer [X] Non-accelerated filer [ ](Do not check if a smaller reporting company)
Smaller reporting company [ ] |
|
Indicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
|
Yes [ ] No [X]
|
The aggregate market value of the common stock of the registrant held by non-affiliates of the Registrant on June 30, 2016, computed by reference to the closing price of such shares on that date, was $392,225,119. At March 1, 2017, 14,006,625 shares of the Registrant's common stock were outstanding.
|
|
|
|
|
|
Page
|
ITEM 1.
|
BUSINESS
|
|
1
|
ITEM 1A.
|
RISK FACTORS
|
|
56
|
ITEM 1B.
|
UNRESOLVED STAFF COMMENTS
|
|
66
|
ITEM 2.
|
PROPERTIES.
|
|
67
|
ITEM 3.
|
LEGAL PROCEEDINGS.
|
|
67
|
ITEM 4.
|
MINE SAFETY DISCLOSURES.
|
|
67
|
ITEM 4A.
|
EXECUTIVE OFFICERS OF THE REGISTRANT.
|
|
67
|
ITEM 5.
|
MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED
STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
SECURITIES
|
|
68
|
ITEM 6.
|
SELECTED CONSOLIDATED FINANCIAL DATA
|
|
69
|
ITEM 7.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATION
|
|
72
|
ITEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
|
106
|
ITEM 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
|
|
110
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE
|
|
193
|
ITEM 9A.
|
CONTROLS AND PROCEDURES.
|
|
193
|
ITEM 9B.
|
OTHER INFORMATION.
|
|
195
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.
|
|
196
|
ITEM 11.
|
EXECUTIVE COMPENSATION.
|
|
196
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
|
196
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND
DIRECTOR INDEPENDENCE.
|
|
196
|
ITEM 14.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES.
|
|
197
|
ITEM 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.
|
|
198
|
December 31,
|
||||||||||||||||||||||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
(1)
|
$
|
353,709
|
8.6
|
%
|
$
|
272,411
|
7.9
|
%
|
$
|
245,180
|
8.3
|
%
|
$
|
242,281
|
10.5
|
%
|
$
|
256,146
|
12.7
|
%
|
||||||||||||||||||||
Other residential
|
663,378
|
16.1
|
419,550
|
12.1
|
392,415
|
13.2
|
325,599
|
14.2
|
267,518
|
13.2
|
||||||||||||||||||||||||||||||
Commercial
(2)
|
1,211,644
|
29.4
|
1,080,836
|
31.3
|
986,936
|
33.3
|
822,920
|
35.8
|
736,139
|
36.4
|
||||||||||||||||||||||||||||||
Residential construction:
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
26,764
|
0.6
|
36,430
|
1.1
|
49,631
|
1.7
|
47,308
|
2.1
|
52,249
|
2.5
|
||||||||||||||||||||||||||||||
Other residential
|
202,202
|
4.9
|
133,718
|
3.9
|
59,664
|
2.0
|
32,988
|
1.4
|
27,556
|
1.4
|
||||||||||||||||||||||||||||||
Commercial
|
641,195
|
15.6
|
551,115
|
16.0
|
404,683
|
13.7
|
236,635
|
10.3
|
198,145
|
9.8
|
||||||||||||||||||||||||||||||
Total real estate loans
|
3,098,892
|
75.2
|
2,494,060
|
72.3
|
2,138,509
|
72.2
|
1,707,731
|
74.3
|
1,537,753
|
76.0
|
||||||||||||||||||||||||||||||
Other Loans:
|
||||||||||||||||||||||||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||||||||||||||||||
Automobile, boat, etc.
|
563,086
|
13.7
|
513,798
|
14.9
|
400,392
|
13.5
|
215,778
|
9.4
|
164,748
|
8.1
|
||||||||||||||||||||||||||||||
Home equity and improvement
|
108,753
|
2.6
|
83,966
|
2.4
|
66,275
|
2.2
|
58,297
|
2.5
|
54,317
|
2.7
|
||||||||||||||||||||||||||||||
Other
|
1,148
|
—
|
926
|
—
|
987
|
0.1
|
1,184
|
0.1
|
1,585
|
0.1
|
||||||||||||||||||||||||||||||
Total consumer loans
|
672,987
|
16.3
|
598,690
|
17.3
|
467,654
|
15.8
|
275,259
|
12.0
|
220,650
|
10.9
|
||||||||||||||||||||||||||||||
Other commercial loans
|
348,955
|
8.5
|
357,581
|
10.4
|
354,012
|
12.0
|
315,269
|
13.7
|
264,632
|
13.1
|
||||||||||||||||||||||||||||||
Total other loans
|
1,021,942
|
24.8
|
956,271
|
27.7
|
821,666
|
27.8
|
590,528
|
25.7
|
485,282
|
24.0
|
||||||||||||||||||||||||||||||
Total loans
|
4,120,834
|
100.0
|
%
|
3,450,331
|
100.0
|
%
|
2,960,175
|
100.0
|
%
|
2,298,259
|
100.0
|
%
|
2,023,035
|
100.0
|
%
|
|||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Loans in process
|
585,305
|
418,702
|
323,572
|
194,544
|
157,574
|
|||||||||||||||||||||||||||||||||||
Deferred fees and discounts
|
4,869
|
3,528
|
3,276
|
2,994
|
2,193
|
|||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
36,775
|
36,646
|
36,300
|
40,116
|
40,649
|
|||||||||||||||||||||||||||||||||||
Total legacy loans
receivable, net
|
$
|
3,493,885
|
$
|
2,991,455
|
$
|
2,597,027
|
$
|
2,060,605
|
$
|
1,822,619
|
(1)
|
Includes loans held for sale.
|
(2)
|
Total commercial real estate loans included industrial revenue bonds of $24.7 million, $37.4 million, $41.1 million, $42.2 million and $43.8 million at December 31, 2016, 2015, 2014, 2013 and 2012, respectively.
|
December 31,
|
||||||||||||||||||||||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Residential
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
$
|
7,230
|
38.4
|
%
|
$
|
9,696
|
33.3
|
%
|
$
|
12,293
|
28.0
|
%
|
$
|
15,050
|
28.1
|
%
|
$
|
19,610
|
22.6
|
%
|
||||||||||||||||||||
Other residential
|
919
|
4.9
|
992
|
3.4
|
1,083
|
2.5
|
1,163
|
2.2
|
4,520
|
5.2
|
||||||||||||||||||||||||||||||
Commercial
(1)
|
7,059
|
37.5
|
11,872
|
40.8
|
21,207
|
48.3
|
24,682
|
46.1
|
41,471
|
47.8
|
||||||||||||||||||||||||||||||
Construction
|
1,706
|
9.0
|
3,916
|
13.4
|
5,257
|
12.0
|
6,996
|
13.0
|
12,670
|
14.7
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Total real estate loans
|
16,914
|
89.8
|
26,476
|
90.9
|
39,840
|
90.8
|
47,891
|
89.4
|
78,271
|
90.3
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Other Loans:
|
||||||||||||||||||||||||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||||||||||||||||||
Home equity and
improvement
|
1,532
|
8.1
|
2,138
|
7.4
|
3,282
|
7.5
|
4,190
|
7.8
|
4,989
|
5.8
|
||||||||||||||||||||||||||||||
Other
|
18
|
0.1
|
37
|
0.1
|
64
|
0.2
|
73
|
0.2
|
159
|
0.1
|
||||||||||||||||||||||||||||||
Total consumer loans
|
1,550
|
8.2
|
2,175
|
7.5
|
3,346
|
7.7
|
4,263
|
8.0
|
5,148
|
5.9
|
||||||||||||||||||||||||||||||
Other commercial loans
|
376
|
2.0
|
465
|
1.6
|
674
|
1.5
|
1,404
|
2.6
|
3,243
|
3.8
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Total other loans
|
1,926
|
10.2
|
2,640
|
9.1
|
4,020
|
9.2
|
5,667
|
10.6
|
8,391
|
9.7
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Total loans
(2)
|
18,840
|
100.0
|
%
|
29,116
|
100.0
|
%
|
43,860
|
100.0
|
%
|
53,558
|
100.0
|
%
|
86,662
|
100.0
|
%
|
|||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Loans in process
|
2
|
2
|
5
|
5
|
5
|
|||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
108
|
205
|
415
|
—
|
—
|
|||||||||||||||||||||||||||||||||||
Fair value discounts
|
1,005
|
1,454
|
2,295
|
3,691
|
9,042
|
|||||||||||||||||||||||||||||||||||
Total Team Bank, N.A. loans receivable, net
|
$
|
17,725
|
$
|
27,455
|
$
|
41,145
|
$
|
49,862
|
$
|
77,615
|
(1)
|
Total commercial real estate loans included industrial revenue bonds of $1.5 million, $1.9 million, $2.0 million, $2.1 million and $2.3 million at December 31, 2016, 2015, 2014, 2013 and 2012, respectively.
|
(2)
|
Total loans included non-single-family loans which are no longer covered by the FDIC loss sharing agreement of $17.2 million and $28.3 million at December 31, 2015 and 2014, respectively. At December 31, 2016, none of these acquired loans were covered by an FDIC loss sharing agreement.
|
December 31,
|
||||||||||||||||||||||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Residential
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
$
|
7,828
|
33.0
|
%
|
$
|
10,245
|
32.2
|
%
|
$
|
13,843
|
32.8
|
%
|
$
|
18,999
|
31.7
|
%
|
$
|
26,160
|
24.7
|
%
|
||||||||||||||||||||
Other residential
|
1,201
|
5.1
|
1,545
|
4.9
|
2,535
|
6.0
|
6,423
|
10.7
|
15,434
|
14.6
|
||||||||||||||||||||||||||||||
Commercial
(1)
|
6,853
|
28.9
|
9,523
|
29.9
|
11,865
|
28.2
|
15,421
|
25.7
|
35,431
|
33.5
|
||||||||||||||||||||||||||||||
Construction
|
58
|
0.2
|
249
|
0.8
|
284
|
0.7
|
319
|
0.5
|
1,552
|
1.5
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Total real estate loans
|
15,940
|
67.2
|
21,562
|
67.8
|
28,527
|
67.7
|
41,162
|
68.6
|
78,577
|
74.3
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Other Loans:
|
||||||||||||||||||||||||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||||||||||||||||||
Student loans
|
—
|
—
|
481
|
1.5
|
543
|
1.3
|
510
|
0.9
|
512
|
0.5
|
||||||||||||||||||||||||||||||
Home equity and
improvement |
3,841
|
16.2
|
4,378
|
13.7
|
5,104
|
12.1
|
5,845
|
9.7
|
7,270
|
6.9
|
||||||||||||||||||||||||||||||
Other
|
3,699
|
15.6
|
5,112
|
16.1
|
7,196
|
17.1
|
10,182
|
17.0
|
14,434
|
13.6
|
||||||||||||||||||||||||||||||
Total consumer loans
|
7,540
|
31.8
|
9,971
|
31.3
|
12,843
|
30.5
|
16,537
|
27.6
|
22,216
|
21.0
|
||||||||||||||||||||||||||||||
Other commercial loans
|
232
|
1.0
|
285
|
0.9
|
768
|
1.8
|
2,315
|
3.8
|
4,967
|
4.7
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Total other loans
|
7,772
|
32.8
|
10,256
|
32.2
|
13,611
|
32.3
|
18,852
|
31.4
|
27,183
|
25.7
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Total loans
(2)
|
23,712
|
100.0
|
%
|
31,818
|
100.0
|
%
|
42,138
|
100.0
|
%
|
60,014
|
100.0
|
%
|
105,760
|
100.0
|
%
|
|||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Loans in process
|
— |
—
|
—
|
3
|
1,851
|
|||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
166
|
325
|
398
|
—
|
—
|
|||||||||||||||||||||||||||||||||||
Fair value discounts
|
480
|
726
|
1,141
|
2,091 |
8,426
|
|||||||||||||||||||||||||||||||||||
Total Vantus Bank loans
receivable, net |
$ | 23,066 |
|
|
$ | 30,767 |
|
|
$ | 40,599 |
|
|
$ | 57,920 |
|
|
$ | 95,483 |
|
|
(1)
|
Total commercial real estate loans included industrial revenue bonds of $1.1 million, $1.3 million, $1.6 million, $1.8 million and $2.0 million at December 31, 2016, 2015, 2014, 2013 and 2012, respectively.
|
(2)
|
Total loans included non-single-family loans which are no longer covered by the FDIC loss sharing agreement of $17.2 million and $23.2 million at December 31, 2015 and 2014, respectively. At December 31, 2016, none of these acquired loans were covered by an FDIC loss sharing agreement.
|
December 31,
|
||||||||||||||||||||||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Residential
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
$
|
22,538
|
67.1
|
%
|
$
|
27,813
|
63.4
|
%
|
$
|
32,529
|
54.5
|
%
|
$
|
41,529
|
52.8
|
%
|
$
|
55,422
|
43.5
|
%
|
||||||||||||||||||||
Other residential
|
507
|
1.5
|
1,635
|
3.7
|
4,972
|
8.3
|
5,488
|
7.0
|
6,615
|
5.2
|
||||||||||||||||||||||||||||||
Commercial
(1)
|
9,174
|
27.3
|
12,718
|
29.0
|
20,216
|
33.8
|
27,426
|
34.9
|
45,267
|
35.5
|
||||||||||||||||||||||||||||||
Construction
|
292
|
0.9
|
402
|
1.0
|
368
|
0.6
|
1,273
|
1.5
|
4,471
|
3.5
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Total real estate loans
|
32,511
|
96.8
|
42,568
|
97.1
|
58,085
|
97.2
|
75,716
|
96.2
|
111,775
|
87.7
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Other Loans:
|
||||||||||||||||||||||||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||||||||||||||||||
Home equity and
improvement
|
278
|
0.8
|
344
|
0.8
|
364
|
0.6
|
425
|
0.5
|
1,291
|
1.0
|
||||||||||||||||||||||||||||||
Other
|
26
|
0.1
|
37
|
0.1
|
67
|
0.1
|
433
|
0.6
|
904
|
0.7
|
||||||||||||||||||||||||||||||
Total consumer loans
|
304
|
0.9
|
381
|
0.9
|
431
|
0.7
|
858
|
1.1
|
2,195
|
1.7
|
||||||||||||||||||||||||||||||
Other commercial loans
|
767
|
2.3
|
906
|
2.0
|
1,276
|
2.1
|
2,124
|
2.7
|
13,448
|
10.6
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Total other loans
|
1,071
|
3.2
|
1,287
|
2.9
|
1,707
|
2.8
|
2,982
|
3.8
|
15,643
|
12.3
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Total loans
(2)
|
33,582
|
100.0
|
%
|
43,855
|
100.0
|
%
|
59,792
|
100.0
|
%
|
78,698
|
100.0
|
%
|
127,418
|
100.0
|
%
|
|||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Loans in process
|
3
|
—
|
175
|
174
|
485
|
|||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
137
|
161
|
918
|
—
|
—
|
|||||||||||||||||||||||||||||||||||
Fair value discounts
|
2,080
|
3,506
|
7,451
|
13,681
|
35,414
|
|||||||||||||||||||||||||||||||||||
Total Sun Security Bank loans receivable, net
|
$
|
31,362
|
$
|
40,188
|
$
|
51,248
|
$
|
64,843
|
$
|
91,519
|
(1)
|
Total commercial real estate loans included industrial revenue bonds of $-0-, $-0-, $207,000, $292,000 and $373,000 at December 31, 2016, 2015, 2014, 2013 and 2012, respectively.
|
(2)
|
At December 31, 2016, none of these acquired loans were covered by an FDIC loss sharing agreement.
|
December 31,
|
||||||||||||||||||||||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Residential
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
$
|
108,410
|
72.4
|
%
|
$
|
134,917
|
69.7
|
%
|
$
|
157,770
|
64.4
|
%
|
$
|
179,574
|
63.0
|
%
|
$
|
215,768
|
60.5
|
%
|
||||||||||||||||||||
Other residential
|
4,128
|
2.8
|
8,429
|
4.4
|
22,624
|
9.3
|
29,517
|
10.5
|
45,879
|
12.9
|
||||||||||||||||||||||||||||||
Commercial
(1)
|
7,204
|
4.8
|
14,205
|
7.3
|
21,821
|
8.9
|
27,530
|
9.8
|
33,202
|
9.3
|
||||||||||||||||||||||||||||||
Construction
|
538
|
0.4
|
598
|
0.3
|
745
|
0.3
|
612
|
—
|
134
|
—
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Total real estate loans
|
120,280
|
80.4
|
158,149
|
81.7
|
202,960
|
82.9
|
237,233
|
83.3
|
294,983
|
82.7
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Other Loans:
|
||||||||||||||||||||||||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||||||||||||||||||
Home equity and
improvement
|
29,293
|
19.6
|
35,415
|
18.3
|
41,923
|
17.1
|
47,675
|
16.7
|
61,752
|
17.3
|
||||||||||||||||||||||||||||||
Other
|
26
|
—
|
30
|
—
|
32
|
—
|
4
|
—
|
41
|
—
|
||||||||||||||||||||||||||||||
Total consumer loans
|
29,319
|
19.6
|
35,445
|
18.3
|
41,955
|
17.1
|
47,679
|
16.7
|
61,793
|
17.3
|
||||||||||||||||||||||||||||||
Other commercial loans
|
58
|
—
|
62
|
—
|
64
|
—
|
65
|
—
|
70
|
—
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Total other loans
|
29,377
|
19.6
|
35,507
|
18.3
|
42,019
|
17.1
|
47,744
|
16.7
|
61,863
|
17.3
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Total loans
|
149,657
|
100.0
|
%
|
193,656
|
100.0
|
%
|
244,979
|
100.0
|
%
|
284,977
|
100.0
|
%
|
356,846
|
100.0
|
%
|
|||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Loans in process
|
—
|
2
|
2
|
2
|
2
|
|||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
71
|
74
|
1
|
—
|
—
|
|||||||||||||||||||||||||||||||||||
Fair value discounts
|
15,301
|
23,346
|
43,147
|
71,436
|
97,612
|
|||||||||||||||||||||||||||||||||||
Total InterBank loans
receivable, net
|
$
|
134,285
|
$
|
170,234
|
$
|
201,829
|
$
|
213,539
|
$
|
259,232
|
December 31,
|
||||||||||||||||||||||||
2016
|
2015
|
2014
|
||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||
Residential
|
||||||||||||||||||||||||
One- to four- family
|
$
|
23,535
|
27.9
|
%
|
$
|
30,646
|
27.9
|
%
|
$
|
39,664
|
27.1
|
%
|
||||||||||||
Other residential
|
23,850
|
28.3
|
25,886
|
23.6
|
22,700
|
15.5
|
||||||||||||||||||
Commercial
(1)
|
26,258
|
31.2
|
31,143
|
28.4
|
44,170
|
30.2
|
||||||||||||||||||
Construction
|
1,914
|
2.2
|
5,922
|
5.4
|
13,670
|
9.4
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total real estate loans
|
75,557
|
89.6
|
93,597
|
85.3
|
120,204
|
82.2
|
||||||||||||||||||
|
||||||||||||||||||||||||
Other Loans:
|
||||||||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Home equity and improvement
|
744
|
0.9
|
1,232
|
1.1
|
1,763
|
1.2
|
||||||||||||||||||
Other
|
970
|
1.2
|
1,362
|
1.2
|
1,949
|
1.3
|
||||||||||||||||||
Total consumer loans
|
1,714
|
2.1
|
2,594
|
2.3
|
3,712
|
2.5
|
||||||||||||||||||
Other commercial loans
|
7,015
|
8.3
|
13,613
|
12.4
|
22,378
|
15.3
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total other loans
|
8,729
|
10.4
|
16,207
|
14.7
|
26,090
|
17.8
|
||||||||||||||||||
Total loans
|
84,286
|
100.0
|
%
|
109,804
|
100.0
|
%
|
146,294
|
100.0
|
%
|
|||||||||||||||
Less:
|
||||||||||||||||||||||||
Loans in process
|
3
|
13
|
449
|
|||||||||||||||||||||
Allowance for loan losses
|
143
|
738
|
403
|
|||||||||||||||||||||
Fair value discounts
|
8,052
|
16,355
|
23,863
|
|||||||||||||||||||||
Total Valley Bank loans
receivable, net
|
$
|
76,088
|
$
|
92,698
|
$
|
121,579
|
December 31,
|
||||||||||||||||||||||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Fixed-Rate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
$
|
168,813
|
4.1
|
%
|
$
|
110,738
|
3.2
|
%
|
$
|
102,780
|
3.5
|
%
|
$
|
94,566
|
4.1
|
%
|
$
|
103,442
|
5.1
|
%
|
||||||||||||||||||||
Other residential
|
304,387
|
7.4
|
257,854
|
7.5
|
273,701
|
9.2
|
209,008
|
9.1
|
146,661
|
7.2
|
||||||||||||||||||||||||||||||
Commercial
|
589,354
|
14.3
|
522,924
|
15.2
|
453,153
|
15.3
|
397,618
|
17.2
|
330,196
|
16.3
|
||||||||||||||||||||||||||||||
Residential construction:
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
10,950
|
0.3
|
16,483
|
0.5
|
17,753
|
0.6
|
17,270
|
0.8
|
18,024
|
0.9
|
||||||||||||||||||||||||||||||
Other residential
|
26,487
|
0.6
|
21,548
|
0.6
|
9,950
|
0.3
|
2,162
|
0.1
|
7,716
|
0.4
|
||||||||||||||||||||||||||||||
Commercial construction
|
530,375
|
12.9
|
376,661
|
10.9
|
285,623
|
9.7
|
156,142
|
6.8
|
126,756
|
6.3
|
||||||||||||||||||||||||||||||
Total real estate loans
|
1,630,366
|
39.6
|
1,306,208
|
37.9
|
1,142,960
|
38.6
|
876,766
|
38.1
|
732,795
|
36.2
|
||||||||||||||||||||||||||||||
Consumer
|
553,800
|
13.4
|
506,574
|
14.7
|
396,412
|
13.4
|
215,628
|
9.4
|
166,520
|
8.2
|
||||||||||||||||||||||||||||||
Other commercial
|
194,431
|
4.7
|
195,602
|
5.6
|
197,635
|
6.7
|
189,899
|
8.3
|
131,523
|
6.5
|
||||||||||||||||||||||||||||||
Total fixed-rate loans
|
2,378,597
|
57.7
|
2,008,384
|
58.2
|
1,737,007
|
58.7
|
1,282,293
|
55.8
|
1,030,838
|
50.9
|
||||||||||||||||||||||||||||||
Adjustable-Rate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
184,896
|
4.5
|
161,673
|
4.7
|
142,400
|
4.8
|
147,715
|
6.4
|
152,704
|
7.5
|
||||||||||||||||||||||||||||||
Other residential
|
358,991
|
8.7
|
161,696
|
4.7
|
118,714
|
4.0
|
116,591
|
5.1
|
120,857
|
6.0
|
||||||||||||||||||||||||||||||
Commercial
|
622,290
|
15.1
|
557,912
|
16.2
|
533,783
|
18.0
|
425,302
|
18.5
|
405,943
|
20.1
|
||||||||||||||||||||||||||||||
Residential construction:
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
15,814
|
0.4
|
19,947
|
0.5
|
31,878
|
1.1
|
30,038
|
1.3
|
34,225
|
1.7
|
||||||||||||||||||||||||||||||
Other residential
|
175,715
|
4.3
|
112,170
|
3.3
|
49,714
|
1.7
|
30,826
|
1.3
|
19,840
|
1.0
|
||||||||||||||||||||||||||||||
Commercial construction
|
110,820
|
2.7
|
174,454
|
5.0
|
119,060
|
4.0
|
80,493
|
3.5
|
71,389
|
3.5
|
||||||||||||||||||||||||||||||
Total real estate loans
|
1,468,526
|
35.7
|
1,187,852
|
34.4
|
995,549
|
33.6
|
830,965
|
36.1
|
804,958
|
39.8
|
||||||||||||||||||||||||||||||
Consumer
|
119,187
|
2.9
|
92,116
|
2.7
|
71,242
|
2.4
|
59,631
|
2.6
|
54,130
|
2.7
|
||||||||||||||||||||||||||||||
Other commercial
|
154,524
|
3.7
|
161,979
|
4.7
|
156,377
|
5.3
|
125,370
|
5.5
|
133,109
|
6.6
|
||||||||||||||||||||||||||||||
Total adjustable-rate loans
|
1,742,237
|
42.3
|
1,441,947
|
41.8
|
1,223,168
|
41.3
|
1,015,966
|
44.2
|
992,197
|
49.1
|
||||||||||||||||||||||||||||||
Total Loans
|
4,120,834
|
100.0
|
%
|
3,450,331
|
100.0
|
%
|
2,960,175
|
100.0
|
%
|
2,298,259
|
100.0
|
%
|
2,023,035
|
100.0
|
%
|
|||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Loans in process
|
585,305
|
418,702
|
323,572
|
194,544
|
157,574
|
|||||||||||||||||||||||||||||||||||
Deferred fees and discounts
|
4,869
|
3,528
|
3,276
|
2,994
|
2,193
|
|||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
36,775
|
36,646
|
36,300
|
40,116
|
40,649
|
|||||||||||||||||||||||||||||||||||
Total legacy loans receivable, net
|
$
|
3,493,885
|
$
|
2,991,455
|
$
|
2,597,027
|
$
|
2,060,605
|
$
|
1,822,619
|
December 31,
|
||||||||||||||||||||||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Fixed-Rate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
$
|
1,385
|
7.4
|
%
|
$
|
1,946
|
6.7
|
%
|
$
|
2,585
|
5.9
|
%
|
$
|
3,596
|
6.7
|
%
|
$
|
5,420
|
6.3
|
%
|
||||||||||||||||||||
Other residential
|
919
|
4.9
|
957
|
3.3
|
989
|
2.3
|
1,012
|
1.9
|
3,902
|
4.5
|
||||||||||||||||||||||||||||||
Commercial
|
2,092
|
11.1
|
3,352
|
11.5
|
5,114
|
11.7
|
4,854
|
9.1
|
17,125
|
19.8
|
||||||||||||||||||||||||||||||
Construction
|
245
|
1.3
|
413
|
1.4
|
413
|
0.9
|
1,346
|
2.5
|
2,637
|
3.0
|
||||||||||||||||||||||||||||||
Total real estate loans
|
4,641
|
24.7
|
6,668
|
22.9
|
9,101
|
20.8
|
10,808
|
20.2
|
29,084
|
33.6
|
||||||||||||||||||||||||||||||
Consumer
|
18
|
0.1
|
28
|
0.1
|
41
|
0.1
|
73
|
0.1
|
159
|
0.2
|
||||||||||||||||||||||||||||||
Other commercial
|
189
|
1.0
|
200
|
0.7
|
264
|
0.5
|
668
|
1.3
|
1,557
|
1.8
|
||||||||||||||||||||||||||||||
Total fixed-rate loans
|
4,848
|
25.8
|
6,896
|
23.7
|
9,406
|
21.4
|
11,549
|
21.6
|
30,800
|
35.6
|
||||||||||||||||||||||||||||||
Adjustable-Rate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
5,845
|
31.0
|
7,750
|
26.6
|
9,708
|
22.1
|
11,454
|
21.4
|
14,189
|
16.4
|
||||||||||||||||||||||||||||||
Other residential
|
—
|
—
|
35
|
0.1
|
94
|
0.2
|
151
|
0.3
|
618
|
0.7
|
||||||||||||||||||||||||||||||
Commercial
|
4,967
|
26.4
|
8,520
|
29.3
|
16,093
|
36.6
|
19,828
|
37.0
|
24,346
|
28.1
|
||||||||||||||||||||||||||||||
Construction
|
1,461
|
7.7
|
3,503
|
12.0
|
4,844
|
11.1
|
5,650
|
10.5
|
10,034
|
11.5
|
||||||||||||||||||||||||||||||
Total real estate loans
|
12,273
|
65.1
|
19,808
|
68.0
|
30,739
|
70.0
|
37,083
|
69.2
|
49,187
|
56.7
|
||||||||||||||||||||||||||||||
Consumer
|
1,532
|
8.1
|
2,147
|
7.4
|
3,305
|
7.6
|
4,190
|
7.8
|
4,989
|
5.8
|
||||||||||||||||||||||||||||||
Other commercial
|
187
|
1.0
|
265
|
0.9
|
410
|
1.0
|
736
|
1.4
|
1,686
|
1.9
|
||||||||||||||||||||||||||||||
Total adjustable-rate loans
|
13,992
|
74.2
|
22,220
|
76.3
|
34,454
|
78.6
|
42,009
|
78.4
|
55,862
|
64.4
|
||||||||||||||||||||||||||||||
Total Loans
|
18,840
|
100.0
|
%
|
29,116
|
100.0
|
%
|
43,860
|
100.0
|
%
|
53,558
|
100.0
|
%
|
86,662
|
100.0
|
%
|
|||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Loans in process
|
2
|
2
|
5
|
5
|
5
|
|||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
108
|
205
|
415
|
—
|
—
|
|||||||||||||||||||||||||||||||||||
Fair value discounts
|
1,005
|
1,454
|
2,295
|
3,691
|
9,042
|
|||||||||||||||||||||||||||||||||||
Total loans receivable, net
|
$
|
17,725
|
$
|
27,455
|
$
|
41,145
|
$
|
49,862
|
$
|
77,615
|
December 31,
|
||||||||||||||||||||||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Fixed-Rate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
$
|
2,934
|
12.4
|
%
|
$
|
4,272
|
13.4
|
%
|
$
|
6,427
|
15.2
|
%
|
$
|
9,204
|
15.3
|
%
|
$
|
13,111
|
12.4
|
%
|
||||||||||||||||||||
Other residential
|
533
|
2.2
|
571
|
1.8
|
1,508
|
3.6
|
4,783
|
8.0
|
7,542
|
7.1
|
||||||||||||||||||||||||||||||
Commercial
|
3,837
|
16.2
|
3,027
|
9.5
|
3,982
|
9.4
|
4,773
|
8.0
|
13,136
|
12.4
|
||||||||||||||||||||||||||||||
Construction
|
50
|
0.3
|
240
|
0.7
|
264
|
0.7
|
288
|
0.5
|
792
|
0.7
|
||||||||||||||||||||||||||||||
Total real estate loans
|
7,354
|
31.1
|
8,110
|
25.4
|
12,181
|
28.9
|
19,048
|
31.8
|
34,581
|
32.6
|
||||||||||||||||||||||||||||||
Consumer
|
3,699
|
15.6
|
5,593
|
17.6
|
7,739
|
18.4
|
10,692
|
17.8
|
14,941
|
14.1
|
||||||||||||||||||||||||||||||
Other commercial
|
74
|
0.3
|
150
|
0.5
|
227
|
0.5
|
742
|
1.2
|
2,097
|
2.0
|
||||||||||||||||||||||||||||||
Total fixed-rate loans
|
11,127
|
47.0
|
13,853
|
43.5
|
20,147
|
47.8
|
30,482
|
50.8
|
51,619
|
48.7
|
||||||||||||||||||||||||||||||
Adjustable-Rate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
4,894
|
20.6
|
5,973
|
18.8
|
7,416
|
17.6
|
9,795
|
16.3
|
13,049
|
12.3
|
||||||||||||||||||||||||||||||
Other residential
|
668
|
2.8
|
974
|
3.1
|
1,027
|
2.4
|
1,640
|
2.7
|
7,892
|
7.5
|
||||||||||||||||||||||||||||||
Commercial
|
3,016
|
12.7
|
6,496
|
20.4
|
7,883
|
18.8
|
10,648
|
17.7
|
22,295
|
21.1
|
||||||||||||||||||||||||||||||
Construction
|
8
|
—
|
9
|
—
|
20
|
—
|
31
|
0.1
|
760
|
0.8
|
||||||||||||||||||||||||||||||
Total real estate loans
|
8,586
|
36.1
|
13,452
|
42.3
|
16,346
|
38.8
|
22,114
|
36.8
|
43,996
|
41.7
|
||||||||||||||||||||||||||||||
Consumer
|
3,841
|
16.2
|
4,378
|
13.8
|
5,104
|
12.1
|
5,845
|
9.7
|
7,275
|
6.9
|
||||||||||||||||||||||||||||||
Other commercial
|
158
|
0.7
|
135
|
0.4
|
541
|
1.3
|
1,573
|
2.7
|
2,870
|
2.7
|
||||||||||||||||||||||||||||||
Total adjustable-rate loans
|
12,585
|
53.0
|
17,965
|
56.5
|
21,991
|
52.2
|
29,532
|
49.2
|
54,141
|
51.3
|
||||||||||||||||||||||||||||||
Total Loans
|
23,712
|
100.0
|
%
|
31,818
|
100.0
|
%
|
42,138
|
100.0
|
%
|
60,014
|
100.0
|
%
|
105,760
|
100.0
|
%
|
|||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Loans in process
|
—
|
—
|
—
|
3
|
1,851
|
|||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
166
|
325
|
398
|
—
|
—
|
|||||||||||||||||||||||||||||||||||
Fair value discounts
|
480
|
