Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 01, 2016 | Jun. 30, 2015 | |
Document and Entity Information: | |||
Entity Registrant Name | Great Southern Bancorp Inc | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Trading Symbol | gsbc | ||
Amendment Flag | false | ||
Entity Central Index Key | 854,560 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 13,891,443 | ||
Entity Public Float | $ 442,360,141 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Great Southern Bancorp, Inc. --
Great Southern Bancorp, Inc. -- Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash | $ 115,198 | $ 109,052 |
Interest-bearing deposits in other financial institutions | 83,985 | 109,595 |
Cash and cash equivalents | 199,183 | 218,647 |
Available-for-sale securities | 262,856 | 365,506 |
Held-to-maturity securities | 353 | 450 |
Mortgage loans held for sale | 12,261 | 14,579 |
Loans receivable, net | 3,340,536 | 3,038,848 |
FDIC indemnification asset | 24,082 | 44,334 |
Interest receivable | 10,930 | 11,219 |
Prepaid expenses and other assets | 59,322 | 60,452 |
Other real estate owned, net | 31,893 | 45,838 |
Premises and equipment, net | 129,655 | 124,841 |
Goodwill and other intangible assets | 5,758 | 7,508 |
Federal Home Loan Bank stock | 15,303 | 16,893 |
Current and deferred income taxes | 12,057 | 2,219 |
Total assets | 4,104,189 | 3,951,334 |
Liabilities | ||
Deposits | 3,268,626 | 2,990,840 |
Federal Home Loan Bank advances | 263,546 | 271,641 |
Securities sold under reverse repurchase agreements with customers | 116,182 | 168,993 |
Short-term borrowings | 1,295 | 42,451 |
Subordinated debentures issued to capital trust | 25,774 | 30,929 |
Accrued interest payable | 1,080 | 1,067 |
Advances from borrowers for taxes and insurance | 4,681 | 4,929 |
Accrued expenses and other liabilities | 24,778 | 20,739 |
Total liabilities | 3,705,962 | 3,531,589 |
Capital stock | ||
Serial preferred stock | 57,943 | |
Common stock | 139 | 138 |
Additional paid-in capital | 24,371 | 22,345 |
Retained earnings | 368,053 | 332,283 |
Accumulated other comprehensive income, net | 5,664 | 7,036 |
Total stockholders' equity | 398,227 | 419,745 |
Total liabilities and stockholders' equity | $ 4,104,189 | $ 3,951,334 |
Great Southern Bancorp, Inc. -
Great Southern Bancorp, Inc. - Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statements of Financial Condition | ||
Allowance for loan losses | $ 38,149 | $ 38,435 |
Serial preferred stock | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares | 1,000,000 | 1,000,000 |
Preferred stock, issued shares | 0 | 57,943 |
Preferred stock, outstanding shares | 0 | 57,943 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 20,000,000 | 20,000,000 |
Common stock, issued shares | 13,887,932 | 13,754,806 |
Common stock, outstanding shares | 13,887,932 | 13,754,806 |
Income tax expense on change in unrealized holding gain on available-for-sale securities | $ 3,227 | $ 3,789 |
Great Southern Bancorp, Inc. -4
Great Southern Bancorp, Inc. -- Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Income | |||
Loans | $ 177,240 | $ 172,569 | $ 163,903 |
Investment securities and other | 7,111 | 10,793 | 14,892 |
Total Interest Income | 184,351 | 183,362 | 178,795 |
Interest Expense | |||
Deposits | 13,511 | 11,225 | 12,346 |
Federal Home Loan Bank advances | 1,707 | 2,910 | 3,972 |
Short-term borrowings and repurchase agreements | 65 | 1,099 | 2,324 |
Subordinated debentures issued to capital trust | 714 | 567 | 561 |
Total Interest Expense | 15,997 | 15,801 | 19,203 |
Net Interest Income | 168,354 | 167,561 | 159,592 |
Provision for Loan Losses | 5,519 | 4,151 | 17,386 |
Net Interest Income After Provision for Loan Losses | 162,835 | 163,410 | 142,206 |
Noninterest Income | |||
Commissions | 1,136 | 1,163 | 1,065 |
Service charges and ATM fees | 19,841 | 19,075 | 18,227 |
Net gains on loan sales | 3,888 | 4,133 | 4,915 |
Net realized gains on sales of available-for-sale securities | 2 | 2,139 | 243 |
Late charges and fees on loans | 2,129 | 1,400 | 1,264 |
Gain (loss) on derivative interest rate products | (43) | (345) | 295 |
Gain recognized on business acquisitions | 10,805 | ||
Accretion (amortization) of income/expense related to business acquisitions | (18,345) | (27,868) | (25,260) |
Other income | 4,973 | 4,229 | 4,566 |
Total Noninterest Income | 13,581 | 14,731 | 5,315 |
Noninterest Expense | |||
Salaries and employee benefits | 58,682 | 56,032 | 52,468 |
Net occupancy expense | 25,985 | 23,541 | 20,658 |
Postage | 3,787 | 3,578 | 3,315 |
Insurance | 3,566 | 3,837 | 4,189 |
Advertising | 2,317 | 2,404 | 2,165 |
Office supplies and printing | 1,333 | 1,464 | 1,303 |
Telephone | 3,235 | 2,866 | 2,868 |
Legal, audit and other professional fees | 2,713 | 3,957 | 4,348 |
Expense on other real estate owned | 2,526 | 5,636 | 4,068 |
Partnership tax credit | 1,680 | 1,720 | 2,108 |
Other operating expenses | 8,526 | 15,824 | 8,128 |
Total Noninterest Expense | 114,350 | 120,859 | 105,618 |
Income Before Income Taxes | 62,066 | 57,282 | 41,903 |
Provision for Income Taxes | 15,564 | 13,753 | 8,174 |
Net Income | 46,502 | 43,529 | 33,729 |
Preferred Stock Dividends | 554 | 579 | 579 |
Net Income Available to Common Shareholders | $ 45,948 | $ 42,950 | $ 33,150 |
Earnings Per Common Share | |||
Basic | $ 3.33 | $ 3.14 | $ 2.43 |
Diluted | $ 3.28 | $ 3.10 | $ 2.42 |
Great Southern Bancorp, Inc. -5
Great Southern Bancorp, Inc. -- Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statements of Comprehensive Income | |||
Net Income | $ 46,502 | $ 43,529 | $ 33,729 |
Unrealized appreciation (depreciation) on available-for-sale securities, net | (1,321) | 6,128 | (13,959) |
Noncredit component of unrealized gain (loss) on available-for-sale debt securities for which a portion of an other-than-temporary impairment has been recognized, net | (37) | ||
Less: reclassification adjustment for gains included in net income, net | (1) | (1,390) | (158) |
Change in fair value of cash flow hedge, net | (50) | (164) | (34) |
Other comprehensive income (loss) | (1,372) | 4,574 | (14,188) |
Comprehensive Income | $ 45,130 | $ 48,103 | $ 19,541 |
Great Southern Bancorp, Inc. -6
Great Southern Bancorp, Inc. -- Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statements of Comprehensive Income | |||
Tax effect of unrealized appreciation (depreciation) on available-for-sale securities, taxes (credit) | $ (528) | $ 3,301 | $ (7,516) |
Tax effect non-credit component of unrealized gain (loss) on available-for-sale debt securities for which a portion of an other-than-temporary impairment has been recognized, taxes (credit) | 0 | 0 | (20) |
Tax effect reclassification adjustment for gains included in net income, taxes (credit) | (1) | (749) | (85) |
Tax effect of change in fair value of cash flow hedge, taxes (credit) | $ (34) | $ (88) | $ (19) |
Great Southern Bancorp, Inc. -7
Great Southern Bancorp, Inc. -- Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | SBLF Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | |
Balance beginning of period at Dec. 31, 2012 | $ 369,874 | $ 57,943 | $ 136 | $ 18,394 | $ 276,751 | $ 16,650 | ||
Net income | 33,729 | 33,729 | ||||||
Stock issued under Stock Option Plan | 1,685 | 1,173 | $ 512 | |||||
Common dividends declared | (9,823) | [1] | (9,823) | |||||
SBLF preferred stock dividends accrued | (579) | [2] | (579) | |||||
Other comprehensive income (loss) | (14,188) | (14,188) | ||||||
Reclassification of treasury stock per Maryland law | 1 | 511 | (512) | |||||
Balance end of period at Dec. 31, 2013 | 380,698 | 57,943 | 137 | 19,567 | 300,589 | 2,462 | ||
Balance beginning of period at Dec. 31, 2013 | 380,698 | 57,943 | 137 | 19,567 | 300,589 | 2,462 | ||
Net income | 43,529 | 43,529 | ||||||
Stock issued under Stock Option Plan | 3,003 | 2,778 | 225 | |||||
Common dividends declared | (10,968) | [3] | (10,968) | |||||
SBLF preferred stock dividends accrued | (579) | [2] | (579) | |||||
Other comprehensive income (loss) | 4,574 | 4,574 | ||||||
Reclassification of treasury stock per Maryland law | 1 | (288) | 287 | |||||
Purchase of the Company's common stock | (512) | (512) | ||||||
Balance end of period at Dec. 31, 2014 | 419,745 | 57,943 | 138 | 22,345 | 332,283 | 7,036 | ||
Balance beginning of period at Dec. 31, 2014 | 419,745 | 57,943 | 138 | 22,345 | 332,283 | 7,036 | ||
Net income | 46,502 | 46,502 | ||||||
Stock issued under Stock Option Plan | 3,744 | 2,026 | 1,718 | |||||
Common dividends declared | (11,896) | [4] | (11,896) | |||||
SBLF preferred stock dividends accrued | (553) | [2] | (553) | |||||
Redemption of SBLF preferred stock at Dec. 31, 2015 | (57,943) | $ (57,943) | ||||||
Other comprehensive income (loss) | (1,372) | (1,372) | ||||||
Reclassification of treasury stock per Maryland law | 1 | 1,717 | $ (1,718) | |||||
Balance end of period at Dec. 31, 2015 | $ 398,227 | $ 139 | $ 24,371 | $ 368,053 | $ 5,664 | |||
[1] | $.72 per share | |||||||
[2] | 1.0% | |||||||
[3] | $.80 per share | |||||||
[4] | $.86 per share |
Great Southern Bancorp, Inc. -8
Great Southern Bancorp, Inc. -- Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||
Net income | $ 46,502 | $ 43,529 | $ 33,729 |
Proceeds from sales of loans held for sale | 158,730 | 156,632 | 215,744 |
Originations of loans held for sale | (155,680) | (160,074) | (198,910) |
Items not requiring (providing) cash | |||
Depreciation | 10,465 | 8,747 | 8,036 |
Amortization | 3,430 | 3,242 | 8,107 |
Compensation expense for stock option grants | 382 | 565 | 443 |
Provision for loan losses | 5,519 | 4,151 | 17,386 |
Net gains on loan sales | (3,888) | (4,133) | (4,915) |
Net realized gains on available-for-sale securities | (2) | (2,139) | (243) |
Gain on sale of non-marketable securities | (301) | ||
Gain on redemption of trust preferred securities | (1,115) | ||
(Gain) loss on sale of premises and equipment | (465) | 18 | (60) |
(Gain) loss on sale/write-down of foreclosed assets | (1,132) | 2,996 | 1,259 |
Gain on purchase of additional business units | (10,805) | ||
Amortization of deferred income, premiums, discounts and other | 10,595 | 22,692 | 29,510 |
(Gain) loss on derivative interest rate products | 43 | 345 | (295) |
Deferred income taxes | (4,670) | (6,260) | (8,839) |
Changes in | |||
Interest receivable | 289 | 1,227 | 1,347 |
Prepaid expenses and other assets | 3,982 | 8,430 | (7,529) |
Accrued expenses and other liabilities | 3,354 | 502 | 4,260 |
Income taxes refundable/payable | (4,609) | (2,232) | (5,109) |
Net cash provided by operating activities | 71,429 | 67,433 | 93,921 |
Net change in loans | (190,154) | (340,135) | (33,180) |
Purchase of loans | (117,634) | (101,832) | (129,422) |
Cash received from purchase of additional business units | 189,437 | ||
Cash received from FDIC loss sharing reimbursements | 2,599 | 8,377 | 28,511 |
Purchase of premises and equipment | (16,697) | (17,954) | (13,853) |
Proceeds from sale of premises and equipment | 1,883 | 203 | 1,518 |
Proceeds from sale of foreclosed assets | 23,497 | 21,706 | 48,900 |
Capitalized costs on foreclosed assets | (20) | (199) | (457) |
Proceeds from sale of non-marketable securities | 351 | ||
Proceeds from maturities, calls and repayments of held-to-maturity securities | 97 | 355 | 115 |
Proceeds from sale of available-for-sale securities | 56,169 | 220,169 | 108,487 |
Proceeds from maturities, calls and repayments of available-for-sale securities | 63,463 | 103,475 | 210,798 |
Purchase of available-for-sale securities | (21,339) | (40,661) | (97,000) |
(Purchase) redemption of Federal Home Loan Bank stock | 1,590 | (7,071) | 273 |
Net cash provided by (used in) investing activities | (196,195) | 35,870 | 124,690 |
Financing Activities | |||
Net increase (decrease) in certificates of deposit | 191,224 | (116,139) | (208,702) |
Net increase (decrease) in checking and savings accounts | 87,113 | (160,144) | (134,562) |
Proceeds from Federal Home Loan Bank advances | 6,509,500 | 4,231,000 | 1,980 |
Repayments of Federal Home Loan Bank advances | (6,517,564) | (4,083,315) | (1,081) |
Net increase (decrease) in short term borrowings | (93,967) | 74,768 | (44,307) |
Repayments of reverse repurchase borrowings | (3,000) | ||
Repayments of structured repurchase borrowings | (50,000) | ||
Advances to borrowers for taxes and insurance | (248) | 580 | 1,567 |
Redemption of trust preferred securities | (3,885) | ||
Redemption of preferred stock | (57,943) | ||
Dividends paid | (12,290) | (11,257) | (7,964) |
Purchase of the Company's common stock | (512) | ||
Stock options exercised | 3,362 | 2,438 | 1,242 |
Net cash provided by (used in) financing activities | 105,302 | (112,581) | (394,827) |
Decrease in Cash and Cash Equivalents | (19,464) | (9,278) | (176,216) |
Cash and Cash Equivalents, Beginning of Year | 218,647 | 227,925 | 404,141 |
Cash and Cash Equivalents, End of Year | $ 199,183 | $ 218,647 | $ 227,925 |
Note 1_ Nature of Operations an
Note 1: Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 1: Nature of Operations and Summary of Significant Accounting Policies | Note 1: Nature of Operations and Summary of Significant Accounting Policies Nature of Operations and Operating Segments Great Southern Bancorp, Inc. (“GSBC” or the “Company”) operates as a one-bank holding company. GSBC’s business primarily consists of the operations of Great Southern Bank (the “Bank”), which provides a full range of financial services to customers primarily located in Missouri, Iowa, Kansas, Minnesota, Nebraska and Arkansas. The Company and the Bank are subject to regulation certain federal and state agencies and undergo periodic examinations by those regulatory agencies. The Company’s banking operation is its only reportable segment. The banking operation is principally engaged in the business of originating residential and commercial real estate loans, construction loans, commercial business loans and consumer loans and funding these loans attracting deposits from the general public, accepting brokered deposits and borrowing from the Federal Home Loan Bank and others . The operating results of this segment are regularly reviewed by management to make decisions about resource allocations and to assess performance. Selected information is not presented separately for the Company’s reportable segment, as there is no material difference between that information and the corresponding information in the consolidated financial statements . Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of loans acquired with indication of impairment, the valuation of the FDIC indemnification asset and other-than-temporary impairments (OTTI) and fair values of financial instruments. In connection with the determination of the allowance for loan losses and the valuation of foreclosed assets held for sale, management obtains independent appraisals for significant properties. The valuation of the FDIC indemnification asset is determined in relation to the fair value of assets acquired through FDIC-assisted transactions for which cash flows are monitored on an ongoing basis. Principles of Consolidation The consolidated financial statements include the accounts of Great Southern Bancorp, Inc., its wholly owned subsidiary, the Bank, and the Bank’s wholly owned subsidiaries, Great Southern Real Estate Development Corporation, GSB One LLC (including its wholly owned subsidiary, GSB Two LLC), Great Southern Financial Corporation, Great Southern Community Development Company, LLC (including its wholly owned subsidiary, Great Southern CDE, LLC), GS, LLC, GSSC, LLC, GS-RE Holding, LLC (including its wholly owned subsidiary, GS RE Management, LLC), GS-RE Holding II, LLC, GS-RE Holding III, LLC, VFP Conclusion Holding, LLC and VFP Conclusion Holding II, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. Reclassifications Certain prior periods’ amounts have been reclassified to conform to the financial statements presentation. These reclassifications had no effect on net income. Federal Home Loan Bank Stock Federal Home Loan Bank common stock is a required investment for institutions that are members of the Federal Home Loan Bank system. The required investment in common stock is based on a predetermined formula, carried at cost and evaluated for impairment. Securities Available-for-sale securities, which include any security for which the Company has no immediate plan to sell but which may be sold in the future, are carried at fair value. Unrealized gains and losses are recorded, net of related income tax effects, in other comprehensive income. Held-to-maturity securities, which include any security for which the Company has the positive intent and ability to hold until maturity, are carried at historical cost adjusted for amortization of premiums and accretion of discounts. Amortization of premiums and accretion of discounts are recorded as interest income from securities. Realized gains and losses are recorded as net security gains (losses). Gains and losses on sales of securities are determined on the specific-identification method. For debt securities with fair value below carrying value when the Company does not intend to sell a debt security, and it is more likely than not the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. For held-to-maturity debt securities, the amount of an recorded in other comprehensive income for the noncredit portion of a previous is amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. The Company’s consolidated statements of income reflect the full impairment (that is, the difference between the security’s amortized cost basis and fair value) on debt securities that the Company intends to sell or would more likely than not be required to sell before the expected recovery of the amortized cost basis. For available-for-sale and held-to-maturity debt securities that management has no intent to sell and believes that it more likely than not will not be required to sell prior to recovery, only the credit loss component of the impairment is recognized in earnings, while the noncredit loss is recognized in accumulated other comprehensive income. The credit loss component recognized in earnings is identified as the amount of principal cash flows not expected to be received over the remaining term of the security as projected based on cash flow projections. For equity securities , when the Company has decided to sell an impaired available-for-sale security and the Company does not expect the fair value of the security to fully recover before the expected time of sale, the security is deemed in the period in which the decision to sell is made. The Company recognizes an impairment loss when the impairment is deemed other-than-temporary even if a decision to sell has not been made. Mortgage Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value in the aggregate. Write-downs to fair value are recognized as a charge to earnings at the time the decline in value occurs. Nonbinding forward commitments to sell individual mortgage loans are generally obtained to reduce market risk on mortgage loans in the process of origination and mortgage loans held for sale. Gains and losses resulting from sales of mortgage loans are recognized when the respective loans are sold to investors. Fees received from borrowers to guarantee the funding of mortgage loans held for sale and fees paid to investors to ensure the ultimate sale of such mortgage loans are recognized as income or expense when the loans are sold or when it becomes evident that the commitment will not be used. Loans Originated by the Company Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balances adjusted for any charge-offs, the allowance for loan losses, any deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. Interest income is reported on the interest method and includes amortization of net deferred loan fees and costs over the loan term. Past due status is based on the contractual terms of a loan. Generally, loans are placed on nonaccrual status at 90 days past due and interest is considered a loss, unless the loan is well secured and in the process of collection. Payments received on nonaccrual loans are applied to principal until the loans are returned to accrual status. Loans are returned to accrual status when all payments contractually due are brought current, payment performance is sustained for a period of time, generally six months, and future payments are reasonably assured. With the exception of consumer loans, charge-offs on loans are recorded when available information indicates a loan is not fully collectible and the loss is reasonably quantifiable. Consumer loans are charged-off at specified delinquency dates consistent with regulatory guidelines. Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non classified loans and is based on historical charge-off experience and expected loss given default derived from the Company’s internal risk rating process. Other adjustments may be made to the allowance for after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. A loan is considered impaired when, based on current information and events, it is probable that determines which loans are reviewed for impairment based on various analyses including annual reviews of large loan relationships, calculations of loan debt coverage ratios as financial information is obtained reviews of all loans over $1.0 million Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length the borrower’s prior payment record and the amount of shortfall in relation to the principal and interest owed. Large groups of smaller balance homogenous loans are collectively evaluated for impairment. In accordance with regulatory guidelines, impairment in the consumer loan portfolio is primarily identified b past-due status. loans Impairment is measured on a loan-by-loan basis for by either the present value of expected future cash flows or the fair value of the collateral if the loan is collateral dependent. Payments made on impaired loans are treated in accordance with the accrual status of the loan. If loans are performing in accordance with their contractual terms but the ultimate collectability of principal and interest is questionable, payments are applied to principal only. Loans Acquired in Business Combinations Loans acquired in business combinations under ASC Topic 805, Business Combinations loans are recorded at fair value in accordance with the fair value methodology prescribed in ASC Topic 820 Fair Value Measurements and Disclosures . No allowance for loan losses related to the acquired loans is recorded on the acquisition date as the fair value of the loans acquired incorporates assumptions regarding credit risk. The fair value estimates associated with the loans include estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows. For loans not acquired in conjunction with an FDIC-assisted transaction that are not considered to be purchased credit-impaired loans, the Company evaluates loans acquired in accordance with the provisions of ASC Topic 310-20, Nonrefundable Fees and Other Costs impaired loans in accordance with the provisions of ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality purchase dates may include information such as past-due and nonaccrual status, borrower credit scores and recent loan to value percentages. Acquired credit-impaired loans are accounted for under the accounting guidance for loans acquired with deteriorated credit quality initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loans. The Company evaluates all of loans purchased in conjunction with its FDIC-assisted transactions in accordance with the provisions of ASC Topic 310-30. For purposes of applying ASC 310-30, loans acquired in business combinations are aggregated into pools of loans with common risk characteristics. All loans acquired in the FDIC transactions, both covered and not covered , were deemed to be impaired loans as there is evidence of credit deterioration since origination and probab that not all contractually required payments will be collected. As a result, related discounts are recognized subsequently through accretion based on the expected cash flows of the acquired loans. The expected cash flows of the acquired loan pools in excess of the fair values recorded is referred to as the accretable yield and is recognized in interest income over the remaining estimated lives of the loan pools or impaired loans accounted for under ASC Topic 310-30. The Company continues to estimate cash flows expected to be collected on pools of loans sharing common risk characteristics, which are treated in the aggregate when applying various valuation techniques. Increases in the Company’s cash flow expectations are recognized as increases to the accretable yield while decreases are recognized as impairments through the allowance for loan losses. FDIC Indemnification Asset Through two FDIC-assisted transactions during 2009, one during 2011 and one during 2012, the Bank acquired certain loans and foreclosed assets which are covered under loss sharing agreements with the FDIC. These agreements commit the FDIC to reimburse the Bank for a portion of realized losses on these covered assets. Therefore, as of the dates of acquisitions, the Company calculated the amount of such reimbursements it expects to receive from the FDIC using the present value of anticipated cash flows from the covered assets based on the credit adjustments estimated for each pool of loans and the estimated losses on foreclosed assets. In accordance with FASB ASC 805, each FDIC Indemnification Asset was initially recorded at its fair value, and is measured separately from the loan assets and foreclosed assets because the loss sharing agreements are not contractually embedded in them or transferrable with them in the event of disposal. The balance of the FDIC Indemnification Asset increases and decreases as the expected and actual cash flows from the covered assets fluctuate, as loans are paid off or impaired and as loans and foreclosed assets are sold. There are no contractual interest rates on these contractual receivables from the FDIC; however, a discount was recorded against the initial balance of the FDIC Indemnification Asset in conjunction with the fair value measurement as this receivable will be collected over the terms of the loss sharing agreements. This discount accreted to income over future periods. These acquisitions and agreements are more fully discussed in Note 4 Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less estimated cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less estimated cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expense on foreclosed assets. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line and accelerated methods over the estimated useful lives of the assets. Leasehold improvements are capitalized and amortized using the straight-line and accelerated methods over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. Long-Lived Asset Impairment The Company evaluates the recoverability of the carrying value of long-lived assets whenever events or circumstances indicate the carrying amount may not be recoverable. If a long-lived asset is tested for recoverability and the undiscounted estimated future cash flows expected to result from the use and eventual disposition of the asset is less than the carrying amount of the asset, the asset cost is adjusted to fair value and an impairment loss is recognized as the amount by which the carrying amount of a long-lived asset exceeds its fair value. A valuation allowance of $1.2 million the Company announced plans to consolidate operations of banking centers into other nearby Great Southern banking center locations. The closing of the 14 facilities occurred at the close of business on January 8, 2016. No asset impairment was recognized during the year ended December 31, . Goodwill and Intangible Assets Goodwill is evaluated annually for impairment or more frequently if impairment indicators are present. A qualitative assessment is performed to determine whether the existence of events or circumstances leads to a determination that it is more likely than not the fair value is less than the carrying amount, including goodwill. If, based on the evaluation, it is determined to be more likely than not that the fair value is less than the carrying value, then goodwill is tested further for impairment. If the implied fair value of goodwill is lower than its carrying amount, a goodwill impairment is indicated and goodwill is written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the financial statements. Intangible assets are being amortized on the straight-line basis over period seven years. Such assets are periodically evaluated as to the recoverability of their carrying value. A summary of goodwill and intangible assets is as follows: December 31, 2015 2014 (In Thousands) Goodwill – Branch acquisitions $ 1,169 $ 1,169 Deposit intangibles TeamBank 105 526 Vantus Bank 207 519 Sun Security Bank 964 1,314 InterBank 472 617 Boulevard Bank 641 763 Valley Bank 2,200 2,600 4 ,589 6 ,339 $ 5,758 $ 7,508 Loan Servicing and Origination Fee Income Loan servicing income represents fees earned for servicing real estate mortgage loans owned by various investors. The fees are generally calculated on the outstanding principal balances of the loans serviced and are recorded as income when earned. Loan origination fees, net of direct loan origination costs, are recognized as income using the level-yield method over the contractual life of the loan. Stockholders’ Equity At the 2004 Annual Meeting of Stockholders, the Company’s stockholders approved the Company’s reincorporation to the State of Maryland. This reincorporation was completed in June 2004. Under Maryland law, there is no concept of “Treasury Shares.” Instead, shares purchased by the Company constitute authorized but unissued shares under Maryland law. Accounting principles generally accepted in the United States of America state that accounting for treasury stock shall conform to state law. The cost of shares purchased by the Company has been allocated to common stock and retained earnings balances. Earnings Per Common Share Basic earnings per common share are computed based on the weighted average number of common shares outstanding during each year. Diluted earnings per common share are computed using the weighted average common shares and all potential dilutive common shares outstanding during the period. Earnings per common share (EPS) were computed as follows: 2015 2014 2013 (In Thousands, Except Per Share Data) Net income $ 46,502 $ 43,529 $ 33,729 Net income available to common shareholders $ 45,948 $ 42,950 $ 33,150 Average common shares outstanding 13,818 13,700 13,635 Average common share stock options outstanding 182 176 80 Average diluted common shares 14,000 13,876 13,715 Earnings per common share – basic $ 3.33 $ 3.14 $ 2.43 Earnings per common share – diluted $ 3.28 $ 3.10 $ 2.42 Options outstanding at December 31, , and , to purchase , and 243,510 shares of common stock respectively, were not included in the computation of diluted earnings per share for year because exercise price greater than the average market price of the common for the years ended December 31, , and , respectively . Stock Compensation Plans The Company has stock-based employee compensation plans, which are described more fully in Note 21 Compensation – Stock Compensation, For the years ended December 31, 201 , 201 and 201 , share-based compensation expense totaling $ ,000, $ ,000 and $ ,000, respectively, was included in salaries and employee benefits expense in the consolidated statements of income. Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. At December 31, 2015 and 2014 , cash equivalents consisted of interest-bearing deposits in other financial institutions. At December 31, 2015 , nearly all of the interest-bearing deposits were uninsured with nearly all of these balances held at the Federal Home Loan Bank or the Federal Reserve Bank. Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (FASB ASC 740, Income Taxes Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. At December 31, 201 and 201 , no valuation allowance was established. The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company files consolidated income tax returns with its subsidiaries. Derivatives and Hedging Activities FASB ASC 815, Derivatives and Hedging instruments Note 17 As required by FASB ASC 815, the Company records all derivatives in the statement of financial condition at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship Restriction on Cash and Due From Banks The Bank is required to maintain reserve funds in cash and/or on deposit with the Federal Reserve Bank. The reserve required at December 31, 2015 and 2014 , respectively, was $ 58.9 million and $7 2.3 million . Recent Accounting Pronouncements In January 2014, the FASB issued ASU No. 2014-01 to amend FASB ASC Topic 323, Investments – Equity Method and Joint Ventures In January 2014, the FASB issued ASU No. 2014-04 to amend FASB ASC Topic 310, Receivables – Troubled Debt Restructurings by Creditors In June 2014, the FASB issued ASU No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606): Summary and Amendments that Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs--Contracts with Customers (Subtopic 340-40) Revenue Recognition In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis In May 2015, the FASB issued ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Topic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. |
Note 2_ Investments in Securiti
Note 2: Investments in Securities | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 2: Investments in Securities | Note 2: Investments in Securities The amortized cost and fair values of securities classified as available-for-sale were as follows: December 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) U.S. government agencies $20,000 $-- $219 $19,781 Mortgage-backed securities 159,777 2,038 601 161,214 States and political subdivisions 72,951 5,081 1 78,031 Other securities 847 2,983 -- 3,830 $ 253,575 $ 10,102 $ 821 $ 262,856 December 31, 2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) U.S. government agencies $20,000 $-- $486 $19,514 Mortgage-backed securities 254,294 4,325 821 257,798 States and political subdivisions 79,237 5,810 7 85,040 Other securities 847 2,307 -- 3,154 $ 354,378 $ 12,442 $ 1,314 $ 365,506 At December 31, , the CompanyÂ’s mortgage-backed securities portfolio consisted of GNMA securities totaling $ million , FNMA securities totaling $ million and FHLMC securities totaling $ million . At December 31, 201 , $ million of the CompanyÂ’s mortgage-backed securities had variable rates of interest and $ million had fixed rates of interest. The amortized cost and fair value of available-for-sale securities at December 31, 201 , by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Cost Value (In Thousands) After one through five years $619 $649 After five through ten years 3,566 3,715 After ten years 88,766 93,448 Securities not due on a single maturity date 159,777 161,214 Equity securities 847 3,830 $ 253,575 $ 262,856 The amortized cost and fair values of securities classified as held to maturity were as follows: December 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) States and political subdivisions $ 353 $ 31 $ -- $ 384 December 31, 2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) States and political subdivisions $ 450 $ 49 $ -- $ 499 The held-to-maturity securities at December 31, 201 , by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Cost Value (In Thousands) After one through five years $ 353 $ 384 The amortized cost and fair values of securities pledged as collateral was as follows at December 31, 201 and 201 : 2015 2014 Amortized Fair Amortized Fair Cost Value Cost Value (In Thousands) Public deposits $60,355 $62,288 $130,760 $133,940 Collateralized borrowing accounts 131,813 131,950 160,130 161,145 Other 5,149 5,330 3,965 4,053 $ 197,317 $ 199,568 $ 294,855 $ 299,138 Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. Total fair value of these investments at December 31, and , was approximately $ .0 million and $ million , respectively, which is approximately . % and % of the CompanyÂ’s available-for-sale and held-to-maturity investment portfolio, respectively. Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these debt securities are temporary. The following table shows the CompanyÂ’s gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, and : 2015 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses (In Thousands) U.S. government agencies $20,000 $(219) $-- $-- $20,000 $(219) Mortgage-backed securities 45,494 (348) 9,635 (253) 55,129 (601) States and political subdivisions -- -- 910 (1) 910 (1 ) $ 65,494 $ (567 $ 10,545 $ (254 $ 76,039 $ (821 2014 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses (In Thousands) U.S. government agencies $-- $-- $20,000 $(486) $20,000 $(486) Mortgage-backed securities 40,042 (328) 45,056 (493) 85,098 (821) States and political subdivisions -- -- 925 (7) 925 (7 ) $ 40,042 $ (328 $ 65,981 $ (986 $ 106,023 $ (1,314 Other-than-Temporary Impairment Upon acquisition of a security, the Company decides whether it is within the scope of the accounting guidance for beneficial interests in securitized financial assets or will be evaluated for impairment under the accounting guidance for investments in debt and equity securities. The accounting guidance for beneficial interests in securitized financial assets provides incremental impairment guidance for a subset of the debt securities within the scope of the guidance for investments in debt and equity securities. For securities where the security is a beneficial interest in securitized financial assets, the Company uses the beneficial interests in securitized financial asset impairment model. For securities where the security is not a beneficial interest in securitized financial assets, the Company uses the debt and equity securities impairment model. The Company does not currently have securities within the scope of this guidance for beneficial interests in securitized financial assets. The Company routinely conducts periodic reviews to identify and evaluate each investment security to determine whether an other-than-temporary impairment has occurred. The Company considers the length of time a security has been in an unrealized loss position, the relative amount of the unrealized loss compared to the carrying value of the security, the type of security and other factors. If certain criteria are met, the Company performs additional review and evaluation using observable market values or various inputs in economic models to determine if an unrealized loss is other than temporary. The Company uses quoted market prices for marketable equity securities and uses broker pricing quotes based on observable inputs for equity investments that are not traded on a stock exchange. For nonagency collateralized mortgage obligations, to determine if the unrealized loss is other than temporary, the Company projects total estimated defaults of the underlying assets (mortgages) and multiplies that calculated amount by an estimate of realizable value upon sale in the marketplace (severity) in order to determine the projected collateral loss. The Company also evaluates any current credit enhancement underlying these securities to determine the impact on cash flows. If the Company determines that a given security position will be subject to a write-down or loss, the Company records the expected credit loss as a charge to earnings. During and 2013, no securities were determined to have impairment that had become other than temporary. Credit Losses Recognized on Investments There were no debt securities have experienced fair value deterioration due to credit losses, as well as due to other market factors, but are not otherwise other-than-temporarily impaired. |
Note 3_ Loans and Allowance For
