Maryland
|
43-1524856
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. 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
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, par value $0.01 per share
|
GSBC
|
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 ⌧
|
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 ⌧
|
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 ⌧ No □
|
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted
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 such files).
|
Yes ⌧ No □
|
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller
reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer ☐ Accelerated filer ⌧ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐
|
Indicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
|
Yes □ No ⌧
|
The aggregate market value of the common stock of the registrant held by non-affiliates of the Registrant on June 30, 2019, computed by
reference to the closing price of such shares on that date, was $658,342,279. At
March 4, 2020, 14,212,780 shares of the Registrant's common stock were outstanding.
|
|
|
|
Page
|
ITEM 1.
|
BUSINESS
|
|
3
|
ITEM 1A.
|
RISK FACTORS
|
|
46
|
ITEM 1B.
|
UNRESOLVED STAFF COMMENTS
|
|
58
|
ITEM 2.
|
PROPERTIES.
|
|
58
|
ITEM 3.
|
LEGAL PROCEEDINGS.
|
|
59
|
ITEM 4.
|
MINE SAFETY DISCLOSURES.
|
|
59
|
ITEM 4A.
|
INFORMATION ABOUT OUR EXECUTIVE OFFICERS.
|
|
59
|
ITEM 5.
|
MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED
STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
SECURITIES
|
|
59
|
ITEM 6.
|
SELECTED FINANCIAL DATA
|
|
60
|
ITEM 7.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
|
|
63
|
ITEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
|
97
|
ITEM 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
|
101
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE
|
|
161
|
ITEM 9A.
|
CONTROLS AND PROCEDURES.
|
|
161
|
ITEM 9B.
|
OTHER INFORMATION.
|
|
163
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.
|
|
164
|
ITEM 11.
|
EXECUTIVE COMPENSATION.
|
|
164
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
|
164
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND
DIRECTOR INDEPENDENCE.
|
|
164
|
ITEM 14.
|
PRINCIPAL ACCOUNTING FEES AND SERVICES.
|
|
165
|
ITEM 15.
|
EXHIBITS, FINANCIAL STATEMENT SCHEDULES.
|
|
166
|
December 31,
|
||||||||||||||||||||||||||||||||||||||||
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||||||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family(1)
|
$
|
516,601
|
10.5
|
%
|
$
|
400,954
|
8.3
|
%
|
$
|
318,186
|
7.3
|
%
|
$
|
353,709
|
8.6
|
%
|
$
|
272,411
|
7.9
|
%
|
||||||||||||||||||||
Other residential
|
866,006
|
17.6
|
784,894
|
16.3
|
745,645
|
17.1
|
663,378
|
16.1
|
419,550
|
12.1
|
||||||||||||||||||||||||||||||
Commercial(2)
|
1,507,361
|
30.5
|
1,385,375
|
28.7
|
1,256,986
|
28.8
|
1,211,644
|
29.4
|
1,080,836
|
31.3
|
||||||||||||||||||||||||||||||
Residential construction:
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
21,948
|
0.4
|
26,683
|
0.5
|
23,266
|
0.5
|
26,764
|
0.6
|
36,430
|
1.1
|
||||||||||||||||||||||||||||||
Other residential
|
490,798
|
9.9
|
376,575
|
7.8
|
208,883
|
4.8
|
202,202
|
4.9
|
133,718
|
3.9
|
||||||||||||||||||||||||||||||
Commercial
|
900,597
|
18.3
|
1,098,420
|
22.8
|
919,029
|
21.1
|
641,195
|
15.6
|
551,115
|
16.0
|
||||||||||||||||||||||||||||||
Total real estate loans
|
4,303,311
|
87.2
|
4,072,901
|
84.4
|
3,471,995
|
79.6
|
3,098,892
|
75.2
|
2,494,060
|
72.3
|
||||||||||||||||||||||||||||||
Other Loans:
|
||||||||||||||||||||||||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||||||||||||||||||
Automobile, boat, etc.
|
197,657
|
4.0
|
309,201
|
6.4
|
418,594
|
9.6
|
563,086
|
13.7
|
513,798
|
14.9
|
||||||||||||||||||||||||||||||
Home equity and improvement
|
118,988
|
2.4
|
121,352
|
2.5
|
115,439
|
2.7
|
108,753
|
2.6
|
83,966
|
2.4
|
||||||||||||||||||||||||||||||
Other
|
917
|
—
|
1,677
|
—
|
1,916
|
—
|
1,148
|
—
|
926
|
—
|
||||||||||||||||||||||||||||||
Total consumer loans
|
317,562
|
6.4
|
432,230
|
8.9
|
535,949
|
12.3
|
672,987
|
16.3
|
598,690
|
17.3
|
||||||||||||||||||||||||||||||
Other commercial loans
|
313,209
|
6.4
|
322,119
|
6.7
|
353,553
|
8.1
|
348,955
|
8.5
|
357,581
|
10.4
|
||||||||||||||||||||||||||||||
Total other loans
|
630,771
|
12.8
|
754,349
|
15.6
|
889,502
|
20.4
|
1,021,942
|
24.8
|
956,271
|
27.7
|
||||||||||||||||||||||||||||||
Total loans
|
4,934,082
|
100.0
|
%
|
4,827,250
|
100.0
|
%
|
4,361,497
|
100.0
|
%
|
4,120,834
|
100.0
|
%
|
3,450,331
|
100.0
|
%
|
|||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Loans in process
|
850,661
|
958,436
|
793,664
|
585,305
|
418,702
|
|||||||||||||||||||||||||||||||||||
Deferred fees and discounts
|
7,104
|
7,400
|
6,500
|
4,869
|
3,528
|
|||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
39,633
|
37,988
|
36,033
|
36,775
|
36,646
|
|||||||||||||||||||||||||||||||||||
Total legacy loans receivable, net
|
$
|
4,036,684
|
$
|
3,823,426
|
$
|
3,525,300
|
$
|
3,493,885
|
$
|
2,991,455
|
(1)
|
Includes loans held for sale.
|
(2)
|
Total commercial real estate loans included industrial revenue bonds of $13.2 million, $13.9 million, $21.7 million, $24.7 million and $37.4 million at
December 31, 2019, 2018, 2017, 2016 and 2015.
|
December 31,
|
||||||||||||||||||||||||||||||||||||||||
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||||||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Residential
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
$
|
79,830
|
58.5
|
%
|
$
|
102,153
|
55.4
|
%
|
$
|
132,432
|
57.1
|
%
|
$
|
169,541
|
54.7
|
%
|
$
|
213,317
|
52.3
|
%
|
||||||||||||||||||||
Other residential
|
5,726
|
4.2
|
13,396
|
7.3
|
15,501
|
6.7
|
30,605
|
9.9
|
38,487
|
9.4
|
||||||||||||||||||||||||||||||
Commercial(1)
|
29,886
|
21.9
|
34,853
|
18.9
|
41,218
|
17.8
|
56,548
|
18.2
|
79,461
|
19.5
|
||||||||||||||||||||||||||||||
Construction
|
3,625
|
2.7
|
5,588
|
3.0
|
5,509
|
2.4
|
4,508
|
1.5
|
11,087
|
2.7
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Total real estate loans
|
119,067
|
87.3
|
155,990
|
84.6
|
194,660
|
84.0
|
261,202
|
84.3
|
342,352
|
83.9
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Other Loans:
|
||||||||||||||||||||||||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||||||||||||||||||
Student loans
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
481
|
0.1
|
||||||||||||||||||||||||||||||
Home equity and improvement
|
12,213
|
8.9
|
21,490
|
11.7
|
27,778
|
12.0
|
35,688
|
11.5
|
43,507
|
10.7
|
||||||||||||||||||||||||||||||
Other
|
1,557
|
1.1
|
2,110
|
1.1
|
3,367
|
1.4
|
4,739
|
1.5
|
6,578
|
1.6
|
||||||||||||||||||||||||||||||
Total consumer loans
|
13,770
|
10.0
|
23,600
|
12.8
|
31,145
|
13.4
|
40,427
|
13.0
|
50,566
|
12.4
|
||||||||||||||||||||||||||||||
Other commercial loans
|
3,738
|
2.7
|
4,861
|
2.6
|
6,016
|
2.6
|
8,448
|
2.7
|
15,331
|
3.7
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Total other loans
|
17,508
|
12.7
|
28,461
|
15.4
|
37,161
|
16.0
|
48,875
|
15.7
|
65,897
|
16.1
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Total loans(2)
|
136,575
|
100.0
|
%
|
184,451
|
100.0
|
%
|
231,821
|
100.0
|
%
|
310,077
|
100.0
|
%
|
408,249
|
100.0
|
%
|
|||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Loans in process
|
5
|
5
|
5
|
8
|
17
|
|||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
661
|
421
|
459
|
625
|
1,503
|
|||||||||||||||||||||||||||||||||||
Fair value discounts
|
9,369
|
16,800
|
22,152
|
26,918
|
45,387
|
|||||||||||||||||||||||||||||||||||
Total loans receivable, net
|
$
|
126,540
|
$
|
167,225
|
$
|
209,205
|
$
|
282,526
|
$
|
361,342
|
(1)
|
Total commercial real estate loans included industrial revenue bonds of $1.2 million, $1.4 million, $2.2 million, $2.5 million, and $3.2 million at December
31, 2019, 2018, 2017, 2016, and 2015, respectively.
|
(2)
|
At December 31, 2019, 2018 and 2017, none of these acquired loans were covered by an FDIC loss sharing agreement.
|
December 31,
|
||||||||||||||||||||||||||||||||||||||||
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||||||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Fixed-Rate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
$
|
151,765
|
3.1
|
%
|
$
|
152,778
|
3.2
|
%
|
$
|
148,790
|
3.4
|
%
|
$
|
168,813
|
4.1
|
%
|
$
|
110,738
|
3.2
|
%
|
||||||||||||||||||||
Other residential
|
394,140
|
8.0
|
387,744
|
8.0
|
279,593
|
6.4
|
304,387
|
7.4
|
257,854
|
7.5
|
||||||||||||||||||||||||||||||
Commercial
|
763,209
|
15.5
|
686,832
|
14.2
|
603,183
|
13.8
|
589,354
|
14.3
|
522,924
|
15.2
|
||||||||||||||||||||||||||||||
Residential construction:
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
8,109
|
0.1
|
6,908
|
0.1
|
7,998
|
0.2
|
10,950
|
0.3
|
16,483
|
0.5
|
||||||||||||||||||||||||||||||
Other residential
|
39,223
|
0.8
|
19,165
|
0.4
|
6,636
|
0.2
|
26,487
|
0.6
|
21,548
|
0.6
|
||||||||||||||||||||||||||||||
Commercial construction
|
758,525
|
15.4
|
922,418
|
19.2
|
717,350
|
16.4
|
530,375
|
12.9
|
376,661
|
10.9
|
||||||||||||||||||||||||||||||
Total real estate loans
|
2,114,971
|
42.9
|
2,175,845
|
45.1
|
1,763,550
|
40.4
|
1,630,366
|
39.6
|
1,306,208
|
37.9
|
||||||||||||||||||||||||||||||
Consumer
|
190,698
|
3.9
|
301,627
|
6.2
|
411,068
|
9.4
|
553,800
|
13.4
|
506,574
|
14.7
|
||||||||||||||||||||||||||||||
Other commercial
|
174,180
|
3.5
|
186,030
|
3.9
|
203,388
|
4.7
|
194,431
|
4.7
|
195,602
|
5.6
|
||||||||||||||||||||||||||||||
Total fixed-rate loans
|
2,479,849
|
50.3
|
2,663,502
|
55.2
|
2,378,006
|
54.5
|
2,378,597
|
57.7
|
2,008,384
|
58.2
|
||||||||||||||||||||||||||||||
Adjustable-Rate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
364,836
|
7.4
|
248,176
|
5.1
|
169,396
|
3.9
|
184,896
|
4.5
|
161,673
|
4.7
|
||||||||||||||||||||||||||||||
Other residential
|
471,866
|
9.6
|
397,150
|
8.3
|
466,052
|
10.7
|
358,991
|
8.7
|
161,696
|
4.7
|
||||||||||||||||||||||||||||||
Commercial
|
744,152
|
15.1
|
698,543
|
14.5
|
653,803
|
15.0
|
622,290
|
15.1
|
557,912
|
16.2
|
||||||||||||||||||||||||||||||
Residential construction:
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
13,839
|
0.3
|
19,775
|
0.4
|
15,268
|
0.4
|
15,814
|
0.4
|
19,947
|
0.5
|
||||||||||||||||||||||||||||||
Other residential
|
451,575
|
9.1
|
357,410
|
7.4
|
202,247
|
4.6
|
175,715
|
4.3
|
112,170
|
3.3
|
||||||||||||||||||||||||||||||
Commercial construction
|
142,072
|
2.9
|
176,002
|
3.6
|
201,679
|
4.6
|
110,820
|
2.7
|
174,454
|
5.0
|
||||||||||||||||||||||||||||||
Total real estate loans
|
2,188,340
|
44.4
|
1,897,056
|
39.3
|
1,708,445
|
39.2
|
1,468,526
|
35.7
|
1,187,852
|
34.4
|
||||||||||||||||||||||||||||||
Consumer
|
126,864
|
2.5
|
130,603
|
2.7
|
124,881
|
2.9
|
119,187
|
2.9
|
92,116
|
2.7
|
||||||||||||||||||||||||||||||
Other commercial
|
139,029
|
2.8
|
136,089
|
2.8
|
150,165
|
3.4
|
154,524
|
3.7
|
161,979
|
4.7
|
||||||||||||||||||||||||||||||
Total adjustable-rate loans
|
2,454,233
|
49.7
|
2,163,748
|
44.8
|
1,983,491
|
45.5
|
1,742,237
|
42.3
|
1,441,947
|
41.8
|
||||||||||||||||||||||||||||||
Total Loans
|
4,934,082
|
100.0
|
%
|
4,827,250
|
100.0
|
%
|
4,361,497
|
100.0
|
%
|
4,120,834
|
100.0
|
%
|
3,450,331
|
100.0
|
%
|
|||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Loans in process
|
850,661
|
958,436
|
793,664
|
585,305
|
418,702
|
|||||||||||||||||||||||||||||||||||
Deferred fees and discounts
|
7,104
|
7,400
|
6,500
|
4,869
|
3,528
|
|||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
39,633
|
37,988
|
36,033
|
36,775
|
36,646
|
|||||||||||||||||||||||||||||||||||
Total legacy loans receivable, net
|
$
|
4,036,684
|
$
|
3,823,426
|
$
|
3,525,300
|
$
|
3,493,885
|
$
|
2,991,455
|
||||||||||||||||||||||||||||||
December 31,
|
||||||||||||||||||||||||||||||||||||||||
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||||||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Fixed-Rate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
$
|
32,642
|
23.9
|
%
|
$
|
41,460
|
22.5
|
%
|
$
|
54,302
|
23.4
|
%
|
$
|
72,738
|
23.5
|
%
|
$
|
99,456
|
24.4
|
%
|
||||||||||||||||||||
Other residential
|
5,531
|
4.1
|
12,572
|
6.8
|
13,129
|
5.7
|
25,593
|
8.2
|
25,551
|
6.3
|
||||||||||||||||||||||||||||||
Commercial
|
25,177
|
18.4
|
27,194
|
14.7
|
25,973
|
11.2
|
29,043
|
9.4
|
32,255
|
7.9
|
||||||||||||||||||||||||||||||
Construction
|
3,303
|
2.4
|
4,598
|
2.5
|
4,297
|
1.9
|
2,176
|
0.7
|
5,858
|
1.4
|
||||||||||||||||||||||||||||||
Total real estate loans
|
66,653
|
48.8
|
85,824
|
46.5
|
97,701
|
42.2
|
129,550
|
41.8
|
163,120
|
40.0
|
||||||||||||||||||||||||||||||
Consumer
|
1,921
|
1.4
|
2,447
|
1.3
|
3,712
|
1.6
|
5,111
|
1.6
|
7,561
|
1.8
|
||||||||||||||||||||||||||||||
Other commercial
|
3,076
|
2.3
|
3,354
|
1.9
|
3,819
|
1.6
|
4,917
|
1.6
|
6,999
|
1.7
|
||||||||||||||||||||||||||||||
Total fixed-rate loans
|
71,650
|
52.5
|
91,625
|
49.7
|
105,232
|
45.4
|
139,578
|
45.0
|
177,680
|
43.5
|
||||||||||||||||||||||||||||||
Adjustable-Rate Loans:
|
||||||||||||||||||||||||||||||||||||||||
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||||||
One- to four- family
|
47,188
|
34.6
|
60,693
|
32.9
|
78,130
|
33.7
|
96,803
|
31.2
|
113,861
|
27.9
|
||||||||||||||||||||||||||||||
Other residential
|
195
|
0.1
|
824
|
0.4
|
2,372
|
1.0
|
5,012
|
1.6
|
12,936
|
3.2
|
||||||||||||||||||||||||||||||
Commercial
|
4,709
|
3.4
|
7,659
|
4.2
|
15,245
|
6.6
|
27,505
|
8.9
|
47,206
|
11.6
|
||||||||||||||||||||||||||||||
Construction
|
322
|
0.3
|
990
|
0.5
|
1,212
|
0.5
|
2,332
|
0.8
|
5,229
|
1.3
|
||||||||||||||||||||||||||||||
Total real estate loans
|
52,414
|
38.4
|
70,166
|
38.0
|
96,959
|
41.8
|
131,652
|
42.5
|
179,232
|
44.0
|
||||||||||||||||||||||||||||||
Consumer
|
11,849
|
8.6
|
21,153
|
11.5
|
27,433
|
11.8
|
35,316
|
11.4
|
43,005
|
10.5
|
||||||||||||||||||||||||||||||
Other commercial
|
662
|
0.5
|
1,507
|
0.8
|
2,197
|
1.0
|
3,531
|
1.1
|
8,332
|
2.0
|
||||||||||||||||||||||||||||||
Total adjustable-rate loans
|
64,925
|
47.5
|
92,826
|
50.3
|
126,589
|
54.6
|
170,499
|
55.0
|
230,569
|
56.5
|
||||||||||||||||||||||||||||||
Total Loans
|
136,575
|
100.0
|
%
|
184,451
|
100.0
|
%
|
231,821
|
100.0
|
%
|
310,077
|
100.0
|
%
|
408,249
|
100.0
|
%
|
|||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Loans in process
|
5
|
5
|
5
|
8
|
17
|
|||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
661
|
421
|
459
|
625
|
1,503
|
|||||||||||||||||||||||||||||||||||
Fair value discounts
|
9,369
|
16,800
|
22,152
|
26,918
|
45,387
|
|||||||||||||||||||||||||||||||||||
Total loans receivable, net
|
$
|
126,540
|
$
|
167,225
|
$
|
209,205
|
$
|
282,526
|
$
|
361,342
|
||||||||||||||||||||||||||||||
Less Than
One Year
|
One to Five
Years
|
After Five
Years
|
Total
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Real Estate Loans:
|
||||||||||||||||
Residential
|
||||||||||||||||
One- to four- family
|
$
|
26,134
|
$
|
71,919
|
$
|
418,548
|
$
|
516,601
|
||||||||
Other residential
|
325,291
|
481,649
|
59,066
|
866,006
|
||||||||||||
Commercial
|
373,331
|
929,918
|
204,112
|
1,507,361
|
||||||||||||
Residential construction:
|
||||||||||||||||
One- to four- family
|
14,423
|
4,561
|
2,964
|
21,948
|
||||||||||||
Other residential
|
32,909
|
445,845
|
12,044
|
490,798
|
||||||||||||
Commercial construction
|
748,451
|
120,763
|
31,383
|
900,597
|
||||||||||||
Total real estate loans
|
1,520,539
|
2,054,655
|
728,117
|
4,303,311
|
||||||||||||
Other Loans:
|
||||||||||||||||
Consumer loans:
|
||||||||||||||||
Automobile and other
|
24,452
|
143,733
|
30,389
|
198,574
|
||||||||||||
Home equity and improvement
|
8,605
|
30,884
|
79,499
|
118,988
|
||||||||||||
Total consumer loans
|
33,057
|
174,617
|
109,888
|
317,562
|
||||||||||||
Other commercial loans
|
145,023
|
110,320
|
57,866
|
313,209
|
||||||||||||
Total other loans
|
178,080
|
284,937
|
167,754
|
630,771
|
||||||||||||
Total loans
|
$
|
1,698,619
|
$
|
2,339,592
|
$
|
895,871
|
$
|
4,934,082
|
Less Than
One Year
|
One to Five
Years
|
After Five
Years
|
Total
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Real Estate Loans:
|
||||||||||||||||
Residential
|
||||||||||||||||
One- to four- family
|
$
|
9,565
|
$
|
14,603
|
$
|
55,662
|
$
|
79,830
|
||||||||
Other residential
|
818
|
4,043
|
865
|
5,726
|
||||||||||||
Commercial
|
11,545
|
15,074
|
3,267
|
29,886
|
||||||||||||
Construction
|
288
|
3,065
|
272
|
3,625
|
||||||||||||
Total real estate loans
|
22,216
|
36,785
|
60,066
|
119,067
|
||||||||||||
Other Loans:
|
||||||||||||||||
Consumer loans:
|
||||||||||||||||
Home equity and improvement
|
3,881
|
7,203
|
1,129
|
12,213
|
||||||||||||
Automobile and other
|
18
|
520
|
1,019
|
1,557
|
||||||||||||
Total consumer loans
|
3,899
|
7,723
|
2,148
|
13,770
|
||||||||||||
Other commercial loans
|
2,811
|
784
|
143
|
3,738
|
||||||||||||
Total other loans
|
6,710
|
8,507
|
2,291
|
17,508
|
||||||||||||
Total loans
|
$
|
28,926
|
$
|
45,292
|
$
|
62,357
|
$
|
136,575
|
Collateral Type
|
Loan Balance
|
Percentage of
Total Loan
Portfolio
|
Non-Performing
Loans at
December 31, 2019
|
|||||||||
|
(Dollars In Thousands)
|
|||||||||||
|
||||||||||||
Retail (Varied Projects)
|
$
|
452,037
|
9.2
|
%
|
$
|
0
|
||||||
Health Care Facilities
|
$
|
298,799
|
6.1
|
%
|
$
|
0
|
||||||
Office Industry
|
$
|
296,011
|
6.0
|
%
|
$
|
530
|
||||||
Motels/Hotels
|
$
|
194,774
|
4.0
|
%
|
$
|
0
|
||||||
Warehouses
|
$
|
134,884
|
2.7
|
%
|
$
|
0
|
December 31, 2019
|
||||||||||||||||||||||||||||||||||||||||
Total
|
||||||||||||||||||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
Over 90 Days
|
Loans
|
|||||||||||||||||||||||||||||||||||||
Past Due
|
Past Due
|
Past Due
|
Total Past Due
|
Current
|
Receivable
|
|||||||||||||||||||||||||||||||||||
#
|
Amount
|
#
|
Amount
|
#
|
Amount
|
#
|
Amount
|
Amount
|
Amount
|
|||||||||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
One- to four-family
residential construction
|
—
|
$
|
—
|
—
|
$
|
—
|
—
|
$
|
—
|
—
|
$
|
—
|
$
|
33,963
|
$
|
33,963
|
||||||||||||||||||||||||
Subdivision construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
16,088
|
16,088
|
||||||||||||||||||||||||||||||
Land development
|
—
|
—
|
1
|
27
|
—
|
—
|
1
|
27
|
40,404
|
40,431
|
||||||||||||||||||||||||||||||
Commercial construction
|
1
|
15,085
|
—
|
—
|
—
|
—
|
1
|
15,085
|
1,307,776
|
1,322,861
|
||||||||||||||||||||||||||||||
Owner occupied one- to
four-family residential
|
18
|
1,453
|
14
|
1,631
|
19
|
1,198
|
51
|
4,282
|
382,734
|
387,016
|
||||||||||||||||||||||||||||||
Non-owner occupied one-
to four-family residential
|
1
|
152
|
—
|
—
|
4
|
181
|
5
|
333
|
120,010
|
120,343
|
||||||||||||||||||||||||||||||
Commercial real estate
|
1
|
549
|
1
|
119
|
4
|
632
|
6
|
1,300
|
1,492,872
|
1,494,172
|
||||||||||||||||||||||||||||||
Other residential
|
1
|
376
|
—
|
—
|
—
|
—
|
1
|
376
|
865,630
|
866,006
|
||||||||||||||||||||||||||||||
Commercial business
|
2
|
60
|
—
|
—
|
4
|
1,235
|
6
|
1,295
|
311,914
|
313,209
|
||||||||||||||||||||||||||||||
Industrial revenue bonds
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
13,189
|
13,189
|
||||||||||||||||||||||||||||||
Consumer auto
|
163
|
1,101
|
44
|
259
|
81
|
558
|
288
|
1,918
|
149,936
|
151,854
|
||||||||||||||||||||||||||||||
Consumer other
|
22
|
278
|
10
|
233
|
14
|
198
|
46
|
709
|
46,011
|
46,720
|
||||||||||||||||||||||||||||||
Home equity lines of credit
|
9
|
296
|
—
|
—
|
16
|
517
|
25
|
813
|
118,175
|
118,988
|
||||||||||||||||||||||||||||||
Loans acquired and accounted
for under ASC 310-30,
|
||||||||||||||||||||||||||||||||||||||||
net of discounts
|
32
|
2,177
|
11
|
709
|
78
|
6,191
|
121
|
9,077
|
118,129
|
127,206
|
||||||||||||||||||||||||||||||
250
|
21,527
|
81
|
2,978
|
220
|
10,710
|
551
|
35,215
|
5,016,831
|
5,052,046
|
|||||||||||||||||||||||||||||||
Less loans acquired and
accounted for under
ASC 310-30,
|
||||||||||||||||||||||||||||||||||||||||
net of discounts
|
32
|
2,177
|
11
|
709
|
78
|
6,191
|
121
|
9,077
|
118,129
|
127,206
|
||||||||||||||||||||||||||||||
Total
|
218
|
$
|
19,350
|
70
|
$
|
2,269
|
142
|
$
|
4,519
|
430
|
$
|
26,138
|
$
|
4,898,702
|
$
|
4,924,840
|
December 31, 2018
|
||||||||||||||||||||||||||||||||||||||||
Total
|
||||||||||||||||||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
Over 90 Days
|
Loans
|
|||||||||||||||||||||||||||||||||||||
Past Due
|
Past Due
|
Past Due
|
Total Past Due
|
Current
|
Receivable
|
|||||||||||||||||||||||||||||||||||
#
|
Amount
|
#
|
Amount
|
#
|
Amount
|
#
|
Amount
|
Amount
|
Amount
|
|||||||||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
One- to four-family
residential construction
|
—
|
$
|
—
|
—
|
$
|
—
|
—
|
$
|
—
|
—
|
$
|
—
|
$
|
26,177
|
$
|
26,177
|
||||||||||||||||||||||||
Subdivision construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
13,844
|
13,844
|
||||||||||||||||||||||||||||||
Land development
|
1
|
13
|
—
|
—
|
3
|
49
|
4
|
62
|
44,430
|
44,492
|
||||||||||||||||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
1,417,166
|
1,417,166
|
||||||||||||||||||||||||||||||
Owner occupied one- to
four-family residential
|
19
|
1,431
|
12
|
806
|
16
|
1,206
|
47
|
3,443
|
273,423
|
276,866
|
||||||||||||||||||||||||||||||
Non-owner occupied one-
to four-family residential
|
6
|
1,142
|
1
|
144
|
12
|
1,458
|
19
|
2,744
|
119,694
|
122,438
|
||||||||||||||||||||||||||||||
Commercial real estate
|
6
|
3,940
|
1
|
53
|
7
|
334
|
14
|
4,327
|
1,367,108
|
1,371,435
|
||||||||||||||||||||||||||||||
Other residential
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
784,894
|
784,894
|
||||||||||||||||||||||||||||||
Commercial business
|
4
|
72
|
2
|
54
|
7
|
1,437
|
13
|
1,563
|
320,555
|
322,118
|
||||||||||||||||||||||||||||||
Industrial revenue bonds
|
1
|
3
|
—
|
—
|
—
|
—
|
1
|
3
|
13,937
|
13,940
|
||||||||||||||||||||||||||||||
Consumer auto
|
282
|
2,596
|
76
|
722
|
150
|
1,490
|
508
|
4,808
|
248,720
|
253,528
|
||||||||||||||||||||||||||||||
Consumer other
|
45
|
691
|
23
|
181
|
19
|
240
|
87
|
1,112
|
56,238
|
57,350
|
||||||||||||||||||||||||||||||
Home equity lines of credit
|
11
|
229
|
—
|
—
|
7
|
86
|
18
|
315
|
121,037
|
121,352
|
||||||||||||||||||||||||||||||
Loans acquired and accounted for
under ASC 310-30,
|
||||||||||||||||||||||||||||||||||||||||
net of discounts
|
33
|
2,195
|
10
|
1,416
|
79
|
6,827
|
122
|
10,438
|
157,213
|
167,651
|
||||||||||||||||||||||||||||||
408
|
12,312
|
125
|
3,376
|
300
|
13,127
|
833
|
28,815
|
4,964,436
|
4,993,251
|
|||||||||||||||||||||||||||||||
Less loans acquired and accounted
for underASC 310-30,
|
||||||||||||||||||||||||||||||||||||||||
net of discounts
|
33
|
2,195
|
10
|
1,416
|
79
|
6,827
|
122
|
10,438
|
157,213
|
167,651
|
||||||||||||||||||||||||||||||
Total
|
375
|
$
|
10,117
|
115
|
$
|
1,960
|
221
|
$
|
6,300
|
711
|
$
|
18,377
|
$
|
4,807,223
|
$
|
4,825,600
|
December 31, 2019
|
||||||||||||||||||||||||
Asset Category
|
Special
Mention
|
Substandard
|
Doubtful
|
Loss
|
Total
Classified
|
Allowance
for Losses
|
||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Investment securities
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||
Loans
|
—
|
8,899
|
—
|
—
|
8,899
|
929
|
||||||||||||||||||
Foreclosed assets and repossessions
|
—
|
3,651
|
—
|
—
|
3,651
|
—
|
||||||||||||||||||
Total
|
$
|
—
|
$
|
12,550
|
$
|
—
|
$
|
—
|
$
|
12,550
|
$
|
929
|
December 31, 2018
|
||||||||||||||||||||||||
Asset Category
|
Special
Mention
|
Substandard
|
Doubtful
|
Loss
|
Total
Classified
|
Allowance
for Losses
|
||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Investment securities
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||
Loans
|
—
|
9,603
|
—
|
—
|
9,603
|
2,041
|
||||||||||||||||||
Foreclosed assets and repossessions
|
—
|
5,480
|
—
|
—
|
5,480
|
—
|
||||||||||||||||||
Total
|
$
|
—
|
$
|
15,083
|
$
|
—
|
$
|
—
|
$
|
15,083
|
$
|
2,041
|
(1)
|
One relationship was $1.9 million, the entire total of this category, at December 31, 2017.