726
|
1,141
|
2,091
|
8,426
|
|||||||||||||||||||||||||||||||||||
Total loans receivable, net
|
$
|
23,066
|
$
|
30,767
|
$
|
40,599
|
$
|
57,920
|
$
|
95,483
|
December 31,
|
||||||||||||||||||||||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Fixed-Rate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
$
|
17,063
|
50.8
|
%
|
$
|
21,200
|
48.3
|
%
|
$
|
25,490
|
42.7
|
%
|
$
|
33,335
|
42.4
|
%
|
$
|
45,667
|
35.8
|
%
|
||||||||||||||||||||
Other residential
|
507
|
1.5
|
710
|
1.6
|
1,063
|
1.8
|
1,468
|
1.9
|
2,491
|
2.0
|
||||||||||||||||||||||||||||||
Commercial
|
6,985
|
20.8
|
10,118
|
23.1
|
16,786
|
28.1
|
22,171
|
28.2
|
36,759
|
28.8
|
||||||||||||||||||||||||||||||
Construction
|
292
|
0.8
|
402
|
0.9
|
368
|
0.6
|
637
|
0.7
|
2,714
|
2.2
|
||||||||||||||||||||||||||||||
Total real estate loans
|
24,847
|
74.0
|
32,430
|
73.9
|
43,707
|
73.2
|
57,611
|
73.2
|
87,631
|
68.8
|
||||||||||||||||||||||||||||||
Consumer
|
276
|
0.9
|
342
|
0.8
|
394
|
0.7
|
798
|
1.0
|
2,042
|
1.6
|
||||||||||||||||||||||||||||||
Other commercial
|
694
|
2.1
|
877
|
2.0
|
953
|
1.6
|
1,781
|
2.3
|
7,875
|
6.2
|
||||||||||||||||||||||||||||||
Total fixed-rate loans
|
25,817
|
76.9
|
33,649
|
76.7
|
45,054
|
75.5
|
60,190
|
76.5
|
97,548
|
76.6
|
||||||||||||||||||||||||||||||
Adjustable-Rate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
5,475
|
16.3
|
6,613
|
15.1
|
7,039
|
11.8
|
8,194
|
10.4
|
9,755
|
7.7
|
||||||||||||||||||||||||||||||
Other residential
|
—
|
—
|
925
|
2.1
|
3,909
|
6.5
|
4,020
|
5.1
|
4,124
|
3.2
|
||||||||||||||||||||||||||||||
Commercial
|
2,189
|
6.5
|
2,600
|
5.9
|
3,430
|
5.7
|
5,255
|
6.7
|
8,508
|
6.7
|
||||||||||||||||||||||||||||||
Construction
|
—
|
—
|
—
|
—
|
—
|
—
|
636
|
0.8
|
1,757
|
1.3
|
||||||||||||||||||||||||||||||
Total real estate loans
|
7,664
|
22.8
|
10,138
|
23.1
|
14,378
|
24.0
|
18,105
|
23.0
|
24,144
|
18.9
|
||||||||||||||||||||||||||||||
Consumer
|
28
|
0.1
|
39
|
0.1
|
37
|
—
|
60
|
0.1
|
153
|
0.1
|
||||||||||||||||||||||||||||||
Other commercial
|
73
|
0.2
|
29
|
0.1
|
323
|
0.5
|
343
|
0.4
|
5,573
|
4.4
|
||||||||||||||||||||||||||||||
Total adjustable-rate loans
|
7,765
|
23.1
|
10,206
|
23.3
|
14,738
|
24.5
|
18,508
|
23.5
|
29,870
|
23.4
|
||||||||||||||||||||||||||||||
Total Loans
|
33,582
|
100.0
|
%
|
43,855
|
100.0
|
%
|
59,792
|
100.0
|
%
|
78,698
|
100.0
|
%
|
127,418
|
100.0
|
%
|
|||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Loans in process
|
3
|
—
|
175
|
174
|
485
|
|||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
137
|
161
|
918
|
—
|
—
|
|||||||||||||||||||||||||||||||||||
Fair value discounts
|
2,080
|
3,506
|
7,451
|
13,681
|
35,414
|
|||||||||||||||||||||||||||||||||||
Total loans receivable, net
|
$
|
31,362
|
$
|
40,188
|
$
|
51,248
|
$
|
64,843
|
$
|
91,519
|
December 31,
|
||||||||||||||||||||||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Fixed-Rate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
$
|
37,752
|
25.2
|
%
|
$
|
52,387
|
27.1
|
%
|
$
|
65,863
|
26.9
|
%
|
$
|
77,181
|
27.1
|
%
|
$
|
88,573
|
24.8
|
%
|
||||||||||||||||||||
Other residential
|
1,588
|
1.1
|
2,806
|
1.4
|
2,187
|
0.9
|
3,059
|
1.1
|
4,866
|
1.4
|
||||||||||||||||||||||||||||||
Commercial
|
1,848
|
1.2
|
1,060
|
0.5
|
1,118
|
0.5
|
997
|
0.3
|
2,049
|
0.6
|
||||||||||||||||||||||||||||||
Construction
|
449
|
0.3
|
495
|
0.3
|
630
|
0.2
|
489
|
0.2
|
—
|
—
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Total real estate loans
|
41,637
|
27.8
|
56,748
|
29.3
|
69,798
|
28.5
|
81,726
|
28.7
|
95,488
|
26.8
|
||||||||||||||||||||||||||||||
Consumer loans
|
168
|
0.1
|
158
|
0.1
|
596
|
0.2
|
846
|
0.3
|
673
|
0.2
|
||||||||||||||||||||||||||||||
Other commercial loans
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
4
|
—
|
||||||||||||||||||||||||||||||
Total fixed-rate loans
|
41,805
|
27.9
|
56,906
|
29.4
|
70,394
|
28.7
|
82,572
|
29.0
|
96,165
|
27.0
|
||||||||||||||||||||||||||||||
Adjustable-Rate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
70,658
|
47.2
|
82,530
|
42.6
|
91,907
|
37.5
|
102,393
|
35.9
|
127,195
|
35.6
|
||||||||||||||||||||||||||||||
Other residential
|
2,540
|
1.7
|
5,623
|
2.9
|
20,437
|
8.4
|
26,458
|
9.3
|
41,014
|
11.5
|
||||||||||||||||||||||||||||||
Commercial
|
5,356
|
3.6
|
13,145
|
6.8
|
20,703
|
8.4
|
26,533
|
9.3
|
31,153
|
8.8
|
||||||||||||||||||||||||||||||
Construction
|
89
|
0.1
|
103
|
0.1
|
115
|
0.1
|
123
|
0.1
|
133
|
—
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Total real estate loans
|
78,643
|
52.6
|
101,401
|
52.4
|
133,162
|
54.4
|
155,507
|
54.6
|
199,495
|
55.9
|
||||||||||||||||||||||||||||||
Consumer loans
|
29,151
|
19.5
|
35,287
|
18.2
|
41,359
|
16.9
|
46,833
|
16.4
|
61,120
|
17.1
|
||||||||||||||||||||||||||||||
Other commercial loans
|
58
|
—
|
62
|
—
|
64
|
—
|
65
|
—
|
66
|
—
|
||||||||||||||||||||||||||||||
Total adjustable-rate loans
|
107,852
|
72.1
|
136,750
|
70.6
|
174,585
|
71.3
|
202,405
|
71.0
|
260,681
|
73.0
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Total loans
|
149,657
|
100.0
|
%
|
193,656
|
100.0
|
%
|
244,979
|
100.0
|
%
|
284,977
|
100.0
|
%
|
356,846
|
100.0
|
%
|
|||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Loans in process
|
—
|
2
|
2
|
2
|
2
|
|||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
71
|
74
|
1
|
—
|
—
|
|||||||||||||||||||||||||||||||||||
Fair value discounts
|
15,301
|
23,346
|
43,147
|
71,436
|
97,612
|
|||||||||||||||||||||||||||||||||||
Total InterBank loans
receivable, net
|
$
|
134,285
|
$
|
170,234
|
$
|
201,829
|
$
|
213,539
|
$
|
259,232
|
December 31,
|
||||||||||||||||||||||||
2016
|
2015
|
2014
|
||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Fixed-Rate Loans:
|
||||||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||
One- to four- family
|
$
|
13,604
|
16.1
|
%
|
$
|
19,651
|
17.9
|
%
|
$
|
28,304
|
19.3
|
%
|
||||||||||||
Other residential
|
22,046
|
26.2
|
20,507
|
18.7
|
18,503
|
12.6
|
||||||||||||||||||
Commercial
|
14,281
|
16.9
|
14,698
|
13.4
|
27,055
|
18.5
|
||||||||||||||||||
Construction
|
1,140
|
1.4
|
4,308
|
3.9
|
11,093
|
7.8
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total real estate loans
|
51,071
|
60.6
|
59,164
|
53.9
|
84,955
|
58.2
|
||||||||||||||||||
Consumer loans
|
950
|
1.1
|
1,440
|
1.3
|
2,024
|
1.4
|
||||||||||||||||||
Other commercial loans
|
3,960
|
4.7
|
5,772
|
5.3
|
10,652
|
7.3
|
||||||||||||||||||
Total fixed-rate loans
|
55,981
|
66.4
|
66,376
|
60.5
|
97,631
|
66.9
|
||||||||||||||||||
Adjustable-Rate Loans:
|
||||||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||
One- to four- family
|
9,931
|
11.8
|
10,995
|
10.0
|
11,360
|
7.8
|
||||||||||||||||||
Other residential
|
1,804
|
2.1
|
5,379
|
4.9
|
4,197
|
2.9
|
||||||||||||||||||
Commercial
|
11,977
|
14.2
|
16,445
|
15.0
|
17,115
|
11.7
|
||||||||||||||||||
Construction
|
774
|
1.0
|
1,614
|
1.4
|
2,577
|
1.6
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total real estate loans
|
24,486
|
29.1
|
34,433
|
31.3
|
35,249
|
24.0
|
||||||||||||||||||
Consumer loans
|
764
|
0.9
|
1,154
|
1.1
|
1,688
|
1.1
|
||||||||||||||||||
Other commercial loans
|
3,055
|
3.6
|
7,841
|
7.1
|
11,726
|
8.0
|
||||||||||||||||||
Total adjustable-rate loans
|
28,305
|
33.6
|
43,428
|
39.5
|
48,663
|
33.1
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total loans
|
84,286
|
100.0
|
%
|
109,804
|
100.0
|
%
|
146,294
|
100.0
|
%
|
|||||||||||||||
Less:
|
||||||||||||||||||||||||
Loans in process
|
3
|
13
|
449
|
|||||||||||||||||||||
Allowance for loan losses
|
143
|
738
|
403
|
|||||||||||||||||||||
Fair value discounts
|
8,052
|
16,355
|
23,863
|
|||||||||||||||||||||
Total Valley Bank loans receivable, net
|
$
|
76,088
|
$
|
92,698
|
$
|
121,579
|
||||||||||||||||||
|
Less Than
One Year
|
One to Five
Years
|
After Five
Years
|
Total
|
||||||||||||
|
(In Thousands)
|
|||||||||||||||
Real Estate Loans:
|
||||||||||||||||
Residential
|
||||||||||||||||
One- to four- family
|
$
|
42,134
|
$
|
81,588
|
$
|
229,987
|
$
|
353,709
|
||||||||
Other residential
|
139,635
|
471,220
|
52,523
|
663,378
|
||||||||||||
Commercial
|
295,839
|
698,758
|
217,047
|
1,211,644
|
||||||||||||
Residential construction:
|
||||||||||||||||
One- to four- family
|
16,745
|
8,224
|
1,795
|
26,764
|
||||||||||||
Other residential
|
8,488
|
193,045
|
669
|
202,202
|
||||||||||||
Commercial construction
|
526,762
|
112,944
|
1,489
|
641,195
|
||||||||||||
Total real estate loans
|
1,029,603
|
1,565,779
|
503,510
|
3,098,892
|
||||||||||||
Other Loans:
|
||||||||||||||||
Consumer loans:
|
||||||||||||||||
Automobile and other
|
35,166
|
332,278
|
196,790
|
564,234
|
||||||||||||
Home equity and improvement
|
9,967
|
21,969
|
76,817
|
108,753
|
||||||||||||
Total consumer loans
|
45,133
|
354,247
|
273,607
|
672,987
|
||||||||||||
Other commercial loans
|
158,474
|
126,194
|
64,287
|
348,955
|
||||||||||||
Total other loans
|
203,607
|
480,441
|
337,894
|
1,021,942
|
||||||||||||
Total loans
|
$
|
1,233,210
|
$
|
2,046,220
|
$
|
841,404
|
$
|
4,120,834
|
|
Less Than
One Year
|
One to Five
Years
|
After Five
Years
|
Total
|
||||||||||||
|
(In Thousands)
|
|||||||||||||||
Real Estate Loans:
|
||||||||||||||||
Residential
|
||||||||||||||||
One- to four- family
|
$
|
471
|
$
|
775
|
$
|
5,984
|
$
|
7,230
|
||||||||
Other residential
|
—
|
919
|
—
|
919
|
||||||||||||
Commercial
|
1,396
|
2,435
|
3,228
|
7,059
|
||||||||||||
Construction
|
1,037
|
78
|
591
|
1,706
|
||||||||||||
Total real estate loans
|
2,904
|
4,207
|
9,803
|
16,914
|
||||||||||||
Other Loans:
|
||||||||||||||||
Consumer loans:
|
||||||||||||||||
Home equity and improvement
|
576
|
784
|
172
|
1,532
|
||||||||||||
Automobile and other
|
—
|
18
|
—
|
18
|
||||||||||||
Total consumer loans
|
576
|
802
|
172
|
1,550
|
||||||||||||
Other commercial loans
|
225
|
113
|
38
|
376
|
||||||||||||
Total other loans
|
801
|
915
|
210
|
1,926
|
||||||||||||
Total loans
|
$
|
3,705
|
$
|
5,122
|
$
|
10,013
|
$
|
18,840
|
|
Less Than
One Year
|
One to Five
Years
|
After Five
Years
|
Total
|
||||||||||||
|
(In Thousands)
|
|||||||||||||||
Real Estate Loans:
|
||||||||||||||||
Residential
|
||||||||||||||||
One- to four- family
|
$
|
339
|
$
|
1,710
|
$
|
5,779
|
$
|
7,828
|
||||||||
Other residential
|
—
|
533
|
668
|
1,201
|
||||||||||||
Commercial
|
195
|
2,609
|
4,049
|
6,853
|
||||||||||||
Construction
|
8
|
36
|
14
|
58
|
||||||||||||
Total real estate loans
|
542
|
4,888
|
10,510
|
15,940
|
||||||||||||
Other Loans:
|
||||||||||||||||
Consumer loans:
|
||||||||||||||||
Home equity and improvement
|
10
|
229
|
3,602
|
3,841
|
||||||||||||
Automobile and other
|
23
|
933
|
2,743
|
3,699
|
||||||||||||
Total consumer loans
|
33
|
1,162
|
6,345
|
7,540
|
||||||||||||
Other commercial loans
|
84
|
75
|
73
|
232
|
||||||||||||
Total other loans
|
117
|
1,237
|
6,418
|
7,772
|
||||||||||||
Total loans
|
$
|
659
|
$
|
6,125
|
$
|
16,928
|
$
|
23,712
|
|
Less Than
One Year
|
One to Five
Years
|
After Five
Years
|
Total
|
||||||||||||
|
(In Thousands)
|
|||||||||||||||
Real Estate Loans:
|
||||||||||||||||
Residential
|
||||||||||||||||
One- to four- family
|
$
|
3,417
|
$
|
8,724
|
$
|
10,397
|
$
|
22,538
|
||||||||
Other residential
|
163
|
344
|
—
|
507
|
||||||||||||
Commercial
|
3,118
|
5,415
|
641
|
9,174
|
||||||||||||
Construction
|
46
|
177
|
69
|
292
|
||||||||||||
Total real estate loans
|
6,744
|
14,660
|
11,107
|
32,511
|
||||||||||||
Other Loans:
|
||||||||||||||||
Consumer loans:
|
||||||||||||||||
Home equity and improvement
|
236
|
42
|
—
|
278
|
||||||||||||
Automobile and other
|
19
|
7
|
—
|
26
|
||||||||||||
Total consumer loans
|
255
|
49
|
—
|
304
|
||||||||||||
Other commercial loans
|
394
|
373
|
—
|
767
|
||||||||||||
Total other loans
|
649
|
422
|
—
|
1,071
|
||||||||||||
Total loans
|
$
|
7,393
|
$
|
15,082
|
$
|
11,107
|
$
|
33,582
|
|
Less Than
One Year
|
One to Five
Years
|
After Five
Years
|
Total
|
||||||||||||
|
(In Thousands)
|
|||||||||||||||
Real Estate Loans:
|
||||||||||||||||
Residential
|
||||||||||||||||
One- to four- family
|
$
|
2,393
|
$
|
21,899
|
$
|
84,118
|
$
|
108,410
|
||||||||
Other residential
|
1,947
|
2,153
|
28
|
4,128
|
||||||||||||
Commercial
|
3,905
|
3,299
|
—
|
7,204
|
||||||||||||
Construction
|
301
|
148
|
89
|
538
|
||||||||||||
Total real estate loans
|
8,546
|
27,499
|
84,235
|
120,280
|
||||||||||||
Other Loans:
|
||||||||||||||||
Consumer loans:
|
||||||||||||||||
Home equity and improvement
|
479
|
17,845
|
10,969
|
29,293
|
||||||||||||
Automobile and other
|
—
|
—
|
26
|
26
|
||||||||||||
Total consumer loans
|
479
|
17,845
|
10,995
|
29,319
|
||||||||||||
Other commercial loans
|
—
|
—
|
58
|
58
|
||||||||||||
Total other loans
|
479
|
17,845
|
11,053
|
29,377
|
||||||||||||
Total loans
|
$
|
9,025
|
$
|
45,344
|
$
|
95,288
|
$
|
149,657
|
|
Less Than
One Year
|
One to Five
Years
|
After Five
Years
|
Total
|
||||||||||||
|
(In Thousands)
|
|||||||||||||||
Real Estate Loans:
|
||||||||||||||||
Residential
|
||||||||||||||||
One- to four- family
|
$
|
1,544
|
$
|
10,794
|
$
|
11,197
|
$
|
23,535
|
||||||||
Other residential
|
1,144
|
13,543
|
9,163
|
23,850
|
||||||||||||
Commercial
|
10,342
|
14,326
|
1,590
|
26,258
|
||||||||||||
Construction
|
642
|
1,124
|
148
|
1,914
|
||||||||||||
Total real estate loans
|
13,672
|
39,787
|
22,098
|
75,557
|
||||||||||||
Other Loans:
|
||||||||||||||||
Consumer loans:
|
||||||||||||||||
Home equity and improvement
|
86
|
74
|
584
|
744
|
||||||||||||
Automobile and other
|
109
|
313
|
548
|
970
|
||||||||||||
Total consumer loans
|
195
|
387
|
1,132
|
1,714
|
||||||||||||
Other commercial loans
|
2,818
|
4,147
|
50
|
7,015
|
||||||||||||
Total other loans
|
3,013
|
4,534
|
1,182
|
8,729
|
||||||||||||
Total loans
|
$
|
16,685
|
$
|
44,321
|
$
|
23,280
|
$
|
84,286
|
Collateral Type
|
Loan Balance
|
Percentage of
Total Loan
Portfolio
|
Non-Performing
Loans at
December 31, 2016
|
|
(Dollars In Thousands)
|
||
|
|
||
Retail (Varied Projects)
|
$417,454
|
11.9%
|
$ 1,844
|
Office Industry
|
$256,449
|
7.3%
|
$ 0
|
Health Care Facilities
|
$184,260
|
5.2%
|
$ 0
|
Warehouses
|
$114,240
|
3.3%
|
$ 98
|
Motels/Hotels
|
$ 97,625
|
2.8%
|
$ 644
|
December 31, 2016
|
||||||||||||||||||||||||||||||||||||||||
Total
|
||||||||||||||||||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
Loans
|
||||||||||||||||||||||||||||||||||||||
Past Due
|
Past Due
|
Over 90 Days
|
Total Past Due
|
Current
|
Receivable
|
|||||||||||||||||||||||||||||||||||
#
|
Amount
|
#
|
Amount
|
#
|
Amount
|
#
|
Amount
|
Amount
|
Amount
|
|||||||||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
One- to four-family
residential construction
|
—
|
$
|
—
|
—
|
$
|
—
|
—
|
$
|
—
|
—
|
$
|
—
|
$
|
21,737
|
$
|
21,737
|
||||||||||||||||||||||||
Subdivision construction
|
—
|
—
|
—
|
—
|
1
|
109
|
1
|
109
|
17,077
|
17,186
|
||||||||||||||||||||||||||||||
Land development
|
2
|
413
|
3
|
584
|
2
|
1,718
|
7
|
2,715
|
47,909
|
50,624
|
||||||||||||||||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
780,614
|
780,614
|
||||||||||||||||||||||||||||||
Owner occupied one- to
four-family residential
|
23
|
1,760
|
8
|
388
|
19
|
1,125
|
50
|
3,273
|
197,067
|
200,340
|
||||||||||||||||||||||||||||||
Non-owner occupied one-
to four-family residential
|
1
|
309
|
2
|
278
|
5
|
404
|
8
|
991
|
135,933
|
136,924
|
||||||||||||||||||||||||||||||
Commercial real estate
|
4
|
1,969
|
1
|
1,988
|
11
|
4,404
|
16
|
8,361
|
1,178,545
|
1,186,906
|
||||||||||||||||||||||||||||||
Other residential
|
3
|
4,632
|
—
|
—
|
1
|
162
|
4
|
4,794
|
658,584
|
663,378
|
||||||||||||||||||||||||||||||
Commercial business
|
9
|
1,741
|
2
|
24
|
6
|
3,088
|
17
|
4,853
|
343,775
|
348,628
|
||||||||||||||||||||||||||||||
Industrial revenue bonds
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
25,065
|
25,065
|
||||||||||||||||||||||||||||||
Consumer auto
|
626
|
8,252
|
177
|
2,451
|
165
|
1,989
|
968
|
12,692
|
481,541
|
494,233
|
||||||||||||||||||||||||||||||
Consumer other
|
66
|
1,103
|
38
|
278
|
23
|
649
|
127
|
2,030
|
67,971
|
70,001
|
||||||||||||||||||||||||||||||
Home equity lines of credit
|
7
|
136
|
4
|
158
|
14
|
433
|
25
|
727
|
108,026
|
108,753
|
||||||||||||||||||||||||||||||
Acquired FDIC-covered
loans, net of discounts
|
39
|
4,476
|
12
|
1,201
|
40
|
8,226
|
91
|
13,903
|
120,453
|
134,356
|
||||||||||||||||||||||||||||||
Acquired loans no longer
covered by FDIC loss
sharing agreements, net
of discounts
|
41
|
1,356
|
6
|
552
|
44
|
1,401
|
91
|
3,309
|
69,260
|
72,569
|
||||||||||||||||||||||||||||||
Acquired non-covered
loans, net of discounts
|
10
|
851
|
3
|
173
|
42
|
2,854
|
55
|
3,878
|
72,356
|
76,234
|
||||||||||||||||||||||||||||||
831
|
26,998
|
256
|
8,075
|
373
|
26,562
|
1,460
|
61,635
|
4,325,913
|
4,387,548
|
|||||||||||||||||||||||||||||||
Less FDIC-supported
loans and acquired non-
covered loans, net of
discounts
|
90
|
6,683
|
21
|
1,926
|
126
|
12,481
|
237
|
21,090
|
262,069
|
283,159
|
||||||||||||||||||||||||||||||
Total
|
741
|
$
|
20,315
|
235
|
$
|
6,149
|
247
|
$
|
14,081
|
1,223
|
$
|
40,545
|
$
|
4,063,844
|
$
|
4,104,389
|
December 31, 2015
|
||||||||||||||||||||||||||||||||||||||||
Total
|
||||||||||||||||||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
Loans
|
||||||||||||||||||||||||||||||||||||||
Past Due
|
Past Due
|
Over 90 Days
|
Total Past Due
|
Current
|
Receivable
|
|||||||||||||||||||||||||||||||||||
#
|
Amount
|
#
|
Amount
|
#
|
Amount
|
#
|
Amount
|
Amount
|
Amount
|
|||||||||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
One- to four-family
residential construction |
5
|
$
|
649
|
—
|
$
|
—
|
—
|
$
|
—
|
5
|
$
|
649
|
$
|
22,877
|
$
|
23,526
|
||||||||||||||||||||||||
Subdivision construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
38,504
|
38,504
|
||||||||||||||||||||||||||||||
Land development
|
3
|
2,245
|
1
|
148
|
3
|
139
|
7
|
2,532
|
55,908
|
58,440
|
||||||||||||||||||||||||||||||
Commercial construction
|
1
|
1
|
—
|
—
|
—
|
—
|
1
|
1
|
600,793
|
600,794
|
||||||||||||||||||||||||||||||
Owner occupied one- to
four-family residential |
21
|
1,217
|
5
|
345
|
9
|
715
|
35
|
2,277
|
108,000
|
110,277
|
||||||||||||||||||||||||||||||
Non-owner occupied one-
to four-family residential |
—
|
—
|
—
|
—
|
6
|
345
|
6
|
345
|
149,529
|
149,874
|
||||||||||||||||||||||||||||||
Commercial real estate
|
2
|
1,035
|
3
|
471
|
10
|
13,488
|
15
|
14,994
|
1,028,480
|
1,043,474
|
||||||||||||||||||||||||||||||
Other residential
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
419,549
|
419,549
|
||||||||||||||||||||||||||||||
Commercial business
|
7
|
1,020
|
1
|
9
|
8
|
288
|
16
|
1,317
|
356,263
|
357,580
|
||||||||||||||||||||||||||||||
Industrial revenue bonds
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
37,362
|
37,362
|
||||||||||||||||||||||||||||||
Consumer auto
|
333
|
3,351
|
81
|
891
|
72
|
721
|
486
|
4,963
|
434,932
|
439,895
|
||||||||||||||||||||||||||||||
Consumer other
|
57
|
943
|
34
|
236
|
29
|
576
|
120
|
1,755
|
73,074
|
74,829
|
||||||||||||||||||||||||||||||
Home equity lines of
credit |
6
|
212
|
7
|
123
|
12
|
297
|
25
|
632
|
83,334
|
83,966
|
||||||||||||||||||||||||||||||
Acquired FDIC-covered
loans, net of discounts |
89
|
7,936
|
16
|
603
|
82
|
9,712
|
187
|
18,251
|
217,820
|
236,071
|
||||||||||||||||||||||||||||||
Acquired loans no longer
covered by FDIC loss sharing agreements, net of discounts |
7
|
989
|
2
|
39
|
3
|
33
|
12
|
1,061
|
32,277
|
33,338
|
||||||||||||||||||||||||||||||
Acquired non-covered
loans, net of discounts |
16
|
1,081
|
4
|
638
|
67
|
5,914
|
87
|
7,633
|
85,803
|
93,436
|
||||||||||||||||||||||||||||||
547
|
20,679
|
154
|
3,503
|
301
|
32,228
|
1,002
|
56,410
|
3,744,505
|
3,800,915
|
|||||||||||||||||||||||||||||||
Less FDIC-supported
loans and acquired non- covered loans, net of discounts |
112
|
10,006
|
22
|
1,280
|
152
|
15,659
|
286
|
26,945
|
335,900
|
362,845
|
||||||||||||||||||||||||||||||
Total
|
435
|
$
|
10,673
|
132
|
$
|
2,223
|
149
|
$
|
16,569
|
716
|
$
|
29,465
|
$
|
3,408,605
|
$
|
3,438,070
|
December 31, 2016 | ||||||||||||||||||||||||
Asset Category
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
Total
Classified
|
Allowance
for Losses
|
||||||||||||||||||
|
(In Thousands)
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||
Investment securities
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||
Loans
|
—
|
21,061
|
—
|
—
|
21,061
|
6,362
|
||||||||||||||||||
Foreclosed assets and repossessions
|
—
|
25,249
|
—
|
—
|
25,249
|
—
|
||||||||||||||||||
Total
|
$
|
—
|
$
|
46,310
|
$
|
—
|
$
|
—
|
$
|
46,310
|
$
|
6,362
|
December 31, 2015
|
||||||||||||||||||||||||
Asset Category
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
Total
Classified
|
Allowance
for Losses
|
||||||||||||||||||
|
(In Thousands)
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||
Investment securities
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||
Loans
|
8,400
|
31,325
|
—
|
—
|
39,725
|
6,093
|
||||||||||||||||||
Foreclosed assets and repossessions
|
—
|
27,391
|
—
|
—
|
27,391
|
—
|
||||||||||||||||||
Total
|
$
|
8,400
|
$
|
58,716
|
$
|
—
|
$
|
—
|
$
|
67,116
|
$
|
6,093
|
(1)
|
The largest two relationships in this category were $1.7 million and $1.7 million, respectively, at December 31, 2016.
|
(2)
|
The largest two relationships in this category were $6.5 million and $3.7 million, respectively, at December 31, 2015.
|
(3)
|
The largest two relationships in this category were $2.0 million and $1.9 million, respectively, at December 31, 2014.
|
(4)
|
One relationship was $4.1 million of this total at December 31, 2013.
|
(5)
|
One relationship was $3.7 million of this total at December 31, 2012.
|
(6)
|
One relationship was $3.0 million of this total at December 31, 2016.
|
(7)
|
One relationship was $2.7 million of this total at December 31, 2013.
|
(8)
|
One relationship was $2.6 million of this total at December 31, 2012.
|
December 31, 2016
|
||||||||||||
Restructured
|
Accruing
|
Restructured Troubled
|
||||||||||
Troubled Debt
|
Interest
|
Debt Nonaccruing
|
||||||||||
(In Thousands)
|
||||||||||||
Commercial real estate
|
$
|
7,117
|
$
|
5,113
|
$
|
2,004
|
||||||
One- to four-family residential
|
3,726
|
3,286
|
440
|
|||||||||
Other residential
|
3,650
|
3,650
|
—
|
|||||||||
Construction
|
5,014
|
5,014
|
—
|
|||||||||
Commercial
|
1,311
|
1,291
|
20
|
|||||||||
Consumer
|
296
|
198
|
98
|
|||||||||
$
|
21,114
|
$
|
18,552
|
$
|
2,562
|
December 31, 2015
|
||||||||||||
Restructured
|
Accruing
|
Restructured Troubled
|
||||||||||
Troubled Debt
|
Interest
|
Debt Nonaccruing
|
||||||||||
(In Thousands)
|
||||||||||||
Commercial real estate
|
$
|
21,304
|
$
|
15,936
|
$
|
5,368
|
||||||
One- to four-family residential
|
3,988
|
3,456
|
532
|
|||||||||
Other residential
|
9,533
|
9,533
|
—
|
|||||||||
Construction
|
7,902
|
7,902
|
—
|
|||||||||
Commercial
|
1,977
|
1,977
|
—
|
|||||||||
Consumer
|
311
|
168
|
143
|
|||||||||
$
|
45,015
|
$
|
38,972
|
$
|
6,043
|
|
December 31,
|
|||||||||||||||||||||||||||||||||||||||
|
2016
|
2015
|
2014
|
2013
|
2012
|
|||||||||||||||||||||||||||||||||||
|
Amount
|
% of
Loans to
Total
Loans (2)
|
Amount
|
% of
Loans to
Total
Loans (2)
|
Amount
|
% of
Loans to
Total
Loans (2)
|
Amount
|
% of
Loans to
Total
Loans (2)
|
Amount
|
% of
Loans to
Total
Loans (2)
|
||||||||||||||||||||||||||||||
|
(Dollars In Thousands)
|
|||||||||||||||||||||||||||||||||||||||
One- to four-family residential
and construction
|
$
|
2,198
|
9.2
|
%
|
$
|
4,195
|
9.4
|
%
|
$
|
3,361
|
10.2
|
%
|
$
|
6,235
|
13.5
|
%
|
$
|
6,820
|
14.7
|
%
|
||||||||||||||||||||
Other residential and construction
|
5,396
|
16.1
|
3,122
|
12.2
|
2,923
|
13.3
|
2,678
|
14.2
|
4,327
|
13.4
|
||||||||||||||||||||||||||||||
Commercial real estate
|
15,716
|
28.9
|
14,444
|
30.3
|
18,422
|
32.1
|
16,935
|
35.9
|
17,433
|
36.8
|
||||||||||||||||||||||||||||||
Commercial construction
|
2,244
|
20.3
|
2,961
|
19.2
|
3,412
|
15.1
|
4,464
|
10.6
|
3,938
|
10.7
|
||||||||||||||||||||||||||||||
Other commercial
|
2,976
|
9.1
|
3,977
|
11.5
|
3,628
|
13.4
|
6,449
|
13.8
|
5,092
|
13.3
|
||||||||||||||||||||||||||||||
Consumer and overdrafts
|
8,245
|
16.4
|
7,947
|
17.4
|
4,553
|
15.9
|
3,349
|
12.0
|
3,022
|
11.1
|
||||||||||||||||||||||||||||||
Loans covered by loss sharing agreements (1)
|
70
|
—
|
344
|
—
|
941
|
—
|
6
|
—
|
17
|
—
|
||||||||||||||||||||||||||||||
Acquired loans not covered by loss sharing agreements
|
555
|
—
|
1,159
|
—
|
1,195
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||||||
Total
|
$
|
37,400
|
100.0
|
%
|
$
|
38,149
|
100.0
|
%
|
$
|
38,435
|
100.0
|
%
|
$
|
40,116
|
100.0
|
%
|
$
|
40,649
|
100.0
|
%
|
(1)
|
Associated with these allowances at December 31, 2016, 2015, 2014, 2013 and 2012, are receivables from the FDIC totaling $56,000, $275,000, $753,000, $5,000 and $14,000, respectively, under the loss sharing agreements which will be collected if the losses are realized.