Note 3: Loans and Allowance For Loan Losses | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 3: Loans and Allowance For Loan Losses | Note 3: Loans and Allowance for Loan Losses Classes of loans at December 31, and , included: 2015 2014 (In Thousands) One- to four-family residential construction $23,526 $40,361 Subdivision construction 38,504 28,593 Land development 58,440 52,096 Commercial construction 600,794 392,929 Owner occupied one- to four-family residential 110,277 87,549 Non-owner occupied one- to four-family residential 149,874 143,051 Commercial real estate 1,043,474 945,876 Other residential 419,549 392,414 Commercial business 357,580 354,012 Industrial revenue bonds 37,362 41,061 Consumer auto 439,895 323,353 Consumer other 74,829 78,029 Home equity lines of credit 83,966 66,272 Acquired FDIC-covered loans, net of discounts 236,071 286,608 Acquired loans no longer covered by FDIC loss sharing agreements, net of discounts 33,338 49,945 Acquired non-covered loans, net of discounts 93,436 121,982 3,800,915 3,404,131 Undisbursed portion of loans in process (418,702) (323,572) Allowance for loan losses (38,149) (38,435) Deferred loan fees and gains, net (3,528 (3,276 $ 3,340,536 $ 3,038,848 Classes of loans by aging were as follows: December 31, 2015 Total Loans Total > 90 Days Past 30-59 Days 60-89 Days Over 90 Total Past Loans Due and Past Due Past Due Days Due Current Receivable Still Accruing (In Thousands) One- to four-family residential construction $649 $-- $-- $649 $22,877 $23,526 $-- Subdivision construction -- -- -- -- 38,504 38,504 -- Land development 2,245 148 139 2,532 55,908 58,440 -- Commercial construction 1 -- -- 1 600,793 600,794 -- Owner occupied one- to four- family residential 1,217 345 715 2,277 108,000 110,277 -- Non-owner occupied one- to four-family residential -- -- 345 345 149,529 149,874 -- Commercial real estate 1,035 471 13,488 14,994 1,028,480 1,043,474 -- Other residential -- -- -- -- 419,549 419,549 -- Commercial business 1,020 9 288 1,317 356,253 357,580 -- Industrial revenue bonds -- -- -- -- 37,362 37,362 -- Consumer auto 3,351 891 721 4,963 434,932 439,895 -- Consumer other 943 236 576 1,755 73,074 74,829 -- Home equity lines of credit 212 123 297 632 83,334 83,966 -- Acquired FDIC-covered loans, net of discounts 7,936 603 9,712 18,251 217,820 236,071 -- Acquired loans no longer covered by FDIC loss sharing agreements, net of discounts 989 39 33 1,061 32,277 33,338 -- Acquired non-covered loans, net of discounts 1,081 638 5,914 7,633 85,803 93,436 -- 20,679 3,503 32,228 56,410 3,744,505 3,800,915 -- Less FDIC-supported loans, and acquired non-covered loans, net of discounts 10,006 1,280 15,659 26,945 335,900 362,845 -- Total $ 10,673 $ 2,223 $ 16,569 $ 29,465 $ 3,408,605 $ 3,438,070 $ -- December 31, 2014 Total Loans Total > 90 Days Past 30-59 Days 60-89 Days Over 90 Total Past Loans Due and Past Due Past Due Days Due Current Receivable Still Accruing (In Thousands) One- to four-family residential construction $-- $-- $-- $-- $40,361 $40,361 $-- Subdivision construction 109 -- -- 109 28,484 28,593 -- Land development 110 -- 255 365 51,731 52,096 -- Commercial construction -- -- -- -- 392,929 392,929 -- Owner occupied one- to four- family residential 2,037 441 1,029 3,507 84,042 87,549 170 Non-owner occupied one- to four-family residential 583 -- 296 879 142,172 143,051 -- Commercial real estate 6,887 -- 4,699 11,586 934,290 945,876 187 Other residential -- -- -- -- 392,414 392,414 -- Commercial business 59 -- 411 470 353,542 354,012 -- Industrial revenue bonds -- -- -- -- 41,061 41,061 -- Consumer auto 1,801 244 316 2,361 320,992 323,353 -- Consumer other 1,301 260 801 2,362 75,667 78,029 397 Home equity lines of credit 89 -- 340 429 65,843 66,272 22 Acquired FDIC-covered loans, net of discounts 6,236 1,062 16,419 23,717 262,891 286,608 194 Acquired loans no longer covered by FDIC loss sharing agreements, net of discounts 754 46 243 1,043 48,902 49,945 -- Acquired non-covered loans, net of discounts 2,638 640 11,248 14,526 107,456 121,982 -- 22,604 2,693 36,057 61,354 3,342,777 3,404,131 970 Less FDIC-supported loans, and acquired non-covered loans, net of discounts 9,628 1,748 27,910 39,286 419,249 458,535 194 Total $ 12,976 $ 945 $ 8,147 $ 22,068 $ 2,923,528 $ 2,945,596 $ 776 Nonaccruing loans are summarized as follows: December 31, 2015 2014 (In Thousands) One- to four-family residential construction $-- $-- Subdivision construction -- -- Land development 139 255 Commercial construction -- -- Owner occupied one- to four-family residential 715 859 Non-owner occupied one- to four-family residential 345 296 Commercial real estate 13,488 4,512 Other residential -- -- Commercial business 288 411 Industrial revenue bonds -- -- Consumer auto 721 316 Consumer other 576 404 Home equity lines of credit 297 318 Total $ 16,569 $ 7,371 The following table presents the activity in the allowance for loan losses by portfolio segment for the year ended December 31, 2015. Also presented are the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2015: One- to Four- Family Residential and Other Commercial Commercial Commercial Construction Residential Real Estate Construction Business Consumer Total (In Thousands) Allowance for Loan Losses Balance, January 1, 2015 $3,455 $2,941 $19,773 $3,562 $3,679 $5,025 $38,435 Provision (benefit) charged to expense 1,428 193 (2,753) (619) 1,450 5,820 5,519 Losses charged off (80) (2) (2,584) (329) (1,202) (5,315) (9,512) Recoveries 97 58 302 405 276 2,569 3,707 Balance, December 31, 2015 $ 4,900 $ 3,190 $ 14,738 $ 3,019 $ 4,203 $ 8,099 $ 38,149 Ending balance: Individually evaluated for impairment $ 731 $ -- $ 2,556 $ 1,391 $ 1,115 $ 300 $ 6,093 Collectively evaluated for impairment $ 3,464 $ 3,122 $ 11,888 $ 1,570 $ 2,862 $ 7,647 $ 30,553 Loans acquired and accounted for under ASC 310-30 $ 705 $ 68 $ 294 $ 58 $ 226 $ 152 $ 1,503 Loans Individually evaluated for impairment $ 6,129 $ 9,533 $ 34,629 $ 7,555 $ 2,365 $ 1,950 $ 62,161 Collectively evaluated for impairment $ 316,052 $ 410,016 $ 1,008,845 $ 651,679 $ 392,577 $ 596,740 $ 3,375,909 Loans acquired and accounted for under ASC 310-30 $ 194,697 $ 35,945 $ 73,148 $ 4,981 $ 10,500 $ 43,574 $ 362,845 The following table presents the activity in the allowance for loan losses by portfolio segment for the year ended December 31, 2014. Also presented are the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2014: One- to Four- Family Residential and Other Commercial Commercial Commercial Construction Residential Real Estate Construction Business Consumer Total (In Thousands) Allowance for Loan Losses Balance, January 1, 2014 $6,235 $2,678 $16,939 $4,464 $6,451 $3,349 $40,116 Provision (benefit) charged to expense (1,025) 227 1,855 (957) 409 3,642 4,151 Losses charged off (2,251) (1) (2,160) (126) (3,286) (4,005) (11,829) Recoveries 496 37 3,139 181 105 2,039 5,997 Balance, December 31, 2014 $ 3,455 $ 2,941 $ 19,773 $ 3,562 $ 3,679 $ 5,025 $ 38,435 Ending balance: Individually evaluated for impairment $ 829 $ -- $ 1,751 $ 1,507 $ 823 $ 232 $ 5,142 Collectively evaluated for impairment $ 2,532 $ 2,923 $ 16,671 $ 1,905 $ 2,805 $ 4,321 $ 31,157 Loans acquired and accounted for under ASC 310-30 $ 94 $ 18 $ 1,351 $ 150 $ 51 $ 472 $ 2,136 Loans Individually evaluated for impairment $ 11,488 $ 9,804 $ 28,641 $ 7,601 $ 2,725 $ 1,480 $ 61,739 Collectively evaluated for impairment $ 288,066 $ 382,610 $ 917,235 $ 437,424 $ 392,348 $ 466,174 $ 2,883,857 Loans acquired and accounted for under ASC 310-30 $ 234,158 $ 48,470 $ 107,278 $ 1,937 $ 17,789 $ 48,903 $ 458,535 The following table presents the activity in the allowance for loan losses by portfolio segment for the year ended December 31, 2013. Also presented are the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2013: 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, 2013 $6,822 $4,327 $17,441 $3,938 $5,096 $3,025 $40,649 Provision charged to expense 1,496 1,556 6,922 1,142 4,404 1,866 17,386 Losses charged off (2,196) (3,248) (9,836) (788) (4,072) (3,312) (23,452) Recoveries 113 43 2,412 172 1,023 1,770 5,533 Balance, December 31, 2013 $ 6,235 $ 2,678 $ 16,939 $ 4,464 $ 6,451 $ 3,349 $ 40,116 Ending balance: Individually evaluated for impairment $ 2,501 $ -- $ 90 $ 473 $ 4,162 $ 218 $ 7,444 Collectively evaluated for impairment $ 3,734 $ 2,678 $ 16,845 $ 3,991 $ 2,287 $ 3,131 $ 32,666 Loans acquired and accounted for under ASC 310-30 $ -- $ -- $ 4 $ -- $ 2 $ -- $ 6 Loans Individually evaluated for impairment $ 13,055 $ 10,983 $ 31,591 $ 12,628 $ 8,755 $ 1,389 $ 78,401 Collectively evaluated for impairment $ 297,057 $ 314,616 $ 791,329 $ 229,332 $ 306,514 $ 273,871 $ 2,212,619 Loans acquired and accounted for under ASC 310-30 $ 206,964 $ 35,095 $ 84,591 $ 6,989 $ 4,883 $ 47,642 $ 386,164 The portfolio segments used in the preceding three tables correspond to the loan classes used in all other tables in Note 3 · · · · · · The weighted average interest rate on loans receivable at December 31, 2015 and 2014, was 4.56% and 4.66%, respectively. Loans serviced for others are not included in the accompanying consolidated statements of financial condition. The unpaid principal balances of loans serviced for others were $237.7 million and $266.4 million at December 31, 2015 and 2014, respectively. In addition, available lines of credit on these loans were $32.3 million and $33.0 million at December 31, 2015 and 2014, respectively. A loan is considered impaired, in accordance with the impairment accounting guidance (FASB ASC 310-10-35-16), when based on current information and events, it is probable the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include not only nonperforming loans but also loans modified in troubled debt restructurings where concessions have been granted to borrowers experiencing financial difficulties. The following summarizes information regarding impaired loans at and during the years ended December 31, 2015, 2014 and 2013: Year Ended December 31, 2015 December 31, 2015 Average Unpaid Investment Interest Recorded Principal Specific in Impaired Income Balance Balance Allowance Loans Recognized (In Thousands) One- to four-family residential construction $-- $-- $-- $633 $35 Subdivision construction 1,061 1,061 214 3,533 109 Land development 7,555 7,644 1,391 7,432 287 Commercial construction -- -- -- -- -- Owner occupied one- to four-family residential 3,166 3,427 389 3,587 179 Non-owner occupied one- to four-family residential 1,902 2,138 128 1,769 100 Commercial real estate 34,629 37,259 2,556 28,610 1,594 Other residential 9,533 9,533 -- 9,670 378 Commercial business 2,365 2,539 1,115 2,268 138 Industrial revenue bonds -- -- -- -- -- Consumer auto 791 829 119 576 59 Consumer other 802 885 120 672 74 Home equity lines of credit 357 374 62 403 27 Total $ 62,161 $ 65,689 $ 6,093 $ 59,153 $ 2,980 Year Ended December 31, 2014 December 31, 2014 Average Unpaid Investment Interest Recorded Principal Specific in Impaired Income Balance Balance Allowance Loans Recognized (In Thousands) One- to four-family residential construction $1,312 $1,312 $-- $173 $76 Subdivision construction 4,540 4,540 344 2,593 226 Land development 7,601 8,044 1,507 9,691 292 Commercial construction -- -- -- -- -- Owner occupied one- to four-family residential 3,747 4,094 407 4,808 212 Non-owner occupied one- to four-family residential 1,889 2,113 78 4,010 94 Commercial real estate 28,641 30,781 1,751 29,808 1,253 Other residential 9,804 9,804 -- 10,469 407 Commercial business 2,725 2,750 823 2,579 158 Industrial revenue bonds -- -- -- 2,644 -- Consumer auto 420 507 63 219 37 Consumer other 629 765 94 676 71 Home equity lines of credit 431 476 75 461 25 Total $ 61,739 $ 65,186 $ 5,142 $ 68,131 $ 2,851 Year Ended December 31, 2013 December 31, 2013 Average Unpaid Investment Interest Recorded Principal Specific in Impaired Income Balance Balance Allowance Loans Recognized (In Thousands) One- to four-family residential construction $-- $-- $-- $36 $-- Subdivision construction 3,502 3,531 1,659 3,315 163 Land development 12,628 13,042 473 13,389 560 Commercial construction -- -- -- -- -- Owner occupied one- to four-family residential 5,802 6,117 593 5,101 251 Non-owner occupied one- to four-family residential 3,751 4,003 249 4,797 195 Commercial real estate 31,591 34,032 90 42,242 1,632 Other residential 10,983 10,983 --- 13,837 434 Commercial business 6,057 6,077 4,162 6,821 179 Industrial revenue bonds 2,698 2,778 -- 2,700 27 Consumer auto 216 231 32 145 16 Consumer other 604 700 91 630 63 Home equity lines of credit 569 706 95 391 38 Total $ 78,401 $ 82,200 $ 7,444 $ 93,404 $ 3,558 At December 31, 2015, $25.1 million of impaired loans had specific valuation allowances totaling $6.1 million. At December 31, 2014, $20.0 million of impaired loans had specific valuation allowances totaling $5.1 million. At December 31, 2013, $18.0 million of impaired loans had specific valuation allowances totaling $7.4 million. For impaired loans which were nonaccruing, interest of approximately $1.0 million, $1.1 million and $1.6 million would have been recognized on an accrual basis during the years ended December 31, 2015, 2014 and 2013, respectively. Included in certain loan categories in the impaired loans are troubled debt restructurings that were classified as impaired. Troubled debt restructurings are loans that are modified by granting concessions to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. The types of concessions made are factored into the estimation of the allowance for loan losses for troubled debt restructurings primarily using a discounted cash flows or collateral adequacy approach. The following table presents newly restructured loans during 201 and 201 by type of modification: 2015 Total Interest Only Term Combination Modification (In Thousands) Mortgage loans on real estate: Residential one-to-four family $-- $407 $164 $571 Commercial -- 115 -- 115 Commercial -- 1,095 -- 1,095 Consumer -- 97 -- 97 $ -- $ 1,714 $ 164 $ 1,878 2014 Total Interest Only Term Combination Modification (In Thousands) Mortgage loans on real estate: One- to four-family residential construction $-- $-- $223 $223 Subdivision construction -- 250 -- 250 Residential one-to-four family 308 426 -- 734 Commercial 506 1,928 -- 2,434 Other residential -- 1,881 -- 1,881 Commercial -- 1,150 -- 1,150 Consumer -- 145 -- 145 $ 814 $ 5,780 $ 223 $ 6,817 At December 31, , the Company had $ million of loans that were modified in troubled debt restructurings and impaired, as follows: $ million of construction and land development loans, $13. million of single family and multi-family residential mortgage loans, $2 .3 million of commercial real estate loans, $ million of commercial business loans and $3 ,000 of consumer loans. Of the total troubled debt restructurings at December 31, , $ million were accruing interest and $1 million were classified as substandard using the Company’s internal grading system which is described below. The Company had troubled debt restructurings which were modified in the previous 12 months and subsequently defaulted during the year ended December 31, When loans modified as troubled debt restructuring have subsequent payment defaults, the defaults are factored into the determination of the allowance for loan losses to ensure specific valuation allowances reflect amounts considered uncollectible. At December 31, 2014, the Company had $47.6 million of loans that were modified in troubled debt restructurings and impaired, as follows: $8.3 million of construction and land development loans, $13.8 million of single family and multi-family residential mortgage loans, $23.3 million of commercial real estate loans, $1.9 million of commercial business loans and $324 ,000 of consumer loans. Of the total troubled debt restructurings at December 31, 2014, $39.2 million were accruing interest and $18.3 million were classified as substandard using the Company’s internal grading system. During the year ended December 31, , borrowers with loans designated as troubled debt restructurings totaling $ met the criteria for placement back on accrual status. The $2.7 million was made up of $ of residential mortgage loans $ ,000 of consumer loans $ of commercial loans. The Company reviews the credit quality of its loan portfolio using an internal grading system that classifies loans as “Satisfactory,” “Watch,” “Special Mention,” “Substandard” and “Doubtful.” Substandard loans are characterized by the distinct possibility that the Bank will sustain some loss if certain deficiencies are not corrected. Doubtful loans are those having all the weaknesses inherent to those classified Substandard with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Special mention loans possess potential weaknesses that deserve management’s close attention but do not expose the Bank to a degree of risk that warrants substandard classification. Loans classified as watch are being monitored because of indications of potential weaknesses or deficiencies that may require future classification as special mention or substandard. Loans not meeting any of the criteria previously described are considered satisfactory. The acquired FDIC-covered loans are evaluated using this internal grading system. These loans are accounted for in pools and are currently substantially covered through loss sharing agreements with the FDIC. Minimal adverse classification in the loan pools was identified as of December 31, 2015 and 2014, respectively. The acquired loans no longer covered by the FDIC are also evaluated using this internal grading system, and are accounted for in pools. Minimal adverse classification in the loan pools was identified as of December 31, 2015 and 2014, respectively. The acquired non-covered loans are also evaluated using this internal grading system. These loans are accounted for in pools and minimal adverse classification in the loan pools was identified as of December 31, 2015. See Note 4 The Company evaluates the loan risk internal grading system definitions and allowance for loan loss methodology on an ongoing basis. In the fourth quarter of 2014, the Company began using a three-year average of historical losses for the general component of the allowance for loan loss calculation. The Company had previously used a five-year average. The Company believes that the three-year average provides a better representation of the current risks in the loan portfolio. This change was made after consultation with our regulators and other third-party consultants, as well as a review of the practices used by the Company’s peers. This change did not materially affect the level of the allowance for loan losses. The general component of the allowance for loan losses is affected by several factors, including, but not limited to, average historical losses, the current composition of the loan portfolio, current and expected economic conditions, collateral values and internal risk ratings. Management considers all these factors in determining the adequacy of its allowance for loan losses. No other significant changes were made to the loan risk grading system definitions and allowance for loan loss methodology during the past year. The loan grading system is presented by loan class below: December 31, 2015 Special Satisfactory Watch Mention Substandard Doubtful Total (In Thousands) One- to four-family residential construction $22,798 $-- $728 $-- $-- $23,526 Subdivision construction 34,370 263 3,407 464 -- 38,504 Land development 47,357 6,992 -- 4,091 -- 58,440 Commercial construction 600,794 -- -- -- -- 600,794 Owner occupied one- to-four- family residential 108,584 587 -- 1,106 -- 110,277 Non-owner occupied one- to- four-family residential 144,744 516 3,827 787 -- 149,874 Commercial real estate 1,005,894 18,805 -- 18,775 -- 1,043,474 Other residential 409,172 8,422 -- 1,955 -- 419,549 Commercial business 355,370 1,303 438 469 --- 357,580 Industrial revenue bonds 37,362 -- -- -- -- 37,362 Consumer auto 439,157 -- -- 738 -- 439,895 Consumer other 74,167 -- -- 662 -- 74,829 Home equity lines of credit 83,627 -- -- 339 -- 83,966 Acquired FDIC-covered loans, net of discounts 236,055 -- -- 16 -- 236,071 Acquired loans no longer covered by FDIC loss sharing agreements, net of discounts 33,237 -- -- 101 -- 33,338 Acquired non-covered loans, net of discounts 91,614 -- -- 1,822 -- 93,436 Total $ 3,724,302 $ 36,888 $ 8,400 $ 31,325 $ -- $ 3,800,915 December 31, 2014 Special Satisfactory Watch Mention Substandard Doubtful Total (In Thousands) One- to four-family residential construction $39,049 $--- $-- $1,312 $-- $40,361 Subdivision construction 24,269 21 -- 4,303 -- 28,593 Land development 41,035 5,000 -- 6,061 -- 52,096 Commercial construction 392,929 -- -- -- -- 392,929 Owner occupied one- to-four- family residential 85,041 745 -- 1,763 -- 87,549 Non-owner occupied one- to- four-family residential 141,198 580 -- 1,273 -- 143,051 Commercial real estate 901,167 32,155 -- 12,554 -- 945,876 Other residential 380,811 9,647 -- 1,956 -- 392,414 Commercial business 351,744 423 -- 1,845 --- 354,012 Industrial revenue bonds 40,037 1,024 -- --- -- 41,061 Consumer auto 323,002 -- -- 351 -- 323,353 Consumer other 77,507 3 -- 519 -- 78,029 Home equity lines of credit 65,841 -- -- 431 -- 66,272 Acquired FDIC-covered loans, net of discounts 286,049 -- -- 559 -- 286,608 Acquired loans no longer covered by FDIC loss sharing agreements, net of discounts 48,592 -- -- 1,353 -- 49,945 Acquired non-covered loans, net of discounts 121,982 -- -- -- -- 121,982 Total $ 3,320,253 $ 49,598 $ -- $ 34,280 $ --- $ 3,404,131 Certain of the Bank’s real estate loans are pledged as collateral for borrowings as set forth in Notes 9 11 Certain directors and executive officers of the Company and the Bank are customers of and had transactions with the Bank in the ordinary course of business. Except for the interest rates on loans secured by personal residences, in the opinion of management, all loans included in such transactions were made on substantially the same terms as those prevailing at the time for comparable transactions with unrelated parties. Generally, residential first mortgage loans and home equity lines of credit to all employees and directors have been granted at interest rates equal to the Bank’s cost of funds, subject to annual adjustments in the case of residential first mortgage loans and monthly adjustments in the case of home equity lines of credit. At December 31, 201 and 201 , loans outstanding to these directors and executive officers are summarized as follows: December 31, 2015 2014 (In Thousands) Balance, beginning of year $16,028 $7,093 New loans 3,390 10,427 Payments (5,131 ) (1,492 ) Balance, end of year $ 14,287 $ 16,028 |
Note 4_ Acquired Loans, Loss Sh
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets | Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets TeamBank On March 20, 2009, Great Southern Bank entered into a purchase and assumption agreement with loss share with the Federal Deposit Insurance Corporation (FDIC) to assume all of the deposits (excluding brokered deposits) and acquire certain assets of TeamBank, N.A., a full service commercial bank headquartered in Paola, Kansas. The loans, commitments and foreclosed assets purchased in the TeamBank transaction were covered by a loss sharing agreement between the FDIC and Great Southern Bank. Under the loss sharing agreement, the Bank shares in the losses on assets covered under the agreement (referred to as covered assets). On losses up to $115.0 million, the FDIC agreed to reimburse the Bank for 80% of the losses. On losses exceeding $115.0 million, the FDIC agreed to reimburse the Bank for 95% of the losses. Realized losses covered by the loss sharing agreement include loan contractual balances (and related unfunded commitments that were acquired), accrued interest on loans for up to 90 days, the book value of foreclosed real estate acquired, and certain direct costs, less cash or other consideration received by Great Southern. This agreement extends for ten years for 1-4 family real estate loans and for five years for other loans, which five-year period ended March 31, 2014. The value of this loss sharing agreement was considered in determining fair values of loans and foreclosed assets acquired. The loss sharing agreement is subject to the Bank following servicing procedures as specified in the agreement with the FDIC. The expected reimbursements under the loss sharing agreement were recorded as an indemnification asset at their preliminary estimated fair value on the acquisition date. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. The Bank recorded a preliminary one-time gain of $27.8 million (pre-tax) based upon the initial estimated fair value of the assets acquired and liabilities assumed in accordance with FASB ASC 805, Business Combinations The Bank originally recorded the fair value of the acquired loans at their preliminary fair value of $222.8 million and the related FDIC indemnification asset was originally recorded at its preliminary fair value of $153.6 million. As discussed above, these initial fair values were adjusted during the measurement period, resulting in a final fair value at the acquisition date of $264.4 million for acquired loans and $128.3 million for the FDIC indemnification asset. A discount was recorded in conjunction with the fair value of the acquired loans and the amount accreted to yield during 2015, 2014 and 2013 was $0, $0 and $134,000, respectively. In addition to the loan and FDIC indemnification assets noted above, the acquisition consisted of other assets with a fair value of approximately $235.5 million, including $111.8 million of investment securities, $83.4 million of cash and cash equivalents, $2.9 million of foreclosed assets and $3.9 million of FHLB stock. Liabilities with a fair value of $610.2 million were also assumed, including $515.7 million of deposits, $80.9 million of FHLB advances and $2.3 million of repurchase agreements with a commercial bank. A customer-related core deposit intangible asset of $2.9 million was also recorded. In addition to the excess of liabilities over assets, the Bank received approximately $42.4 million in cash from the FDIC and entered into the loss sharing agreement with the FDIC. Vantus Bank On September 4, 2009, Great Southern Bank entered into a purchase and assumption agreement with loss share with the FDIC to assume all of the deposits and acquire certain assets of Vantus Bank, a full service thrift headquartered in Sioux City, Iowa. The loans, commitments and foreclosed assets purchased in the Vantus Bank transaction were covered by a loss sharing agreement between the FDIC and Great Southern Bank. Under the loss sharing agreement, the Bank shares in the losses on assets covered under the agreement (referred to as covered assets). On losses up to $102.0 million, the FDIC agreed to reimburse the Bank for 80% of the losses. On losses exceeding $102.0 million, the FDIC agreed to reimburse the Bank for 95% of the losses. Realized losses covered by the loss sharing agreement include loan contractual balances (and related unfunded commitments that were acquired), accrued interest on loans for up to 90 days, the book value of foreclosed real estate acquired, and certain direct costs, less cash or other consideration received by Great Southern. This agreement extends for ten years for 1-4 family real estate loans and for five years for other loans, which five-year period ended September 30, 2014. The value of this loss sharing agreement was considered in determining fair values of loans and foreclosed assets acquired. The loss sharing agreement is subject to the Bank following servicing procedures as specified in the agreement with the FDIC. The expected reimbursements under the loss sharing agreement were recorded as an indemnification asset at their preliminary estimated fair value of $62.2 million on the acquisition date. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. The transaction resulted in a preliminary one-time gain of $45.9 million, which was included in Noninterest Income in the Company’s Consolidated Statement of Income for the year ended December 31, 2009. During 2010, the Company continued to analyze its estimates of the fair values of the loans acquired and the indemnification asset recorded. The Company finalized its analysis of these assets without adjustments to the initial fair value estimates. The Bank recorded the fair value of the acquired loans at their estimated fair value of $247.0 million and the related FDIC indemnification asset was recorded at its estimated fair value of $62.2 million. A discount was recorded in conjunction with the fair value of the acquired loans and the amount accreted to yield during 2015, 2014 and 2013 was $0, $0 and $104,000, respectively. In addition to the loan and FDIC indemnification assets noted above, the acquisition consisted of other assets with a fair value of approximately $47.2 million, including $23.1 million of investment securities, $12.8 million of cash and cash equivalents, $2.2 million of foreclosed assets and $5.9 million of FHLB stock. Liabilities with a fair value of $444.0 million were also assumed, including $352.7 million of deposits, $74.6 million of FHLB advances, $10.0 million of borrowings from the Federal Reserve Bank and $3.2 million of repurchase agreements with a commercial bank. A customer-related core deposit intangible asset of $2.2 million was also recorded. In addition to the excess of liabilities over assets, the Bank received approximately $131.3 million in cash from the FDIC and entered into the loss sharing agreement with the FDIC. Sun Security Bank On October 7, 2011, Great Southern Bank entered into a purchase and assumption agreement with loss share with the FDIC to assume all of the deposits and acquire certain assets of Sun Security Bank, a full service bank headquartered in Ellington, Missouri. The loans and foreclosed assets purchased in the Sun Security Bank transaction are covered by a loss sharing agreement between the FDIC and Great Southern Bank. Under the loss sharing agreement, the FDIC has agreed to cover 80% of the losses on the loans (excluding approximately $4 million of consumer loans) and foreclosed assets purchased subject to certain limitations. Realized losses covered by the loss sharing agreement include loan contractual balances (and related unfunded commitments that were acquired), accrued interest on loans for up to 90 days, the book value of foreclosed real estate acquired, and certain direct costs, less cash or other consideration received by Great Southern. This agreement extends for ten years for 1-4 family real estate loans and for five years for other loans. The value of this loss sharing agreement was considered in determining fair values of loans and foreclosed assets acquired. The loss sharing agreement is subject to the Bank following servicing procedures as specified in the agreement with the FDIC. The expected reimbursements under the loss sharing agreement were recorded as an indemnification asset at their preliminary estimated fair value of $67.4 million on the acquisition date. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. The transaction resulted in a preliminary one-time gain of $16.5 million, which was included in Noninterest Income in the Company’s Consolidated Statement of Income for the year ended December 31, 2011. During 2012, the Company continued to analyze its estimates of the fair values of the loans acquired and the indemnification asset recorded. The Company finalized its analysis of these assets without adjustments to the initial fair value estimates. The Bank recorded the fair value of the acquired loans at their estimated fair value of $163.7 million and the related FDIC indemnification asset was recorded at its estimated fair value of $67.4 million. A discount was recorded in conjunction with the fair value of the acquired loans and the amount accreted to yield during 2015, 2014 and 2013 was $0, $105,000 and $974,000, respectively. In addition to the loan and FDIC indemnification assets noted above, the acquisition consisted of other assets with a fair value of approximately $85.2 million, including $45.3 million of investment securities, $26.1 million of cash and cash equivalents, $9.1 million of foreclosed assets, $3.0 million of FHLB stock and $1.8 million of other assets. Liabilities with a fair value of $345.8 million were also assumed, including $280.9 million of deposits, $64.3 million of FHLB advances and $632,000 of other liabilities. A customer-related core deposit intangible asset of $2.5 million was also recorded. Net of the excess of assets over liabilities, the Bank received approximately $40.8 million in cash from the FDIC and entered into the loss sharing agreement with the FDIC. InterBank On April 27, 2012, Great Southern Bank entered into a purchase and assumption agreement with loss share with the FDIC to assume all of the deposits and acquire certain assets of Inter Savings Bank, FSB (“InterBank”), a full service bank headquartered in Maple Grove, Minnesota. The loans and foreclosed assets purchased in the InterBank transaction are covered by a loss sharing agreement between the FDIC and Great Southern Bank. Under the loss sharing agreement, the FDIC has agreed to cover 80% of the losses on the loans (excluding approximately $60,000 of consumer loans) and foreclosed assets purchased subject to certain limitations. Realized losses covered by the loss sharing agreement include loan contractual balances (and related unfunded commitments that were acquired), accrued interest on loans for up to 90 days, the book value of foreclosed real estate acquired, and certain direct costs, less cash or other consideration received by Great Southern. This agreement extends for ten years for 1-4 family real estate loans and for five years for other loans. The value of this loss sharing agreement was considered in determining fair values of loans and foreclosed assets acquired. The loss sharing agreement is subject to the Bank following servicing procedures as specified in the agreement with the FDIC. The expected reimbursements under the loss sharing agreement were recorded as an indemnification asset at their preliminary estimated fair value of $84.0 million on the acquisition date. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. The transaction resulted in a preliminary one-time gain of $31.3 million, which was included in Noninterest Income in the Company’s Consolidated Statement of Income for the year ended December 31, 2012. During 2012, the Company continued to analyze its estimates of the fair values of the loans acquired and the indemnification asset recorded. The Company finalized its analysis of these assets without adjustments to the initial fair value estimates. The Bank recorded the fair value of the acquired loans at their estimated fair value of $285.5 million and the related FDIC indemnification asset was recorded at its estimated fair value of $84.0 million. A premium was recorded in conjunction with the fair value of the acquired loans and the amount amortized to yield during 2015, 2014 and 2013 was $459,000, $544,000 and $636,000, respectively. In addition to the loan and FDIC indemnification assets noted above, the acquisition consisted of other assets with a fair value of approximately $79.8 million, including $34.9 million of investment securities, $34.5 million of cash and cash equivalents, $6.2 million of foreclosed assets, $585,000 of FHLB stock and $2.6 million of other assets. Liabilities with a fair value of $458.7 million were also assumed, including $456.3 million of deposits and $2.4 million of other liabilities. A customer-related core deposit intangible asset of $1.0 million was also recorded. Net of the excess of assets over liabilities, the Bank received approximately $40.8 million in cash from the FDIC and entered into the loss sharing agreement with the FDIC. Valley Bank Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. The transaction resulted in a preliminary one-time gain of $10.8 million, which was included in Noninterest Income in the Company’s Consolidated Statement of Income for the year ended December 31, 2014. During 2014, the Company continued to analyze its estimates of the fair values of the assets acquired and liabilities assumed. The Company finalized its analysis of these assets and liabilities without adjustments to the initial fair value estimates. The Bank recorded the fair value of the acquired loans at their estimated fair value of $165.1 million. A premium was recorded in conjunction with the fair value of the acquired loans and the amount amortized to yield during 2015 and 2014 was $794,000 and $501,000, respectively. Fair Value and Expected Cash Flows At the time of these acquisitions, the Company determined the fair value of the loan portfolios based on several assumptions. Factors considered in the valuations were projected cash flows for the loans, type of loan and related collateral, classification status, fixed or variable interest rate, term of loan, current discount rates and whether or not the loan was amortizing. Loans were grouped together according to similar characteristics and were treated in the aggregate when applying various valuation techniques. Management also estimated the amount of credit losses that were expected to be realized for the loan portfolios. The discounted cash flow approach was used to value each pool of loans. For non-performing loans, fair value was estimated by calculating the present value of the recoverable cash flows using a discount rate based on comparable corporate bond rates. This valuation of the acquired loans is a significant component leading to the valuation of the loss sharing assets recorded. The amount of the estimated cash flows expected to be received from the acquired loan pools in excess of the fair values recorded for the loan pools is referred to as the accretable yield. The accretable yield is recognized as interest income over the estimated lives of the loans. The Company continues to evaluate the fair value of the loans including cash flows expected to be collected. Increases in the Company’s cash flow expectations are recognized as increases to the accretable yield while decreases are recognized as impairments through the allowance for loan losses. During the years ended December 31, 201 , 201 and 201 , increases in expected cash flows related to the acquired loan portfolios resulted in adjustments to the accretable yield to be spread over the estimated remaining lives of the loans on a level-yield basis. The increases in expected cash flows also reduced the amount of expected reimbursements under the loss sharing agreements. This resulted in corresponding adjustments during the years ended December 31, 201 , 201 and 201 , to the indemnification assets to be amortized on a level-yield basis over the remainder of the loss sharing agreements or the remaining expected lives of the loan pools, whichever is shorter. The amounts of these adjustments were as follows: Year Ended December 31, 2015 2014 2013 (In Thousands) Increase in accretable yield due to increased cash flow expectations $13,720 $31,461 $40,947 Decrease in FDIC indemnification asset as a result of accretable yield increase (5,056) (23,129) (32,597) The adjustments, along with those made in previous years, impacted the Company’s Consolidated Statements of Income as follows: Year Ended December 31, 2015 2014 2013 (In Thousands) Interest income $28,531 $34,974 $35,211 Noninterest income (19,534 (28,740 (29,451 Net impact to pre-tax income $ 8,997 $ 6,234 $ 5,760 On an on-going basis the Company estimates the cash flows expected to be collected from the acquired loan pools. For the loan pools acquired in 2009, the cash flow estimates have increased, beginning with the fourth quarter of 2010, based on payment histories and reduced loss expectations of the loan pools. For the loan pools acquired in 2012 and 2011, the cash flow estimates have increased, beginning in 2012. For the loan pools acquired in 201 , the cash flow estimates have increased, beginning 201 . This resulted in increased income that was spread on a level-yield basis over the remaining expected lives of the loan pools. Because these adjustments will be recognized over the remaining lives of the loan pools and the remainder of the loss sharing agreements, respectively, they will impact future periods as well. The remaining accretable yield adjustment that will affect interest income is $ million and the remaining adjustment to the indemnification assets, including the effects of the clawback liability related to Interbank, that will affect non-interest income (expense) is $( ) million. Of the remaining adjustments, we expect to recognize $ million of interest income and $( ) million of non-interest income (expense) during 201 . Additional adjustments may be recorded in future periods from the FDIC-assisted acquisitions, as the Company continues to estimate expected cash flows from the acquired loan pools. The loss sharing asset is measured separately from the loan portfolio because it is not contractually embedded in the loans and is not transferable with the loans should the Bank choose to dispose of them. Fair value was estimated using projected cash flows available for loss sharing based on the credit adjustments estimated for each loan pool (as discussed above) and the loss sharing percentages outlined in the Purchase and Assumption Agreement with the FDIC. These cash flows were discounted to reflect the uncertainty of the timing and receipt of the loss sharing reimbursement from the FDIC. The loss sharing asset is also separately measured from the related foreclosed real estate. The loss