|
(2)
|
The largest two relationships in this category were $1.7 million and $1.7 million, respectively, at December 31, 2016.
|
(3)
|
The largest two relationships in this category were $6.5 million and $3.7 million, respectively, at December 31, 2015.
|
(4)
|
One relationship was $1.1 million of this total at December 31, 2019.
|
(5)
|
One relationship was $1.1 million of this total at December 31, 2018.
|
(6)
|
One relationship was $1.5 million of this total at December 31, 2017.
|
(7)
|
One relationship was $3.0 million of this total at December 31, 2016.
|
December 31, 2019
|
||||||||||||
Restructured
|
||||||||||||
Restructured
|
Accruing
|
Troubled Debt
|
||||||||||
Troubled Debt
|
Interest
|
Nonaccruing
|
||||||||||
(In Thousands)
|
||||||||||||
Commercial real estate
|
$
|
412
|
$
|
310
|
$
|
102
|
||||||
One- to four-family residential
|
768
|
550
|
218
|
|||||||||
Other residential
|
—
|
—
|
—
|
|||||||||
Construction
|
251
|
251
|
—
|
|||||||||
Commercial
|
156
|
51
|
105
|
|||||||||
Consumer
|
343
|
207
|
136
|
|||||||||
$
|
1,930
|
$
|
1,369
|
$
|
561
|
December 31, 2018
|
||||||||||||
Restructured
|
||||||||||||
Restructured
|
Accruing
|
Troubled Debt
|
||||||||||
Troubled Debt
|
Interest
|
Nonaccruing
|
||||||||||
(In Thousands)
|
||||||||||||
Commercial real estate
|
$
|
1,344
|
$
|
1,238
|
$
|
106
|
||||||
One- to four-family residential
|
3,892
|
2,299
|
1,593
|
|||||||||
Other residential
|
—
|
—
|
—
|
|||||||||
Construction
|
283
|
283
|
—
|
|||||||||
Commercial
|
548
|
407
|
141
|
|||||||||
Consumer
|
803
|
428
|
375
|
|||||||||
$
|
6,870
|
$
|
4,655
|
$
|
2,215
|
December 31,
|
||||||||||||||||||||||||||||||||||||||||
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||||||||||||||||||||||||||||
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
|
$
|
4,171
|
11.3
|
%
|
$
|
3,086
|
9.1
|
%
|
$
|
2,077
|
8.0
|
%
|
$
|
2,198
|
9.2
|
%
|
$
|
4,195
|
9.4
|
%
|
||||||||||||||||||||
Other residential and construction
|
5,101
|
17.6
|
4,681
|
16.3
|
2,813
|
17.1
|
5,396
|
16.1
|
3,122
|
12.2
|
||||||||||||||||||||||||||||||
Commercial real estate
|
24,087
|
30.3
|
19,571
|
28.4
|
18,442
|
28.4
|
15,716
|
28.9
|
14,444
|
30.3
|
||||||||||||||||||||||||||||||
Commercial construction
|
2,940
|
27.7
|
3,029
|
30.3
|
1,690
|
25.6
|
2,244
|
20.3
|
2,961
|
19.2
|
||||||||||||||||||||||||||||||
Other commercial
|
1,319
|
6.6
|
1,556
|
7.0
|
3,509
|
8.6
|
2,976
|
9.1
|
3,977
|
11.5
|
||||||||||||||||||||||||||||||
Consumer and overdrafts
|
2,015
|
6.5
|
6,065
|
8.9
|
7,501
|
12.3
|
8,245
|
16.4
|
7,947
|
17.4
|
||||||||||||||||||||||||||||||
Loans covered by loss sharing
agreements (1)
|
—
|
—
|
—
|
—
|
—
|
—
|
70
|
—
|
344
|
—
|
||||||||||||||||||||||||||||||
Acquired loans not covered
by loss sharing agreements
|
661
|
—
|
421
|
—
|
460
|
—
|
555
|
—
|
1,159
|
—
|
||||||||||||||||||||||||||||||
Total
|
$
|
40,294
|
100.0
|
%
|
$
|
38,409
|
100.0
|
%
|
$
|
36,492
|
100.0
|
%
|
$
|
37,400
|
100.0
|
%
|
$
|
38,149
|
100.0
|
%
|
(1)
|
Associated with these allowances at December 31, 2019, 2018, 2017, 2016 and 2015, were receivables from the FDIC totaling $-0-, $-0-, $-0-,
$56,000, and $275,000, respectively, under the loss sharing agreements which were in place at the time.
|
(2)
|
Excludes loans acquired through FDIC-assisted transactions.
|
December 31,
|
||||||||||||||||||||
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||
Balance at beginning of period
|
$
|
38,409
|
$
|
36,492
|
$
|
37,400
|
$
|
38,149
|
$
|
38,435
|
||||||||||
Charge-offs:
|
||||||||||||||||||||
One- to four-family residential
|
534
|
62
|
165
|
229
|
80
|
|||||||||||||||
Other residential
|
189
|
525
|
488
|
16
|
2
|
|||||||||||||||
Commercial real estate
|
144
|
102
|
1,656
|
5,653
|
2,584
|
|||||||||||||||
Construction
|
101
|
87
|
420
|
31
|
329
|
|||||||||||||||
Other commercial
|
371
|
1,155
|
1,489
|
589
|
1,202
|
|||||||||||||||
Consumer, overdrafts and other loans
|
6,723
|
9,425
|
11,859
|
8,751
|
5,315
|
|||||||||||||||
Total charge-offs
|
8,062
|
11,356
|
16,077
|
15,269
|
9,512
|
|||||||||||||||
Recoveries:
|
||||||||||||||||||||
One- to four-family residential
|
126
|
334
|
109
|
58
|
97
|
|||||||||||||||
Other residential
|
26
|
417
|
197
|
52
|
58
|
|||||||||||||||
Commercial real estate
|
24
|
172
|
123
|
1,221
|
302
|
|||||||||||||||
Construction
|
50
|
394
|
546
|
123
|
405
|
|||||||||||||||
Other commercial
|
467
|
755
|
580
|
327
|
276
|
|||||||||||||||
Consumer, overdrafts and other loans
|
3,104
|
4,051
|
4,514
|
3,458
|
2,569
|
|||||||||||||||
Total recoveries
|
3,797
|
6,123
|
6,069
|
5,239
|
3,707
|
|||||||||||||||
Net charge-offs
|
4,265
|
5,233
|
10,008
|
10,030
|
5,805
|
|||||||||||||||
Provision for losses on loans
|
6,150
|
7,150
|
9,100
|
9,281
|
5,519
|
|||||||||||||||
Balance at end of period
|
$
|
40,294
|
$
|
38,409
|
$
|
36,492
|
$
|
37,400
|
$
|
38,149
|
||||||||||
Ratio of net charge-offs to average loans outstanding
|
0.10
|
%
|
0.13
|
%
|
0.26
|
%
|
0.29
|
%
|
0.20
|
%
|
December 31, 2019
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
AVAILABLE-FOR-SALE SECURITIES:
|
||||||||||||||||
Agency mortgage-backed securities
|
$
|
156,591
|
$
|
8,716
|
$
|
265
|
$
|
165,042
|
||||||||
Agency collateralized mortgage obligations
|
149,980
|
2,891
|
921
|
151,950
|
||||||||||||
States and political subdivisions
|
33,757
|
1,368
|
—
|
35,125
|
||||||||||||
Small business administration
|
22,132
|
—
|
74
|
22,058
|
||||||||||||
$
|
362,460
|
$
|
12,975
|
$
|
1,260
|
$
|
374,175
|
December 31, 2018
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
AVAILABLE-FOR-SALE SECURITIES:
|
||||||||||||||||
Agency mortgage-backed securities
|
$
|
154,557
|
$
|
1,272
|
$
|
2,571
|
$
|
153,258
|
||||||||
Agency collateralized mortgage obligations
|
39,024
|
250
|
14
|
39,260
|
||||||||||||
States and political subdivisions
|
50,022
|
1,428
|
—
|
51,450
|
||||||||||||
$
|
243,603
|
$
|
2,950
|
$
|
2,585
|
$
|
243,968
|
|||||||||
December 31, 2017
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
AVAILABLE-FOR-SALE SECURITIES:
|
||||||||||||||||
Agency mortgage-backed securities
|
$
|
123,300
|
$
|
871
|
$
|
1,638
|
$
|
122,533
|
||||||||
States and political subdivisions
|
53,930
|
2,716
|
—
|
56,646
|
||||||||||||
$
|
177,230
|
$
|
3,587
|
$
|
1,638
|
$
|
179,179
|
|||||||||
HELD-TO-MATURITY SECURITIES
|
||||||||||||||||
States and political subdivisions
|
$
|
130
|
$
|
1
|
$
|
—
|
$
|
131
|
Tax Equivalent
|
Fair
|
|||||||||||
Cost
|
Amortized Yield
|
Value
|
||||||||||
(Dollars In Thousands)
|
||||||||||||
One year or less
|
$
|
—
|
—
|
|
$
|
—
|
||||||
After one through five years | — | — | — | |||||||||
After five through ten years
|
9,253
|
4.61
|
%
|
9,547
|
||||||||
After ten years
|
24,504
|
4.87
|
%
|
25,578
|
||||||||
Securities not due on a single maturity date
|
328,703
|
2.99
|
%
|
339,050
|
||||||||
Total
|
$
|
362,460
|
3.15
|
%
|
$
|
374,175
|
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
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Agency mortgage-backed securities
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
165,042
|
$
|
165,042
|
||||||||||||
Agency collateralized mortgage obligations
|
—
|
—
|
—
|
—
|
151,950
|
151,950
|
||||||||||||||||||
Small business administration
|
—
|
—
|
—
|
—
|
22,058
|
22,058
|
||||||||||||||||||
States and political subdivisions
|
—
|
—
|
9,547
|
25,578
|
—
|
35,125
|
||||||||||||||||||
Total
|
$
|
—
|
$
|
—
|
$
|
9,547
|
$
|
25,578
|
$
|
339,050
|
$
|
374,175
|
2019
|
||||||||||||||||||||||||
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)
|
||||||||||||||||||||||||
Agency mortgage-backed securities
|
$
|
—
|
$
|
—
|
$
|
24,762
|
$
|
(265
|
)
|
$
|
24,762
|
$
|
(265
|
)
|
||||||||||
Agency collateralized mortgage obligations
|
69,372
|
(921
|
)
|
—
|
—
|
69,372
|
(921
|
)
|
||||||||||||||||
Small Business Administration
|
22,058
|
(74
|
)
|
—
|
—
|
22,058
|
(74
|
)
|
||||||||||||||||
States and political subdivisions
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
$
|
91,430
|
$
|
(995
|
)
|
$
|
24,762
|
$
|
(265
|
)
|
$
|
116,192
|
$
|
(1,260
|
)
|
2018
|
||||||||||||||||||||||||
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)
|
||||||||||||||||||||||||
Agency mortgage-backed securities
|
$
|
11,255
|
$
|
(82
|
)
|
$
|
74,186
|
$
|
(2,489
|
)
|
$
|
85,441
|
$
|
(2,571
|
)
|
|||||||||
Agency collateralized mortgage obligations
|
9,725
|
(14
|
)
|
—
|
—
|
9,725
|
(14
|
)
|
||||||||||||||||
States and political subdivisions
|
511
|
—
|
—
|
—
|
511
|
—
|
||||||||||||||||||
$
|
21,491
|
$
|
(96
|
)
|
$
|
74,186
|
$
|
(2,489
|
)
|
$
|
95,677
|
$
|
(2,585
|
)
|
2017
|
||||||||||||||||||||||||
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)
|
||||||||||||||||||||||||
Agency mortgage-backed securities
|
$
|
33,862
|
$
|
(384
|
)
|
$
|
55,845
|
$
|
(1,254
|
)
|
$
|
89,707
|
$
|
(1,638
|
)
|
|||||||||
States and political subdivisions
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
$
|
33,862
|
$
|
(384
|
)
|
$
|
55,845
|
$
|
(1,254
|
)
|
$
|
89,707
|
$
|
(1,638
|
)
|
December 31,
|
||||||||||||||||||||||||||
2019
|
2018
|
2017
|
||||||||||||||||||||||||
Percent of
|
Percent of
|
Percent of
|
||||||||||||||||||||||||
Amount
|
Total
|
Amount
|
Total
|
Amount
|
Total
|
|||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||
Time deposits:
|
||||||||||||||||||||||||||
0.00% - 0.99%
|
|
$
|
122,649
|
3.10
|
%
|
$
|
150,656
|
4.05
|
%
|
$
|
254,502
|
7.07
|
%
|
|||||||||||||
1.00% - 1.99%
|
|
523,816
|
13.23
|
511,873
|
13.74
|
1,006,373
|
27.98
|
|||||||||||||||||||
2.00% - 2.99%
|
|
1,053,914
|
26.61
|
857,973
|
23.03
|
106,888
|
2.97
|
|||||||||||||||||||
3.00% - 3.99%
|
|
19,849
|
0.50
|
69,793
|
1.87
|
701
|
0.02
|
|||||||||||||||||||
4.00% - 4.99%
|
|
881
|
0.02
|
1,116
|
0.03
|
1,108
|
0.03
|
|||||||||||||||||||
5.00% and above
|
—
|
—
|
—
|
—
|
272
|
0.01
|
||||||||||||||||||||
Total time deposits
|
1,721,109
|
43.46
|
1,591,411
|
42.72
|
1,369,844
|
38.08
|
||||||||||||||||||||
Non-interest-bearing
demand deposits
|
687,068
|
17.35
|
661,061
|
17.75
|
661,589
|
18.39
|
||||||||||||||||||||
Interest-bearing demand and
savings deposits (0.55% -
0.46% - 0.32%)
|
1,551,929
|
39.19
|
1,472,535
|
39.53
|
1,565,711
|
43.53
|
||||||||||||||||||||
Total Deposits
|
$
|
3,960,106
|
100.00
|
%
|
$
|
3,725,007
|
100.00
|
%
|
$
|
3,597,144
|
100.00
|
%
|
Maturity
|
||||||||||||||||||||
3 Months
Or Less
|
Over
3 to 6
Months
|
Over
6 to 12
Months
|
Over
12
Months
|
Total
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
Time deposits:
|
||||||||||||||||||||
Less than $100,000
|
$
|
157,558
|
$
|
117,911
|
$
|
161,179
|
$
|
81,229
|
$
|
517,877
|
||||||||||
$100,000 or more
|
221,133
|
152,684
|
262,240
|
187,977
|
824,034
|
|||||||||||||||
Brokered
|
183,336
|
80,966
|
40,000
|
67,399
|
371,701
|
|||||||||||||||
Public funds(1)
|
710
|
3,133
|
3,142
|
512
|
7,497
|
|||||||||||||||
Total
|
$
|
562,737
|
$
|
354,694
|
$
|
466,561
|
$
|
337,117
|
$
|
1,721,109
|
(1)
|
Deposits from governmental and other public entities.