|
(2)
|
Excludes loans covered by loss sharing agreements.
|
|
December 31,
|
|||||||||||||||||||
|
2016
|
2015
|
2014
|
2013
|
2012
|
|||||||||||||||
|
(Dollars In Thousands)
|
|||||||||||||||||||
|
||||||||||||||||||||
Balance at beginning of period
|
$
|
38,149
|
$
|
38,435
|
$
|
40,116
|
$
|
40,649
|
$
|
41,232
|
||||||||||
Charge-offs:
|
||||||||||||||||||||
One- to four-family residential
|
229
|
80
|
2,251
|
2,196
|
3,203
|
|||||||||||||||
Other residential
|
16
|
2
|
1
|
3,248
|
3,579
|
|||||||||||||||
Commercial real estate
|
5,653
|
2,584
|
2,160
|
9,836
|
18,010
|
|||||||||||||||
Construction
|
31
|
329
|
126
|
788
|
18,027
|
|||||||||||||||
Other commercial
|
589
|
1,202
|
3,286
|
4,072
|
3,082
|
|||||||||||||||
Consumer, overdrafts and other loans
|
8,751
|
5,315
|
4,005
|
3,312
|
2,390
|
|||||||||||||||
|
||||||||||||||||||||
Total charge-offs
|
15,269
|
9,512
|
11,829
|
23,452
|
48,291
|
|||||||||||||||
|
||||||||||||||||||||
Recoveries:
|
||||||||||||||||||||
One- to four-family residential
|
58
|
97
|
496
|
113
|
227
|
|||||||||||||||
Other residential
|
52
|
58
|
37
|
43
|
347
|
|||||||||||||||
Commercial real estate
|
1,221
|
302
|
3,139
|
2,412
|
701
|
|||||||||||||||
Construction
|
123
|
405
|
181
|
172
|
882
|
|||||||||||||||
Other commercial
|
327
|
276
|
105
|
1,023
|
307
|
|||||||||||||||
Consumer, overdrafts and other loans
|
3,458
|
2,569
|
2,039
|
1,770
|
1,381
|
|||||||||||||||
|
||||||||||||||||||||
Total recoveries
|
5,239
|
3,707
|
5,997
|
5,533
|
3,845
|
|||||||||||||||
|
||||||||||||||||||||
Net charge-offs
|
10,030
|
5,805
|
5,832
|
17,919
|
44,446
|
|||||||||||||||
Provision for losses on loans
|
9,281
|
5,519
|
4,151
|
17,386
|
43,863
|
|||||||||||||||
|
||||||||||||||||||||
Balance at end of period
|
$
|
37,400
|
$
|
38,149
|
$
|
38,435
|
$
|
40,116
|
$
|
40,649
|
||||||||||
Ratio of net charge-offs to average
loans outstanding
|
0.29
|
%
|
0.20
|
%
|
0.24
|
%
|
0.91
|
%
|
2.43
|
%
|
December 31, 2016
|
||||||||||||||||
Amortized
|
Gross Unrealized
|
Gross Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
AVAILABLE-FOR-SALE SECURITIES:
|
||||||||||||||||
Mortgage-backed securities
|
$
|
146,491
|
$
|
1,045
|
$
|
1,501
|
$
|
146,035
|
||||||||
States and political subdivisions
|
64,682
|
3,163
|
8
|
67,837
|
||||||||||||
$
|
211,173
|
$
|
4,208
|
$
|
1,509
|
$
|
213,872
|
|||||||||
HELD-TO-MATURITY SECURITIES
|
||||||||||||||||
States and political subdivisions
|
$
|
247
|
$
|
11
|
$
|
—
|
$
|
258
|
December 31, 2015
|
||||||||||||||||
Amortized
|
Gross Unrealized
|
Gross Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
AVAILABLE-FOR-SALE SECURITIES:
|
||||||||||||||||
U.S. government agencies
|
$
|
20,000
|
$
|
—
|
$
|
219
|
$
|
19,781
|
||||||||
Mortgage-backed securities
|
159,777
|
2,038
|
601
|
161,214
|
||||||||||||
States and political subdivisions
|
72,951
|
5,081
|
1
|
78,031
|
||||||||||||
Other securities
|
847
|
2,983
|
—
|
3,830
|
||||||||||||
$
|
253,575
|
$
|
10,102
|
$
|
821
|
$
|
262,856
|
|||||||||
HELD-TO-MATURITY SECURITIES
|
||||||||||||||||
States and political subdivisions
|
$
|
353
|
$
|
31
|
$
|
—
|
$
|
384
|
December 31, 2014
|
||||||||||||||||
Amortized
|
Gross Unrealized
|
Gross Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
AVAILABLE-FOR-SALE SECURITIES:
|
||||||||||||||||
U.S. government agencies
|
$
|
20,000
|
$
|
—
|
$
|
486
|
$
|
19,514
|
||||||||
Mortgage-backed securities
|
254,294
|
4,325
|
821
|
257,798
|
||||||||||||
States and political subdivisions
|
79,237
|
5,810
|
7
|
85,040
|
||||||||||||
Other securities
|
847
|
2,307
|
—
|
3,154
|
||||||||||||
$
|
354,378
|
$
|
12,442
|
$
|
1,314
|
$
|
365,506
|
|||||||||
HELD-TO-MATURITY SECURITIES
|
||||||||||||||||
States and political subdivisions
|
$
|
450
|
$
|
49
|
$
|
—
|
$
|
499
|
||||||||
|
Cost
|
Tax-Equivalent
Amortized
Yield
|
Fair Value
|
|||||||||
|
(Dollars In Thousands)
|
|||||||||||
After one through five years
|
$
|
633
|
6.24
|
%
|
$
|
642
|
||||||
After five through ten years
|
7,987
|
5.77
|
%
|
8,189
|
||||||||
After ten years
|
56,062
|
5.72
|
%
|
59,006
|
||||||||
Securities not due on a single maturity date
|
146,491
|
2.03
|
%
|
146,035
|
||||||||
|
||||||||||||
Total
|
$
|
211,173
|
3.16
|
%
|
$
|
213,872
|
|
One Year
or Less
|
After One
Through
Five
Years
|
After
Five
Through
Ten
Years
|
After
Ten
Years
|
Securities
Not Due
on a
Single
Maturity
Date
|
Total
|
||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Mortgage-backed securities
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
146,035
|
$
|
146,035
|
||||||||||||
States and political subdivisions
|
—
|
642
|
8,189
|
59,006
|
—
|
67,837
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total
|
$
|
—
|
$
|
642
|
$
|
8,189
|
$
|
59,006
|
$
|
146,035
|
$
|
213,872
|
|
Cost
|
Tax-Equivalent
Amortized
Yield
|
Approximate
Fair Value
|
|||||||||
|
(Dollars In Thousands)
|
|||||||||||
After one through five years
|
$
|
247
|
7.36
|
%
|
$
|
258
|
2016
|
||||||||||||||||||||||||
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Description of Securities
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Mortgage-backed securities
|
$
|
102,296
|
$
|
(1,501
|
)
|
$
|
—
|
$
|
—
|
$
|
102,296
|
$
|
(1,501
|
)
|
||||||||||
States and political
|
||||||||||||||||||||||||
subdivisions
|
2,164
|
(8
|
)
|
—
|
—
|
2,164
|
(8
|
)
|
||||||||||||||||
$
|
104,460
|
$
|
(1,509
|
)
|
$
|
—
|
$
|
—
|
$
|
104,460
|
$
|
(1,509
|
)
|
2015
|
||||||||||||||||||||||||
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Description of Securities
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
U.S. government agencies
|
$
|
19,781
|
$
|
(219
|
)
|
$
|
—
|
$
|
—
|
$
|
19,781
|
$
|
(219
|
)
|
||||||||||
Mortgage-backed securities
|
45,146
|
(348
|
)
|
9,382
|
(253
|
)
|
54,528
|
(601
|
)
|
|||||||||||||||
States and political
|
||||||||||||||||||||||||
subdivisions
|
—
|
—
|
909
|
(1
|
)
|
909
|
(1
|
)
|
||||||||||||||||
$
|
64,927
|
$
|
(567
|
)
|
$
|
10,291
|
$
|
(254
|
)
|
$
|
75,218
|
$
|
(821
|
)
|
2014
|
||||||||||||||||||||||||
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Description of Securities
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
U.S. government agencies
|
$
|
—
|
$
|
—
|
$
|
19,514
|
$
|
(486
|
)
|
$
|
19,514
|
$
|
(486
|
)
|
||||||||||
Mortgage-backed securities
|
39,714
|
(328
|
)
|
44,561
|
(493
|
)
|
84,275
|
(821
|
)
|
|||||||||||||||
States and political
|
||||||||||||||||||||||||
subdivisions
|
—
|
—
|
918
|
(7
|
)
|
918
|
(7
|
)
|
||||||||||||||||
$
|
39,714
|
$
|
(328
|
)
|
$
|
64,993
|
$
|
(986
|
)
|
$
|
104,707
|
$
|
(1,314
|
)
|
|
|
|
December 31,
|
|
||||||||||||||||||||||||
|
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
||||||||||||||||||
|
|
|
Amount
|
|
|
Percent of
Total
|
|
|
Amount
|
|
|
Percent of
Total
|
|
|
Amount
|
|
|
Percent of
Total
|
|
|
||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||
Time deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
0.00% - 0.99%
|
|
$
|
695,738
|
|
|
|
18.92
|
%
|
|
$
|
863,865
|
|
|
|
26.43
|
%
|
|
$
|
798,932
|
|
|
|
26.71
|
%
|
|
||
1.00% - 1.99%
|
737,649
|
20.06
|
381,956
|
11.69
|
227,476
|
7.61
|
||||||||||||||||||||||
|
2.00% - 2.99%
|
|
|
48,777
|
|
|
|
1.33
|
|
|
|
39,592
|
|
|
|
1.21
|
|
|
|
61,146
|
|
|
|
2.04
|
|
|
||
|
3.00% - 3.99%
|
|
|
1,119
|
|
|
|
0.03
|
|
|
|
1,137
|
|
|
|
0.03
|
|
|
|
8,065
|
|
|
|
0.27
|
|
|
||
|
4.00% - 4.99%
|
|
|
1,171
|
|
|
|
0.03
|
|
|
|
1,304
|
|
|
|
0.04
|
|
|
|
1,435
|
|
|
|
0.05
|
|
|
||
|
5.00% and above
|
|
|
272
|
|
|
|
0.01
|
|
|
|
293
|
|
|
|
0.01
|
|
|
|
420
|
|
|
|
0.01
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total time deposits
|
|
|
|
1,484,726
|
|
|
|
40.38
|
|
|
|
1,288,147
|
|
|
|
39.41
|
|
|
|
1,097,474
|
|
|
|
36.69
|
|
|
||
Non-interest-bearing demand deposits
|
|
|
|
653,288
|
|
|
|
17.76
|
|
|
|
571,629
|
|
|
|
17.49
|
|
|
|
518,266
|
|
|
|
17.33
|
|
|
||
Interest-bearing demand and savings deposits
(0.24%-0.19%-0.20%) |
|
|
|
1,539,216
|
|
|
|
41.86
|
|
|
|
1,408,850
|
|
|
|
43.10
|
|
|
|
1,375,100
|
|
|
|
45.98
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Deposits
|
|
|
$
|
3,677,230
|
|
|
|
100.00
|
%
|
|
$
|
3,268,626
|
|
|
|
100.00
|
%
|
|
$
|
2,990,840
|
|
|
|
100.00
|
%
|
|
|
|
Year Ended December 31,
|
|
|||||||||
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
|||
|
|
(Dollars In Thousands)
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|||
FHLBank Advances:
|
|
|
|
|
|
|
|
|
|
|||
Maximum balance
|
|
$
|
292,538
|
|
|
$
|
263,546
|
|
|
$
|
281,649
|
|
Average balance
|
|
|
68,325
|
|
|
175,873
|
|
|
171,997
|
|
||
Weighted average interest rate
|
|
|
1.78
|
%
|
|
|
0.97
|
%
|
|
|
1.69
|
%
|
|
|
December 31,
|
|
|||||||||
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
|||
|
|
(Dollars In Thousands)
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|||
FHLBank advances
|
|
$
|
31,452
|
|
$
|
263,546
|
|
$
|
271,641
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average interest
rate of FHLBank advances
|
|
|
3.30
|
%
|
|
|
0.76
|
%
|
|
|
0.75
|
%
|
|
|
Year Ended December 31, 2016
|
|
|||||||||
|
|
Maximum
Balance
|
|
|
Average
Balance
|
|
|
Weighted
Average
Interest
Rate
|
|
|||
|
|
(Dollars In Thousands)
|
|
|||||||||
Other Borrowings:
|
|
|
|
|
|
|
|
|
|
|||
Securities sold under reverse repurchase agreements
|
|
$
|
139,044
|
|
|
$
|
123,002
|
|
|
|
0.04
|
%
|
Overnight borrowings -- FHLBank
|
|
400,200
|
|
|
|
203,575
|
|
|
|
0.54
|
||
Other
|
|
|
1,323
|
|
|
|
1,081
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
$
|
327,658
|
|
|
|
0.35
|
%
|
Total maximum month-end balance
|
|
523,078
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2015
|
|
|||||||||
|
|
Maximum
Balance
|
|
|
Average
Balance
|
|
|
Weighted
Average
Interest
Rate
|
|
|||
|
|
(Dollars In Thousands)
|
|
|||||||||
Other Borrowings:
|
|
|
|
|
|
|
|
|
|
|||
Securities sold under reverse repurchase agreements
|
|
$
|
218,191
|
|
|
$
|
185,852
|
|
|
|
0.03
|
%
|
Overnight borrowings -- FHLBank
|
|
25,000
|
|
|
|
4,885
|
|
|
|
0.30
|
||
Other
|
|
|
1,418
|
|
|
|
1,318
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
$
|
192,055
|
|
|
|
0.03
|
%
|
Total maximum month-end balance
|
|
219,504
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2014
|
|
|||||||||
|
|
Maximum
Balance
|
|
|
Average
Balance
|
|
|
Weighted
Average
Interest
Rate
|
|
|||
|
|
(Dollars In Thousands)
|
|
|||||||||
Other Borrowings:
|
|
|
|
|
|
|
|
|
|
|||
Securities sold under reverse repurchase agreements
|
|
$
|
187,673
|
|
|
$
|
161,141
|
|
|
|
0.03
|
%
|
Overnight borrowings -- FHLBank
|
|
41,000
|
|
|
|
2,869
|
|
|
|
0.30
|
||
Other
|
|
|
1,451
|
|
|
|
1,197
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
$
|
165,207
|
|
|
|
0.03
|
%
|
Total maximum month-end balance
|
|
211,444
|
|
|
|
|
|
|
|
|
|
December 31,
|
||||||||||||||||||||||||
2016
|
2015
|
2014
|
||||||||||||||||||||||
Balance
|
Weighted
Average
Interest Rate
|
Balance
|
Weighted
Average
Interest Rate
|
Balance
|
Weighted
Average
Interest Rate
|
|||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||
Other borrowings:
|
||||||||||||||||||||||||
Securities sold under reverse repurchase agreements
|
$
|
113,700
|
0.04
|
%
|
$
|
116,182
|
0.04
|
%
|
$
|
168,993
|
0.03
|
%
|
||||||||||||
Overnight borrowings -- FHLBank
|
171,000
|
0.53
|
—
|
—
|
41,000
|
0.26
|
||||||||||||||||||
Other
|
1,323
|
—
|
1,295
|
—
|
1,451
|
—
|
||||||||||||||||||
Total
|
$
|
286,023
|
0.33
|
%
|
$
|
117,477
|
0.04
|
%
|
$
|
211,444
|
0.08
|
%
|
|
|
Year Ended December 31,
|
|
|||||||||
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
|||
|
|
(Dollars In Thousands)
|
|
|||||||||
Structured repurchase agreements:
|
|
|
|
|
||||||||
Maximum balance
|
$
|
—
|
$
|
—
|
$
|
50,000
|
||||||
Average balance
|
—
|
—
|
23,699
|
|||||||||
Weighted average interest rate
|
N/A
|
%
|
N/A
|
%
|
4.40
|
%
|
Year Ended December 31,
|
||||||||||||
|
2016 |
2015
|
2014
|
|||||||||
|
(Dollars In Thousands)
|
|||||||||||
Subordinated debentures:
|
||||||||||||
Maximum balance
|
$
|
25,774
|
$
|
30,929
|
$
|
30,929
|
||||||
Average balance
|
25,774
|
28,754
|
30,929
|
|||||||||
Weighted average interest rate
|
3.12
|
%
|
2.48
|
%
|
1.83
|
%
|
|
December 31,
|
|||||||||||
|
2016
|
2015
|
2014
|
|||||||||
|
(Dollars In Thousands)
|
|||||||||||
|
||||||||||||
Subordinated debentures
|
$
|
25,774
|
$
|
25,774
|
$
|
30,929
|
||||||
Weighted average interest
rate of subordinated debentures
|
2.49
|
%
|
1.93
|
%
|
1.80
|
%
|
Year Ended December 31, | ||||||||||||
|
2016 |
2015
|
2014
|
|||||||||
|
(Dollars In Thousands)
|
|||||||||||
Subordinated notes:
|
||||||||||||
Maximum balance
|
$
|
73,537
|
$
|
—
|
$
|
—
|
||||||
Average balance
|
28,526
|
—
|
—
|
|||||||||
Weighted average interest rate
|
5.53
|
%
|
—
|
%
|
—
|
%
|
|
December 31,
|
|||||||||||
|
2016
|
2015
|
2014
|
|||||||||
|
(Dollars In Thousands)
|
|||||||||||
|
||||||||||||
Subordinated notes
|
$
|
73,537
|
$
|
—
|
$
|
—
|
||||||
Weighted average interest
rate of subordinated debentures
|
5.45
|
%
|
—
|
%
|
—
|
%
|
Metropolitan Statistical Area
|
Number of Branch Offices
|
Percentage of Total Market Share
|
Rank
|
Institution with Leading Market Share Position
|
Springfield, MO
|
19
|
13.5%
|
2
|
Commerce Bank
|
Sioux City, IA-NE-SD
|
6
|
5.4%
|
4
|
Security National Bank of Sioux City
|
Davenport/Moline/Rock Island, IA-IL
|
5
|
1.2%
|
19
|
Wells Fargo Bank
|
Des Moines/West Des Moines, IA
|
4
|
0.5%
|
31
|
Wells Fargo Bank
|
St. Louis, MO-IL
|
19
|
0.5%
|
26
|
Scottrade Bank
|
Kansas City, MO-KS
|
10
|
0.4%
|
36
|
UMB Bank
|
Omaha/ Council Bluffs, NE-IA
|
4
|
0.2%
|
45
|
First National Bank of Omaha
|
Fayetteville/Springdale/Rogers, AR-MO
|
2
|
0.2%
|
32
|
Arvest Bank
|
Minneapolis/St. Paul/Bloomington, MN-WI
|
4
|
0.1%
|
30
|
Wells Fargo Bank
|
·
|
Centralize responsibility for consumer financial protection by creating a new agency, the Consumer Financial Protection Bureau, with broad rulemaking authority for a wide range of consumer protection laws that apply to all banks. These laws are enforced by the Bureau for banks with more than $10 billion in assets and by the federal banking regulators for other banks.
|
·
|
Require new capital rules and apply to bank holding companies the same leverage and risk-based capital requirements that apply to insured depository institutions.
|
·
|
Change the assessment base for federal deposit insurance from the amount of insured deposits to consolidated average assets less Tier 1 capital.
|
·
|
Increase the minimum ratio of net worth to insured deposits of the Deposit Insurance Fund from 1.15% to 1.35% and require the FDIC, in setting assessments, to offset the effect of the increase on institutions with assets of less than $10 billion.
|
·
|
Provide for new disclosure and other requirements relating to executive compensation and corporate governance and a prohibition on compensation arrangements that encourage inappropriate risks or that could provide excessive compensation.
|
·
|
Make permanent the $250 thousand limit for federal deposit insurance.
|
·
|
Repeal the federal prohibitions on the payment of interest on demand deposits, thereby permitting depository institutions to pay interest on business transaction and other accounts.
|
·
|
Increase the authority of the FRB to examine the Company and its non-bank subsidiaries.
|
·
|
Require all bank holding companies to serve as a source of financial strength to their depository institution subsidiaries in the event such subsidiaries suffer from financial distress.
|
·
|
large loan balances owed by a single borrower;
|
·
|
payments that are dependent on the successful operation of the project; and
|
·
|
loans that are more directly impacted by adverse conditions in the real estate market or the economy generally.
|
·
|
cash flows of the borrower and/or the project being financed;
|
·
|
in the case of a collateralized loan, the changes and uncertainties as to the future value of the collateral;
|
·
|
the credit history of a particular borrower;
|
·
|
changes in economic and industry conditions; and
|
·
|
the duration of the loan.
|
·
|
We may be exposed to potential asset quality issues or unknown or contingent liabilities of the banks or businesses we acquire. If these issues or liabilities exceed our estimates, our earnings and financial condition may be adversely affected;
|
·
|
Prices at which acquisitions can be made fluctuate with market conditions. We have experienced times during which acquisitions could not be made in specific markets at prices our management considered acceptable and expect that we will experience this condition in the future in one or more markets;
|
·
|
The acquisition of other entities generally requires integration of systems, procedures and personnel of the acquired entity in order to make the transaction economically feasible. This integration process is complicated and time consuming and can also be disruptive to the customers of the acquired business. If the integration process is not conducted successfully and with minimal effect on the acquired business and its customers, we may not realize the anticipated economic benefits of particular acquisitions within the expected time frame, and we may lose customers or employees of the acquired business. We may also experience greater than anticipated customer losses even if the integration process is successful;
|
·
|
Great Southern Bank entered into loss sharing agreements with the FDIC as part of the TeamBank, N.A., Vantus Bank, Sun Security Bank and Inter Savings Bank, FSB transactions. In 2016, Great Southern Bank and the FDIC mutually agreed to terminate the loss sharing agreements related to TeamBank, N.A., Vantus Bank and Sun Security Bank. The loss sharing agreement related to InterBank will expire, with respect to commercial loans, in 2017. This loss sharing agreement requires that Great Southern Bank follow certain servicing procedures as specified in the agreement. A failure to follow these procedures or any other breach of the agreement by Great Southern Bank could result in the loss of FDIC reimbursement of losses on covered loans and other real estate owned, which could have a material negative effect on our financial condition and results of operations. In addition, the loss-share agreement protects Great Southern Bank against losses for limited periods of time (generally ten years for single family residential real estate loans and five years for most loans other than single family residential real estate loans). To the extent Great Southern Bank continues to hold any of the covered loans following the expiration of the applicable loss-share period, it will absorb 100% of any losses;
|
·
|
To finance an acquisition, we may borrow funds, thereby increasing our leverage and diminishing our liquidity, or raise additional capital, which could dilute the interests of our existing stockholders; and
|
·
|
We may not be able to continue to sustain our past rate of growth or to grow at all in the future. We completed two acquisitions in 2009, one acquisition in 2011, one acquisition in 2012, one acquisition in 2014 and have opened additional banking offices and commercial loan production offices in recent years that enhanced our rate of growth. Also in 2014, we agreed to acquire certain loans, deposits and branches from Boulevard Bank. In addition in 2016, we completed our acquisition of certain loans, deposits and branches in St. Louis from Fifth Third Bank (See Note 31 of our accompanying audited financial statements included in Item 8 of this report).
|
·
|
actual or anticipated quarterly fluctuations in our operating and financial results;
|
·
|
developments related to investigations, proceedings or litigation that involve us;
|
·
|
changes in financial estimates and recommendations by financial analysts;
|
·
|
dispositions, acquisitions and financings;
|
·
|
actions of our current stockholders, including sales of common stock by existing stockholders and our directors and executive officers;
|
·
|
fluctuations in the stock price and operating results of our competitors;
|
·
|
regulatory developments; and
|
·
|
other developments related to the financial services industry.
|
|
2016
|
2015
|
2014
|
|||||||||||||||||||||
|
High
|
Low
|
High
|
Low
|
High
|
Low
|
||||||||||||||||||
|
||||||||||||||||||||||||
First Quarter
|
$
|
45.00
|
$
|
35.47
|
$
|
40.44
|
$
|
35.10
|
$
|
31.00
|
$
|
26.95
|
||||||||||||
Second Quarter
|
41.29
|
34.56
|
42.95
|
37.44
|
32.25
|
28.00
|
||||||||||||||||||
Third Quarter
|
43.54
|
34.48
|
43.42
|
37.54
|
33.77
|
29.53
|
||||||||||||||||||
Fourth Quarter
|
56.70
|
38.35
|
52.94
|
42.11
|
40.28
|
29.80
|
|
2016
|
2015
|
2014
|
|||||||||
|
||||||||||||
First Quarter
|
$
|
.22
|
$
|
.20
|
$
|
.20
|
||||||
Second Quarter
|
.22
|
.22
|
.20
|
|||||||||
Third Quarter
|
.22
|
.22
|
.20
|
|||||||||
Fourth Quarter
|
.22
|
.22
|
.20
|
|
Total Number
of Shares
Purchased
|
Average
Price
Per Share
|
Total Number
of Shares
Purchased as
Part of
Publicly
Announced
Plan
|
Maximum
Number of
Shares that
May Yet Be
Purchased
Under the
Plan (1)
|
||||||||||||
|
||||||||||||||||
October 1, 2016 - October 31, 2016
|
—
|
$
|
—
|
—
|
378,562
|
|||||||||||
November 1, 2016- November 30, 2016
|
—
|
—
|
—
|
378,562
|
||||||||||||
December 1, 2016- December 31, 2016
|
—
|
—
|
—
|
378,562
|
||||||||||||
|
||||||||||||||||
|
—
|
$
|
—
|
—
|
__________________
|
|
(1)
|
Amount represents the number of shares available to be repurchased under the November 2006 plan as of the last calendar day of the month shown.
|
|
December 31,
|
|||||||||||||||||||
|
2016
|
2015
|
2014
|
2013
|
2012
|
|||||||||||||||
|
(Dollars In Thousands)
|
|||||||||||||||||||
|
||||||||||||||||||||
Summary Statement of Condition Information:
|
||||||||||||||||||||
Assets
|
$
|
4,550,663
|
$
|
4,104,189
|
$
|
3,951,334
|
$
|
3,560,250
|
$
|
3,955,182
|
||||||||||
Loans receivable, net
|
3,776,411
|
3,352,797
|
3,053,427
|
2,446,769
|
2,346,467
|
|||||||||||||||
Allowance for loan losses
|
37,400
|
38,149
|
38,435
|
40,116
|
40,649
|
|||||||||||||||
Available-for-sale securities
|
213,872
|
262,856
|
365,506
|
555,281
|
807,010
|
|||||||||||||||
Other real estate owned, net
|
32,658
|
31,893
|
45,838
|
53,514
|
68,874
|
|||||||||||||||
Deposits
|
3,677,230
|
3,268,626
|
2,990,840
|
2,808,626
|
3,153,193
|
|||||||||||||||
Total borrowings
|
416,786
|
406,797
|
514,014
|
343,795
|
391,114
|
|||||||||||||||
Stockholders' equity (retained
|
||||||||||||||||||||
earnings substantially restricted)
|
429,806
|
398,227
|
419,745
|
380,698
|
369,874
|
|||||||||||||||
Common stockholders' equity
|
429,806
|
398,227
|
361,802
|
322,755
|
311,931
|
|||||||||||||||
Average loans receivable
|
3,659,360
|
3,235,787
|
2,784,106
|
2,403,544
|
2,326,273
|
|||||||||||||||
Average total assets
|
4,370,793
|
4,067,399
|
3,824,493
|
3,789,876
|
4,005,613
|
|||||||||||||||
Average deposits
|
3,475,887
|
3,203,262
|
3,007,588
|
2,996,941
|
3,199,683
|
|||||||||||||||
Average stockholders' equity
|
414,799
|
438,683
|
402,670
|
378,650
|
352,282
|
|||||||||||||||
Number of deposit accounts
|
231,272
|
217,139
|
217,877
|
192,323
|
197,733
|
|||||||||||||||
Number of full-service offices
|
104
|
110
|
108
|
96
|
107
|
|
For the Year Ended December 31,
|
|||||||||||||||||||
|
2016
|
2015
|
2014
|
2013
|
2012
|
|||||||||||||||
|
(In Thousands)
|
|||||||||||||||||||
Summary Statement of Operations Information
:
|
||||||||||||||||||||
Interest income:
|
||||||||||||||||||||
Loans
|
$
|
178,883
|
$
|
177,240
|
$
|
172,569
|
$
|
163,903
|
$
|
170,163
|
||||||||||
Investment securities and other
|
6,292
|
7,111
|
10,793
|
14,892
|
23,345
|
|||||||||||||||
|
185,175
|
184,351
|
183,362
|
178,795
|
193,508
|
|||||||||||||||
Interest expense:
|
||||||||||||||||||||
Deposits
|
17,387
|
13,511
|
11,225
|
12,346
|
20,720
|
|||||||||||||||
Federal Home Loan Bank advances
|
1,214
|
1,707
|
2,910
|
3,972
|
4,430
|
|||||||||||||||
Short-term borrowings and repurchase agreements
|
1,137
|
65
|
1,099
|
2,324
|
2,610
|
|||||||||||||||
Subordinated debentures issued to capital trust
|
803
|
714
|
567
|
561
|
617
|
|||||||||||||||
Subordinated notes
|
1,578
|
—
|
—
|
—
|
—
|
|||||||||||||||
|
22,119
|
15,997
|
15,801
|
19,203
|
28,377
|
|||||||||||||||
Net interest income
|
163,056
|
168,354
|
167,561
|
159,592
|
165,131
|
|||||||||||||||
Provision for loan losses
|
9,281
|
5,519
|
4,151
|
17,386
|
43,863
|
|||||||||||||||
Net interest income after provision for loan losses
|
153,775
|
162,835
|
163,410
|
142,206
|
121,268
|
|||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Commissions
|
1,097
|
1,136
|
1,163
|
1,065
|
1,036
|
|||||||||||||||
Service charges and ATM fees
|
21,666
|
19,841
|
19,075
|
18,227
|
19,087
|
|||||||||||||||
Net realized gains on sales of loans
|
3,941
|
3,888
|
4,133
|
4,915
|
5,505
|
|||||||||||||||
Net realized gains on sales of
|
||||||||||||||||||||
available-for-sale securities
|
2,873
|
2
|
2,139
|
243
|
2,666
|
|||||||||||||||
Recognized impairment of available-for-sale securities
|
—
|
—
|
—
|
—
|
(680
|
)
|
||||||||||||||
Late charges and fees on loans
|
1,747
|
2,129
|
1,400
|
1,264
|
1,028
|
|||||||||||||||
Gain (loss) on derivative interest rate products
|
66
|
(43
|
)
|
(345
|
)
|
295
|
(38
|
)
|
||||||||||||
Gain recognized on business acquisitions
|
—
|
—
|
10,805
|
—
|
31,312
|
|||||||||||||||
Accretion (amortization) of income/expense related to business acquisition
|
(6,935
|
)
|
(18,345
|
)
|
(27,868
|
)
|
(25,260
|
)
|
(18,693
|
)
|
||||||||||
Other income
|
4,055
|
4,973
|
4,229
|
4,566
|
4,779
|
|||||||||||||||
|
28,510
|
13,581
|
14,731
|
5,315
|
46,002
|
|||||||||||||||
Noninterest expense:
|
||||||||||||||||||||
Salaries and employee benefits
|
60,377
|
58,682
|
56,032
|
52,468
|
51,262
|
|||||||||||||||
Net occupancy expense
|
26,077
|
25,985
|
23,541
|
20,658
|
20,179
|
|||||||||||||||
Postage
|
3,791
|
3,787
|
3,578
|
3,315
|
3,301
|
|||||||||||||||
Insurance
|
3,482
|
3,566
|
3,837
|
4,189
|
4,476
|
|||||||||||||||
Advertising
|
2,228
|
2,317
|
2,404
|
2,165
|
1,572
|
|||||||||||||||
Office supplies and printing
|
1,708
|
1,333
|
1,464
|
1,303
|
1,389
|
|||||||||||||||
Telephone
|
3,483
|
3,235
|
2,866
|
2,868
|
2,768
|
|||||||||||||||
Legal, audit and other professional fees
|
3,191
|
2,713
|
3,957
|
4,348
|
4,323
|
|||||||||||||||
Expense on other real estate owned
|
4,111
|
2,526
|
5,636
|
4,068
|
8,748
|
|||||||||||||||
Partnership tax credit investment amortization
|
1,681
|
1,680
|
1,720
|
2,108
|
1,825
|
|||||||||||||||
Acquired deposit intangible asset amortization
|
1,910
|
1,750
|
1,519
|
1,228
|
1,258
|
|||||||||||||||
Other operating expenses
|
8,388
|
6,776
|
14,305
|
6,900
|
7,502
|
|||||||||||||||
|
120,427
|
114,350
|
120,859
|
105,618
|
108,603
|
|||||||||||||||
Income from continuing operations
|
||||||||||||||||||||
before income taxes
|
61,858
|
62,006
|
57,282
|
41,903
|
58,667
|
|||||||||||||||
Provision for income taxes
|
16,516
|
15,564
|
13,753
|
8,174
|
14,580
|
|||||||||||||||
Net income from continuing operations
|
45,342
|
46,502
|
43,529
|
33,729
|
44,087
|
|||||||||||||||
Discontinued Operations
|
||||||||||||||||||||
Income from discontinued operations, net of income taxes
|
—
|
—
|
—
|
—
|
4,619
|
|||||||||||||||
Net income
|
45,342
|
46,502
|
43,529
|
33,729
|
48,706
|
|||||||||||||||
Preferred stock dividends and discount accretion
|
—
|
554
|
579
|
579
|
608
|
|||||||||||||||
Net income available to common shareholders
|
$
|
45,342
|
$
|
45,948
|
$
|
42,950
|
$
|
33,150
|
$
|
48,098
|
|
At or For the Year Ended December 31,
|
|||||||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
|
(Number of shares in thousands)
|
|||||||||||||||||||||||
Per Common Share Data:
|
|
|
|
|
||||||||||||||||||||
Basic earnings per common share
|
$
|
3.26
|
$
|
3.33
|
$
|
3.14
|
$
|
2.43
|
$
|
3.55
|
% | |||||||||||||
Diluted earnings per common share
|
3.21
|
3.28
|
3.10
|
2.42
|
3.54
|
|||||||||||||||||||
Diluted earnings from continuing operations per
common share
|
3.21
|
3.28
|
3.10
|
2.42
|
3.20
|
|||||||||||||||||||
Cash dividends declared
|
0.88
|
|
0.86
|
|
0.80
|
|
0.72
|
|
0.72
|
|||||||||||||||
Book value per common share
|
30.77
|
|
28.67
|
|
26.30
|
|
23.60
|
|
22.94
|
|||||||||||||||
Average shares outstanding
|
13,912
|
|
13,818
|
|
13,700
|
|
13,635
|
|
13,534
|
|||||||||||||||
Year-end actual shares outstanding
|
13,968
|
|
13,888
|
|
13,755
|
|
13,674
|
|
13,596
|
|||||||||||||||
Average fully diluted shares outstanding
|
14,141
|
|
14,000
|
|
13,876
|
|
13,715
|
|
13,592
|
|||||||||||||||
|
||||||||||||||||||||||||
Earnings Performance Ratios:
|
||||||||||||||||||||||||
Return on average assets(1)
|
1.04
|
%
|
1.14
|
%
|
1.14
|
%
|
0.89
|
%
|
1.22
|
% | ||||||||||||||
Return on average stockholders' equity(2)
|
10.93
|
12.13
|
12.63
|
10.52
|
16.55
|
|||||||||||||||||||
Non-interest income to average total assets
|
0.65
|
|
0.33
|
|
0.39
|
|
0.14
|
|
1.49
|
|||||||||||||||
Non-interest expense to average total assets
|
2.76
|
|
2.81
|
|
3.16
|
|
2.79
|
|
2.71
|
|||||||||||||||
Average interest rate spread(3)
|
3.93
|
|
4.44
|
|
4.74
|
|
4.60
|
|
4.53
|
|||||||||||||||
Year-end interest rate spread
|
3.60
|
|
3.80
|
|
3.86
|
|
3.88
|
|
3.57
|
|||||||||||||||
Net interest margin(4)
|
4.05
|
|
4.53
|
|
4.84
|
|
4.70
|
|
4.61
|
|||||||||||||||
Efficiency ratio(5)
|
62.86
|
|
62.85
|
|
66.30
|
|
64.05
|
|
51.44
|
|||||||||||||||
Net overhead ratio(6)
|
2.10
|
2.48
|
2.77
|
2.66
|
1.56
|
|||||||||||||||||||
Common dividend pay-out ratio(7)
|
27.41
|
|
26.22
|
|
25.81
|
|
29.75
|
|
20.34
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||
Asset Quality Ratios
(8)
:
|
|
|
|
|
||||||||||||||||||||
Allowance for loan losses/year-end loans
|
1.04
|
%
|
1.20
|
%
|
1.34
|
%
|
1.92
|
%
|
2.21
|
% | ||||||||||||||
Non-performing assets/year-end loans and foreclosed assets
|
1.02
|
|
1.28
|
|
1.39
|
|
2.46
|
|
2.98
|
|||||||||||||||
Allowance for loan losses/non-performing loans
|
265.60
|
|
230.24
|
|
471.77
|
|
201.53
|
|
180.84
|
|||||||||||||||
Net charge-offs/average loans
|
0.29
|
|
0.20
|
|
0.24
|
|
0.91
|
|
2.43
|
|||||||||||||||
Gross non-performing assets/year end assets
|
0.86
|
|
1.07
|
|
1.11
|
|
1.75
|
|
1.84
|
|||||||||||||||
Non-performing loans/year-end loans
|
0.37
|
|
0.49
|
|
0.26
|
|
0.80
|
|
0.94
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||
Balance Sheet Ratios:
|
|
|
|
|
||||||||||||||||||||
Loans to deposits
|
102.70
|
%
|
102.58
|
%
|
102.09
|
%
|
87.12
|
%
|
74.42
|
% | ||||||||||||||
Average interest-earning assets as a percentage
of average interest-bearing liabilities
|
121.33
|
|
121.60
|
|
120.95
|
|
116.03
|
|
110.12
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||
Capital Ratios:
|
|
|
|
|
||||||||||||||||||||
Average common stockholders' equity to average assets
|
9.5
|
%
|
9.4
|
%
|
9.0
|
%
|
8.5
|
%
|
7.4
|
% | ||||||||||||||
Year-end tangible common stockholders' equity to assets
|
9.2
|
|
9.6
|
|
9.0
|
|
8.9
|
|
7.7
|
|||||||||||||||
Great Southern Bancorp, Inc.:
|
|
|
|
|
||||||||||||||||||||
Tier 1 capital ratio
|
10.8
|
|
11.5
|
|
13.3
|
|
15.6
|
|
15.7
|
|||||||||||||||
Total capital ratio
|
13.6
|
|
12.6
|
|
14.5
|
|
16.9
|
|
16.9
|
|||||||||||||||
Tier 1 leverage ratio
|
9.9
|
|
10.2
|
|
11.1
|
|
11.3
|
|
9.5
|
|||||||||||||||
Common equity Tier 1 ratio
|
10.2
|
|
10.8
|
|
—
|
|
—
|
|
—
|
|||||||||||||||
Great Southern Bank:
|
|
|
|
|
||||||||||||||||||||
Tier 1 capital ratio
|
11.8
|
|
11.0
|
|
11.4
|
|
14.2
|
|
14.7
|
|||||||||||||||
Total capital ratio
|
12.7
|
|
12.1
|
|
12.6
|
|
15.4
|
|
15.9
|
|||||||||||||||
Tier 1 leverage ratio
|
10.8
|
|
9.8
|
|
9.5
|
|
10.2
|
|
8.9
|
|||||||||||||||
Common equity Tier 1 ratio
|
11.8
|
|
11.0
|
|
—
|
|
—
|
|
—
|
|||||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirement
(9):
|
|
|
|
|
||||||||||||||||||||
Including deposit interest
|
3.80
|
x
|
4.66
|
x
|
4.41
|
x
|
3.07
|
x
|
3.22
|
x | ||||||||||||||
Excluding deposit interest
|
14.07
|
x
|
20.01
|
x
|
11.59
|
x
|
6.44
|
x
|
8.66
|
x |
____________________
|
|
|
(1)
|
Net income divided by average total assets.