sharing agreement on the InterBank transaction includes a clawback provision whereby if credit loss performance is better than certain pre-established thresholds, then a portion of the monetary benefit is shared with the FDIC. The pre-established threshold for credit losses is $115.7 million for this transaction. The monetary benefit required to be paid to the FDIC under the clawback provision, if any, will occur shortly after the termination of the loss sharing agreement, which in the case of InterBank is 10 years from the acquisition date. At December 31, 2014 and 2013, the Bank’s internal estimate of credit performance expected to be better than the threshold set by the FDIC in the loss sharing agreement. Therefore, a separate clawback liability totaling $6.1 million and $3.7 million was recorded at December 31, 2014 and 2013, respectively. As changes in the fair values of the loans and foreclosed assets are determined due to changes in expected cash flows, changes in the amount of the clawback liability will occur. In addition, beginning in the three months ended December 31, 2014, the Company's net interest margin has been impacted by additional yield accretion recognized in conjunction with updated estimates of the fair value of the loan pools acquired in the June 2014 Valley Bank FDIC-assisted transaction. Beginning with the three months ended December 31, 2014, the cash flow estimates have increased for certain of the Valley Bank loan pools primarily based on significant loan repayments and also due to collection of certain loans, thereby reducing loss expectations on certain of the loan pools. This resulted in increased income that was spread on a level-yield basis over the remaining expected lives of these loan pools. The Valley Bank transaction does not include a loss sharing agreement with the FDIC. Therefore, there is no related indemnification asset. The entire amount of the discount adjustment will be accreted to interest income over time with no offsetting impact to non-interest income The amount of the Valley Bank discount adjustment accreted to interest income for 2015 was $ million, and is included in the impact on net interest income/net interest margin amount in the table above. TeamBank Loans, Foreclosed Assets and Indemnification Asset The following tables present the balances of the loans, discount and FDIC indemnification asset related to the TeamBank transaction at December 31, and . ross loan balances (due from the borrower) were reduced approximately $ million since the transaction date because of $ million of repayments by the borrower, $ million of transfers to foreclosed assets and $7 million of charge-downs to customer loan balances. Based upon the collectability analyses performed the acquisition, we expected certain levels of foreclosures and charge-offs and actual results have been better than our expectations. As a result, cash flows expected to be received from the acquired loan pools have increased, resulting in adjustments that were made to the related accretable yield as described above. December 31, 2015 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $29,115 $-- Reclassification from nonaccretable discount to accretable discount due to change in (1,285) -- expected losses (net of accretion to date) Original estimated fair value of assets, net of activity since acquisition date (27,660 -- Expected loss remaining 170 -- Assumed loss sharing recovery percentage 90 0 Expected loss sharing value 154 -- Indemnification asset to be amortized resulting from -- change in expected losses 241 -- FDIC indemnification asset $ 395 $ -- December 31, 2014 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $43,855 $132 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (1,923) -- Original estimated fair value of assets, net of activity since acquisition date (41,560 (119 Expected loss remaining 372 13 Assumed loss sharing recovery percentage 85 77 Expected loss sharing value 315 10 Indemnification asset to be amortized resulting from change in expected losses 359 -- FDIC indemnification asset $ 674 $ 10 Vantus Bank Loans, Foreclosed Assets and Indemnification Asset The following tables present the balances of the loans, discount and FDIC indemnification asset related to the Vantus Bank transaction at December 31, and . loan balances (due from the borrower) were reduced approximately $ million since the transaction date because of $ million of repayments by the borrower, $16. million of transfers to foreclosed assets and $29. million of charge-downs to customer loan balances. Based upon the collectability analyses performed the acquisition, we expected certain levels of foreclosures and charge-offs and actual results have been better than our expectations. As a result, cash flows expected to be received from the acquired loan pools have increased, resulting in adjustments that were made to the related accretable yield as described above. December 31, 2015 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $31,818 $608 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (470) -- Original estimated fair value of assets, net of activity since acquisition date (31,092 (418 Expected loss remaining 256 190 Assumed loss sharing recovery percentage 61 0 Expected loss sharing value 156 -- Indemnification asset to be amortized resulting from change in expected losses 319 -- FDIC indemnification asset $ 475 $ -- December 31, 2014 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $42,138 $1,084 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (504) -- Original estimated fair value of assets, net of activity since acquisition date (40,997 (894 Expected loss remaining 637 190 Assumed loss sharing recovery percentage 72 0 Expected loss sharing value 461 -- Indemnification asset to be amortized resulting from change in expected losses 324 -- FDIC indemnification asset $ 785 $ -- Sun Security Bank Loans, Foreclosed Assets and Indemnification Asset The following tables present the balances of the loans, discount and FDIC indemnification asset related to the Sun Security Bank transaction at December 31, and . loan balances (due from the borrower) were reduced approximately $ million since the transaction date because of $ million of repayments by the borrower, $ million of transfers to foreclosed assets and $ million of charge-downs to customer loan balances. Based upon the collectability analyses performed the acquisition, we expected certain levels of foreclosures and charge-offs and actual results have been better than our expectations. As a result, cash flows expected to be received from the acquired loan pools have increased, resulting in adjustments that were made to the related accretable yield as described above. Of the $ million expected loss remaining, $ ,000 is non-loss share discount. December 31, 2015 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $43,855 $557 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (2,171) -- Original estimated fair value of assets, net of activity since acquisition date (40,349 (461 Expected loss remaining 1,335 96 Assumed loss sharing recovery percentage 34 80 Expected loss sharing value 456 77 Indemnification asset to be amortized resulting from change in expected losses 1,725 -- Accretable discount on FDIC indemnification asset (36 (63 FDIC indemnification asset $ 2,145 $ 14 December 31, 2014 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $59,618 $2,325 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (3,341) -- Original estimated fair value of assets, net of activity since acquisition date (52,166 (1,488 Expected loss remaining 4,111 837 Assumed loss sharing recovery percentage 65 80 Expected loss sharing value 2,676 670 Indemnification asset to be amortized resulting from change in expected losses 2,662 -- Accretable discount on FDIC indemnification asset (267 (64 FDIC indemnification asset $ 5,071 $ 606 InterBank Loans, Foreclosed Assets and Indemnification Asset The following tables present the balances of the loans, discount and FDIC indemnification asset related to the InterBank transaction at December 31, and . loan balances (due from the borrower) were reduced approximately $ million since the transaction date because of $ million of repayments by the borrower, $1 million of transfers to foreclosed assets and $ million of charge-offs to customer loan balances. Based upon the collectability analyses performed the acquisition, we expected certain levels of foreclosures and charge-offs and actual results have been better than our expectations. As a result, cash flows expected to be received from the acquired loan pools have increased, resulting in adjustments that were made to the related accretable yield as described above. December 31, 2015 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $193,654 $2,110 Noncredit premium/(discount), net of activity since acquisition date 902 -- Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (4,901) -- Original estimated fair value of assets, net of activity since acquisition date (170,308 (1,392 Expected loss remaining 19,347 718 Assumed loss sharing recovery percentage 83 80 Expected loss sharing value 16,032 575 FDIC loss share clawback 2,360 -- Indemnification asset to be amortized resulting from change in expected losses 3,920 -- Accretable discount on FDIC indemnification asset (1,801 (33 FDIC indemnification asset $ 20,511 $ 542 December 31, 2014 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $244,977 $4,494 Noncredit premium/(discount), net of activity since acquisition date 1,361 -- Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (19,566) -- Original estimated fair value of assets, net of activity since acquisition date (201,830 (3,986 Expected loss remaining 24,942 508 Assumed loss sharing recovery percentage 82 80 Expected loss sharing value 20,509 406 FDIC loss share clawback 3,620 -- Indemnification asset to be amortized resulting from change in expected losses 15,652 -- Accretable discount on FDIC indemnification asset (2,967 (33 FDIC indemnification asset $ 36,814 $ 373 Valley Bank Loans and Foreclosed Assets The following tables present the balances of the loans and discount related to the Valley Bank transaction at December 31, loan balances (due from the borrower) were reduced approximately $ million since the transaction date because of $ million of repayments by the borrower, $ of transfers to foreclosed assets and $ million of charge-offs to customer loan balances. The Valley Bank transaction did not include a loss sharing agreement; however, the loans were recorded at a discount, which is accreted to yield over the life of the loans. Based upon the collectability analyses performed the acquisition, we expected certain levels of foreclosures and charge-offs and actual results have been better than our expectations. As a result, cash flows expected to be received from the acquired loan pools have increased, resulting in adjustments that were made to the related accretable yield as described above. December 31, 2015 Foreclosed Loans Assets (In Thousands) Initial basis, net of activity since acquisition date $109,791 $1,017 Noncredit premium/(discount), net of activity since acquisition date 719 -- Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (3,213) -- Original estimated fair value of assets, net of activity since acquisition date (93,436 (995 Expected loss remaining $ 13,861 $ 22 December 31, 2014 Foreclosed Loans Assets (In Thousands) Initial basis, net of activity since acquisition date $145,845 $778 Noncredit premium/(discount), net of activity since acquisition date 1,514 -- Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (1,519) -- Original estimated fair value of assets, net of activity since acquisition date (121,982 (778 Expected loss remaining $ 23,858 $ -- Changes in the accretable yield for acquired loan pools were as follows for the years ended December 31, , and : Sun (In Thousands) TeamBank Vantus Bank Security Bank InterBank Valley Bank Balance, January 1, 2013 $12,128 $13,538 $ 11,259 $42,574 $-- Accretion (9,473) (8,940) (16, |
Note 5_ Other Real Estate Owned
Note 5: Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 5: Other Real Estate Owned | Note 5: Other Real Estate Owned Major classifications of at December 31, and , were as follows: 2015 2014 (In Thousands) Foreclosed assets held for sale One- to four-family construction $ $223 Subdivision construction 7,016 9,857 Land development 12,133 17,168 Commercial construction -- -- One- to four-family residential 1,375 3,353 Other residential 2,150 2,625 Commercial real estate 3,608 1,632 Commercial business -- 59 Consumer 1,109 624 27,391 35,541 FDIC-supported foreclosed assets, net of discounts 1,834 5,695 Acquired foreclosed assets no longer covered by FDIC loss sharing agreements, net of discounts 460 879 Acquired foreclosed assets not covered by FDIC loss sharing agreements, net of discounts (Valley Bank) 995 778 Foreclosed assets held for sale, net 30,680 42,893 Other real estate owned not acquired through foreclosure 1,213 2,945 Other real estate owned $ 31,893 $ 45,838 As of December 31, 201 real estate owned not acquired through foreclosure include properties, of which were branch locations that have been closed and are held for sale, and one of which is land which was acquired for a potential branch location. During the , properties which had previously been part of other real estate owned not acquired through foreclosure were sold at a net gain of $ ,000. The properties sold included former branch locations , as well as vacant land which was sold at a gain of $ 27,000. At , 2015, residential mortgage loans totaling $ million were in the process of foreclosure, $ million of which were acquired loans. Of the $ million of acquired loans, $ are covered by loss sharing agreements and $ ,000 were acquired in the Valley Bank transaction. Expenses applicable to for the years ended December 31, , and , included the following: 2015 2014 2013 (In Thousands) Net gain on sales of real estate $(397) $(91) $(231) Valuation write-downs 890 3,343 1,384 Operating expenses, net of rental income 2,033 2,384 2,915 $ 2,526 $ 5,636 $ 4,068 |
Note 6_ Premises and Equipment
Note 6: Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 6: Premises and Equipment | Note 6: Premises and Equipment Major classifications of premises and equipment at December 31, 201 and 201 , stated at cost, were as follows: 2015 2014 (In Thousands) Land $39,395 $35,577 Buildings and improvements 87,333 85,128 Furniture, fixtures and equipment 56,051 50,311 182,779 171,016 Less accumulated depreciation 53,124 46,175 $ 129,655 $ 124,841 |
Note 7_ Investments in Limited
Note 7: Investments in Limited Partnerships | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 7: Investments in Limited Partnerships | Note 7: Investments in Limited Partnerships Investments in Affordable Housing Partnerships The Company has invested in certain limited partnerships that were formed to develop and operate apartments and single-family houses designed as high-quality affordable housing for lower income tenants throughout Missouri and contiguous states. At December 31, 201 , the Company had investments, with a net carrying value of $ million . At December 31, 201 , the Company had investments, with a net carrying value of $ million . Due to the CompanyÂ’s inability to exercise any significant influence over any of the investments in Affordable Housing Partnerships, they all are accounted for using the proportional amortization method. Each of the partnerships must meet the regulatory requirements for affordable housing for a minimum 15-year compliance period to fully utilize the tax credits. If the partnerships cease to qualify during the compliance period, the credits may be denied for any period in which the projects are not in compliance and a portion of the credits previously taken may be subject to recapture with interest. The remaining federal affordable housing tax credits to be utilized over a maximum of 15 years were $3 .7 million as of December 31, , assuming no tax credit recapture events occur and all projects currently under construction are completed as planned. Amortization of the investments in partnerships is expected to be approximately $ million , assuming all projects currently under construction are completed and funded as planned. The CompanyÂ’s usage of federal affordable housing tax credits approximated $ million , $ million and $ million during , and , respectively. Investment amortization amounted to $ million , $ million and $ million for the years ended December 31, , and , respectively. Investments in Community Development Entities The Company has invested in certain limited partnerships that were formed to develop and operate business and real estate projects located in low-income communities. At December 31, , the Company had four investments, with a net carrying value of $ million . At December 31, , the Company had four investments, with a net carrying value of $ million . Due to the CompanyÂ’s inability to exercise any significant influence over any of the investments in qualified Community Development Entities, they are all accounted for using the cost method. Each of the partnerships provides federal New Market Tax Credits over a seven-year credit allowance period. In each of the first three years, credits totaling five percent of the original investment are allowed on the credit allowance dates and for the final four years, credits totaling six percent of the original investment are allowed on the credit allowance dates. Each of the partnerships must be invested in a qualified Community Development Entity on each of the credit allowance dates during the seven-year period to utilize the tax credits. If the Community Development Entities cease to qualify during the seven-year period, the credits may be denied for any credit allowance date and a portion of the credits previously taken may be subject to recapture with interest. The investments in the Community Development Entities cannot be redeemed before the end of the seven-year period. The remaining federal New Market Tax Credits to be utilized over a maximum of seven years were $ million as of December 31, . Amortization of the investments in partnerships is expected to be approximately million . The CompanyÂ’s usage of federal New Market Tax Credits approximated $2.3 million , $2.3 million and $ million during , and , respectively. Investment amortization amounted to $1.7 million , $1. million and $1. million for the years ended December 31, , and , respectively. Investments in Limited Partnerships for Federal Rehabilitation/Historic Tax Credits From time to time, the Company has invested in certain limited partnerships that were formed to provide certain federal rehabilitation/historic tax credits. The Company utilizes these credits in their entirety in the year the project is placed in service and the impact to the Consolidated Statements of Income has not been material. Investments in Limited Partnerships for State Tax Credits From time to time, the Company has invested in certain limited partnerships that were formed to provide certain state tax credits. The Company has primarily syndicated these tax credits and the impact to the Consolidated Statements of Income has not been material. |
Note 8_ Deposits
Note 8: Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 8: Deposits | Note 8: Deposits Deposits at December 31, and , are summarized as follows: Weighted Average Interest Rate 2015 2014 (In Thousands, Except Interest Rates) Noninterest-bearing accounts -- $571,629 $518,266 Interest-bearing checking and savings accounts 0.24% - 0.19% 1,408,850 1,375,100 1,980,479 1,893,366 Certificate accounts 0% - 0.99% 863,865 798,932 1% - 1.99% 381,956 227,476 2% - 2.99% 39,592 61,146 3% - 3.99% 1,137 8,065 4% - 4.99% 1,304 1,435 5% and above 293 420 1,288,147 1,097,474 $ 3,268,626 $ 2,990,840 The weighted average interest rate on certificates of deposit was 0. % and 0. % at December 31, 201 and 201 , respectively. The aggregate amount of certificates of deposit originated by the Bank in denominations greater than $100,000 was approximately $ million and $402.0 million at December 31, 201 and 201 , respectively. The Bank utilizes brokered deposits as an additional funding source. The aggregate amount of brokered deposits was approximately $ million and $173.5 million at December 31, 201 and 201 , respectively. At December 31, 201 , scheduled maturities of certificates of deposit were as follows: Retail Brokered Total (In Thousands) 2016 $727,380 $202,089 $929,469 2017 186,133 79,267 265,400 2018 57,968 2,392 60,360 2019 12,536 -- 12,536 2020 15,644 -- 15,644 Thereafter 4,738 -- 4,738 $ 1,004,399 $ 283,748 $ 1,288,147 A summary of interest expense on deposits for the years ended December 31, 201 , 201 and 201 , is as follows: 2015 2014 2013 (In Thousands) Checking and savings accounts $2,858 $3,088 $3,551 Certificate accounts 10,739 8,264 8,871 Early withdrawal penalties (86 ) (127 ) (76 ) $ 13,511 $ 11,225 $ 12,346 |
Note 9_ Advances From Federal H
Note 9: Advances From Federal Home Loan Bank | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 9: Advances From Federal Home Loan Bank | Note 9: Advances From Federal Home Loan Bank Advances from the Federal Home Loan Bank at December 31, 201 and 201 , consisted of the following: December 31, 2015 December 31, 2014 Weighted Weighted Average Average Interest Interest Due In Amount Rate Amount Rate (In Thousands) 2015 $-- --% $240,065 0.41% 2016 232,071 0.42 70 5.14 2017 30,826 3.26 30,826 3.26 2018 81 5.14 81 5.14 2019 28 5.14 28 5.14 2020 -- -- -- -- 2021 and thereafter 500 5.54 500 5.54 263,506 0.76 271,570 0.75 Unamortized fair value adjustment 40 71 $ 263,546 $ 271,641 Also i ncluded in the BankÂ’s FHLB advances at December 31, 201 and December 31, 201 , was a $30.0 million advance with a maturity date of November 24, 2017. The interest rate on this advance is 3.20%. The advance has a call provision that allows the Federal Home Loan Bank of Des Moines to call the advance quarterly. In June 2014 the Company prepaid a total of $80 million of its Federal Home Loan Bank advances and $50 million of structured repurchase agreements (see Note 12 The Bank has pledged FHLB stock, investment securities and first mortgage loans free of pledges, liens and encumbrances as collateral for outstanding advances. No investment securities were specifically pledged as collateral for advances at December 31, 201 and 201 . Loans with carrying values of approximately $1. billion and $1.10 billion were pledged as collateral for outstanding advances at December 31, 201 and 201 , respectively. The Bank had potentially available $ million remaining on its line of credit under a borrowing arrangement with the FHLB of Des Moines at December 31, 201 . |
Note 10_ Short-term Borrowings
Note 10: Short-term Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 10: Short-term Borrowings | Note 10: Short-Term Borrowings Short-term borrowings at December 31, 201 and 201 , are summarized as follows: 2015 2014 (In Thousands) Notes payable – Community Development Equity Funds $1,295 $1,451 Overnight borrowings from the Federal Home Loan Bank -- 41,000 Securities sold under reverse repurchase agreements 116,182 168,993 $ 117,477 $ 211,444 The Bank enters into sales of securities under agreements to repurchase (reverse repurchase agreements). Reverse repurchase agreements are treated as financings, and the obligations to repurchase securities sold are reflected as a liability in the statements of financial condition. The dollar amount of securities underlying the agreements remains in the asset accounts. Securities underlying the agreements are being held by the Bank during the agreement period. All agreements are written on a one-month or less. Short-term borrowings had weighted average interest rates of 0.0 % and 0.0 % at December 31, 201 and 201 , respectively. Short-term borrowings averaged approximately $ million and $165.2 million for the years ended December 31, 201 and 201 , respectively. The maximum amounts outstanding at any month end were $ million and $211.4 million, respectively, during those same periods. The following table represents the Company’s securities sold under reverse repurchase agreements, by collateral type and remaining contractual maturity. 2015 2014 Overnight and Overnight and Continuous Continuous (In Thousands) FHLBank CD $ -- $ 10,000 Mortgage-backed securities – GNMA, FNMA, FHLMC 161,182 158,993 $161,182 $168,993 |
Note 11_ Federal Reserve Bank B
Note 11: Federal Reserve Bank Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 11: Federal Reserve Bank Borrowings | Note 11: Federal Reserve Bank Borrowings At December 31, 201 and 201 , the Bank had $ million and $563.2 million , respectively, available under a line-of-credit borrowing arrangement with the Federal Reserve Bank. The line is secured primarily by commercial loans. There were no amounts borrowed under this arrangement at December 31, 201 or 201 . |
Note 12_ Structured Repurchase
Note 12: Structured Repurchase Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 12: Structured Repurchase Agreements | Note 12: Structured Repurchase Agreements In September 2008, the Company entered into a structured repurchase borrowing transaction for $50 million. This borrowing bore interest at a fixed rate of 4.34%, was scheduled to mature September 15, 2015, and had a call provision that allowed the repurchase counterparty to call the borrowing quarterly. The Company pledged investment securities to collateralize this borrowing. In June 2014, the Company elected to repay this structured repurchase borrowing and incurred a one-time prepayment penalty (see Note 9 |
Note 13_ Subordinated Debenture
Note 13: Subordinated Debentures Issued To Capital Trusts | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 13: Subordinated Debentures Issued To Capital Trusts | Note 13: Subordinated Debentures Issued to Capital Trusts In November 2006, Great Southern Capital Trust II (Trust II), a statutory trust formed by the Company for the purpose of issuing the securities, issued a $25.0 million aggregate liquidation amount of floating rate cumulative trust preferred securities. The Trust II securities bear a floating distribution rate equal to 90-day LIBOR plus 1.60%. The Trust II securities are redeemable at the CompanyÂ’s option beginning in February 2012, and if not sooner redeemed, mature on February 1, 2037. The Trust II securities were sold in a private transaction exempt from registration under the Securities Act of 1933, as amended. The gross proceeds of the offering were used to purchase Junior Subordinated Debentures from the Company totaling $25.8 million and bearing an interest rate identical to the distribution rate on the Trust II securities. The initial interest rate on the Trust II debentures was 6.98%. The interest rate was 1. % and 1. % at December 31, 201 and 201 , respectively. In July 2007, Great Southern Capital Trust III (Trust III), a statutory trust formed by the Company for the purpose of issuing the securities, issued a $5.0 million aggregate liquidation amount of floating rate cumulative trust preferred securities. The Trust III securities a floating distribution rate equal to 90-day LIBOR plus 1.40%. The Trust III securities redeemable at the CompanyÂ’s option beginning October 2012, and if not sooner redeemed, mature on October 1, 2037. The Trust III securities were sold in a private transaction exempt from registration under the Securities Act of 1933, as amended. The gross proceeds of the offering were used to purchase Junior Subordinated Debentures from the Company totaling $5.2 million and bearing an interest rate identical to the distribution rate on the Trust III securities. The initial interest rate on the Trust III debentures was 6.76%. The interest rate was 1.64% at December 31, 2014. I n July 2015, the Company was the successful bidder in an auction of the $5.0 million aggregate liquidation amount of floating rate cumulative trust preferred securities issued in 2007 by Great Southern Capital Trust III. The Company purchased the trust preferred securities at a discount, which resulted in a pre-tax gain of approximately $1.1 milli on. Subsequent to the purchase, which resulted in the CompanyÂ’s ownership of all of the outstanding common and preferred securities of Great Southern Capital Trust III, such securities were canceled and the principal amount of the CompanyÂ’s related debentures, which had equaled the aggregate liquidation amount of the outstanding common and preferred securities of Great Southern Capital Trust III, was reduced to zero At December 31, 201 and 201 , subordinated debentures issued to capital trusts are summarized as follows: 2015 2014 (In Thousands) Subordinated debentures $ 25,774 $ 30,929 |
Note 14_ Income Taxes
Note 14: Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 14: Income Taxes | Note 14: Income Taxes The Company files a consolidated federal income tax return. As of December 31, 201 and 201 , retained earnings included approximately $17.5 million for which no deferred income tax liability had been recognized. This amount represents an allocation of income to bad debt deductions for tax purposes only for tax years prior to 1988. If the Bank were to liquidate, the entire amount would have to be recaptured and would create income for tax purposes only, which would be subject to the then-current corporate income tax rate. The unrecorded deferred income tax liability on the above amount was approximately $6.5 million at December 31, 201 and 201 . During the years ended December 31, 201 , 201 and 201 , the provision for income taxes included these components: 2015 2014 2013 (In Thousands) Taxes currently payable $20,234 $20,013 $17,013 Deferred income taxes (4,670 ) (6,260 ) (8,839) Income taxes $ 15,564 $ 13,753 $ 8,174 The tax effects of temporary differences related to deferred taxes shown on the statements of financial condition were: December 31, 2015 2014 (In Thousands) Deferred tax assets Allowance for loan losses $13,848 $13,452 Interest on nonperforming loans 259 317 Accrued expenses 1,302 1,527 Write-down of foreclosed assets 4,056 3,970 Write-down of fixed assets 417 -- Other -- 350 19,882 19,616 Deferred tax liabilities Tax depreciation in excess of book depreciation (6,483) (6,443) FHLB stock dividends (1,549) (1,494) Partnership tax credits (1,991) (2,176) Prepaid expenses (515) (508) Unrealized gain on available-for-sale securities (3,369) (3,895) Difference in basis for acquired assets and liabilities (435) (4,738) Other (185 ) (236 ) (14,527 ) (19,490 ) Net deferred tax asset $ 5,355 $ 126 Reconciliations of the CompanyÂ’s effective tax rates from continuing operations to the statutory corporate tax rates were as follows: 2015 2014 2013 Tax at statutory rate 35.0% 35.0% 35.0% Nontaxable interest and dividends (2.4) (3.0) (4.6) Tax credits (8.1) (9.5) (12.5) State taxes 1.4 1.5 1.6 Other (0.8 ) -- -- 25.1 % 24.0 % 19.5 % The Company and its consolidated subsidiaries have not been audited recently by the Internal Revenue Service (IRS) or the State of Missouri with respect to income or franchise tax returns and, as such, tax years through December 31, 2005, have been closed without audit. The Company, through one of its subsidiaries, is a partner in two partnerships currently under Internal Revenue Service examination for 2006 and 2007. As a result, the CompanyÂ’s 2006 and subsequent tax years remain open for examination. The examinations of the partnerships have been advanced during 2015. One of the partnerships has advanced to Tax Court because a settlement was not reached at the IRS appeals level. The Company believes the partnership has a strong case and intends to defend its existing positions in Tax Court. The other partnership is at the IRS appeals level. The Company does not currently expect significant adjustments to its financial statements from these partnership examinations. The Company is currently in administrative appeals with the State of Kansas for its 2010 through 2012 tax years. The Company protested the stateÂ’s initial assessment and expects to have an informal conference with the Kansas Department of Revenue. The Company does not currently expect significant adjustments to its financial statements from this state examination. |
Note 15_ Disclosures About Fair
Note 15: Disclosures About Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 15: Disclosures About Fair Value of Financial Instruments | Note 15: Disclosures About Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurements · 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. Financial instruments are broken down as follows by recurring or nonrecurring measurement status. Recurring assets are initially measured at fair value and are required to be remeasured at fair value in the financial statements at each reporting date. Assets measured on a nonrecurring basis are assets that, due to an event or circumstance, were required to be remeasured at fair value after initial recognition in the financial statements at some time during the reporting period. The Company considers transfers between the levels of the hierarchy to be recognized at the end of related reporting periods. From December 31, 2014 to December 31, 2015, the interest rate derivative asset and the interest rate derivative liability were transferred from Level 3 to Level 2 of the hierarchy. The core valuation of these derivative assets and liabilities, including termination or settlement value, are derived from observable market rates and are considered Level 2. Only the credit valuation adjustment of these derivative assets and liabilities is considered Level 3 based on its inputs, and that portion is immaterial to the overall value of the derivatives. Recurring Measurements The following table presents the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2015 and 2014: 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, 2015 U.S. government agencies $19,781 $-- $19,781 $-- Mortgage-backed securities 161,214 -- 161,214 -- States and political subdivisions 78,031 -- 78,031 -- Equity securities 3,830 -- -- -- Interest rate derivative asset 2,711 -- 2,711 -- Interest rate derivative liability (2,725) -- (2,725) -- December 31, 2014 U.S. government agencies $19,514 $-- $19,514 $-- Mortgage-backed securities 257,798 -- 257,798 -- States and political subdivisions 85,040 -- 85,040 -- Equity securities 3,154 -- -- -- Interest rate derivative asset 2,502 -- -- 2,502 Interest rate derivative liability (2,187) -- -- (2,187) The following is a description of inputs and valuation methodologies used for assets recorded at fair value on a recurring basis and recognized in the accompanying statements of financial condition at December 31, 201 and 201 , as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the year ended December 31, 201 . For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Available-for-Sale Securities Investment securities available for sale are recorded at fair value on a recurring basis. The fair values used by the Company are obtained from an independent pricing service, which represent either quoted market prices for the identical asset or fair values determined by pricing models, or other model-based valuation techniques, that consider observable market data, such as interest rate volatilities, LIBOR yield curve, credit spreads and prices from market makers and live trading systems. Recurring Level 1 securities include exchange traded equity securities. Recurring Level 2 securities include U.S. government agency securities, mortgage-backed securities, state and municipal bonds and certain . Inputs used for valuing Level 2 securities include observable data that may include dealer quotes, benchmark yields, market spreads, live trading levels and market consensus prepayment speeds, among other things. Additional inputs include indicative values derived from the independent pricing service’s proprietary computerized models. There were no Recurring Level 3 securities at both December 31, 201 and 201 . Interest Rate Derivatives The fair value is estimated using forward-looking interest rate curves and is using and, therefore, are classified within Level 2 of the valuation hierarchy. Level 3 Reconciliation The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying statements of financial condition using significant unobservable (Level 3) inputs. Interest Rate Derivative Asset (In Thousands) Balance, January 1, 2014 $1,859 Net change in fair value 228 Balance, December 31, 2014 2,087 Net change in fair value 496 Transfer to level 2 (2,583) Balance, December 31, 2015 $ -- Interest Rate Cap Derivative Asset Designated as Hedging Instrument (In Thousands) Balance, January 1, 2014 $685 Net change in fair value (270) Balance, December 31, 2014 415 Net change in fair value (287) Transfer to level 2 (128 ) Balance, December 31, 2015 $ -- Interest Rate Derivative Liability (In Thousands) Balance, January 1, 2014 $1,613 Net change in fair value 574 Balance, December 31, 2014 2,187 Net change in fair value 538 Transfer to level 2 (2,725) Balance, December 31, 2015 $ -- Nonrecurring Measurements The following tables present the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 201 and 201 : 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, 2015 Impaired loans $ 13,896 $ -- $ -- $ 13,896 Foreclosed assets held for sale $ 1,722 $ -- $ -- $ 1,722 December 31, 2014 Impaired loans $ 11,658 $ -- $ -- $ 11,658 Foreclosed assets held for sale $ 6,975 $ -- $ -- $ 6,975 Following is a description of the valuation methodologies used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying statements of financial condition, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Loans Held for Sale Mortgage loans held for sale are recorded at the lower of carrying value or fair value. The fair value of mortgage loans held for sale is based on what secondary markets are currently offering for portfolios with similar characteristics. As such, the Company classifies mortgage loans held for sale as Nonrecurring Level 2. Write-downs to fair value typically do not occur as the Company generally enters into commitments to sell individual mortgage loans at the time the loan is originated to reduce market risk. The Company typically does not have commercial loans held for sale. At December 31, 201 and 201 , the aggregate fair value of mortgage loans held for sale exceeded their cost. Accordingly, no mortgage loans held for sale were marked down and reported at fair value. Impaired Loans A loan is considered to be impaired when it is probable that all of the principal and interest due may not be collected according to its contractual terms. Generally, when a loan is considered impaired, the amount of reserve required under FASB ASC 310, Receivables The Company records impaired loans as Nonrecurring Level 3. If a loan’s fair value as estimated by the Company is less than its carrying value, the Company either records a charge-off for the portion of the loan that exceeds the fair value or establishes a reserve within the allowance for loan losses specific to the loan. Loans for which such charge-offs or reserves were recorded during the years ended December 31, 201 and 201 , are shown in the table above (net of reserves). Foreclosed Assets Held for Sale Foreclosed assets held for sale are initially recorded at fair value less estimated cost to sell at the date of foreclosure. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less estimated cost to sell. Foreclosed assets held for sale are classified within Level 3 of the fair value hierarchy. The foreclosed assets represented in the table above have been re-measured during the years ended December 31, 201 and 201 , subsequent to their initial transfer to foreclosed assets. The following disclosure relates to financial assets for which it is not practicable for the Company to estimate the fair value at December 31, 201 and 201 . FDIC Indemnification Asset As part of certain Purchase and Assumption Agreements, the Bank and the FDIC entered into loss sharing agreements. These agreements cover realized losses on loans and foreclosed real estate subject to certain limitations which are more fully described in Note 4 Under the TeamBank agreement, the FDIC agreed to reimburse the Bank for 80% of the first $115 million in realized losses and 95% for realized losses that exceed $115 million. The indemnification asset was originally recorded at fair value on the acquisition date (March 20, 2009) and at December 31, 201 and 201 , the carrying value was $ ,000 and $684,000, respectively. Under the Vantus Bank agreement, the FDIC agreed to reimburse the Bank for 80% of the first $102 million in realized losses and 95% for realized losses that exceed $102 million. The indemnification asset was originally recorded at fair value on the acquisition date (September 4, 2009) and at December 31, 201 and 201 , the carrying value of the FDIC indemnification asset was $ ,000 and $785,000, respectively. Under the Sun Security Bank agreement, the FDIC agreed to reimburse the Bank for 80% of realized losses. The indemnification asset was originally recorded at fair value on the acquisition date (October 7, 2011) and at December 31, 201 and 201 , the carrying value of the FDIC indemnification asset was $ million and $5.7 million, respectively. Under the InterBank agreement, the FDIC agreed to reimburse the Bank for 80% of realized losses. The indemnification asset was originally recorded at fair value on the acquisition date (April 27, 2012) and at December 31, 201 and 201 , the carrying value of the FDIC indemnification asset was $ million and $37.2 million, respectively. From the dates of acquisition, each of the four agreements extends ten years for 1-4 family real estate loans and five years for other loans. The loss sharing assets are measured separately from the loan portfolios because they are not contractually embedded in the loans and are not transferable with the loans should the Bank choose to dispose of them. Fair values on the acquisition dates were estimated using projected cash flows available for loss sharing based on the credit adjustments estimated for each loan pool and the loss sharing percentages. These cash flows were discounted to reflect the uncertainty of the timing and receipt of the loss sharing reimbursements from the FDIC. The loss sharing assets are also separately measured from the related foreclosed real estate. Although the assets are contractual receivables from the FDIC, they do not have effective interest rates. The Bank will collect the assets over the next several years. The amount ultimately collected will depend on the timing and amount of collections and charge-offs on the acquired assets covered by the loss sharing agreements. While the assets were recorded at their estimated fair values on the acquisition dates, it is not practicable to complete fair value analyses on a quarterly or annual basis. Estimating the fair value of the FDIC indemnification asset would involve preparing fair value analyses of the entire portfolios of loans and foreclosed assets covered by the loss sharing agreements from all of these acquisitions on a quarterly or annual basis. Fair Value of Financial Instruments The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying statements of financial condition at amounts other than fair value. Cash and Cash Equivalents and Federal Home Loan Bank Stock The carrying amount approximates fair value. Loans and Interest Receivable The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Loans with similar characteristics are aggregated for purposes of the calculations. The carrying amount of accrued interest receivable approximates its fair value. Deposits and Accrued Interest Payable The fair value of demand deposits and savings accounts is the amount payable on demand at the reporting date, i.e. Federal Home Loan Bank Advances Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate fair value of existing advances. Short-Term Borrowings The carrying amount approximates fair value. Subordinated Debentures Issued to Capital Trusts The subordinated debentures have floating rates that reset quarterly. The carrying amount of these debentures approximates their fair value. Commitments to Originate Loans, Letters of Credit and Lines of Credit The fair value of commitments is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. The following table presents estimated fair values of the Company’s financial instruments. The fair values of certain of these instruments were calculated by discounting expected cash flows, which method involves significant judgments by management and uncertainties. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate. December 31, 2015 December 31, 2014 Carrying Fair Hierarchy Carrying Fair Hierarchy Amount Value Level Amount Value Level (In thousands) Financial assets Cash and cash equivalents $199,183 $199,183 1 $218,647 $218,647 1 Held-to-maturity securities 353 384 2 450 499 2 Mortgage loans held for sale 12,261 12,261 2 14,579 14,579 2 Loans, net of allowance for loan losses 3,340,536 3,355,924 3 3,038,848 3,047,741 3 Accrued interest receivable 10,930 10,930 3 11,219 11,219 3 Investment in FHLB stock 15,303 15,303 3 16,893 16,893 3 Financial liabilities Deposits 3,268,626 3,271,318 3 2,990,840 2,996,226 3 FHLB advances 263,546 264,331 3 271,641 273,568 3 Short-term borrowings 117,477 117,477 3 211,444 211,444 3 Subordinated debentures 25,774 25,774 3 30,929 30,929 3 Accrued interest payable 1,080 1,080 3 1,067 1,067 3 Unrecognized financial instruments (net of contractual value) Commitments to originate loans -- -- 3 -- -- 3 Letters of credit 145 145 3 92 92 3 Lines of credit -- -- 3 -- -- 3 |