|
Year Ended December 31,
|
||||||||||||
2019
|
2018
|
2017
|
||||||||||
(Dollars In Thousands)
|
||||||||||||
FHLBank Advances:
|
||||||||||||
Maximum balance
|
$
|
—
|
$
|
259,000
|
$
|
174,000
|
||||||
Average balance
|
—
|
190,245
|
93,524
|
|||||||||
Weighted average interest rate
|
—
|
%
|
2.09
|
%
|
1.62
|
%
|
December 31,
|
||||||||||||
2019
|
2018
|
2017
|
||||||||||
(Dollars In Thousands)
|
||||||||||||
FHLBank Advances:
|
$
|
—
|
$
|
—
|
$
|
127,500
|
||||||
Weighted average interest
rate of FHLBank advances
|
—
|
%
|
—
|
%
|
1.53
|
%
|
Year Ended December 31, 2019
|
||||||||||||
Maximum
Balance
|
Average
Balance
|
Weighted Average
Interest Rate
|
||||||||||
(Dollars In Thousands)
|
||||||||||||
Other Borrowings:
|
||||||||||||
Securities sold under reverse repurchase agreements
|
$
|
119,024
|
$
|
102,615
|
0.02
|
%
|
||||||
Overnight borrowings -- FHLBank
|
222,000
|
129,542
|
2.36
|
|||||||||
Collateral held for interest rate swap
|
40,020
|
26,517
|
2.12
|
|||||||||
Other
|
1,625
|
1,350
|
—
|
|||||||||
Total
|
$
|
260,024
|
1.40
|
%
|
||||||||
Total maximum month-end balance
|
346,935
|
Year Ended December 31, 2018
|
||||||||||||
Maximum
Balance
|
Average
Balance
|
Weighted Average
Interest Rate
|
||||||||||
(Dollars In Thousands)
|
||||||||||||
Other Borrowings:
|
||||||||||||
Securities sold under reverse repurchase agreements
|
$
|
123,731
|
$
|
104,512
|
0.03
|
%
|
||||||
Overnight borrowings -- FHLBank
|
178,000
|
30,346
|
2.34
|
|||||||||
Collateral held for interest rate swap
|
13,100
|
993
|
2.24
|
|||||||||
Other
|
1,625
|
1,406
|
—
|
|||||||||
Total
|
$
|
137,257
|
0.56
|
%
|
||||||||
Total maximum month-end balance
|
297,978
|
Year Ended December 31, 2017
|
||||||||||||
Maximum
Balance
|
Average
Balance
|
Weighted Average
Interest Rate
|
||||||||||
(Dollars In Thousands)
|
||||||||||||
Other Borrowings:
|
||||||||||||
Securities sold under reverse repurchase agreements
|
$
|
150,703
|
$
|
120,475
|
0.04
|
%
|
||||||
Overnight borrowings -- FHLBank
|
184,000
|
64,448
|
1.09
|
|||||||||
Other
|
1,665
|
1,441
|
—
|
|||||||||
Total
|
$
|
186,364
|
0.40
|
%
|
||||||||
Total maximum month-end balance
|
297,357
|
December 31,
|
||||||||||||||||||||||||
2019
|
2018
|
2017
|
||||||||||||||||||||||
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
|
$
|
84,167
|
0.02
|
%
|
$
|
105,253
|
0.02
|
%
|
$
|
80,531
|
0.05
|
%
|
||||||||||||
Overnight borrowings -- FHLBank
|
196,000
|
1.73
|
178,000
|
2.63
|
15,000
|
1.63
|
||||||||||||||||||
Collateral held for interest rate swap
|
30,890
|
1.57
|
13,100
|
2.30
|
—
|
—
|
||||||||||||||||||
Other
|
1,267
|
—
|
1,625
|
—
|
1,604
|
—
|
||||||||||||||||||
Total
|
$
|
312,324
|
1.25
|
%
|
$
|
297,978
|
1.68
|
%
|
$
|
97,135
|
0.30
|
%
|
Year Ended December 31,
|
||||||||||||
2019
|
2018
|
2017
|
||||||||||
(Dollars In Thousands)
|
||||||||||||
Subordinated debentures:
|
||||||||||||
Maximum balance
|
$
|
25,774
|
$
|
25,774
|
$
|
25,774
|
||||||
Average balance
|
25,774
|
25,774
|
25,774
|
|||||||||
Weighted average interest rate
|
3.95
|
%
|
3.70
|
%
|
3.68
|
%
|
December 31,
|
||||||||||||
2019
|
2018
|
2017
|
||||||||||
(Dollars In Thousands)
|
||||||||||||
Subordinated debentures
|
$
|
25,774
|
$
|
25,774
|
$
|
25,774
|
||||||
Weighted average interest rate
of subordinated debentures |
3.51
|
%
|
4.14
|
%
|
2.98
|
%
|
Year Ended December 31,
|
||||||||||||
2019
|
2018
|
2017
|
||||||||||
(Dollars In Thousands)
|
||||||||||||
Subordinated notes:
|
||||||||||||
Maximum balance
|
$
|
74,276
|
$
|
73,842
|
$
|
73,688
|
||||||
Average balance
|
74,070
|
73,772
|
73,613
|
|||||||||
Weighted average interest rate
|
5.91
|
%
|
5.55
|
%
|
5.57
|
%
|
December 31,
|
||||||||||||
2019
|
2018
|
2017
|
||||||||||
(Dollars In Thousands)
|
||||||||||||
Subordinated notes
|
$
|
74,276
|
$
|
73,842
|
$
|
73,688
|
||||||
Weighted average interest rate
of subordinated debentures |
5.89
|
%
|
5.55
|
%
|
5.57
|
%
|
Metropolitan Statistical Area
|
Number of Branch Offices
|
Percentage of Total Market Share
|
Rank
|
Institution with Leading Market Share Position
|
Springfield, MO
|
19
|
16.0%
|
1
|
Great Southern Bank
|
Sioux City, IA-NE-SD
|
6
|
7.0%
|
4
|
Security National Bank of Sioux City
|
Davenport/Moline/Rock Island, IA-IL
|
5
|
1.2%
|
21
|
Quad City Bank and Trust Co.
|
Des Moines/West Des Moines, IA
|
5
|
0.8%
|
21
|
Principal Bank
|
St. Louis, MO-IL
|
19
|
0.6%
|
27
|
Stifel Bank and Trust
|
Kansas City, MO-KS
|
8
|
0.3%
|
34
|
UMB Bank
|
Fayetteville/Springdale/Rogers, AR-MO
|
1
|
0.2%
|
29
|
Arvest Bank
|
Minneapolis/St. Paul/Bloomington, MN-WI
|
4
|
0.1%
|
40
|
US Bank NA
|
|
• |
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;
|
•
|
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 opened additional banking offices and commercial loan production offices in recent years that enhanced our rate of growth. Also in 2014, we acquired certain loans,
deposits and branches from Boulevard Bank. In 2016, we completed an acquisition of certain loans, deposits and branches in St. Louis from Fifth Third Bank.
|
|
• |
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.
|
Total Number
of Shares
Purchased
|
Average
Price
Per Share
|
Total Number
of Shares
Purchased as
Part of Publicly
Announced Program
|
Maximum
Number of
Shares that May
Yet Be Purchased
Under the Program (1)
|
|||||||||||||
October 1, 2019 - October 31, 2019
|
—
|
—
|
—
|
466,418
|
||||||||||||
November 1, 2019- November 30, 2019
|
—
|
—
|
—
|
466,418
|
||||||||||||
December 1, 2019- December 31, 2019
|
—
|
—
|
—
|
466,418
|
||||||||||||
—
|
—
|
—
|
__________________
|
|
(1)
|
Amount represents the number of shares available to be repurchased under the current program as of the last calendar day of the month shown.
|
December 31,
|
||||||||||||||||||||
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||
Summary Statement of Financial Condition
Information:
|
||||||||||||||||||||
Assets
|
$
|
5,015,072
|
$
|
4,676,200
|
$
|
4,414,521
|
$
|
4,550,663
|
$
|
4,104,189
|
||||||||||
Loans receivable, net
|
4,163,224
|
3,990,651
|
3,734,505
|
3,776,411
|
3,352,797
|
|||||||||||||||
Allowance for loan losses
|
40,294
|
38,409
|
36,492
|
37,400
|
38,149
|
|||||||||||||||
Available-for-sale securities
|
374,175
|
243,968
|
179,179
|
213,872
|
262,856
|
|||||||||||||||
Other real estate and repossessions, net
|
5,525
|
8,440
|
22,002
|
32,658
|
31,893
|
|||||||||||||||
Deposits
|
3,960,106
|
3,725,007
|
3,597,144
|
3,677,230
|
3,268,626
|
|||||||||||||||
Total borrowings and other interest-
bearing liabilities
|
412,374
|
397,594
|
324,097
|
416,786
|
406,797
|
|||||||||||||||
Stockholders' equity (retained
|
||||||||||||||||||||
earnings substantially restricted)
|
603,066
|
531,977
|
471,662
|
429,806
|
398,227
|
|||||||||||||||
Common stockholders' equity
|
603,066
|
531,977
|
471,662
|
429,806
|
398,227
|
|||||||||||||||
Average loans receivable
|
4,155,780
|
3,910,819
|
3,814,560
|
3,659,360
|
3,235,787
|
|||||||||||||||
Average total assets
|
4,855,007
|
4,503,326
|
4,460,196
|
4,370,793
|
4,067,399
|
|||||||||||||||
Average deposits
|
3,889,910
|
3,556,240
|
3,598,579
|
3,475,887
|
3,203,262
|
|||||||||||||||
Average stockholders' equity
|
571,637
|
498,508
|
455,704
|
414,799
|
438,683
|
|||||||||||||||
Number of deposit accounts
|
228,247
|
227,240
|
230,456
|
231,272
|
217,139
|
|||||||||||||||
Number of full-service offices
|
97
|
99
|
104
|
104
|
110
|
|
For the Year Ended December 31,
|
|||||||||||||||||||
|
2019
|
2018
|
2017
|
2016
|
2015
|
|||||||||||||||
|
(In Thousands)
|
|||||||||||||||||||
Summary Statement of Income Information:
|
||||||||||||||||||||
Interest income:
|
||||||||||||||||||||
Loans
|
$
|
223,047
|
$
|
198,226
|
$
|
176,654
|
$
|
178,883
|
$
|
177,240
|
||||||||||
Investment securities and other
|
11,947
|
7,723
|
6,407
|
6,292
|
7,111
|
|||||||||||||||
|
234,994
|
205,949
|
183,061
|
185,175
|
184,351
|
|||||||||||||||
Interest expense:
|
||||||||||||||||||||
Deposits
|
45,570
|
27,957
|
20,595
|
17,387
|
13,511
|
|||||||||||||||
Federal Home Loan Bank advances
|
—
|
3,985
|
1,516
|
1,214
|
1,707
|
|||||||||||||||
Short-term borrowings and repurchase agreements
|
3,635
|
765
|
747
|
1,137
|
65
|
|||||||||||||||
Subordinated debentures issued to capital trust
|
1,019
|
953
|
949
|
803
|
714
|
|||||||||||||||
Subordinated notes
|
4,378
|
4,097
|
4,098
|
1,578
|
—
|
|||||||||||||||
|
54,602
|
37,757
|
27,905
|
22,119
|
15,997
|
|||||||||||||||
Net interest income
|
180,392
|
168,192
|
155,156
|
163,056
|
168,354
|
|||||||||||||||
Provision for loan losses
|
6,150
|
7,150
|
9,100
|
9,281
|
5,519
|
|||||||||||||||
Net interest income after provision for loan losses
|
174,242
|
161,042
|
146,056
|
153,775
|
162,835
|
|||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Commissions
|
889
|
1,137
|
1,041
|
1,097
|
1,136
|
|||||||||||||||
Service charges and ATM fees
|
20,898
|
21,695
|
21,628
|
21,666
|
19,841
|
|||||||||||||||
Net realized gains on sales of loans
|
2,607
|
1,788
|
3,150
|
3,941
|
3,888
|
|||||||||||||||
Net realized gains (losses) on sales of
|
||||||||||||||||||||
available-for-sale securities
|
(62
|
)
|
2
|
—
|
2,873
|
2
|
||||||||||||||
Late charges and fees on loans
|
1,432
|
1,622
|
2,231
|
1,747
|
2,129
|
|||||||||||||||
Gain (loss) on derivative interest rate products
|
(104
|
)
|
25
|
28
|
66
|
(43
|
)
|
|||||||||||||
Gain recognized on sale of business units
|
—
|
7,414
|
—
|
—
|
—
|
|||||||||||||||
Gain on termination of loss sharing agreements
|
—
|
—
|
7,705
|
(584
|
)
|
—
|
||||||||||||||
Amortization of income/expense related to business acquisition
|
—
|
—
|
(486
|
)
|
(6,351
|
)
|
(18,345
|
)
|
||||||||||||
Other income
|
5,297
|
2,535
|
3,230
|
4,055
|
4,973
|
|||||||||||||||
|
30,957
|
36,218
|
38,527
|
28,510
|
13,581
|
|||||||||||||||
Noninterest expense:
|
||||||||||||||||||||
Salaries and employee benefits
|
63,224
|
60,215
|
60,034
|
60,377
|
58,682
|
|||||||||||||||
Net occupancy expense
|
26,217
|
25,628
|
24,613
|
26,077
|
25,985
|
|||||||||||||||
Postage
|
3,198
|
3,348
|
3,461
|
3,791
|
3,787
|
|||||||||||||||
Insurance
|
2,015
|
2,674
|
2,959
|
3,482
|
3,566
|
|||||||||||||||
Advertising
|
2,808
|
2,460
|
2,311
|
2,228
|
2,317
|
|||||||||||||||
Office supplies and printing
|
1,077
|
1,047
|
1,446
|
1,708
|
1,333
|
|||||||||||||||
Telephone
|
3,580
|
3,272
|
3,188
|
3,483
|
3,235
|
|||||||||||||||
Legal, audit and other professional fees
|
2,624
|
3,423
|
2,862
|
3,191
|
2,713
|
|||||||||||||||
Expense on other real estate and repossessions
|
2,184
|
4,919
|
3,929
|
4,111
|
2,526
|
|||||||||||||||
Partnership tax credit investment amortization
|
365
|
575
|
930
|
1,681
|
1,680
|
|||||||||||||||
Acquired deposit intangible asset amortization
|
1,190
|
1,562
|
1,650
|
1,910
|
1,750
|
|||||||||||||||
Other operating expenses
|
6,656
|
6,187
|
6,878
|
8,388
|
6,776
|
|||||||||||||||
|
115,138
|
115,310
|
114,261
|
120,427
|
114,350
|
|||||||||||||||
Income before income taxes
|
90,061
|
81,950
|
70,322
|
61,858
|
62,066
|
|||||||||||||||
Provision for income taxes
|
16,449
|
14,841
|
18,758
|
16,516
|
15,564
|
|||||||||||||||
Net income
|
73,612
|
67,109
|
51,564
|
45,342
|
46,502
|
|||||||||||||||
Preferred stock dividends and discount accretion
|
—
|
—
|
—
|
—
|
554
|
|||||||||||||||
Net income available to common shareholders
|
$
|
73,612
|
$
|
67,109
|
$
|
51,564
|
$
|
45,342
|
$
|
45,948
|
|
At or For the Year Ended December 31,
|
|||||||||||||||||||
|
2019
|
2018
|
2017
|
2016
|
2015
|
|||||||||||||||
|
(Number of shares in thousands)
|
|||||||||||||||||||
Per Common Share Data:
|
||||||||||||||||||||
Basic earnings per common share
|
$
|
5.18
|
$
|
4.75
|
$
|
3.67
|
$
|
3.26
|
$
|
3.33
|
||||||||||
Diluted earnings per common share
|
5.14
|
4.71
|
3.64
|
3.21
|
3.28
|
|||||||||||||||
Cash dividends declared
|
2.07
|
1.20
|
0.94
|
0.88
|
0.86
|
|||||||||||||||
Book value per common share
|
42.29
|
37.59
|
33.48
|
30.77
|
28.67
|
|||||||||||||||
Average shares outstanding
|
14,201
|
14,132
|
14,032
|
13,912
|
13,818
|
|||||||||||||||
Year-end actual shares outstanding
|
14,261
|
14,151
|
14,088
|
13,968
|
13,888
|
|||||||||||||||
Average fully diluted shares outstanding
|
14,330
|
14,260
|
14,180
|
14,141
|
14,000
|
|||||||||||||||
|
||||||||||||||||||||
Earnings Performance Ratios:
|
||||||||||||||||||||
Return on average assets(1)
|
1.52
|
%
|
1.49
|
%
|
1.16
|
%
|
1.04
|
%
|
1.14
|
%
|
||||||||||
Return on average stockholders' equity(2)
|
12.88
|
13.46
|
11.32
|
10.93
|
12.13
|
|||||||||||||||
Non-interest income to average total assets
|
0.64
|
0.80
|
0.86
|
0.65
|
0.33
|
|||||||||||||||
Non-interest expense to average total assets
|
2.37
|
2.56
|
2.56
|
2.76
|
2.81
|
|||||||||||||||
Average interest rate spread(3)
|
3.62
|
3.75
|
3.59
|
3.93
|
4.44
|
|||||||||||||||
Year-end interest rate spread
|
3.28
|
3.60
|
3.67
|
3.60
|
3.80
|
|||||||||||||||
Net interest margin(4)
|
3.95
|
3.99
|
3.74
|
4.05
|
4.53
|
|||||||||||||||
Efficiency ratio(5)
|
54.48
|
56.41
|
58.99
|
62.86
|
62.85
|
|||||||||||||||
Net overhead ratio(6)
|
1.73
|
1.76
|
1.70
|
2.10
|
2.48
|
|||||||||||||||
Common dividend pay-out ratio(7)
|
40.27
|
25.48
|
25.82
|
27.41
|
26.22
|
|||||||||||||||
|
||||||||||||||||||||
Asset Quality Ratios (8):
|
||||||||||||||||||||
Allowance for loan losses/year-end loans
|
1.00
|
%
|
0.98
|
%
|
1.01
|
%
|
1.04
|
%
|
1.20
|
%
|
||||||||||
Non-performing assets/year-end loans and foreclosed assets
|
0.19
|
0.29
|
0.73
|
1.02
|
1.28
|
|||||||||||||||
Allowance for loan losses/non-performing loans
|
891.66
|
609.67
|
324.23
|
265.60
|
230.24
|
|||||||||||||||
Net charge-offs/average loans
|
0.10
|
0.13
|
0.26
|
0.29
|
0.20
|
|||||||||||||||
Gross non-performing assets/year end assets
|
0.16
|
0.25
|
0.63
|
0.86
|
1.07
|
|||||||||||||||
Non-performing loans/year-end loans
|
0.11
|
0.16
|
0.30
|
0.37
|
0.49
|
|||||||||||||||
|
||||||||||||||||||||
Balance Sheet Ratios:
|
||||||||||||||||||||
Loans to deposits
|
105.13
|
%
|
107.13
|
%
|
103.82
|
%
|
102.70
|
%
|
102.58
|
%
|
||||||||||
Average interest-earning assets as a percentage
of average interest-bearing liabilities
|
127.50
|
126.47
|
123.74
|
121.33
|
121.60
|
|||||||||||||||
|
||||||||||||||||||||
Capital Ratios:
|
||||||||||||||||||||
Average common stockholders' equity to average assets
|
11.8
|
%
|
11.1
|
%
|
10.2
|
%
|
9.5
|
%
|
9.4
|
%
|
||||||||||
Year-end tangible common stockholders' equity to tangible assets(9)
|
11.9
|
11.2
|
10.5
|
9.2
|
9.6
|
|||||||||||||||
Great Southern Bancorp, Inc.:
|
||||||||||||||||||||
Tier 1 capital ratio
|
12.5
|
11.9
|
11.4
|
10.8
|
11.5
|
|||||||||||||||
Total capital ratio
|
15.0
|
14.4
|
14.1
|
13.6
|
12.6
|
|||||||||||||||
Tier 1 leverage ratio
|
11.8
|
11.7
|
10.9
|
9.9
|
10.2
|
|||||||||||||||
Common equity Tier 1 ratio
|
12.0
|
11.4
|
10.9
|
10.2
|
10.8
|
|||||||||||||||
Great Southern Bank:
|
||||||||||||||||||||
Tier 1 capital ratio
|
13.1
|
12.4
|
12.3
|
11.8
|
11.0
|
|||||||||||||||
Total capital ratio
|
14.0
|
13.3
|
13.2
|
12.7
|
12.1
|
|||||||||||||||
Tier 1 leverage ratio
|
12.3
|
12.2
|
11.7
|
10.8
|
9.8
|
|||||||||||||||
Common equity Tier 1 ratio
|
13.1
|
12.4
|
12.3
|
11.8
|
11.0
|
____________________
|
|
(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)
|
Cash dividends per common share divided by earnings per common share.
|
(8)
|
Excludes assets acquiured in FDIC-assisted transactions.
|
(9)
|
Non-GAAP Financial Measure. For additional information, including a reconciliation to GAAP, see “Item 7. Management’s Discussion and Analysis of
Financial Condition and Results of Operations – Non-GAAP Financial Measures.”
|
Beginning
Balance, January 1 |
Additions to
Non- Performing |
Removed
from Non- Performing |
Transfers to
Potential Problem Loans |
Transfers to
Foreclosed Assets and Repossessions |
Charge-
Offs |
Payments
|
Ending
Balance, December 31 |
|||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||
One- to four-family
construction
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||||||
Subdivision construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
Land development
|
49
|
3,769
|
—
|
—
|
(3,498
|
)
|
(220
|
)
|
(100
|
)
|
—
|
|||||||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
One- to four-family
residential
|
2,664
|
1,719
|
—
|
(87
|
)
|
(1,831
|
)
|
(490
|
)
|
(596
|
)
|
1,379
|
||||||||||||||||||||
Other residential
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
Commercial real estate
|
334
|
4,075
|
(118
|
)
|
—
|
(2,900
|
)
|
—
|
(759
|
)
|
632
|
|||||||||||||||||||||
Other commercial
|
1,437
|
64
|
—
|
—
|
—
|
(116
|
)
|
(150
|
)
|
1,235
|
||||||||||||||||||||||
Consumer
|
1,816
|
1,862
|
—
|
(166
|
)
|
(287
|
)
|
(1,153
|
)
|
(799
|
)
|
1,273
|
||||||||||||||||||||
Total
|
$
|
6,300
|
$
|
11,489
|
$
|
(118
|
)
|
$
|
(253
|
)
|
$
|
(8,516
|
)
|
$
|
(1,979
|
)
|
$
|
(2,404
|
)
|
$
|
4,519
|
Beginning
Balance, January 1 |
Additions
|
ORE and
Repossession Sales |
Capitalized
Costs |
ORE and
Repossession Write-Downs |
Ending
Balance, December 31 |
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
One- to four-family construction
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||
Subdivision construction
|
1,092
|
—
|
(337
|
)
|
101
|
(167
|
)
|
689
|
||||||||||||||||
Land development
|
3,191
|
3,498
|
(4,196
|
)
|
—
|
(677
|
)
|
1,816
|
||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
One- to four-family residential
|
269
|
1,867
|
(1,555
|
)
|
20
|
—
|
601
|
|||||||||||||||||
Other residential
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Commercial real estate
|
—
|
2,900
|
(2,900
|
)
|
—
|
—
|
—
|
|||||||||||||||||
Commercial business
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Consumer
|
928
|
4,003
|
(4,386
|
)
|
—
|
—
|
545
|
|||||||||||||||||
Total
|
$
|
5,480
|
$
|
12,268
|
$
|
(13,374
|
)
|
$
|
121
|
$
|
(844
|
)
|
$
|
3,651
|
Beginning
Balance, January 1 |
Additions to Potential
Problem |
Removed
from Potential Problem |
Transfers to Non-
Performing |
Transfers to
Foreclosed Assets and Repossessions |
Charge-Offs
|
Payments
|
Ending
Balance, December 31 |
|||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||
One- to four-family
construction
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||||||
Subdivision construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
Land development
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
One- to four-family
residential
|
1,044
|
104
|
(30
|
)
|
(151
|
)
|
—
|
—
|
(176
|
)
|
791
|
|||||||||||||||||||||
Other residential
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
Commercial real estate
|
2,053
|
1,931
|
(124
|
)
|
—
|
—
|
—
|
(782
|
)
|
3,078
|
||||||||||||||||||||||
Other commercial
|
—
|
37
|
—
|
—
|
—
|
(21
|
)
|
(16
|
)
|
—
|
||||||||||||||||||||||
Consumer
|
206
|
467
|
—
|
(22
|
)
|
(6
|
)
|
(31
|
)
|
(102
|
)
|
512
|
||||||||||||||||||||
Total
|
$
|
3,303
|
$
|
2,539
|
$
|
(154
|
)
|
$
|
(173
|
)
|
$
|
(6
|
)
|
$
|
(52
|
)
|
$
|
(1,076
|
)
|
$
|
4,381
|
Dec. 31,
2019(2)
|
Year Ended
December 31, 2019
|
Year Ended
December 31, 2018
|
Year Ended
December 31, 2017
|
|||||||||||||||||||||||||||||||||||||
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
|
4.07
|
%
|
$
|
532,051
|
$
|
27,450
|
5.16
|
%
|
$
|
449,917
|
$
|
22,924
|
5.10
|
%
|
$
|
459,227
|
$
|
22,102
|
4.81
|
%
|
||||||||||||||||||||
Other residential
|
5.00
|
812,412
|
43,931
|
5.41
|
761,115
|
38,863
|
5.11
|
706,217
|
31,970
|
4.53
|
||||||||||||||||||||||||||||||
Commercial real estate
|
4.84
|
1,443,435
|
74,256
|
5.14
|
1,325,398
|
64,605
|
4.87
|
1,240,017
|
54,911
|
4.43
|
||||||||||||||||||||||||||||||
Construction
|
5.12
|
706,581
|
41,767
|
5.91
|
569,570
|
31,198
|
5.48
|
454,907
|
21,099
|
4.64
|
||||||||||||||||||||||||||||||
Commercial business
|
4.89
|
258,606
|
13,234
|
5.12
|
285,125
|
14,104
|
4.95
|
295,379
|
14,666
|
4.97
|
||||||||||||||||||||||||||||||
Other loans
|
5.72
|
387,854
|
21,511
|
5.55
|
499,131
|
25,250
|
5.06
|
632,968
|
30,356
|
4.80
|
||||||||||||||||||||||||||||||
Industrial revenue bonds (1)
|
4.87
|
14,841
|
898
|
6.05
|
20,563
|
1,282
|
6.23
|
25,845
|
1,550
|
6.00
|
||||||||||||||||||||||||||||||
Total loans receivable
|
4.97
|
4,155,780
|
223,047
|
5.37
|
3,910,819
|
198,226
|
5.07
|
3,814,560
|
176,654
|
4.63
|
||||||||||||||||||||||||||||||
Investment securities (1)
|
3.20
|
326,450
|
10,066
|
3.08
|
201,330
|
5,835
|
2.90
|
207,803
|
5,195
|
2.50
|
||||||||||||||||||||||||||||||
Other interest-earning assets
|
1.75
|
87,767
|
1,881
|
2.14
|
104,220
|
1,888
|
1.81
|
121,604
|
1,212
|
1.00
|
||||||||||||||||||||||||||||||
Total interest-earning assets
|
4.74
|
4,569,997
|
234,994
|
5.14
|
4,216,369
|
205,949
|
4.88
|
4,143,967
|
183,061
|
4.42
|
||||||||||||||||||||||||||||||
Non-interest-earning assets:
|
||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
92,315
|
97,796
|
103,505
|
|||||||||||||||||||||||||||||||||||||
Other non-earning assets
|
192,695
|
189,161
|
212,724
|
|||||||||||||||||||||||||||||||||||||
Total assets
|
$
|
4,855,007
|
$
|
4,503,326
|
$
|
4,460,196
|
||||||||||||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||||||
Interest-bearing
demand and savings
|
0.55
|
$
|
1,507,518
|
7,971
|
0.53
|
$
|
1,531,375
|
5,982
|
0.39
|
$
|
1,555,375
|
4,698
|
0.30
|
|||||||||||||||||||||||||||
Time deposits
|
2.09
|
1,716,786
|
37,599
|
2.19
|
1,375,508
|
21,975
|
1.60
|
1,414,189
|
15,897
|
1.12
|
||||||||||||||||||||||||||||||
Total deposits
|
1.36
|
3,224,304
|
45,570
|
1.41
|
2,906,883
|
27,957
|
0.96
|
2,969,564
|
20,595
|
0.69
|
||||||||||||||||||||||||||||||
Short-term borrowings,
repurchase agreements
and other interest-bearing
liabilities
|
1.25
|
260,024
|
3,635
|
1.40
|
137,257
|
765
|
0.56
|
186,364
|
747
|
0.40
|
||||||||||||||||||||||||||||||
Subordinated debentures
issued to capital trust
|
3.51
|
25,774
|
1,019
|
3.95
|
25,774
|
953
|
3.70
|
25,774
|
949
|
3.68
|
||||||||||||||||||||||||||||||
Subordinated notes
|
5.89
|
74,070
|
4,378
|
5.91
|
73,772
|
4,097
|
5.55
|
73,613
|
4,098
|
5.57
|
||||||||||||||||||||||||||||||
FHLB advances
|
—
|
—
|
—
|
—
|
190,245
|
3,985
|
2.09
|
93,524
|
1,516
|
1.62
|
||||||||||||||||||||||||||||||
Total interest-bearing liabilities
|
1.46
|
3,584,172
|
54,602
|
1.52
|
3,333,931
|
37,757
|
1.13
|
3,348,839
|
27,905
|
0.83
|
||||||||||||||||||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||||||
Demand deposits
|
665,606
|
649,357
|
629,015
|
|||||||||||||||||||||||||||||||||||||
Other liabilities
|
33,592
|
21,530
|
26,638
|
|||||||||||||||||||||||||||||||||||||
Total liabilities
|
4,283,370
|
4,004,818
|
4,004,492
|
|||||||||||||||||||||||||||||||||||||
Stockholders’ equity
|
571,637
|
498,508
|
455,704
|
|||||||||||||||||||||||||||||||||||||
Total liabilities and
stockholders’ equity
|
$
|
4,855,007
|
$
|
4,503,326
|
$
|
4,460,196
|
||||||||||||||||||||||||||||||||||
Net interest income:
|
||||||||||||||||||||||||||||||||||||||||
Interest rate spread
|
3.28
|
%
|
$
|
180,392
|
3.62
|
%
|
$
|
168,192
|
3.75
|
%
|
$
|
155,156
|
3.59
|
%
|
||||||||||||||||||||||||||
Net interest margin*
|
3.95
|
%
|
3.99
|
%
|
3.74
|
%
|
||||||||||||||||||||||||||||||||||
Average interest-earning assets
to average interest-bearing liabilities
|
127.5
|
%
|
126.5
|
%
|
123.7
|
%
|
*
|
Defined as the Company's net interest income divided by total interest-earning assets.