|
|
(2)
|
Net income divided by average stockholders' equity.
|
|
(3)
|
Yield on average interest-earning assets less rate on average interest-bearing liabilities.
|
|
(4)
|
Net interest income divided by average interest-earning assets.
|
|
(5)
|
Non-interest expense divided by the sum of net interest income plus non-interest income.
|
|
(6)
|
Non-interest expense less non-interest income divided by average total assets.
|
|
(7)
(8)
(9)
|
Cash dividends per common share divided by earnings per common share.
Excludes assets covered by FDIC loss sharing agreements.
In computing the ratio of earnings to fixed charges and preferred stock dividend requirement: (a) earnings have been based on income before income taxes and fixed charges, and (b) fixed charges consist of interest and amortization of debt discount and expense including amounts capitalized and the estimated interest portion of rents.
|
|
Beginning
Balance,
January 1
|
Additions
|
Removed
from Non-
Performing
|
Transfers to
Potential
Problem Loans
|
Transfers to
Foreclosed
Assets
|
Charge-Offs
|
Payments
|
Ending
Balance,
December 31
|
|||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||
One- to four-family construction
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||||||
Subdivision construction
|
—
|
143
|
—
|
—
|
—
|
—
|
(34
|
)
|
109
|
|||||||||||||||||||||||
Land development
|
139
|
1,635
|
—
|
—
|
—
|
(30
|
)
|
(26
|
)
|
1,718
|
||||||||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
One- to four-family residential
|
1,357
|
1,834
|
(84
|
)
|
(103
|
)
|
(412
|
)
|
(197
|
)
|
(433
|
)
|
1,962
|
|||||||||||||||||||
Other residential
|
—
|
178
|
—
|
—
|
—
|
(16
|
)
|
—
|
162
|
|||||||||||||||||||||||
Commercial real estate
|
13,488
|
6,949
|
—
|
—
|
(7,249
|
)
|
(3,455
|
)
|
(5,329
|
)
|
4,404
|
|||||||||||||||||||||
Other commercial
|
288
|
3,448
|
—
|
(78
|
)
|
—
|
(185
|
)
|
(385
|
)
|
3,088
|
|||||||||||||||||||||
Consumer
|
1,297
|
4,842
|
(259
|
)
|
(114
|
)
|
(666
|
)
|
(990
|
)
|
(1,472
|
)
|
2,638
|
|||||||||||||||||||
Total
|
$
|
16,569
|
$
|
19,029
|
$
|
(343
|
)
|
$
|
(295
|
)
|
$
|
(8,327
|
)
|
$
|
(4,873
|
)
|
$
|
(7,679
|
)
|
$
|
14,081
|
|||||||||||
Beginning
Balance,
January 1
|
Additions
|
Proceeds
from Sales
|
Capitalized
Costs
|
ORE Expense
Write-Downs
|
Ending
Balance,
December 31
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
One- to four-family construction
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||
Subdivision construction
|
7,016
|
—
|
(362
|
)
|
—
|
(294
|
)
|
6,360
|
||||||||||||||||
Land development
|
12,133
|
—
|
(1,247
|
)
|
—
|
—
|
10,886
|
|||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
One- to four-family residential
|
1,375
|
477
|
(435
|
)
|
—
|
(200
|
)
|
1,217
|
||||||||||||||||
Other residential
|
2,150
|
—
|
(1,252
|
)
|
146
|
(90
|
)
|
954
|
||||||||||||||||
Commercial real estate
|
3,608
|
7,094
|
(6,170
|
)
|
—
|
(691
|
)
|
3,841
|
||||||||||||||||
Commercial business
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Consumer
|
1,109
|
13,332
|
(12,450
|
)
|
—
|
—
|
1,991
|
|||||||||||||||||
Total
|
$
|
27,391
|
$
|
20,903
|
$
|
(21,916
|
)
|
$
|
146
|
$
|
(1,275
|
)
|
$
|
25,249
|
Beginning
Balance,
January 1
|
Additions
|
Removed
from Potential
Problem
|
Transfers to
Non-
Performing
|
Transfers to
Foreclosed
Assets
|
Charge-Offs
|
Payments
|
Ending
Balance,
December 31
|
|||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||
One- to four-family construction
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||||||
Subdivision construction
|
288
|
—
|
(141
|
)
|
(143
|
)
|
—
|
—
|
(4
|
)
|
—
|
|||||||||||||||||||||
Land development
|
4,130
|
5
|
—
|
—
|
—
|
—
|
—
|
4,135
|
||||||||||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
One- to four-family residential
|
844
|
196
|
(410
|
)
|
(101
|
)
|
(65
|
)
|
(2
|
)
|
(23
|
)
|
439
|
|||||||||||||||||||
Other residential
|
1,956
|
178
|
—
|
(178
|
)
|
—
|
—
|
(1,956
|
)
|
—
|
||||||||||||||||||||||
Commercial real estate
|
5,286
|
7,626
|
(1,802
|
)
|
(5,544
|
)
|
—
|
(2,142
|
)
|
(1,362
|
)
|
2,062
|
||||||||||||||||||||
Other commercial
|
181
|
284
|
(153
|
)
|
—
|
—
|
(68
|
)
|
(40
|
)
|
204
|
|||||||||||||||||||||
Consumer
|
134
|
221
|
(126
|
)
|
(75
|
)
|
—
|
—
|
(32
|
)
|
122
|
|||||||||||||||||||||
Total
|
$
|
12,819
|
$
|
8,510
|
$
|
(2,632
|
)
|
$
|
(6,041
|
)
|
$
|
(65
|
)
|
$
|
(2,212
|
)
|
$
|
(3,417
|
)
|
$
|
6,962
|
Dec. 31, 2016
(2)
|
Year Ended
December 31, 2016 |
Year Ended
December 31, 2015 |
Year Ended
December 31, 2014 |
|||||||||||||||||||||||||||||||||||||
Yield/ Rate
|
Average Balance
|
Interest
|
Yield/ Rate
|
Average Balance
|
Interest
|
Yield/ Rate
|
Average Balance
|
Interest
|
Yield/ Rate
|
|||||||||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||||||||||||||
One- to four-family residential
|
4.16
|
%
|
$
|
538,776
|
$
|
28,674
|
5.32
|
%
|
$
|
459,378
|
$
|
34,653
|
7.54
|
%
|
$
|
480,827
|
$
|
41,343
|
8.60
|
%
|
||||||||||||||||||||
Other residential
|
4.07
|
535,793
|
25,052
|
4.68
|
423,476
|
21,236
|
5.01
|
375,754
|
21,268
|
5.66
|
||||||||||||||||||||||||||||||
Commercial real estate
|
4.19
|
1,146,983
|
53,516
|
4.67
|
1,071,765
|
50,952
|
4.75
|
920,340
|
47,724
|
5.19
|
||||||||||||||||||||||||||||||
Construction
|
3.85
|
394,051
|
18,059
|
4.58
|
340,666
|
15,538
|
4.56
|
259,993
|
13,330
|
5.13
|
||||||||||||||||||||||||||||||
Commercial business
|
4.37
|
316,526
|
17,389
|
5.49
|
328,319
|
19,137
|
5.83
|
296,318
|
17,722
|
5.98
|
||||||||||||||||||||||||||||||
Other loans
|
5.83
|
693,550
|
34,176
|
4.93
|
569,873
|
33,377
|
5.86
|
404,375
|
28,593
|
7.07
|
||||||||||||||||||||||||||||||
Industrial revenue bonds (1)
|
5.21
|
33,681
|
2,017
|
5.99
|
42,310
|
2,347
|
5.55
|
46,499
|
2,589
|
5.57
|
||||||||||||||||||||||||||||||
Total loans receivable
|
4.58
|
3,659,360
|
178,883
|
4.89
|
3,235,787
|
177,240
|
5.48
|
2,784,106
|
172,569
|
6.20
|
||||||||||||||||||||||||||||||
Investment securities (1)
|
3.13
|
249,484
|
5,741
|
2.30
|
330,328
|
6,797
|
2.06
|
495,155
|
10,467
|
2.11
|
||||||||||||||||||||||||||||||
Other interest-earning assets
|
0.66
|
116,812
|
551
|
0.47
|
152,720
|
314
|
0.21
|
185,072
|
326
|
0.18
|
||||||||||||||||||||||||||||||
Total interest-earning assets
|
4.35
|
4,025,656
|
185,175
|
4.60
|
3,718,835
|
184,351
|
4.96
|
3,464,333
|
183,362
|
5.29
|
||||||||||||||||||||||||||||||
Non-interest-earning assets:
|
||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
108,593
|
106,326
|
96,665
|
|||||||||||||||||||||||||||||||||||||
Other non-earning assets
|
236,544
|
242,238
|
263,495
|
|||||||||||||||||||||||||||||||||||||
Total assets
|
$
|
4,370,793
|
$
|
4,067,399
|
$
|
3,824,493
|
||||||||||||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand and savings
|
0.26
|
$
|
1,496,837
|
3,888
|
0.26
|
$
|
1,404,489
|
2,858
|
0.20
|
$
|
1,429,893
|
3,088
|
0.22
|
|||||||||||||||||||||||||||
Time deposits
|
1.01
|
1,370,935
|
13,499
|
0.98
|
1,257,059
|
10,653
|
0.85
|
1,042,563
|
8,137
|
0.78
|
||||||||||||||||||||||||||||||
Total deposits
|
0.63
|
2,867,772
|
17,387
|
0.61
|
2,661,548
|
13,511
|
0.51
|
2,472,456
|
11,225
|
0.45
|
||||||||||||||||||||||||||||||
Short-term borrowings and
repurchase agreements |
0.50
|
327,658
|
1,137
|
0.35
|
192,055
|
65
|
0.03
|
188,906
|
1,099
|
0.58
|
||||||||||||||||||||||||||||||
Subordinated debentures issued to capital trust
|
2.49
|
25,774
|
803
|
3.12
|
28,754
|
714
|
2.48
|
30,929
|
567
|
1.83
|
||||||||||||||||||||||||||||||
Subordinated notes
|
5.45
|
28,526
|
1,578
|
5.53
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||||||
FHLB advances
|
3.30
|
68,325
|
1,214
|
1.78
|
175,873
|
1,707
|
0.97
|
171,997
|
2,910
|
1.69
|
||||||||||||||||||||||||||||||
Total interest-bearing liabilities
|
0.76
|
3,318,055
|
22,119
|
0.67
|
3,058,230
|
15,997
|
0.52
|
2,864,288
|
15,801
|
0.55
|
||||||||||||||||||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||||||
Demand deposits
|
608,115
|
541,714
|
535,132
|
|||||||||||||||||||||||||||||||||||||
Other liabilities
|
29,824
|
28,772
|
22,403
|
|||||||||||||||||||||||||||||||||||||
Total liabilities
|
3,955,994
|
3,628,716
|
3,421,823
|
|||||||||||||||||||||||||||||||||||||
Stockholders' equity
|
414,799
|
438,683
|
402,670
|
|||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
4,370,793
|
$
|
4,067,399
|
$
|
3,824,493
|
||||||||||||||||||||||||||||||||||
Net interest income:
|
||||||||||||||||||||||||||||||||||||||||
Interest rate spread
|
3.59
|
%
|
$
|
163,056
|
3.93
|
%
|
$
|
168,354
|
4.44
|
%
|
$
|
167,561
|
4.74
|
%
|
||||||||||||||||||||||||||
Net interest margin*
|
4.05
|
%
|
4.53
|
%
|
4.84
|
%
|
||||||||||||||||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
121.3
|
%
|
121.6
|
%
|
120.9
|
%
|
*
|
Defined as the Company's net interest income divided by total interest-earning assets.
|
|
(1)
|
Of the total average balances of investment securities, average tax-exempt investment securities were $72.0 million, $79.9 million and $87.9 million for 2016, 2015 and 2014, respectively. In addition, average tax-exempt industrial revenue bonds were $32.0 million, $36.1 million and $38.5 million in 2016, 2015 and 2014, respectively. Interest income on tax-exempt assets included in this table was $3.8 million, $4.4 million and $5.2 million for 2016, 2015 and 2014, respectively. Interest income net of disallowed interest expense related to tax-exempt assets was $3.7 million, $4.2 million and $5.0 million for 2016, 2015 and 2014, respectively.
|
|
(2)
|
The yield/rate on loans at December 31, 2016 does not include the impact of the accretable yield (income) on loans acquired in the FDIC-assisted transactions. See "Net Interest Income" for a discussion of the effect on 2016 results of operations.
|
Year Ended
December 31, 2016 vs. December 31, 2015 |
Year Ended
December 31, 2015 vs. December 31, 2014 |
|||||||||||||||||||||||
Increase (Decrease)
Due to |
Total Increase (Decrease)
|
Increase (Decrease)
Due to |
Total Increase (Decrease)
|
|||||||||||||||||||||
Rate
|
Volume
|
Rate
|
Volume
|
|||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans receivable
|
$
|
(20,188
|
)
|
$
|
21,831
|
$
|
1,643
|
$
|
(21,429
|
)
|
$
|
26,100
|
$
|
4,671
|
||||||||||
Investment securities
|
740
|
(1,796
|
)
|
(1,056
|
)
|
(272
|
)
|
(3,398
|
)
|
(3,670
|
)
|
|||||||||||||
Other interest-earning assets
|
326
|
(89
|
)
|
237
|
50
|
(62
|
)
|
(12
|
)
|
|||||||||||||||
Total interest-earning assets
|
(19,122
|
)
|
19,946
|
824
|
(21,651
|
)
|
22,640
|
989
|
||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Demand deposits
|
832
|
198
|
1,030
|
(176
|
)
|
(54
|
)
|
(230
|
)
|
|||||||||||||||
Time deposits
|
1,825
|
1,021
|
2,846
|
741
|
1,775
|
2,516
|
||||||||||||||||||
Total deposits
|
2,657
|
1,219
|
3,876
|
565
|
1,721
|
2,286
|
||||||||||||||||||
Short-term borrowings and structured repo
|
996
|
76
|
1,072
|
(1,052
|
)
|
18
|
(1,034
|
)
|
||||||||||||||||
Subordinated debentures issued to capital trust
|
168
|
(79
|
)
|
89
|
189
|
(42
|
)
|
147
|
||||||||||||||||
Subordinated notes
|
—
|
1,578
|
1,578
|
—
|
—
|
—
|
||||||||||||||||||
FHLBank advances
|
919
|
(1,412
|
)
|
(493
|
)
|
(1,267
|
)
|
64
|
(1,203
|
)
|
||||||||||||||
Total interest-bearing liabilities
|
4,740
|
1,382
|
6,122
|
(1,565
|
)
|
1,761
|
196
|
|||||||||||||||||
Net interest income
|
$
|
(23,862
|
)
|
$
|
18,564
|
$
|
(5,298
|
)
|
$
|
(20,086
|
)
|
$
|
20,879
|
$
|
793
|
Beginning
Balance,
January 1
|
Additions
|
Removed
from Non-
Performing
|
Transfers to
Potential
Problem Loans
|
Transfers to
Foreclosed
Assets
|
Charge-Offs
|
Payments
|
Ending
Balance,
December 31
|
|||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||
One- to four-family construction
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||||||
Subdivision construction
|
—
|
109
|
—
|
—
|
—
|
(55
|
)
|
(54
|
)
|
—
|
||||||||||||||||||||||
Land development
|
255
|
144
|
—
|
(50
|
)
|
—
|
(197
|
)
|
(13
|
)
|
139
|
|||||||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
One- to four-family residential
|
1,665
|
1,361
|
(451
|
)
|
(340
|
)
|
(316
|
)
|
(66
|
)
|
(496
|
)
|
1,357
|
|||||||||||||||||||
Other residential
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
Commercial real estate
|
4,699
|
13,391
|
(1,469
|
)
|
—
|
(2,620
|
)
|
(22
|
)
|
(491
|
)
|
13,488
|
||||||||||||||||||||
Other commercial
|
411
|
415
|
(56
|
)
|
(35
|
)
|
—
|
(384
|
)
|
(63
|
)
|
288
|
||||||||||||||||||||
Consumer
|
1,117
|
2,175
|
(198
|
)
|
(114
|
)
|
(188
|
)
|
(514
|
)
|
(981
|
)
|
1,297
|
|||||||||||||||||||
Total
|
$
|
8,147
|
$
|
17,595
|
$
|
(2,174
|
)
|
$
|
(539
|
)
|
$
|
(3,124
|
)
|
$
|
(1,238
|
)
|
$
|
(2,098
|
)
|
$
|
16,569
|
|||||||||||
Beginning
Balance,
January 1
|
Additions
|
Proceeds
from Sales
|
Capitalized
Costs
|
ORE Expense
Write-Downs
|
Ending
Balance,
December 31
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
One- to four-family construction
|
$
|
223
|
$
|
—
|
$
|
(223
|
)
|
$
|
—
|
$
|
—
|
$
|
—
|
|||||||||||
Subdivision construction
|
9,857
|
—
|
(2,369
|
)
|
—
|
(472
|
)
|
7,016
|
||||||||||||||||
Land development
|
17,168
|
—
|
(5,006
|
)
|
—
|
(29
|
)
|
12,133
|
||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
One- to four-family residential
|
3,353
|
473
|
(2,350
|
)
|
—
|
(101
|
)
|
1,375
|
||||||||||||||||
Other residential
|
2,625
|
—
|
(488
|
)
|
13
|
—
|
2,150
|
|||||||||||||||||
Commercial real estate
|
1,632
|
2,620
|
(614
|
)
|
—
|
(30
|
)
|
3,608
|
||||||||||||||||
Commercial business
|
59
|
—
|
(59
|
)
|
—
|
—
|
—
|
|||||||||||||||||
Consumer
|
624
|
5,110
|
(4,625
|
)
|
—
|
—
|
1,109
|
|||||||||||||||||
Total
|
$
|
35,541
|
$
|
8,203
|
$
|
(15,734
|
)
|
$
|
13
|
$
|
(632
|
)
|
$
|
27,391
|
||||||||||
Beginning
Balance,
January 1
|
Additions
|
Removed
from Potential
Problem
|
Transfers to
Non-
Performing
|
Transfers to
Foreclosed
Assets
|
Charge-Offs
|
Payments
|
Ending
Balance,
December 31
|
|||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||
One- to four-family construction
|
$
|
1,312
|
$
|
368
|
$
|
(683
|
)
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
(997
|
)
|
$
|
—
|
||||||||||||||
Subdivision construction
|
4,252
|
863
|
(3,750
|
)
|
(139
|
)
|
—
|
—
|
(650
|
)
|
576
|
|||||||||||||||||||||
Land development
|
5,857
|
—
|
(2,012
|
)
|
—
|
—
|
—
|
(3
|
)
|
3,842
|
||||||||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
One- to four-family residential
|
1,906
|
489
|
(796
|
)
|
(349
|
)
|
(157
|
)
|
(14
|
)
|
(235
|
)
|
844
|
|||||||||||||||||||
Other residential
|
1,956
|
—
|
—
|
—
|
—
|
—
|
—
|
1,956
|
||||||||||||||||||||||||
Commercial real estate
|
8,043
|
10,254
|
(670
|
)
|
(10,687
|
)
|
—
|
(1,433
|
)
|
(221
|
)
|
5,286
|
||||||||||||||||||||
Other commercial
|
1,435
|
131
|
(464
|
)
|
(21
|
)
|
—
|
(527
|
)
|
(373
|
)
|
181
|
||||||||||||||||||||
Consumer
|
214
|
227
|
(199
|
)
|
(17
|
)
|
—
|
(5
|
)
|
(86
|
)
|
134
|
||||||||||||||||||||
Total
|
$
|
24,975
|
$
|
12,332
|
$
|
(8,574
|
)
|
$
|
(11,213
|
)
|
$
|
(157
|
)
|
$
|
(1,979
|
)
|
$
|
(2,565
|
)
|
$
|
12,819
|
|||||||||||
|
Payments Due In:
|
|||||||||||||||
|
One Year or
Less
|
Over One to
Five
Years
|
Over Five
Years
|
Total
|
||||||||||||
|
(In Thousands)
|
|||||||||||||||
|
||||||||||||||||
Deposits without a stated maturity
|
$
|
2,192,504
|
$
|
—
|
$
|
—
|
$
|
2,192,504
|
||||||||
Time and brokered certificates of deposit
|
1,036,958
|
443,944
|
3,824
|
1,484,726
|
||||||||||||
Federal Home Loan Bank advances
|
30,843
|
109
|
500
|
31,452
|
||||||||||||
Short-term borrowings
|
286,023
|
—
|
—
|
286,023
|
||||||||||||
Subordinated debentures
|
—
|
—
|
25,774
|
25,774
|
||||||||||||
Subordinated notes
|
—
|
—
|
73,537
|
73,537
|
||||||||||||
Operating leases
|
819
|
1,458
|
72
|
2,349
|
||||||||||||
Dividends declared but not paid
|
3,073
|
—
|
—
|
3,073
|
||||||||||||
|
||||||||||||||||
|
$
|
3,550,220
|
$
|
445,511
|
$
|
103,707
|
$
|
4,099,438
|
|
December 31, 2016
|
December 31, 2015
|
|
Federal Home Loan Bank line
|
$551.0 million
|
$505.5 million
|
|
Federal Reserve Bank line
|
602.0 million
|
633.7 million
|
|
Interest-Bearing and Non-Interest-Bearing
Deposits
|
279.8 million
|
199.2 million
|
|
Unpledged Securities
|
50.7 million
|
59.8 million
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
2017
|
2018
|
2019
|
2020
|
2021
|
Thereafter
|
Total
|
2016
Fair Value
|
|
|
||||||||||||||||||||||
|
|
(Dollars In Thousands)
|
|
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest bearing deposits
|
|
$
|
159,566
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
159,566
|
|
|
$
|
159,566
|
|
|
Weighted average rate
|
|
|
0.66
|
%
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.66
|
%
|
|
|
|
|
|
Available-for-sale debt securities(1)
|
|
$
|
11,792
|
|
|
$
|
5,137
|
|
|
$
|
14,677
|
|
|
$
|
18,145
|
|
|
$
|
6,247
|
|
|
$
|
157,874
|
|
|
$
|
213,872
|
|
|
$
|
213,872
|
|
|
Weighted average rate
|
|
|
6.59
|
%
|
|
|
5.40
|
%
|
|
|
5.68
|
%
|
|
|
5.95
|
%
|
|
|
5.65
|
%
|
|
|
2.23
|
%
|
|
|
3.16
|
%
|
|
|
|
|
|
Held-to-maturity securities
|
|
|
—
|
|
|
$
|
247
|
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
$
|
247
|
|
|
$
|
258
|
|
|
||||
Weighted average rate
|
|
|
—
|
|
|
7.36
|
%
|
|
|
—
|
|
|
|
—
|
|
|
—
|
—
|
|
|
7.36
|
%
|
|
|
|
|
|
||||||
Adjustable rate loans
|
|
$
|
420,580
|
|
|
$
|
251,315
|
|
|
$
|
269,927
|
|
|
$
|
179,832
|
|
|
$
|
242,455
|
|
|
$
|
548,628
|
|
|
$
|
1,912,737
|
|
|
$
|
1,914,727
|
|
|
Weighted average rate
|
|
|
4.13
|
%
|
|
|
3.91
|
%
|
|
|
3.80
|
%
|
|
|
3.82
|
%
|
|
|
3.76
|
%
|
|
|
3.69
|
%
|
|
|
3.85
|
%
|
|
|
|
|
|
Fixed rate loans
|
|
$
|
265,720
|
|
|
$
|
215,849
|
|
|
$
|
323,787
|
|
|
$
|
275,856
|
|
|
$
|
402,022
|
|
|
$
|
450,544
|
|
|
$
|
1,933,778
|
|
|
$
|
1,938,531
|
|
|
Weighted average rate
|
|
|
4.18
|
%
|
|
|
4.62
|
%
|
|
|
4.86
|
%
|
|
|
5.18
|
%
|
|
|
5.33
|
%
|
|
|
6.25
|
%
|
|
|
5.21
|
%
|
|
|
|
|
|
Federal Home Loan Bank stock
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
13,034
|
|
|
$
|
13,034
|
|
|
$
|
13,034
|
|
|
Weighted average rate
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2.46
|
%
|
|
|
2.46
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total financial assets
|
|
$
|
857,658
|
|
|
$
|
472,548
|
|
|
$
|
608,391
|
|
|
$
|
473,833
|
|
|
$
|
650,724
|
|
|
$
|
1,170,080
|
|
|
$
|
4,233,234
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits
|
|
$
|
1,036,958
|
|
|
$
|
276,535
|
|
|
$
|
70,408
|
|
|
$
|
49,427
|
|
|
$
|
47,574
|
|
|
$
|
3,824
|
|
|
$
|
1,484,726
|
|
|
$
|
1,491,247
|
|
|
Weighted average rate
|
|
|
0.89
|
%
|
|
|
1.16
|
%
|
|
|
1.57
|
%
|
|
|
1.86
|
%
|
|
|
1.94
|
%
|
|
|
1.85
|
%
|
|
|
1.01
|
%
|
|
|
|
|
|
Interest-bearing demand
|
|
$
|
1,539,216
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
1,539,216
|
|
|
$
|
1,539,216
|
|
|
Weighted average rate
|
|
|
0.26
|
%
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.26
|
%
|
|
|
|
|
|
Non-interest-bearing demand
|
|
$
|
653,288
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
653,288
|
|
|
$
|
653,288
|
|
|
Weighted average rate
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
Federal Home Loan Bank
|
|
$
|
30,836
|
|
|
$
|
85
|
|
|
$
|
30
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
501
|
|
|
$
|
31,452
|
|
|
$
|
32,379
|
|
|
|
Weighted average rate
|
|
|
3.26
|
%
|
|
|
5.14
|
%
|
|
|
5.14
|
%
|
|
|
—
|
|
|
—
|
|
|
5.54
|
%
|
|
|
3.30
|
%
|
|
|
|
|
|
||
Short-term borrowings
|
|
$
|
286,023
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
286,023
|
|
|
$
|
286,023
|
|
|
Weighted average rate
|
|
|
0.50
|
%
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.50
|
%
|
|
|
|
|
|
Subordinated notes
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
$
|
75,000
|
|
$
|
75,000
|
$
|
76,031
|
|||||||||
Weighted average rate
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
5.45
|
%
|
5.45
|
%
|
|||||||||||
Subordinated debentures
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
25,774
|
|
|
$
|
25,774
|
|
|
$
|
25,774
|
|
|
Weighted average rate
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2.49
|
%
|
|
|
2.49
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total financial liabilities
|
|
$
|
3,546,321
|
|
|
$
|
276,620
|
|
|
$
|
70,438
|
|
|
$
|
49,427
|
|
|
$
|
47,574
|
|
|
$
|
105,099
|
|
|
$
|
4,095,479
|
|
|
|
|
|
|
_______________
|
|
(1)
|
Available-for-sale debt securities include approximately $146.0 million of mortgage-backed securities which pay interest and principal monthly to the Company. Of this total, $130.6 million represents securities that have variable rates of interest after a fixed interest period. These securities will experience rate changes at varying times over the next ten years. This table does not show the effect of these monthly repayments of principal or rate changes.