Note 16_ Operating Leases
Note 16: Operating Leases | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 16: Operating Leases | Note 16: Operating Leases The Company has entered into various operating leases at several of its locations. Some of the leases have renewal options. At December 31, 201 , future minimum lease payments were as follows (in thousands): 2016 $936 2017 786 2018 582 2019 415 2020 317 Thereafter 215 $ 3,251 Rental expense was $1. million , $1. million and $1. million for the years ended December 31, 201 , 201 and 201 , respectively. |
Note 17_ Derivatives and Hedgin
Note 17: Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 17: Derivatives and Hedging Activities | Note 17: Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its assets and liabilities. In the normal course of business, the Company may use derivative financial instruments (primarily interest rate swaps) from time to time to assist in its interest rate risk management. The Company has interest rate derivatives that result from a service provided to certain qualifying loan customers that are not used to manage interest rate risk in the CompanyÂ’s assets or liabilities and are not designated in a qualifying hedging relationship. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. In addition, the Company has interest rate derivatives that are designated in a qualified hedging relationship. Nondesignated Hedges The Company has interest rate swaps that are not designated in qualifying hedging relationship. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain loan customers, which the Company began offering during 2011. The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. As part of the Valley Bank FDIC-assisted acquisition, the Company acquired seven loans with related interest rate swaps. ValleyÂ’s swap program differed from the CompanyÂ’s in that Valley did not have back to back swaps with the customer and a counterparty. Two of the seven acquired loans with interest rate swaps have paid off. The notional amount of the five remaining Valley swaps is $ million at December 31, . As of December 31, , the Company had 28 interest rate swaps totaling $ million in notional amount with commercial customers, and 28 interest rate swaps with the same notional amount with third parties related to its program. As of December 31, , the Company had interest rate swaps totaling $ million in notional amount with commercial customers, and interest rate swaps with the same notional amount with third parties related to its program. During the years ended December 31, and , the Company recognized net loss of $ ,000 and $ ,000, respectively, in noninterest income related to changes in the fair value of these swaps. Cash Flow Hedges As a strategy to maintain acceptable levels of exposure to the risk of changes in future cash flows due to interest rate fluctuations, the Company entered into two interest rate cap agreements for a portion of its floating rate debt associated with its trust preferred securities. One agreement, with a notional amount of $25 million, states that the Company will pay interest on its trust preferred debt in accordance with the original debt terms at a rate of 3-month LIBOR + 1.60%. Should interest rates rise above a certain threshold, the counterparty will reimburse the Company for interest paid such that the Company will have an effective interest rate on that portion of its trust preferred securities no higher than 2.37%. The agreement became effective on August 1, 2013 and has a term of four years. The other agreement, with a notional amount of $5 million, was terminated when the Company purchased the related trust preferred securities in July 2015. See Note 13 The effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. During the years ended December 31, 2015 and 2014, the Company recognized $-0- in noninterest income related to changes in the fair value of these derivatives. During the years ended December 31, 2015 and 2014, the Company recognized $187,000 and $19,000, respectively, in interest expense related to the amortization of the cost of these interest rate caps. During the year ended December 31, 2015, one of the agreements was terminated as noted above. As part of this termination, the remaining cost of the cash flow hedge, $95,000, was recognized as interest expense in 2015 (included in the $187,000 discussed here). The table below presents the fair value of the CompanyÂ’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition: Location in Fair Value Consolidated Statements December 31, December 31, of Financial Condition 2015 2014 (In Thousands) Derivatives designated as hedging instruments Interest rate caps Prepaid expenses and other assets $ 128 $ 415 Total derivatives designated as hedging instruments $ 128 $ 415 Derivatives not designated as hedging instruments Asset Derivatives Derivatives not designated as hedging instruments Interest rate products Prepaid expenses and other assets $ 2,583 $ 2,087 Total derivatives not designated as hedging instruments $ 2,583 $ 2,087 Liability Derivatives Derivatives not designated as hedging instruments Interest rate products Accrued expenses and other liabilities $ 2,725 $ 2,187 Total derivatives not designated as hedging instruments $ 2,725 $ 2,187 The following tables present the effect of derivative instruments on the statements of comprehensive income: Year Ended December 31 Cash Flow Hedges Amount of Gain (Loss) Recognized in AOCI 2015 2014 2013 (In Thousands) Interest rate cap, net of income taxes $ (50) $ (164 $ (34 Agreements with Derivative Counterparties The Company has agreements with its derivative counterparties. If the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. If the Bank fails to maintain its status as a well-capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. Similarly, the Company could be required to settle its obligations under certain of its agreements if certain regulatory events occurred, such as the issuance of a formal directive, or if the CompanyÂ’s credit rating is downgraded below a specified level. As of December 31, , the termination value of derivatives in a net liability position, which included accrued interest but excluded any adjustment for nonperformance risk, related to these agreements was $2. million. The Company has minimum collateral posting thresholds with its derivative counterparties. At December 31 , 201 , the CompanyÂ’s activity with its derivative counterparties had met the level at which the minimum collateral posting thresholds take effect and the Company had posted $ million of collateral to satisfy the agreement. As of December 31, , the termination value of derivatives in a net liability position, which included accrued interest but excluded any adjustment for nonperformance risk, related to these agreements was $ . At December 31 , , the CompanyÂ’s activity with its derivative counterparties had met the level at which the minimum collateral posting thresholds take effect and the Company had posted $ of collateral to satisfy the agreement. If the Company had breached any of these provisions at December 31, and , it could have been required to settle its obligations under the agreements at the termination value. |
Note 18_ Commitments and Credit
Note 18: Commitments and Credit Risk | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 18: Commitments and Credit Risk | Note 18: Commitments and Credit Risk Commitments to Originate Loans Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a significant portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customerÂ’s creditworthiness on a case by case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on managementÂ’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property and equipment, commercial real estate and residential real estate. At December 31, 201 and 201 , the Bank had outstanding commitments to originate loans and fund commercial construction loans aggregating approximately $ million and $130.0 million, respectively. The commitments extend over varying periods of time with the majority being disbursed within a 30- to 180-day period. Mortgage loans in the process of origination represent amounts that the Bank plans to fund within a normal period of 60 to 90 days, many of which are intended for sale to investors in the secondary market. Total mortgage loans in the process of origination amounted to approximately $ million and $ million at December 31, 201 and 201 , respectively. Letters of Credit Standby letters of credit are irrevocable conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Financial standby letters of credit are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions. Performance standby letters of credit are issued to guarantee performance of certain customers under nonfinancial contractual obligations. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loans to customers. Fees for letters of credit issued are initially recorded by the Bank as deferred revenue and are included in earnings at the termination of the respective agreements. Should the Bank be obligated to perform under the standby letters of credit, the Bank may seek recourse from the customer for reimbursement of amounts paid. The Company had total outstanding standby letters of credit amounting to approximately $ million and $ million at December 31, 201 and 201 , respectively, with $ million and $ million, respectively, of the letters of credit having terms up to five years and $ million and $3. million, respectively, of the letters of credit having terms over five years. Of the amount having terms over five years, $ million and $2. million at December 31, 201 and 201 , respectively, consisted of an outstanding letter of credit to guarantee the payment of principal and interest on a Multifamily Housing Refunding Revenue Bond Issue. Purchased Letters of Credit The Company has purchased letters of credit from the Federal Home Loan Bank as security for certain public deposits. The amount of the letters of credit was $2. million and $ million at December 31, 201 and 201 , respectively, and they expire in less than one year from issuance. Lines of Credit Lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Lines of credit generally have fixed expiration dates. Since a portion of the line may expire without being drawn upon, the total unused lines do not necessarily represent future cash requirements. The Bank evaluates each customerÂ’s creditworthiness on a case by case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on managementÂ’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property and equipment, commercial real estate and residential real estate. The Bank uses the same credit policies in granting lines of credit as it does for on-balance-sheet instruments. At December 31, 201 , the Bank had granted unused lines of credit to borrowers aggregating approximately $ million and $ million for commercial lines and open end consumer lines, respectively. At December 31, 201 , the Bank had granted unused lines of credit to borrowers aggregating approximately $ million and $ million for commercial lines and open end consumer lines, respectively. Credit Risk The Bank grants collateralized commercial, real estate and consumer loans primarily to customers in its market areas. Although the Bank has a diversified portfolio, loans (excluding those covered by loss sharing agreements) aggregating approximately $ million and $524.7 million at December 31, 201 and 201 , respectively, are secured primarily by apartments, condominiums, residential and commercial land developments, industrial revenue bonds and other types of commercial properties in the St. Louis, Missouri, area. |
Note 19_ Additional Cash Flow I
Note 19: Additional Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 19: Additional Cash Flow Information | Note 19: Additional Cash Flow Information 2015 2014 2013 (In Thousands) Noncash Investing and Financing Activities Real estate acquired in settlement of loans $12,185 $19,975 $45,941 Sale and financing of foreclosed assets $3,316 $1,805 $11,303 Conversion of premises and equipment to foreclosed assets -- $202 $2,111 Dividends declared but not paid $3,055 $2,896 $2,606 Additional Cash Payment Information Interest paid $15,984 $15,833 $19,426 Income taxes paid $13,096 $8,510 $17,351 |
Note 20_ Employee Benefits
Note 20: Employee Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 20: Employee Benefits | Note 20: Employee Benefits The Company participates in the Pentegra Defined Benefit Plan for Financial Institutions (Pentegra DB Plan), a multiemployer defined benefit pension plan covering all employees who have met minimum service requirements. Effective July 1, 2006, this plan was closed to new participants. Employees already in the plan continue to accrue benefits. The Pentegra DB PlanÂ’s Employer Identification Number is 13-5645888 and the Plan Number is 333. The CompanyÂ’s policy is to fund pension cost accrued. Employer contributions charged to expense for the years ended December 31, , and , were approximately $ ,000, $ ,000 and $ ,000, respectively. The CompanyÂ’s contributions to the Pentegra DB Plan were not more than 5% of the total contributions to the plan. The funded status of the plan as of July 1, and , was % and %, respectively. The funded status was calculated by taking the market value of plan assets, which reflected contributions received through June 30, and , respectively, divided by the funding target. No collective bargaining agreements are in place that require contributions to the Pentegra DB Plan. The Company has a defined contribution retirement plan covering substantially all employees. The Company matches 100% of the employeeÂ’s contribution on the first 3% of the employeeÂ’s compensation and also matches an additional 50% of the employeeÂ’s contribution on the next 2% of the employeeÂ’s compensation. Employer contributions charged to expense for this plan for the years ended December 31, , and , were approximately $1.1 million $870,000, respectively. |
Note 21_ Stock Option Plan
Note 21: Stock Option Plan | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 21: Stock Option Plan | Note 21: Stock Compensation Plans The Company established the 2003 Stock Option and Incentive Plan (the “2003 Plan”) for employees and directors of the Company and its subsidiaries. Under the plan, stock options or other awards could be granted with respect to 598,224 shares of common stock. On May 15, 2013, the Company’s stockholders approved the Great Southern Bancorp, Inc. 2013 Equity Incentive Plan (the “2013 Plan”). Upon the stockholders’ approval of the 2013 Plan, the Company’s 2003 Plan was frozen. As a result, no new stock options or other awards may be granted under the 2003 Plan; however, existing outstanding awards under the 2003 Plan were not affected. At December 31, 2015, 265,182 options were outstanding under the 2003 Plan. The 2013 Plan provides for the grant from time to time to directors, emeritus directors, officers, employees and advisory directors of stock options, stock appreciation rights and restricted stock awards. The number of shares of Common Stock available for awards under the 2013 Plan is 700,000, all of which may be utilized for stock options and stock appreciation rights and no more than 100,000 of which may be utilized for restricted stock awards. At December 31, 2015, 368,550 options were outstanding under the 2013 Plan. Stock options may be either incentive stock options or nonqualified stock options, and the option price must be at least equal to the fair value of the Company’s common stock on the date of grant. Options generally are granted for a 10 year term and generally become exercisable in four cumulative annual installments of 25% commencing two years from the date of grant. The Stock Option Committee may accelerate a participant’s right to purchase shares under the plan. Stock awards may be granted to key officers and employees upon terms and conditions determined solely at the discretion of the Stock Option Committee. The table below summarizes transactions under the Company’s stock option plans: Weighted Available to Grant Shares Under Option Average Exercise Price Balance, January 1, 2013 326,622 733,292 $24.227 Granted from 2003 plan (3,100) 3,100 23.957 Exercised -- (106,367) 19.687 Forfeited from terminated plan(s) 46,818 (46,818) 27.202 Termination of 2003 Plan (370,340 ) -- -- 583,207 Available to grant from 2013 Plan 700,000 -- Granted from 2013 Plan (116,500 ) 116,500 29.515 Balance, December 31, 2013 583,500 699,707 25.597 Granted from 2013 plan (147,400) 147,400 32.450 Exercised -- (153,287) 27.088 Forfeited from terminated plan(s) -- (22,022) 27.387 Forfeited from current plan(s) 10,700 (10,700) 30.204 Balance, December 31, 2014 446,800 661,098 26.560 Granted from 2013 Plan (129,350) 129,350 49.199 Exercised -- (134,263) 25.403 Forfeited from terminated plan(s) -- (8,453) 24.941 Forfeited from current plan(s) 14,000 (14,000) 33.389 Balance, December 31, 2015 331,450 633,732 $ 31.297 The Company’s stock option grants contain terms that provide for a graded vesting schedule whereby portions of the options vest in increments over the requisite service period. These options typically vest one-fourth at the end of years two, three, four and five from the grant date. As provided for under FASB ASC 718, the Company has elected to recognize compensation expense for options with graded vesting schedules on a straight-line basis over the requisite service period for the entire option grant. In addition, ASC 718 requires companies to recognize compensation expense based on the estimated number of stock options for which service is expected to be rendered. historical forfeitures of its share-based awards have not been material. The fair value of each option award is estimated on the date of the grant using the Black-Scholes option pricing model with the following assumptions : 2015 2014 2013 Expected dividends per share $0.88 $0.80 $0.72 Risk-free interest rate 1.66% 1.40% 1.53% Expected life of options 5 years 5 years 5 years Expected volatility 24.42% 18.95% 24.80% Weighted average fair value of options granted during year $9.59 $4.20 $5.22 Expected volatilities are based on the historical volatility of the Company’s stock, based on the monthly closing stock price. The expected term of options granted is based on actual historical exercise behavior of all employees and directors and approximates the graded vesting period of the options. Expected dividends are based on the annualized dividends declared at the time of the option grant. The risk-free interest rate is based on the five-year treasury rate on the grant date of the options. The following table presents the activity related to options under all plans for the year ended December 31, 201 Weighted Weighted Average Average Remaining Exercise Contractual Options Price Term Options outstanding, January 1, 2015 661,098 $26.560 6.72 years Granted 129,350 49.199 Exercised (134,263) 25.403 Forfeited (22,453 ) 30.208 Options outstanding, December 31, 2015 633,732 31.297 7.22 years Options exercisable, December 31, 2015 221,568 23.518 4.72 years For the years ended December 31, , and , options granted were , 1 , and , respectively. The total intrinsic value (amount by which the fair value of the underlying stock exceeds the exercise price of an option on exercise date) of options exercised during the years ended December 31, , and , was $932,000 $858,000, respectively. Cash received from the exercise of options for the years ended December 31, , and , was $ million, $ million and $ million, respectively. The actual tax benefit realized for the tax deductions from option exercises totaled $ , $ ,000 and $ ,000 for the years ended December 31, , and , respectively. The following table presents the activity related to nonvested options under all plans for the year ended December 31, 201 . Weighted Weighted Average Average Exercise Grant Date Options Price Fair Value Nonvested options, January 1, 2015 390,047 $28.148 $4.480 Granted 129,350 49.199 9.586 Vested this period (87,349) 24.299 4.591 Nonvested options forfeited (19,884 ) 30.051 4.946 Nonvested options, December 31, 2015 412,164 35.479 6.039 At December 31, 201 , there was $ million of total unrecognized compensation cost related to nonvested options granted under the Company’s plans. This compensation cost is expected to be recognized through 20 , with the majority of this expense recognized in 201 and 201 . The following table further summarizes information about stock options outstanding at December 31, 201 : Options Outstanding Weighted Options Exercisable Average Weighted Weighted Remaining Average Average Range of Number Contractual Exercise Number Exercise Exercise Prices Outstanding Term Price Exercisable Price $8.360 to $19.530 80,449 5.50 years $17.834 57,639 $17.281 $21.320 to $24.820 129,593 6.02 years 23.694 82,473 23.094 $25.480 to $29.860 138,770 6.55 years 28.632 57,586 27.408 $30.660 to $39.050 169,570 7.69 years 32.628 23,870 30.660 $41.500 to $50.710 115,350 9.88 years 50.478 -- -- 633,732 7.22 years 31.297 221,568 23.518 |
Note 22_ Significant Estimates
Note 22: Significant Estimates and Concentrations | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 22: Significant Estimates and Concentrations | Note 22: Significant Estimates and Concentrations Accounting principles generally accepted in the United States of America require disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. Estimates related to the allowance for loan losses are reflected in Note 3 Note 4 Other significant estimates not discussed in those footnotes include valuations of foreclosed assets held for sale. The carrying value of foreclosed assets reflects managementÂ’s best estimate of the amount to be realized from the sales of the assets. While the estimate is generally based on a valuation by an independent appraiser or recent sales of similar properties, the amount that the Company realizes from the sales of the assets could differ materially in the near term from the carrying value reflected in these financial statements. |
Note 23_ Accumulated Other Comp
Note 23: Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 23: Accumulated Other Comprehensive Income | Note 23: Accumulated Other Comprehensive Income The components of accumulated other comprehensive income (AOCI), included in stockholdersÂ’ equity, are as follows: 2015 2014 (In Thousands) Net unrealized gain on available-for-sale securities $9,282 $11,129 Net unrealized loss on derivatives used for cash flow hedges (391 (304 8,891 10,825 Tax effect (3,227 (3,789 Net-of-tax amount $ 5,664 $ 7,036 Amounts reclassified from AOCI and the affected line items in the statements of income during the years ended December 31, 201 , 201 and 201 , were as follows: Amounts Reclassified from AOCI 2015 2014 2013 Affected Line Item in the Statements of Income (In Thousands) Unrealized gains on available-for-sale securities $2 $2,139 $243 Net realized gains on available-for-sale securities (total reclassified amount before tax) Total reclassified amount before tax Income taxes (1 (749 (85 Tax (expense) benefit Total reclassifications out of AOCI $ 1 $ 1,390 $ 158 |
Note 24_ Regulatory Matters
Note 24: Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 24: Regulatory Matters | Note 24: Regulatory Matters The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct and material effect on the CompanyÂ’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the CompanyÂ’s and the BankÂ’s assets, liabilities and certain off-balance-sheet items as calculated under . The CompanyÂ’s and the BankÂ’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below as of December 31, 201 ) of Total and Tier I Capital (as defined) to risk-weighted assets (as defined) of Tier I Capital (as defined) to adjusted tangible assets (as defined) risk-weighted assets (as defined). Management believes, as of December 31, 201 , that the Bank met all capital adequacy requirements to which it was then subject. As of December 31, 201 , the most recent notification from the BankÂ’s regulators categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized as of December 31, 201 , the Bank must have maintained minimum otal , Tier I Tier 1 everage capital ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the BankÂ’s category. The CompanyÂ’s and the BankÂ’s actual capital amounts and ratios are presented in the following table. No amount was deducted from capital for interest-rate risk. 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, 2015 Total capital Great Southern Bancorp, Inc. $452,637 12.6% $288,279 8.0% -- -- Great Southern Bank $434,334 12.1% $288,180 8.0% $360,225 10.0% Tier I capital Great Southern Bancorp, Inc. $414,488 11.5% $216,209 6.0% -- -- Great Southern Bank $396,185 11.0% $216,135 6.0% $288,180 8.0% Tier I leverage capital Great Southern Bancorp, Inc. $414,488 10.2% $162,576 4.0% -- N/A Great Southern Bank $396,185 9.8% $161,986 4.0% $202,482 5.0% Common equity Tier I capital Great Southern Bancorp, Inc. $389,460 10.8% $162,157 4.5% -- -- Great Southern Bank $396,157 11.0% $162,101 4.5% $234,146 6.5% As of December 31, 2014 Total risk-based capital Great Southern Bancorp, Inc. $473,689 14.5% $261,062 8.0% -- -- Great Southern Bank $410,291 12.6% $260,919 8.0% $326,149 10.0% Tier I risk-based capital Great Southern Bancorp, Inc. $435,254 13.3% $130,531 4.0% -- -- Great Southern Bank $371,856 11.4% $130,459 4.0% $195,689 6.0% Tier I leverage capital Great Southern Bancorp, Inc. $435,254 11.1% $156,395 4.0% -- -- Great Southern Bank $371,856 9.5% $156,197 4.0% $195,247 5.0% The Company and the Bank are subject to certain restrictions on the amount of dividends that may be declared without prior regulatory approval. At December 31, 201 and 201 , the Company and the Bank exceeded their minimum capital requirements then in effect. The entities may not pay dividends which would reduce capital below the minimum requirements shown above. |
Note 25_ Litigation Matters
Note 25: Litigation Matters | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 25: Litigation Matters | Note 25: Litigation Matters In the normal course of business, the Company and its subsidiaries are subject to pending and threatened legal actions, some of which seek substantial relief or damages. While the ultimate outcome of such legal proceedings cannot be predicted with certainty, after reviewing pending and threatened litigation with counsel, management believes at this time that, except as noted below, the outcome of such litigation will not have a material adverse effect on the CompanyÂ’s business, financial condition or results of operations. On November 22, 2010, a suit was filed against the Bank in the Circuit Court of Greene County, Missouri by a customer alleging that the fees associated with the BankÂ’s automated overdraft program in connection with its debit cards and ATM cards constitute unlawful interest in violation of MissouriÂ’s usury laws. The Court has certified a class of Bank customers who have paid overdraft fees on their checking accounts pursuant to the BankÂ’s automated overdraft program. The Bank intends to contest this case vigorously. At this stage of the litigation, it is not possible for management of the Bank to determine the probability of a material adverse outcome or reasonably estimate the amount of any potential loss. |
Note 26_ Summary of Unaudited Q
Note 26: Summary of Unaudited Quarterly Operating Results | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 26: Summary of Unaudited Quarterly Operating Results | Note 26: Summary of Unaudited Quarterly Operating Results Following is a summary of unaudited quarterly operating results for the years 201 , 201 and 201 : 2015 Three Months Ended March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Data) Interest income $47,906 $45,734 $45,755 $44,956 Interest expense 3,781 3,725 4,230 4,261 Provision for loan losses 1,300 1,300 1,703 1,216 Net realized gains (losses) and impairment on available-for-sale securities -- -- 2 -- Noninterest income (56) 3,457 5,120 5,060 Noninterest expense 27,242 27,949 30,014 29,145 Provision (credit) for income taxes 3,874 4,214 3,732 3,744 Net income 11,653 12,003 11,196 11,650 Net income available to common shareholders 11,508 11,858 11,051 11,531 Earnings per common share – diluted 0.83 0.85 0.79 0.81 2014 Three Months Ended March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Data) Interest income $42,294 $44,384 $47,607 $49,077 Interest expense 4,328 4,413 3,501 3,559 Provision for loan losses 1,691 1,462 945 53 Net realized gains (losses) and impairment on available-for-sale securities 73 569 321 1,176 Noninterest income 924 10,631 1,778 1,398 Noninterest expense 25,894 34,399 29,398 31,168 Provision (credit) for income taxes 2,487 3,687 3,951 3,628 Net income from continuing operations 8,818 11,054 11,590 12,067 Discontinued operations -- -- -- -- Net income 8,818 11,054 11,590 12,067 Net income available to common shareholders 8,673 10,909 11,445 11,923 Earnings per common share – diluted 0.63 0.79 0.83 0.86 2013 Three Months Ended March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Data) Interest income $47,356 $43,481 $43,019 $44,939 Interest expense 5,224 4,980 4,555 4,444 Provision for loan losses 8,225 3,671 2,677 2,813 Net realized gains (losses) and impairment on available-for-sale securities 34 97 110 2 Noninterest income 2,924 2,327 929 (865) Noninterest expense 25,920 26,712 26,156 26,830 Provision (credit) for income taxes 2,517 2,221 2,121 1,315 Net income from continuing operations 8,394 8,224 8,439 8,672 Discontinued operations -- -- -- -- Net income 8,394 8,224 8,439 8,672 Net income available to common shareholders 8,249 8,079 8,294 8,528 Earnings per common share – diluted 0.60 0.59 0.61 0.62 |
Note 27_ Condensed Parent Compa
Note 27: Condensed Parent Company Statements | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 27: Condensed Parent Company Statements | Note 27: Condensed Parent Company Statements The condensed statements of financial condition at December 31, 201 and 201 , and statements of income, comprehensive income and cash flows for the years ended December 31, 201 , 201 and 201 , for the parent company, Great Southern Bancorp, Inc., were as follows: December 31, 2015 2014 (In Thousands) Statements of Financial Condition Assets Cash $20,009 $64,836 Available-for-sale securities 3,830 3,154 Investment in subsidiary bank 403,174 385,046 Prepaid expenses and other assets 1,335 1,466 $428,348 $454,502 Liabilities and StockholdersÂ’ Equity Accounts payable and accrued expenses $3,403 $3,126 Deferred income taxes 944 702 Subordinated debentures issued to capital trust 25,774 30,929 Preferred stock -- 57,943 Common stock 139 138 Additional paid-in capital 24,371 22,345 Retained earnings 368,053 332,283 Accumulated other comprehensive income 5,664 7,036 $428,348 $454,502 2015 2014 2013 (In Thousands) Statements of Income Income Dividends from subsidiary bank $27,000 $36,000 $24,000 Interest and dividend income 5 22 20 Gain on redemption of trust preferred securities and sale of non-marketable securities 1,416 -- -- Other income (loss) (7) (20) 13 28,414 36,002 24,033 Expense Operating expenses 1,139 1,198 1,132 Interest expense 714 567 560 1,853 1,765 1,692 Income before income tax and equity in undistributed earnings of subsidiaries 26,561 34,237 22,341 Credit for income taxes (91) (388) (365) Income before equity in earnings of subsidiaries 26,652 34,625 22,706 Equity in undistributed earnings of subsidiaries 19,850 8,904 11,023 Net income $46,502 $43,529 $33,729 2015 2014 2013 (In Thousands) Statements of Cash Flows Operating Activities Net income $46,502 $43,529 $33,729 Items not requiring (providing) cash Equity in undistributed earnings of subsidiary (19,850) (8,904) (11,023) Compensation expense for stock option grants 382 565 443 Net realized gains on redemption of trust preferred securities (1,115) -- -- Net realized gains on sales of non-marketable securities (301) -- -- Amortization of interest rate derivative 204 19 -- Changes in Prepaid expenses and other assets (27) (3) 4 Accounts payable and accrued expenses 63 (67) (146) Income taxes 55 43 1 Net cash provided by operating activities 25,913 35,182 23,008 Investing Activities (Investment)/Return of principal - other investments 16 20 (13) Net cash provided by (used in) investing activities 16 20 (13) Financing Activities Purchase of interest rate derivative -- -- (738) Redemption of preferred stock (57,943) -- -- Redemption of trust preferred securities (3,885) -- -- Purchases of the CompanyÂ’s common stock -- (512) -- Dividends paid (12,290) (11,257) (7,964) Stock options exercised 3,362 2,438 1,242 Net cash used in financing activities (70,756) (9,331) (7,460) Increase (Decrease) in Cash (44,827) 25,871 15,535 Cash, Beginning of Year 64,836 38,965 23,430 Cash, End of Year $20,009 $64,836 $38,965 Additional Cash Payment Information Interest paid $730 $570 $565 2015 2014 2013 (In Thousands) Statements of Comprehensive Income Net Income $46,502 $43,529 $33,729 Unrealized appreciation on available-for-sale securities, net of taxes of $273, $100 and $302, for 2015, 2014 and 2013, respectively 400 185 561 Change in fair value of cash flow hedge, net of taxes (credit) of $(34), $(88) and $(19) for 2015, 2014 and 2013, respectively (50) (164) (34) Comprehensive income (loss) of subsidiaries (1,722) 4,553 (14,715) Comprehensive Income $45,130 $48,103 $19,541 |
Note 28_ Preferred Stock
Note 28: Preferred Stock | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 28: Preferred Stock | Note 28: Preferred Stock On August 18, 2011, the Company entered into a Small Business Lending Fund-Securities Purchase Agreement (the “SBLF Purchase Agreement”) with the Secretary of the Treasury, pursuant to which the Company sold 57,943 shares of the Company’s Senior Non-Cumulative Perpetual Preferred Stock, Series A (the “SBLF Preferred Stock”) to the Secretary of the Treasury for a purchase price of $57.9 million. The SBLF Preferred Stock was issued pursuant to Treasury’s SBLF program, a $30 billion fund established under the Small Business Jobs Act of 2010 that was created to encourage lending to small businesses by providing Tier 1 capital to qualified community banks and holding companies with assets of less than $10 billion. As required by the SBLF Purchase Agreement, the proceeds from the sale of the SBLF Preferred Stock were used in connection with the redemption of 58,000 shares of plus the accrued dividends . The SBLF Preferred Stock qualifie as Tier 1 capital. The holders of SBLF Preferred Stock entitled to receive noncumulative dividends, payable quarterly, on each January 1, April 1, July 1 and October 1. The dividend rate, as a percentage of the liquidation amount, fluctuate between one percent (1%) and five percent (5%) per annum on a quarterly basis during the first 10 quarters during which the SBLF Preferred Stock outstanding, based upon changes in the level of “Qualified Small Business Lending” or “QSBL” (as defined in the SBLF Purchase Agreement) by the Bank over the adjusted baseline level calculated under the terms of the SBLF Preferred Stock $(249.7 million). Based upon the increase in the Bank’s level of QSBL over the adjusted baseline level, the dividend rate ha been 1.0%. For the tenth calendar quarter through four and one-half years after issuance, the dividend rate fixed at between one percent (1%) and seven percent (7%) based upon the level of qualifying loans. The Company dividend rate 1.0% until four and one half years after the issuance, which March 2016. After four and one half years from issuance, the dividend rate increase to 9% (including a quarterly lending incentive fee of 0.5%). On December 15, 2015, the Company (with the approval of its federal banking regulator) redeemed all 57,943 shares of the SBLF Preferred Stock at their liquidation amount of $1,000 per share plus accrued but unpaid dividends to the redemption date. The redemption of the SBLF Preferred Stock was completed using internally available funds. |