|
|
(1)
|
Of the total average balance of investment securities, average tax-exempt investment securities were $41.7 million, $53.6 million and $61.5
million for 2019, 2018 and 2017, respectively. In addition, average tax-exempt industrial revenue bonds were $20.8 million, $24.8 million and $28.6 million in 2019, 2018 and 2017, respectively. Interest income on tax-exempt assets included in
this table was $2.4 million, $3.1 million and $3.3 million for 2019, 2018 and 2017, respectively. Interest income net of disallowed interest expense related to tax-exempt assets was $2.2 million, $2.9 million and $3.1 million for 2019, 2018
and 2017, respectively.
|
|
(2)
|
The yield/rate on loans at December 31, 2019 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 2019 results of operations.
|
Year Ended
December 31, 2019 vs. December 31, 2018 |
Year Ended
December 31, 2018 vs. December 31, 2017 |
|||||||||||||||||||||||
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
|
$
|
12,028
|
$
|
12,793
|
$
|
24,821
|
$
|
17,025
|
$
|
4,547
|
$
|
21,572
|
||||||||||||
Investment securities
|
395
|
3,836
|
4,231
|
796
|
(156
|
)
|
640
|
|||||||||||||||||
Other interest-earning assets
|
51
|
(58
|
)
|
(7
|
)
|
819
|
(143
|
)
|
676
|
|||||||||||||||
Total interest-earning assets
|
12,474
|
16,571
|
29,045
|
18,640
|
4,248
|
22,888
|
||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Demand deposits
|
2,081
|
(92
|
)
|
1,989
|
1,355
|
(71
|
)
|
1,284
|
||||||||||||||||
Time deposits
|
9,362
|
6,262
|
15,624
|
6,500
|
(422
|
)
|
6,078
|
|||||||||||||||||
Total deposits
|
11,443
|
6,170
|
17,613
|
7,855
|
(493
|
)
|
7,362
|
|||||||||||||||||
Short-term borrowings and
repurchase agreements
|
1,802
|
1,068
|
2,870
|
55
|
(37
|
)
|
18
|
|||||||||||||||||
Subordinated debentures issued
to capital trust
|
66
|
—
|
66
|
4
|
—
|
4
|
||||||||||||||||||
Subordinated notes
|
276
|
5
|
281
|
(1
|
)
|
—
|
(1
|
)
|
||||||||||||||||
FHLBank advances
|
—
|
(3,985
|
)
|
(3,985
|
)
|
544
|
1,925
|
2,469
|
||||||||||||||||
Total interest-bearing liabilities
|
13,587
|
3,258
|
16,845
|
8,457
|
1,395
|
9,852
|
||||||||||||||||||
Net interest income
|
$
|
(1,113
|
)
|
$
|
13,313
|
$
|
12,200
|
$
|
10,183
|
$
|
2,853
|
$
|
13,036
|
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
|
98
|
—
|
—
|
—
|
—
|
(3
|
)
|
(95
|
)
|
—
|
||||||||||||||||||||||
Land development
|
—
|
49
|
—
|
—
|
—
|
—
|
—
|
49
|
||||||||||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
One- to four-family residential
|
2,728
|
975
|
(81
|
)
|
(67
|
)
|
(467
|
)
|
(30
|
)
|
(394
|
)
|
2,664
|
|||||||||||||||||||
Other residential
|
1,877
|
3
|
—
|
—
|
(1,601
|
)
|
(279
|
)
|
—
|
—
|
||||||||||||||||||||||
Commercial real estate
|
1,226
|
157
|
—
|
—
|
(894
|
)
|
(101
|
)
|
(54
|
)
|
334
|
|||||||||||||||||||||
Other commercial
|
2,063
|
2,321
|
—
|
—
|
—
|
(1,024
|
)
|
(1,923
|
)
|
1,437
|
||||||||||||||||||||||
Consumer
|
3,263
|
2,725
|
(7
|
)
|
(461
|
)
|
(790
|
)
|
(1,884
|
)
|
(1,030
|
)
|
1,816
|
|||||||||||||||||||
Total
|
$
|
11,255
|
$
|
6,230
|
$
|
(88
|
)
|
$
|
(528
|
)
|
$
|
(3,752
|
)
|
$
|
(3,321
|
)
|
$
|
(3,496
|
)
|
$
|
6,300
|
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
|
5,413
|
—
|
(2,402
|
)
|
—
|
(1,919
|
)
|
1,092
|
||||||||||||||||
Land development
|
7,729
|
20
|
(2,837
|
)
|
—
|
(1,721
|
)
|
3,191
|
||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
|
—
|
|||||||||||||||||
One- to four-family residential
|
112
|
820
|
(663
|
)
|
—
|
—
|
269
|
|||||||||||||||||
Other residential
|
140
|
1,601
|
(1,884
|
)
|
143
|
—
|
—
|
|||||||||||||||||
Commercial real estate
|
1,194
|
894
|
(1,932
|
)
|
10
|
(166
|
)
|
—
|
||||||||||||||||
Commercial business
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Consumer
|
1,987
|
7,711
|
(8,770
|
)
|
—
|
—
|
928
|
|||||||||||||||||
Total
|
$
|
16,575
|
$
|
11,046
|
$
|
(18,488
|
)
|
$
|
153
|
$
|
(3,806
|
)
|
$
|
5,480
|
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
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
Land development
|
4
|
—
|
(3
|
)
|
—
|
—
|
—
|
(1
|
)
|
—
|
||||||||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
One- to four-family residential
|
1,122
|
122
|
—
|
—
|
—
|
—
|
(200
|
)
|
1,044
|
|||||||||||||||||||||||
Other residential
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
Commercial real estate
|
5,759
|
2,180
|
(4,709
|
)
|
—
|
—
|
—
|
(1,177
|
)
|
2,053
|
||||||||||||||||||||||
Other commercial
|
503
|
—
|
(59
|
)
|
(407
|
)
|
—
|
—
|
(37
|
)
|
—
|
|||||||||||||||||||||
Consumer
|
549
|
455
|
(497
|
)
|
(82
|
)
|
—
|
(30
|
)
|
(189
|
)
|
206
|
||||||||||||||||||||
Total
|
$
|
7,937
|
$
|
2,757
|
$
|
(5,268
|
)
|
$
|
(489
|
)
|
$
|
—
|
$
|
(30
|
)
|
$
|
(1,604
|
)
|
$
|
3,303
|
Payments Due In:
|
||||||||||||||||
One Year or
Less
|
Over One to
Five Years
|
Over Five
Years
|
Total
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Deposits without a stated maturity
|
$
|
2,238,997
|
$
|
—
|
$
|
—
|
$
|
2,238,997
|
||||||||
Time and brokered certificates of deposit
|
1,383,992
|
336,288
|
829
|
1,721,109
|
||||||||||||
Short-term borrowings
|
312,324
|
—
|
—
|
312,324
|
||||||||||||
Subordinated debentures
|
—
|
—
|
25,774
|
25,774
|
||||||||||||
Subordinated notes
|
—
|
—
|
74,276
|
74,276
|
||||||||||||
Operating leases
|
1,132
|
4,377
|
5,186
|
10,695
|
||||||||||||
Dividends declared but not paid
|
4,849
|
—
|
—
|
4,849
|
||||||||||||
$
|
3,941,294
|
$
|
340,665
|
$
|
106,065
|
$
|
4,388,024
|
December 31, 2019
|
December 31, 2018
|
||
Federal Home Loan Bank line
|
$867.1 million
|
$666.8 million
|
|
Federal Reserve Bank line
|
367.8 million
|
460.7 million
|
|
Interest-Bearing and Non-Interest-Bearing Deposits
|
220.2 million
|
202.7 million
|
|
Unpledged Securities
|
228.5 million
|
87.1 million
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Common equity at period end
|
$
|
603,066
|
$
|
531,977
|
$
|
471,662
|
$
|
429,806
|
$
|
398,227
|
||||||||||
Less: Intangible assets at period end
|
8,098
|
9,288
|
10,850
|
12,500
|
5,758
|
|||||||||||||||
Tangible common equity at period end (a)
|
$
|
594,968
|
$
|
522,689
|
$
|
460,812
|
$
|
417,306
|
$
|
392,469
|
||||||||||
Total assets at period end
|
$
|
5,015,072
|
$
|
4,676,200
|
$
|
4,414,521
|
$
|
4,550,663
|
$
|
4,104,189
|
||||||||||
Less: Intangible assets at period end
|
8,098
|
9,288
|
10,850
|
12,500
|
5,758
|
|||||||||||||||
Tangible assets at period end (b)
|
$
|
5,006,974
|
$
|
4,666,912
|
$
|
4,403,671
|
$
|
4,538,163
|
$
|
4,098,431
|
||||||||||
Tangible common equity to tangible
assets (a) / (b)
|
11.88
|
%
|
11.20
|
%
|
10.46
|
%
|
9.20
|
%
|
9.58
|
%
|
December 31,
|
December 31,
|
|||||||||||||||||||||||||||||||
2020
|
2021
|
2022
|
2023
|
2024
|
Thereafter
|
Total
|
2019
Fair Value
|
|||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||
Financial Assets:
|
||||||||||||||||||||||||||||||||
Interest bearing deposits
|
$
|
120,856
|
—
|
—
|
—
|
—
|
—
|
$
|
120,856
|
$
|
120,856
|
|||||||||||||||||||||
Weighted average rate
|
1.75
|
%
|
—
|
—
|
—
|
—
|
—
|
1.75
|
%
|
|||||||||||||||||||||||
Available-for-sale debt
securities(1) |
$
|
17,669
|
$
|
5,956
|
$
|
790
|
$
|
13,371
|
$
|
796
|
$
|
335,593
|
$
|
374,175
|
$
|
374,175
|
||||||||||||||||
Weighted average rate
|
5.26
|
%
|
4.89
|
%
|
5.32
|
%
|
3.12
|
%
|
3.78
|
%
|
3.00
|
%
|
3.15
|
%
|
||||||||||||||||||
Adjustable rate loans
|
$
|
537,982
|
$
|
564,379
|
$
|
363,777
|
$
|
307,267
|
$
|
139,603
|
$
|
606,150
|
$
|
2,519,158
|
$
|
2,467,618
|
||||||||||||||||
Weighted average rate
|
4.85
|
%
|
4.81
|
%
|
4.75
|
%
|
4.73
|
%
|
4..57
|
%
|
3.87
|
%
|
4.56
|
%
|
||||||||||||||||||
Fixed rate loans
|
$
|
338,899
|
$
|
345,292
|
$
|
261,295
|
$
|
239,456
|
$
|
163,812
|
$
|
352,079
|
$
|
1,700,833
|
$
|
1,662,366
|
||||||||||||||||
Weighted average rate
|
4.57
|
%
|
4.86
|
%
|
5.43
|
%
|
5.47
|
%
|
5.27
|
%
|
5.21
|
%
|
5.09
|
%
|
||||||||||||||||||
Federal Home Loan Bank stock
|
—
|
—
|
—
|
—
|
—
|
$
|
13,473
|
$
|
13,473
|
$
|
13,473
|
|||||||||||||||||||||
Weighted average rate
|
—
|
—
|
—
|
—
|
—
|
4.71
|
%
|
4.71
|
%
|
|||||||||||||||||||||||
Total financial assets
|
$
|
1,015,406
|
$
|
915,627
|
$
|
625,862
|
$
|
560,094
|
$
|
304,211
|
$
|
1,307,295
|
$
|
4,728,495
|
||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Financial Liabilities:
|
||||||||||||||||||||||||||||||||
Time deposits
|
$
|
1,383,992
|
$
|
185,122
|
$
|
67,592
|
$
|
60,210
|
$
|
23,364
|
$
|
829
|
$
|
1,721,109
|
$
|
1,724,878
|
||||||||||||||||
Weighted average rate
|
2.07
|
%
|
2.35
|
%
|
2.18
|
%
|
2.07
|
%
|
2.21
|
%
|
1.92
|
%
|
2.09
|
%
|
||||||||||||||||||
Interest-bearing demand
|
$
|
1,551,929
|
—
|
—
|
—
|
—
|
—
|
$
|
1,551,929
|
$
|
1,551,929
|
|||||||||||||||||||||
Weighted average rate
|
0.55
|
%
|
—
|
—
|
—
|
—
|
—
|
0.55
|
%
|
|||||||||||||||||||||||
Non-interest-bearing demand
|
$
|
687,068
|
—
|
—
|
—
|
—
|
—
|
$
|
687,068
|
$
|
687,068
|
|||||||||||||||||||||
Weighted average rate
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||
Short-term borrowings
|
$
|
312,324
|
—
|
—
|
—
|
—
|
—
|
$
|
312,324
|
$
|
312,324
|
|||||||||||||||||||||
Weighted average rate
|
1.25
|
%
|
—
|
—
|
—
|
—
|
—
|
1.25
|
%
|
|||||||||||||||||||||||
Subordinated notes
|
—
|
—
|
—
|
—
|
—
|
$
|
75,000
|
$
|
75,000
|
$
|
76,875
|
|||||||||||||||||||||
Weighted average rate
|
—
|
—
|
—
|
—
|
—
|
5.89
|
%
|
5.89
|
%
|
|||||||||||||||||||||||
Subordinated debentures
|
—
|
—
|
—
|
—
|
—
|
$
|
25,774
|
$
|
25,774
|
$
|
25,774
|
|||||||||||||||||||||
Weighted average rate
|
—
|
—
|
—
|
—
|
—
|
3.51
|
%
|
3.51
|
%
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total financial liabilities
|
$
|
3,935,313
|
$
|
185,122
|
$
|
67,592
|
$
|
60,210
|
$
|
23,364
|
$
|
101,603
|
$
|
4,373,204
|
_______________
|
|
(1)
|
Available-for-sale debt securities include approximately $317.0 million of mortgage-backed securities and
collateralized mortgage obligations which pay interest and principal monthly to the Company. Of this total, $20.7 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,
|
December 31,
|
|||||||||||||||||||||||||||||||
2019
|
||||||||||||||||||||||||||||||||
2020
|
2021
|
2022
|
2023
|
2024
|
Thereafter
|
Total
|
Fair Value
|
|||||||||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||
Financial Assets:
|
||||||||||||||||||||||||||||||||
Interest bearing deposits
|
$
|
120,856
|
—
|
—
|
—
|
—
|
—
|
$
|
120,856
|
$
|
120,856
|
|||||||||||||||||||||
Weighted average rate
|
1.75
|
%
|
—
|
—
|
—
|
—
|
—
|
1.75
|
%
|
|||||||||||||||||||||||
Available-for-sale debt
securities(1) |
$
|
17,669
|
$
|
5,956
|
$
|
8,300
|
$
|
26,566
|
$
|
796
|
$
|
314,888
|
$
|
374,175
|
$
|
374,175
|
||||||||||||||||
Weighted average rate
|
5.26
|
%
|
4.89
|
%
|
2.44
|
%
|
2.54
|
%
|
3.78
|
%
|
3.06
|
%
|
3.15
|
%
|
||||||||||||||||||
Adjustable rate loans
|
$
|
2,183,580
|
$
|
53,020
|
$
|
16,472
|
$
|
31,366
|
$
|
26,266
|
$
|
208,454
|
$
|
2,519,158
|
$
|
2,467,618
|
||||||||||||||||
Weighted average rate
|
4.67
|
%
|
4.21
|
%
|
3.95
|
%
|
4.27
|
%
|
4.21
|
%
|
3.70
|
%
|
4.56
|
%
|
||||||||||||||||||
Fixed rate loans
|
$
|
338,899
|
$
|
345,292
|
$
|
261,295
|
$
|
239,456
|
$
|
163,812
|
$
|
352,079
|
$
|
1,700,833
|
$
|
1,662,366
|
||||||||||||||||
Weighted average rate
|
4.57
|
%
|
4.86
|
%
|
5.43
|
%
|
5.47
|
%
|
5.27
|
%
|
5.27
|
%
|
5.09
|
%
|
||||||||||||||||||
Federal Home Loan Bank stock
|
$
|
13,473
|
—
|
—
|
—
|
—
|
—
|
$
|
13,473
|
$
|
13,473
|
|||||||||||||||||||||
Weighted average rate
|
4.71
|
%
|
—
|
—
|
—
|
—
|
—
|
4.71
|
%
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total financial assets
|
$
|
2,674,477
|
$
|
404,268
|
$
|
286,067
|
$
|
297,388
|
$
|
190,874
|
$
|
875,421
|
$
|
4,728,495
|
||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Financial Liabilities:
|
||||||||||||||||||||||||||||||||
Time deposits
|
$
|
1,451,391
|
$
|
185,122
|
$
|
53,841
|
$
|
17,762
|
$
|
12,164
|
$
|
829
|
$
|
1,721,109
|
$
|
1,724,878
|
||||||||||||||||
Weighted average rate
|
2.01
|
%
|
2.35
|
%
|
2.24
|
%
|
2.29
|
%
|
2.41
|
%
|
1.92
|
%
|
2.09
|
%
|
||||||||||||||||||
Interest-bearing demand
|
$
|
1,551,929
|
—
|
—
|
—
|
—
|
—
|
$
|
1,551,929
|
$
|
1,551,929
|
|||||||||||||||||||||
Weighted average rate
|
0.55
|
%
|
—
|
—
|
—
|
—
|
—
|
0.55
|
%
|
|||||||||||||||||||||||
Non-interest-bearing
demand(2) |
—
|
—
|
—
|
—
|
—
|
$
|
687,068
|
$
|
687,068
|
$
|
687,068
|
|||||||||||||||||||||
Weighted average rate
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||
Short-term borrowings
|
$
|
312,324
|
—
|
—
|
—
|
—
|
—
|
$
|
312,324
|
$
|
312,324
|
|||||||||||||||||||||
Weighted average rate
|
1.25
|
%
|
—
|
—
|
—
|
—
|
—
|
1.25
|
%
|
|||||||||||||||||||||||
Subordinated notes
|
—
|
—
|
—
|
—
|
—
|
$
|
75,000
|
$
|
75,000
|
$
|
76,875
|
|||||||||||||||||||||
Weighted average rate
|
—
|
—
|
—
|
—
|
—
|
5.89
|
%
|
5.89
|
%
|
|||||||||||||||||||||||
Subordinated debentures
|
$
|
25,774
|
—
|
—
|
—
|
—
|
—
|
$
|
25,774
|
$
|
25,774
|
|||||||||||||||||||||
Weighted average rate
|
3.51
|
%
|
—
|
—
|
—
|
—
|
—
|
3.51
|
%
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total financial liabilities
|
$
|
3,341,418
|
$
|
185,122
|
$
|
53,841
|
$
|
17,762
|
$
|
12,164
|
$
|
762,897
|
$
|
4,373,204
|
||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Periodic repricing GAP
|
$
|
(666,941
|
)
|
$
|
219,146
|
$
|
232,226
|
$
|
279,626
|
$
|
178,710
|
$
|
112,524
|
$
|
355,291
|
|||||||||||||||||
|
||||||||||||||||||||||||||||||||
Cumulative repricing GAP
|
$
|
(666,941
|
)
|
$
|
(447,795
|
)
|
$
|
(215,569
|
)
|
$
|
64,057
|
$
|
242,767
|
$
|
355,291
|
_______________
|
|
(1)
|
Available-for-sale debt securities include approximately $317.0 million of mortgage-backed securities which pay interest and principal
monthly to the Company. Of this total, $20.7 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 deposits are 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.