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
2017
|
|
2018
|
|
|
2019
|
|
|
2020
|
|
|
2021
|
|
|
Thereafter
|
|
|
Total
|
|
|
2016
Fair Value
|
|
|
|
||||||||||||
|
|
(Dollars In Thousands)
|
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest bearing deposits
|
|
$
|
159,566
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
159,566
|
|
|
$
|
159,566
|
|
|
|
|||
Weighted average rate
|
|
|
0.66
|
%
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.66
|
%
|
|
|
|
|
|
|
|||
Available-for-sale debt securities(1)
|
|
$
|
46,117
|
|
|
$
|
7,858
|
|
|
$
|
27,968
|
|
|
$
|
18,145
|
|
|
$
|
16,846
|
|
|
$
|
96,938
|
|
|
$
|
213,872
|
|
|
$
|
213,872
|
|
|
|
|||
Weighted average rate
|
|
|
3.03
|
%
|
|
|
4.53
|
%
|
|
|
4.18
|
%
|
|
|
5.95
|
%
|
|
|
3.06
|
%
|
|
|
2.37
|
%
|
|
|
3.16
|
%
|
|
|
|
|
|
|
|||
Held-to-maturity securities
|
|
|
—
|
|
|
$
|
247
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
247
|
|
|
$
|
258
|
|
|
|
||||||
Weighted average rate
|
|
|
—
|
|
|
|
7.36
|
%
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.36
|
%
|
|
|
|
|
|
|
|||||||
Adjustable rate loans
|
|
$
|
1,672,590
|
|
|
$
|
35,788
|
|
|
$
|
88,165
|
|
|
$
|
41,006
|
|
|
$
|
50,363
|
|
|
$
|
24,825
|
|
|
$
|
1,912,737
|
|
|
$
|
1,914,727
|
|
|
|
|||
Weighted average rate
|
|
|
3.85
|
%
|
|
|
3.81
|
%
|
|
|
3.82
|
%
|
|
|
4.21
|
%
|
|
|
4.07
|
%
|
|
|
3.53
|
%
|
|
|
3.85
|
%
|
|
|
|
|
|
|
|||
Fixed rate loans
|
|
$
|
265,720
|
|
|
$
|
215,849
|
|
|
$
|
323,787
|
|
|
$
|
275,856
|
|
|
$
|
402,022
|
|
|
$
|
450,544
|
|
|
$
|
1,933,778
|
|
|
$
|
1,938,531
|
|
|
|
|||
Weighted average rate
|
|
|
4.18
|
%
|
|
|
4.62
|
%
|
|
|
4.86
|
%
|
|
|
5.18
|
%
|
|
|
5.33
|
%
|
|
|
6.25
|
%
|
|
|
5.21
|
%
|
|
|
|
|
|
|
|||
Federal Home Loan Bank stock
|
|
$
|
13,034
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
13,034
|
|
|
$
|
13,034
|
|
|
|
|||
Weighted average rate
|
|
|
2.46
|
%
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2.46
|
%
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total financial assets
|
|
$
|
2,157,027
|
|
|
$
|
259,742
|
|
|
$
|
439,920
|
|
|
$
|
335,007
|
|
|
$
|
469,231
|
|
|
$
|
572,307
|
|
|
$
|
4,233,234
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Time deposits
|
|
$
|
1,036,958
|
|
|
$
|
276,535
|
|
|
$
|
70,408
|
|
|
$
|
49,427
|
|
|
$
|
47,574
|
|
|
$
|
3,824
|
|
|
$
|
1,484,726
|
|
|
$
|
1,491,247
|
|
|
|
|||
Weighted average rate
|
|
|
0.89
|
%
|
|
|
1.16
|
%
|
|
|
1.57
|
%
|
|
|
1.86
|
%
|
|
|
1.94
|
%
|
|
|
1.85
|
%
|
|
|
1.01
|
%
|
|
|
|
|
|
|
|||
Interest-bearing demand
|
|
$
|
1,539,216
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
1,539,216
|
|
|
$
|
1,539,216
|
|
|
|
|||
Weighted average rate
|
|
|
0.26
|
%
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.26
|
%
|
|
|
|
|
|
|
|||
Non-interest-bearing demand(2)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
653,288
|
|
|
$
|
653,288
|
|
|
$
|
653,288
|
|
|
|
|||
Weighted average rate
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|||
Federal Home Loan Bank advances
|
|
$
|
30,836
|
|
|
$
|
85
|
|
|
$
|
30
|
|
|
—
|
|
|
—
|
|
|
$
|
501
|
|
|
$
|
31,452
|
|
|
$
|
32,379
|
|
|
|
|||||
Weighted average rate
|
|
|
3.26
|
%
|
|
|
5.14
|
%
|
|
|
5.14
|
%
|
|
|
—
|
|
|
—
|
|
|
5.54
|
%
|
|
|
3.30
|
%
|
|
|
|
|
|
|
|||||
Short-term borrowings
|
|
$
|
286,023
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
286,023
|
|
|
$
|
286,023
|
|
|
|
|||
Weighted average rate
|
|
|
0.50
|
%
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.50
|
%
|
|
|
|
|
|
|
|||
Subordinated notes
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
$
|
75,000
|
$
|
75,000
|
$
|
76,031
|
||||||||||||||
Weighted average rate
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
5.45
|
%
|
5.45
|
%
|
||||||||||||||||
Subordinated debentures
|
|
$
|
25,774
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
25,774
|
|
|
$
|
25,774
|
|
|
|
|||
Weighted average rate
|
|
|
2.49
|
%
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2.49
|
%
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total financial liabilities
|
|
$
|
2,918,807
|
|
|
$
|
276,620
|
|
|
$
|
70,438
|
|
|
$
|
49,427
|
|
|
$
|
47,574
|
|
|
$
|
732,613
|
|
|
$
|
4,095,479
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Periodic repricing GAP
|
|
$
|
(761,780
|
)
|
|
$
|
(16,878
|
)
|
|
$
|
369,482
|
|
|
$
|
285,580
|
|
|
$
|
421,657
|
|
|
$
|
(160,306
|
)
|
|
$
|
137,755
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cumulative repricing GAP
|
|
$
|
(761,780
|
)
|
|
$
|
(778,658
|
)
|
|
$
|
(409,176
|
)
|
|
$
|
(123,596
|
)
|
|
$
|
298,061
|
|
$
|
137,755
|
|
|
|
|
|
|
|
|
|
|
|
_______________
|
|
(1)
|
Available-for-sale debt securities include approximately $146.0 million of mortgage-backed securities which pay interest and principal monthly to the Company. Of this total, $130.6 million represents securities that have variable rates of interest after a fixed interest period. These securities will experience rate changes at varying times over the next ten years. This table does not show the effect of these monthly repayments of principal or rate changes.
|
(2)
|
Non-interest-bearing demand is included in this table in the column labeled "Thereafter" since there is no interest rate related to these liabilities and therefore there is nothing to reprice.
|
2016 | 2015 | |||||||
Assets
|
||||||||
Cash
|
$
|
120,203
|
$
|
115,198
|
||||
Interest-bearing deposits in other financial institutions
|
159,566
|
83,985
|
||||||
Cash and cash equivalents
|
279,769
|
199,183
|
||||||
Available-for-sale securities
|
213,872
|
262,856
|
||||||
Held-to-maturity securities
|
247
|
353
|
||||||
Mortgage loans held for sale
|
16,445
|
12,261
|
||||||
Loans receivable, net of allowance for loan losses of $37,400 and $38,149 at
December 31, 2016 and 2015, respectively
|
3,759,966
|
3,340,536
|
||||||
FDIC indemnification asset
|
13,145
|
24,082
|
||||||
Interest receivable
|
11,875
|
10,930
|
||||||
Prepaid expenses and other assets
|
45,649
|
59,322
|
||||||
Other real estate owned, net
|
32,658
|
31,893
|
||||||
Premises and equipment, net
|
140,596
|
129,655
|
||||||
Goodwill and other intangible assets
|
12,500
|
5,758
|
||||||
Federal Home Loan Bank stock
|
13,034
|
15,303
|
||||||
Current and deferred income taxes
|
10,907
|
12,057
|
||||||
Total assets
|
$
|
4,550,663
|
$
|
4,104,189
|
||||
Liabilities and Stockholders' Equity
|
||||||||
Liabilities
|
||||||||
Deposits
|
$
|
3,677,230
|
$
|
3,268,626
|
||||
Federal Home Loan Bank advances
|
31,452
|
263,546
|
||||||
Securities sold under reverse repurchase agreements with customers
|
113,700
|
116,182
|
||||||
Short-term borrowings
|
172,323
|
1,295
|
||||||
Subordinated debentures issued to capital trust
|
25,774
|
25,774
|
||||||
Subordinated notes
|
73,537
|
—
|
||||||
Accrued interest payable
|
2,723
|
1,080
|
||||||
Advances from borrowers for taxes and insurance
|
4,643
|
4,681
|
||||||
Accrued expenses and other liabilities
|
19,475
|
24,778
|
||||||
Total liabilities
|
4,120,857
|
3,705,962
|
||||||
Commitments and Contingencies
|
—
|
—
|
||||||
Stockholders' Equity
|
||||||||
Capital stock
|
||||||||
Serial preferred stock, $.01 par value; authorized 1,000,000 shares;
issued and outstanding 2016 and 2015 – -0- shares
|
—
|
—
|
||||||
Common stock, $.01 par value; authorized 20,000,000 shares; issued
and outstanding 2016 – 13,968,386 shares, 2015 – 13,887,932
shares
|
140
|
139
|
||||||
Additional paid-in capital
|
25,942
|
24,371
|
||||||
Retained earnings
|
402,166
|
368,053
|
||||||
Accumulated other comprehensive income, net of income taxes of $887
and $3,227 at December 31, 2016 and 2015, respectively
|
1,558
|
5,664
|
||||||
Total stockholders' equity
|
429,806
|
398,227
|
||||||
Total liabilities and stockholders' equity
|
$
|
4,550,663
|
$
|
4,104,189
|
2016
|
2015
|
2014
|
||||||||||
Interest Income
|
||||||||||||
Loans
|
$
|
178,883
|
$
|
177,240
|
$
|
172,569
|
||||||
Investment securities and other
|
6,292
|
7,111
|
10,793
|
|||||||||
Total interest income
|
185,175
|
184,351
|
183,362
|
|||||||||
Interest Expense
|
||||||||||||
Deposits
|
17,387
|
13,511
|
11,225
|
|||||||||
Federal Home Loan Bank advances
|
1,214
|
1,707
|
2,910
|
|||||||||
Short-term borrowings and repurchase agreements
|
1,137
|
65
|
1,099
|
|||||||||
Subordinated debentures issued to capital trust
|
803
|
714
|
567
|
|||||||||
Subordinated notes
|
1,578
|
—
|
—
|
|||||||||
Total interest expense
|
22,119
|
15,997
|
15,801
|
|||||||||
Net Interest Income
|
163,056
|
168,354
|
167,561
|
|||||||||
Provision for Loan Losses
|
9,281
|
5,519
|
4,151
|
|||||||||
Net Interest Income After
Provision for Loan Losses
|
153,775
|
162,835
|
163,410
|
|||||||||
Noninterest Income
|
||||||||||||
Commissions
|
1,097
|
1,136
|
1,163
|
|||||||||
Service charges and ATM fees
|
21,666
|
19,841
|
19,075
|
|||||||||
Net gains on loan sales
|
3,941
|
3,888
|
4,133
|
|||||||||
Net realized gains on sales of available-for-sale securities
|
2,873
|
2
|
2,139
|
|||||||||
Late charges and fees on loans
|
1,747
|
2,129
|
1,400
|
|||||||||
Gain (loss) on derivative interest rate products
|
66
|
(43
|
)
|
(345
|
)
|
|||||||
Gain recognized on business acquisitions
|
—
|
—
|
10,805
|
|||||||||
Accretion (amortization) of income/expense related to business acquisitions
|
(6,935
|
)
|
(18,345
|
)
|
(27,868
|
)
|
||||||
Other noninterest income
|
4,055
|
4,973
|
4,229
|
|||||||||
Total noninterest income
|
28,510
|
13,581
|
14,731
|
|||||||||
Noninterest Expense
|
||||||||||||
Salaries and employee benefits
|
60,377
|
58,682
|
56,032
|
|||||||||
Net occupancy expense
|
26,077
|
25,985
|
23,541
|
|||||||||
Postage
|
3,791
|
3,787
|
3,578
|
|||||||||
Insurance
|
3,482
|
3,566
|
3,837
|
|||||||||
Advertising
|
2,228
|
2,317
|
2,404
|
|||||||||
Office supplies and printing
|
1,708
|
1,333
|
1,464
|
|||||||||
Telephone
|
3,483
|
3,235
|
2,866
|
|||||||||
Legal, audit and other professional fees
|
3,191
|
2,713
|
3,957
|
|||||||||
Expense on other real estate owned
|
4,111
|
2,526
|
5,636
|
|||||||||
Partnership tax credit investment amortization
|
1,681
|
1,680
|
1,720
|
|||||||||
Acquired deposit intangible asset amortization
|
1,910
|
1,750
|
1,519
|
|||||||||
Other operating expenses
|
8,388
|
6,776
|
14,305
|
|||||||||
Total noninterest expense
|
120,427
|
114,350
|
120,859
|
|||||||||
Income Before Income Taxes
|
|
61,858
|
|
62,066
|
|
57,282
|
||||||
Provision for Income Taxes
|
16,516
|
15,564
|
13,753
|
|||||||||
Net Income
|
45,342
|
46,502
|
43,529
|
|||||||||
Preferred Stock Dividends
|
—
|
554
|
579
|
|||||||||
Net Income Available to Common Shareholders
|
$
|
45,342
|
$
|
45,948
|
$
|
42,950
|
||||||
Earnings Per Common Share
|
||||||||||||
Basic
|
$
|
3.26
|
$
|
3.33
|
$
|
3.14
|
||||||
Diluted
|
$
|
3.21
|
$
|
3.28
|
$
|
3.10
|
2016
|
2015
|
2014
|
||||||||||
Net Income
|
$
|
45,342
|
$
|
46,502
|
$
|
43,529
|
||||||
Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes (credit) of $(1,346), $(528) and $3,301 for 2016, 2015 and 2014, respectively
|
(2,363
|
)
|
(1,321
|
)
|
6,128
|
|||||||
Less: reclassification adjustment for gains included in net income, net of taxes of $(1,042), $(1) and $(749) for 2016, 2015 and 2014, respectively
|
(1,830
|
)
|
(1
|
)
|
(1,390
|
)
|
||||||
Change in fair value of cash flow hedge, net of taxes (credit) of $50, $(34) and $(88) for 2016, 2015 and 2014, respectively
|
87
|
(50
|
)
|
(164
|
)
|
|||||||
Other comprehensive income (loss)
|
(4,106
|
)
|
(1,372
|
)
|
4,574
|
|||||||
Comprehensive Income
|
$
|
41,236
|
$
|
45,130
|
$
|
48,103
|
||||||
Accumulated
|
||||||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||||||
SBLF
|
Additional
|
Comprehensive
|
||||||||||||||||||||||||||
Preferred
|
Common
|
Paid-in
|
Retained
|
Income
|
Treasury
|
|||||||||||||||||||||||
Stock
|
Stock
|
Capital
|
Earnings
|
(Loss)
|
Stock
|
Total
|
||||||||||||||||||||||
Balance, January 1, 2014
|
$
|
57,943
|
$
|
137
|
$
|
19,567
|
$
|
300,589
|
$
|
2,462
|
$
|
—
|
$
|
380,698
|
||||||||||||||
Net income
|
—
|
—
|
—
|
43,529
|
—
|
—
|
43,529
|
|||||||||||||||||||||
Stock issued under Stock Option Plan
|
—
|
—
|
2,778
|
—
|
—
|
225
|
3,003
|
|||||||||||||||||||||
Common dividends declared, $.80 per share
|
—
|
—
|
—
|
(10,968
|
)
|
—
|
—
|
(10,968
|
)
|
|||||||||||||||||||
SBLF preferred stock dividends accrued (1.0%)
|
—
|
—
|
—
|
(579
|
)
|
—
|
—
|
(579
|
)
|
|||||||||||||||||||
Other comprehensive income
|
—
|
—
|
—
|
—
|
4,574
|
—
|
4,574
|
|||||||||||||||||||||
Purchase of the Company's common stock
|
—
|
—
|
—
|
—
|
—
|
(512
|
)
|
(512
|
)
|
|||||||||||||||||||
Reclassification of treasury stock per Maryland law
|
—
|
1
|
—
|
(288
|
)
|
—
|
287
|
—
|
||||||||||||||||||||
Balance, December 31, 2014
|
57,943
|
138
|
22,345
|
332,283
|
7,036
|
—
|
419,745
|
|||||||||||||||||||||
Net income
|
—
|
—
|
—
|
46,502
|
—
|
—
|
46,502
|
|||||||||||||||||||||
Stock issued under Stock Option Plan
|
—
|
—
|
2,026
|
—
|
—
|
1,718
|
3,744
|
|||||||||||||||||||||
Common dividends declared, $.86 per share
|
—
|
—
|
—
|
(11,896
|
)
|
—
|
—
|
(11,896
|
)
|
|||||||||||||||||||
SBLF preferred stock dividends accrued (1.0%)
|
—
|
—
|
—
|
(553
|
)
|
—
|
—
|
(553
|
)
|
|||||||||||||||||||
Other comprehensive loss
|
—
|
—
|
—
|
—
|
(1,372
|
)
|
—
|
(1,372
|
)
|
|||||||||||||||||||
Reclassification of treasury stock per Maryland law
|
—
|
1
|
—
|
1,717
|
—
|
(1,718
|
)
|
—
|
||||||||||||||||||||
Redemption of SBLF preferred stock
|
(57,943
|
)
|
—
|
—
|
—
|
—
|
—
|
(57,943
|
)
|
|||||||||||||||||||
Balance, December 31, 2015
|
—
|
139
|
24,371
|
368,053
|
5,664
|
—
|
398,227
|
|||||||||||||||||||||
Net income
|
—
|
—
|
—
|
45,342
|
—
|
—
|
45,342
|
|||||||||||||||||||||
Stock issued under Stock Option Plan
|
—
|
—
|
1,571
|
—
|
—
|
1,022
|
2,593
|
|||||||||||||||||||||
Common dividends declared, $.88 per share
|
—
|
—
|
—
|
(12,250
|
)
|
—
|
—
|
(12,250
|
)
|
|||||||||||||||||||
Other comprehensive loss
|
—
|
—
|
—
|
—
|
(4,106
|
)
|
—
|
(4,106
|
)
|
|||||||||||||||||||
Reclassification of treasury stock per Maryland law
|
—
|
1
|
—
|
1,021
|
—
|
(1,022
|
)
|
—
|
||||||||||||||||||||
Balance, December 31, 2016
|
$
|
—
|
$
|
140
|
$
|
25,942
|
$
|
402,166
|
$
|
1,558
|
$
|
—
|
$
|
429,806
|
2016
|
2015
|
2014
|
||||||||||
Operating Activities
|
||||||||||||
Net income
|
$
|
45,342
|
$
|
46,502
|
$
|
43,529
|
||||||
Proceeds from sales of loans held for sale
|
156,835
|
158,730
|
156,632
|
|||||||||
Originations of loans held for sale
|
(156,036
|
)
|
(155,680
|
)
|
(160,074
|
)
|
||||||
Items not requiring (providing) cash
|
||||||||||||
Depreciation
|
9,816
|
10,465
|
8,747
|
|||||||||
Amortization
|
3,656
|
3,430
|
3,242
|
|||||||||
Compensation expense for stock option grants
|
483
|
382
|
565
|
|||||||||
Provision for loan losses
|
9,281
|
5,519
|
4,151
|
|||||||||
Net gains on loan sales
|
(3,941
|
)
|
(3,888
|
)
|
(4,133
|
)
|
||||||
Net realized gains on available-for-sale securities
|
(2,873
|
)
|
(2
|
)
|
(2,139
|
)
|
||||||
Gain on sale of non-marketable securities
|
—
|
(301
|
)
|
—
|
||||||||
Gain on redemption of trust preferred securities
|
—
|
(1,115
|
)
|
—
|
||||||||
(Gain) loss on sale of premises and equipment
|
(249
|
)
|
(465
|
)
|
18
|
|||||||
(Gain) loss on sale/write-down of other real estate owned
|
489
|
(1,132
|
)
|
2,996
|
||||||||
Gain on purchase of additional business units
|
—
|
—
|
(10,805
|
)
|
||||||||
Gain on sale of business units
|
(368
|
)
|
—
|
—
|
||||||||
Amortization of deferred income, premiums, discounts and other
|
4,423
|
10,595
|
22,692
|
|||||||||
(Gain) loss on derivative interest rate products
|
(66
|
)
|
43
|
345
|
||||||||
Deferred income taxes
|
(3,621
|
)
|
(4,670
|
)
|
(6,260
|
)
|
||||||
Changes in
|
||||||||||||
Interest receivable
|
(535
|
)
|
289
|
1,227
|
||||||||
Prepaid expenses and other assets
|
12,655
|
3,982
|
8,430
|
|||||||||
Accrued expenses and other liabilities
|
(2,720
|
)
|
3,354
|
502
|
||||||||
Income taxes refundable/payable
|
7,484
|
(4,609
|
)
|
(2,232
|
)
|
|||||||
Net cash provided by operating activities
|
80,055
|
71,429
|
67,433
|
|||||||||
Investing Activities
|
||||||||||||
Net change in loans
|
|
(79,891
|
)
|
|
(190,154
|
)
|
|
(340,135
|
)
|
|||
Purchase of loans
|
(210,810
|
)
|
(117,634
|
)
|
(101,832
|
)
|
||||||
Proceeds from sale of student loans
|
368
|
—
|
—
|
|||||||||
Cash received from purchase of additional business units
|
44,363
|
—
|
189,437
|
|||||||||
Cash received from FDIC loss sharing reimbursements
|
831
|
2,599
|
8,377
|
|||||||||
Cash paid for sale of business units
|
(17,821
|
)
|
—
|
—
|
||||||||
Purchase of premises and equipment
|
(10,878
|
)
|
(16,697
|
)
|
(17,954
|
)
|
||||||
Proceeds from sale of premises and equipment
|
1,178
|
1,883
|
203
|
|||||||||
Proceeds from sale of foreclosed assets
|
28,362
|
23,497
|
21,706
|
|||||||||
Capitalized costs on foreclosed assets
|
(146
|
)
|
(20
|
)
|
(199
|
)
|
||||||
Proceeds from sale of non-marketable securities
|
—
|
351
|
—
|
|||||||||
Proceeds from maturities, calls and repayments of held-to-maturity securities
|
106
|
97
|
355
|
|||||||||
Proceeds from sale of available-for-sale securities
|
55,000
|
56,169
|
220,169
|
|||||||||
Proceeds from maturities, calls and repayments of available-for-sale securities
|
60,827
|
63,463
|
103,475
|
|||||||||
Purchase of available-for-sale securities
|
(71,904
|
)
|
(21,339
|
)
|
(40,661
|
)
|
||||||
(Purchase) redemption of Federal Home Loan Bank stock
|
2,269
|
1,590
|
(7,071
|
)
|
||||||||
Net cash provided by (used in) investing activities
|
(198,146
|
)
|
(196,195
|
)
|
35,870
|
|||||||
Financing Activities
|
||||||||||||
Net increase (decrease) in certificates of deposit
|
|
162,763
|
|
191,224
|
|
(116,139
|
)
|
|||||
Net increase (decrease) in checking and savings accounts
|
36,126
|
87,113
|
(160,144
|
)
|
||||||||
Proceeds from Federal Home Loan Bank advances
|
1,793,000
|
6,509,500
|
4,231,000
|
|||||||||
Repayments of Federal Home Loan Bank advances
|
(2,025,070
|
)
|
(6,517,564
|
)
|
(4,083,315
|
)
|
||||||
Net increase (decrease) in short‑term borrowings
|
168,546
|
(93,967
|
)
|
74,768
|
||||||||
Proceeds from issuance of subordinated notes
|
73,472
|
—
|
—
|
|||||||||
Repayments of structured repurchase borrowings
|
—
|
—
|
(50,000
|
)
|
||||||||
Advances from (to) borrowers for taxes and insurance
|
(38
|
)
|
(248
|
)
|
580
|
|||||||
Redemption of trust preferred securities
|
—
|
(3,885
|
)
|
—
|
||||||||
Redemption of preferred stock
|
—
|
(57,943
|
)
|
—
|
||||||||
Dividends paid
|
(12,232
|
)
|
(12,290
|
)
|
(11,257
|
)
|
||||||
Purchase of the Company's common stock
|
—
|
—
|
(512
|
)
|
||||||||
Stock options exercised
|
2,110
|
3,362
|
2,438
|
|||||||||
Net cash provided by (used in) financing activities
|
198,677
|
105,302
|
(112,581
|
)
|
||||||||
Increase (Decrease) in Cash and Cash Equivalents
|
80,586
|
(19,464
|
)
|
(9,278
|
)
|
|||||||
Cash and Cash Equivalents, Beginning of Year
|
199,183
|
218,647
|
227,925
|
|||||||||
Cash and Cash Equivalents, End of Year
|
$
|
279,769
|
$
|
199,183
|
$
|
218,647
|
Note 1: |
Nature of Operations and Summary of Significant Accounting Policies
|
December 31,
|
||||||||
2016
|
2015
|
|||||||
(In Thousands)
|
||||||||
Goodwill – Branch acquisitions
|
$
|
5,396
|
$
|
1,169
|
||||
Deposit intangibles
|
||||||||
TeamBank
|
—
|
105
|
||||||
Vantus Bank
|
—
|
207
|
||||||
Sun Security Bank
|
613
|
964
|
||||||
InterBank
|
327
|
472
|
||||||
Boulevard Bank
|
519
|
641
|
||||||
Valley Bank
|
1,800
|
2,200
|
||||||
Fifth Third Bank
|
3,845
|
—
|
||||||
7,104
|
4,589
|
|||||||
$
|
12,500
|
$
|
5,758
|
2016
|
2015
|
2014
|
||||||||||
(In Thousands, Except Per Share Data)
|
||||||||||||
Net income
|
$
|
45,342
|
$
|
46,502
|
$
|
43,529
|
||||||
Net income available to common shareholders
|
$
|
45,342
|
$
|
45,948
|
$
|
42,950
|
||||||
Average common shares outstanding
|
13,912
|
13,818
|
13,700
|
|||||||||
Average common share stock options outstanding
|
229
|
182
|
176
|
|||||||||
Average diluted common shares
|
14,141
|
14,000
|
13,876
|
|||||||||
Earnings per common share – basic
|
$
|
3.26
|
$
|
3.33
|
$
|
3.14
|
||||||
Earnings per common share – diluted
|
$
|
3.21
|
$
|
3.28
|
$
|
3.10
|
||||||
Note 2: |
Investments in Securities
|
December 31, 2016
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Mortgage-backed securities
|
$
|
146,491
|
$
|
1,045
|
$
|
1,501
|
$
|
146,035
|
||||||||
States and political subdivisions
|
64,682
|
3,163
|
8
|
67,837
|
||||||||||||
$
|
211,173
|
$
|
4,208
|
$
|
1,509
|
$
|
213,872
|
December 31, 2015
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
U.S. government agencies
|
$
|
20,000
|
$
|
—
|
$
|
219
|
$
|
19,781
|
||||||||
Mortgage-backed securities
|
159,777
|
2,038
|
601
|
161,214
|
||||||||||||
States and political subdivisions
|
72,951
|
5,081
|
1
|
78,031
|
||||||||||||
Other securities
|
847
|
2,983
|
—
|
3,830
|
||||||||||||
$
|
253,575
|
$
|
10,102
|
$
|
821
|
$
|
262,856
|
Amortized
|
Fair
|
|||||||
Cost
|
Value
|
|||||||
(In Thousands)
|
||||||||
After one through five years
|
$
|
633
|
$
|
642
|
||||
After five through ten years
|
7,987
|
8,189
|
||||||
After ten years
|
56,062
|
59,006
|
||||||
Securities not due on a single maturity date
|
146,491
|
146,035
|
||||||
$
|
211,173
|
$
|
213,872
|
December 31, 2016
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
States and political subdivisions
|
$
|
247
|
$
|
11
|
$
|
—
|
$
|
258
|
December 31, 2015
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
States and political subdivisions
|
$
|
353
|
$
|
31
|
$
|
—
|
$
|
384
|
Amortized
|
Fair
|
|||||||
Cost
|
Value
|
|||||||
(In Thousands)
|
||||||||
After one through five years
|
$
|
247
|
$
|
258
|
2016
|
2015
|
|||||||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Public deposits
|
$
|
57,841
|
$
|
59,082
|
$
|
60,355
|
$
|
62,288
|
||||||||
Collateralized borrowing
|
||||||||||||||||
accounts
|
98,787
|
97,498
|
131,813
|
131,950
|
||||||||||||
Other
|
6,599
|
6,813
|
5,149
|
5,330
|
||||||||||||
$
|
163,227
|
$
|
163,393
|
$
|
197,317
|
$
|
199,568
|
2016
|
||||||||||||||||||||||||
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Description of Securities
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Mortgage-backed securities
|
$
|
102,296
|
$
|
(1,501
|
)
|
$
|
—
|
$
|
—
|
$
|
102,296
|
$
|
(1,501
|
)
|
||||||||||
States and political subdivisions
|
2,164
|
(8
|
)
|
—
|
—
|
2,164
|
(8
|
)
|
||||||||||||||||
$
|
104,460
|
$
|
(1,509
|
)
|
$
|
—
|
$
|
—
|
$
|
104,460
|
$
|
(1,509
|
)
|
2015
|
||||||||||||||||||||||||
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Description of Securities
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
U.S. government agencies
|
$
|
19,781
|
$
|
(219
|
)
|
$
|
—
|
$
|
—
|
$
|
19,781
|
$
|
(219
|
)
|
||||||||||
Mortgage-backed securities
|
45,146
|
(348
|
)
|
9,382
|
(253
|
)
|
54,528
|
(601
|
)
|
|||||||||||||||
States and political subdivisions
|
—
|
—
|
909
|
(1
|
)
|
909
|
(1
|
)
|
||||||||||||||||
$
|
64,927
|
$
|
(567
|
)
|
$
|
10,291
|
$
|
(254
|
)
|
$
|
75,218
|
$
|
(821
|
)
|
Note 3: |
Loans and Allowance for Loan Losses
|
2016
|
2015
|
|||||||
(In Thousands)
|
||||||||
One- to four-family residential construction
|
$
|
21,737
|
$
|
23,526
|
||||
Subdivision construction
|
17,186
|
38,504
|
||||||
Land development
|
50,624
|
58,440
|
||||||
Commercial construction
|
780,614
|
600,794
|
||||||
Owner occupied one- to four-family residential
|
200,340
|
110,277
|
||||||
Non-owner occupied one- to four-family residential
|
136,924
|
149,874
|
||||||
Commercial real estate
|
1,186,906
|
1,043,474
|
||||||
Other residential
|
663,378
|
419,549
|
||||||
Commercial business
|
348,628
|
357,580
|
||||||
Industrial revenue bonds
|
25,065
|
37,362
|
||||||
Consumer auto
|
494,233
|
439,895
|
||||||
Consumer other
|
70,001
|
74,829
|
||||||
Home equity lines of credit
|
108,753
|
83,966
|
||||||
Acquired FDIC-covered loans, net of discounts
|
134,356
|
236,071
|
||||||
Acquired loans no longer covered by FDIC loss sharing
|
||||||||
agreements, net of discounts
|
72,569
|
33,338
|
||||||
Acquired non-covered loans, net of discounts
|
76,234
|
93,436
|
||||||
4,387,548
|
3,800,915
|
|||||||
Undisbursed portion of loans in process
|
(585,313
|
)
|
(418,702
|
)
|
||||
Allowance for loan losses
|
(37,400
|
)
|
(38,149
|
)
|
||||
Deferred loan fees and gains, net
|
(4,869
|
)
|
(3,528
|
)
|
||||
$
|
3,759,966
|
$
|
3,340,536
|
December 31, 2016
|
||||||||||||||||||||||||||||
Total Loans
|
||||||||||||||||||||||||||||
Total
|
> 90 Days Past
|
|||||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
Over 90
|
Total Past
|
Loans
|
Due and
|
|||||||||||||||||||||||
Past Due
|
Past Due
|
Days
|
Due
|
Current
|
Receivable
|
Still Accruing
|
||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
One- to four-family
|
||||||||||||||||||||||||||||
residential construction
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
21,737
|
$
|
21,737
|
$
|
—
|
||||||||||||||
Subdivision construction
|
—
|
—
|
109
|
109
|
17,077
|
17,186
|
—
|
|||||||||||||||||||||
Land development
|
413
|
584
|
1,718
|
2,715
|
47,909
|
50,624
|
—
|
|||||||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
780,614
|
780,614
|
—
|
|||||||||||||||||||||
Owner occupied one- to four-
|
||||||||||||||||||||||||||||
family residential
|
1,760
|
388
|
1,125
|
3,273
|
197,067
|
200,340
|
—
|
|||||||||||||||||||||
Non-owner occupied one- to
|
||||||||||||||||||||||||||||
four-family residential
|
309
|
278
|
404
|
991
|
135,933
|
136,924
|
—
|
|||||||||||||||||||||
Commercial real estate
|
1,969
|
1,988
|
4,404
|
8,361
|
1,178,545
|
1,186,906
|
—
|
|||||||||||||||||||||
Other residential
|
4,632
|
—
|
162
|
4,794
|
658,584
|
663,378
|
—
|
|||||||||||||||||||||
Commercial business
|
1,741
|
24
|
3,088
|
4,853
|
343,775
|
348,628
|
—
|
|||||||||||||||||||||
Industrial revenue bonds
|
—
|
—
|
—
|
—
|
25,065
|
25,065
|
—
|
|||||||||||||||||||||
Consumer auto
|
8,252
|
2,451
|
1,989
|
12,692
|
481,541
|
494,233
|
—
|
|||||||||||||||||||||
Consumer other
|
1,103
|
278
|
649
|
2,030
|
67,971
|
70,001
|
—
|
|||||||||||||||||||||
Home equity lines of credit
|
136
|
158
|
433
|
727
|
108,026
|
108,753
|
—
|
|||||||||||||||||||||
Acquired FDIC-covered loans, net of discounts
|
4,476
|
1,201
|
8,226
|
13,903
|
120,453
|
134,356
|
301
|
|||||||||||||||||||||
Acquired loans no longer covered by FDIC loss sharing agreements,
|
||||||||||||||||||||||||||||
net of discounts
|
1,356
|
552
|
1,401
|
3,309
|
69,260
|
72,569
|
222
|
|||||||||||||||||||||
Acquired non-covered loans, net of discounts
|
851
|
173
|
2,854
|
3,878
|
72,356
|
76,234
|
—
|
|||||||||||||||||||||
26,998
|
8,075
|
26,562
|
61,635
|
4,325,913
|
4,387,548
|
523
|
||||||||||||||||||||||
Less FDIC-supported loans,
|
||||||||||||||||||||||||||||
and acquired non-covered loans, net of discounts
|
6,683
|
1,926
|
12,481
|
21,090
|
262,069
|
283,159
|
523
|
|||||||||||||||||||||
Total
|
$
|
20,315
|
$
|
6,149
|
$
|
14,081
|
$
|
40,545
|
$
|
4,063,844
|
$
|
4,104,389
|
$
|
—
|
December 31, 2015
|
||||||||||||||||||||||||||||
Total Loans
|
||||||||||||||||||||||||||||
Total
|
> 90 Days Past
|
|||||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
Over 90
|
Total Past
|
Loans
|
Due and
|
|||||||||||||||||||||||
Past Due
|
Past Due
|
Days
|
Due
|
Current
|
Receivable
|
Still Accruing
|
||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
One- to four-family
|
||||||||||||||||||||||||||||
residential construction
|
$
|
649
|
$
|
—
|
$
|
—
|
$
|
649
|
$
|
22,877
|
$
|
23,526
|
$
|
—
|
||||||||||||||
Subdivision construction
|
—
|
—
|
—
|
—
|
38,504
|
38,504
|
—
|
|||||||||||||||||||||
Land development
|
2,245
|
148
|
139
|
2,532
|
55,908
|
58,440
|
—
|
|||||||||||||||||||||
Commercial construction
|
1
|
—
|
—
|
1
|
600,793
|
600,794
|
—
|
|||||||||||||||||||||
Owner occupied one- to four-
|
||||||||||||||||||||||||||||
family residential
|
1,217
|
345
|
715
|
2,277
|
108,000
|
110,277
|
—
|
|||||||||||||||||||||
Non-owner occupied one- to
|
||||||||||||||||||||||||||||
four-family residential
|
—
|
—
|
345
|
345
|
149,529
|
149,874
|
—
|
|||||||||||||||||||||
Commercial real estate
|
1,035
|
471
|
13,488
|
14,994
|
1,028,480
|
1,043,474
|
—
|
|||||||||||||||||||||
Other residential
|
—
|
—
|
—
|
—
|
419,549
|
419,549
|
—
|
|||||||||||||||||||||
Commercial business
|
1,020
|
9
|
288
|
1,317
|
356,263
|
357,580
|
—
|
|||||||||||||||||||||
Industrial revenue bonds
|
—
|
—
|
—
|
—
|
37,362
|
37,362
|
—
|
|||||||||||||||||||||
Consumer auto
|
3,351
|
891
|
721
|
4,963
|
434,932
|
439,895
|
—
|
|||||||||||||||||||||
Consumer other
|
943
|
236
|
576
|
1,755
|
73,074
|
74,829
|
—
|
|||||||||||||||||||||
Home equity lines of credit
|
212
|
123
|
297
|
632
|
83,334
|
83,966
|
—
|
|||||||||||||||||||||
Acquired FDIC-covered loans, net of discounts
|
7,936
|
603
|
9,712
|
18,251
|
217,820
|
236,071
|
—
|
|||||||||||||||||||||
Acquired loans no longer covered by FDIC loss sharing agreements,
|
||||||||||||||||||||||||||||
net of discounts
|
989
|
39
|
33
|
1,061
|
32,277
|
33,338
|
—
|
|||||||||||||||||||||
Acquired non-covered loans, net of discounts
|
1,081
|
638
|
5,914
|
7,633
|
85,803
|
93,436
|