Note 29_ Consolidation of Banki
Note 29: Consolidation of Banking Centers | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 29: Consolidation of Banking Centers | Note 29: Consolidation of Banking Centers On September 24, 2015, the Company announced plans to consolidate operations of 16 banking centers into other nearby Great Southern banking center locations. As part of an ongoing performance review of its entire banking center network, Great Southern evaluated each location for a number of criteria, including access and availability of services to affected customers, the proximity of other Great Southern banking centers, profitability and transaction volumes, and market dynamics. This review culminated in the approval of the consolidation of these banking centers by the Great Southern Board of Directors. Subsequent to this announcement, the Bank entered into definitive agreements to sell two of the 16 banking centers, including all of the associated deposits . The . The closing of the remaining 14 facilities, which in the transfer of approximately $ million in deposits and banking center operations to other Great Southern locations, occur at the close of business on January 8, 2016. |
Note 30_ Acquisition of Loans,
Note 30: Acquisition of Loans, Deposits and Branches | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 30: Acquisition of Loans, Deposits and Branches | Note 30: Acquisition of Loans, Deposits and Branches On September 30, 2015, the Company announced that it entered into a purchase and assumption agreement to acquire 12 branches and related deposits and loans in the St. Louis, Mo., area from Cincinnati-based Fifth Third Bank. The acquisition was completed at the close of business on January 29, 2016 . The deposits assumed totaled approximately $228 million and had a weighted average rate of approximately 0. 28 %, the composition of which was: demand deposits and NOW accounts – 42 %; money market accounts – 40 %; and time deposits and IRAs – 18 %. The loans acquired totaled approximately $159 million and had a weighted average yield of approximately 3.92 %, the composition of which was: one- to four-family residential – 75 %; commercial real estate – 8%; home equity lines – 10 %; commercial business – 5 %; and consumer and other – 2 %. The one- to four-family residential loans are primarily loans made to professional individuals in the St. Louis market, such as doctors and persons working in the field of medicine. Approximately 55% of the total balance of these loans have fixed rates of interest for varying terms up to 30 years. Approximately 45% of the total balance of these loans have rates of interest that are fixed for varying terms (generally three to seven years), with rates that adjust annually thereafter. |
Note 1_ Nature of Operations 39
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Nature of Operations and Operating Segments (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Nature of Operations and Operating Segments | Nature of Operations and Operating Segments Great Southern Bancorp, Inc. (“GSBC” or the “Company”) operates as a one-bank holding company. GSBC’s business primarily consists of the operations of Great Southern Bank (the “Bank”), which provides a full range of financial services to customers primarily located in Missouri, Iowa, Kansas, Minnesota, Nebraska and Arkansas. The Company and the Bank are subject to regulation certain federal and state agencies and undergo periodic examinations by those regulatory agencies. The Company’s banking operation is its only reportable segment. The banking operation is principally engaged in the business of originating residential and commercial real estate loans, construction loans, commercial business loans and consumer loans and funding these loans attracting deposits from the general public, accepting brokered deposits and borrowing from the Federal Home Loan Bank and others . The operating results of this segment are regularly reviewed by management to make decisions about resource allocations and to assess performance. Selected information is not presented separately for the Company’s reportable segment, as there is no material difference between that information and the corresponding information in the consolidated financial statements . |
Note 1_ Nature of Operations 40
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Use of Estimates (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of loans acquired with indication of impairment, the valuation of the FDIC indemnification asset and other-than-temporary impairments (OTTI) and fair values of financial instruments. In connection with the determination of the allowance for loan losses and the valuation of foreclosed assets held for sale, management obtains independent appraisals for significant properties. The valuation of the FDIC indemnification asset is determined in relation to the fair value of assets acquired through FDIC-assisted transactions for which cash flows are monitored on an ongoing basis. |
Note 1_ Nature of Operations 41
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Principles of Consolidation (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Great Southern Bancorp, Inc., its wholly owned subsidiary, the Bank, and the BankÂ’s wholly owned subsidiaries, Great Southern Real Estate Development Corporation, GSB One LLC (including its wholly owned subsidiary, GSB Two LLC), Great Southern Financial Corporation, Great Southern Community Development Company, LLC (including its wholly owned subsidiary, Great Southern CDE, LLC), GS, LLC, GSSC, LLC, GS-RE Holding, LLC (including its wholly owned subsidiary, GS RE Management, LLC), GS-RE Holding II, LLC, GS-RE Holding III, LLC, VFP Conclusion Holding, LLC and VFP Conclusion Holding II, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Note 1_ Nature of Operations 42
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Reclassifications (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Reclassifications | Reclassifications Certain prior periodsÂ’ amounts have been reclassified to conform to the financial statements presentation. These reclassifications had no effect on net income. |
Note 1_ Nature of Operations 43
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Federal Home Loan Bank Stock (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock Federal Home Loan Bank common stock is a required investment for institutions that are members of the Federal Home Loan Bank system. The required investment in common stock is based on a predetermined formula, carried at cost and evaluated for impairment. |
Note 1_ Nature of Operations 44
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Securities (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Securities | Securities Available-for-sale securities, which include any security for which the Company has no immediate plan to sell but which may be sold in the future, are carried at fair value. Unrealized gains and losses are recorded, net of related income tax effects, in other comprehensive income. Held-to-maturity securities, which include any security for which the Company has the positive intent and ability to hold until maturity, are carried at historical cost adjusted for amortization of premiums and accretion of discounts. Amortization of premiums and accretion of discounts are recorded as interest income from securities. Realized gains and losses are recorded as net security gains (losses). Gains and losses on sales of securities are determined on the specific-identification method. For debt securities with fair value below carrying value when the Company does not intend to sell a debt security, and it is more likely than not the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. For held-to-maturity debt securities, the amount of an recorded in other comprehensive income for the noncredit portion of a previous is amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. The CompanyÂ’s consolidated statements of income reflect the full impairment (that is, the difference between the securityÂ’s amortized cost basis and fair value) on debt securities that the Company intends to sell or would more likely than not be required to sell before the expected recovery of the amortized cost basis. For available-for-sale and held-to-maturity debt securities that management has no intent to sell and believes that it more likely than not will not be required to sell prior to recovery, only the credit loss component of the impairment is recognized in earnings, while the noncredit loss is recognized in accumulated other comprehensive income. The credit loss component recognized in earnings is identified as the amount of principal cash flows not expected to be received over the remaining term of the security as projected based on cash flow projections. For equity securities , when the Company has decided to sell an impaired available-for-sale security and the Company does not expect the fair value of the security to fully recover before the expected time of sale, the security is deemed in the period in which the decision to sell is made. The Company recognizes an impairment loss when the impairment is deemed other-than-temporary even if a decision to sell has not been made. |
Note 1_ Nature of Operations 45
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Mortgage Loans Held For Sale (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Mortgage Loans Held For Sale | Mortgage Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value in the aggregate. Write-downs to fair value are recognized as a charge to earnings at the time the decline in value occurs. Nonbinding forward commitments to sell individual mortgage loans are generally obtained to reduce market risk on mortgage loans in the process of origination and mortgage loans held for sale. Gains and losses resulting from sales of mortgage loans are recognized when the respective loans are sold to investors. Fees received from borrowers to guarantee the funding of mortgage loans held for sale and fees paid to investors to ensure the ultimate sale of such mortgage loans are recognized as income or expense when the loans are sold or when it becomes evident that the commitment will not be used. |
Note 1_ Nature of Operations 46
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Loans Originated by The Company (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Loans Originated by The Company | Loans Originated by the Company Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balances adjusted for any charge-offs, the allowance for loan losses, any deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. Interest income is reported on the interest method and includes amortization of net deferred loan fees and costs over the loan term. Past due status is based on the contractual terms of a loan. Generally, loans are placed on nonaccrual status at 90 days past due and interest is considered a loss, unless the loan is well secured and in the process of collection. Payments received on nonaccrual loans are applied to principal until the loans are returned to accrual status. Loans are returned to accrual status when all payments contractually due are brought current, payment performance is sustained for a period of time, generally six months, and future payments are reasonably assured. With the exception of consumer loans, charge-offs on loans are recorded when available information indicates a loan is not fully collectible and the loss is reasonably quantifiable. Consumer loans are charged-off at specified delinquency dates consistent with regulatory guidelines. |
Note 1_ Nature of Operations 47
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Allowance For Loan Losses (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Allowance For Loan Losses | Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon managementÂ’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrowerÂ’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non classified loans and is based on historical charge-off experience and expected loss given default derived from the CompanyÂ’s internal risk rating process. Other adjustments may be made to the allowance for after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. A loan is considered impaired when, based on current information and events, it is probable that determines which loans are reviewed for impairment based on various analyses including annual reviews of large loan relationships, calculations of loan debt coverage ratios as financial information is obtained reviews of all loans over $1.0 million Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length the borrowerÂ’s prior payment record and the amount of shortfall in relation to the principal and interest owed. Large groups of smaller balance homogenous loans are collectively evaluated for impairment. In accordance with regulatory guidelines, impairment in the consumer loan portfolio is primarily identified b past-due status. loans Impairment is measured on a loan-by-loan basis for by either the present value of expected future cash flows or the fair value of the collateral if the loan is collateral dependent. Payments made on impaired loans are treated in accordance with the accrual status of the loan. If loans are performing in accordance with their contractual terms but the ultimate collectability of principal and interest is questionable, payments are applied to principal only. |
Note 1_ Nature of Operations 48
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Loans Acquired in Business Combinations (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Loans Acquired in Business Combinations | Loans Acquired in Business Combinations Loans acquired in business combinations under ASC Topic 805, Business Combinations loans are recorded at fair value in accordance with the fair value methodology prescribed in ASC Topic 820 Fair Value Measurements and Disclosures . No allowance for loan losses related to the acquired loans is recorded on the acquisition date as the fair value of the loans acquired incorporates assumptions regarding credit risk. The fair value estimates associated with the loans include estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows. For loans not acquired in conjunction with an FDIC-assisted transaction that are not considered to be purchased credit-impaired loans, the Company evaluates loans acquired in accordance with the provisions of ASC Topic 310-20, Nonrefundable Fees and Other Costs impaired loans in accordance with the provisions of ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality purchase dates may include information such as past-due and nonaccrual status, borrower credit scores and recent loan to value percentages. Acquired credit-impaired loans are accounted for under the accounting guidance for loans acquired with deteriorated credit quality initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loans. The Company evaluates all of loans purchased in conjunction with its FDIC-assisted transactions in accordance with the provisions of ASC Topic 310-30. For purposes of applying ASC 310-30, loans acquired in business combinations are aggregated into pools of loans with common risk characteristics. All loans acquired in the FDIC transactions, both covered and not covered , were deemed to be impaired loans as there is evidence of credit deterioration since origination and probab that not all contractually required payments will be collected. As a result, related discounts are recognized subsequently through accretion based on the expected cash flows of the acquired loans. The expected cash flows of the acquired loan pools in excess of the fair values recorded is referred to as the accretable yield and is recognized in interest income over the remaining estimated lives of the loan pools or impaired loans accounted for under ASC Topic 310-30. The Company continues to estimate cash flows expected to be collected on pools of loans sharing common risk characteristics, which are treated in the aggregate when applying various valuation techniques. Increases in the CompanyÂ’s cash flow expectations are recognized as increases to the accretable yield while decreases are recognized as impairments through the allowance for loan losses. |
Note 1_ Nature of Operations 49
Note 1: Nature of Operations and Summary of Significant Accounting Policies: FDIC Indemnification Asset (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
FDIC Indemnification Asset | FDIC Indemnification Asset Through two FDIC-assisted transactions during 2009, one during 2011 and one during 2012, the Bank acquired certain loans and foreclosed assets which are covered under loss sharing agreements with the FDIC. These agreements commit the FDIC to reimburse the Bank for a portion of realized losses on these covered assets. Therefore, as of the dates of acquisitions, the Company calculated the amount of such reimbursements it expects to receive from the FDIC using the present value of anticipated cash flows from the covered assets based on the credit adjustments estimated for each pool of loans and the estimated losses on foreclosed assets. In accordance with FASB ASC 805, each FDIC Indemnification Asset was initially recorded at its fair value, and is measured separately from the loan assets and foreclosed assets because the loss sharing agreements are not contractually embedded in them or transferrable with them in the event of disposal. The balance of the FDIC Indemnification Asset increases and decreases as the expected and actual cash flows from the covered assets fluctuate, as loans are paid off or impaired and as loans and foreclosed assets are sold. There are no contractual interest rates on these contractual receivables from the FDIC; however, a discount was recorded against the initial balance of the FDIC Indemnification Asset in conjunction with the fair value measurement as this receivable will be collected over the terms of the loss sharing agreements. This discount accreted to income over future periods. These acquisitions and agreements are more fully discussed in Note 4 |
Note 1_ Nature of Operations 50
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Other Real Estate Owned (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Other Real Estate Owned | Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less estimated cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less estimated cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expense on foreclosed assets. |
Note 1_ Nature of Operations 51
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Premises and Equipment (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line and accelerated methods over the estimated useful lives of the assets. Leasehold improvements are capitalized and amortized using the straight-line and accelerated methods over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. |
Note 1_ Nature of Operations 52
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Long-lived Asset Impairment (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Long-lived Asset Impairment | Long-Lived Asset Impairment The Company evaluates the recoverability of the carrying value of long-lived assets whenever events or circumstances indicate the carrying amount may not be recoverable. If a long-lived asset is tested for recoverability and the undiscounted estimated future cash flows expected to result from the use and eventual disposition of the asset is less than the carrying amount of the asset, the asset cost is adjusted to fair value and an impairment loss is recognized as the amount by which the carrying amount of a long-lived asset exceeds its fair value. A valuation allowance of $1.2 million the Company announced plans to consolidate operations of banking centers into other nearby Great Southern banking center locations. The closing of the 14 facilities occurred at the close of business on January 8, 2016. No asset impairment was recognized during the year ended December 31, . |
Note 1_ Nature of Operations 53
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Goodwill and Intangible Assets (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill is evaluated annually for impairment or more frequently if impairment indicators are present. A qualitative assessment is performed to determine whether the existence of events or circumstances leads to a determination that it is more likely than not the fair value is less than the carrying amount, including goodwill. If, based on the evaluation, it is determined to be more likely than not that the fair value is less than the carrying value, then goodwill is tested further for impairment. If the implied fair value of goodwill is lower than its carrying amount, a goodwill impairment is indicated and goodwill is written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the financial statements. Intangible assets are being amortized on the straight-line basis over period seven years. Such assets are periodically evaluated as to the recoverability of their carrying value. A summary of goodwill and intangible assets is as follows: December 31, 2015 2014 (In Thousands) Goodwill – Branch acquisitions $ 1,169 $ 1,169 Deposit intangibles TeamBank 105 526 Vantus Bank 207 519 Sun Security Bank 964 1,314 InterBank 472 617 Boulevard Bank 641 763 Valley Bank 2,200 2,600 4 ,589 6 ,339 $ 5,758 $ 7,508 |
Note 1_ Nature of Operations 54
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Loan Servicing and Origination Fee Income (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Loan Servicing and Origination Fee Income | Loan Servicing and Origination Fee Income Loan servicing income represents fees earned for servicing real estate mortgage loans owned by various investors. The fees are generally calculated on the outstanding principal balances of the loans serviced and are recorded as income when earned. Loan origination fees, net of direct loan origination costs, are recognized as income using the level-yield method over the contractual life of the loan. |
Note 1_ Nature of Operations 55
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Stockholders' Equity (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Stockholders' Equity | Stockholders’ Equity At the 2004 Annual Meeting of Stockholders, the Company’s stockholders approved the Company’s reincorporation to the State of Maryland. This reincorporation was completed in June 2004. Under Maryland law, there is no concept of “Treasury Shares.” Instead, shares purchased by the Company constitute authorized but unissued shares under Maryland law. Accounting principles generally accepted in the United States of America state that accounting for treasury stock shall conform to state law. The cost of shares purchased by the Company has been allocated to common stock and retained earnings balances. |
Note 1_ Nature of Operations 56
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Earnings Per Common Share (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share are computed based on the weighted average number of common shares outstanding during each year. Diluted earnings per common share are computed using the weighted average common shares and all potential dilutive common shares outstanding during the period. Earnings per common share (EPS) were computed as follows: 2015 2014 2013 (In Thousands, Except Per Share Data) Net income $ 46,502 $ 43,529 $ 33,729 Net income available to common shareholders $ 45,948 $ 42,950 $ 33,150 Average common shares outstanding 13,818 13,700 13,635 Average common share stock options outstanding 182 176 80 Average diluted common shares 14,000 13,876 13,715 Earnings per common share – basic $ 3.33 $ 3.14 $ 2.43 Earnings per common share – diluted $ 3.28 $ 3.10 $ 2.42 Options outstanding at December 31, , and , to purchase , and 243,510 shares of common stock respectively, were not included in the computation of diluted earnings per share for year because exercise price greater than the average market price of the common for the years ended December 31, , and , respectively . |
Note 1_ Nature of Operations 57
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Stock Option Plans (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Stock Option Plans | Stock Compensation Plans The Company has stock-based employee compensation plans, which are described more fully in Note 21 Compensation – Stock Compensation, For the years ended December 31, 201 , 201 and 201 , share-based compensation expense totaling $ ,000, $ ,000 and $ ,000, respectively, was included in salaries and employee benefits expense in the consolidated statements of income. |
Note 1_ Nature of Operations 58
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Cash Equivalents (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Cash Equivalents | Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. At December 31, 2015 and 2014 , cash equivalents consisted of interest-bearing deposits in other financial institutions. At December 31, 2015 , nearly all of the interest-bearing deposits were uninsured with nearly all of these balances held at the Federal Home Loan Bank or the Federal Reserve Bank. |
Note 1_ Nature of Operations 59
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Income Taxes (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (FASB ASC 740, Income Taxes Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to managementÂ’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. At December 31, 201 and 201 , no valuation allowance was established. The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company files consolidated income tax returns with its subsidiaries. |
Note 1_ Nature of Operations 60
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Derivatives and Hedging Activities (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities FASB ASC 815, Derivatives and Hedging instruments Note 17 As required by FASB ASC 815, the Company records all derivatives in the statement of financial condition at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship |
Note 1_ Nature of Operations 61
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Restriction On Cash and Due From Banks (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Restriction On Cash and Due From Banks | Restriction on Cash and Due From Banks The Bank is required to maintain reserve funds in cash and/or on deposit with the Federal Reserve Bank. The reserve required at December 31, 2015 and 2014 , respectively, was $ 58.9 million and $7 2.3 million . |
Note 1_ Nature of Operations 62
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2014, the FASB issued ASU No. 2014-01 to amend FASB ASC Topic 323, Investments – Equity Method and Joint Ventures In January 2014, the FASB issued ASU No. 2014-04 to amend FASB ASC Topic 310, Receivables – Troubled Debt Restructurings by Creditors In June 2014, the FASB issued ASU No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606): Summary and Amendments that Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs--Contracts with Customers (Subtopic 340-40) Revenue Recognition In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis In May 2015, the FASB issued ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Topic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. |
Note 2_ Investments in Securi63
Note 2: Investments in Securities: Mortgage-backed securities portfolio (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Mortgage-backed securities portfolio | At December 31, , the CompanyÂ’s mortgage-backed securities portfolio consisted of GNMA securities totaling $ million , FNMA securities totaling $ million and FHLMC securities totaling $ million . At December 31, 201 , $ million of the CompanyÂ’s mortgage-backed securities had variable rates of interest and $ million had fixed rates of interest. |
Note 2_ Investments in Securi64
Note 2: Investments in Securities: Certain investments in debt securities reported at less than historical cost (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Certain investments in debt securities reported at less than historical cost | Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. Total fair value of these investments at December 31, and , was approximately $ .0 million and $ million , respectively, which is approximately . % and % of the CompanyÂ’s available-for-sale and held-to-maturity investment portfolio, respectively. |
Note 2_ Investments in Securi65
Note 2: Investments in Securities: Other-than-temporary Impairment (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Other-than-temporary Impairment | Other-than-Temporary Impairment Upon acquisition of a security, the Company decides whether it is within the scope of the accounting guidance for beneficial interests in securitized financial assets or will be evaluated for impairment under the accounting guidance for investments in debt and equity securities. The accounting guidance for beneficial interests in securitized financial assets provides incremental impairment guidance for a subset of the debt securities within the scope of the guidance for investments in debt and equity securities. For securities where the security is a beneficial interest in securitized financial assets, the Company uses the beneficial interests in securitized financial asset impairment model. For securities where the security is not a beneficial interest in securitized financial assets, the Company uses the debt and equity securities impairment model. The Company does not currently have securities within the scope of this guidance for beneficial interests in securitized financial assets. The Company routinely conducts periodic reviews to identify and evaluate each investment security to determine whether an other-than-temporary impairment has occurred. The Company considers the length of time a security has been in an unrealized loss position, the relative amount of the unrealized loss compared to the carrying value of the security, the type of security and other factors. If certain criteria are met, the Company performs additional review and evaluation using observable market values or various inputs in economic models to determine if an unrealized loss is other than temporary. The Company uses quoted market prices for marketable equity securities and uses broker pricing quotes based on observable inputs for equity investments that are not traded on a stock exchange. For nonagency collateralized mortgage obligations, to determine if the unrealized loss is other than temporary, the Company projects total estimated defaults of the underlying assets (mortgages) and multiplies that calculated amount by an estimate of realizable value upon sale in the marketplace (severity) in order to determine the projected collateral loss. The Company also evaluates any current credit enhancement underlying these securities to determine the impact on cash flows. If the Company determines that a given security position will be subject to a write-down or loss, the Company records the expected credit loss as a charge to earnings. During and 2013, no securities were determined to have impairment that had become other than temporary. |
Note 2_ Investments in Securi66
Note 2: Investments in Securities: Credit Losses Recognized On Investments (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Credit Losses Recognized On Investments | Credit Losses Recognized on Investments There were no debt securities have experienced fair value deterioration due to credit losses, as well as due to other market factors, but are not otherwise other-than-temporarily impaired. |
Note 3_ Loans and Allowance F67
Note 3: Loans and Allowance For Loan Losses: Loan Portfolio Credit Quality Internal Grading System Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Loan Portfolio Credit Quality Internal Grading System Policy | The Company reviews the credit quality of its loan portfolio using an internal grading system that classifies loans as “Satisfactory,” “Watch,” “Special Mention,” “Substandard” and “Doubtful.” Substandard loans are characterized by the distinct possibility that the Bank will sustain some loss if certain deficiencies are not corrected. Doubtful loans are those having all the weaknesses inherent to those classified Substandard with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Special mention loans possess potential weaknesses that deserve management’s close attention but do not expose the Bank to a degree of risk that warrants substandard classification. Loans classified as watch are being monitored because of indications of potential weaknesses or deficiencies that may require future classification as special mention or substandard. Loans not meeting any of the criteria previously described are considered satisfactory. The acquired FDIC-covered loans are evaluated using this internal grading system. These loans are accounted for in pools and are currently substantially covered through loss sharing agreements with the FDIC. Minimal adverse classification in the loan pools was identified as of December 31, 2015 and 2014, respectively. The acquired loans no longer covered by the FDIC are also evaluated using this internal grading system, and are accounted for in pools. Minimal adverse classification in the loan pools was identified as of December 31, 2015 and 2014, respectively. The acquired non-covered loans are also evaluated using this internal grading system. These loans are accounted for in pools and minimal adverse classification in the loan pools was identified as of December 31, 2015. See Note 4 The Company evaluates the loan risk internal grading system definitions and allowance for loan loss methodology on an ongoing basis. In the fourth quarter of 2014, the Company began using a three-year average of historical losses for the general component of the allowance for loan loss calculation. The Company had previously used a five-year average. The Company believes that the three-year average provides a better representation of the current risks in the loan portfolio. This change was made after consultation with our regulators and other third-party consultants, as well as a review of the practices used by the Company’s peers. This change did not materially affect the level of the allowance for loan losses. The general component of the allowance for loan losses is affected by several factors, including, but not limited to, average historical losses, the current composition of the loan portfolio, current and expected economic conditions, collateral values and internal risk ratings. Management considers all these factors in determining the adequacy of its allowance for loan losses. No other significant changes were made to the loan risk grading system definitions and allowance for loan loss methodology during the past year. |
Note 3_ Loans and Allowance F68
Note 3: Loans and Allowance For Loan Losses: Related Party Transactions Disclosure (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Related Party Transactions Disclosure | Certain directors and executive officers of the Company and the Bank are customers of and had transactions with the Bank in the ordinary course of business. Except for the interest rates on loans secured by personal residences, in the opinion of management, all loans included in such transactions were made on substantially the same terms as those prevailing at the time for comparable transactions with unrelated parties. Generally, residential first mortgage loans and home equity lines of credit to all employees and directors have been granted at interest rates equal to the BankÂ’s cost of funds, subject to annual adjustments in the case of residential first mortgage loans and monthly adjustments in the case of home equity lines of credit. At December 31, 201 and 201 , loans outstanding to these directors and executive officers are summarized as follows: December 31, 2015 2014 (In Thousands) Balance, beginning of year $16,028 $7,093 New loans 3,390 10,427 Payments (5,131 ) (1,492 ) Balance, end of year $ 14,287 $ 16,028 |
Note 4_ Acquired Loans, Loss 69
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Business Combinations Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
TeamBank | |
Business Combinations Policy | TeamBank On March 20, 2009, Great Southern Bank entered into a purchase and assumption agreement with loss share with the Federal Deposit Insurance Corporation (FDIC) to assume all of the deposits (excluding brokered deposits) and acquire certain assets of TeamBank, N.A., a full service commercial bank headquartered in Paola, Kansas. The loans, commitments and foreclosed assets purchased in the TeamBank transaction were covered by a loss sharing agreement between the FDIC and Great Southern Bank. Under the loss sharing agreement, the Bank shares in the losses on assets covered under the agreement (referred to as covered assets). On losses up to $115.0 million, the FDIC agreed to reimburse the Bank for 80% of the losses. On losses exceeding $115.0 million, the FDIC agreed to reimburse the Bank for 95% of the losses. Realized losses covered by the loss sharing agreement include loan contractual balances (and related unfunded commitments that were acquired), accrued interest on loans for up to 90 days, the book value of foreclosed real estate acquired, and certain direct costs, less cash or other consideration received by Great Southern. This agreement extends for ten years for 1-4 family real estate loans and for five years for other loans, which five-year period ended March 31, 2014. The value of this loss sharing agreement was considered in determining fair values of loans and foreclosed assets acquired. The loss sharing agreement is subject to the Bank following servicing procedures as specified in the agreement with the FDIC. The expected reimbursements under the loss sharing agreement were recorded as an indemnification asset at their preliminary estimated fair value on the acquisition date. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. The Bank recorded a preliminary one-time gain of $27.8 million (pre-tax) based upon the initial estimated fair value of the assets acquired and liabilities assumed in accordance with FASB ASC 805, Business Combinations The Bank originally recorded the fair value of the acquired loans at their preliminary fair value of $222.8 million and the related FDIC indemnification asset was originally recorded at its preliminary fair value of $153.6 million. As discussed above, these initial fair values were adjusted during the measurement period, resulting in a final fair value at the acquisition date of $264.4 million for acquired loans and $128.3 million for the FDIC indemnification asset. A discount was recorded in conjunction with the fair value of the acquired loans and the amount accreted to yield during 2015, 2014 and 2013 was $0, $0 and $134,000, respectively. In addition to the loan and FDIC indemnification assets noted above, the acquisition consisted of other assets with a fair value of approximately $235.5 million, including $111.8 million of investment securities, $83.4 million of cash and cash equivalents, $2.9 million of foreclosed assets and $3.9 million of FHLB stock. Liabilities with a fair value of $610.2 million were also assumed, including $515.7 million of deposits, $80.9 million of FHLB advances and $2.3 million of repurchase agreements with a commercial bank. A customer-related core deposit intangible asset of $2.9 million was also recorded. In addition to the excess of liabilities over assets, the Bank received approximately $42.4 million in cash from the FDIC and entered into the loss sharing agreement with the FDIC. |
Vantus Bank | |