|
2019
|
2018
|
|||||||
Assets
|
||||||||
Cash
|
$
|
99,299
|
$
|
110,108
|
||||
Interest-bearing deposits in other financial institutions
|
120,856
|
92,634
|
||||||
Cash and cash equivalents
|
220,155
|
202,742
|
||||||
Available-for-sale securities
|
374,175
|
243,968
|
||||||
Mortgage loans held for sale
|
9,242
|
1,650
|
||||||
Loans receivable, net of allowance for loan losses of $40,294 and $38,409 at December 31, 2019 and 2018, respectively
|
4,153,982
|
3,989,001
|
||||||
Interest receivable
|
13,530
|
13,448
|
||||||
Prepaid expenses and other assets
|
74,984
|
55,336
|
||||||
Other real estate owned and repossessions, net
|
5,525
|
8,440
|
||||||
Premises and equipment, net
|
141,908
|
132,424
|
||||||
Goodwill and other intangible assets
|
8,098
|
9,288
|
||||||
Federal Home Loan Bank stock
|
13,473
|
12,438
|
||||||
Current and deferred income taxes
|
—
|
7,465
|
||||||
Total assets
|
$
|
5,015,072
|
$
|
4,676,200
|
||||
Liabilities and Stockholders’ Equity
|
||||||||
Liabilities
|
||||||||
Deposits
|
$
|
3,960,106
|
$
|
3,725,007
|
||||
Securities sold under reverse repurchase agreements with customers
|
84,167
|
105,253
|
||||||
Short-term borrowings and other interest-bearing liabilities
|
228,157
|
192,725
|
||||||
Subordinated debentures issued to capital trust
|
25,774
|
25,774
|
||||||
Subordinated notes
|
74,276
|
73,842
|
||||||
Accrued interest payable
|
4,250
|
3,570
|
||||||
Advances from borrowers for taxes and insurance
|
7,484
|
5,092
|
||||||
Accrued expenses and other liabilities
|
24,904
|
12,960
|
||||||
Current and deferred income taxes
|
2,888
|
—
|
||||||
Total liabilities
|
4,412,006
|
4,144,223
|
||||||
Commitments and Contingencies
|
—
|
—
|
||||||
Stockholders’ Equity
|
||||||||
Capital stock
|
||||||||
Serial preferred stock, $.01 par value; authorized 1,000,000 shares; issued and outstanding 2019 and 2018 –
-0- shares
|
—
|
—
|
||||||
Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding 2019 –14,261,052 shares,
2018 –14,151,198 shares
|
143
|
142
|
||||||
Additional paid-in capital
|
33,510
|
30,121
|
||||||
Retained earnings
|
537,167
|
492,087
|
||||||
Accumulated other comprehensive income, net of income taxes
of $9,525 and $2,844 at December 31, 2019 and 2018, respectively
|
32,246
|
9,627
|
||||||
Total stockholders’ equity
|
603,066
|
531,977
|
||||||
Total liabilities and stockholders’ equity
|
$
|
5,015,072
|
$
|
4,676,200
|
2019
|
2018
|
2017
|
||||||||||
Interest Income
|
||||||||||||
Loans
|
$
|
223,047
|
$
|
198,226
|
$
|
176,654
|
||||||
Investment securities and other
|
11,947
|
7,723
|
6,407
|
|||||||||
234,994
|
205,949
|
183,061
|
||||||||||
Interest Expense
|
||||||||||||
Deposits
|
45,570
|
27,957
|
20,595
|
|||||||||
Federal Home Loan Bank advances
|
—
|
3,985
|
1,516
|
|||||||||
Short-term borrowings and repurchase agreements
|
3,635
|
765
|
747
|
|||||||||
Subordinated debentures issued to capital trust
|
1,019
|
953
|
949
|
|||||||||
Subordinated notes
|
4,378
|
4,097
|
4,098
|
|||||||||
54,602
|
37,757
|
27,905
|
||||||||||
Net Interest Income
|
180,392
|
168,192
|
155,156
|
|||||||||
Provision for Loan Losses
|
6,150
|
7,150
|
9,100
|
|||||||||
Net Interest Income After Provision for Loan Losses
|
174,242
|
161,042
|
146,056
|
|||||||||
Noninterest Income
|
||||||||||||
Commissions
|
889
|
1,137
|
1,041
|
|||||||||
Service charges and ATM fees
|
20,898
|
21,695
|
21,628
|
|||||||||
Net gains on loan sales
|
2,607
|
1,788
|
3,150
|
|||||||||
Net realized gains (losses) on sales of available-for-sale securities
|
(62
|
)
|
2
|
—
|
||||||||
Late charges and fees on loans
|
1,432
|
1,622
|
2,231
|
|||||||||
Gain (loss) on derivative interest rate products
|
(104
|
)
|
25
|
28
|
||||||||
Gain on sale of business units
|
—
|
7,414
|
—
|
|||||||||
Gain (loss) on termination of loss sharing agreements
|
—
|
—
|
7,705
|
|||||||||
Amortization of income/expense related to business acquisitions
|
—
|
—
|
(486
|
)
|
||||||||
Other income
|
5,297
|
2,535
|
3,230
|
|||||||||
30,957
|
36,218
|
38,527
|
||||||||||
Noninterest Expense
|
||||||||||||
Salaries and employee benefits
|
63,224
|
60,215
|
60,034
|
|||||||||
Net occupancy expense
|
26,217
|
25,628
|
24,613
|
|||||||||
Postage
|
3,198
|
3,348
|
3,461
|
|||||||||
Insurance
|
2,015
|
2,674
|
2,959
|
|||||||||
Advertising
|
2,808
|
2,460
|
2,311
|
|||||||||
Office supplies and printing
|
1,077
|
1,047
|
1,446
|
|||||||||
Telephone
|
3,580
|
3,272
|
3,188
|
|||||||||
Legal, audit and other professional fees
|
2,624
|
3,423
|
2,862
|
|||||||||
Expense on other real estate and repossessions
|
2,184
|
4,919
|
3,929
|
|||||||||
Partnership tax credit investment amortization
|
365
|
575
|
930
|
|||||||||
Acquired deposit intangible asset amortization
|
1,190
|
1,562
|
1,650
|
|||||||||
Other operating expenses
|
6,656
|
6,187
|
6,878
|
|||||||||
115,138
|
115,310
|
114,261
|
||||||||||
Income Before Income Taxes
|
90,061
|
81,950
|
70,322
|
|||||||||
Provision for Income Taxes
|
16,449
|
14,841
|
18,758
|
|||||||||
Net Income and Net Income Available to Common Shareholders
|
$
|
73,612
|
$
|
67,109
|
$
|
51,564
|
||||||
Earnings Per Common Share
|
||||||||||||
Basic
|
$
|
5.18
|
$
|
4.75
|
$
|
3.67
|
||||||
Diluted
|
$
|
5.14
|
$
|
4.71
|
$
|
3.64
|
2019
|
2018
|
2017
|
||||||||||
Net Income
|
$
|
73,612
|
$
|
67,109
|
$
|
51,564
|
||||||
Unrealized appreciation/(depreciation) on available-for-sale securities, net
of taxes (credit) of $2,574, $(353) and $(272) for 2019, 2018 and 2017, respectively
|
8,714
|
(1,229
|
)
|
(478
|
)
|
|||||||
Less: reclassification adjustment for losses (gains) included in net income,
net of taxes (credit) of $14, $0 and $0 for 2019, 2018 and 2017, respectively
|
48
|
(2
|
)
|
—
|
||||||||
Change in fair value of cash flow hedge, net of taxes of $4,093, $2,761 and
$93 for 2019, 2018 and 2017, respectively
|
13,857
|
9,345
|
161
|
|||||||||
Other comprehensive income (loss)
|
22,619
|
8,114
|
(317
|
)
|
||||||||
Comprehensive Income
|
$
|
96,231
|
$
|
75,223
|
$
|
51,247
|
||||||
Accumulated
|
||||||||||||||||||||||||
Additional
|
Other
|
|||||||||||||||||||||||
Common
|
Paid-in
|
Retained
|
Comprehensive
|
Treasury
|
||||||||||||||||||||
Stock
|
Capital
|
Earnings
|
Income (Loss)
|
Stock
|
Total
|
|||||||||||||||||||
Balance, January 1, 2017
|
$
|
140
|
$
|
25,942
|
$
|
402,166
|
$
|
1,558
|
$
|
—
|
$
|
429,806
|
||||||||||||
Net income
|
—
|
—
|
51,564
|
—
|
—
|
51,564
|
||||||||||||||||||
Stock issued under Stock Option Plan
|
—
|
2,261
|
—
|
—
|
1,550
|
3,811
|
||||||||||||||||||
Common dividends declared [1]
|
—
|
—
|
(13,202
|
)
|
—
|
—
|
(13,202
|
)
|
||||||||||||||||
Other comprehensive gain (loss)
|
—
|
—
|
—
|
(317
|
)
|
—
|
(317
|
)
|
||||||||||||||||
Reclassification of treasury stock per Maryland law
|
1
|
—
|
1,549
|
—
|
(1,550
|
)
|
—
|
|||||||||||||||||
Balance, December 31, 2017
|
141
|
28,203
|
442,077
|
1,241
|
—
|
471,662
|
||||||||||||||||||
Net income
|
—
|
—
|
67,109
|
—
|
—
|
67,109
|
||||||||||||||||||
Stock issued under Stock Option Plan
|
—
|
1,918
|
—
|
—
|
1,043
|
2,961
|
||||||||||||||||||
Common dividends declared [2]
|
—
|
—
|
(16,966
|
)
|
—
|
—
|
(16,966
|
)
|
||||||||||||||||
Purchase of the Company’s common stock
|
—
|
—
|
—
|
—
|
(903
|
)
|
(903
|
)
|
||||||||||||||||
Reclassification of stranded tax effects resulting from change in Federal income tax rate
|
—
|
—
|
(272
|
)
|
272
|
—
|
—
|
|||||||||||||||||
Other comprehensive gain (loss)
|
—
|
—
|
—
|
8,114
|
—
|
8,114
|
||||||||||||||||||
Reclassification of treasury stock per Maryland law
|
1
|
—
|
139
|
—
|
(140
|
)
|
—
|
|||||||||||||||||
Balance, December 31, 2018
|
142
|
30,121
|
492,087
|
9,627
|
—
|
531,977
|
||||||||||||||||||
Net income
|
—
|
—
|
73,612
|
—
|
—
|
73,612
|
||||||||||||||||||
Stock issued under Stock Option Plan
|
—
|
3,389
|
—
|
—
|
1,691
|
5,080
|
||||||||||||||||||
Common dividends declared [3]
|
—
|
—
|
(29,373
|
)
|
—
|
—
|
(29,373
|
)
|
||||||||||||||||
Purchase of the Company’s common stock
|
—
|
—
|
—
|
—
|
(849
|
)
|
(849
|
)
|
||||||||||||||||
Other comprehensive gain (loss)
|
—
|
—
|
—
|
22,619
|
—
|
22,619
|
||||||||||||||||||
Reclassification of treasury stock per Maryland law
|
1
|
—
|
841
|
—
|
(842
|
)
|
—
|
|||||||||||||||||
Balance, December 31, 2019
|
$
|
143
|
$
|
33,510
|
$
|
537,167
|
$
|
32,246
|
$
|
—
|
$
|
603,066
|
[1] $.94 per share dividend.
|
[2] $1.20 per share dividend.
|
[3] $2.07 per share dividend.
|
2019
|
2018
|
2017
|
||||||||||
Operating Activities
|
||||||||||||
Net income
|
$
|
73,612
|
$
|
67,109
|
$
|
51,564
|
||||||
Proceeds from sales of loans held for sale
|
131,014
|
92,422
|
138,659
|
|||||||||
Originations of loans held for sale
|
(135,937
|
)
|
(83,806
|
)
|
(126,215
|
)
|
||||||
Items not requiring (providing) cash
|
||||||||||||
Depreciation
|
9,557
|
9,118
|
9,120
|
|||||||||
Amortization
|
2,068
|
2,291
|
2,731
|
|||||||||
Compensation expense for stock option grants
|
922
|
737
|
564
|
|||||||||
Provision for loan losses
|
6,150
|
7,150
|
9,100
|
|||||||||
Net gains on loan sales
|
(2,607
|
)
|
(1,788
|
)
|
(3,150
|
)
|
||||||
Net realized (gains) losses on available-for-sale securities
|
62
|
(2
|
)
|
—
|
||||||||
Loss on sale of premises and equipment
|
77
|
193
|
297
|
|||||||||
(Gain) loss on sale/write-down of other real estate and repossessions
|
316
|
1,886
|
(449
|
)
|
||||||||
Gain on sale of business units
|
—
|
(7,414
|
)
|
—
|
||||||||
Gain realized on termination of loss sharing agreements
|
—
|
—
|
(7,705
|
)
|
||||||||
Accretion of deferred income, premiums, discounts and other
|
(3,899
|
)
|
(2,918
|
)
|
(1,947
|
)
|
||||||
(Gain) loss on derivative interest rate products
|
104
|
(25
|
)
|
(28
|
)
|
|||||||
Deferred income taxes
|
1,074
|
(4,450
|
)
|
9,423
|
||||||||
Changes in
|
||||||||||||
Interest receivable
|
(82
|
)
|
(1,110
|
)
|
(463
|
)
|
||||||
Prepaid expenses and other assets
|
(1,336
|
)
|
3,002
|
(5,227
|
)
|
|||||||
Accrued expenses and other liabilities
|
2,725
|
280
|
1,821
|
|||||||||
Income taxes refundable/payable
|
2,599
|
11,520
|
(15,278
|
)
|
||||||||
Net cash provided by operating activities
|
86,419
|
94,195
|
62,817
|
|||||||||
Investing Activities
|
||||||||||||
Net change in loans
|
(81,320
|
)
|
(147,945
|
)
|
136,596
|
|||||||
Purchase of loans
|
(97,162
|
)
|
(128,038
|
)
|
(133,018
|
)
|
||||||
Cash received from FDIC loss sharing reimbursements
|
—
|
—
|
16,246
|
|||||||||
Cash paid for sale of business units
|
—
|
(50,356
|
)
|
—
|
||||||||
Purchase of premises and equipment
|
(11,789
|
)
|
(9,317
|
)
|
(7,404
|
)
|
||||||
Proceeds from sale of premises and equipment
|
204
|
2,328
|
565
|
|||||||||
Proceeds from sale of other real estate and repossessions
|
15,244
|
20,426
|
33,640
|
|||||||||
Capitalized costs on other real estate owned
|
(121
|
)
|
(153
|
)
|
(117
|
)
|
||||||
Proceeds from maturities, calls and repayments of held-to-maturity securities
|
—
|
130
|
117
|
|||||||||
Proceeds from sale of available-for-sale securities
|
53,695
|
502
|
—
|
|||||||||
Proceeds from maturities, calls and repayments of available-for-sale securities
|
34,769
|
25,734
|
36,754
|
|||||||||
Purchase of available-for-sale securities
|
(207,634
|
)
|
(93,378
|
)
|
(3,852
|
)
|
||||||
Redemption (purchase) of Federal Home Loan Bank stock
|
(1,035
|
)
|
(1,256
|
)
|
1,852
|
|||||||
Net cash provided by (used in) investing activities
|
(295,149
|
)
|
(381,323
|
)
|
81,379
|
|||||||
Financing Activities
|
||||||||||||
Net increase (decrease) in certificates of deposit
|
129,748
|
242,955
|
(114,714
|
)
|
||||||||
Net increase (decrease) in checking and savings accounts
|
105,400
|
(53,956
|
)
|
34,796
|
||||||||
Proceeds from Federal Home Loan Bank advances
|
—
|
2,621,500
|
1,420,500
|
|||||||||
Repayments of Federal Home Loan Bank advances
|
—
|
(2,749,000
|
)
|
(1,324,435
|
)
|
|||||||
Net increase (decrease) in short‑term borrowings and other interest-bearing liabilities
|
14,346
|
200,843
|
(188,888
|
)
|
||||||||
Advances from (to) borrowers for taxes and insurance
|
2,392
|
(227
|
)
|
676
|
||||||||
Purchase of the company’s common stock
|
(849
|
)
|
(903
|
)
|
—
|
|||||||
Dividends paid
|
(29,052
|
)
|
(15,819
|
)
|
(12,894
|
)
|
||||||
Stock options exercised
|
4,158
|
2,224
|
3,247
|
|||||||||
Net cash provided by (used in) financing activities
|
226,143
|
247,617
|
(181,712
|
)
|
||||||||
Increase (Decrease) in Cash and Cash Equivalents
|
17,413
|
(39,511
|
)
|
(37,516
|
)
|
|||||||
Cash and Cash Equivalents, Beginning of Year
|
202,742
|
242,253
|
279,769
|
|||||||||
Cash and Cash Equivalents, End of Year
|
$
|
220,155
|
$
|
202,742
|
$
|
242,253
|
Note 1: |
Nature of Operations and Summary of Significant Accounting Policies
|
December 31,
|
||||||||
2019
|
2018
|
|||||||
(In Thousands)
|
||||||||
Goodwill – Branch acquisitions
|
$
|
5,396
|
$
|
5,396
|
||||
Deposit intangibles
|
||||||||
InterBank
|
—
|
36
|
||||||
Boulevard Bank
|
153
|
275
|
||||||
Valley Bank
|
600
|
1,000
|
||||||
Fifth Third Bank
|
1,949
|
2,581
|
||||||
2,702
|
3,892
|
|||||||
$
|
8,098
|
$
|
9,288
|
2019
|
2018
|
2017
|
||||||||||
(In Thousands, Except Per Share Data)
|
||||||||||||
Net income and net income available to common shareholders
|
$
|
73,612
|
$
|
67,109
|
$
|
51,564
|
||||||
Average common shares outstanding
|
14,201
|
14,132
|
14,032
|
|||||||||
Average common share stock options outstanding
|
129
|
128
|
148
|
|||||||||
Average diluted common shares
|
14,330
|
14,260
|
14,180
|
|||||||||
Earnings per common share – basic
|
$
|
5.18
|
$
|
4.75
|
$
|
3.67
|
||||||
Earnings per common share – diluted
|
$
|
5.14
|
$
|
4.71
|
$
|
3.64
|
Note 2: |
Investments in Securities
|
December 31, 2019
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Agency mortgage-backed securities
|
$
|
156,591
|
$
|
8,716
|
$
|
265
|
$
|
165,042
|
||||||||
Agency collateralized mortgage obligations
|
149,980
|
2,891
|
921
|
151,950
|
||||||||||||
States and political subdivisions
|
33,757
|
1,368
|
—
|
35,125
|
||||||||||||
Small Business Administration securities
|
22,132
|
—
|
74
|
22,058
|
||||||||||||
$
|
362,460
|
$
|
12,975
|
$
|
1,260
|
$
|
374,175
|
December 31, 2018
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Agency mortgage-backed securities
|
$
|
154,557
|
$
|
1,272
|
$
|
2,571
|
$
|
153,258
|
||||||||
Agency collateralized mortgage obligations
|
39,024
|
250
|
14
|
39,260
|
||||||||||||
States and political subdivisions
|
50,022
|
1,428
|
—
|
51,450
|
||||||||||||
$
|
243,603
|
$
|
2,950
|
$
|
2,585
|
$
|
243,968
|
Amortized
|
Fair
|
|||||||
Cost
|
Value
|
|||||||
(In Thousands)
|
||||||||
After one through five years
|
$
|
—
|
$
|
—
|
||||
After five through ten years
|
9,253
|
9,547
|
||||||
After ten years
|
24,504
|
25,578
|
||||||
Securities not due on a single maturity date
|
328,703
|
339,050
|
||||||
$
|
362,460
|
$
|
374,175
|
2019
|
2018
|
|||||||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Public deposits
|
$
|
8,578
|
$
|
8,913
|
$
|
9,482
|
$
|
9,802
|
||||||||
Collateralized borrowing accounts
|
122,771
|
129,643
|
148,050
|
146,337
|
||||||||||||
Other
|
7,021
|
7,107
|
763
|
761
|
||||||||||||
$
|
138,370
|
$
|
145,663
|
$
|
158,295
|
$
|
156,900
|
2019
|
||||||||||||||||||||||||
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)
|
||||||||||||||||||||||||
Agency mortgage-backed securities
|
$
|
—
|
$
|
—
|
$
|
24,762
|
$
|
(265
|
)
|
$
|
24,762
|
$
|
(265
|
)
|
||||||||||
Agency collateralized mortgage obligations
|
69,372
|
(921
|
)
|
—
|
—
|
69,372
|
(921
|
)
|
||||||||||||||||
Small Business Administration securities
|
22,058
|
(74
|
)
|
—
|
—
|
22,058
|
(74
|
)
|
||||||||||||||||
States and political subdivisions
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
$
|
91,430
|
$
|
(995
|
)
|
$
|
24,762
|
$
|
(265
|
)
|
$
|
116,192
|
$
|
(1,260
|
)
|
2018
|
||||||||||||||||||||||||
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)
|
||||||||||||||||||||||||
Agency mortgage-backed securities
|
$
|
11,255
|
$
|
(82
|
)
|
$
|
74,186
|
$
|
(2,489
|
)
|
$
|
85,441
|
$
|
(2,571
|
)
|
|||||||||
Agency collateralized mortgage obligations
|
9,725
|
(14
|
)
|
—
|
—
|
9,725
|
(14
|
)
|
||||||||||||||||
States and political subdivisions
|
511
|
—
|
—
|
—
|
511
|
—
|
||||||||||||||||||
$
|
21,491
|
$
|
(96
|
)
|
$
|
74,186
|
$
|
(2,489
|
)
|
$
|
95,677
|
$
|
(2,585
|
)
|
Note 3: |
Loans and Allowance for Loan Losses
|
2019
|
2018
|
|||||||
(In Thousands)
|
||||||||
One- to four-family residential construction
|
$
|
33,963
|
$
|
26,177
|
||||
Subdivision construction
|
16,088
|
13,844
|
||||||
Land development
|
40,431
|
44,492
|
||||||
Commercial construction
|
1,322,861
|
1,417,166
|
||||||
Owner occupied one- to four-family residential
|
387,016
|
276,866
|
||||||
Non-owner occupied one- to four-family residential
|
120,343
|
122,438
|
||||||
Commercial real estate
|
1,494,172
|
1,371,435
|
||||||
Other residential
|
866,006
|
784,894
|
||||||
Commercial business
|
313,209
|
322,118
|
||||||
Industrial revenue bonds
|
13,189
|
13,940
|
||||||
Consumer auto
|
151,854
|
253,528
|
||||||
Consumer other
|
46,720
|
57,350
|
||||||
Home equity lines of credit
|
118,988
|
121,352
|
||||||
Loans acquired and accounted for under ASC 310-30, net of discounts
|
127,206
|
167,651
|
||||||
5,052,046
|
4,993,251
|
|||||||
Undisbursed portion of loans in process
|
(850,666
|
)
|
(958,441
|
)
|
||||
Allowance for loan losses
|
(40,294
|
)
|
(38,409
|
)
|
||||
Deferred loan fees and gains, net
|
(7,104
|
)
|
(7,400
|
)
|
||||
$
|
4,153,982
|
$
|
3,989,001
|
December 31, 2019
|
||||||||||||||||||||||||||||
Total Loans
|
||||||||||||||||||||||||||||
Over 90
|
Total
|
> 90 Days Past
|
||||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
Days
|
Total Past
|
Loans
|
Due and
|
|||||||||||||||||||||||
Past Due
|
Past Due
|
Past Due
|
Due
|
Current
|
Receivable
|
Still Accruing
|
||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
One- to four-family
|
||||||||||||||||||||||||||||
residential construction
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
33,963
|
$
|
33,963
|
$
|
—
|
||||||||||||||
Subdivision construction
|
—
|
—
|
—
|
—
|
16,088
|
16,088
|
—
|
|||||||||||||||||||||
Land development
|
—
|
27
|
—
|
27
|
40,404
|
40,431
|
—
|
|||||||||||||||||||||
Commercial construction
|
15,085
|
—
|
—
|
15,085
|
1,307,776
|
1,322,861
|
—
|
|||||||||||||||||||||
Owner occupied one- to four-
|
||||||||||||||||||||||||||||
family residential
|
1,453
|
1,631
|
1,198
|
4,282
|
382,734
|
387,016
|
—
|
|||||||||||||||||||||
Non-owner occupied one- to
|
||||||||||||||||||||||||||||
four-family residential
|
152
|
—
|
181
|
333
|
120,010
|
120,343
|
—
|
|||||||||||||||||||||