—
|
|||||||||||||||||||||
20,679
|
3,503
|
32,228
|
56,410
|
3,744,505
|
3,800,915
|
—
|
||||||||||||||||||||||
Less FDIC-supported loans,
|
||||||||||||||||||||||||||||
and acquired non-covered loans, net of discounts
|
10,006
|
1,280
|
15,659
|
26,945
|
335,900
|
362,845
|
—
|
|||||||||||||||||||||
Total
|
$
|
10,673
|
$
|
2,223
|
$
|
16,569
|
$
|
29,465
|
$
|
3,408,605
|
$
|
3,438,070
|
$
|
—
|
December 31,
|
||||||||
2016
|
2015
|
|||||||
(In Thousands)
|
||||||||
One- to four-family residential construction
|
$
|
—
|
$
|
—
|
||||
Subdivision construction
|
109
|
—
|
||||||
Land development
|
1,718
|
139
|
||||||
Commercial construction
|
—
|
—
|
||||||
Owner occupied one- to four-family residential
|
1,125
|
715
|
||||||
Non-owner occupied one- to four-family
|
||||||||
residential
|
404
|
345
|
||||||
Commercial real estate
|
4,404
|
13,488
|
||||||
Other residential
|
162
|
—
|
||||||
Commercial business
|
3,088
|
288
|
||||||
Industrial revenue bonds
|
—
|
—
|
||||||
Consumer auto
|
1,989
|
721
|
||||||
Consumer other
|
649
|
576
|
||||||
Home equity lines of credit
|
433
|
297
|
||||||
Total
|
$
|
14,081
|
$
|
16,569
|
December 31, 2016
|
||||||||||||||||||||||||||||
One- to Four-
|
||||||||||||||||||||||||||||
Family
|
||||||||||||||||||||||||||||
Residential
|
||||||||||||||||||||||||||||
and
|
Other
|
Commercial
|
Commercial
|
Commercial
|
||||||||||||||||||||||||
Construction
|
Residential
|
Real Estate
|
Construction
|
Business
|
Consumer
|
Total
|
||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
Allowance for Loan Losses
|
||||||||||||||||||||||||||||
Balance, January 1, 2016
|
$
|
4,900
|
$
|
3,190
|
$
|
14,738
|
$
|
3,019
|
$
|
4,203
|
$
|
8,099
|
$
|
38,149
|
||||||||||||||
Provision (benefit) charged to expense
|
(2,407
|
)
|
2,260
|
5,632
|
(827
|
)
|
(926
|
)
|
5,549
|
9,281
|
||||||||||||||||||
Losses charged off
|
(229
|
)
|
(16
|
)
|
(5,653
|
)
|
(31
|
)
|
(589
|
)
|
(8,751
|
)
|
(15,269
|
)
|
||||||||||||||
Recoveries
|
58
|
52
|
1,221
|
123
|
327
|
3,458
|
5,239
|
|||||||||||||||||||||
Balance, December 31, 2016
|
$
|
2,322
|
$
|
5,486
|
$
|
15,938
|
$
|
2,284
|
$
|
3,015
|
$
|
8,355
|
$
|
37,400
|
||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||
Individually evaluated
|
||||||||||||||||||||||||||||
for impairment
|
$
|
570
|
$
|
—
|
$
|
2,209
|
$
|
1,291
|
$
|
1,295
|
$
|
997
|
$
|
6,362
|
||||||||||||||
Collectively evaluated
|
||||||||||||||||||||||||||||
for impairment
|
$
|
1,628
|
$
|
5,396
|
$
|
13,507
|
$
|
953
|
$
|
1,681
|
$
|
7,248
|
$
|
30,413
|
||||||||||||||
Loans acquired and
|
||||||||||||||||||||||||||||
accounted for under
|
||||||||||||||||||||||||||||
ASC 310-30
|
$
|
124
|
$
|
90
|
$
|
222
|
$
|
40
|
$
|
39
|
$
|
110
|
$
|
625
|
||||||||||||||
Loans
|
||||||||||||||||||||||||||||
Individually evaluated
|
||||||||||||||||||||||||||||
for impairment
|
$
|
6,015
|
$
|
3,812
|
$
|
10,507
|
$
|
6,023
|
$
|
4,539
|
$
|
3,385
|
$
|
34,281
|
||||||||||||||
Collectively evaluated
|
||||||||||||||||||||||||||||
for impairment
|
$
|
370,172
|
$
|
659,566
|
$
|
1,176,399
|
$
|
825,215
|
$
|
369,154
|
$
|
669,602
|
$
|
4,070,108
|
||||||||||||||
Loans acquired and
|
||||||||||||||||||||||||||||
accounted for under
|
||||||||||||||||||||||||||||
ASC 310-30
|
$
|
155,378
|
$
|
29,600
|
$
|
54,208
|
$
|
2,191
|
$
|
6,429
|
$
|
35,353
|
$
|
283,159
|
December 31, 2015
|
||||||||||||||||||||||||||||
One- to Four-
|
||||||||||||||||||||||||||||
Family
|
||||||||||||||||||||||||||||
Residential
|
||||||||||||||||||||||||||||
and
|
Other
|
Commercial
|
Commercial
|
Commercial
|
||||||||||||||||||||||||
Construction
|
Residential
|
Real Estate
|
Construction
|
Business
|
Consumer
|
Total
|
||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
Allowance for Loan Losses
|
||||||||||||||||||||||||||||
Balance, January 1, 2015
|
$
|
3,455
|
$
|
2,941
|
$
|
19,773
|
$
|
3,562
|
$
|
3,679
|
$
|
5,025
|
$
|
38,435
|
||||||||||||||
Provision (benefit) charged to expense
|
1,428
|
193
|
(2,753
|
)
|
(619
|
)
|
1,450
|
5,820
|
5,519
|
|||||||||||||||||||
Losses charged off
|
(80
|
)
|
(2
|
)
|
(2,584
|
)
|
(329
|
)
|
(1,202
|
)
|
(5,315
|
)
|
(9,512
|
)
|
||||||||||||||
Recoveries
|
97
|
58
|
302
|
405
|
276
|
2,569
|
3,707
|
|||||||||||||||||||||
Balance, December 31, 2015
|
$
|
4,900
|
$
|
3,190
|
$
|
14,738
|
$
|
3,019
|
$
|
4,203
|
$
|
8,099
|
$
|
38,149
|
||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||
Individually evaluated
|
||||||||||||||||||||||||||||
for impairment
|
$
|
731
|
$
|
—
|
$
|
2,556
|
$
|
1,391
|
$
|
1,115
|
$
|
300
|
$
|
6,093
|
||||||||||||||
Collectively evaluated
|
||||||||||||||||||||||||||||
for impairment
|
$
|
3,464
|
$
|
3,122
|
$
|
11,888
|
$
|
1,570
|
$
|
2,862
|
$
|
7,647
|
$
|
30,553
|
||||||||||||||
Loans acquired and
|
||||||||||||||||||||||||||||
accounted for under
|
||||||||||||||||||||||||||||
ASC 310-30
|
$
|
705
|
$
|
68
|
$
|
294
|
$
|
58
|
$
|
226
|
$
|
152
|
$
|
1,503
|
||||||||||||||
Loans
|
||||||||||||||||||||||||||||
Individually evaluated
|
||||||||||||||||||||||||||||
for impairment
|
$
|
6,129
|
$
|
9,533
|
$
|
34,629
|
$
|
7,555
|
$
|
2,365
|
$
|
1,950
|
$
|
62,161
|
||||||||||||||
Collectively evaluated
|
||||||||||||||||||||||||||||
for impairment
|
$
|
316,052
|
$
|
410,016
|
$
|
1,008,845
|
$
|
651,679
|
$
|
392,577
|
$
|
596,740
|
$
|
3,375,909
|
||||||||||||||
Loans acquired and
|
||||||||||||||||||||||||||||
accounted for under
|
||||||||||||||||||||||||||||
ASC 310-30
|
$
|
194,697
|
$
|
35,945
|
$
|
73,148
|
$
|
4,981
|
$
|
10,500
|
$
|
43,574
|
$
|
362,845
|
December 31, 2014
|
||||||||||||||||||||||||||||
One- to Four-
|
||||||||||||||||||||||||||||
Family
|
||||||||||||||||||||||||||||
Residential
|
||||||||||||||||||||||||||||
and
|
Other
|
Commercial
|
Commercial
|
Commercial
|
||||||||||||||||||||||||
Construction
|
Residential
|
Real Estate
|
Construction
|
Business
|
Consumer
|
Total
|
||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
Allowance for Loan Losses
|
||||||||||||||||||||||||||||
Balance, January 1, 2014
|
$
|
6,235
|
$
|
2,678
|
$
|
16,939
|
$
|
4,464
|
$
|
6,451
|
$
|
3,349
|
$
|
40,116
|
||||||||||||||
Provision (benefit) charged to expense
|
(1,025
|
)
|
227
|
1,855
|
(957
|
)
|
409
|
3,642
|
4,151
|
|||||||||||||||||||
Losses charged off
|
(2,251
|
)
|
(1
|
)
|
(2,160
|
)
|
(126
|
)
|
(3,286
|
)
|
(4,005
|
)
|
(11,829
|
)
|
||||||||||||||
Recoveries
|
496
|
37
|
3,139
|
181
|
105
|
2,039
|
5,997
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Balance, December 31, 2014
|
$
|
3,455
|
$
|
2,941
|
$
|
19,773
|
$
|
3,562
|
$
|
3,679
|
$
|
5,025
|
$
|
38,435
|
||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||
Individually evaluated
|
||||||||||||||||||||||||||||
for impairment
|
$
|
829
|
$
|
—
|
$
|
1,751
|
$
|
1,507
|
$
|
823
|
$
|
232
|
$
|
5,142
|
||||||||||||||
Collectively evaluated
|
||||||||||||||||||||||||||||
for impairment
|
$
|
2,532
|
$
|
2,923
|
$
|
16,671
|
$
|
1,905
|
$
|
2,805
|
$
|
4,321
|
$
|
31,157
|
||||||||||||||
Loans acquired and
|
||||||||||||||||||||||||||||
accounted for under
|
||||||||||||||||||||||||||||
ASC 310-30
|
$
|
94
|
$
|
18
|
$
|
1,351
|
$
|
150
|
$
|
51
|
$
|
472
|
$
|
2,136
|
||||||||||||||
Loans
|
||||||||||||||||||||||||||||
Individually evaluated
|
||||||||||||||||||||||||||||
for impairment
|
$
|
11,488
|
$
|
9,804
|
$
|
28,641
|
$
|
7,601
|
$
|
2,725
|
$
|
1,480
|
$
|
61,739
|
||||||||||||||
Collectively evaluated
|
||||||||||||||||||||||||||||
for impairment
|
$
|
288,066
|
$
|
382,610
|
$
|
917,235
|
$
|
437,424
|
$
|
392,348
|
$
|
466,174
|
$
|
2,883,857
|
||||||||||||||
Loans acquired and
|
||||||||||||||||||||||||||||
accounted for under
|
||||||||||||||||||||||||||||
ASC 310-30
|
$
|
234,158
|
$
|
48,470
|
$
|
107,278
|
$
|
1,937
|
$
|
17,789
|
$
|
48,903
|
$
|
458,535
|
· |
The one- to four-family residential and construction segment includes the one- to four-family residential construction, subdivision construction, owner occupied one- to four-family residential and non-owner occupied one- to four-family residential classes.
|
· |
The other residential segment corresponds to the other residential class.
|
· |
The commercial real estate segment includes the commercial real estate and industrial revenue bonds classes.
|
· |
The commercial construction segment includes the land development and commercial construction classes.
|
· |
The commercial business segment corresponds to the commercial business class.
|
· |
The consumer segment includes the consumer auto, consumer other and home equity lines of credit classes.
|
Year Ended
|
||||||||||||||||||||
December 31, 2016
|
December 31, 2016
|
|||||||||||||||||||
Average
|
||||||||||||||||||||
Unpaid
|
Investment
|
Interest
|
||||||||||||||||||
Recorded
|
Principal
|
Specific
|
in Impaired
|
Income
|
||||||||||||||||
Balance
|
Balance
|
Allowance
|
Loans
|
Recognized
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
One- to four-family residential construction
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||
Subdivision construction
|
818
|
829
|
131
|
948
|
46
|
|||||||||||||||
Land development
|
6,023
|
6,120
|
1,291
|
8,020
|
304
|
|||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Owner occupied one- to four-family
|
||||||||||||||||||||
residential
|
3,290
|
3,555
|
375
|
3,267
|
182
|
|||||||||||||||
Non-owner occupied one- to four-family
|
||||||||||||||||||||
residential
|
1,907
|
2,177
|
65
|
1,886
|
113
|
|||||||||||||||
Commercial real estate
|
10,507
|
12,121
|
2,209
|
23,928
|
984
|
|||||||||||||||
Other residential
|
3,812
|
3,812
|
—
|
6,813
|
258
|
|||||||||||||||
Commercial business
|
4,539
|
4,652
|
1,294
|
2,542
|
185
|
|||||||||||||||
Industrial revenue bonds
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Consumer auto
|
2,097
|
2,178
|
629
|
1,307
|
141
|
|||||||||||||||
Consumer other
|
812
|
887
|
244
|
884
|
70
|
|||||||||||||||
Home equity lines of credit
|
476
|
492
|
124
|
417
|
32
|
|||||||||||||||
Total
|
$
|
34,281
|
$
|
36,823
|
$
|
6,362
|
$
|
50,012
|
$
|
2,315
|
Year Ended
|
||||||||||||||||||||
December 31, 2015
|
December 31, 2015
|
|||||||||||||||||||
Average
|
||||||||||||||||||||
Unpaid
|
Investment
|
Interest
|
||||||||||||||||||
Recorded
|
Principal
|
Specific
|
in Impaired
|
Income
|
||||||||||||||||
Balance
|
Balance
|
Allowance
|
Loans
|
Recognized
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
One- to four-family residential construction
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
633
|
$
|
35
|
||||||||||
Subdivision construction
|
1,061
|
1,061
|
214
|
3,533
|
109
|
|||||||||||||||
Land development
|
7,555
|
7,644
|
1,391
|
7,432
|
287
|
|||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Owner occupied one- to four-family
|
||||||||||||||||||||
residential
|
3,166
|
3,427
|
389
|
3,587
|
179
|
|||||||||||||||
Non-owner occupied one- to four-family
|
||||||||||||||||||||
residential
|
1,902
|
2,138
|
128
|
1,769
|
100
|
|||||||||||||||
Commercial real estate
|
34,629
|
37,259
|
2,556
|
28,610
|
1,594
|
|||||||||||||||
Other residential
|
9,533
|
9,533
|
—
|
9,670
|
378
|
|||||||||||||||
Commercial business
|
2,365
|
2,539
|
1,115
|
2,268
|
138
|
|||||||||||||||
Industrial revenue bonds
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Consumer auto
|
791
|
829
|
119
|
576
|
59
|
|||||||||||||||
Consumer other
|
802
|
885
|
120
|
672
|
74
|
|||||||||||||||
Home equity lines of credit
|
357
|
374
|
61
|
403
|
27
|
|||||||||||||||
Total
|
$
|
62,161
|
$
|
65,689
|
$
|
6,093
|
$
|
59,153
|
$
|
2,980
|
Year Ended
|
||||||||||||||||||||
December 31, 2014
|
December 31, 2014
|
|||||||||||||||||||
Average
|
||||||||||||||||||||
Unpaid
|
Investment
|
Interest
|
||||||||||||||||||
Recorded
|
Principal
|
Specific
|
in Impaired
|
Income
|
||||||||||||||||
Balance
|
Balance
|
Allowance
|
Loans
|
Recognized
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
One- to four-family residential construction
|
$
|
1,312
|
$
|
1,312
|
$
|
—
|
$
|
173
|
$
|
76
|
||||||||||
Subdivision construction
|
4,540
|
4,540
|
344
|
2,593
|
226
|
|||||||||||||||
Land development
|
7,601
|
8,044
|
1,507
|
9,691
|
292
|
|||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Owner occupied one- to four-family
|
||||||||||||||||||||
residential
|
3,747
|
4,094
|
407
|
4,808
|
212
|
|||||||||||||||
Non-owner occupied one- to four-family
|
||||||||||||||||||||
residential
|
1,889
|
2,113
|
78
|
4,010
|
94
|
|||||||||||||||
Commercial real estate
|
28,641
|
30,781
|
1,751
|
29,808
|
1,253
|
|||||||||||||||
Other residential
|
9,804
|
9,804
|
—
|
10,469
|
407
|
|||||||||||||||
Commercial business
|
2,725
|
2,750
|
823
|
2,579
|
158
|
|||||||||||||||
Industrial revenue bonds
|
—
|
—
|
—
|
2,644
|
—
|
|||||||||||||||
Consumer auto
|
420
|
507
|
63
|
219
|
37
|
|||||||||||||||
Consumer other
|
629
|
765
|
94
|
676
|
71
|
|||||||||||||||
Home equity lines of credit
|
431
|
476
|
75
|
461
|
25
|
|||||||||||||||
Total
|
$
|
61,739
|
$
|
65,186
|
$
|
5,142
|
$
|
68,131
|
$
|
2,851
|
2016
|
||||||||||||||||
Total
|
||||||||||||||||
Interest Only
|
Term
|
Combination
|
Modification
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Mortgage loans on real estate:
|
||||||||||||||||
Residential one-to-four family
|
$
|
60
|
$
|
—
|
$
|
—
|
$
|
60
|
||||||||
Commercial
|
2,946
|
—
|
—
|
2,946
|
||||||||||||
Construction and land development | 429 |
—
|
—
|
429 | ||||||||||||
Commercial business
|
—
|
38
|
—
|
38
|
||||||||||||
Consumer
|
—
|
59
|
—
|
59
|
||||||||||||
$
|
3,435
|
$
|
97
|
$
|
—
|
$
|
3,532
|
2015
|
||||||||||||||||
Total
|
||||||||||||||||
Interest Only
|
Term
|
Combination
|
Modification
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Mortgage loans on real estate:
|
||||||||||||||||
Residential one-to-four family
|
$
|
—
|
$
|
407
|
$
|
164
|
$
|
571
|
||||||||
Commercial
|
—
|
115
|
—
|
115
|
||||||||||||
Commercial business
|
—
|
1,095
|
—
|
1,095
|
||||||||||||
Consumer
|
—
|
97
|
—
|
97
|
||||||||||||
$
|
—
|
$
|
1,714
|
$
|
164
|
$
|
1,878
|
2014
|
||||||||||||||||
Total
|
||||||||||||||||
Interest Only
|
Term
|
Combination
|
Modification
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Mortgage loans on real estate:
|
||||||||||||||||
One- to four-family
|
||||||||||||||||
residential construction
|
$
|
—
|
$
|
—
|
$
|
223
|
$
|
223
|
||||||||
Subdivision construction
|
—
|
250
|
—
|
250
|
||||||||||||
Residential one-to-four family
|
308
|
426
|
—
|
734
|
||||||||||||
Commercial
|
506
|
1,928
|
—
|
2,434
|
||||||||||||
Other residential
|
—
|
1,881
|
—
|
1,881
|
||||||||||||
Commercial
|
—
|
1,150
|
—
|
1,150
|
||||||||||||
Consumer
|
—
|
145
|
—
|
145
|
||||||||||||
$
|
814
|
$
|
5,780
|
$
|
223
|
$
|
6,817
|
December 31, 2016
|
||||||||||||||||||||||||
Special
|
||||||||||||||||||||||||
Satisfactory
|
Watch
|
Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
One- to four-family residential
|
||||||||||||||||||||||||
construction
|
$
|
20,771
|
$
|
966
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
21,737
|
||||||||||||
Subdivision construction
|
14,059
|
2,729
|
—
|
398
|
—
|
17,186
|
||||||||||||||||||
Land development
|
39,925
|
5,140
|
—
|
5,559
|
—
|
50,624
|
||||||||||||||||||
Commercial construction
|
780,614
|
—
|
—
|
—
|
—
|
780,614
|
||||||||||||||||||
Owner occupied one- to-four-
|
||||||||||||||||||||||||
family residential
|
198,835
|
67
|
—
|
1,438
|
—
|
200,340
|
||||||||||||||||||
Non-owner occupied one- to-
|
||||||||||||||||||||||||
four-family residential
|
135,930
|
465
|
—
|
529
|
—
|
136,924
|
||||||||||||||||||
Commercial real estate
|
1,160,280
|
20,154
|
—
|
6,472
|
—
|
1,186,906
|
||||||||||||||||||
Other residential
|
658,846
|
4,370
|
—
|
162
|
—
|
663,378
|
||||||||||||||||||
Commercial business
|
342,685
|
2,651
|
—
|
3,292
|
—
|
348,628
|
||||||||||||||||||
Industrial revenue bonds
|
25,065
|
—
|
—
|
—
|
—
|
25,065
|
||||||||||||||||||
Consumer auto
|
492,165
|
—
|
—
|
2,068
|
—
|
494,233
|
||||||||||||||||||
Consumer other
|
69,338
|
—
|
—
|
663
|
—
|
70,001
|
||||||||||||||||||
Home equity lines of credit
|
108,290
|
—
|
—
|
463
|
—
|
108,753
|
||||||||||||||||||
Acquired FDIC-covered loans,
|
||||||||||||||||||||||||
net of discounts
|
134,356
|
—
|
—
|
—
|
—
|
134,356
|
||||||||||||||||||
Acquired loans no longer covered
|
||||||||||||||||||||||||
by FDIC loss sharing
|
||||||||||||||||||||||||
agreements, net of discounts
|
72,552
|
—
|
—
|
17
|
—
|
72,569
|
||||||||||||||||||
Acquired non-covered loans,
|
||||||||||||||||||||||||
net of discounts
|
76,234
|
—
|
—
|
—
|
—
|
76,234
|
||||||||||||||||||
Total
|
$
|
4,329,945
|
$
|
36,542
|
$
|
—
|
$
|
21,061
|
$
|
—
|
$
|
4,387,548
|
December 31, 2015
|
||||||||||||||||||||||||
Special
|
||||||||||||||||||||||||
Satisfactory
|
Watch
|
Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
One- to four-family residential
|
||||||||||||||||||||||||
construction
|
$
|
22,798
|
$
|
—
|
$
|
728
|
$
|
—
|
$
|
—
|
$
|
23,526
|
||||||||||||
Subdivision construction
|
34,370
|
263
|
3,407
|
464
|
—
|
38,504
|
||||||||||||||||||
Land development
|
47,357
|
6,992
|
—
|
4,091
|
—
|
58,440
|
||||||||||||||||||
Commercial construction
|
600,794
|
—
|
—
|
—
|
—
|
600,794
|
||||||||||||||||||
Owner occupied one- to-four-
|
||||||||||||||||||||||||
family residential
|
108,584
|
587
|
—
|
1,106
|
—
|
110,277
|
||||||||||||||||||
Non-owner occupied one- to-
|
||||||||||||||||||||||||
four-family residential
|
144,744
|
516
|
3,827
|
787
|
—
|
149,874
|
||||||||||||||||||
Commercial real estate
|
1,005,894
|
18,805
|
—
|
18,775
|
—
|
1,043,474
|
||||||||||||||||||
Other residential
|
409,172
|
8,422
|
—
|
1,955
|
—
|
419,549
|
||||||||||||||||||
Commercial business
|
355,370
|
1,303
|
438
|
469
|
—
|
357,580
|
||||||||||||||||||
Industrial revenue bonds
|
37,362
|
—
|
—
|
—
|
—
|
37,362
|
||||||||||||||||||
Consumer auto
|
439,157
|
—
|
—
|
738
|
—
|
439,895
|
||||||||||||||||||
Consumer other
|
74,167
|
—
|
—
|
662
|
—
|
74,829
|
||||||||||||||||||
Home equity lines of credit
|
83,627
|
—
|
—
|
339
|
—
|
83,966
|
||||||||||||||||||
Acquired FDIC-covered loans,
|
||||||||||||||||||||||||
net of discounts
|
236,055
|
—
|
—
|
16
|
—
|
236,071
|
||||||||||||||||||
Acquired loans no longer covered
|
||||||||||||||||||||||||
by FDIC loss sharing
|
||||||||||||||||||||||||
agreements, net of discounts
|
33,237
|
—
|
—
|
101
|
—
|
33,338
|
||||||||||||||||||
Acquired non-covered loans,
|
||||||||||||||||||||||||
net of discounts
|
91,614
|
—
|
—
|
1,822
|
—
|
93,436
|
||||||||||||||||||
Total
|
$
|
3,724,302
|
$
|
36,888
|
$
|
8,400
|
$
|
31,325
|
$
|
—
|
$
|
3,800,915
|
2016
|
2015
|
|||||||
(In Thousands)
|
||||||||
Balance, beginning of year
|
$
|
14,287
|
$
|
16,028
|
||||
New loans
|
14,299
|
3,390
|
||||||
Payments
|
(3,793
|
)
|
(5,131
|
)
|
||||
Balance, end of year
|
$
|
24,793
|
$
|
14,287
|
Note 4: |
Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
(In Thousands)
|
||||||||||||
Increase in accretable yield due to increased
|
||||||||||||
cash flow expectations
|
$
|
10,598
|
$
|
13,720
|
$
|
31,461
|
||||||
Decrease in FDIC indemnification asset
|
||||||||||||
as a result of accretable yield increase
|
(2,744
|
)
|
(5,056
|
)
|
(23,129
|
)
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
(In Thousands)
|
||||||||||||
Interest income
|
$
|
16,393
|
$
|
28,531
|
$
|
34,974
|
||||||
Noninterest income
|
(7,033
|
)
|
(19,534
|
)
|
(28,740
|
)
|
||||||
Net impact to pre-tax income
|
$
|
9,360
|
$
|
8,997
|
$
|
6,234
|
December 31, 2016
|
||||||||
Foreclosed
|
||||||||
Loans
|
Assets
|
|||||||
(In Thousands)
|
||||||||
Initial basis for loss sharing determination,
|
||||||||
net of activity since acquisition date
|
$
|
18,838
|
$
|
14
|
||||
Reclassification from nonaccretable discount
|
||||||||
to accretable discount due to change in
|
(846
|
)
|
—
|
|||||
expected losses (net of accretion to date)
|
||||||||
Original estimated fair value of assets, net of
|
||||||||
activity since acquisition date
|
(17,833
|
)
|
(14
|
)
|
||||
Expected loss remaining
|
$
|
159
|
$
|
—
|
December 31, 2015
|
||||||||
Foreclosed
|
||||||||
Loans
|
Assets
|
|||||||
(In Thousands)
|
||||||||
Initial basis for loss sharing determination,
|
||||||||
net of activity since acquisition date
|
$
|
29,115
|
$
|
—
|
||||
Reclassification from nonaccretable discount
|
||||||||
to accretable discount due to change in
|
(1,285
|
)
|
—
|
|||||
expected losses (net of accretion to date)
|
||||||||
Original estimated fair value of assets, net of
|
||||||||
activity since acquisition date
|
(27,660
|
)
|
—
|
|||||
Expected loss remaining
|
170
|
—
|
||||||
Assumed loss sharing recovery percentage
|
90
|
%
|
0
|
%
|
||||
Expected loss sharing value
|
154
|
—
|
||||||
Indemnification asset to be amortized resulting from
|
|
|||||||
change in expected losses
|
241
|
—
|
||||||
FDIC indemnification asset
|
$
|
395
|
$
|
—
|
December 31, 2016
|
||||||||
Foreclosed
|
||||||||
Loans
|
Assets
|
|||||||
(In Thousands)
|
||||||||
Initial basis for loss sharing determination,
|
||||||||
net of activity since acquisition date
|
$
|
23,712
|
$
|
15
|
||||
Reclassification from nonaccretable discount
|
||||||||
to accretable discount due to change in
|
||||||||
expected losses (net of accretion to date)
|
(239
|
)
|
—
|
|||||
Original estimated fair value of assets, net of
|
||||||||
activity since acquisition date
|
(23,232
|
)
|
(15
|
)
|
||||
Expected loss remaining
|
$
|
241
|
$
|
—
|
December 31, 2015
|
||||||||
Foreclosed
|
||||||||
Loans
|
Assets
|
|||||||
(In Thousands)
|
||||||||
Initial basis for loss sharing determination,
|
||||||||
net of activity since acquisition date
|
$
|
31,818
|
$
|
608
|
||||
Reclassification from nonaccretable discount
|
||||||||
to accretable discount due to change in
|
||||||||
expected losses (net of accretion to date)
|
(470
|
)
|
—
|
|||||
Original estimated fair value of assets, net of
|
||||||||
activity since acquisition date
|
(31,092
|
)
|
(418
|
)
|
||||
Expected loss remaining
|
256
|
190
|
||||||
Assumed loss sharing recovery percentage
|
61
|
%
|
0
|
%
|
||||
Expected loss sharing value
|
156
|
—
|
||||||
Indemnification asset to be amortized resulting from
|
||||||||
change in expected losses
|
319
|
—
|
||||||
FDIC indemnification asset
|
$
|
475
|
$
|
—
|
December 31, 2016
|
||||||||
Foreclosed
|
||||||||
Loans
|
Assets
|
|||||||
(In Thousands)
|
||||||||
Initial basis for loss sharing determination,
|
||||||||
net of activity since acquisition date
|
$
|
33,579
|
$
|
365
|
||||
Reclassification from nonaccretable discount
|
||||||||
to accretable discount due to change in
|
||||||||
expected losses (net of accretion to date)
|
(1,086
|
)
|
—
|
|||||
Original estimated fair value of assets, net of
|
||||||||
activity since acquisition date
|
(31,499
|
)
|
(286
|
)
|
||||
Expected loss remaining
|
$
|
994
|
$
|
79
|
December 31, 2015
|
||||||||
Foreclosed
|
||||||||
Loans
|
Assets
|
|||||||
(In Thousands)
|
||||||||
Initial basis for loss sharing determination,
|
||||||||
net of activity since acquisition date
|
$
|
43,855
|
$
|
557
|
||||
Reclassification from nonaccretable discount
|
||||||||
to accretable discount due to change in
|
||||||||
expected losses (net of accretion to date)
|
(2,171
|
)
|
—
|
|||||
Original estimated fair value of assets, net of
|
||||||||
activity since acquisition date
|
(40,349
|
)
|
(461
|
)
|
||||
Expected loss remaining
|
1,335
|
96
|
||||||
Assumed loss sharing recovery percentage
|
34
|
%
|
80
|
%
|
||||
Expected loss sharing value
|
456
|
77
|
||||||
Indemnification asset to be amortized resulting from
|
||||||||
change in expected losses
|
1,725
|
—
|
||||||
Accretable discount on FDIC indemnification asset
|
(36
|
)
|
(63
|
)
|
||||
FDIC indemnification asset
|
$
|
2,145
|
$
|
14
|
December 31, 2016
|
||||||||
Foreclosed
|
||||||||
Loans
|
Assets
|
|||||||
(In Thousands)
|
||||||||
Initial basis for loss sharing determination,
|
||||||||
net of activity since acquisition date
|
$
|
149,657
|
$
|
1,417
|
||||
Noncredit premium/(discount), net of
|
||||||||
activity since acquisition date
|
543
|
—
|
||||||
Reclassification from nonaccretable discount
|
||||||||
to accretable discount due to change in
|
||||||||
expected losses (net of accretion to date)
|
(1,984
|
)
|
—
|
|||||
Original estimated fair value of assets, net of
|
||||||||
activity since acquisition date
|
(134,355
|
)
|
(1,417
|
)
|
||||
Expected loss remaining
|
13,861
|
—
|
||||||
Assumed loss sharing recovery percentage
|
84
|
%
|
—
|
|||||
Expected loss sharing value
|
11,644
|
—
|
||||||
FDIC loss share clawback
|
953
|
—
|
||||||
Indemnification asset to be amortized resulting from
|
||||||||
change in expected losses
|
1,586
|
—
|
||||||
Accretable discount on FDIC indemnification asset
|
(1,038
|
)
|
—
|
|||||
FDIC indemnification asset
|
$
|
13,145
|
$
|
—
|
December 31, 2015
|
||||||||
Foreclosed
|
||||||||
Loans
|
Assets
|
|||||||
(In Thousands)
|
||||||||
Initial basis for loss sharing determination,
|
||||||||
net of activity since acquisition date
|
$
|
193,654
|
$
|
2,110
|
||||
Noncredit premium/(discount), net of
|
||||||||
activity since acquisition date
|
902
|
—
|
||||||
Reclassification from nonaccretable discount
|
||||||||
to accretable discount due to change in
|
||||||||
expected losses (net of accretion to date)
|
(4,901
|
)
|
—
|
|||||
Original estimated fair value of assets, net of
|
||||||||
activity since acquisition date
|
(170,308
|
)
|
(1,392
|
)
|
||||
Expected loss remaining
|
19,347
|
718
|
||||||
Assumed loss sharing recovery percentage
|
83
|
%
|
80
|
%
|
||||
Expected loss sharing value
|
16,032
|
575
|
||||||
FDIC loss share clawback
|
2,360
|
—
|
||||||
Indemnification asset to be amortized resulting from
|
||||||||
change in expected losses
|
3,920
|
—
|
||||||
Accretable discount on FDIC indemnification asset
|
(1,801
|
)
|
(33
|
)
|
||||
FDIC indemnification asset
|
$
|
20,511
|
$
|
542
|
December 31, 2016
|
||||||||
Foreclosed
|
||||||||
Loans
|
Assets
|
|||||||
(In Thousands)
|
||||||||
Initial basis, net of activity
|
||||||||
since acquisition date
|
$
|
84,283
|
$
|
1,973
|
||||
Noncredit premium/(discount), net of
|
||||||||
activity since acquisition date
|
228
|
—
|
||||||
Reclassification from nonaccretable discount
|
||||||||
to accretable discount due to change in
|
||||||||
expected losses (net of accretion to date)
|
(2,121
|
)
|
—
|
|||||
Original estimated fair value of assets, net of
|
||||||||
activity since acquisition date
|
(76,231
|
)
|
(1,952
|
)
|
||||
Expected loss remaining
|
$
|
6,159
|
$
|
21
|
December 31, 2015
|
||||||||
Foreclosed
|
||||||||
Loans
|
Assets
|
|||||||
(In Thousands)
|
||||||||
Initial basis, net of activity
|
||||||||
since acquisition date
|
$
|
109,791
|
$
|
1,017
|
||||
Noncredit premium/(discount), net of
|
||||||||
activity since acquisition date
|
719
|
—
|
||||||
Reclassification from nonaccretable discount
|
||||||||
to accretable discount due to change in
|
||||||||
expected losses (net of accretion to date)
|
(3,213
|
)
|
—
|
|||||
Original estimated fair value of assets, net of
|
||||||||
activity since acquisition date
|
(93,436
|
)
|
(995
|
)
|
||||
Expected loss remaining
|
$
|
13,861
|
$
|
22
|
Sun
|
||||||||||||||||||||
TeamBank
|
Vantus Bank
|
Security Bank
|
InterBank
|
Valley Bank
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
Balance, January 1, 2014
|
$
|
7,402
|
$
|
5,725
|
$
|
11,113
|
$
|
40,095
|
$
|
—
|
||||||||||
Additions
|
—
|
—
|
—
|
—
|
22,976
|
|||||||||||||||
Accretion
|
(4,138
|
)
|
(3,835
|
)
|
(10,590
|
)
|
(37,994
|
)
|
(4,788
|
)
|
||||||||||
Reclassification from nonaccretable
difference (1) |
3,601
|
2,563
|
7,429
|
33,991
|
(7,056
|
)
|
||||||||||||||
Balance, December 31, 2014
|
6,865
|
4,453
|
7,952
|
36,092
|
11,132
|
|||||||||||||||
Accretion
|
(3,265
|
)
|
(2,541
|
)
|
(5,487
|
)
|
(28,767
|
)
|
(10,975
|
)
|
||||||||||
Reclassification from nonaccretable
difference (1) |
205
|
1,448
|
3,459
|
9,022
|
8,159
|
|||||||||||||||
Balance, December 31, 2015
|
3,805
|
3,360
|
5,924
|
16,347
|
8,316
|
|||||||||||||||
Accretion
|
(1,834
|
)
|
(1,877
|
)
|
(3,832
|
)
|
(13,964
|
)
|
(11,933
|
)
|
||||||||||
Reclassification from nonaccretable
difference (1) |
506
|
1,064
|
2,185
|
6,129
|
8,414
|
|||||||||||||||
Balance, December 31, 2016
|
$
|
2,477
|
$
|
2,547
|
$
|
4,277
|
$
|
8,512
|
$
|
4,797
|
(1)
|
Represents increases in estimated cash flows expected to be received from the acquired loan pools, primarily due to lower estimated credit losses. The numbers also include changes in expected accretion of the loan pools for TeamBank, Vantus Bank, Sun Security Bank, InterBank and Valley Bank for the year ended December 31, 2016, totaling $506,000, $1.0 million, $1.8 million, $2.7 million and $1.6 million, respectively; for TeamBank, Vantus Bank, Sun Security Bank, InterBank and Valley Bank for the year ended December 31, 2015, totaling $40,000, $1.1 million, $2.0 million, $4.8 million and $759,000, respectively; and for TeamBank, Vantus Bank, Sun Security Bank, InterBank and Valley Bank for the year ended December 31, 2014, totaling $3.2 million, $2.4 million, $3.9 million, $9.2 million and $(9.6 million), respectively.