Business Combinations Policy | Vantus Bank On September 4, 2009, Great Southern Bank entered into a purchase and assumption agreement with loss share with the FDIC to assume all of the deposits and acquire certain assets of Vantus Bank, a full service thrift headquartered in Sioux City, Iowa. The loans, commitments and foreclosed assets purchased in the Vantus Bank transaction were covered by a loss sharing agreement between the FDIC and Great Southern Bank. Under the loss sharing agreement, the Bank shares in the losses on assets covered under the agreement (referred to as covered assets). On losses up to $102.0 million, the FDIC agreed to reimburse the Bank for 80% of the losses. On losses exceeding $102.0 million, the FDIC agreed to reimburse the Bank for 95% of the losses. Realized losses covered by the loss sharing agreement include loan contractual balances (and related unfunded commitments that were acquired), accrued interest on loans for up to 90 days, the book value of foreclosed real estate acquired, and certain direct costs, less cash or other consideration received by Great Southern. This agreement extends for ten years for 1-4 family real estate loans and for five years for other loans, which five-year period ended September 30, 2014. The value of this loss sharing agreement was considered in determining fair values of loans and foreclosed assets acquired. The loss sharing agreement is subject to the Bank following servicing procedures as specified in the agreement with the FDIC. The expected reimbursements under the loss sharing agreement were recorded as an indemnification asset at their preliminary estimated fair value of $62.2 million on the acquisition date. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. The transaction resulted in a preliminary one-time gain of $45.9 million, which was included in Noninterest Income in the CompanyÂ’s Consolidated Statement of Income for the year ended December 31, 2009. During 2010, the Company continued to analyze its estimates of the fair values of the loans acquired and the indemnification asset recorded. The Company finalized its analysis of these assets without adjustments to the initial fair value estimates. The Bank recorded the fair value of the acquired loans at their estimated fair value of $247.0 million and the related FDIC indemnification asset was recorded at its estimated fair value of $62.2 million. A discount was recorded in conjunction with the fair value of the acquired loans and the amount accreted to yield during 2015, 2014 and 2013 was $0, $0 and $104,000, respectively. In addition to the loan and FDIC indemnification assets noted above, the acquisition consisted of other assets with a fair value of approximately $47.2 million, including $23.1 million of investment securities, $12.8 million of cash and cash equivalents, $2.2 million of foreclosed assets and $5.9 million of FHLB stock. Liabilities with a fair value of $444.0 million were also assumed, including $352.7 million of deposits, $74.6 million of FHLB advances, $10.0 million of borrowings from the Federal Reserve Bank and $3.2 million of repurchase agreements with a commercial bank. A customer-related core deposit intangible asset of $2.2 million was also recorded. In addition to the excess of liabilities over assets, the Bank received approximately $131.3 million in cash from the FDIC and entered into the loss sharing agreement with the FDIC. |
Sun Security Bank | |
Business Combinations Policy | Sun Security Bank On October 7, 2011, Great Southern Bank entered into a purchase and assumption agreement with loss share with the FDIC to assume all of the deposits and acquire certain assets of Sun Security Bank, a full service bank headquartered in Ellington, Missouri. The loans and foreclosed assets purchased in the Sun Security Bank transaction are covered by a loss sharing agreement between the FDIC and Great Southern Bank. Under the loss sharing agreement, the FDIC has agreed to cover 80% of the losses on the loans (excluding approximately $4 million of consumer loans) and foreclosed assets purchased subject to certain limitations. Realized losses covered by the loss sharing agreement include loan contractual balances (and related unfunded commitments that were acquired), accrued interest on loans for up to 90 days, the book value of foreclosed real estate acquired, and certain direct costs, less cash or other consideration received by Great Southern. This agreement extends for ten years for 1-4 family real estate loans and for five years for other loans. The value of this loss sharing agreement was considered in determining fair values of loans and foreclosed assets acquired. The loss sharing agreement is subject to the Bank following servicing procedures as specified in the agreement with the FDIC. The expected reimbursements under the loss sharing agreement were recorded as an indemnification asset at their preliminary estimated fair value of $67.4 million on the acquisition date. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. The transaction resulted in a preliminary one-time gain of $16.5 million, which was included in Noninterest Income in the CompanyÂ’s Consolidated Statement of Income for the year ended December 31, 2011. During 2012, the Company continued to analyze its estimates of the fair values of the loans acquired and the indemnification asset recorded. The Company finalized its analysis of these assets without adjustments to the initial fair value estimates. The Bank recorded the fair value of the acquired loans at their estimated fair value of $163.7 million and the related FDIC indemnification asset was recorded at its estimated fair value of $67.4 million. A discount was recorded in conjunction with the fair value of the acquired loans and the amount accreted to yield during 2015, 2014 and 2013 was $0, $105,000 and $974,000, respectively. In addition to the loan and FDIC indemnification assets noted above, the acquisition consisted of other assets with a fair value of approximately $85.2 million, including $45.3 million of investment securities, $26.1 million of cash and cash equivalents, $9.1 million of foreclosed assets, $3.0 million of FHLB stock and $1.8 million of other assets. Liabilities with a fair value of $345.8 million were also assumed, including $280.9 million of deposits, $64.3 million of FHLB advances and $632,000 of other liabilities. A customer-related core deposit intangible asset of $2.5 million was also recorded. Net of the excess of assets over liabilities, the Bank received approximately $40.8 million in cash from the FDIC and entered into the loss sharing agreement with the FDIC. |
InterBank | |
Business Combinations Policy | InterBank On April 27, 2012, Great Southern Bank entered into a purchase and assumption agreement with loss share with the FDIC to assume all of the deposits and acquire certain assets of Inter Savings Bank, FSB (“InterBank”), a full service bank headquartered in Maple Grove, Minnesota. The loans and foreclosed assets purchased in the InterBank transaction are covered by a loss sharing agreement between the FDIC and Great Southern Bank. Under the loss sharing agreement, the FDIC has agreed to cover 80% of the losses on the loans (excluding approximately $60,000 of consumer loans) and foreclosed assets purchased subject to certain limitations. Realized losses covered by the loss sharing agreement include loan contractual balances (and related unfunded commitments that were acquired), accrued interest on loans for up to 90 days, the book value of foreclosed real estate acquired, and certain direct costs, less cash or other consideration received by Great Southern. This agreement extends for ten years for 1-4 family real estate loans and for five years for other loans. The value of this loss sharing agreement was considered in determining fair values of loans and foreclosed assets acquired. The loss sharing agreement is subject to the Bank following servicing procedures as specified in the agreement with the FDIC. The expected reimbursements under the loss sharing agreement were recorded as an indemnification asset at their preliminary estimated fair value of $84.0 million on the acquisition date. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. The transaction resulted in a preliminary one-time gain of $31.3 million, which was included in Noninterest Income in the Company’s Consolidated Statement of Income for the year ended December 31, 2012. During 2012, the Company continued to analyze its estimates of the fair values of the loans acquired and the indemnification asset recorded. The Company finalized its analysis of these assets without adjustments to the initial fair value estimates. The Bank recorded the fair value of the acquired loans at their estimated fair value of $285.5 million and the related FDIC indemnification asset was recorded at its estimated fair value of $84.0 million. A premium was recorded in conjunction with the fair value of the acquired loans and the amount amortized to yield during 2015, 2014 and 2013 was $459,000, $544,000 and $636,000, respectively. In addition to the loan and FDIC indemnification assets noted above, the acquisition consisted of other assets with a fair value of approximately $79.8 million, including $34.9 million of investment securities, $34.5 million of cash and cash equivalents, $6.2 million of foreclosed assets, $585,000 of FHLB stock and $2.6 million of other assets. Liabilities with a fair value of $458.7 million were also assumed, including $456.3 million of deposits and $2.4 million of other liabilities. A customer-related core deposit intangible asset of $1.0 million was also recorded. Net of the excess of assets over liabilities, the Bank received approximately $40.8 million in cash from the FDIC and entered into the loss sharing agreement with the FDIC. |
Valley Bank | |
Business Combinations Policy | Valley Bank Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. The transaction resulted in a preliminary one-time gain of $10.8 million, which was included in Noninterest Income in the CompanyÂ’s Consolidated Statement of Income for the year ended December 31, 2014. During 2014, the Company continued to analyze its estimates of the fair values of the assets acquired and liabilities assumed. The Company finalized its analysis of these assets and liabilities without adjustments to the initial fair value estimates. The Bank recorded the fair value of the acquired loans at their estimated fair value of $165.1 million. A premium was recorded in conjunction with the fair value of the acquired loans and the amount amortized to yield during 2015 and 2014 was $794,000 and $501,000, respectively. |
Note 4_ Acquired Loans, Loss 70
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Business Acquisition Fair Value and Expected Cash Flows Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Business Acquisition Fair Value and Expected Cash Flows Policy | Fair Value and Expected Cash Flows At the time of these acquisitions, the Company determined the fair value of the loan portfolios based on several assumptions. Factors considered in the valuations were projected cash flows for the loans, type of loan and related collateral, classification status, fixed or variable interest rate, term of loan, current discount rates and whether or not the loan was amortizing. Loans were grouped together according to similar characteristics and were treated in the aggregate when applying various valuation techniques. Management also estimated the amount of credit losses that were expected to be realized for the loan portfolios. The discounted cash flow approach was used to value each pool of loans. For non-performing loans, fair value was estimated by calculating the present value of the recoverable cash flows using a discount rate based on comparable corporate bond rates. This valuation of the acquired loans is a significant component leading to the valuation of the loss sharing assets recorded. The amount of the estimated cash flows expected to be received from the acquired loan pools in excess of the fair values recorded for the loan pools is referred to as the accretable yield. The accretable yield is recognized as interest income over the estimated lives of the loans. The Company continues to evaluate the fair value of the loans including cash flows expected to be collected. Increases in the CompanyÂ’s cash flow expectations are recognized as increases to the accretable yield while decreases are recognized as impairments through the allowance for loan losses. During the years ended December 31, 201 , 201 and 201 , increases in expected cash flows related to the acquired loan portfolios resulted in adjustments to the accretable yield to be spread over the estimated remaining lives of the loans on a level-yield basis. The increases in expected cash flows also reduced the amount of expected reimbursements under the loss sharing agreements. This resulted in corresponding adjustments during the years ended December 31, 201 , 201 and 201 , to the indemnification assets to be amortized on a level-yield basis over the remainder of the loss sharing agreements or the remaining expected lives of the loan pools, whichever is shorter. The amounts of these adjustments were as follows: Year Ended December 31, 2015 2014 2013 (In Thousands) Increase in accretable yield due to increased cash flow expectations $13,720 $31,461 $40,947 Decrease in FDIC indemnification asset as a result of accretable yield increase (5,056) (23,129) (32,597) The adjustments, along with those made in previous years, impacted the CompanyÂ’s Consolidated Statements of Income as follows: Year Ended December 31, 2015 2014 2013 (In Thousands) Interest income $28,531 $34,974 $35,211 Noninterest income (19,534 (28,740 (29,451 Net impact to pre-tax income $ 8,997 $ 6,234 $ 5,760 On an on-going basis the Company estimates the cash flows expected to be collected from the acquired loan pools. For the loan pools acquired in 2009, the cash flow estimates have increased, beginning with the fourth quarter of 2010, based on payment histories and reduced loss expectations of the loan pools. For the loan pools acquired in 2012 and 2011, the cash flow estimates have increased, beginning in 2012. For the loan pools acquired in 201 , the cash flow estimates have increased, beginning 201 . This resulted in increased income that was spread on a level-yield basis over the remaining expected lives of the loan pools. Because these adjustments will be recognized over the remaining lives of the loan pools and the remainder of the loss sharing agreements, respectively, they will impact future periods as well. The remaining accretable yield adjustment that will affect interest income is $ million and the remaining adjustment to the indemnification assets, including the effects of the clawback liability related to Interbank, that will affect non-interest income (expense) is $( ) million. Of the remaining adjustments, we expect to recognize $ million of interest income and $( ) million of non-interest income (expense) during 201 . Additional adjustments may be recorded in future periods from the FDIC-assisted acquisitions, as the Company continues to estimate expected cash flows from the acquired loan pools. The loss sharing asset is measured separately from the loan portfolio because it is not contractually embedded in the loans and is not transferable with the loans should the Bank choose to dispose of them. Fair value was estimated using projected cash flows available for loss sharing based on the credit adjustments estimated for each loan pool (as discussed above) and the loss sharing percentages outlined in the Purchase and Assumption Agreement with the FDIC. These cash flows were discounted to reflect the uncertainty of the timing and receipt of the loss sharing reimbursement from the FDIC. The loss sharing asset is also separately measured from the related foreclosed real estate. The loss sharing agreement on the InterBank transaction includes a clawback provision whereby if credit loss performance is better than certain pre-established thresholds, then a portion of the monetary benefit is shared with the FDIC. The pre-established threshold for credit losses is $115.7 million for this transaction. The monetary benefit required to be paid to the FDIC under the clawback provision, if any, will occur shortly after the termination of the loss sharing agreement, which in the case of InterBank is 10 years from the acquisition date. At December 31, 2014 and 2013, the BankÂ’s internal estimate of credit performance expected to be better than the threshold set by the FDIC in the loss sharing agreement. Therefore, a separate clawback liability totaling $6.1 million and $3.7 million was recorded at December 31, 2014 and 2013, respectively. As changes in the fair values of the loans and foreclosed assets are determined due to changes in expected cash flows, changes in the amount of the clawback liability will occur. In addition, beginning in the three months ended December 31, 2014, the Company's net interest margin has been impacted by additional yield accretion recognized in conjunction with updated estimates of the fair value of the loan pools acquired in the June 2014 Valley Bank FDIC-assisted transaction. Beginning with the three months ended December 31, 2014, the cash flow estimates have increased for certain of the Valley Bank loan pools primarily based on significant loan repayments and also due to collection of certain loans, thereby reducing loss expectations on certain of the loan pools. This resulted in increased income that was spread on a level-yield basis over the remaining expected lives of these loan pools. The Valley Bank transaction does not include a loss sharing agreement with the FDIC. Therefore, there is no related indemnification asset. The entire amount of the discount adjustment will be accreted to interest income over time with no offsetting impact to non-interest income The amount of the Valley Bank discount adjustment accreted to interest income for 2015 was $ million, and is included in the impact on net interest income/net interest margin amount in the table above. |
Note 4_ Acquired Loans, Loss 71
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: FDIC Indemnification Asset Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
TeamBank | |
FDIC Indemnification Asset Policy | TeamBank Loans, Foreclosed Assets and Indemnification Asset The following tables present the balances of the loans, discount and FDIC indemnification asset related to the TeamBank transaction at December 31, and . ross loan balances (due from the borrower) were reduced approximately $ million since the transaction date because of $ million of repayments by the borrower, $ million of transfers to foreclosed assets and $7 million of charge-downs to customer loan balances. Based upon the collectability analyses performed the acquisition, we expected certain levels of foreclosures and charge-offs and actual results have been better than our expectations. As a result, cash flows expected to be received from the acquired loan pools have increased, resulting in adjustments that were made to the related accretable yield as described above. |
Vantus Bank | |
FDIC Indemnification Asset Policy | Vantus Bank Loans, Foreclosed Assets and Indemnification Asset The following tables present the balances of the loans, discount and FDIC indemnification asset related to the Vantus Bank transaction at December 31, and . loan balances (due from the borrower) were reduced approximately $ million since the transaction date because of $ million of repayments by the borrower, $16. million of transfers to foreclosed assets and $29. million of charge-downs to customer loan balances. Based upon the collectability analyses performed the acquisition, we expected certain levels of foreclosures and charge-offs and actual results have been better than our expectations. As a result, cash flows expected to be received from the acquired loan pools have increased, resulting in adjustments that were made to the related accretable yield as described above. |
Sun Security Bank | |
FDIC Indemnification Asset Policy | Sun Security Bank Loans, Foreclosed Assets and Indemnification Asset The following tables present the balances of the loans, discount and FDIC indemnification asset related to the Sun Security Bank transaction at December 31, and . loan balances (due from the borrower) were reduced approximately $ million since the transaction date because of $ million of repayments by the borrower, $ million of transfers to foreclosed assets and $ million of charge-downs to customer loan balances. Based upon the collectability analyses performed the acquisition, we expected certain levels of foreclosures and charge-offs and actual results have been better than our expectations. As a result, cash flows expected to be received from the acquired loan pools have increased, resulting in adjustments that were made to the related accretable yield as described above. Of the $ million expected loss remaining, $ ,000 is non-loss share discount. |
InterBank | |
FDIC Indemnification Asset Policy | InterBank Loans, Foreclosed Assets and Indemnification Asset The following tables present the balances of the loans, discount and FDIC indemnification asset related to the InterBank transaction at December 31, and . loan balances (due from the borrower) were reduced approximately $ million since the transaction date because of $ million of repayments by the borrower, $1 million of transfers to foreclosed assets and $ million of charge-offs to customer loan balances. Based upon the collectability analyses performed the acquisition, we expected certain levels of foreclosures and charge-offs and actual results have been better than our expectations. As a result, cash flows expected to be received from the acquired loan pools have increased, resulting in adjustments that were made to the related accretable yield as described above. |
Valley Bank | |
FDIC Indemnification Asset Policy | Valley Bank Loans and Foreclosed Assets The following tables present the balances of the loans and discount related to the Valley Bank transaction at December 31, loan balances (due from the borrower) were reduced approximately $ million since the transaction date because of $ million of repayments by the borrower, $ of transfers to foreclosed assets and $ million of charge-offs to customer loan balances. The Valley Bank transaction did not include a loss sharing agreement; however, the loans were recorded at a discount, which is accreted to yield over the life of the loans. Based upon the collectability analyses performed the acquisition, we expected certain levels of foreclosures and charge-offs and actual results have been better than our expectations. As a result, cash flows expected to be received from the acquired loan pools have increased, resulting in adjustments that were made to the related accretable yield as described above. |
Note 7_ Investments in Limite72
Note 7: Investments in Limited Partnerships: Investments in Affordable Housing Partnerships Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Investments in Affordable Housing Partnerships Policy | The Company has invested in certain limited partnerships that were formed to develop and operate apartments and single-family houses designed as high-quality affordable housing for lower income tenants throughout Missouri and contiguous states. At December 31, 201 , the Company had investments, with a net carrying value of $ million . At December 31, 201 , the Company had investments, with a net carrying value of $ million . Due to the CompanyÂ’s inability to exercise any significant influence over any of the investments in Affordable Housing Partnerships, they all are accounted for using the proportional amortization method. Each of the partnerships must meet the regulatory requirements for affordable housing for a minimum 15-year compliance period to fully utilize the tax credits. If the partnerships cease to qualify during the compliance period, the credits may be denied for any period in which the projects are not in compliance and a portion of the credits previously taken may be subject to recapture with interest. The remaining federal affordable housing tax credits to be utilized over a maximum of 15 years were $3 .7 million as of December 31, , assuming no tax credit recapture events occur and all projects currently under construction are completed as planned. Amortization of the investments in partnerships is expected to be approximately $ million , assuming all projects currently under construction are completed and funded as planned. The CompanyÂ’s usage of federal affordable housing tax credits approximated $ million , $ million and $ million during , and , respectively. Investment amortization amounted to $ million , $ million and $ million for the years ended December 31, , and , respectively. |
Note 7_ Investments in Limite73
Note 7: Investments in Limited Partnerships: Investments in Community Development Entities Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Investments in Community Development Entities Policy | The Company has invested in certain limited partnerships that were formed to develop and operate business and real estate projects located in low-income communities. At December 31, , the Company had four investments, with a net carrying value of $ million . At December 31, , the Company had four investments, with a net carrying value of $ million . Due to the CompanyÂ’s inability to exercise any significant influence over any of the investments in qualified Community Development Entities, they are all accounted for using the cost method. Each of the partnerships provides federal New Market Tax Credits over a seven-year credit allowance period. In each of the first three years, credits totaling five percent of the original investment are allowed on the credit allowance dates and for the final four years, credits totaling six percent of the original investment are allowed on the credit allowance dates. Each of the partnerships must be invested in a qualified Community Development Entity on each of the credit allowance dates during the seven-year period to utilize the tax credits. If the Community Development Entities cease to qualify during the seven-year period, the credits may be denied for any credit allowance date and a portion of the credits previously taken may be subject to recapture with interest. The investments in the Community Development Entities cannot be redeemed before the end of the seven-year period. The remaining federal New Market Tax Credits to be utilized over a maximum of seven years were $ million as of December 31, . Amortization of the investments in partnerships is expected to be approximately million . The CompanyÂ’s usage of federal New Market Tax Credits approximated $2.3 million , $2.3 million and $ million during , and , respectively. Investment amortization amounted to $1.7 million , $1. million and $1. million for the years ended December 31, , and , respectively. |
Note 15_ Disclosures About Fa74
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value Loans Held for Sale Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Fair Value Loans Held for Sale Policy | Loans Held for Sale Mortgage loans held for sale are recorded at the lower of carrying value or fair value. The fair value of mortgage loans held for sale is based on what secondary markets are currently offering for portfolios with similar characteristics. As such, the Company classifies mortgage loans held for sale as Nonrecurring Level 2. Write-downs to fair value typically do not occur as the Company generally enters into commitments to sell individual mortgage loans at the time the loan is originated to reduce market risk. The Company typically does not have commercial loans held for sale. At December 31, 201 and 201 , the aggregate fair value of mortgage loans held for sale exceeded their cost. Accordingly, no mortgage loans held for sale were marked down and reported at fair value. |
Note 15_ Disclosures About Fa75
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value Impaired Loans Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Fair Value Impaired Loans Policy | Impaired Loans A loan is considered to be impaired when it is probable that all of the principal and interest due may not be collected according to its contractual terms. Generally, when a loan is considered impaired, the amount of reserve required under FASB ASC 310, Receivables The Company records impaired loans as Nonrecurring Level 3. If a loanÂ’s fair value as estimated by the Company is less than its carrying value, the Company either records a charge-off for the portion of the loan that exceeds the fair value or establishes a reserve within the allowance for loan losses specific to the loan. Loans for which such charge-offs or reserves were recorded during the years ended December 31, 201 and 201 , are shown in the table above (net of reserves). |
Note 15_ Disclosures About Fa76
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value Foreclosed Assets Held for Sale Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Fair Value Foreclosed Assets Held for Sale Policy | Foreclosed Assets Held for Sale Foreclosed assets held for sale are initially recorded at fair value less estimated cost to sell at the date of foreclosure. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less estimated cost to sell. Foreclosed assets held for sale are classified within Level 3 of the fair value hierarchy. The foreclosed assets represented in the table above have been re-measured during the years ended December 31, 201 and 201 , subsequent to their initial transfer to foreclosed assets. The following disclosure relates to financial assets for which it is not practicable for the Company to estimate the fair value at December 31, 201 and 201 . |
Note 15_ Disclosures About Fa77
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value FDIC Indemnification Asset Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Fair Value FDIC Indemnification Asset Policy | FDIC Indemnification Asset As part of certain Purchase and Assumption Agreements, the Bank and the FDIC entered into loss sharing agreements. These agreements cover realized losses on loans and foreclosed real estate subject to certain limitations which are more fully described in Note 4 Under the TeamBank agreement, the FDIC agreed to reimburse the Bank for 80% of the first $115 million in realized losses and 95% for realized losses that exceed $115 million. The indemnification asset was originally recorded at fair value on the acquisition date (March 20, 2009) and at December 31, 201 and 201 , the carrying value was $ ,000 and $684,000, respectively. Under the Vantus Bank agreement, the FDIC agreed to reimburse the Bank for 80% of the first $102 million in realized losses and 95% for realized losses that exceed $102 million. The indemnification asset was originally recorded at fair value on the acquisition date (September 4, 2009) and at December 31, 201 and 201 , the carrying value of the FDIC indemnification asset was $ ,000 and $785,000, respectively. Under the Sun Security Bank agreement, the FDIC agreed to reimburse the Bank for 80% of realized losses. The indemnification asset was originally recorded at fair value on the acquisition date (October 7, 2011) and at December 31, 201 and 201 , the carrying value of the FDIC indemnification asset was $ million and $5.7 million, respectively. Under the InterBank agreement, the FDIC agreed to reimburse the Bank for 80% of realized losses. The indemnification asset was originally recorded at fair value on the acquisition date (April 27, 2012) and at December 31, 201 and 201 , the carrying value of the FDIC indemnification asset was $ million and $37.2 million, respectively. From the dates of acquisition, each of the four agreements extends ten years for 1-4 family real estate loans and five years for other loans. The loss sharing assets are measured separately from the loan portfolios because they are not contractually embedded in the loans and are not transferable with the loans should the Bank choose to dispose of them. Fair values on the acquisition dates were estimated using projected cash flows available for loss sharing based on the credit adjustments estimated for each loan pool and the loss sharing percentages. These cash flows were discounted to reflect the uncertainty of the timing and receipt of the loss sharing reimbursements from the FDIC. The loss sharing assets are also separately measured from the related foreclosed real estate. Although the assets are contractual receivables from the FDIC, they do not have effective interest rates. The Bank will collect the assets over the next several years. The amount ultimately collected will depend on the timing and amount of collections and charge-offs on the acquired assets covered by the loss sharing agreements. While the assets were recorded at their estimated fair values on the acquisition dates, it is not practicable to complete fair value analyses on a quarterly or annual basis. Estimating the fair value of the FDIC indemnification asset would involve preparing fair value analyses of the entire portfolios of loans and foreclosed assets covered by the loss sharing agreements from all of these acquisitions on a quarterly or annual basis. |
Note 15_ Disclosures About Fa78
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value of Financial Instruments Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Fair Value of Financial Instruments Policy | The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying statements of financial condition at amounts other than fair value. |
Note 15_ Disclosures About Fa79
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value Cash and Cash Equivalents and Federal Home Loan Bank Stock Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Fair Value Cash and Cash Equivalents and Federal Home Loan Bank Stock Policy | Cash and Cash Equivalents and Federal Home Loan Bank Stock The carrying amount approximates fair value. |
Note 15_ Disclosures About Fa80
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value Loans and Interest Receivable Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Fair Value Loans and Interest Receivable Policy | Loans and Interest Receivable The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Loans with similar characteristics are aggregated for purposes of the calculations. The carrying amount of accrued interest receivable approximates its fair value. |
Note 15_ Disclosures About Fa81
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value Deposits and Accrued Interest Payable Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Fair Value Deposits and Accrued Interest Payable Policy | Deposits and Accrued Interest Payable The fair value of demand deposits and savings accounts is the amount payable on demand at the reporting date, i.e. |
Note 15_ Disclosures About Fa82
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value Federal home Loan Bank Advances Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Fair Value Federal home Loan Bank Advances Policy | Federal Home Loan Bank Advances Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate fair value of existing advances. |
Note 15_ Disclosures About Fa83
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value Short-Term Borrowings Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Fair Value Short-Term Borrowings Policy | Short-Term Borrowings The carrying amount approximates fair value. |
Note 15_ Disclosures About Fa84
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value Subordinated Debentures Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Fair Value Subordinated Debentures Policy | Subordinated Debentures Issued to Capital Trusts The subordinated debentures have floating rates that reset quarterly. The carrying amount of these debentures approximates their fair value. |
Note 15_ Disclosures About Fa85
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value Commitments to Originate Loans, Letters of Credit and Lines of Credit Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Fair Value Commitments to Originate Loans, Letters of Credit and Lines of Credit Policy | Commitments to Originate Loans, Letters of Credit and Lines of Credit The fair value of commitments is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. |
Note 1_ Nature of Operations 86
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Goodwill and Intangible Assets: Schedule of Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Intangible Assets and Goodwill | December 31, 2015 2014 (In Thousands) Goodwill – Branch acquisitions $ 1,169 $ 1,169 Deposit intangibles TeamBank 105 526 Vantus Bank 207 519 Sun Security Bank 964 1,314 InterBank 472 617 Boulevard Bank 641 763 Valley Bank 2,200 2,600 4 ,589 6 ,339 $ 5,758 $ 7,508 |
Note 1_ Nature of Operations 87
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Earnings Per Common Share: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Earnings Per Share, Basic and Diluted | 2015 2014 2013 (In Thousands, Except Per Share Data) Net income $ 46,502 $ 43,529 $ 33,729 Net income available to common shareholders $ 45,948 $ 42,950 $ 33,150 Average common shares outstanding 13,818 13,700 13,635 Average common share stock options outstanding 182 176 80 Average diluted common shares 14,000 13,876 13,715 Earnings per common share – basic $ 3.33 $ 3.14 $ 2.43 Earnings per common share – diluted $ 3.28 $ 3.10 $ 2.42 |
Note 2_ Investments in Securi88
Note 2: Investments in Securities: Schedule of Available-for-sale Securities Reconciliation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Available-for-sale Securities Reconciliation | December 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) U.S. government agencies $20,000 $-- $219 $19,781 Mortgage-backed securities 159,777 2,038 601 161,214 States and political subdivisions 72,951 5,081 1 78,031 Other securities 847 2,983 -- 3,830 $ 253,575 $ 10,102 $ 821 $ 262,856 December 31, 2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) U.S. government agencies $20,000 $-- $486 $19,514 Mortgage-backed securities 254,294 4,325 821 257,798 States and political subdivisions 79,237 5,810 7 85,040 Other securities 847 2,307 -- 3,154 $ 354,378 $ 12,442 $ 1,314 $ 365,506 |
Note 2_ Investments in Securi89
Note 2: Investments in Securities: Investments Classified by Contractual Maturity Date (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Investments Classified by Contractual Maturity Date | Amortized Fair Cost Value (In Thousands) After one through five years $619 $649 After five through ten years 3,566 3,715 After ten years 88,766 93,448 Securities not due on a single maturity date 159,777 161,214 Equity securities 847 3,830 $ 253,575 $ 262,856 |
Note 2_ Investments in Securi90
Note 2: Investments in Securities: Schedule of Held-to-maturity Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Held-to-maturity Securities | December 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) States and political subdivisions $ 353 $ 31 $ -- $ 384 December 31, 2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) States and political subdivisions $ 450 $ 49 $ -- $ 499 |
Note 2_ Investments in Securi91
Note 2: Investments in Securities: Contractual Obligation, Fiscal Year Maturity Schedule (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Contractual Obligation, Fiscal Year Maturity Schedule | Amortized Fair Cost Value (In Thousands) After one through five years $ 353 $ 384 |
Note 2_ Investments in Securi92
Note 2: Investments in Securities: Schedule of Financial Instruments Owned and Pledged as Collateral (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Financial Instruments Owned and Pledged as Collateral | 2015 2014 Amortized Fair Amortized Fair Cost Value Cost Value (In Thousands) Public deposits $60,355 $62,288 $130,760 $133,940 Collateralized borrowing accounts 131,813 131,950 160,130 161,145 Other 5,149 5,330 3,965 4,053 $ 197,317 $ 199,568 $ 294,855 $ 299,138 |
Note 2_ Investments in Securi93
Note 2: Investments in Securities: Unrealized Gain (Loss) on Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Unrealized Gain (Loss) on Investments | 2015 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses (In Thousands) U.S. government agencies $20,000 $(219) $-- $-- $20,000 $(219) Mortgage-backed securities 45,494 (348) 9,635 (253) 55,129 (601) States and political subdivisions -- -- 910 (1) 910 (1 ) $ 65,494 $ (567 $ 10,545 $ (254 $ 76,039 $ (821 2014 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses (In Thousands) U.S. government agencies $-- $-- $20,000 $(486) $20,000 $(486) Mortgage-backed securities 40,042 (328) 45,056 (493) 85,098 (821) States and political subdivisions -- -- 925 (7) 925 (7 ) $ 40,042 $ (328 $ 65,981 $ (986 $ 106,023 $ (1,314 |
Note 3_ Loans and Allowance F94
Note 3: Loans and Allowance For Loan Losses: Schedule of Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Loans | 2015 2014 (In Thousands) One- to four-family residential construction $23,526 $40,361 Subdivision construction 38,504 28,593 Land development 58,440 52,096 Commercial construction 600,794 392,929 Owner occupied one- to four-family residential 110,277 87,549 Non-owner occupied one- to four-family residential 149,874 143,051 Commercial real estate 1,043,474 945,876 Other residential 419,549 392,414 Commercial business 357,580 354,012 Industrial revenue bonds 37,362 41,061 Consumer auto 439,895 323,353 Consumer other 74,829 78,029 Home equity lines of credit 83,966 66,272 Acquired FDIC-covered loans, net of discounts 236,071 286,608 Acquired loans no longer covered by FDIC loss sharing agreements, net of discounts 33,338 49,945 Acquired non-covered loans, net of discounts 93,436 121,982 3,800,915 3,404,131 Undisbursed portion of loans in process (418,702) (323,572) Allowance for loan losses (38,149) (38,435) Deferred loan fees and gains, net (3,528 (3,276 $ 3,340,536 $ 3,038,848 |