Commercial real estate
|
549
|
119
|
632
|
1,300
|
1,492,872
|
1,494,172
|
—
|
|||||||||||||||||||||
Other residential
|
376
|
—
|
—
|
376
|
865,630
|
866,006
|
—
|
|||||||||||||||||||||
Commercial business
|
60
|
—
|
1,235
|
1,295
|
311,914
|
313,209
|
—
|
|||||||||||||||||||||
Industrial revenue bonds
|
—
|
—
|
—
|
—
|
13,189
|
13,189
|
—
|
|||||||||||||||||||||
Consumer auto
|
1,101
|
259
|
558
|
1,918
|
149,936
|
151,854
|
—
|
|||||||||||||||||||||
Consumer other
|
278
|
233
|
198
|
709
|
46,011
|
46,720
|
—
|
|||||||||||||||||||||
Home equity lines of credit
|
296
|
—
|
517
|
813
|
118,175
|
118,988
|
—
|
|||||||||||||||||||||
Loans acquired and accounted
for under ASC 310-30, net
of discounts
|
2,177
|
709
|
6,191
|
9,077
|
118,129
|
127,206
|
—
|
|||||||||||||||||||||
21,527
|
2,978
|
10,710
|
35,215
|
5,016,831
|
5,052,046
|
—
|
||||||||||||||||||||||
Less: Loans acquired and
accounted for under
ASC 310-30, net of discounts
|
2,177
|
709
|
6,191
|
9,077
|
118,129
|
127,206
|
—
|
|||||||||||||||||||||
Total
|
$
|
19,350
|
$
|
2,269
|
$
|
4,519
|
$
|
26,138
|
$
|
4,898,702
|
$
|
4,924,840
|
$
|
—
|
December 31, 2018
|
||||||||||||||||||||||||||||
Total Loans
|
||||||||||||||||||||||||||||
Over 90
|
Total
|
> 90 Days Past
|
||||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
Days
|
Total Past
|
Loans
|
Due and
|
|||||||||||||||||||||||
Past Due
|
Past Due
|
Past Due
|
Due
|
Current
|
Receivable
|
Still Accruing
|
||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
One- to four-family
|
||||||||||||||||||||||||||||
residential construction
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
26,177
|
$
|
26,177
|
$
|
—
|
||||||||||||||
Subdivision construction
|
—
|
—
|
—
|
—
|
13,844
|
13,844
|
—
|
|||||||||||||||||||||
Land development
|
13
|
—
|
49
|
62
|
44,430
|
44,492
|
—
|
|||||||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
1,417,166
|
1,417,166
|
—
|
|||||||||||||||||||||
Owner occupied one- to four-
|
||||||||||||||||||||||||||||
family residential
|
1,431
|
806
|
1,206
|
3,443
|
273,423
|
276,866
|
—
|
|||||||||||||||||||||
Non-owner occupied one- to
|
||||||||||||||||||||||||||||
four-family residential
|
1,142
|
144
|
1,458
|
2,744
|
119,694
|
122,438
|
—
|
|||||||||||||||||||||
Commercial real estate
|
3,940
|
53
|
334
|
4,327
|
1,367,108
|
1,371,435
|
—
|
|||||||||||||||||||||
Other residential
|
—
|
—
|
—
|
—
|
784,894
|
784,894
|
—
|
|||||||||||||||||||||
Commercial business
|
72
|
54
|
1,437
|
1,563
|
320,555
|
322,118
|
—
|
|||||||||||||||||||||
Industrial revenue bonds
|
3
|
—
|
—
|
3
|
13,937
|
13,940
|
—
|
|||||||||||||||||||||
Consumer auto
|
2,596
|
722
|
1,490
|
4,808
|
248,720
|
253,528
|
—
|
|||||||||||||||||||||
Consumer other
|
691
|
181
|
240
|
1,112
|
56,238
|
57,350
|
—
|
|||||||||||||||||||||
Home equity lines of credit
|
229
|
—
|
86
|
315
|
121,037
|
121,352
|
—
|
|||||||||||||||||||||
Loans acquired and accounted
for under ASC 310-30, net
of discounts
|
2,195
|
1,416
|
6,827
|
10,438
|
157,213
|
167,651
|
—
|
|||||||||||||||||||||
12,312
|
3,376
|
13,127
|
28,815
|
4,964,436
|
4,993,251
|
—
|
||||||||||||||||||||||
Less: Loans acquired and
accounted for under
ASC 310-30, net of discounts
|
2,195
|
1,416
|
6,827
|
10,438
|
157,213
|
167,651
|
—
|
|||||||||||||||||||||
Total
|
$
|
10,117
|
$
|
1,960
|
$
|
6,300
|
$
|
18,377
|
$
|
4,807,223
|
$
|
4,825,600
|
$
|
—
|
December 31,
|
||||||||
2019
|
2018
|
|||||||
(In Thousands)
|
||||||||
One- to four-family residential construction
|
$
|
—
|
$
|
—
|
||||
Subdivision construction
|
—
|
49
|
||||||
Land development
|
—
|
—
|
||||||
Commercial construction
|
—
|
—
|
||||||
Owner occupied one- to four-family residential
|
1,198
|
1,206
|
||||||
Non-owner occupied one- to four-family residential
|
181
|
1,458
|
||||||
Commercial real estate
|
632
|
334
|
||||||
Other residential
|
—
|
—
|
||||||
Commercial business
|
1,235
|
1,437
|
||||||
Industrial revenue bonds
|
—
|
—
|
||||||
Consumer auto
|
558
|
1,490
|
||||||
Consumer other
|
198
|
240
|
||||||
Home equity lines of credit
|
517
|
86
|
||||||
Total
|
$
|
4,519
|
$
|
6,300
|
December 31, 2019
|
||||||||||||||||||||||||||||
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, 2019
|
$
|
3,122
|
$
|
4,713
|
$
|
19,803
|
$
|
3,105
|
$
|
1,568
|
$
|
6,098
|
$
|
38,409
|
||||||||||||||
Provision (benefit) charged
to expense
|
1,625
|
603
|
4,651
|
22
|
(309
|
)
|
(442
|
)
|
6,150
|
|||||||||||||||||||
Losses charged off
|
(534
|
)
|
(189
|
)
|
(144
|
)
|
(101
|
)
|
(371
|
)
|
(6,723
|
)
|
(8,062
|
)
|
||||||||||||||
Recoveries
|
126
|
26
|
24
|
50
|
467
|
3,104
|
3,797
|
|||||||||||||||||||||
Balance, December 31, 2019
|
$
|
4,339
|
$
|
5,153
|
$
|
24,334
|
$
|
3,076
|
$
|
1,355
|
$
|
2,037
|
$
|
40,294
|
||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||
Individually evaluated
for impairment
|
$
|
198
|
$
|
—
|
$
|
517
|
$
|
—
|
$
|
13
|
$
|
201
|
$
|
929
|
||||||||||||||
Collectively evaluated
for impairment
|
$
|
3,973
|
$
|
5,101
|
$
|
23,570
|
$
|
2,940
|
$
|
1,306
|
$
|
1,814
|
$
|
38,704
|
||||||||||||||
Loans acquired and accounted
|
||||||||||||||||||||||||||||
for under ASC 310-30
|
$
|
168
|
$
|
52
|
$
|
247
|
$
|
136
|
$
|
36
|
$
|
22
|
$
|
661
|
||||||||||||||
Loans
|
||||||||||||||||||||||||||||
Individually evaluated
for impairment
|
$
|
2,960
|
$
|
—
|
$
|
4,020
|
$
|
—
|
$
|
1,286
|
$
|
2,001
|
$
|
10,267
|
||||||||||||||
Collectively evaluated
for impairment
|
$
|
554,450
|
$
|
866,006
|
$
|
1,490,152
|
$
|
1,363,292
|
$
|
325,112
|
$
|
315,561
|
$
|
4,914,573
|
||||||||||||||
Loans acquired and accounted
|
||||||||||||||||||||||||||||
for under ASC 310-30
|
$
|
74,562
|
$
|
5,334
|
$
|
29,158
|
$
|
3,606
|
$
|
3,356
|
$
|
11,190
|
$
|
127,206
|
December 31, 2018
|
||||||||||||||||||||||||||||
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, 2018
|
$
|
2,108
|
$
|
2,839
|
$
|
18,639
|
$
|
1,767
|
$
|
3,581
|
$
|
7,558
|
$
|
36,492
|
||||||||||||||
Provision (benefit) charged
to expense
|
742
|
1,982
|
1,094
|
1,031
|
(1,613
|
)
|
3,914
|
7,150
|
||||||||||||||||||||
Losses charged off
|
(62
|
)
|
(525
|
)
|
(102
|
)
|
(87
|
)
|
(1,155
|
)
|
(9,425
|
)
|
(11,356
|
)
|
||||||||||||||
Recoveries
|
334
|
417
|
172
|
394
|
755
|
4,051
|
6,123
|
|||||||||||||||||||||
Balance, December 31, 2018
|
$
|
3,122
|
$
|
4,713
|
$
|
19,803
|
$
|
3,105
|
$
|
1,568
|
$
|
6,098
|
$
|
38,409
|
||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||
Individually evaluated
for impairment
|
$
|
694
|
$
|
—
|
$
|
613
|
$
|
—
|
$
|
309
|
$
|
425
|
$
|
2,041
|
||||||||||||||
Collectively evaluated
for impairment
|
$
|
2,392
|
$
|
4,681
|
$
|
18,958
|
$
|
3,029
|
$
|
1,247
|
$
|
5,640
|
$
|
35,947
|
||||||||||||||
Loans acquired and accounted
|
||||||||||||||||||||||||||||
for under ASC 310-30
|
$
|
36
|
$
|
32
|
$
|
232
|
$
|
76
|
$
|
12
|
$
|
33
|
$
|
421
|
||||||||||||||
Loans
|
||||||||||||||||||||||||||||
Individually evaluated
for impairment
|
$
|
6,116
|
$
|
—
|
$
|
3,501
|
$
|
14
|
$
|
1,844
|
$
|
2,464
|
$
|
13,939
|
||||||||||||||
Collectively evaluated
for impairment
|
$
|
433,209
|
$
|
784,894
|
$
|
1,367,934
|
$
|
1,461,644
|
$
|
334,214
|
$
|
429,766
|
$
|
4,811,661
|
||||||||||||||
Loans acquired and accounted
|
||||||||||||||||||||||||||||
for under ASC 310-30
|
$
|
93,841
|
$
|
12,790
|
$
|
33,620
|
$
|
4,093
|
$
|
4,347
|
$
|
18,960
|
$
|
167,651
|
December 31, 2017
|
||||||||||||||||||||||||||||
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, 2017
|
$
|
2,322
|
$
|
5,486
|
$
|
15,938
|
$
|
2,284
|
$
|
3,015
|
$
|
8,355
|
$
|
37,400
|
||||||||||||||
Provision (benefit) charged
to expense
|
(158
|
)
|
(2,356
|
)
|
4,234
|
(643
|
)
|
1,475
|
6,548
|
9,100
|
||||||||||||||||||
Losses charged off
|
(165
|
)
|
(488
|
)
|
(1,656
|
)
|
(420
|
)
|
(1,489
|
)
|
(11,859
|
)
|
(16,077
|
)
|
||||||||||||||
Recoveries
|
109
|
197
|
123
|
546
|
580
|
4,514
|
6,069
|
|||||||||||||||||||||
Balance, December 31, 2017
|
$
|
2,108
|
$
|
2,839
|
$
|
18,639
|
$
|
1,767
|
$
|
3,581
|
$
|
7,558
|
$
|
36,492
|
||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||
Individually evaluated
for impairment
|
$
|
513
|
$
|
—
|
$
|
599
|
$
|
—
|
$
|
2,140
|
$
|
699
|
$
|
3,951
|
||||||||||||||
Collectively evaluated
for impairment
|
$
|
1,564
|
$
|
2,813
|
$
|
17,843
|
$
|
1,690
|
$
|
1,369
|
$
|
6,802
|
$
|
32,081
|
||||||||||||||
Loans acquired and accounted
|
||||||||||||||||||||||||||||
for under ASC 310-30
|
$
|
31
|
$
|
26
|
$
|
197
|
$
|
77
|
$
|
72
|
$
|
57
|
$
|
460
|
||||||||||||||
Loans
|
||||||||||||||||||||||||||||
Individually evaluated
for impairment
|
$
|
6,950
|
$
|
2,907
|
$
|
8,315
|
$
|
15
|
$
|
3,018
|
$
|
4,129
|
$
|
25,334
|
||||||||||||||
Collectively evaluated
for impairment
|
$
|
341,888
|
$
|
742,738
|
$
|
1,227,014
|
$
|
1,112,308
|
$
|
372,192
|
$
|
531,820
|
$
|
4,327,960
|
||||||||||||||
Loans acquired and accounted
|
||||||||||||||||||||||||||||
for under ASC 310-30
|
$
|
120,295
|
$
|
14,877
|
$
|
39,210
|
$
|
3,806
|
$
|
5,275
|
$
|
26,206
|
$
|
209,669
|
|
• |
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, 2019
|
December 31, 2019
|
|||||||||||||||||||
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
|
251
|
251
|
96
|
277
|
9
|
|||||||||||||||
Land development
|
—
|
—
|
—
|
328
|
101
|
|||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Owner occupied one- to four-family
|
||||||||||||||||||||
residential
|
2,300
|
2,423
|
82
|
2,598
|
131
|
|||||||||||||||
Non-owner occupied one- to four-family
|
||||||||||||||||||||
residential
|
409
|
574
|
20
|
954
|
43
|
|||||||||||||||
Commercial real estate
|
4,020
|
4,049
|
517
|
4,940
|
264
|
|||||||||||||||
Other residential
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Commercial business
|
1,286
|
1,771
|
13
|
1,517
|
81
|
|||||||||||||||
Industrial revenue bonds
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Consumer auto
|
1,117
|
1,334
|
181
|
1,128
|
125
|
|||||||||||||||
Consumer other
|
356
|
485
|
16
|
383
|
48
|
|||||||||||||||
Home equity lines of credit
|
528
|
548
|
4
|
362
|
37
|
|||||||||||||||
Total
|
$
|
10,267
|
$
|
11,435
|
$
|
929
|
$
|
12,487
|
$
|
839
|
Year Ended
|
||||||||||||||||||||
December 31, 2018
|
December 31, 2018
|
|||||||||||||||||||
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
|
318
|
318
|
105
|
321
|
17
|
|||||||||||||||
Land development
|
14
|
18
|
—
|
14
|
1
|
|||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Owner occupied one- to four-family
|
||||||||||||||||||||
residential
|
3,576
|
3,926
|
285
|
3,406
|
197
|
|||||||||||||||
Non-owner occupied one- to four-family
|
||||||||||||||||||||
residential
|
2,222
|
2,519
|
304
|
2,870
|
158
|
|||||||||||||||
Commercial real estate
|
3,501
|
3,665
|
613
|
6,216
|
337
|
|||||||||||||||
Other residential
|
—
|
—
|
—
|
1,026
|
20
|
|||||||||||||||
Commercial business
|
1,844
|
2,207
|
309
|
2,932
|
362
|
|||||||||||||||
Industrial revenue bonds
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Consumer auto
|
1,874
|
2,114
|
336
|
2,069
|
167
|
|||||||||||||||
Consumer other
|
479
|
684
|
72
|
738
|
59
|
|||||||||||||||
Home equity lines of credit
|
111
|
128
|
17
|
412
|
28
|
|||||||||||||||
Total
|
$
|
13,939
|
$
|
15,579
|
$
|
2,041
|
$
|
20,004
|
$
|
1,346
|
Year Ended
|
||||||||||||||||||||
December 31, 2017
|
December 31, 2017
|
|||||||||||||||||||
Average
|
||||||||||||||||||||
Unpaid
|
Investment
|
Interest
|
||||||||||||||||||
Recorded
|
Principal
|
Specific
|
in Impaired
|
Income
|
||||||||||||||||
Balance
|
Balance
|
Allowance
|
Loans
|
Recognized
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
One- to four-family residential construction
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
193
|
$
|
—
|
||||||||||
Subdivision construction
|
349
|
367
|
114
|
584
|
22
|
|||||||||||||||
Land development
|
15
|
18
|
—
|
1,793
|
24
|
|||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Owner occupied one- to four-family
|
||||||||||||||||||||
residential
|
3,405
|
3,723
|
331
|
3,405
|
166
|
|||||||||||||||
Non-owner occupied one- to four-family
|
||||||||||||||||||||
residential
|
3,196
|
3,465
|
68
|
2,419
|
165
|
|||||||||||||||
Commercial real estate
|
8,315
|
8,490
|
599
|
9,075
|
567
|
|||||||||||||||
Other residential
|
2,907
|
2,907
|
—
|
3,553
|
147
|
|||||||||||||||
Commercial business
|
3,018
|
4,222
|
2,140
|
5,384
|
173
|
|||||||||||||||
Industrial revenue bonds
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Consumer auto
|
2,713
|
2,898
|
484
|
2,383
|
222
|
|||||||||||||||
Consumer other
|
825
|
917
|
124
|
906
|
69
|
|||||||||||||||
Home equity lines of credit
|
591
|
648
|
91
|
498
|
33
|
|||||||||||||||
Total
|
$
|
25,334
|
$
|
27,655
|
$
|
3,951
|
$
|
30,193
|
$
|
1,588
|
2019
|
||||||||||||||||
Total
|
||||||||||||||||
Interest Only
|
Term
|
Combination
|
Modification
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Consumer
|
$
|
—
|
$
|
136
|
$
|
—
|
$
|
136
|
||||||||
$
|
—
|
$
|
136
|
$
|
—
|
$
|
136
|
2018
|
||||||||||||||||
Total
|
||||||||||||||||
Interest Only
|
Term
|
Combination
|
Modification
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Mortgage loans on real estate:
|
||||||||||||||||
Residential one-to-four family
|
$
|
1,348
|
$
|
—
|
$
|
—
|
$
|
1,348
|
||||||||
Construction and land development
|
—
|
31
|
—
|
31
|
||||||||||||
Commercial
|
—
|
—
|
106
|
106
|
||||||||||||
Consumer
|
—
|
535
|
—
|
535
|
||||||||||||
$
|
1,348
|
$
|
566
|
$
|
106
|
$
|
2,020
|
2017
|
||||||||||||||||
Total
|
||||||||||||||||
Interest Only
|
Term
|
Combination
|
Modification
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Mortgage loans on real estate:
|
||||||||||||||||
Commercial
|
$
|
—
|
$
|
—
|
$
|
5,759
|
$
|
5,759
|
||||||||
Commercial business
|
—
|
16
|
274
|
290
|
||||||||||||
Consumer
|
—
|
245
|
—
|
245
|
||||||||||||
$
|
—
|
$
|
261
|
$
|
6,033
|
$
|
6,294
|
December 31, 2019
|
||||||||||||||||||||||||
Special
|
||||||||||||||||||||||||
Satisfactory
|
Watch
|
Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
One- to four-family residential
|
||||||||||||||||||||||||
construction
|
$
|
33,963
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
33,963
|
||||||||||||
Subdivision construction
|
16,061
|
27
|
—
|
—
|
—
|
16,088
|
||||||||||||||||||
Land development
|
40,431
|
—
|
—
|
—
|
—
|
40,431
|
||||||||||||||||||
Commercial construction
|
1,322,861
|
—
|
—
|
—
|
—
|
1,322,861
|
||||||||||||||||||
Owner occupied one- to-four-
|
||||||||||||||||||||||||
family residential
|
385,001
|
26
|
—
|
1,989
|
—
|
387,016
|
||||||||||||||||||
Non-owner occupied one- to-
|
||||||||||||||||||||||||
four-family residential
|
119,743
|
419
|
—
|
181
|
—
|
120,343
|
||||||||||||||||||
Commercial real estate
|
1,458,400
|
32,063
|
—
|
3,709
|
—
|
1,494,172
|
||||||||||||||||||
Other residential
|
866,006
|
—
|
—
|
—
|
—
|
866,006
|
||||||||||||||||||
Commercial business
|
307,322
|
4,651
|
—
|
1,236
|
—
|
313,209
|
||||||||||||||||||
Industrial revenue bonds
|
13,189
|
—
|
—
|
—
|
—
|
13,189
|
||||||||||||||||||
Consumer auto
|
150,874
|
47
|
—
|
933
|
—
|
151,854
|
||||||||||||||||||
Consumer other
|
46,294
|
92
|
—
|
334
|
—
|
46,720
|
||||||||||||||||||
Home equity lines of credit
|
118,428
|
43
|
—
|
517
|
—
|
118,988
|
||||||||||||||||||
Loans acquired and accounted for
|
||||||||||||||||||||||||
under ASC 310-30, net of discounts
|
127,192
|
—
|
—
|
14
|
—
|
127,206
|
||||||||||||||||||
Total
|
$
|
5,005,765
|
$
|
37,368
|
$
|
—
|
$
|
8,913
|
$
|
—
|
$
|
5,052,046
|
December 31, 2018
|
||||||||||||||||||||||||
Special
|
||||||||||||||||||||||||
Satisfactory
|
Watch
|
Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
One- to four-family residential
|
||||||||||||||||||||||||
construction
|
$
|
25,803
|
$
|
374
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
26,177
|
||||||||||||
Subdivision construction
|
12,077
|
1,718
|
—
|
49
|
—
|
13,844
|
||||||||||||||||||
Land development
|
39,892
|
4,600
|
—
|
—
|
—
|
44,492
|
||||||||||||||||||
Commercial construction
|
1,417,166
|
—
|
—
|
—
|
—
|
1,417,166
|
||||||||||||||||||
Owner occupied one- to-four-
|
||||||||||||||||||||||||
family residential
|
274,661
|
43
|
—
|
2,162
|
—
|
276,866
|
||||||||||||||||||
Non-owner occupied one- to-
|
||||||||||||||||||||||||
four-family residential
|
119,951
|
941
|
—
|
1,546
|
—
|
122,438
|
||||||||||||||||||
Commercial real estate
|
1,357,987
|
11,061
|
—
|
2,387
|
—
|
1,371,435
|
||||||||||||||||||
Other residential
|
784,393
|
501
|
—
|
—
|
—
|
784,894
|
||||||||||||||||||
Commercial business
|
315,518
|
5,163
|
—
|
1,437
|
—
|
322,118
|
||||||||||||||||||
Industrial revenue bonds
|
13,940
|
—
|
—
|
—
|
—
|
13,940
|
||||||||||||||||||
Consumer auto
|
251,824
|
116
|
—
|
1,588
|
—
|
253,528
|
||||||||||||||||||
Consumer other
|
56,859
|
157
|
—
|
334
|
—
|
57,350
|
||||||||||||||||||
Home equity lines of credit
|
121,134
|
118
|
—
|
100
|
—
|
121,352
|
||||||||||||||||||
Loans acquired and accounted for
|
||||||||||||||||||||||||
under ASC 310-30, net of discounts
|
167,632
|
—
|
—
|
19
|
—
|
167,651
|
||||||||||||||||||
Total
|
$
|
4,958,837
|
$
|
24,792
|
$
|
—
|
$
|
9,622
|
$
|
—
|
$
|
4,993,251
|
2019
|
2018
|
|||||||
(In Thousands)
|
||||||||
Balance, beginning of year
|
$
|
29,017
|
$
|
40,041
|
||||
New loans
|
15,062
|
17,141
|
||||||
Payments
|
(28,839
|
)
|
(28,165
|
)
|
||||
Balance, end of year
|
$
|
15,240
|
$
|
29,017
|
Note 4: |
FDIC-Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets
|
Sun Security
|
||||||||||||||||||||
TeamBank
|
Vantus Bank
|
Bank
|
InterBank
|
Valley Bank
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
December 31, 2019
|
||||||||||||||||||||
Gross loans receivable
|
$
|
7,304
|
$
|
9,899
|
$
|
17,906
|
$
|
60,430
|
$
|
41,032
|
||||||||||
Balance of accretable discount due
to change in expected losses
|
(159
|
)
|
(89
|
)
|
(374
|
)
|
(5,143
|
)
|
(1,803
|
)
|
||||||||||
Net carrying value of loans receivable
|
(7,118
|
)
|
(9,797
|
)
|
(17,392
|
)
|
(54,442
|
)
|
(38,452
|
)
|
||||||||||
Expected loss remaining
|
$
|
27
|
$
|
13
|
$
|
140
|
$
|
845
|
$
|
777
|
||||||||||
December 31, 2018
|
||||||||||||||||||||
Gross loans receivable
|
$
|
10,602
|
14,097
|
$
|
21,171
|
$
|
85,205
|
$
|
53,470
|
|||||||||||
Balance of accretable discount due to
change in expected losses
|
(399
|
)
|
(58
|
)
|
(342
|
)
|
(1,695
|
)
|
(169
|
)
|
||||||||||
Net carrying value of loans receivable
|
(10,106
|
)
|
(13,809
|
)
|
(20,171
|
)
|
(74,436
|
)
|
(49,124
|
)
|
||||||||||
Expected loss remaining
|
$
|
97
|
$
|
230
|
$
|
658
|
$
|
9,074
|
$
|
4,177
|
Year Ended December 31,
|
||||||||||||
2019
|
2018
|
2017
|
||||||||||
(In Thousands)
|
||||||||||||