|
Note 5: |
Other Real Estate Owned
|
2016
|
2015
|
|||||||
(In Thousands)
|
||||||||
Foreclosed assets held for sale
|
||||||||
One- to four-family construction
|
$
|
—
|
$
|
—
|
||||
Subdivision construction
|
6,360
|
7,016
|
||||||
Land development
|
10,886
|
12,133
|
||||||
Commercial construction
|
—
|
—
|
||||||
One- to four-family residential
|
1,217
|
1,375
|
||||||
Other residential
|
954
|
2,150
|
||||||
Commercial real estate
|
3,841
|
3,608
|
||||||
Commercial business
|
—
|
—
|
||||||
Consumer
|
1,991
|
1,109
|
||||||
25,249
|
27,391
|
|||||||
FDIC-supported foreclosed assets, net of discounts
|
1,426
|
1,834
|
||||||
Acquired foreclosed assets no longer covered by
|
||||||||
FDIC loss sharing agreements, net of discounts
|
316
|
460
|
||||||
Acquired foreclosed assets not covered by FDIC
|
||||||||
loss sharing agreements, net of discounts (Valley Bank)
|
1,952
|
995
|
||||||
Foreclosed assets held for sale, net
|
28,943
|
30,680
|
||||||
Other real estate owned not acquired through
|
||||||||
foreclosure
|
3,715
|
1,213
|
||||||
Other real estate owned
|
$
|
32,658
|
$
|
31,893
|
2016
|
2015
|
2014
|
||||||||||
(In Thousands)
|
||||||||||||
Net gain on sales of real estate
|
$
|
(68
|
)
|
$
|
(397
|
)
|
$
|
(91
|
)
|
|||
Valuation write-downs
|
431
|
890
|
3,343
|
|||||||||
Operating expenses, net of rental income
|
3,748
|
2,033
|
2,384
|
|||||||||
$
|
4,111
|
$
|
2,526
|
$
|
5,636
|
Note 6: |
Premises and Equipment
|
2016
|
2015
|
|||||||
(In Thousands)
|
||||||||
Land
|
$
|
43,582
|
$
|
39,395
|
||||
Buildings and improvements
|
95,169
|
87,333
|
||||||
Furniture, fixtures and equipment
|
57,217
|
56,051
|
||||||
195,968
|
182,779
|
|||||||
Less accumulated depreciation
|
55,372
|
53,124
|
||||||
$
|
140,596
|
$
|
129,655
|
Note 7: |
Investments in Limited Partnerships
|
Note 8: |
Deposits
|
Weighted Average
|
|||||||||||
Interest Rate
|
2016
|
2015
|
|||||||||
(In Thousands, Except
Interest Rates) |
|||||||||||
Noninterest-bearing accounts
|
— |
$
|
653,288
|
$
|
571,629
|
||||||
Interest-bearing checking and
|
|||||||||||
savings accounts
|
0.26% - 0.24% |
|
1,539,216
|
1,408,850
|
|||||||
2,192,504
|
1,980,479
|
||||||||||
Certificate accounts
|
0% - 0.99% |
|
695,738
|
863,865
|
|||||||
1% - 1.99% |
|
737,649
|
381,956
|
||||||||
2% - 2.99% |
|
48,777
|
39,592
|
||||||||
3% - 3.99% |
|
1,119
|
1,137
|
||||||||
4% - 4.99% |
|
1,171
|
1,304
|
||||||||
5% and above
|
272
|
293
|
|||||||||
1,484,726
|
1,288,147
|
||||||||||
$
|
3,677,230
|
$
|
3,268,626
|
Retail
|
Brokered
|
Total
|
||||||||||
(In Thousands)
|
||||||||||||
2017
|
$
|
726,594
|
$
|
310,364
|
$
|
1,036,958
|
||||||
2018
|
262,625
|
13,910
|
276,535
|
|||||||||
2019
|
70,408
|
—
|
70,408
|
|||||||||
2020
|
49,427
|
—
|
49,427
|
|||||||||
2021
|
47,574
|
—
|
47,574
|
|||||||||
Thereafter
|
3,824
|
—
|
3,824
|
|||||||||
$
|
1,160,452
|
$
|
324,274
|
$
|
1,484,726
|
2016
|
2015
|
2014
|
||||||||||
(In Thousands)
|
||||||||||||
Checking and savings accounts
|
$
|
3,888
|
$
|
2,858
|
$
|
3,088
|
||||||
Certificate accounts
|
13,598
|
10,739
|
8,264
|
|||||||||
Early withdrawal penalties
|
(99
|
)
|
(86
|
)
|
(127
|
)
|
||||||
$
|
17,387
|
$
|
13,511
|
$
|
11,225
|
Note 9: |
Advances From Federal Home Loan Bank
|
December 31, 2016
|
December 31, 2015
|
|||||||||||||||
Weighted
|
Weighted
|
|||||||||||||||
Average
|
Average
|
|||||||||||||||
Interest
|
Interest
|
|||||||||||||||
Due In
|
Amount
|
Rate
|
Amount
|
Rate
|
||||||||||||
(In Thousands)
|
||||||||||||||||
2016
|
$
|
—
|
—
|
%
|
$
|
232,071
|
0.42
|
%
|
||||||||
2017
|
30,826
|
3.26
|
30,826
|
3.26
|
||||||||||||
2018
|
81
|
5.14
|
81
|
5.14
|
||||||||||||
2019
|
28
|
5.14
|
28
|
5.14
|
||||||||||||
2020
|
—
|
—
|
—
|
—
|
||||||||||||
2021
|
—
|
—
|
—
|
—
|
||||||||||||
2022 and thereafter
|
500
|
5.54
|
500
|
5.54
|
||||||||||||
31,435
|
3.30
|
263,506
|
0.76
|
|||||||||||||
Unamortized fair value adjustment
|
17
|
40
|
||||||||||||||
$
|
31,452
|
$
|
263,546
|
Note 10: |
Short-Term Borrowings
|
2016
|
2015
|
|||||||
(In Thousands)
|
||||||||
Notes payable – Community Development
|
||||||||
Equity Funds
|
$
|
1,323
|
$
|
1,295
|
||||
Overnight borrowings from the Federal Home Loan Bank
|
171,000
|
—
|
||||||
Securities sold under reverse repurchase agreements
|
113,700
|
116,182
|
||||||
$
|
286,023
|
$
|
117,477
|
2016
|
2015
|
|||||||
Overnight and
|
Overnight and
|
|||||||
Continuous
|
Continuous
|
|||||||
(In Thousands)
|
||||||||
FHLBank CD
|
$
|
16,202
|
$
|
—
|
||||
Mortgage-backed securities – GNMA, FNMA, FHLMC
|
97,498
|
116,182
|
||||||
$
|
113,700
|
$
|
116,182
|
|||||
Note 11: |
Federal Reserve Bank Borrowings
|
Note 12: |
Structured Repurchase Agreements
|
Note 13: |
Subordinated Debentures Issued to Capital Trusts
|
2016
|
2015
|
|||||||
(In Thousands)
|
||||||||
Subordinated debentures
|
$
|
25,774
|
$
|
25,774
|
Note 14: |
Subordinated Notes
|
2016
|
2015
|
|||||||
(In Thousands)
|
||||||||
Subordinated notes
|
$
|
75,000
|
$
|
—
|
||||
Less: unamortized debt issuance costs
|
1,463
|
—
|
||||||
$
|
73,537
|
$
|
—
|
Note 15: |
Income Taxes
|
2016
|
2015
|
2014
|
||||||||||
(In Thousands)
|
||||||||||||
Taxes currently payable
|
$
|
20,137
|
$
|
20,234
|
$
|
20,013
|
||||||
Deferred income taxes
|
(3,621
|
)
|
(4,670
|
)
|
(6,260
|
)
|
||||||
Income taxes
|
$
|
16,516
|
$
|
15,564
|
$
|
13,753
|
December 31,
|
||||||||
2016
|
2015
|
|||||||
(In Thousands)
|
||||||||
Deferred tax assets
|
||||||||
Allowance for loan losses
|
$
|
13,576
|
$
|
13,848
|
||||
Interest on nonperforming loans
|
364
|
259
|
||||||
Accrued expenses
|
1,195
|
1,302
|
||||||
Write-down of foreclosed assets
|
3,300
|
4,056
|
||||||
Write-down of fixed assets
|
535
|
417
|
||||||
Difference in basis for acquired assets and
liabilities
|
4,533
|
—
|
||||||
Other
|
93
|
—
|
||||||
23,596
|
19,882
|
|||||||
Deferred tax liabilities
|
||||||||
Tax depreciation in excess of book depreciation
|
(6,425
|
)
|
(6,483
|
)
|
||||
FHLB stock dividends
|
(1,805
|
)
|
(1,549
|
)
|
||||
Partnership tax credits
|
(1,651
|
)
|
(1,991
|
)
|
||||
Prepaid expenses
|
(728
|
)
|
(515
|
)
|
||||
Unrealized gain on available-for-sale securities
|
(980
|
)
|
(3,369
|
)
|
||||
Difference in basis for acquired assets and
|
||||||||
liabilities
|
—
|
(435
|
)
|
|||||
Other
|
(318
|
)
|
(185
|
)
|
||||
(11,907
|
)
|
(14,527
|
)
|
|||||
Net deferred tax asset
|
$
|
11,689
|
$
|
5,355
|
2016
|
2015
|
2014
|
||||||||||
Tax at statutory rate
|
35.0
|
%
|
35.0
|
%
|
35.0
|
%
|
||||||
Nontaxable interest and
|
||||||||||||
dividends
|
(2.1
|
)
|
(2.4
|
)
|
(3.0
|
)
|
||||||
Tax credits
|
(7.3
|
)
|
(8.1
|
)
|
(9.5
|
)
|
||||||
State taxes
|
1.1
|
1.4
|
1.5
|
|||||||||
Other
|
—
|
(0.8
|
)
|
—
|
||||||||
26.7
|
%
|
25.1
|
%
|
24.0
|
%
|
Note 16: |
Disclosures About Fair Value of Financial Instruments
|
· |
Quoted prices in active markets for identical assets or liabilities (Level 1): Inputs that are quoted unadjusted prices in active markets for identical assets that the Company has the ability to access at the measurement date. An active market for the asset is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
|
· |
Other observable inputs (Level 2): Inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity including quoted prices for similar assets, quoted prices for securities in inactive markets and inputs derived principally from or corroborated by observable market data by correlation or other means.
|
· |
Significant unobservable inputs (Level 3): Inputs that reflect assumptions of a source independent of the reporting entity or the reporting entity's own assumptions that are supported by little or no market activity or observable inputs.
|
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices
|
||||||||||||||||
in Active
|
||||||||||||||||
Markets
|
Other
|
Significant
|
||||||||||||||
for Identical
|
Observable
|
Unobservable
|
||||||||||||||
Assets
|
Inputs
|
Inputs
|
||||||||||||||
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
December 31, 2016
|
||||||||||||||||
Mortgage-backed securities
|
$ |
146,035
|
$ |
—
|
$ |
146,035
|
$ |
—
|
||||||||
States and political subdivisions
|
67,837
|
—
|
67,837
|
—
|
||||||||||||
Interest rate derivative asset
|
1,663
|
—
|
1,663
|
—
|
||||||||||||
Interest rate derivative liability
|
(1,699
|
)
|
—
|
(1,699
|
)
|
—
|
||||||||||
December 31, 2015
|
||||||||||||||||
U.S. government agencies
|
$
|
19,781
|
$
|
—
|
$
|
19,781
|
$
|
—
|
||||||||
Mortgage-backed securities
|
161,214
|
—
|
161,214
|
—
|
||||||||||||
States and political subdivisions
|
78,031
|
—
|
78,031
|
—
|
||||||||||||
Other securities
|
3,830
|
—
|
—
|
—
|
||||||||||||
Interest rate derivative asset
|
2,711
|
—
|
2,711
|
—
|
||||||||||||
Interest rate derivative liability
|
(2,725
|
)
|
—
|
(2,725
|
)
|
—
|
Fair Value Measurements Using
|
||||||||||||||||
Quoted
|
||||||||||||||||
Prices
|
||||||||||||||||
in Active
|
||||||||||||||||
Markets
|
Other
|
Significant
|
||||||||||||||
for Identical
|
Observable
|
Unobservable
|
||||||||||||||
Assets
|
Inputs
|
Inputs
|
||||||||||||||
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
December 31, 2016
|
||||||||||||||||
Impaired loans
|
$
|
8,280
|
$
|
—
|
$
|
—
|
$
|
8,280
|
||||||||
Foreclosed assets held for sale
|
$
|
1,604
|
$
|
—
|
$
|
—
|
$
|
1,604
|
||||||||
December 31, 2015
|
||||||||||||||||
Impaired loans
|
$
|
13,896
|
$
|
—
|
$
|
—
|
$
|
13,896
|
||||||||
Foreclosed assets held for sale
|
$
|
1,722
|
$
|
—
|
$
|
—
|
$
|
1,722
|
December 31, 2016
|
December 31, 2015
|
|||||||||||||||||||||||
Carrying
|
Fair
|
Hierarchy
|
Carrying
|
Fair
|
Hierarchy
|
|||||||||||||||||||
Amount
|
Value
|
Level
|
Amount
|
Value
|
Level
|
|||||||||||||||||||
Financial assets
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
279,769
|
$
|
279,769
|
1
|
$
|
199,183
|
$
|
199,183
|
1
|
||||||||||||||
Held-to-maturity securities
|
247
|
258
|
2
|
353
|
384
|
2
|
||||||||||||||||||
Mortgage loans held for sale
|
16,445
|
16,445
|
2
|
12,261
|
12,261
|
2
|
||||||||||||||||||
Loans, net of allowance for loan losses
|
3,759,966
|
3,766,709
|
3
|
3,340,536
|
3,355,924
|
3
|
||||||||||||||||||
Accrued interest receivable
|
11,875
|
11,875
|
3
|
10,930
|
10,930
|
3
|
||||||||||||||||||
Investment in FHLB stock
|
13,034
|
13,034
|
3
|
15,303
|
15,303
|
3
|
||||||||||||||||||
Financial liabilities
|
||||||||||||||||||||||||
Deposits
|
3,677,230
|
3,683,751
|
3
|
3,268,626
|
3,271,318
|
3
|
||||||||||||||||||
FHLB advances
|
31,452
|
32,379
|
3
|
263,546
|
264,331
|
3
|
||||||||||||||||||
Short-term borrowings
|
286,023
|
286,023
|
3
|
117,477
|
117,477
|
3
|
||||||||||||||||||
Subordinated debentures
|
25,774
|
25,774
|
3
|
25,774
|
25,774
|
3
|
||||||||||||||||||
Subordinated notes
|
73,537
|
76,031
|
2
|
—
|
—
|
—
|
||||||||||||||||||
Accrued interest payable
|
2,723
|
2,723
|
3
|
1,080
|
1,080
|
3
|
||||||||||||||||||
Unrecognized financial instruments (net of
|
||||||||||||||||||||||||
contractual value)
|
||||||||||||||||||||||||
Commitments to originate loans
|
—
|
—
|
3
|
—
|
—
|
3
|
||||||||||||||||||
Letters of credit
|
92
|
92
|
3
|
145
|
145
|
3
|
||||||||||||||||||
Lines of credit
|
—
|
—
|
3
|
—
|
—
|
3
|
Note 17: |
Operating Leases
|
2017
|
$
|
819
|
||
2018
|
581
|
|||
2019
|
405
|
|||
2020
|
323
|
|||
2021
|
149
|
|||
Thereafter
|
72
|
|||
$
|
2,349
|
Note 18: |
Derivatives and Hedging Activities
|
|
Location in
|
Fair Value
|
|||||||
|
Consolidated Statements
|
December 31,
|
December 31,
|
||||||
|
of Financial Condition
|
2016
|
2015
|
||||||
(In Thousands)
|
|||||||||
Derivatives designated as
|
|||||||||
hedging
instruments
|
|||||||||
Interest rate caps
|
Prepaid expenses and other assets
|
$
|
40
|
$
|
128
|
||||
Total
derivatives designated
|
|||||||||
as hedging
instruments
|
$
|
40
|
$
|
128
|
|||||
Derivatives not designated
|
|||||||||
as hedging
instruments
|
|||||||||
Asset Derivatives
|
|||||||||
Derivatives not designated
|
|||||||||
as hedging
instruments
|
|||||||||
Interest rate products
|
Prepaid expenses and other assets
|
$
|
1,623
|
$
|
2,583
|
||||
Total
derivatives not
|
|||||||||
designated as hedging
|
|||||||||
instruments
|
$
|
1,623
|
$
|
2,583
|
|||||
Liability Derivatives
|
|||||||||
Derivatives not designated
|
|||||||||
as hedging
instruments
|
|||||||||
Interest rate products
|
Accrued expenses and other liabilities
|
$
|
1,699
|
$
|
2,725
|
||||
Total
derivatives not
|
|||||||||
designated as
hedging
|
|||||||||
instruments
|
$
|
1,699
|
$
|
2,725
|
Year Ended December 31
|
||||||||||||
Cash Flow Hedges
|
Amount of Gain (Loss)
Recognized in AOCI
|
|||||||||||
2016
|
2015
|
2014
|
||||||||||
(In Thousands)
|
||||||||||||
Interest rate cap, net of income taxes
|
$
|
87
|
$
|
(50
|
)
|
$
|
(164
|
)
|
||||
Note 19: |
Commitments and Credit Risk
|
Note 20: |
Additional Cash Flow Information
|
2016
|
2015
|
2014
|
||||||||||
(In Thousands)
|
||||||||||||
Noncash Investing and Financing Activities
|
||||||||||||
Real estate acquired in settlement of
|
||||||||||||
loans
|
$
|
26,076
|
$
|
12,185
|
$
|
19,975
|
||||||
Sale and financing of foreclosed assets
|
3,334
|
3,316
|
1,805
|
|||||||||
Conversion of premises and equipment
|
||||||||||||
to foreclosed assets
|
6,985
|
—
|
202
|
|||||||||
Dividends declared but not paid
|
3,073
|
3,055
|
2,896
|
|||||||||
Additional Cash Payment Information
|
||||||||||||
Interest paid
|
20,476
|
15,984
|
15,833
|
|||||||||
Income taxes paid
|
9,554
|
13,096
|
8,510
|
Note 21: |
Employee Benefits
|
Note 22: |
Stock Compensation Plans
|
Weighted
|
||||||||||||
Available to
Grant |
Shares Under
Option |
Average Exercise Price
|
||||||||||
Balance, January 1, 2014
|
583,500
|
699,707
|
$ |
25.597
|
||||||||
Granted from 2013 plan
|
(147,400
|
)
|
147,400
|
32.450
|
||||||||
Exercised
|
—
|
(153,287
|
)
|
27.088
|
||||||||
Forfeited from terminated plan(s)
|
—
|
(22,022
|
)
|
27.387
|
||||||||
Forfeited from current plan(s)
|
10,700
|
(10,700
|
)
|
30.204
|
||||||||
Balance, December 31, 2014
|
446,800
|
661,098
|
26.560
|
|||||||||
Granted from 2013 plan
|
(129,350
|
)
|
129,350
|
49.199
|
||||||||
Exercised
|
—
|
(134,263
|
)
|
25.403
|
||||||||
Forfeited from terminated plan(s)
|
—
|
(8,453
|
)
|
24.941
|
||||||||
Forfeited from current plan(s)
|
14,000
|
(14,000
|
)
|
33.389
|
||||||||
Balance, December 31, 2015
|
331,450
|
633,732
|
31.297
|
|||||||||
Granted from 2013 Plan
|
(131,000
|
)
|
131,000
|
41.228
|
||||||||
Exercised
|
—
|
(81,812
|
)
|
26.472
|
||||||||
Forfeited from terminated plan(s)
|
—
|
(2,692
|
)
|
22.654
|
||||||||
Forfeited from current plan(s)
|
19,025
|
(19,025
|
)
|
39.123
|
||||||||
Balance, December 31, 2016
|
219,475
|
661,203
|
$
|
33.672
|
2016
|
2015
|
2014
|
||||||||||
Expected dividends per share
|
|
$0.88
|
|
$0.88
|
|
$0.80
|
||||||
Risk-free interest rate
|
1.27%
|
1.66%
|
1.40%
|
|||||||||
Expected life of options
|
5 years
|
5 years
|
5 years
|
|||||||||
Expected volatility
|
22.08%
|
24.42%
|
18.95%
|
|||||||||
Weighted average fair value of
|
||||||||||||
options granted during year
|
|
$6.59
|
|
$9.59
|
|
$4.20
|
Weighted
|
|||||||||
Weighted
|
Average
|
||||||||
Average
|
Remaining
|
||||||||
Exercise
|
Contractual
|
||||||||
Options
|
Price
|
Term
|
|||||||
Options outstanding, January 1, 2016
|
633,732
|
$
|
31.297
|
7.22 years
|
|||||
Granted
|
131,000
|
41.228
|
|||||||
Exercised
|
(81,812
|
)
|
26.472
|
||||||
Forfeited
|
(21,717
|
)
|
37.082
|
||||||
Options outstanding, December 31, 2016
|
661,203
|
33.672
|
7.23 years
|
||||||
Options exercisable, December 31, 2016
|
247,920
|
24.367
|
5.13 years
|
Weighted
|
Weighted
|
|||||||||||
Average
|
Average
|
|||||||||||
Exercise
|
Grant Date
|
|||||||||||
Options
|
Price
|
Fair Value
|
||||||||||
Nonvested options, January 1, 2016
|
412,164
|
$
|
35.479
|
$
|
6.039
|
|||||||
Granted
|
131,000
|
41.228
|
6.592
|
|||||||||
Vested this period
|
(109,744
|
)
|
27.770
|
4.337
|
||||||||
Nonvested options forfeited
|
(20,137
|
)
|
38.248
|
6.779
|
||||||||
Nonvested options, December 31, 2016
|
413,283
|
39.253
|
6.631
|
Options Outstanding
|
|||||||||||||||||
Weighted
|
Options Exercisable
|
||||||||||||||||
Average
|
Weighted
|
Weighted
|
|||||||||||||||
Remaining
|
Average
|
Average
|
|||||||||||||||
Range of
|
Number
|
Contractual
|
Exercise
|
Number
|
Exercise
|
||||||||||||
Exercise Prices
|
Outstanding
|
Term
|
Price
|
Exercisable
|
Price
|
||||||||||||
$8.360 to $19.530
|
65,559
|
4.54 years
|
$
|
17.911
|
65,559
|
$
|
17.911
|
||||||||||
$21.320 to $24.820
|
111,650
|
5.01 years
|
23.683
|
88,540
|
23.408
|
||||||||||||
$25.480 to $29.860
|
115,672
|
5.83 years
|
28.767
|
63,229
|
28.151
|
||||||||||||
$32.590 to $39.050
|
133,772
|
7.85 years
|
32.997
|
28,592
|
32.590
|
||||||||||||
$41.300 to $50.710
|
234,550
|
9.38 years
|
45.635
|
2,000
|
41.300
|
||||||||||||
661,203
|
7.23 years
|
33.672
|
247,920
|
24.367
|
Note 23: |
Significant Estimates and Concentrations
|
Note 24: |
Accumulated Other Comprehensive Income
|
2016
|
2015
|
|||||||
(In Thousands)
|
||||||||
Net unrealized gain on available-for-sale securities
|
$
|
2,699
|
$
|
9,282
|
||||
Net unrealized loss on derivatives used for cash flow hedges
|
(254
|
)
|
(391
|
)
|
||||
2,445
|
8,891
|
|||||||
Tax effect
|
(887
|
)
|
(3,227
|
)
|
||||
Net-of-tax amount
|
$
|
1,558
|
$
|
5,664
|
Amounts Reclassified
from AOCI |
|||||||||||||
2016
|
2015
|
2014
|
Affected Line Item in the Statements of Income
|
||||||||||
(In Thousands)
|
|||||||||||||
Unrealized gains on available-for-sale securities
|
$
|
2,873
|
$
|
2
|
$
|
2,139
|
Net realized gains on available-for-sale securities (total reclassified amount before tax)
|
||||||
Total reclassified amount before tax
|
|||||||||||||
Income taxes
|
(1,043
|
)
|
(1
|
)
|
(749
|
)
|
Tax (expense) benefit
|
||||||
Total reclassifications out of AOCI
|
$
|
1,830
|
$
|
1
|
$
|
1,390
|
Note 25: |
Regulatory Matters
|
To Be Well
|
||||||||||||||||||||||||
Capitalized Under
|
||||||||||||||||||||||||
For Capital
|
Prompt Corrective
|
|||||||||||||||||||||||
Actual
|
Adequacy Purposes
|
Action Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||
As of December 31, 2016
|
||||||||||||||||||||||||
Total capital
|
||||||||||||||||||||||||
Great Southern Bancorp, Inc.