Note 3_ Loans and Allowance F95
Note 3: Loans and Allowance For Loan Losses: Schedule of Classes of Loans by Aging (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Classes of Loans by Aging | December 31, 2015 Total Loans Total > 90 Days Past 30-59 Days 60-89 Days Over 90 Total Past Loans Due and Past Due Past Due Days Due Current Receivable Still Accruing (In Thousands) One- to four-family residential construction $649 $-- $-- $649 $22,877 $23,526 $-- Subdivision construction -- -- -- -- 38,504 38,504 -- Land development 2,245 148 139 2,532 55,908 58,440 -- Commercial construction 1 -- -- 1 600,793 600,794 -- Owner occupied one- to four- family residential 1,217 345 715 2,277 108,000 110,277 -- Non-owner occupied one- to four-family residential -- -- 345 345 149,529 149,874 -- Commercial real estate 1,035 471 13,488 14,994 1,028,480 1,043,474 -- Other residential -- -- -- -- 419,549 419,549 -- Commercial business 1,020 9 288 1,317 356,253 357,580 -- Industrial revenue bonds -- -- -- -- 37,362 37,362 -- Consumer auto 3,351 891 721 4,963 434,932 439,895 -- Consumer other 943 236 576 1,755 73,074 74,829 -- Home equity lines of credit 212 123 297 632 83,334 83,966 -- Acquired FDIC-covered loans, net of discounts 7,936 603 9,712 18,251 217,820 236,071 -- Acquired loans no longer covered by FDIC loss sharing agreements, net of discounts 989 39 33 1,061 32,277 33,338 -- Acquired non-covered loans, net of discounts 1,081 638 5,914 7,633 85,803 93,436 -- 20,679 3,503 32,228 56,410 3,744,505 3,800,915 -- Less FDIC-supported loans, and acquired non-covered loans, net of discounts 10,006 1,280 15,659 26,945 335,900 362,845 -- Total $ 10,673 $ 2,223 $ 16,569 $ 29,465 $ 3,408,605 $ 3,438,070 $ -- December 31, 2014 Total Loans Total > 90 Days Past 30-59 Days 60-89 Days Over 90 Total Past Loans Due and Past Due Past Due Days Due Current Receivable Still Accruing (In Thousands) One- to four-family residential construction $-- $-- $-- $-- $40,361 $40,361 $-- Subdivision construction 109 -- -- 109 28,484 28,593 -- Land development 110 -- 255 365 51,731 52,096 -- Commercial construction -- -- -- -- 392,929 392,929 -- Owner occupied one- to four- family residential 2,037 441 1,029 3,507 84,042 87,549 170 Non-owner occupied one- to four-family residential 583 -- 296 879 142,172 143,051 -- Commercial real estate 6,887 -- 4,699 11,586 934,290 945,876 187 Other residential -- -- -- -- 392,414 392,414 -- Commercial business 59 -- 411 470 353,542 354,012 -- Industrial revenue bonds -- -- -- -- 41,061 41,061 -- Consumer auto 1,801 244 316 2,361 320,992 323,353 -- Consumer other 1,301 260 801 2,362 75,667 78,029 397 Home equity lines of credit 89 -- 340 429 65,843 66,272 22 Acquired FDIC-covered loans, net of discounts 6,236 1,062 16,419 23,717 262,891 286,608 194 Acquired loans no longer covered by FDIC loss sharing agreements, net of discounts 754 46 243 1,043 48,902 49,945 -- Acquired non-covered loans, net of discounts 2,638 640 11,248 14,526 107,456 121,982 -- 22,604 2,693 36,057 61,354 3,342,777 3,404,131 970 Less FDIC-supported loans, and acquired non-covered loans, net of discounts 9,628 1,748 27,910 39,286 419,249 458,535 194 Total $ 12,976 $ 945 $ 8,147 $ 22,068 $ 2,923,528 $ 2,945,596 $ 776 |
Note 3_ Loans and Allowance F96
Note 3: Loans and Allowance For Loan Losses: Schedule of Financing Receivables NonAccrual Status (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Financing Receivables NonAccrual Status | Nonaccruing loans are summarized as follows: December 31, 2015 2014 (In Thousands) One- to four-family residential construction $-- $-- Subdivision construction -- -- Land development 139 255 Commercial construction -- -- Owner occupied one- to four-family residential 715 859 Non-owner occupied one- to four-family residential 345 296 Commercial real estate 13,488 4,512 Other residential -- -- Commercial business 288 411 Industrial revenue bonds -- -- Consumer auto 721 316 Consumer other 576 404 Home equity lines of credit 297 318 Total $ 16,569 $ 7,371 |
Note 3_ Loans and Allowance F97
Note 3: Loans and Allowance For Loan Losses: Allowance for Credit Losses on Financing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Allowance for Credit Losses on Financing Receivables | The following table presents the activity in the allowance for loan losses by portfolio segment for the year ended December 31, 2015. Also presented are the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2015: One- to Four- Family Residential and Other Commercial Commercial Commercial Construction Residential Real Estate Construction Business Consumer Total (In Thousands) Allowance for Loan Losses Balance, January 1, 2015 $3,455 $2,941 $19,773 $3,562 $3,679 $5,025 $38,435 Provision (benefit) charged to expense 1,428 193 (2,753) (619) 1,450 5,820 5,519 Losses charged off (80) (2) (2,584) (329) (1,202) (5,315) (9,512) Recoveries 97 58 302 405 276 2,569 3,707 Balance, December 31, 2015 $ 4,900 $ 3,190 $ 14,738 $ 3,019 $ 4,203 $ 8,099 $ 38,149 Ending balance: Individually evaluated for impairment $ 731 $ -- $ 2,556 $ 1,391 $ 1,115 $ 300 $ 6,093 Collectively evaluated for impairment $ 3,464 $ 3,122 $ 11,888 $ 1,570 $ 2,862 $ 7,647 $ 30,553 Loans acquired and accounted for under ASC 310-30 $ 705 $ 68 $ 294 $ 58 $ 226 $ 152 $ 1,503 Loans Individually evaluated for impairment $ 6,129 $ 9,533 $ 34,629 $ 7,555 $ 2,365 $ 1,950 $ 62,161 Collectively evaluated for impairment $ 316,052 $ 410,016 $ 1,008,845 $ 651,679 $ 392,577 $ 596,740 $ 3,375,909 Loans acquired and accounted for under ASC 310-30 $ 194,697 $ 35,945 $ 73,148 $ 4,981 $ 10,500 $ 43,574 $ 362,845 The following table presents the activity in the allowance for loan losses by portfolio segment for the year ended December 31, 2014. Also presented are the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2014: One- to Four- Family Residential and Other Commercial Commercial Commercial Construction Residential Real Estate Construction Business Consumer Total (In Thousands) Allowance for Loan Losses Balance, January 1, 2014 $6,235 $2,678 $16,939 $4,464 $6,451 $3,349 $40,116 Provision (benefit) charged to expense (1,025) 227 1,855 (957) 409 3,642 4,151 Losses charged off (2,251) (1) (2,160) (126) (3,286) (4,005) (11,829) Recoveries 496 37 3,139 181 105 2,039 5,997 Balance, December 31, 2014 $ 3,455 $ 2,941 $ 19,773 $ 3,562 $ 3,679 $ 5,025 $ 38,435 Ending balance: Individually evaluated for impairment $ 829 $ -- $ 1,751 $ 1,507 $ 823 $ 232 $ 5,142 Collectively evaluated for impairment $ 2,532 $ 2,923 $ 16,671 $ 1,905 $ 2,805 $ 4,321 $ 31,157 Loans acquired and accounted for under ASC 310-30 $ 94 $ 18 $ 1,351 $ 150 $ 51 $ 472 $ 2,136 Loans Individually evaluated for impairment $ 11,488 $ 9,804 $ 28,641 $ 7,601 $ 2,725 $ 1,480 $ 61,739 Collectively evaluated for impairment $ 288,066 $ 382,610 $ 917,235 $ 437,424 $ 392,348 $ 466,174 $ 2,883,857 Loans acquired and accounted for under ASC 310-30 $ 234,158 $ 48,470 $ 107,278 $ 1,937 $ 17,789 $ 48,903 $ 458,535 The following table presents the activity in the allowance for loan losses by portfolio segment for the year ended December 31, 2013. Also presented are the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2013: 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, 2013 $6,822 $4,327 $17,441 $3,938 $5,096 $3,025 $40,649 Provision charged to expense 1,496 1,556 6,922 1,142 4,404 1,866 17,386 Losses charged off (2,196) (3,248) (9,836) (788) (4,072) (3,312) (23,452) Recoveries 113 43 2,412 172 1,023 1,770 5,533 Balance, December 31, 2013 $ 6,235 $ 2,678 $ 16,939 $ 4,464 $ 6,451 $ 3,349 $ 40,116 Ending balance: Individually evaluated for impairment $ 2,501 $ -- $ 90 $ 473 $ 4,162 $ 218 $ 7,444 Collectively evaluated for impairment $ 3,734 $ 2,678 $ 16,845 $ 3,991 $ 2,287 $ 3,131 $ 32,666 Loans acquired and accounted for under ASC 310-30 $ -- $ -- $ 4 $ -- $ 2 $ -- $ 6 Loans Individually evaluated for impairment $ 13,055 $ 10,983 $ 31,591 $ 12,628 $ 8,755 $ 1,389 $ 78,401 Collectively evaluated for impairment $ 297,057 $ 314,616 $ 791,329 $ 229,332 $ 306,514 $ 273,871 $ 2,212,619 Loans acquired and accounted for under ASC 310-30 $ 206,964 $ 35,095 $ 84,591 $ 6,989 $ 4,883 $ 47,642 $ 386,164 |
Note 3_ Loans and Allowance F98
Note 3: Loans and Allowance For Loan Losses: Impaired Financing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Impaired Financing Receivables | Year Ended December 31, 2015 December 31, 2015 Average Unpaid Investment Interest Recorded Principal Specific in Impaired Income Balance Balance Allowance Loans Recognized (In Thousands) One- to four-family residential construction $-- $-- $-- $633 $35 Subdivision construction 1,061 1,061 214 3,533 109 Land development 7,555 7,644 1,391 7,432 287 Commercial construction -- -- -- -- -- Owner occupied one- to four-family residential 3,166 3,427 389 3,587 179 Non-owner occupied one- to four-family residential 1,902 2,138 128 1,769 100 Commercial real estate 34,629 37,259 2,556 28,610 1,594 Other residential 9,533 9,533 -- 9,670 378 Commercial business 2,365 2,539 1,115 2,268 138 Industrial revenue bonds -- -- -- -- -- Consumer auto 791 829 119 576 59 Consumer other 802 885 120 672 74 Home equity lines of credit 357 374 62 403 27 Total $ 62,161 $ 65,689 $ 6,093 $ 59,153 $ 2,980 Year Ended December 31, 2014 December 31, 2014 Average Unpaid Investment Interest Recorded Principal Specific in Impaired Income Balance Balance Allowance Loans Recognized (In Thousands) One- to four-family residential construction $1,312 $1,312 $-- $173 $76 Subdivision construction 4,540 4,540 344 2,593 226 Land development 7,601 8,044 1,507 9,691 292 Commercial construction -- -- -- -- -- Owner occupied one- to four-family residential 3,747 4,094 407 4,808 212 Non-owner occupied one- to four-family residential 1,889 2,113 78 4,010 94 Commercial real estate 28,641 30,781 1,751 29,808 1,253 Other residential 9,804 9,804 -- 10,469 407 Commercial business 2,725 2,750 823 2,579 158 Industrial revenue bonds -- -- -- 2,644 -- Consumer auto 420 507 63 219 37 Consumer other 629 765 94 676 71 Home equity lines of credit 431 476 75 461 25 Total $ 61,739 $ 65,186 $ 5,142 $ 68,131 $ 2,851 Year Ended December 31, 2013 December 31, 2013 Average Unpaid Investment Interest Recorded Principal Specific in Impaired Income Balance Balance Allowance Loans Recognized (In Thousands) One- to four-family residential construction $-- $-- $-- $36 $-- Subdivision construction 3,502 3,531 1,659 3,315 163 Land development 12,628 13,042 473 13,389 560 Commercial construction -- -- -- -- -- Owner occupied one- to four-family residential 5,802 6,117 593 5,101 251 Non-owner occupied one- to four-family residential 3,751 4,003 249 4,797 195 Commercial real estate 31,591 34,032 90 42,242 1,632 Other residential 10,983 10,983 --- 13,837 434 Commercial business 6,057 6,077 4,162 6,821 179 Industrial revenue bonds 2,698 2,778 -- 2,700 27 Consumer auto 216 231 32 145 16 Consumer other 604 700 91 630 63 Home equity lines of credit 569 706 95 391 38 Total $ 78,401 $ 82,200 $ 7,444 $ 93,404 $ 3,558 |
Note 3_ Loans and Allowance F99
Note 3: Loans and Allowance For Loan Losses: Troubled Debt Restructurings on Financing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Troubled Debt Restructurings on Financing Receivables | 2015 Total Interest Only Term Combination Modification (In Thousands) Mortgage loans on real estate: Residential one-to-four family $-- $407 $164 $571 Commercial -- 115 -- 115 Commercial -- 1,095 -- 1,095 Consumer -- 97 -- 97 $ -- $ 1,714 $ 164 $ 1,878 2014 Total Interest Only Term Combination Modification (In Thousands) Mortgage loans on real estate: One- to four-family residential construction $-- $-- $223 $223 Subdivision construction -- 250 -- 250 Residential one-to-four family 308 426 -- 734 Commercial 506 1,928 -- 2,434 Other residential -- 1,881 -- 1,881 Commercial -- 1,150 -- 1,150 Consumer -- 145 -- 145 $ 814 $ 5,780 $ 223 $ 6,817 |
Note 3_ Loans and Allowance 100
Note 3: Loans and Allowance For Loan Losses: Financing Receivable Credit Quality Indicators (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Financing Receivable Credit Quality Indicators | December 31, 2015 Special Satisfactory Watch Mention Substandard Doubtful Total (In Thousands) One- to four-family residential construction $22,798 $-- $728 $-- $-- $23,526 Subdivision construction 34,370 263 3,407 464 -- 38,504 Land development 47,357 6,992 -- 4,091 -- 58,440 Commercial construction 600,794 -- -- -- -- 600,794 Owner occupied one- to-four- family residential 108,584 587 -- 1,106 -- 110,277 Non-owner occupied one- to- four-family residential 144,744 516 3,827 787 -- 149,874 Commercial real estate 1,005,894 18,805 -- 18,775 -- 1,043,474 Other residential 409,172 8,422 -- 1,955 -- 419,549 Commercial business 355,370 1,303 438 469 --- 357,580 Industrial revenue bonds 37,362 -- -- -- -- 37,362 Consumer auto 439,157 -- -- 738 -- 439,895 Consumer other 74,167 -- -- 662 -- 74,829 Home equity lines of credit 83,627 -- -- 339 -- 83,966 Acquired FDIC-covered loans, net of discounts 236,055 -- -- 16 -- 236,071 Acquired loans no longer covered by FDIC loss sharing agreements, net of discounts 33,237 -- -- 101 -- 33,338 Acquired non-covered loans, net of discounts 91,614 -- -- 1,822 -- 93,436 Total $ 3,724,302 $ 36,888 $ 8,400 $ 31,325 $ -- $ 3,800,915 December 31, 2014 Special Satisfactory Watch Mention Substandard Doubtful Total (In Thousands) One- to four-family residential construction $39,049 $--- $-- $1,312 $-- $40,361 Subdivision construction 24,269 21 -- 4,303 -- 28,593 Land development 41,035 5,000 -- 6,061 -- 52,096 Commercial construction 392,929 -- -- -- -- 392,929 Owner occupied one- to-four- family residential 85,041 745 -- 1,763 -- 87,549 Non-owner occupied one- to- four-family residential 141,198 580 -- 1,273 -- 143,051 Commercial real estate 901,167 32,155 -- 12,554 -- 945,876 Other residential 380,811 9,647 -- 1,956 -- 392,414 Commercial business 351,744 423 -- 1,845 --- 354,012 Industrial revenue bonds 40,037 1,024 -- --- -- 41,061 Consumer auto 323,002 -- -- 351 -- 323,353 Consumer other 77,507 3 -- 519 -- 78,029 Home equity lines of credit 65,841 -- -- 431 -- 66,272 Acquired FDIC-covered loans, net of discounts 286,049 -- -- 559 -- 286,608 Acquired loans no longer covered by FDIC loss sharing agreements, net of discounts 48,592 -- -- 1,353 -- 49,945 Acquired non-covered loans, net of discounts 121,982 -- -- -- -- 121,982 Total $ 3,320,253 $ 49,598 $ -- $ 34,280 $ --- $ 3,404,131 |
Note 3_ Loans and Allowance 101
Note 3: Loans and Allowance For Loan Losses: Related Party Transactions Disclosure: Schedule of Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Related Party Transactions | December 31, 2015 2014 (In Thousands) Balance, beginning of year $16,028 $7,093 New loans 3,390 10,427 Payments (5,131 ) (1,492 ) Balance, end of year $ 14,287 $ 16,028 |
Note 4_ Acquired Loans, Loss102
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Business Acquisition Fair Value and Expected Cash Flows Policy: Schedule of Business Combination Accretable Yield (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Business Combination Accretable Yield | Year Ended December 31, 2015 2014 2013 (In Thousands) Increase in accretable yield due to increased cash flow expectations $13,720 $31,461 $40,947 Decrease in FDIC indemnification asset as a result of accretable yield increase (5,056) (23,129) (32,597) |
Note 4_ Acquired Loans, Loss103
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Business Acquisition Fair Value and Expected Cash Flows Policy: Schedule of Impact of Acquired Loans on Financial Results (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Impact of Acquired Loans on Financial Results | Year Ended December 31, 2015 2014 2013 (In Thousands) Interest income $28,531 $34,974 $35,211 Noninterest income (19,534 (28,740 (29,451 Net impact to pre-tax income $ 8,997 $ 6,234 $ 5,760 |
Note 4_ Acquired Loans, Loss104
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: FDIC Indemnification Asset Roll Forward (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
TeamBank | |
FDIC Indemnification Asset Roll Forward | December 31, 2015 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $29,115 $-- Reclassification from nonaccretable discount to accretable discount due to change in (1,285) -- expected losses (net of accretion to date) Original estimated fair value of assets, net of activity since acquisition date (27,660 -- Expected loss remaining 170 -- Assumed loss sharing recovery percentage 90 0 Expected loss sharing value 154 -- Indemnification asset to be amortized resulting from -- change in expected losses 241 -- FDIC indemnification asset $ 395 $ -- December 31, 2014 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $43,855 $132 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (1,923) -- Original estimated fair value of assets, net of activity since acquisition date (41,560 (119 Expected loss remaining 372 13 Assumed loss sharing recovery percentage 85 77 Expected loss sharing value 315 10 Indemnification asset to be amortized resulting from change in expected losses 359 -- FDIC indemnification asset $ 674 $ 10 |
Vantus Bank | |
FDIC Indemnification Asset Roll Forward | December 31, 2015 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $31,818 $608 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (470) -- Original estimated fair value of assets, net of activity since acquisition date (31,092 (418 Expected loss remaining 256 190 Assumed loss sharing recovery percentage 61 0 Expected loss sharing value 156 -- Indemnification asset to be amortized resulting from change in expected losses 319 -- FDIC indemnification asset $ 475 $ -- December 31, 2014 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $42,138 $1,084 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (504) -- Original estimated fair value of assets, net of activity since acquisition date (40,997 (894 Expected loss remaining 637 190 Assumed loss sharing recovery percentage 72 0 Expected loss sharing value 461 -- Indemnification asset to be amortized resulting from change in expected losses 324 -- FDIC indemnification asset $ 785 $ -- |
Sun Security Bank | |
FDIC Indemnification Asset Roll Forward | December 31, 2015 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $43,855 $557 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (2,171) -- Original estimated fair value of assets, net of activity since acquisition date (40,349 (461 Expected loss remaining 1,335 96 Assumed loss sharing recovery percentage 34 80 Expected loss sharing value 456 77 Indemnification asset to be amortized resulting from change in expected losses 1,725 -- Accretable discount on FDIC indemnification asset (36 (63 FDIC indemnification asset $ 2,145 $ 14 December 31, 2014 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $59,618 $2,325 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (3,341) -- Original estimated fair value of assets, net of activity since acquisition date (52,166 (1,488 Expected loss remaining 4,111 837 Assumed loss sharing recovery percentage 65 80 Expected loss sharing value 2,676 670 Indemnification asset to be amortized resulting from change in expected losses 2,662 -- Accretable discount on FDIC indemnification asset (267 (64 FDIC indemnification asset $ 5,071 $ 606 |
InterBank | |
FDIC Indemnification Asset Roll Forward | December 31, 2015 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $193,654 $2,110 Noncredit premium/(discount), net of activity since acquisition date 902 -- Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (4,901) -- Original estimated fair value of assets, net of activity since acquisition date (170,308 (1,392 Expected loss remaining 19,347 718 Assumed loss sharing recovery percentage 83 80 Expected loss sharing value 16,032 575 FDIC loss share clawback 2,360 -- Indemnification asset to be amortized resulting from change in expected losses 3,920 -- Accretable discount on FDIC indemnification asset (1,801 (33 FDIC indemnification asset $ 20,511 $ 542 December 31, 2014 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $244,977 $4,494 Noncredit premium/(discount), net of activity since acquisition date 1,361 -- Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (19,566) -- Original estimated fair value of assets, net of activity since acquisition date (201,830 (3,986 Expected loss remaining 24,942 508 Assumed loss sharing recovery percentage 82 80 Expected loss sharing value 20,509 406 FDIC loss share clawback 3,620 -- Indemnification asset to be amortized resulting from change in expected losses 15,652 -- Accretable discount on FDIC indemnification asset (2,967 (33 FDIC indemnification asset $ 36,814 $ 373 |
Valley Bank | |
FDIC Indemnification Asset Roll Forward | December 31, 2015 Foreclosed Loans Assets (In Thousands) Initial basis, net of activity since acquisition date $109,791 $1,017 Noncredit premium/(discount), net of activity since acquisition date 719 -- Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (3,213) -- Original estimated fair value of assets, net of activity since acquisition date (93,436 (995 Expected loss remaining $ 13,861 $ 22 December 31, 2014 Foreclosed Loans Assets (In Thousands) Initial basis, net of activity since acquisition date $145,845 $778 Noncredit premium/(discount), net of activity since acquisition date 1,514 -- Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (1,519) -- Original estimated fair value of assets, net of activity since acquisition date (121,982 (778 Expected loss remaining $ 23,858 $ -- |
Note 4_ Acquired Loans, Loss105
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Schedule of Changes in Accretable Yield for Acquired Loan Pools (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Changes in Accretable Yield for Acquired Loan Pools | Sun (In Thousands) TeamBank Vantus Bank Security Bank InterBank Valley Bank Balance, January 1, 2013 $12,128 $13,538 $ 11,259 $42,574 $-- Accretion (9,473) (8,940) (16,885) (28,667) -- Reclassification from nonaccretable difference (1) 4,747 1,127 16,739 26,188 -- Balance, December 31, 2013 7,402 5,725 11,113 40,095 -- Additions -- -- -- -- 22,976 Accretion (4,138) (3,835) (10,590) (37,994) (4,788) Reclassification from nonaccretable difference (1) 3,601 2,563 7,429 33,991 (7,056) Balance, December 31, 2014 6,865 4,453 7,952 36,092 11,132 Accretion (3,265) (2,541) (5,487) (28,767) (10,975) Reclassification from nonaccretable difference (1) 205 1,448 3,459 9,022 8,159 Balance, December 31, 2015 $ 3,805 $ 3,360 $ 5,924 $ 16,347 $ 8,316 (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, 2015, totaling $40,000, $1.1 million, $2.0 million, $4.8 million and $759,000, respectively; for TeamBank, Vantus Bank, Sun Security Bank, InterBank and Valley Bank for the year ended December 31, 2014, totaling $3.2 million, $2.4 million, $3.9 million, $9.2 million and $(9.6 million), respectively; and for TeamBank, Vantus Bank, Sun Security Bank and InterBank for the year ended December 31, 2013, totaling $2.3 million, $611,000, $4.8 million and $146,000, respectively. |
Note 5_ Other Real Estate Ow106
Note 5: Other Real Estate Owned: Schedule of major classifications of other real estate owned (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of major classifications of other real estate owned | 2015 2014 (In Thousands) Foreclosed assets held for sale One- to four-family construction $ $223 Subdivision construction 7,016 9,857 Land development 12,133 17,168 Commercial construction -- -- One- to four-family residential 1,375 3,353 Other residential 2,150 2,625 Commercial real estate 3,608 1,632 Commercial business -- 59 Consumer 1,109 624 27,391 35,541 FDIC-supported foreclosed assets, net of discounts 1,834 5,695 Acquired foreclosed assets no longer covered by FDIC loss sharing agreements, net of discounts 460 879 Acquired foreclosed assets not covered by FDIC loss sharing agreements, net of discounts (Valley Bank) 995 778 Foreclosed assets held for sale, net 30,680 42,893 Other real estate owned not acquired through foreclosure 1,213 2,945 Other real estate owned $ 31,893 $ 45,838 |
Note 5_ Other Real Estate Ow107
Note 5: Other Real Estate Owned: Schedule of expenses applicable to other real estate owned (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of expenses applicable to other real estate owned | 2015 2014 2013 (In Thousands) Net gain on sales of real estate $(397) $(91) $(231) Valuation write-downs 890 3,343 1,384 Operating expenses, net of rental income 2,033 2,384 2,915 $ 2,526 $ 5,636 $ 4,068 |
Note 6_ Premises and Equipment_
Note 6: Premises and Equipment: Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Property, Plant and Equipment | 2015 2014 (In Thousands) Land $39,395 $35,577 Buildings and improvements 87,333 85,128 Furniture, fixtures and equipment 56,051 50,311 182,779 171,016 Less accumulated depreciation 53,124 46,175 $ 129,655 $ 124,841 |
Note 8_ Deposits_ Schedule of D
Note 8: Deposits: Schedule of Deposit Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Deposit Liabilities | Weighted Average Interest Rate 2015 2014 (In Thousands, Except Interest Rates) Noninterest-bearing accounts -- $571,629 $518,266 Interest-bearing checking and savings accounts 0.24% - 0.19% 1,408,850 1,375,100 1,980,479 1,893,366 Certificate accounts 0% - 0.99% 863,865 798,932 1% - 1.99% 381,956 227,476 2% - 2.99% 39,592 61,146 3% - 3.99% 1,137 8,065 4% - 4.99% 1,304 1,435 5% and above 293 420 1,288,147 1,097,474 $ 3,268,626 $ 2,990,840 |
Note 8_ Deposits_ Schedule of C
Note 8: Deposits: Schedule of Certificates of Deposit by Scheduled Maturities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Certificates of Deposit by Scheduled Maturities | Retail Brokered Total (In Thousands) 2016 $727,380 $202,089 $929,469 2017 186,133 79,267 265,400 2018 57,968 2,392 60,360 2019 12,536 -- 12,536 2020 15,644 -- 15,644 Thereafter 4,738 -- 4,738 $ 1,004,399 $ 283,748 $ 1,288,147 |
Note 8_ Deposits_ Schedule of I
Note 8: Deposits: Schedule of Interest Expense on Deposit Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Interest Expense on Deposit Liabilities | 2015 2014 2013 (In Thousands) Checking and savings accounts $2,858 $3,088 $3,551 Certificate accounts 10,739 8,264 8,871 Early withdrawal penalties (86 ) (127 ) (76 ) $ 13,511 $ 11,225 $ 12,346 |
Note 9_ Advances From Federa112
Note 9: Advances From Federal Home Loan Bank: Federal Home Loan Bank, Advances (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Federal Home Loan Bank, Advances | December 31, 2015 December 31, 2014 Weighted Weighted Average Average Interest Interest Due In Amount Rate Amount Rate (In Thousands) 2015 $-- --% $240,065 0.41% 2016 232,071 0.42 70 5.14 2017 30,826 3.26 30,826 3.26 2018 81 5.14 81 5.14 2019 28 5.14 28 5.14 2020 -- -- -- -- 2021 and thereafter 500 5.54 500 5.54 263,506 0.76 271,570 0.75 Unamortized fair value adjustment 40 71 $ 263,546 $ 271,641 |
Note 10_ Short-term Borrowings_
Note 10: Short-term Borrowings: Schedule of Short-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Short-term Debt | 2015 2014 (In Thousands) Notes payable – Community Development Equity Funds $1,295 $1,451 Overnight borrowings from the Federal Home Loan Bank -- 41,000 Securities sold under reverse repurchase agreements 116,182 168,993 $ 117,477 $ 211,444 |
Note 10_ Short-term Borrowin114
Note 10: Short-term Borrowings: Schedule of Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Repurchase Agreements | The following table represents the Company’s securities sold under reverse repurchase agreements, by collateral type and remaining contractual maturity. 2015 2014 Overnight and Overnight and Continuous Continuous (In Thousands) FHLBank CD $ -- $ 10,000 Mortgage-backed securities – GNMA, FNMA, FHLMC 161,182 158,993 $161,182 $168,993 |
Note 13_ Subordinated Debent115
Note 13: Subordinated Debentures Issued To Capital Trusts: Schedule of Subordinated Borrowing (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Subordinated Borrowing | 2015 2014 (In Thousands) Subordinated debentures $ 25,774 $ 30,929 |
Note 14_ Income Taxes_ Schedule
Note 14: Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Components of Income Tax Expense (Benefit) | 2015 2014 2013 (In Thousands) Taxes currently payable $20,234 $20,013 $17,013 Deferred income taxes (4,670 ) (6,260 ) (8,839) Income taxes $ 15,564 $ 13,753 $ 8,174 |
Note 14_ Income Taxes_ Sched117
Note 14: Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | December 31, 2015 2014 (In Thousands) Deferred tax assets Allowance for loan losses $13,848 $13,452 Interest on nonperforming loans 259 317 Accrued expenses 1,302 1,527 Write-down of foreclosed assets 4,056 3,970 Write-down of fixed assets 417 -- Other -- 350 19,882 19,616 Deferred tax liabilities Tax depreciation in excess of book depreciation (6,483) (6,443) FHLB stock dividends (1,549) (1,494) Partnership tax credits (1,991) (2,176) Prepaid expenses (515) (508) Unrealized gain on available-for-sale securities (3,369) (3,895) Difference in basis for acquired assets and liabilities (435) (4,738) Other (185 ) (236 ) (14,527 ) (19,490 ) Net deferred tax asset $ 5,355 $ 126 |
Note 14_ Income Taxes_ Sched118
Note 14: Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | 2015 2014 2013 Tax at statutory rate 35.0% 35.0% 35.0% Nontaxable interest and dividends (2.4) (3.0) (4.6) Tax credits (8.1) (9.5) (12.5) State taxes 1.4 1.5 1.6 Other (0.8 ) -- -- 25.1 % 24.0 % 19.5 % |
Note 15_ Disclosures About F119
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value, Assets Measured on Recurring Basis (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Fair Value, Assets Measured on Recurring Basis | The following table presents the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2015 and 2014: 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, 2015 U.S. government agencies $19,781 $-- $19,781 $-- Mortgage-backed securities 161,214 -- 161,214 -- States and political subdivisions 78,031 -- 78,031 -- Equity securities 3,830 -- -- -- Interest rate derivative asset 2,711 -- 2,711 -- Interest rate derivative liability (2,725) -- (2,725) -- December 31, 2014 U.S. government agencies $19,514 $-- $19,514 $-- Mortgage-backed securities 257,798 -- 257,798 -- States and political subdivisions 85,040 -- 85,040 -- Equity securities 3,154 -- -- -- Interest rate derivative asset 2,502 -- -- 2,502 Interest rate derivative liability (2,187) -- -- (2,187) |
Note 15_ Disclosures About F120
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | Interest Rate Derivative Asset (In Thousands) Balance, January 1, 2014 $1,859 Net change in fair value 228 Balance, December 31, 2014 2,087 Net change in fair value 496 Transfer to level 2 (2,583) Balance, December 31, 2015 $ -- Interest Rate Cap Derivative Asset Designated as Hedging Instrument (In Thousands) Balance, January 1, 2014 $685 Net change in fair value (270) Balance, December 31, 2014 415 Net change in fair value (287) Transfer to level 2 (128 ) Balance, December 31, 2015 $ -- Interest Rate Derivative Liability (In Thousands) Balance, January 1, 2014 $1,613 Net change in fair value 574 Balance, December 31, 2014 2,187 Net change in fair value 538 Transfer to level 2 (2,725) Balance, December 31, 2015 $ -- |
Note 15_ Disclosures About F121
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value, Assets and Liabilities Measured on Nonrecurring Basis (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | 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, 2015 Impaired loans $ 13,896 $ -- $ -- $ 13,896 Foreclosed assets held for sale $ 1,722 $ -- $ -- $ 1,722 December 31, 2014 Impaired loans $ 11,658 $ -- $ -- $ 11,658 Foreclosed assets held for sale $ 6,975 $ -- $ -- $ 6,975 |
Note 15_ Disclosures About F122
Note 15: Disclosures About Fair Value of Financial Instruments: Schedule Of Financial Instruments Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule Of Financial Instruments Fair Value | December 31, 2015 December 31, 2014 Carrying Fair Hierarchy Carrying Fair Hierarchy Amount Value Level Amount Value Level (In thousands) Financial assets Cash and cash equivalents $199,183 $199,183 1 $218,647 $218,647 1 Held-to-maturity securities 353 384 2 450 499 2 Mortgage loans held for sale 12,261 12,261 2 14,579 14,579 2 Loans, net of allowance for loan losses 3,340,536 3,355,924 3 3,038,848 3,047,741 3 Accrued interest receivable 10,930 10,930 3 11,219 11,219 3 Investment in FHLB stock 15,303 15,303 3 16,893 16,893 3 Financial liabilities Deposits 3,268,626 3,271,318 3 2,990,840 2,996,226 3 FHLB advances 263,546 264,331 3 271,641 273,568 3 Short-term borrowings 117,477 117,477 3 211,444 211,444 3 Subordinated debentures 25,774 25,774 3 30,929 30,929 3 Accrued interest payable 1,080 1,080 3 1,067 1,067 3 Unrecognized financial instruments (net of contractual value) Commitments to originate loans -- -- 3 -- -- 3 Letters of credit 145 145 3 92 92 3 Lines of credit -- -- 3 -- -- 3 |
Note 16_ Operating Leases_ Sche
Note 16: Operating Leases: Schedule of Future Minimum Rental Payments for Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Future Minimum Rental Payments for Operating Leases | 2016 $936 2017 786 2018 582 2019 415 2020 317 Thereafter 215 $ 3,251 |
Note 17_ Derivatives and Hed124
Note 17: Derivatives and Hedging Activities: Derivative Instruments, Gain (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Derivative Instruments, Gain (Loss) | Location in Fair Value Consolidated Statements December 31, December 31, of Financial Condition 2015 2014 (In Thousands) Derivatives designated as hedging instruments Interest rate caps Prepaid expenses and other assets $ 128 $ 415 Total derivatives designated as hedging instruments $ 128 $ 415 Derivatives not designated as hedging instruments Asset Derivatives Derivatives not designated as hedging instruments Interest rate products Prepaid expenses and other assets $ 2,583 $ 2,087 Total derivatives not designated as hedging instruments $ 2,583 $ 2,087 Liability Derivatives Derivatives not designated as hedging instruments Interest rate products Accrued expenses and other liabilities $ 2,725 $ 2,187 Total derivatives not designated as hedging instruments $ 2,725 $ 2,187 |
Note 17_ Derivatives and Hed125
Note 17: Derivatives and Hedging Activities: Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | Year Ended December 31 Cash Flow Hedges Amount of Gain (Loss) Recognized in AOCI 2015 2014 2013 (In Thousands) Interest rate cap, net of income taxes $ (50) $ (164 $ (34 |
Note 19_ Additional Cash Flo126
Note 19: Additional Cash Flow Information: Schedule of Cash Flow, Supplemental Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Cash Flow, Supplemental Disclosures | 2015 2014 2013 (In Thousands) Noncash Investing and Financing Activities Real estate acquired in settlement of loans $12,185 $19,975 $45,941 Sale and financing of foreclosed assets $3,316 $1,805 $11,303 Conversion of premises and equipment to foreclosed assets -- $202 $2,111 Dividends declared but not paid $3,055 $2,896 $2,606 Additional Cash Payment Information Interest paid $15,984 $15,833 $19,426 Income taxes paid $13,096 $8,510 $17,351 |
Note 21_ Stock Option Plan_ Sch
Note 21: Stock Option Plan: Schedule of Share-based Compensation, Stock Options, Activity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Share-based Compensation, Stock Options, Activity | Weighted Available to Grant Shares Under Option Average Exercise Price Balance, January 1, 2013 326,622 733,292 $24.227 Granted from 2003 plan (3,100) 3,100 23.957 Exercised -- (106,367) 19.687 Forfeited from terminated plan(s) 46,818 (46,818) 27.202 Termination of 2003 Plan (370,340 ) -- -- 583,207 Available to grant from 2013 Plan 700,000 -- Granted from 2013 Plan (116,500 ) 116,500 29.515 Balance, December 31, 2013 583,500 699,707 25.597 Granted from 2013 plan (147,400) 147,400 32.450 Exercised -- (153,287) 27.088 Forfeited from terminated plan(s) -- (22,022) 27.387 Forfeited from current plan(s) 10,700 (10,700) 30.204 Balance, December 31, 2014 446,800 661,098 26.560 Granted from 2013 Plan (129,350) 129,350 49.199 Exercised -- (134,263) 25.403 Forfeited from terminated plan(s) -- (8,453) 24.941 Forfeited from current plan(s) 14,000 (14,000) 33.389 Balance, December 31, 2015 331,450 633,732 $ 31.297 |
Note 21_ Stock Option Plan_ 128
Note 21: Stock Option Plan: Schedule of Fair Value Option Pricing Model Assumptions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Fair Value Option Pricing Model Assumptions | 2015 2014 2013 Expected dividends per share $0.88 $0.80 $0.72 Risk-free interest rate 1.66% 1.40% 1.53% Expected life of options 5 years 5 years 5 years Expected volatility 24.42% 18.95% 24.80% Weighted average fair value of options granted during year $9.59 $4.20 $5.22 |
Note 21_ Stock Option Plan_ 129
Note 21: Stock Option Plan: Schedule of Share-based Compensation, Activity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Share-based Compensation, Activity | Weighted Weighted Average Average Remaining Exercise Contractual Options Price Term Options outstanding, January 1, 2015 661,098 $26.560 6.72 years Granted 129,350 49.199 Exercised (134,263) 25.403 Forfeited (22,453 ) 30.208 Options outstanding, December 31, 2015 633,732 31.297 7.22 years Options exercisable, December 31, 2015 221,568 23.518 4.72 years |
Note 21_ Stock Option Plan_ 130
Note 21: Stock Option Plan: Schedule of Nonvested Share Activity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Nonvested Share Activity | Weighted Weighted Average Average Exercise Grant Date Options Price Fair Value Nonvested options, January 1, 2015 390,047 $28.148 $4.480 Granted 129,350 49.199 9.586 Vested this period (87,349) 24.299 4.591 Nonvested options forfeited (19,884 ) 30.051 4.946 Nonvested options, December 31, 2015 412,164 35.479 6.039 |
Note 21_ Stock Option Plan_ Sha
Note 21: Stock Option Plan: Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable | Options Outstanding Weighted Options Exercisable Average Weighted Weighted Remaining Average Average Range of Number Contractual Exercise Number Exercise Exercise Prices Outstanding Term Price Exercisable Price $8.360 to $19.530 80,449 5.50 years $17.834 57,639 $17.281 $21.320 to $24.820 129,593 6.02 years 23.694 82,473 23.094 $25.480 to $29.860 138,770 6.55 years 28.632 57,586 27.408 $30.660 to $39.050 169,570 7.69 years 32.628 23,870 30.660 $41.500 to $50.710 115,350 9.88 years 50.478 -- -- 633,732 7.22 years 31.297 221,568 23.518 |
Note 23_ Accumulated Other C132
Note 23: Accumulated Other Comprehensive Income: Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | 2015 2014 (In Thousands) Net unrealized gain on available-for-sale securities $9,282 $11,129 Net unrealized loss on derivatives used for cash flow hedges (391 (304 8,891 10,825 Tax effect (3,227 (3,789 Net-of-tax amount $ 5,664 $ 7,036 |
Note 23_ Accumulated Other C133
Note 23: Accumulated Other Comprehensive Income: Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive Income | Amounts Reclassified from AOCI 2015 2014 2013 Affected Line Item in the Statements of Income (In Thousands) Unrealized gains on available-for-sale securities $2 $2,139 $243 Net realized gains on available-for-sale securities (total reclassified amount before tax) Total reclassified amount before tax Income taxes (1 (749 (85 Tax (expense) benefit Total reclassifications out of AOCI $ 1 $ 1,390 $ 158 |
Note 24_ Regulatory Matters_ Sc
Note 24: Regulatory Matters: Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | 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, 2015 Total capital Great Southern Bancorp, Inc. $452,637 12.6% $288,279 8.0% -- -- Great Southern Bank $434,334 12.1% $288,180 8.0% $360,225 10.0% Tier I capital Great Southern Bancorp, Inc. $414,488 11.5% $216,209 6.0% -- -- Great Southern Bank $396,185 11.0% $216,135 6.0% $288,180 8.0% Tier I leverage capital Great Southern Bancorp, Inc. $414,488 10.2% $162,576 4.0% -- N/A Great Southern Bank $396,185 9.8% $161,986 4.0% $202,482 5.0% Common equity Tier I capital Great Southern Bancorp, Inc. $389,460 10.8% $162,157 4.5% -- -- Great Southern Bank $396,157 11.0% $162,101 4.5% $234,146 6.5% As of December 31, 2014 Total risk-based capital Great Southern Bancorp, Inc. $473,689 14.5% $261,062 8.0% -- -- Great Southern Bank $410,291 12.6% $260,919 8.0% $326,149 10.0% Tier I risk-based capital Great Southern Bancorp, Inc. $435,254 13.3% $130,531 4.0% -- -- Great Southern Bank $371,856 11.4% $130,459 4.0% $195,689 6.0% Tier I leverage capital Great Southern Bancorp, Inc. $435,254 11.1% $156,395 4.0% -- -- Great Southern Bank $371,856 9.5% $156,197 4.0% $195,247 5.0% |