Increase in accretable yield due to increased cash flow expectations
|
$
|
12,323
|
$
|
5,202
|
$
|
1,333
|
||||||
Year Ended December 31,
|
||||||||||||
2019
|
2018
|
2017
|
||||||||||
(In Thousands)
|
||||||||||||
Interest income
|
$
|
7,431
|
$
|
5,134
|
$
|
5,014
|
||||||
Noninterest income
|
—
|
—
|
(634
|
)
|
||||||||
Net impact to pre-tax income
|
$
|
7,431
|
$
|
5,134
|
$
|
4,380
|
Sun
|
||||||||||||||||||||
TeamBank
|
Vantus Bank
|
Security Bank
|
InterBank
|
Valley Bank
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
Balance, January 1, 2017
|
$
|
2,477
|
$
|
2,547
|
$
|
4,277
|
$
|
8,512
|
$
|
4,797
|
||||||||||
Accretion
|
(1,563
|
)
|
(1,373
|
)
|
(2,251
|
)
|
(7,505
|
)
|
(5,823
|
)
|
||||||||||
Reclassification from
nonaccretable difference(1)
|
1,157
|
676
|
875
|
4,067
|
3,721
|
|||||||||||||||
Balance, December 31, 2017
|
2,071
|
1,850
|
2,901
|
5,074
|
2,695
|
|||||||||||||||
Accretion
|
(1,042
|
)
|
(1,196
|
)
|
(1,667
|
)
|
(8,349
|
)
|
(3,892
|
)
|
||||||||||
Reclassification from
nonaccretable difference(1)
|
327
|
778
|
1,008
|
8,269
|
4,260
|
|||||||||||||||
Balance, December 31, 2018
|
1,356
|
1,432
|
2,242
|
4,994
|
3,063
|
|||||||||||||||
Accretion
|
(955
|
)
|
(1,006
|
)
|
(1,562
|
)
|
(8,798
|
)
|
(4,302
|
)
|
||||||||||
Reclassification from
nonaccretable difference(1)
|
756
|
697
|
1,268
|
12,081
|
5,817
|
|||||||||||||||
Balance, December 31, 2019
|
$
|
1,157
|
$
|
1,123
|
$
|
1,948
|
$
|
8,277
|
$
|
4,578
|
(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, 2019, totaling $667,000, $480,000, $810,000, $3.9 million and $2.5 million,
respectively; for TeamBank, Vantus Bank, Sun Security Bank, InterBank and Valley Bank for the year ended December 31, 2018, totaling $312,000, $778,000, $756,000, $4.1 million and $3.5 million, respectively; and for TeamBank, Vantus Bank, Sun
Security Bank, InterBank and Valley Bank for the year ended December 31, 2017, totaling $1.1 million, $663,000, $850,000, $3.5 million and $3.0 million, respectively
|
Note 5: |
Other Real Estate Owned and Repossessions
|
2019
|
2018
|
|||||||
(In Thousands)
|
||||||||
Foreclosed assets held for sale and repossessions
|
||||||||
One- to four-family construction
|
$
|
—
|
$
|
—
|
||||
Subdivision construction
|
689
|
1,092
|
||||||
Land development
|
1,816
|
3,191
|
||||||
Commercial construction
|
—
|
—
|
||||||
One- to four-family residential
|
601
|
269
|
||||||
Other residential
|
—
|
—
|
||||||
Commercial real estate
|
—
|
—
|
||||||
Commercial business
|
—
|
—
|
||||||
Consumer
|
545
|
928
|
||||||
3,651
|
5,480
|
|||||||
Acquired foreclosed assets no longer covered by
|
||||||||
FDIC loss sharing agreements, net of discounts
|
—
|
167
|
||||||
Acquired foreclosed assets not covered by FDIC
|
||||||||
loss sharing agreements, net of discounts (Valley Bank)
|
1,003
|
1,234
|
||||||
Foreclosed assets held for sale and repossessions, net
|
4,654
|
6,881
|
||||||
Other real estate owned not acquired through foreclosure
|
871
|
1,559
|
||||||
Other real estate owned and repossessions
|
$
|
5,525
|
$
|
8,440
|
2019
|
2018
|
2017
|
||||||||||
(In Thousands)
|
||||||||||||
Net gains on sales of other real estate owned and repossessions
|
$
|
(750
|
)
|
$
|
(2,522
|
)
|
$
|
(2,212
|
)
|
|||
Valuation write-downs
|
926
|
3,897
|
1,585
|
|||||||||
Operating expenses, net of rental income
|
2,008
|
3,544
|
4,556
|
|||||||||
$
|
2,184
|
$
|
4,919
|
$
|
3,929
|
Note 6: |
Premises and Equipment
|
2019
|
2018
|
|||||||
(In Thousands)
|
||||||||
Land
|
$
|
40,632
|
$
|
40,508
|
||||
Buildings and improvements
|
96,959
|
95,039
|
||||||
Furniture, fixtures and equipment
|
56,986
|
54,327
|
||||||
Operating leases right of use asset
|
8,668
|
—
|
||||||
203,245
|
189,874
|
|||||||
Less accumulated depreciation
|
61,337
|
57,450
|
||||||
$
|
141,908
|
$
|
132,424
|
At or For the
|
||||
Year Ended
|
||||
December 31, 2019
|
||||
(In Thousands)
|
||||
Statement of Financial Condition
|
||||
Operating leases right of use asset
|
$
|
8,668
|
||
Operating leases liability
|
$
|
8,747
|
||
Statement of Income
|
||||
Operating lease costs classified as occupancy and equipment expense
|
$
|
1,460
|
||
(includes short-term lease costs and amortization of right of use asset)
|
||||
Supplemental Cash Flow Information
|
||||
Cash paid for amounts included in the measurement of lease liabilities:
|
||||
Operating cash flows from operating leases
|
$
|
1,381
|
||
Right of use assets obtained in exchange for lease obligations:
|
||||
Operating leases
|
$
|
9,538
|
2020
|
$
|
1,132
|
||
2021
|
1,148
|
|||
2022
|
1,131
|
|||
2023
|
1,099
|
|||
2024
|
999
|
|||
Thereafter
|
5,186
|
|||
Future lease payments expected
|
10,695
|
|||
Less interest portion of lease payments
|
(1,948
|
)
|
||
Lease liability
|
$
|
8,747
|
||
Note 7: |
Investments in Limited Partnerships
|
Note 8: |
Deposits
|
Weighted Average
|
||||||||||||
Interest Rate
|
2019
|
2018
|
||||||||||
(In Thousands, Except
Interest Rates) |
||||||||||||
Noninterest-bearing accounts
|
—
|
$
|
687,068
|
$
|
661,061
|
|||||||
Interest-bearing checking and
|
||||||||||||
savings accounts
|
0.55% and 0.46%
|
1,551,929
|
1,472,535
|
|||||||||
2,238,997
|
2,133,596
|
|||||||||||
Certificate accounts
|
0% - 0.99%
|
|
122,649
|
150,656
|
||||||||
1% - 1.99%
|
|
523,816
|
511,873
|
|||||||||
2% - 2.99%
|
|
1,053,914
|
857,973
|
|||||||||
3% - 3.99%
|
|
19,849
|
69,793
|
|||||||||
4% - 4.99%
|
|
881
|
1,116
|
|||||||||
5% and above
|
—
|
—
|
||||||||||
1,721,109
|
1,591,411
|
|||||||||||
$
|
3,960,106
|
$
|
3,725,007
|
Retail
|
Brokered
|
Total
|
||||||||||
(In Thousands)
|
||||||||||||
2020
|
$
|
1,079,690
|
$
|
304,302
|
$
|
1,383,992
|
||||||
2021
|
185,122
|
—
|
185,122
|
|||||||||
2022
|
53,841
|
13,751
|
67,592
|
|||||||||
2023
|
17,762
|
42,448
|
60,210
|
|||||||||
2024
|
12,164
|
11,200
|
23,364
|
|||||||||
Thereafter
|
829
|
—
|
829
|
|||||||||
$
|
1,349,408
|
$
|
371,701
|
$
|
1,721,109
|
2019
|
2018
|
2017
|
||||||||||
(In Thousands)
|
||||||||||||
Checking and savings accounts
|
$
|
7,971
|
$
|
5,982
|
$
|
4,699
|
||||||
Certificate accounts
|
37,723
|
22,149
|
16,009
|
|||||||||
Early withdrawal penalties
|
(124
|
)
|
(174
|
)
|
(113
|
)
|
||||||
$
|
45,570
|
$
|
27,957
|
$
|
20,595
|
Note 9: |
Advances From Federal Home Loan Bank
|
Note 10: |
Short-Term Borrowings
|
2019
|
2018
|
|||||||
(In Thousands)
|
||||||||
Notes payable – Community Development Equity Funds
|
$
|
1,267
|
$
|
1,625
|
||||
Other interest-bearing liabilities
|
30,890
|
13,100
|
||||||
Overnight borrowings from the Federal Home Loan Bank
|
196,000
|
178,000
|
||||||
Securities sold under reverse repurchase agreements
|
84,167
|
105,253
|
||||||
$
|
312,324
|
$
|
297,978
|
2019
|
2018
|
|||||||
Overnight and
|
Overnight and
|
|||||||
Continuous
|
Continuous
|
|||||||
(In Thousands)
|
||||||||
Mortgage-backed securities – GNMA, FNMA, FHLMC
|
$
|
84,167
|
$
|
105,253
|
||||
Note 11: |
Federal Reserve Bank Borrowings
|
Note 12: |
Subordinated Debentures Issued to Capital Trusts
|
2019
|
2018
|
|||||||
(In Thousands)
|
||||||||
Subordinated debentures
|
$
|
25,774
|
$
|
25,774
|
||||
Note 13: |
Subordinated Notes
|
2019
|
2018
|
|||||||
(In Thousands)
|
||||||||
Subordinated notes
|
$
|
75,000
|
$
|
75,000
|
||||
Less: unamortized debt issuance costs
|
724
|
1,158
|
||||||
$
|
74,276
|
$
|
73,842
|
Note 14: |
Income Taxes
|
2019
|
2018
|
2017
|
||||||||||
(In Thousands)
|
||||||||||||
Taxes currently payable
|
$
|
15,375
|
$
|
19,291
|
$
|
9,335
|
||||||
Deferred income taxes
|
1,074
|
(4,450
|
)
|
11,528
|
||||||||
Adjustment of deferred tax asset or liability for enacted changes in tax laws
|
—
|
—
|
(2,105
|
)
|
||||||||
Income taxes
|
$
|
16,449
|
$
|
14,841
|
$
|
18,758
|
December 31,
|
||||||||
2019
|
2018
|
|||||||
(In Thousands)
|
||||||||
Deferred tax assets
|
||||||||
Allowance for loan losses
|
$
|
9,188
|
$
|
8,758
|
||||
Interest on nonperforming loans
|
161
|
320
|
||||||
Accrued expenses
|
821
|
726
|
||||||
Write-down of foreclosed assets
|
185
|
600
|
||||||
Write-down of fixed assets
|
50
|
191
|
||||||
Partnership tax credits
|
732
|
—
|
||||||
Deferred income
|
509
|
—
|
||||||
Difference in basis for acquired assets and liabilities
|
2,540
|
4,031
|
||||||
14,186
|
14,626
|
|||||||
Deferred tax liabilities
|
||||||||
Tax depreciation in excess of book depreciation
|
(5,986
|
)
|
(5,409
|
)
|
||||
FHLB stock dividends
|
(817
|
)
|
(798
|
)
|
||||
Partnership tax credits
|
—
|
(404
|
)
|
|||||
Prepaid expenses
|
(891
|
)
|
(569
|
)
|
||||
Unrealized gain on available-for-sale securities
|
(2,671
|
)
|
(83
|
)
|
||||
Unrealized gain on cash flow derivatives
|
(6,853
|
)
|
(2,761
|
)
|
||||
Other
|
(233
|
)
|
(113
|
)
|
||||
(17,451
|
)
|
(10,137
|
)
|
|||||
Net deferred tax asset (liability)
|
$
|
(3,265
|
)
|
$
|
4,489
|
2019
|
2018
|
2017
|
||||||
Tax at statutory rate
|
21.0
|
%
|
21.0
|
%
|
35.0
|
%
|
||
Nontaxable interest and dividends
|
(0.5)
|
(0.8)
|
(1.6)
|
|||||
Tax credits
|
(3.6)
|
(3.4)
|
(6.1)
|
|||||
State taxes
|
1.3
|
1.1
|
1.1
|
|||||
Initial impact of enactment of 2017 Tax Act
|
0.0
|
0.0
|
(0.4)
|
|||||
Other
|
0.1
|
0.2
|
(1.3)
|
|||||
18.3
|
%
|
18.1
|
%
|
26.7
|
%
|
Note 15: |
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, 2019
|
||||||||||||||||
Agency mortgage-backed securities
|
$
|
165,042
|
$
|
—
|
$
|
165,042
|
$
|
—
|
||||||||
Agency collateralized mortgage obligations
|
151,950
|
—
|
151,950
|
—
|
||||||||||||
States and political subdivisions
|
35,125
|
—
|
35,125
|
—
|
||||||||||||
Small Business Administration
|
22,058
|
—
|
22,058
|
—
|
||||||||||||
Interest rate derivative asset
|
31,476
|
—
|
31,476
|
—
|
||||||||||||
Interest rate derivative liability
|
(1,547
|
)
|
—
|
(1,547
|
)
|
—
|
||||||||||
December 31, 2018
|
||||||||||||||||
Agency mortgage-backed securities
|
$
|
153,258
|
$
|
—
|
$
|
153,258
|
$
|
—
|
||||||||
Agency collateralized mortgage obligations
|
39,260
|
—
|
39,260
|
—
|
||||||||||||
States and political subdivisions
|
51,450
|
—
|
51,450
|
—
|
||||||||||||
Interest rate derivative asset
|
12,800
|
—
|
12,800
|
—
|
||||||||||||
Interest rate derivative liability
|
(716
|
)
|
—
|
(716
|
)
|
—
|
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, 2019
|
||||||||||||||||
Impaired loans
|
$
|
635
|
$
|
—
|
$
|
—
|
$
|
635
|
||||||||
Foreclosed assets held for sale
|
$
|
1,112
|
$
|
—
|
$
|
—
|
$
|
1,112
|
||||||||
December 31, 2018
|
||||||||||||||||
Impaired loans
|
$
|
2,805
|
$
|
—
|
$
|
—
|
$
|
2,805
|
||||||||
Foreclosed assets held for sale
|
$
|
1,776
|
$
|
—
|
$
|
—
|
$
|
1,776
|
December 31, 2019
|
December 31, 2018
|
|||||||||||||||||||||||
Carrying
|
Fair
|
Hierarchy
|
Carrying
|
Fair
|
Hierarchy
|
|||||||||||||||||||
Amount
|
Value
|
Level
|
Amount
|
Value
|
Level
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Financial assets
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
220,155
|
$
|
220,155
|
1
|
$
|
202,742
|
$
|
202,742
|
1
|
||||||||||||||
Mortgage loans held for sale
|
9,242
|
9,242
|
2
|
1,650
|
1,650
|
2
|
||||||||||||||||||
Loans, net of allowance for loan losses
|
4,153,982
|
4,129,984
|
3
|
3,989,001
|
3,955,786
|
3
|
||||||||||||||||||
Accrued interest receivable
|
13,530
|
13,530
|
3
|
13,448
|
13,448
|
3
|
||||||||||||||||||
Investment in FHLB stock
|
13,473
|
13,473
|
3
|
12,438
|
12,438
|
3
|
||||||||||||||||||
Financial liabilities
|
||||||||||||||||||||||||
Deposits
|
3,960,106
|
3,963,875
|
3
|
3,725,007
|
3,717,899
|
3
|
||||||||||||||||||
Short-term borrowings
|
312,324
|
312,324
|
3
|
297,978
|
297,978
|
3
|
||||||||||||||||||
Subordinated debentures
|
25,774
|
25,774
|
3
|
25,774
|
25,774
|
3
|
||||||||||||||||||
Subordinated notes
|
74,276
|
76,875
|
2
|
73,842
|
75,188
|
2
|
||||||||||||||||||
Accrued interest payable
|
4,250
|
4,250
|
3
|
3,570
|
3,570
|
3
|
||||||||||||||||||
Unrecognized financial instruments
|
||||||||||||||||||||||||
(net of contractual value)
|
||||||||||||||||||||||||
Commitments to originate loans
|
—
|
—
|
3
|
—
|
—
|
3
|
||||||||||||||||||
Letters of credit
|
109
|
109
|
3
|
146
|
146
|
3
|
||||||||||||||||||
Lines of credit
|
—
|
—
|
3
|
—
|
—
|
3
|
||||||||||||||||||
Note 16: |
Derivatives and Hedging Activities
|
|
Location in
|
Fair Value
|
|||||||
|
Consolidated Statements
|
December 31,
|
December 31,
|
||||||
|
of Financial Condition
|
2019
|
2018
|
||||||
|
(In Thousands)
|
||||||||
Derivatives designated as
|
|||||||||
hedging instruments
|
|||||||||
Interest rate swap
|
Prepaid expenses and other assets
|
$
|
30,056
|
$
|
12,106
|
||||
Total derivatives designated
|
|||||||||
as hedging instruments
|
$
|
30,056
|
$
|
12,106
|
|||||
Derivatives not designated
|
|||||||||
as hedging instruments
|
|||||||||
Derivative Assets
|
|||||||||
Derivatives not designated
|
|||||||||
as hedging instruments
|
|||||||||
Interest rate products
|
Prepaid expenses and other assets
|
$
|
1,420
|
$
|
694
|
||||
Total derivatives not
|
|||||||||
designated as hedging
|
|||||||||
instruments
|
$
|
1,420
|
$
|
694
|
|||||
Derivative Liabilities
|
|||||||||
Derivatives not designated
|
|||||||||
as hedging instruments
|
|||||||||
Interest rate products
|
Accrued expenses and other liabilities
|
$
|
1,547
|
$
|
716
|
||||
Total derivatives not
|
|||||||||
designated as hedging
|
|||||||||
instruments
|
$
|
1,547
|
$
|
716
|
Year Ended December 31
|
||||||||||||
Amount of Gain (Loss)
Recognized in AOCI
|
||||||||||||
Cash Flow Hedges
|
2019
|
2018
|
2017
|
|||||||||
(In Thousands)
|
||||||||||||
Interest rate swap (2019 and 2018) and interest rate cap (2017),
net of income taxes
|
$
|
13,857
|
$
|
9,345
|
$
|
161
|
||||||
Note 17: |
Commitments and Credit Risk
|
Note 18: |
Additional Cash Flow Information
|
2019
|
2018
|
2017
|
||||||||||
(In Thousands)
|
||||||||||||
Noncash Investing and Financing Activities
|
||||||||||||
Real estate acquired in settlement of loans
|
$
|
12,729
|
$
|
12,044
|
$
|
23,780
|
||||||
Sale and financing of foreclosed assets
|
1,340
|
2,578
|
603
|
|||||||||
Conversion of premises and equipment to foreclosed assets
|
1,135
|
—
|
—
|
|||||||||
Dividends declared but not paid
|
4,849
|
4,528
|
3,381
|
|||||||||
Additional Cash Payment Information
|
||||||||||||
Interest paid
|
53,922
|
37,091
|
27,724
|
|||||||||
Income taxes paid
|
5,719
|
2,569
|
17,563
|
Note 19: |
Employee Benefits
|
|
Note 20: |
Stock Compensation Plans
|
Weighted
|
||||||||||||
Available to
Grant |
Shares Under
Option |
Average
Exercise Price |
||||||||||
Balance, January 1, 2017
|
219,475
|
661,203
|
$
|
33.672
|
||||||||
Granted from 2013 Plan
|
(157,800
|
)
|
157,800
|
52.118
|
||||||||
Exercised
|
—
|
(119,692
|
)
|
27.352
|
||||||||
Forfeited from terminated plan(s)
|
—
|
(675
|
)
|
24.690
|
||||||||
Forfeited from current plan(s)
|
15,837
|
(15,837
|
)
|
41.916
|
||||||||
Balance, December 31, 2017
|
77,512
|
682,799
|
38.860
|
|||||||||
Granted from 2013 Plan
|
(1,000
|
)
|
1,000
|
52.500
|
||||||||
Exercised
|
—
|
(81,940
|
)
|
27.597
|
||||||||
Forfeited from 2013 Plan
|
13,773
|
(13,773
|
)
|
45.692
|
||||||||
Termination of 2013 Plan
|
(90,285
|
)
|
—
|
|||||||||
—
|
588,086
|
|||||||||||
Available to grant from 2018 Plan
|
800,000
|
—
|
||||||||||
Granted from 2018 Plan
|
(185,750
|
)
|
185,750
|
55.297
|
||||||||
Forfeited from current plan(s)
|
600
|
(600
|
)
|
55.000
|
||||||||
Balance, December 31, 2018
|
614,850
|
773,236
|
43.886
|
|||||||||
Granted from 2018 Plan
|
(186,400
|
)
|
186,400
|
60.086
|
||||||||
Exercised
|
—
|
(125,894
|
)
|
33.031
|
||||||||
Forfeited from terminated plan(s)
|
—
|
(17,424
|
)
|
44.163
|
||||||||
Forfeited from current plan(s)
|
8,450
|
(8,450
|
)
|
55.000
|
||||||||
Balance, December 31, 2019
|
436,900
|
807,868
|
$
|
49.139
|
2019
|
2018
|
2017
|
||||||||||
Expected dividends per share
|
|
$1.36
|
|
$1.27
|
|
$0.95
|
||||||
Risk-free interest rate
|
1.59
|
%
|
2.86
|
%
|
2.03
|
%
|
||||||
Expected life of options
|
5 years
|
5 years
|
5 years
|
|||||||||
Expected volatility
|
25.15
|
%
|
17.61
|
%
|
23.49
|
%
|
||||||
Weighted average fair value of
|
||||||||||||
options granted during year
|
|
$11.20
|
|
$8.30
|
|
$10.04
|
Weighted
|
|||||||||
Weighted
|
Average
|
||||||||
Average
|
Remaining
|
||||||||
Exercise
|
Contractual
|
||||||||
Options
|
Price
|
Term
|
|||||||
Options outstanding, January 1, 2019
|
773,236
|
|
$43.886
|
7.44 years
|
|||||
Granted
|
186,400
|
60.086
|
|||||||
Exercised
|
(125,894
|
)
|
33.031
|
||||||
Forfeited
|
(25,874
|
)
|
49.395
|
||||||
Options outstanding, December 31, 2019
|
807,868
|
49.139
|
7.54 years
|
||||||
Options exercisable, December 31, 2019
|
255,491
|
37.310
|
5.10 years
|
Weighted
|
Weighted
|
|||||||||||
Average
|
Average
|
|||||||||||
Exercise
|
Grant Date
|
|||||||||||
Options
|
Price
|
Fair Value
|
||||||||||
Nonvested options, January 1, 2019
|
506,494
|
|
$50.023
|
|
$ 8.431
|
|||||||
Granted
|
186,400
|
60.086
|
11.195
|
|||||||||
Vested this period
|
(115,393
|
)
|
44.327
|
7.744
|
||||||||
Nonvested options forfeited
|
(25,124
|
)
|
49.998
|
8.394
|
||||||||
Nonvested options, December 31, 2019
|
552,377
|
54.610
|
9.509
|
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
|
||||||||||||
$16.810 to 29.640
|
79,493
|
3.01 years
|
|
$25.408
|
79,493
|
|
$25.408
|
||||||||||
$32.590 to 38.610
|
66,231
|
4.89 years
|
33.043
|
62,606
|
32.794
|
||||||||||||
$41.300 to 47.800
|
90,193
|
6.81 years
|
41.323
|
35,586
|
41.300
|
||||||||||||
$50.710 to 52.500
|
208,851
|
7.18 years
|
51.656
|
77,806
|
51.280
|
||||||||||||
$55.000 to 60.150
|
363,100
|
9.39 years
|
57.763
|
—
|
—
|
||||||||||||
807,868
|
7.54 years
|
49.139
|
255,491
|
37.310
|
Note 21: |
Significant Estimates and Concentrations
|
Note 22: |
Accumulated Other Comprehensive Income
|
2019
|
2018
|
|||||||
(In Thousands)
|
||||||||
Net unrealized gain on available-for-sale securities
|
$
|
11,715
|
$
|
365
|
||||
Net unrealized gain on derivatives used for cash flow hedges
|
30,056
|
12,106
|
||||||
41,771
|
12,471
|
|||||||
Tax effect
|
(9,525
|
)
|
(2,844
|
)
|
||||
Net-of-tax amount
|
$
|
32,246
|
$
|
9,627
|
Amounts Reclassified
from AOCI |
Affected Line Item in the
|
||||||||||||
2019
|
2018
|
2017
|
Statements of Income
|
||||||||||
(In Thousands)
|
|||||||||||||
Unrealized gains/(losses) on available-
for-sale securities
|
$
|
(62
|
)
|
$
|
2
|
$
|
—
|
Net realized gains on available-for-sale
securities (total reclassified amount
before tax)
|
|||||
Income taxes
|
14
|
—
|
—
|
Tax (expense) benefit
|
|||||||||
Total reclassifications out
of AOCI
|
$
|
48
|
$
|
2
|
$
|
—
|
Note 23: |
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, 2019
|
||||||||||||||||||||||||
Total capital
|
||||||||||||||||||||||||
Great Southern Bancorp, Inc.