|
$
|
556,106
|
13.6
|
%
|
$
|
³
327,610
|
³
8.0
|
%
|
N/A
|
N/A
|
||||||||||||||
Great Southern Bank
|
$
|
520,989
|
12.7
|
%
|
$
|
³
327,505
|
³
8.0
|
%
|
$
|
³
409,382
|
³
10.0
|
%
|
||||||||||||
Tier I capital
|
||||||||||||||||||||||||
Great Southern Bancorp, Inc.
|
$
|
443,706
|
10.8
|
%
|
$
|
³
245,707
|
³
6.0
|
%
|
N/A
|
N/A
|
||||||||||||||
Great Southern Bank
|
$
|
483,589
|
11.8
|
%
|
$
|
³
245,629
|
³
6.0
|
%
|
$
|
³
327,505
|
³
8.0
|
%
|
||||||||||||
Tier I leverage capital
|
||||||||||||||||||||||||
Great Southern Bancorp, Inc.
|
$
|
443,706
|
9.9
|
%
|
$
|
³
178,693
|
³
4.0
|
%
|
N/A
|
N/A
|
||||||||||||||
Great Southern Bank
|
$
|
483,589
|
10.8
|
%
|
$
|
³
178,643
|
³
4.0
|
%
|
$
|
³
223,304
|
³
5.0
|
%
|
||||||||||||
Common equity Tier I capital
|
||||||||||||||||||||||||
Great Southern Bancorp, Inc.
|
$
|
418,687
|
10.2
|
%
|
$
|
³
184,280
|
³
4.5
|
%
|
N/A
|
N/A
|
||||||||||||||
Great Southern Bank
|
$
|
483,569
|
11.8
|
%
|
$
|
³
184,222
|
³
4.5
|
%
|
$
|
³
266,098
|
³
6.5
|
%
|
||||||||||||
As of December 31, 2015
|
||||||||||||||||||||||||
Total capital
|
||||||||||||||||||||||||
Great Southern Bancorp, Inc.
|
$
|
452,637
|
12.6
|
%
|
$
|
³
288,279
|
³
8.0
|
%
|
N/A
|
N/A
|
||||||||||||||
Great Southern Bank
|
$
|
434,334
|
12.1
|
%
|
$
|
³
288,180
|
³
8.0
|
%
|
$
|
³
360,225
|
³
10.0
|
%
|
||||||||||||
Tier I capital
|
||||||||||||||||||||||||
Great Southern Bancorp, Inc.
|
$
|
414,488
|
11.5
|
%
|
$
|
³
216,209
|
³
6.0
|
%
|
N/A
|
N/A
|
||||||||||||||
Great Southern Bank
|
$
|
396,185
|
11.0
|
%
|
$
|
³
216,135
|
³
6.0
|
%
|
$
|
³
288,180
|
³
8.0
|
%
|
||||||||||||
Tier I leverage capital
|
||||||||||||||||||||||||
Great Southern Bancorp, Inc.
|
$
|
414,488
|
10.2
|
%
|
$
|
³
162,576
|
³
4.0
|
%
|
N/A
|
N/A
|
||||||||||||||
Great Southern Bank
|
$
|
396,185
|
9.8
|
%
|
$
|
³
161,986
|
³
4.0
|
%
|
$
|
³
202,482
|
³
5.0
|
%
|
||||||||||||
Common equity Tier I capital
|
||||||||||||||||||||||||
Great Southern Bancorp, Inc.
|
$
|
389,460
|
10.8
|
%
|
$
|
³
162,157
|
³
4.5
|
%
|
N/A
|
N/A
|
||||||||||||||
Great Southern Bank
|
$
|
396,157
|
11.0
|
%
|
$
|
³
162,101
|
³
4.5
|
%
|
$
|
³
234,146
|
³
6.5
|
%
|
Note 26: |
Litigation Matters
|
Note 27: |
Summary of Unaudited Quarterly Operating Results
|
2016
|
||||||||||||||||
Three Months Ended
|
||||||||||||||||
March 31
|
June 30
|
September 30
|
December 31
|
|||||||||||||
(In Thousands, Except Per Share Data)
|
||||||||||||||||
Interest income
|
$
|
45,746
|
$
|
45,636
|
$
|
46,856
|
$
|
46,937
|
||||||||
Interest expense
|
4,627
|
4,974
|
5,828
|
6,690
|
||||||||||||
Provision for loan losses
|
2,101
|
2,300
|
2,500
|
2,380
|
||||||||||||
Net realized gains (losses) and impairment
|
||||||||||||||||
on available-for-sale securities
|
3
|
2,735
|
144
|
(9
|
)
|
|||||||||||
Noninterest income
|
4,974
|
8,916
|
7,090
|
7,530
|
||||||||||||
Noninterest expense
|
30,920
|
29,807
|
30,657
|
29,043
|
||||||||||||
Provision (credit) for income taxes
|
3,279
|
4,937
|
3,740
|
4,560
|
||||||||||||
Net income
|
9,793
|
12,534
|
11,221
|
11,794
|
||||||||||||
Net income available to common
|
||||||||||||||||
shareholders
|
9,793
|
12,534
|
11,221
|
11,794
|
||||||||||||
Earnings per common share – diluted
|
0.70
|
0.89
|
0.80
|
0.83
|
2015
|
||||||||||||||||
Three Months Ended
|
||||||||||||||||
March 31
|
June 30
|
September 30
|
December 31
|
|||||||||||||
(In Thousands, Except Per Share Data)
|
||||||||||||||||
Interest income
|
$
|
47,906
|
$
|
45,734
|
$
|
45,755
|
$
|
44,956
|
||||||||
Interest expense
|
3,781
|
3,725
|
4,230
|
4,261
|
||||||||||||
Provision for loan losses
|
1,300
|
1,300
|
1,703
|
1,216
|
||||||||||||
Net realized gains (losses) and impairment
|
||||||||||||||||
on available-for-sale securities
|
—
|
—
|
2
|
—
|
||||||||||||
Noninterest income
|
(56
|
)
|
3,457
|
5,120
|
5,060
|
|||||||||||
Noninterest expense
|
27,242
|
27,949
|
30,014
|
29,145
|
||||||||||||
Provision (credit) for income taxes
|
3,874
|
4,214
|
3,732
|
3,744
|
||||||||||||
Net income
|
11,653
|
12,003
|
11,196
|
11,650
|
||||||||||||
Net income available to common
|
||||||||||||||||
shareholders
|
11,508
|
11,858
|
11,051
|
11,531
|
||||||||||||
Earnings per common share – diluted
|
0.83
|
0.85
|
0.79
|
0.81
|
2014
|
||||||||||||||||
Three Months Ended
|
||||||||||||||||
March 31
|
June 30
|
September 30
|
December 31
|
|||||||||||||
(In Thousands, Except Per Share Data)
|
||||||||||||||||
Interest income
|
$
|
42,294
|
$
|
44,384
|
$
|
47,607
|
$
|
49,077
|
||||||||
Interest expense
|
4,328
|
4,413
|
3,501
|
3,559
|
||||||||||||
Provision for loan losses
|
1,691
|
1,462
|
945
|
53
|
||||||||||||
Net realized gains (losses) and impairment
|
||||||||||||||||
on available-for-sale securities
|
73
|
569
|
321
|
1,176
|
||||||||||||
Noninterest income
|
924
|
10,631
|
1,778
|
1,398
|
||||||||||||
Noninterest expense
|
25,894
|
34,399
|
29,398
|
31,168
|
||||||||||||
Provision (credit) for income taxes
|
2,487
|
3,687
|
3,951
|
3,628
|
||||||||||||
Net income
|
8,818
|
11,054
|
11,590
|
12,067
|
||||||||||||
Net income available to common
|
||||||||||||||||
shareholders
|
8,673
|
10,909
|
11,445
|
11,923
|
||||||||||||
Earnings per common share – diluted
|
0.63
|
0.79
|
0.83
|
0.86
|
Note 28: |
Condensed Parent Company Statements
|
December 31,
|
||||||||
2016
|
2015
|
|||||||
(In Thousands)
|
||||||||
Statements of Financial Condition
|
||||||||
Assets
|
||||||||
Cash
|
$
|
37,716
|
$
|
20,009
|
||||
Available-for-sale securities
|
—
|
3,830
|
||||||
Investment in subsidiary bank
|
494,947
|
403,174
|
||||||
Deferred income taxes
|
89
|
—
|
||||||
Prepaid expenses and other assets
|
1,214
|
1,335
|
||||||
$
|
533,966
|
$
|
428,348
|
|||||
Liabilities and Stockholders' Equity
|
||||||||
Accounts payable and accrued expenses
|
$
|
4,849
|
$
|
3,403
|
||||
Deferred income taxes
|
—
|
944
|
||||||
Subordinated debentures issued to capital trust
|
25,774
|
25,774
|
||||||
Subordinated notes
|
73,537
|
—
|
||||||
Common stock
|
140
|
139
|
||||||
Additional paid-in capital
|
25,942
|
24,371
|
||||||
Retained earnings
|
402,166
|
368,053
|
||||||
Accumulated other comprehensive income
|
1,558
|
5,664
|
||||||
$
|
533,966
|
$
|
428,348
|
2016
|
2015
|
2014
|
||||||||||
(In Thousands)
|
||||||||||||
Statements of Income
|
||||||||||||
Income
|
||||||||||||
Dividends from subsidiary bank
|
$
|
12,000
|
$
|
27,000
|
$
|
36,000
|
||||||
Interest and dividend income
|
—
|
5
|
22
|
|||||||||
Gain on redemption of trust preferred securities and sale of non-marketable securities
|
2,735
|
1,416
|
—
|
|||||||||
Other income (loss)
|
2
|
(7
|
)
|
(20
|
)
|
|||||||
14,737
|
28,414
|
36,002
|
||||||||||
Expense
|
||||||||||||
Operating expenses
|
1,322
|
1,139
|
1,198
|
|||||||||
Interest expense
|
2,381
|
714
|
567
|
|||||||||
3,703
|
1,853
|
1,765
|
||||||||||
Income before income tax and
|
||||||||||||
equity in undistributed earnings
|
||||||||||||
of subsidiaries
|
11,034
|
26,561
|
34,237
|
|||||||||
Credit for income taxes
|
(241
|
)
|
(91
|
)
|
(388
|
)
|
||||||
Income before equity in earnings
|
||||||||||||
of subsidiaries
|
11,275
|
26,652
|
34,625
|
|||||||||
Equity in undistributed earnings of
|
||||||||||||
subsidiaries
|
34,067
|
19,850
|
8,904
|
|||||||||
Net income
|
$
|
45,342
|
$
|
46,502
|
$
|
43,529
|
2016
|
2015
|
2014
|
||||||||||
(In Thousands)
|
||||||||||||
Statements of Cash Flows
|
||||||||||||
Operating Activities
|
||||||||||||
Net income
|
$
|
45,342
|
$
|
46,502
|
$
|
43,529
|
||||||
Items not requiring (providing) cash
|
||||||||||||
Equity in undistributed earnings of subsidiary
|
(34,067
|
)
|
(19,850
|
)
|
(8,904
|
)
|
||||||
Compensation expense for stock option grants
|
483
|
382
|
565
|
|||||||||
Net realized gains on redemption of trust preferred
|
||||||||||||
securities
|
—
|
(1,115
|
)
|
—
|
||||||||
Net realized gains on sales of non-marketable
|
||||||||||||
securities
|
—
|
(301
|
)
|
—
|
||||||||
Net realized gains on sales of available-for-sale
|
||||||||||||
securities
|
(2,735
|
)
|
—
|
—
|
||||||||
Amortization of interest rate derivative
|
289
|
204
|
19
|
|||||||||
Changes in
|
||||||||||||
Prepaid expenses and other assets
|
175
|
(27
|
)
|
(3
|
)
|
|||||||
Accounts payable and accrued expenses
|
1,495
|
63
|
(67
|
)
|
||||||||
Income taxes
|
(206
|
)
|
55
|
43
|
||||||||
Net cash provided by operating activities
|
10,776
|
25,913
|
35,182
|
|||||||||
Investing Activities
|
||||||||||||
Proceeds from sales of available-for-sale securities
|
3,583
|
—
|
—
|
|||||||||
Investment in subsidiary
|
(60,000
|
)
|
—
|
—
|
||||||||
(Investment)/Return of principal - other investments
|
(2
|
)
|
16
|
20
|
||||||||
Net cash provided by (used in) investing
|
||||||||||||
activities
|
(56,419
|
)
|
16
|
20
|
||||||||
Financing Activities
|
||||||||||||
Proceeds from issuance of subordinated notes
|
73,472
|
—
|
—
|
|||||||||
Redemption of preferred stock
|
—
|
(57,943
|
)
|
—
|
||||||||
Redemption of trust preferred securities
|
—
|
(3,885
|
)
|
—
|
||||||||
Purchases of the Company's common stock
|
—
|
—
|
(512
|
)
|
||||||||
Dividends paid
|
(12,232
|
)
|
(12,290
|
)
|
(11,257
|
)
|
||||||
Stock options exercised
|
2,110
|
3,362
|
2,438
|
|||||||||
Net cash provided by (used in) financing activities
|
63,350
|
(70,756
|
)
|
(9,331
|
)
|
|||||||
Increase (Decrease) in Cash
|
17,707
|
(44,827
|
)
|
25,871
|
||||||||
Cash, Beginning of Year
|
20,009
|
64,836
|
38,965
|
|||||||||
Cash, End of Year
|
$
|
37,716
|
$
|
20,009
|
$
|
64,836
|
||||||
Additional Cash Payment Information
|
||||||||||||
Interest paid
|
$
|
846
|
$
|
730
|
$
|
570
|
2016
|
2015
|
2014
|
||||||||||
(In Thousands)
|
||||||||||||
Statements of Comprehensive Income
|
||||||||||||
Net Income
|
$
|
45,342
|
$
|
46,502
|
$
|
43,529
|
||||||
Unrealized appreciation on available-for-sale securities, net of
taxes (credit) of $(90), $273 and $100, for 2016, 2015 and 2014, respectively
|
(158
|
)
|
400
|
185
|
||||||||
Reclassification adjustment for gains included in net income, net of (
taxes) credit of $(993), $0 and $0, for 2016, 2015 and 2014, respectively
|
(1,742
|
)
|
—
|
—
|
||||||||
Change in fair value of cash flow hedge, net of taxes
|
||||||||||||
(credit) of $50, $(34) and $(88) for 2016, 2015 and
|
||||||||||||
2014, respectively
|
87
|
(50
|
)
|
(164
|
)
|
|||||||
Comprehensive income (loss) of subsidiaries
|
(2,293
|
)
|
(1,722
|
)
|
4,553
|
|||||||
Comprehensive Income
|
$
|
41,236
|
$
|
45,130
|
$
|
48,103
|
||||||
Note 29: |
Preferred Stock
|
Note 30: |
Consolidation of Banking Centers
|
Note 31: |
Acquisition of Loans, Deposits and Branches
|
January 29,
|
||||
2016
|
||||
(In Thousands)
|
||||
Assets
|
||||
Cash and cash equivalents
|
$
|
44,363
|
||
Loans receivable
|
157,524
|
|||
Premises and equipment
|
17,990
|
|||
Accrued interest receivable
|
410
|
|||
Core deposit intangible
|
4,424
|
|||
Deferred income taxes
|
100
|
|||
Total assets acquired
|
224,811
|
|||
Liabilities
|
||||
Total deposits
|
228,528
|
|||
Accrued interest payable
|
50
|
|||
Advances from borrowers for taxes and insurance
|
403
|
|||
Accounts payable and accrued expenses
|
58
|
|||
Total liabilities assumed
|
229,039
|
|||
Goodwill recognized on business acquisition
|
$
|
4,228
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE. |
ITEM 9A.
|
CONTROLS AND PROCEDURES.
|
ITEM 9B.
|
OTHER INFORMATION.
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.
|
ITEM 11.
|
EXECUTIVE COMPENSATION.
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT AND RELATED STOCKHOLDER MATTERS. |
Equity Compensation Plan Information
|
|||
Plan Category
|
Number of Shares
to be issued upon
Exercise of
Outstanding
Options, Warrants
and Rights
|
Weighted Average
Exercise Price of
Outstanding
Options, Warrants
and Rights
|
Number of Shares Remaining
Available for Future Issuance
Under Equity Compensation
Plans (Excluding Shares
Reflected in the First Column)
|
Equity compensation plans approved by stockholders
|
661,203
|
$33.672
|
219,475
(1)
|
Equity compensation plans not approved by stockholders
|
N/A
|
N/A
|
N/A
|
Total
|
661,203
|
$33.672
|
219,475
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.
|
ITEM 14.
|
PRINCIPAL ACCOUNTING FEES AND SERVICES.
|
|
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.
|
(a)
|
List of Documents Filed as Part of This Report
|
||
(1)
|
Financial Statements
|
||
The Consolidated Financial Statements and Independent Auditor's Report are included in Item 8.
|
|||
(2)
|
Financial Statement Schedules
|
||
Inapplicable.
|
|||
(3)
|
List of Exhibits
|
||
Exhibits incorporated by reference below are incorporated by reference pursuant to Rule 12b-32.
|
|||
(2)
|
Plan of acquisition, reorganization, arrangement, liquidation, or succession
|
||
(i)
|
The Purchase and Assumption Agreement, dated as of March 20, 2009, among Federal Deposit Insurance Corporation, Receiver of TeamBank, N.A., Paola, Kansas, Federal Deposit Insurance Corporation and Great Southern Bank, previously filed with the Commission (File no. 000-18082) as Exhibit 2.1 to the Registrant's Current Report on Form 8-K filed on March 26, 2011 is incorporated herein by reference as Exhibit 2(i).
|
||
(ii)
|
The Purchase and Assumption Agreement, dated as of September 4, 2009, among Federal Deposit Insurance Corporation, Receiver of Vantus Bank, Sioux City, Iowa, Federal Deposit Insurance Corporation and Great Southern Bank, previously filed with the Commission (File no. 000-18082) as Exhibit 2.1 to the Registrant's Current Report on Form 8-K filed on September 11, 2011 is incorporated herein by reference as Exhibit 2(ii).
|
||
(iii)
|
The Purchase and Assumption Agreement, dated as of October 7, 2011, among Federal Deposit Insurance Corporation, Receiver of Sun Security Bank, Ellington, Missouri, Federal Deposit Insurance Corporation and Great Southern Bank, previously filed with the Commission (File no. 000-18082) as Exhibit 2.1(iii) to the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 is incorporated herein by reference as Exhibit 2(iii).
|
||
(iv)
|
The Purchase and Assumption Agreement, dated as of April 27, 2012, among Federal Deposit Insurance Corporation, Receiver of Inter Savings Bank, FSB, Maple Grove, Minnesota, Federal Deposit Insurance Corporation and Great Southern Bank, previously filed with the Commission (File no. 000-18082) as Exhibit 2.1(iv) to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 is incorporated herein by reference as Exhibit 2(iv).
|
||
(v)
|
The Purchase and Assumption Agreement All Deposits, dated as of June 20, 2014, among Federal Deposit Insurance Corporation, Receiver of Valley Bank, Moline, Illinois, Federal Deposit Insurance Corporation and Great Southern Bank, previously filed with the Commission (File no. 000-18082) as Exhibit 2.1(v) to the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 is incorporated herein by reference as Exhibit 2(v)
|
||
(3)
|
Articles of incorporation and Bylaws
|
||
(i)
|
The Registrant's Charter previously filed with the Commission as Appendix D to the Registrant's Definitive Proxy Statement on Schedule 14A filed on March 31, 2004 (File No. 000-18082), is incorporated herein by reference as Exhibit 3.1.
|
||
(iA)
|
The Articles Supplementary to the Registrant's Charter setting forth the terms of the Registrant's Senior Non-Cumulative Perpetual Preferred Stock, Series A, previously filed with the Commission as Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on August 18, 2011, are incorporated herein by reference as Exhibit 3(i).
|
||
(ii)
|
The Registrant's Bylaws, previously filed with the Commission (File no. 000-18082) as
Exhibit 3.2 to the Registrant's Current Report on Form 8-K filed on October 19, 2008, are incorporated herein by reference as Exhibit 3.2. |
||
(4)
|
Instruments defining the rights of security holders, including indentures
|
||
The Company hereby agrees to furnish the SEC upon request, copies of the instruments defining the rights of the holders of each issue of the Registrant's long-term debt.
|
|||
(9)
|
Voting trust agreement
|
||
Inapplicable.
|
|||
(10)
|
Material contracts
|
||
The Registrant's 1997 Stock Option and Incentive Plan previously filed with the Commission (File no. 000-18082) as Annex A to the Registrant's Definitive Proxy Statement on Schedule 14A filed on September 18, 1997, for the fiscal, is incorporated herein by reference as Exhibit 10.1.
|
|||
The Registrant's 2003 Stock Option and Incentive Plan previously filed with the Commission (File No. 000-18082) as Annex A to the Registrant's Definitive Proxy Statement on Schedule 14A filed on April 14, 2003, is incorporated herein by reference as Exhibit 10.2.
|
|||
The employment agreement dated September 18, 2002 between the Registrant and William V. Turner previously filed with the Commission (File no. 000-18082) as Exhibit 10.2 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2003, is incorporated herein by reference as Exhibit 10.3.
|
|||
The employment agreement dated September 18, 2002 between the Registrant and Joseph W. Turner previously filed with the Commission (File no. 000-18082) as Exhibit 10.4 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2003, is incorporated herein by reference as Exhibit 10.4.
|
|||
The form of incentive stock option agreement under the Registrant's 2003 Stock Option and Incentive Plan previously filed with the Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File no. 000-18082) filed on February 24, 2005 is incorporated herein by reference as Exhibit 10.5.
|
|||
The form of non-qualified stock option agreement under the Registrant's 2003 Stock Option and Incentive Plan previously filed with the Commission as Exhibit 10.2 to the Registrant's Current Report on Form 8-K (File no. 000-18082) filed on February 24, 2005 is incorporated herein by reference as Exhibit 10.6.
|
|||
A description of the current salary and bonus arrangements for the Registrant's executive officers for 2017 is attached as Exhibit 10.7.
|
|||
A description of the current fee arrangements for the Registrant's directors is attached as Exhibit 10.8.
|
|||
Small Business Lending Fund – Securities Purchase Agreement, dated August 18, 2011, between the Registrant and the Secretary of the United States Department of the Treasury, previously filed with the Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on August 18, 2012, is incorporated herein by reference as Exhibit 10.9.
|
|||
The Registrant's 2013 Equity Incentive Plan previously filed with the Commission (File No. 000-18082) as Appendix A to the Registrant's Definitive Proxy Statement on Schedule 14A filed on April 4, 2013, is incorporated herein by reference as Exhibit 10.10.
|
|||
The form of incentive stock option award agreement under the Registrant's 2013 Equity Incentive Plan previously filed with the Commission as Exhibit 10.2 to the Registrant's Registration Statement on Form S-8 (No. 333-189497) filed on June 20, 2013 is incorporated herein by reference as Exhibit 10.11.
|
|||
The form of non-qualified stock option award agreement under the Registrant's 2013 Equity Incentive Plan previously filed with the Commission as Exhibit 10.3 to the Registrant's Registration Statement on Form S-8 (No. 333-189497) filed on June 20, 2013 is incorporated herein by reference as Exhibit 10.12.
|
|||
The form of stock appreciation right award agreement under the Registrant's 2013 Equity Incentive Plan previously filed with the Commission as Exhibit 10.4 to the Registrant's Registration Statement on Form S-8 (No. 333-189497) filed on June 20, 2013 is incorporated herein by reference as Exhibit 10.13.
|
|||
The form of restricted stock award agreement under the Registrant's 2013 Equity Incentive Plan previously filed with the Commission as Exhibit 10.5 to the Registrant's Registration Statement on Form S-8 (No. 333-189497) filed on June 20, 2013 is incorporated herein by reference as Exhibit 10.14.
|
|||
(11)
|
Statement re computation of per share earnings
|
||
The Statement re computation of per share earnings is included in Note 1 of the Consolidated Financial Statements under Part II, Item 8 above.
|
|||
(12)
|
Statements re computation of ratios
|
||
The Statement re computation of ratio of earnings to fixed charges is attached hereto as Exhibit 12
|
|||
(13)
|
Annual report to security holders, Form 10-Q or quarterly report to security holders
|
||
Inapplicable.
|
|||
(14)
|
Code of Ethics
|
||
The Registrant's Code of Business Conduct and Ethics previously filed with the Commission as Exhibit 14 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2007 is incorporated herein by reference as Exhibit 14.
|
|||
(16)
|
Letter re change in certifying accountant
|
||
Inapplicable.
|
|
GREAT SOUTHERN BANCORP, INC.
|
|
Date: March 3, 2017
|
By:
|
/s/ Joseph W. Turner
Joseph W. Turner
President, Chief Executive Officer and
Director
(
Duly Authorized Representative
)
|
Signature
|
Capacity in Which Signed
|
Date
|
|
|
|
|
|
|
/s/ Joseph W. Turner
Joseph W. Turner
|
President, Chief Executive Officer and Director
(Principal Executive Officer)
|
March 3, 2017
|
|
|
|
|
|
|
/s/ William V. Turner
William V. Turner
|
Chairman of the Board
|
March 3, 2017
|
|
|
|
|
|
|
/s/ Rex A. Copeland
Rex A. Copeland
|
Treasurer
(Principal Financial Officer and
Principal Accounting Officer)
|
March 3, 2017
|
/s/ Kevin R. Ausburn
Kevin R. Ausburn
|
Director
|
March 3, 2017
|
/s/ William E. Barclay
William E. Barclay
|
Director
|
March 3, 2017
|
|
|
|
|
|
|
/s/ Julie T. Brown
Julie T. Brown
|
Director
|
March 3, 2017
|
|
|
|
|
|
|
/s/ Thomas J. Carlson
Thomas J. Carlson
|
Director
|
March 3, 2017
|
|
|
|
|
|
|
/s/ Larry D. Frazier
Larry D. Frazier
|
Director
|
March 3, 2017
|
|
|
|
|
|
|
/s/ Debra M. Hart
Debra M. Hart
|
Director
|
March 3, 2017
|
|
|
|
|
|
|
/s/ Douglas M. Pitt
Douglas M. Pitt
|
Director
|
March 3, 2017
|
/s/ Earl A. Steinert, Jr.
Earl A. Steinert, Jr.
|
Director
|
March 3, 2017
|
Exhibit No.
|
Document
|
|
|
10.7
|
Description of Salary and Bonus Arrangements for Named Executive Officers for 2017
|
10.8
|
Description of Current Fee Arrangements for Directors
|
12
|
Statement of Ratio of Earnings to Fixed Charges
|
21
|
Subsidiaries of the Registrant
|
23
|
Consent of BKD, LLP, Certified Public Accountants
|
31.1
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)
|
31.2
|
Certification of Treasurer Pursuant to Rule 13a-14(a)
|
32
|
Certifications Pursuant to Section 906 of Sarbanes-Oxley Act
|
Name and Title
|
Base Salary
|
William V. Turner
|
$200,000
|
Chairman of the Board of
|
|
the Company and the Bank
|
|
Joseph W. Turner
|
$368,985
|
President and Chief
|
|
Executive Officer of the
|
|
Company and the Bank
|
|
Rex A. Copeland
|
$328,387
|
Treasurer of the Company
|
|
and Senior Vice President and
|
|
Chief Financial Officer of the Bank
|
|
Steven G. Mitchem
|
$261,607
|
Senior Vice President and Chief
|
|
Lending Officer of the Bank
|
|
Douglas W. Marrs
|
$181,304
|
Secretary of the Company and
|
|
Secretary, Vice President – Operations
|
|
of the Bank
|
|
Linton J. Thomason
|
$170,538
|
Vice President–Information Services
|
|
of the Bank
|
|
For Year Ended
December 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||
Earnings:
|
||||||||||||||||||||
1. Income (loss) before income taxes
|
$
|
61,858
|
$
|
62,066
|
$
|
57,282
|
$
|
41,903
|
$
|
65,773
|
||||||||||
2. Plus interest expense
|
22,119
|
15,997
|
15,801
|
19,203
|
28,377
|
|||||||||||||||
3. Earnings including interest on deposits
|
83,977
|
78,063
|
73,083
|
61,106
|
94,150
|
|||||||||||||||
4. Less interest on deposits
|
17,387
|
13,511
|
11,225
|
12,346
|
20,720
|
|||||||||||||||
5. Earnings excluding interest on deposits
|
$
|
66,590
|
$
|
64,552
|
$
|
61,858
|
$
|
48,760
|
$
|
73,430
|
||||||||||
Fixed charges and preferred stock dividend requirements (pre-tax):
|
||||||||||||||||||||
6. Including interest on deposits and
capitalized interest
|
$
|
22,119
|
$
|
16,736
|
$
|
16,563
|
$
|
19,922
|
$
|
29,198
|
||||||||||
7. Less interest on deposits (Line 4)
|
17,387
|
13,511
|
11,225
|
12,346
|
20,720
|
|||||||||||||||
8. Excluding interest on deposits
|
$
|
4,732
|
$
|
3,225
|
$
|
5,338
|
$
|
7,576
|
$
|
8,478
|
||||||||||
Ratio of earnings to fixed charges and preferred stock dividend requirements (pre-tax):
|
||||||||||||||||||||
Including interest on deposits
(Line 3 divided by Line 6)
|
3.80
|
4.66
|
4.41
|
3.07
|
3.22
|
|||||||||||||||
Excluding interest on deposits
(Line 5 divided by Line 8)
|
14.07
|
20.01
|
11.59
|
6.44
|
8.66
|
|||||||||||||||
Parent
|
Subsidiary
|
Percentage of
Ownership |
State of
Incorporation or Organization |
||||
Great Southern Bancorp, Inc.
|
Great Southern Bank
|
100
|
%
|
Missouri
|
|||
Great Southern Bancorp, Inc.
|
Great Southern Capital Trust II
|
100
|
%
(1)
|
Delaware
|
|||
Great Southern Bank
|
Great Southern Real Estate Development Corporation
|
100
|
%
|
Missouri
|
|||
Great Southern Bank
|
Great Southern Community Development Company, L.L.C.
|
100
|
%
|
Missouri
|
|||
Great Southern Bank
|
Great Southern Financial Corporation
|
100
|
%
|
Missouri
|
|||
Great Southern Bank
|
GS, L.L.C.
|
100
|
%
|
Missouri
|
|||
Great Southern Bank
|
GSSC, L.L.C.
|
100
|
%
|
Missouri
|
|||
Great Southern Bank
|
GSTC Investments, L.L.C.
|
100
|
%
|
Missouri
|
|||
Great Southern Bank
|
GSRE Holding, L.L.C.
|
100
|
%
|
Missouri
|
|||
Great Southern Bank
|
GSRE Holding II, L.L.C.
|
100
|
%
|
Missouri
|
|||
Great Southern Bank
|
GSRE Holding III, L.L.C.
|
100
|
%
|
Missouri
|
|||
Great Southern Bank
|
VFP Conclusion Holding, L.L.C.
|
50
|
%
|
Missouri
|
|||
Great Southern Bank
|
VFP Conclusion Holding II, L.L.C.
|
50
|
%
|
Missouri
|
|||
Great Southern Bank
|
GSB One, L.L.C.
|
100
|
%
|
Missouri
|
|||
GSB One, L.L.C.
|
GSB Two, L.L.C.
|
89
|
%
|
Missouri
|
|||
GSRE Holding, L.L.C.
|
GSRE Management, L.L.C.
|
100
|
%
|
Missouri
|
|||
Great Southern Community Development Company,
|
Great Southern CDE, L.L.C.
|
100
|
%
|
Missouri
|
I, Joseph W. Turner, certify that:
1.
I have reviewed this annual report on Form 10-K of Great Southern Bancorp, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
|
5.
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
a)
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: March 3, 2017
/s/ Joseph W. Turner
Joseph W. Turner
President and Chief Executive Officer
|
I, Rex A. Copeland, certify that:
1.
I have reviewed this annual report on Form 10-K of Great Southern Bancorp, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
|
5.
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
a)
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: March 3, 2017
/s/ Rex A. Copeland
Rex A. Copeland
Treasurer
|
|
Dated: March 3, 2017
|
/s/ Joseph W. Turner
Joseph W. Turner
President and Chief Executive Officer
|
|
|
Dated: March 3, 2017
|
/s/ Rex A. Copeland
Rex A. Copeland
Treasurer
|