|
$
|
698,085
|
15.0
|
%
|
$
|
372,387
|
8.0
|
%
|
N/A
|
N/A
|
||||||||||||||
Great Southern Bank
|
$
|
650,280
|
14.0
|
%
|
$
|
372,316
|
8.0
|
%
|
$
|
465,395
|
10.0
|
%
|
||||||||||||
Tier I capital
|
||||||||||||||||||||||||
Great Southern Bancorp, Inc.
|
$
|
582,791
|
12.5
|
%
|
$
|
279,290
|
6.0
|
%
|
N/A
|
N/A
|
||||||||||||||
Great Southern Bank
|
$
|
609,986
|
13.1
|
%
|
$
|
279,237
|
6.0
|
%
|
$
|
372,316
|
8.0
|
%
|
||||||||||||
Tier I leverage capital
|
||||||||||||||||||||||||
Great Southern Bancorp, Inc.
|
$
|
582,791
|
11.8
|
%
|
$
|
198,320
|
4.0
|
%
|
N/A
|
N/A
|
||||||||||||||
Great Southern Bank
|
$
|
609,986
|
12.3
|
%
|
$
|
198,010
|
4.0
|
%
|
$
|
247,512
|
5.0
|
%
|
||||||||||||
Common equity Tier I capital
|
||||||||||||||||||||||||
Great Southern Bancorp, Inc.
|
$
|
557,791
|
12.0
|
%
|
$
|
209,468
|
4.5
|
%
|
N/A
|
N/A
|
||||||||||||||
Great Southern Bank
|
$
|
609,986
|
13.1
|
%
|
$
|
209,428
|
4.5
|
%
|
$
|
302,507
|
6.5
|
%
|
||||||||||||
As of December 31, 2018
|
||||||||||||||||||||||||
Total capital
|
||||||||||||||||||||||||
Great Southern Bancorp, Inc.
|
$
|
651,469
|
14.4
|
%
|
$
|
360,826
|
8.0
|
%
|
N/A
|
N/A
|
||||||||||||||
Great Southern Bank
|
$
|
599,509
|
13.3
|
%
|
$
|
360,767
|
8.0
|
%
|
$
|
450,959
|
10.0
|
%
|
||||||||||||
Tier I capital
|
||||||||||||||||||||||||
Great Southern Bancorp, Inc.
|
$
|
538,060
|
11.9
|
%
|
$
|
270,619
|
6.0
|
%
|
N/A
|
N/A
|
||||||||||||||
Great Southern Bank
|
$
|
561,100
|
12.4
|
%
|
$
|
270,575
|
6.0
|
%
|
$
|
360,767
|
8.0
|
%
|
||||||||||||
Tier I leverage capital
|
||||||||||||||||||||||||
Great Southern Bancorp, Inc.
|
$
|
538,060
|
11.7
|
%
|
$
|
184,088
|
4.0
|
%
|
N/A
|
N/A
|
||||||||||||||
Great Southern Bank
|
$
|
561,100
|
12.2
|
%
|
$
|
184,050
|
4.0
|
%
|
$
|
230,062
|
5.0
|
%
|
||||||||||||
Common equity Tier I capital
|
||||||||||||||||||||||||
Great Southern Bancorp, Inc.
|
$
|
513,060
|
11.4
|
%
|
$
|
202,965
|
4.5
|
%
|
N/A
|
N/A
|
||||||||||||||
Great Southern Bank
|
$
|
561,100
|
12.4
|
%
|
$
|
202,931
|
4.5
|
%
|
$
|
293,123
|
6.5
|
%
|
||||||||||||
Note 24: |
Litigation Matters
|
Note 25: |
Summary of Unaudited Quarterly Operating Results
|
2019
|
||||||||||||||||
Three Months Ended
|
||||||||||||||||
March 31
|
June 30
|
September 30
|
December 31
|
|||||||||||||
(In Thousands, Except Per Share Data)
|
||||||||||||||||
Interest income
|
$
|
57,358
|
$
|
58,723
|
$
|
60,187
|
$
|
58,726
|
||||||||
Interest expense
|
12,753
|
13,802
|
14,263
|
13,784
|
||||||||||||
Provision for loan losses
|
1,950
|
1,600
|
1,950
|
650
|
||||||||||||
Net realized gains (losses) on available-for-sale securities
|
10
|
—
|
—
|
(72
|
)
|
|||||||||||
Noninterest income
|
7,450
|
7,157
|
8,655
|
7,695
|
||||||||||||
Noninterest expense
|
28,495
|
28,383
|
28,725
|
29,535
|
||||||||||||
Provision for income taxes
|
3,998
|
3,720
|
4,172
|
4,559
|
||||||||||||
Net income available to common shareholders
|
17,612
|
18,375
|
19,732
|
17,893
|
||||||||||||
Earnings per common share – diluted
|
1.23
|
1.28
|
1.38
|
1.24
|
2018
|
||||||||||||||||
Three Months Ended
|
||||||||||||||||
March 31
|
June 30
|
September 30
|
December 31
|
|||||||||||||
(In Thousands, Except Per Share Data)
|
||||||||||||||||
Interest income
|
$
|
46,882
|
$
|
49,943
|
$
|
52,982
|
$
|
56,142
|
||||||||
Interest expense
|
7,444
|
8,731
|
9,997
|
11,585
|
||||||||||||
Provision for loan losses
|
1,950
|
1,950
|
1,300
|
1,950
|
||||||||||||
Net realized gains on available-for-sale securities
|
—
|
—
|
2
|
—
|
||||||||||||
Noninterest income
|
6,935
|
7,459
|
14,604
|
7,220
|
||||||||||||
Noninterest expense
|
28,312
|
29,915
|
28,309
|
28,774
|
||||||||||||
Provision for income taxes
|
2,645
|
2,967
|
5,464
|
3,765
|
||||||||||||
Net income available to common shareholders
|
13,466
|
13,839
|
22,516
|
17,288
|
||||||||||||
Earnings per common share – diluted
|
0.95
|
0.97
|
1.57
|
1.21
|
2017
|
||||||||||||||||
Three Months Ended
|
||||||||||||||||
March 31
|
June 30
|
September 30
|
December 31
|
|||||||||||||
(In Thousands, Except Per Share Data)
|
||||||||||||||||
Interest income
|
$
|
45,413
|
$
|
44,744
|
$
|
46,368
|
$
|
46,536
|
||||||||
Interest expense
|
6,712
|
6,843
|
7,087
|
7,263
|
||||||||||||
Provision for loan losses
|
2,250
|
1,950
|
2,950
|
1,950
|
||||||||||||
Net realized gains (losses) on available-for-sale securities
|
—
|
—
|
—
|
—
|
||||||||||||
Noninterest income
|
7,698
|
15,800
|
7,655
|
7,374
|
||||||||||||
Noninterest expense
|
28,573
|
28,371
|
28,034
|
29,283
|
||||||||||||
Provision (credit) for income taxes
|
4,058
|
7,204
|
4,289
|
3,207
|
||||||||||||
Net income available to common shareholders
|
11,518
|
16,176
|
11,663
|
12,207
|
||||||||||||
Earnings per common share – diluted
|
0.81
|
1.14
|
0.82
|
0.86
|
Note 26: |
Condensed Parent Company Statements
|
December 31,
|
||||||||
2019
|
2018
|
|||||||
(In Thousands)
|
||||||||
Statements of Financial Condition
|
||||||||
Assets
|
||||||||
Cash
|
$
|
58,726
|
$
|
56,648
|
||||
Investment in subsidiary bank
|
650,329
|
580,016
|
||||||
Deferred and accrued income taxes
|
111
|
411
|
||||||
Prepaid expenses and other assets
|
868
|
889
|
||||||
$
|
710,034
|
$
|
637,964
|
|||||
Liabilities and Stockholders’ Equity
|
||||||||
Accounts payable and accrued expenses
|
$
|
6,918
|
$
|
6,371
|
||||
Subordinated debentures issued to capital trust
|
25,774
|
25,774
|
||||||
Subordinated notes
|
74,276
|
73,842
|
||||||
Common stock
|
143
|
142
|
||||||
Additional paid-in capital
|
33,510
|
30,121
|
||||||
Retained earnings
|
537,167
|
492,087
|
||||||
Accumulated other comprehensive income
|
32,246
|
9,627
|
||||||
$
|
710,034
|
$
|
637,964
|
2019
|
2018
|
2017
|
||||||||||
(In Thousands)
|
||||||||||||
Statements of Income
|
||||||||||||
Income
|
||||||||||||
Dividends from subsidiary bank
|
$
|
32,000
|
$
|
34,000
|
$
|
17,500
|
||||||
Interest and dividend income
|
—
|
—
|
48
|
|||||||||
Loss on other investments
|
(23
|
)
|
—
|
—
|
||||||||
31,977
|
34,000
|
17,548
|
||||||||||
Expense
|
||||||||||||
Operating expenses
|
2,044
|
1,793
|
1,330
|
|||||||||
Interest expense
|
5,397
|
5,050
|
5,047
|
|||||||||
7,441
|
6,843
|
6,377
|
||||||||||
Income before income tax and equity in
|
||||||||||||
undistributed earnings of subsidiaries
|
24,536
|
27,157
|
11,171
|
|||||||||
Credit for income taxes
|
(1,381
|
)
|
(1,204
|
)
|
(1,709
|
)
|
||||||
Income before equity in earnings of subsidiaries
|
25,917
|
28,361
|
12,880
|
|||||||||
Equity in undistributed earnings of subsidiaries
|
47,695
|
38,748
|
38,684
|
|||||||||
Net income
|
$
|
73,612
|
$
|
67,109
|
$
|
51,564
|
2019
|
2018
|
2017
|
||||||||||
(In Thousands)
|
||||||||||||
Statements of Cash Flows
|
||||||||||||
Operating Activities
|
||||||||||||
Net income
|
$
|
73,612
|
$
|
67,109
|
$
|
51,564
|
||||||
Items not requiring (providing) cash
|
||||||||||||
Equity in undistributed earnings of subsidiary
|
(47,695
|
)
|
(38,748
|
)
|
(38,684
|
)
|
||||||
Compensation expense for stock option grants
|
922
|
737
|
564
|
|||||||||
Amortization of interest rate derivative and
deferred costs on subordinated notes
|
434
|
154
|
441
|
|||||||||
Loss on other investments
|
23
|
—
|
—
|
|||||||||
Changes in
|
||||||||||||
Prepaid expenses and other assets
|
(3
|
)
|
13
|
132
|
||||||||
Accounts payable and accrued expenses
|
226
|
182
|
(115
|
)
|
||||||||
Income taxes
|
300
|
(278
|
)
|
6
|
||||||||
Net cash provided by operating activities
|
27,819
|
29,169
|
13,908
|
|||||||||
Investing Activities
|
||||||||||||
(Investment)/Return of principal - other investments
|
2
|
—
|
—
|
|||||||||
Net cash provided by investing activities
|
2
|
—
|
—
|
|||||||||
Financing Activities
|
||||||||||||
Purchases of the Company’s common stock
|
(849
|
)
|
(903
|
)
|
—
|
|||||||
Dividends paid
|
(29,052
|
)
|
(15,819
|
)
|
(12,894
|
)
|
||||||
Stock options exercised
|
4,158
|
2,224
|
3,247
|
|||||||||
Net cash used in financing activities
|
(25,743
|
)
|
(14,498
|
)
|
(9,647
|
)
|
||||||
Increase in Cash
|
2,078
|
14,671
|
4,261
|
|||||||||
Cash, Beginning of Year
|
56,648
|
41,977
|
37,716
|
|||||||||
Cash, End of Year
|
$
|
58,726
|
$
|
56,648
|
$
|
41,977
|
||||||
Additional Cash Payment Information
|
||||||||||||
Interest paid
|
$
|
5,424
|
$
|
5,001
|
$
|
5,059
|
2019
|
2018
|
2017
|
||||||||||
(In Thousands)
|
||||||||||||
Statements of Comprehensive Income
|
||||||||||||
Net Income
|
$
|
73,612
|
$
|
67,109
|
$
|
51,564
|
||||||
Change in fair value of cash flow hedge, net of taxes of $0, $0 and $93 for 2019, 2018 and 2017,
respectively
|
—
|
—
|
161
|
|||||||||
Comprehensive income (loss) of subsidiaries
|
22,619
|
8,114
|
(478
|
)
|
||||||||
Comprehensive Income
|
$
|
96,231
|
$
|
75,223
|
$
|
51,247
|
Note 27: |
Sale of Branches and Related Deposits
|
Note 28: |
Subsequent Event -- Interest Rate Swap Termination
|
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
|
807,868
|
$
|
49.139
|
454,324
|
(1)
|
|||||||
Equity compensation plans not approved by stockholders
|
N/A
|
N/A
|
N/A
|
|||||||||
Total
|
807,868
|
$
|
49.139
|
454,324
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.
|
ITEM 14.
|
PRINCIPAL ACCOUNTING FEES AND SERVICES.
|
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.
|
|
(3)
|
Articles of incorporation and Bylaws
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
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).
|
|
|
|
|
|
|
|
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,
2007, are incorporated herein by reference as Exhibit 3.2.
|
|
|
|
|
|
|
Instruments defining the rights of security holders, including indentures
|
||
|
|
|
|
|
|
Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934
|
|
|
|
|
|
|
(9)
|
Voting trust agreement
|
|
|
|
|
|
|
|
Inapplicable.
|
|
|
|
|
|
|
(10)
|
Material contracts
|
|
|
|
|
|
|
|
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 Amended and Restated Employment Agreement, dated November 4, 2019, between the Registrant and William V. Turner previously filed with the Commission (File no.
000-18082) as Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2019, is incorporated herein by reference as Exhibit 10.3.
|
|
|
|
|
|
|
|
The Amended and Restated Employment Agreement, dated November 4, 2019, between the Registrant and Joseph W. Turner previously filed with the Commission (File no.
000-18082) as Exhibit 10.4 to the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2019, is incorporated herein by reference as Exhibit 10.4.
|
|
|
|
|
|
Amendment No. 1, dated as of March 5, 2020, to the Amended and Restated Employment Agreement with Joseph W. Turner is attached as Exhibit 10.4A.
|
|||
|
|
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 2020 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, 2011, 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 Registrant's 2018 Omnibus 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 March 27, 2018, is incorporated herein by reference as Exhibit 10.15.
|
|
|
|
|
|
|
|
The form of incentive stock option award agreement under the Registrant's 2018 Omnibus Incentive Plan
previously filed with the Commission as Exhibit 10.2 to the Registrant's Registration Statement on Form S-8 (File no. 333-225665) filed on June 15, 2018 is incorporated herein by reference as Exhibit 10.16.
|
|
|
|
|
|
|
|
The form of non-qualified stock option award agreement under the Registrant's 2018 Omnibus Incentive Plan
previously filed with the Commission as Exhibit 10.3 to the Registrant's Registration Statement on Form S-8 (File no. 333-225665) filed on June 15, 2018 is incorporated herein by reference as Exhibit 10.17.
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
(18)
|
Letter re change in accounting principles
|
|
|
|
|
|
|
|
Inapplicable.
|
|
|
|
|
|
|
(21)
|
Subsidiaries of the registrant
|
|
|
|
|
|
|
|
A list of the Registrant's subsidiaries is attached hereto as Exhibit 21.
|
|
|
|
|
|
|
(22)
|
Published report regarding matters submitted to vote of security holders
|
|
|
|
|
|
|
|
Inapplicable.
|
|
|
|
|
|
|
(23)
|
Consents of experts and counsel
|
|
|
|
|
|
|
|
The consent of BKD, LLP to the incorporation by reference into the Form S-8s (File nos. 333-106190, 333-189497 and 333-225665) previously filed with the Commission of
their report on the financial statements included in this Form 10-K, is attached hereto as Exhibit 23.
|
|
|
|
|
|
|
(24)
|
Power of attorney
|
|
|
|
|
|
|
|
Included as part of signature page.
|
|
|
|
|
|
|
(31.1)
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Rule 13a-14(a) Certification of Chief Executive Officer
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Attached as Exhibit 31.1
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(31.2)
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Rule 13a-14(a) Certification of Treasurer
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Attached as Exhibit 31.2
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(32)
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Certification pursuant to Section 906 of Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)
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Attached as Exhibit 32.
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(101)
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Attached as Exhibit 101 are the following financial statements from the Great Southern Bancorp, Inc. Annual Report on Form 10-K for the year ended December
31, 2019, formatted in Extensive Business Reporting Language (XBRL): (i) consolidated statements of financial condition, (ii) consolidated statements of income, (iii) consolidated statements of cash flows and (iv) the notes to consolidated
financial statements.
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GREAT SOUTHERN BANCORP, INC.
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Date: March 6, 2020
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By:
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/s/ Joseph W. Turner
Joseph W. Turner
President, Chief Executive Officer and
Director
( Duly Authorized Representative )
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Signature
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Capacity in Which Signed
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Date
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/s/ Joseph W. Turner
Joseph W. Turner
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President, Chief Executive Officer and Director
(Principal Executive Officer)
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March 6, 2020
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/s/ William V. Turner
William V. Turner
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Chairman of the Board
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March 6, 2020
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/s/ Rex A. Copeland
Rex A. Copeland
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Treasurer
(Principal Financial Officer and
Principal Accounting Officer)
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March 6, 2020
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/s/ Kevin R. Ausburn
Kevin R. Ausburn
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Director
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March 6, 2020
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/s/ Julie T. Brown
Julie T. Brown
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Director
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March 6, 2020
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/s/ Thomas J. Carlson
Thomas J. Carlson
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Director
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March 6, 2020
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/s/ Larry D. Frazier
Larry D. Frazier
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Director
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March 6, 2020
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/s/ Debra M. Hart
Debra M. Hart
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Director
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March 6, 2020
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/s/ Douglas M. Pitt
Douglas M. Pitt
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Director
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March 6, 2020
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/s/ Earl A. Steinert, Jr.
Earl A. Steinert, Jr.
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Director
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March 6, 2020
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•
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20,000,000 shares of common stock, $0.01 par value per share; and
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•
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1,000,000 shares of preferred stock, $0.01 value per share.
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Attest:
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GREAT SOUTHERN BANCORP, INC.
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/s/ Douglas W. Marrs
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By:
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/s/ Earl A. Steinert, Jr.
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Douglas W. Marrs, Secretary
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Earl A. Steinert, Jr.
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Chair of Compensation Committee
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EMPLOYEE
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By:
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/s/ Joseph W. Turner
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Joseph W. Turner
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Parent
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Subsidiary
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Percentage of
Ownership |
State of
Incorporation or Organization |
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Great Southern Bancorp, Inc.
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Great Southern Bank
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100
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%
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Missouri
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Great Southern Bancorp, Inc.
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Great Southern Capital Trust II
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100
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%(1)
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Delaware
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Great Southern Bank
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Great Southern Real Estate Development Corporation
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100
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%
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Missouri
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Great Southern Bank
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Great Southern Community Development Company, L.L.C.
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100
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%
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Missouri
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Great Southern Bank
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Great Southern Financial Corporation
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100
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%
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Missouri
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Great Southern Bank
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GS, L.L.C.
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100
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%
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Missouri
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Great Southern Bank
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GSSC, L.L.C.
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100
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%
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Missouri
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Great Southern Bank
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GSTC Investments, L.L.C.
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100
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%
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Missouri
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Great Southern Bank
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GSRE Holding, L.L.C.
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100
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%
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Missouri
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Great Southern Bank
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GSRE Holding II, L.L.C.
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100
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%
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Missouri
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Great Southern Bank
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GSRE Holding III, L.L.C.
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100
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%
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Missouri
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Great Southern Bank
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VFP Conclusion Holding, L.L.C.
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50
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%
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Missouri
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Great Southern Bank
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VFP Conclusion Holding II, L.L.C.
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50
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%
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Missouri
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Great Southern Bank
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GSB One, L.L.C.
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100
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%
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Missouri
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GSB One, L.L.C.
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GSB Two, L.L.C.
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89
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%
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Missouri
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GSRE Holding, L.L.C.
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GSRE Management, L.L.C.
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100
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%
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Missouri
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Great Southern Community Development Company,
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Great Southern CDE, L.L.C.
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100
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%
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Missouri
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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:
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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
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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):
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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.
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Date: March 6, 2020
/s/ Joseph W. Turner
Joseph W. Turner
President and Chief Executive Officer
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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:
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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
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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):
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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.
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Date: March 6, 2020
/s/ Rex A. Copeland
Rex A. Copeland
Treasurer
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Dated: March 6, 2020
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/s/ Joseph W.
Turner
Joseph W. Turner
President and Chief Executive Officer
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Dated: March 6, 2020
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/s/ Rex A.
Copeland
Rex A. Copeland
Treasurer
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