Note 26_ Summary of Unaudite135
Note 26: Summary of Unaudited Quarterly Operating Results: Schedule of Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Quarterly Financial Information | 2015 Three Months Ended March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Data) Interest income $47,906 $45,734 $45,755 $44,956 Interest expense 3,781 3,725 4,230 4,261 Provision for loan losses 1,300 1,300 1,703 1,216 Net realized gains (losses) and impairment on available-for-sale securities -- -- 2 -- Noninterest income (56) 3,457 5,120 5,060 Noninterest expense 27,242 27,949 30,014 29,145 Provision (credit) for income taxes 3,874 4,214 3,732 3,744 Net income 11,653 12,003 11,196 11,650 Net income available to common shareholders 11,508 11,858 11,051 11,531 Earnings per common share – diluted 0.83 0.85 0.79 0.81 2014 Three Months Ended March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Data) Interest income $42,294 $44,384 $47,607 $49,077 Interest expense 4,328 4,413 3,501 3,559 Provision for loan losses 1,691 1,462 945 53 Net realized gains (losses) and impairment on available-for-sale securities 73 569 321 1,176 Noninterest income 924 10,631 1,778 1,398 Noninterest expense 25,894 34,399 29,398 31,168 Provision (credit) for income taxes 2,487 3,687 3,951 3,628 Net income from continuing operations 8,818 11,054 11,590 12,067 Discontinued operations -- -- -- -- Net income 8,818 11,054 11,590 12,067 Net income available to common shareholders 8,673 10,909 11,445 11,923 Earnings per common share – diluted 0.63 0.79 0.83 0.86 2013 Three Months Ended March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Data) Interest income $47,356 $43,481 $43,019 $44,939 Interest expense 5,224 4,980 4,555 4,444 Provision for loan losses 8,225 3,671 2,677 2,813 Net realized gains (losses) and impairment on available-for-sale securities 34 97 110 2 Noninterest income 2,924 2,327 929 (865) Noninterest expense 25,920 26,712 26,156 26,830 Provision (credit) for income taxes 2,517 2,221 2,121 1,315 Net income from continuing operations 8,394 8,224 8,439 8,672 Discontinued operations -- -- -- -- Net income 8,394 8,224 8,439 8,672 Net income available to common shareholders 8,249 8,079 8,294 8,528 Earnings per common share – diluted 0.60 0.59 0.61 0.62 |
Note 27_ Condensed Parent Co136
Note 27: Condensed Parent Company Statements: Condensed Balance Sheet -- Great Southern Bancorp, Inc. (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Condensed Balance Sheet -- Great Southern Bancorp, Inc. | December 31, 2015 2014 (In Thousands) Statements of Financial Condition Assets Cash $20,009 $64,836 Available-for-sale securities 3,830 3,154 Investment in subsidiary bank 403,174 385,046 Prepaid expenses and other assets 1,335 1,466 $428,348 $454,502 Liabilities and StockholdersÂ’ Equity Accounts payable and accrued expenses $3,403 $3,126 Deferred income taxes 944 702 Subordinated debentures issued to capital trust 25,774 30,929 Preferred stock -- 57,943 Common stock 139 138 Additional paid-in capital 24,371 22,345 Retained earnings 368,053 332,283 Accumulated other comprehensive income 5,664 7,036 $428,348 $454,502 |
Note 27_ Condensed Parent Co137
Note 27: Condensed Parent Company Statements: Condensed Income Statement -- Great Southern Bancorp, Inc. (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Condensed Income Statement -- Great Southern Bancorp, Inc. | 2015 2014 2013 (In Thousands) Statements of Income Income Dividends from subsidiary bank $27,000 $36,000 $24,000 Interest and dividend income 5 22 20 Gain on redemption of trust preferred securities and sale of non-marketable securities 1,416 -- -- Other income (loss) (7) (20) 13 28,414 36,002 24,033 Expense Operating expenses 1,139 1,198 1,132 Interest expense 714 567 560 1,853 1,765 1,692 Income before income tax and equity in undistributed earnings of subsidiaries 26,561 34,237 22,341 Credit for income taxes (91) (388) (365) Income before equity in earnings of subsidiaries 26,652 34,625 22,706 Equity in undistributed earnings of subsidiaries 19,850 8,904 11,023 Net income $46,502 $43,529 $33,729 |
Note 27_ Condensed Parent Co138
Note 27: Condensed Parent Company Statements: Condensed Cash Flow Statement -- Great Southern Bancorp, Inc. (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Condensed Cash Flow Statement -- Great Southern Bancorp, Inc. | 2015 2014 2013 (In Thousands) Statements of Cash Flows Operating Activities Net income $46,502 $43,529 $33,729 Items not requiring (providing) cash Equity in undistributed earnings of subsidiary (19,850) (8,904) (11,023) Compensation expense for stock option grants 382 565 443 Net realized gains on redemption of trust preferred securities (1,115) -- -- Net realized gains on sales of non-marketable securities (301) -- -- Amortization of interest rate derivative 204 19 -- Changes in Prepaid expenses and other assets (27) (3) 4 Accounts payable and accrued expenses 63 (67) (146) Income taxes 55 43 1 Net cash provided by operating activities 25,913 35,182 23,008 Investing Activities (Investment)/Return of principal - other investments 16 20 (13) Net cash provided by (used in) investing activities 16 20 (13) Financing Activities Purchase of interest rate derivative -- -- (738) Redemption of preferred stock (57,943) -- -- Redemption of trust preferred securities (3,885) -- -- Purchases of the CompanyÂ’s common stock -- (512) -- Dividends paid (12,290) (11,257) (7,964) Stock options exercised 3,362 2,438 1,242 Net cash used in financing activities (70,756) (9,331) (7,460) Increase (Decrease) in Cash (44,827) 25,871 15,535 Cash, Beginning of Year 64,836 38,965 23,430 Cash, End of Year $20,009 $64,836 $38,965 Additional Cash Payment Information Interest paid $730 $570 $565 |
Note 27_ Condensed Parent Co139
Note 27: Condensed Parent Company Statements: Condensed Statement of Comprehensive Income -- Great Southern Bancorp, Inc. (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Condensed Statement of Comprehensive Income -- Great Southern Bancorp, Inc. | 2015 2014 2013 (In Thousands) Statements of Comprehensive Income Net Income $46,502 $43,529 $33,729 Unrealized appreciation on available-for-sale securities, net of taxes of $273, $100 and $302, for 2015, 2014 and 2013, respectively 400 185 561 Change in fair value of cash flow hedge, net of taxes (credit) of $(34), $(88) and $(19) for 2015, 2014 and 2013, respectively (50) (164) (34) Comprehensive income (loss) of subsidiaries (1,722) 4,553 (14,715) Comprehensive Income $45,130 $48,103 $19,541 |
Note 1_ Nature of Operations140
Note 1: Nature of Operations and Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Details | |
Segment Reporting, Additional Information about Entity's Reportable Segments | The operating results of this segment are regularly reviewed by management to make decisions about resource allocations and to assess performance. Selected information is not presented separately for the Company’s reportable segment, as there is no material difference between that information and the corresponding information in the consolidated financial statements |
Note 1_ Nature of Operations141
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Long-lived Asset Impairment (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Property, Plant and Equipment | |
Valuation Allowances and Reserves, Deductions | $ 1,200 |
Note 1_ Nature of Operations142
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Goodwill and Intangible Assets: Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill -- Branch acquisition | $ 1,169 | $ 1,169 |
Other Intangible Assets, Net | 4,589 | 6,339 |
Intangible Assets, Net (Including Goodwill) | 5,758 | 7,508 |
TeamBank | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 105 | 526 |
Vantus Bank | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 207 | 519 |
Sun Security Bank | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 964 | 1,314 |
InterBank | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 472 | 617 |
Boulevard Bank | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 641 | 763 |
Valley Bank | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2,200 | $ 2,600 |
Note 1_ Nature of Operations143
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Earnings Per Common Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Details | |||
Earnings per share net income | $ 46,502 | $ 43,529 | $ 33,729 |
Net Income Available to Common Shareholders | $ 45,948 | $ 42,950 | $ 33,150 |
Weighted Average Number of Shares Outstanding, Basic | 13,818 | 13,700 | 13,635 |
Average common share stock options outstanding | 182 | 176 | 80 |
Weighted Average Number of Shares Outstanding, Diluted | 14,000 | 13,876 | 13,715 |
Basic | $ 3.33 | $ 3.14 | $ 2.43 |
Diluted | $ 3.28 | $ 3.10 | $ 2.42 |
Note 1_ Nature of Operations144
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Options to Purchase Shares of Common Stock: Options to Purchase Shares of Common Stock (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Details | |||
Options to purchase shares of common stock outstanding not included in computation of diluted earnings per share because exercise price greater than average market price | 117,600 | 500 | 243,510 |
Note 1_ Nature of Operations145
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Stock Option Plans: Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Details | |||
Allocated Share-based Compensation Expense | $ 382 | $ 565 | $ 443 |
Note 1_ Nature of Operations146
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Restriction On Cash and Due From Banks (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Details | ||
Federal Reserve Bank Reserve Fund | $ 58,900 | $ 72,300 |
Note 2_ Investments in Secur147
Note 2: Investments in Securities: Schedule of Available-for-sale Securities Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available-for-sale Securities, Amortized Cost Basis | $ 253,575 | |
Available for Sale Securities Fair Value | 262,856 | |
US Government Agencies Debt Securities | ||
Available-for-sale Securities, Amortized Cost Basis | 20,000 | $ 20,000 |
Available For Sale Securities Gross Unrealized Losses | 219 | 486 |
Available for Sale Securities Fair Value | 19,781 | 19,514 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ||
Available-for-sale Securities, Amortized Cost Basis | 159,777 | 254,294 |
Available for sale Securities, Gross Unrealized Gain | 2,038 | 4,325 |
Available For Sale Securities Gross Unrealized Losses | 601 | 821 |
Available for Sale Securities Fair Value | 161,214 | 257,798 |
US States and Political Subdivisions Debt Securities | ||
Available-for-sale Securities, Amortized Cost Basis | 72,951 | 79,237 |
Available for sale Securities, Gross Unrealized Gain | 5,081 | 5,810 |
Available For Sale Securities Gross Unrealized Losses | 1 | 7 |
Available for Sale Securities Fair Value | 78,031 | 85,040 |
Other securities | ||
Available-for-sale Securities, Amortized Cost Basis | 847 | 847 |
Available for sale Securities, Gross Unrealized Gain | 2,983 | 2,307 |
Available for Sale Securities Fair Value | 3,830 | 3,154 |
Available-for-sale Securities | ||
Available-for-sale Securities, Amortized Cost Basis | 253,575 | 354,378 |
Available for sale Securities, Gross Unrealized Gain | 10,102 | 12,442 |
Available For Sale Securities Gross Unrealized Losses | 821 | 1,314 |
Available for Sale Securities Fair Value | $ 262,856 | $ 365,506 |
Note 2_ Investments in Secur148
Note 2: Investments in Securities: Mortgage-backed securities portfolio (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Adjustable Rate Residential Mortgage | |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | $ 143,100 |
Fixed Rate Residential Mortgage | |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 18,100 |
Government National Mortgage Association (GNMA) Insured Loans | |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 101,600 |
Federal National Mortgage Association (FNMA) Insured Loans | |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 17,600 |
Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans | |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | $ 42,000 |
Note 2_ Investments in Secur149
Note 2: Investments in Securities: Investments Classified by Contractual Maturity Date (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Details | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | $ 619 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 649 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 3,566 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 3,715 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 88,766 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 93,448 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 159,777 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 161,214 |
Available for Sale Securities Equity Securities Amortized Cost | 847 |
Available for Sale Securities Equity Securities Fair Value | 3,830 |
Available-for-sale Securities, Amortized Cost Basis | 253,575 |
Available for Sale Securities Fair Value | $ 262,856 |
Note 2_ Investments in Secur150
Note 2: Investments in Securities: Schedule of Held-to-maturity Securities (Details) - US States and Political Subdivisions Debt Securities - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Held to Maturity Securities Amortized Cost | $ 353 | $ 450 |
Held to Maturity Securities Gross Unrealized Gains | 31 | 49 |
Held-to-maturity Securities, Fair Value | $ 384 | $ 499 |
Note 2_ Investments in Secur151
Note 2: Investments in Securities: Contractual Obligation, Fiscal Year Maturity Schedule (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Details | |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | $ 353 |
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | $ 384 |
Note 2_ Investments in Secur152
Note 2: Investments in Securities: Schedule of Financial Instruments Owned and Pledged as Collateral (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Securities Pledged as Collateral | ||
Securities Owned and Pledged As Collateral Amortized Cost | $ 197,317 | $ 294,855 |
Security Owned and Pledged as Collateral, Fair Value | 199,568 | 299,138 |
Public deposits | ||
Securities Owned and Pledged As Collateral Amortized Cost | 60,355 | 130,760 |
Security Owned and Pledged as Collateral, Fair Value | 62,288 | 133,940 |
Collateralized Loan Obligations | ||
Securities Owned and Pledged As Collateral Amortized Cost | 131,813 | 160,130 |
Security Owned and Pledged as Collateral, Fair Value | 131,950 | 161,145 |
Collateralized Securities, Other | ||
Securities Owned and Pledged As Collateral Amortized Cost | 5,149 | 3,965 |
Security Owned and Pledged as Collateral, Fair Value | $ 5,330 | $ 4,053 |
Note 2_ Investments in Secur153
Note 2: Investments in Securities: Certain investments in debt securities reported at less than historical cost (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Details | ||
Fair value investments reported less than historical cost | $ 76,000 | $ 106,000 |
Fair value investments reported less than historical cost percentage of investment portfolio | 28.90% | 29.00% |
Note 2_ Investments in Secur154
Note 2: Investments in Securities: Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Total Unrealized Losses and Estimated Fair Value | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 65,494 | $ 40,042 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (567) | (328) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 10,545 | 65,981 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (254) | (986) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 76,039 | 106,023 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (821) | (1,314) |
US Government Agencies Debt Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 20,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (219) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 20,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (486) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 20,000 | 20,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (219) | (486) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 45,494 | 40,042 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (348) | (328) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 9,635 | 45,056 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (253) | (493) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 55,129 | 85,098 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (601) | (821) |
US States and Political Subdivisions Debt Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 910 | 925 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (1) | (7) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 910 | 925 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ (1) | $ (7) |
Note 2_ Investments in Secur155
Note 2: Investments in Securities: Other-than-temporary Impairment: Other than Temporary Impairment of Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Details | |||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | $ 0 | $ 0 |
Note 2_ Investments in Secur156
Note 2: Investments in Securities: Credit Losses Recognized On Investments: Credit Losses Recognized on Investments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Details | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | $ 0 |
Note 3_ Loans and Allowance 157
Note 3: Loans and Allowance For Loan Losses: Schedule of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
One To Four Family Residential Construction | ||
Loans Receivable | $ 23,526 | $ 40,361 |
Subdivision Construction | ||
Loans Receivable | 38,504 | 28,593 |
Land Development | ||
Loans Receivable | 58,440 | 52,096 |
Commercial Construction | ||
Loans Receivable | 600,794 | 392,929 |
Owner Occupied One To Four Family Residential | ||
Loans Receivable | 110,277 | 87,549 |
Non-Owner Occupied One To Four Family Residential | ||
Loans Receivable | 149,874 | 143,051 |
Commercial Real Estate | ||
Loans Receivable | 1,043,474 | 945,876 |
Other Residential | ||
Loans Receivable | 419,549 | 392,414 |
Commercial Business | ||
Loans Receivable | 357,580 | 354,012 |
Industrial Revenue Bonds | ||
Loans Receivable | 37,362 | 41,061 |
Automobile Loan | ||
Loans Receivable | 439,895 | 323,353 |
Consumer Loan | ||
Loans Receivable | 74,829 | 78,029 |
Home Equity Line of Credit | ||
Loans Receivable | 83,966 | 66,272 |
Acquired FDIC Covered Loans Net of Discount | ||
Loans Receivable | 236,071 | 286,608 |
Acquired Loans No Longer Covered By FDIC Loss Sharing Agreements Net Of Discounts | ||
Loans Receivable | 33,338 | 49,945 |
Acquired Loans Not Covered By FDIC Loss Sharing Agreements Net of Discounts | ||
Loans Receivable | 93,436 | 121,982 |
Loans Receivable Gross | ||
Loans Receivable | 3,800,915 | 3,404,131 |
Undisbursed Portion Of Loans In Process | ||
Loans Receivable | (418,702) | (323,572) |
Allowance for Loans and Leases Receivable | ||
Loans Receivable | (38,149) | (38,435) |
Deferred Loan Fees And Gains Net | ||
Loans Receivable | (3,528) | (3,276) |
Loans Receivable | ||
Loans Receivable | $ 3,340,536 | $ 3,038,848 |
Note 3_ Loans and Allowance 158
Note 3: Loans and Allowance For Loan Losses: Schedule of Classes of Loans by Aging (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivables, 30 to 59 Days Past Due | One To Four Family Residential Construction | ||
Financing Receivables | $ 649 | |
Financing Receivables, 30 to 59 Days Past Due | Subdivision Construction | ||
Financing Receivables | $ 109 | |
Financing Receivables, 30 to 59 Days Past Due | Land Development | ||
Financing Receivables | 2,245 | 110 |
Financing Receivables, 30 to 59 Days Past Due | Commercial Construction | ||
Financing Receivables | 1 | |
Financing Receivables, 30 to 59 Days Past Due | Owner Occupied One To Four Family Residential | ||
Financing Receivables | 1,217 | 2,037 |
Financing Receivables, 30 to 59 Days Past Due | Non-Owner Occupied One To Four Family Residential | ||
Financing Receivables | 583 | |
Financing Receivables, 30 to 59 Days Past Due | Commercial Real Estate | ||
Financing Receivables | 1,035 | 6,887 |
Financing Receivables, 30 to 59 Days Past Due | Commercial Business | ||
Financing Receivables | 1,020 | 59 |
Financing Receivables, 30 to 59 Days Past Due | Automobile Loan | ||
Financing Receivables | 3,351 | 1,801 |
Financing Receivables, 30 to 59 Days Past Due | Consumer Loan | ||
Financing Receivables | 943 | 1,301 |
Financing Receivables, 30 to 59 Days Past Due | Home Equity Line of Credit | ||
Financing Receivables | 212 | 89 |
Financing Receivables, 30 to 59 Days Past Due | Acquired FDIC Covered Loans Net of Discount | ||
Financing Receivables | 7,936 | 6,236 |
Financing Receivables, 30 to 59 Days Past Due | Acquired Loans No Longer Covered By FDIC Loss Sharing Agreements Net Of Discounts | ||
Financing Receivables | 989 | 754 |
Financing Receivables, 30 to 59 Days Past Due | Acquired Non-Covered Loans Net Of Discounts | ||
Financing Receivables | 1,081 | 2,638 |
Financing Receivables, 30 to 59 Days Past Due | Loans Receivable Gross | ||
Financing Receivables | 20,679 | 22,604 |
Financing Receivables, 30 to 59 Days Past Due | Less FDIC Supported Loans And Acquired Not Covered Loans Net Of Discounts | ||
Financing Receivables | 10,006 | 9,628 |
Financing Receivables, 30 to 59 Days Past Due | Loans Receivable | ||
Financing Receivables | 10,673 | 12,976 |
Financing Receivables, 60 to 89 Days Past Due | Land Development | ||
Financing Receivables | 148 | |
Financing Receivables, 60 to 89 Days Past Due | Owner Occupied One To Four Family Residential | ||
Financing Receivables | 345 | 441 |
Financing Receivables, 60 to 89 Days Past Due | Commercial Real Estate | ||
Financing Receivables | 471 | |
Financing Receivables, 60 to 89 Days Past Due | Commercial Business | ||
Financing Receivables | 9 | |
Financing Receivables, 60 to 89 Days Past Due | Automobile Loan | ||
Financing Receivables | 891 | 244 |
Financing Receivables, 60 to 89 Days Past Due | Consumer Loan | ||
Financing Receivables | 236 | 260 |
Financing Receivables, 60 to 89 Days Past Due | Home Equity Line of Credit | ||
Financing Receivables | 123 | |
Financing Receivables, 60 to 89 Days Past Due | Acquired FDIC Covered Loans Net of Discount | ||
Financing Receivables | 603 | 1,062 |
Financing Receivables, 60 to 89 Days Past Due | Acquired Loans No Longer Covered By FDIC Loss Sharing Agreements Net Of Discounts | ||
Financing Receivables | 39 | 46 |
Financing Receivables, 60 to 89 Days Past Due | Acquired Non-Covered Loans Net Of Discounts | ||
Financing Receivables | 638 | 640 |
Financing Receivables, 60 to 89 Days Past Due | Loans Receivable Gross | ||
Financing Receivables | 3,503 | 2,693 |
Financing Receivables, 60 to 89 Days Past Due | Less FDIC Supported Loans And Acquired Not Covered Loans Net Of Discounts | ||
Financing Receivables | 1,280 | 1,748 |
Financing Receivables, 60 to 89 Days Past Due | Loans Receivable | ||
Financing Receivables | 2,223 | 945 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Land Development | ||
Financing Receivables | 139 | 255 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Owner Occupied One To Four Family Residential | ||
Financing Receivables | 715 | 1,029 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Non-Owner Occupied One To Four Family Residential | ||
Financing Receivables | 345 | 296 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial Real Estate | ||
Financing Receivables | 13,488 | 4,699 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial Business | ||
Financing Receivables | 288 | 411 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Automobile Loan | ||
Financing Receivables | 721 | 316 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer Loan | ||
Financing Receivables | 576 | 801 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Home Equity Line of Credit | ||
Financing Receivables | 297 | 340 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Acquired FDIC Covered Loans Net of Discount | ||
Financing Receivables | 9,712 | 16,419 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Acquired Loans No Longer Covered By FDIC Loss Sharing Agreements Net Of Discounts | ||
Financing Receivables | 33 | 243 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Acquired Non-Covered Loans Net Of Discounts | ||
Financing Receivables | 5,914 | 11,248 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Loans Receivable Gross | ||
Financing Receivables | 32,228 | 36,057 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Less FDIC Supported Loans And Acquired Not Covered Loans Net Of Discounts | ||
Financing Receivables | 15,659 | 27,910 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Loans Receivable | ||
Financing Receivables | 16,569 | 8,147 |
Financing Receivables Past Due | One To Four Family Residential Construction | ||
Financing Receivables | 649 | |
Financing Receivables Past Due | Subdivision Construction | ||
Financing Receivables | 109 | |
Financing Receivables Past Due | Land Development | ||
Financing Receivables | 2,532 | 365 |
Financing Receivables Past Due | Commercial Construction | ||
Financing Receivables | 1 | |
Financing Receivables Past Due | Owner Occupied One To Four Family Residential | ||
Financing Receivables | 2,277 | 3,507 |
Financing Receivables Past Due | Non-Owner Occupied One To Four Family Residential | ||
Financing Receivables | 345 | 879 |
Financing Receivables Past Due | Commercial Real Estate | ||
Financing Receivables | 14,994 | 11,586 |
Financing Receivables Past Due | Commercial Business | ||
Financing Receivables | 1,317 | 470 |
Financing Receivables Past Due | Automobile Loan | ||
Financing Receivables | 4,963 | 2,361 |
Financing Receivables Past Due | Consumer Loan | ||
Financing Receivables | 1,755 | 2,362 |
Financing Receivables Past Due | Home Equity Line of Credit | ||
Financing Receivables | 632 | 429 |
Financing Receivables Past Due | Acquired FDIC Covered Loans Net of Discount | ||
Financing Receivables | 18,251 | 23,717 |
Financing Receivables Past Due | Acquired Loans No Longer Covered By FDIC Loss Sharing Agreements Net Of Discounts | ||
Financing Receivables | 1,061 | 1,043 |
Financing Receivables Past Due | Acquired Non-Covered Loans Net Of Discounts | ||
Financing Receivables | 7,633 | 14,526 |
Financing Receivables Past Due | Loans Receivable Gross | ||
Financing Receivables | 56,410 | 61,354 |
Financing Receivables Past Due | Less FDIC Supported Loans And Acquired Not Covered Loans Net Of Discounts | ||
Financing Receivables | 26,945 | 39,286 |
Financing Receivables Past Due | Loans Receivable | ||
Financing Receivables | 29,465 | 22,068 |
Financing Receivables Current | One To Four Family Residential Construction | ||
Financing Receivables | 22,877 | 40,361 |
Financing Receivables Current | Subdivision Construction | ||
Financing Receivables | 38,504 | 28,484 |
Financing Receivables Current | Land Development | ||
Financing Receivables | 55,908 | 51,731 |
Financing Receivables Current | Commercial Construction | ||
Financing Receivables | 600,793 | 392,929 |
Financing Receivables Current | Owner Occupied One To Four Family Residential | ||
Financing Receivables | 108,000 | 84,042 |
Financing Receivables Current | Non-Owner Occupied One To Four Family Residential | ||
Financing Receivables | 149,529 | 142,172 |
Financing Receivables Current | Commercial Real Estate | ||
Financing Receivables | 1,028,480 | 934,290 |
Financing Receivables Current | Other Residential | ||
Financing Receivables | 419,549 | 392,414 |
Financing Receivables Current | Commercial Business | ||
Financing Receivables | 356,253 | 353,542 |
Financing Receivables Current | Industrial Revenue Bonds | ||
Financing Receivables | 37,362 | 41,061 |
Financing Receivables Current | Automobile Loan | ||
Financing Receivables | 434,932 | 320,992 |
Financing Receivables Current | Consumer Loan | ||
Financing Receivables | 73,074 | 75,667 |
Financing Receivables Current | Home Equity Line of Credit | ||
Financing Receivables | 83,334 | 65,843 |
Financing Receivables Current | Acquired FDIC Covered Loans Net of Discount | ||
Financing Receivables | 217,820 | 262,891 |
Financing Receivables Current | Acquired Loans No Longer Covered By FDIC Loss Sharing Agreements Net Of Discounts | ||
Financing Receivables | 32,277 | 48,902 |
Financing Receivables Current | Acquired Non-Covered Loans Net Of Discounts | ||
Financing Receivables | 85,803 | 107,456 |
Financing Receivables Current | Loans Receivable Gross | ||
Financing Receivables | 3,744,505 | 3,342,777 |
Financing Receivables Current | Less FDIC Supported Loans And Acquired Not Covered Loans Net Of Discounts | ||
Financing Receivables | 335,900 | 419,249 |
Financing Receivables Current | Loans Receivable | ||
Financing Receivables | 3,408,605 | 2,923,528 |
Financing Receivables Total | One To Four Family Residential Construction | ||
Financing Receivables | 23,526 | 40,361 |
Financing Receivables Total | Subdivision Construction | ||
Financing Receivables | 38,504 | 28,593 |
Financing Receivables Total | Land Development | ||
Financing Receivables | 58,440 | 52,096 |
Financing Receivables Total | Commercial Construction | ||
Financing Receivables | 600,794 | 392,929 |
Financing Receivables Total | Owner Occupied One To Four Family Residential | ||
Financing Receivables | 110,277 | 87,549 |
Financing Receivables Total | Non-Owner Occupied One To Four Family Residential | ||
Financing Receivables | 149,874 | 143,051 |
Financing Receivables Total | Commercial Real Estate | ||
Financing Receivables | 1,043,474 | 945,876 |
Financing Receivables Total | Other Residential | ||
Financing Receivables | 419,549 | 392,414 |
Financing Receivables Total | Commercial Business | ||
Financing Receivables | 357,580 | 354,012 |
Financing Receivables Total | Industrial Revenue Bonds | ||
Financing Receivables | 37,362 | 41,061 |
Financing Receivables Total | Automobile Loan | ||
Financing Receivables | 439,895 | 323,353 |
Financing Receivables Total | Consumer Loan | ||
Financing Receivables | 74,829 | 78,029 |
Financing Receivables Total | Home Equity Line of Credit | ||
Financing Receivables | 83,966 | 66,272 |
Financing Receivables Total | Acquired FDIC Covered Loans Net of Discount | ||
Financing Receivables | 236,071 | 286,608 |
Financing Receivables Total | Acquired Loans No Longer Covered By FDIC Loss Sharing Agreements Net Of Discounts | ||
Financing Receivables | 33,338 | 49,945 |
Financing Receivables Total | Acquired Non-Covered Loans Net Of Discounts | ||
Financing Receivables | 93,436 | 121,982 |
Financing Receivables Total | Loans Receivable Gross | ||
Financing Receivables | 3,800,915 | 3,404,131 |
Financing Receivables Total | Less FDIC Supported Loans And Acquired Not Covered Loans Net Of Discounts | ||
Financing Receivables | 362,845 | 458,535 |
Financing Receivables Total | Loans Receivable | ||
Financing Receivables | $ 3,438,070 | 2,945,596 |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Owner Occupied One To Four Family Residential | ||
Financing Receivables | 170 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Commercial Real Estate | ||
Financing Receivables | 187 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Consumer Loan | ||
Financing Receivables | 397 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Home Equity Line of Credit | ||
Financing Receivables | 22 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Acquired FDIC Covered Loans Net of Discount | ||
Financing Receivables | 194 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Loans Receivable Gross | ||
Financing Receivables | 970 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Less FDIC Supported Loans And Acquired Not Covered Loans Net Of Discounts | ||
Financing Receivables | 194 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Loans Receivable | ||
Financing Receivables | $ 776 |
Note 3_ Loans and Allowance 159
Note 3: Loans and Allowance For Loan Losses: Schedule of Financing Receivables NonAccrual Status (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Land Development | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 139 | $ 255 |
Owner Occupied One To Four Family Residential | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 715 | 859 |
Non-Owner Occupied One To Four Family Residential | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 345 | 296 |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 13,488 | 4,512 |
Commercial Business | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 288 | 411 |
Automobile Loan | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 721 | 316 |
Consumer Loan | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 576 | 404 |
Home Equity Line of Credit | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 297 | 318 |
Loans Receivable Nonaccrual | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 16,569 | $ 7,371 |
Note 3_ Loans and Allowance 160
Note 3: Loans and Allowance For Loan Losses: Allowance for Credit Losses on Financing Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Provision for loan losses | $ 5,519 | $ 4,151 | $ 17,386 |
One To Four Family Residential Construction | |||
Provision for Loan Losses Expensed | 1,428 | (1,025) | 1,496 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (80) | (2,251) | (2,196) |
Allowance for Doubtful Accounts Receivable, Recoveries | 97 | 496 | 113 |
Financing Receivable, Individually Evaluated for Impairment | 6,129 | 11,488 | 13,055 |
Financing Receivable, Collectively Evaluated for Impairment | 316,052 | 288,066 | 297,057 |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 194,697 | 234,158 | 206,964 |
One To Four Family Residential Construction | Beginning of Period | |||
Provision for loan losses | 3,455 | 6,235 | 6,822 |
One To Four Family Residential Construction | End of Period | |||
Provision for loan losses | 4,900 | 3,455 | 6,235 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 731 | 829 | 2,501 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 3,464 | 2,532 | 3,734 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 705 | 94 | |
Other Residential | |||
Provision for Loan Losses Expensed | 193 | 227 | 1,556 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (2) | (1) | (3,248) |
Allowance for Doubtful Accounts Receivable, Recoveries | 58 | 37 | 43 |
Financing Receivable, Individually Evaluated for Impairment | 9,533 | 9,804 | 10,983 |
Financing Receivable, Collectively Evaluated for Impairment | 410,016 | 382,610 | 314,616 |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 35,945 | 48,470 | 35,095 |
Other Residential | Beginning of Period | |||
Provision for loan losses | 2,941 | 2,678 | 4,327 |
Other Residential | End of Period | |||
Provision for loan losses | 3,190 | 2,941 | 2,678 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 3,122 | 2,923 | 2,678 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 68 | 18 | |
Commercial Real Estate | |||
Provision for Loan Losses Expensed | (2,753) | 1,855 | 6,922 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (2,584) | (2,160) | (9,836) |
Allowance for Doubtful Accounts Receivable, Recoveries | 302 | 3,139 | 2,412 |
Financing Receivable, Individually Evaluated for Impairment | 34,629 | 28,641 | 31,591 |
Financing Receivable, Collectively Evaluated for Impairment | 1,008,845 | 917,235 | 791,329 |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 73,148 | 107,278 | 84,591 |
Commercial Real Estate | Beginning of Period | |||
Provision for loan losses | 19,773 | 16,939 | 17,441 |
Commercial Real Estate | End of Period | |||
Provision for loan losses | 14,738 | 19,773 | 16,939 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2,556 | 1,751 | 90 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 11,888 | 16,671 | 16,845 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 294 | 1,351 | 4 |
Commercial Construction | |||
Provision for Loan Losses Expensed | (619) | (957) | 1,142 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (329) | (126) | (788) |
Allowance for Doubtful Accounts Receivable, Recoveries | 405 | 181 | 172 |
Financing Receivable, Individually Evaluated for Impairment | 7,555 | 7,601 | 12,628 |
Financing Receivable, Collectively Evaluated for Impairment | 651,679 | 437,424 | 229,332 |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 4,981 | 1,937 | 6,989 |
Commercial Construction | Beginning of Period | |||
Provision for loan losses | 3,562 | 4,464 | 3,938 |
Commercial Construction | End of Period | |||
Provision for loan losses | 3,019 | 3,562 | 4,464 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,391 | 1,507 | 473 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,570 | 1,905 | 3,991 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 58 | 150 | |
Commercial Business | |||
Provision for Loan Losses Expensed | 1,450 | 409 | 4,404 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (1,202) | (3,286) | (4,072) |
Allowance for Doubtful Accounts Receivable, Recoveries | 276 | 105 | 1,023 |
Financing Receivable, Individually Evaluated for Impairment | 2,365 | 2,725 | 8,755 |
Financing Receivable, Collectively Evaluated for Impairment | 392,577 | 392,348 | 306,514 |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 10,500 | 17,789 | 4,883 |
Commercial Business | Beginning of Period | |||
Provision for loan losses | 3,679 | 6,451 | 5,096 |
Commercial Business | End of Period | |||
Provision for loan losses | 4,203 | 3,679 | 6,451 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,115 | 823 | 4,162 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,862 | 2,805 | 2,287 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 226 | 51 | 2 |
Consumer Loan | |||
Provision for Loan Losses Expensed | 5,820 | 3,642 | 1,866 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (5,315) | (4,005) | (3,312) |
Allowance for Doubtful Accounts Receivable, Recoveries | 2,569 | 2,039 | 1,770 |
Financing Receivable, Individually Evaluated for Impairment | 1,950 | 1,480 | 1,389 |
Financing Receivable, Collectively Evaluated for Impairment | 596,740 | 466,174 | 273,871 |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 43,574 | 48,903 | 47,642 |
Consumer Loan | Beginning of Period | |||
Provision for loan losses | 5,025 | 3,349 | 3,025 |
Consumer Loan | End of Period | |||
Provision for loan losses | 8,099 | 5,025 | 3,349 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 300 | 232 | 218 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 7,647 | 4,321 | 3,131 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 152 | 472 | |
Loans Receivable | |||
Provision for Loan Losses Expensed | 5,519 | 4,151 | 17,386 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (9,512) | (11,829) | (23,452) |
Allowance for Doubtful Accounts Receivable, Recoveries | 3,707 | 5,997 | 5,533 |
Financing Receivable, Individually Evaluated for Impairment | 62,161 | 61,739 | 78,401 |
Financing Receivable, Collectively Evaluated for Impairment | 3,375,909 | 2,883,857 | 2,212,619 |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 362,845 | 458,535 | 386,164 |
Loans Receivable | Beginning of Period | |||
Provision for loan losses | 38,435 | 40,116 | 40,649 |
Loans Receivable | End of Period | |||
Provision for loan losses | 38,149 | 38,435 | 40,116 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 6,093 | 5,142 | 7,444 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 30,553 | 31,157 | 32,666 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | $ 1,503 | $ 2,136 | $ 6 |
Note 3_ Loans and Allowance 161
Note 3: Loans and Allowance For Loan Losses: Loans Serviced for Others (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Unpaid principal balances | ||
Loans serviced for others | $ 237,700 | $ 266,400,000 |
Unused lines of Credit | ||
Loans serviced for others | $ 32,300,000 | $ 33,000,000 |
Note 3_ Loans and Allowance 162
Note 3: Loans and Allowance For Loan Losses: Impaired Financing Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
One To Four Family Residential Construction | |||
Impaired Financing Receivable, Recorded Investment | $ 1,312 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 1,312 | ||
Impaired Financing Receivable, Average Recorded Investment | $ 633 | 173 | $ 36 |
Impaired Financing Receivable Interest Income Recognized | 35 | 76 | |
Subdivision Construction | |||
Impaired Financing Receivable, Recorded Investment | 1,061 | 4,540 | 3,502 |
Impaired Financing Receivable, Unpaid Principal Balance | 1,061 | 4,540 | 3,531 |
Impaired Financing Receivable, Related Allowance | 214 | 344 | 1,659 |
Impaired Financing Receivable, Average Recorded Investment | 3,533 | 2,593 | 3,315 |
Impaired Financing Receivable Interest Income Recognized | 109 | 226 | 163 |
Land Development | |||
Impaired Financing Receivable, Recorded Investment | 7,555 | 7,601 | 12,628 |
Impaired Financing Receivable, Unpaid Principal Balance | 7,644 | 8,044 | 13,042 |
Impaired Financing Receivable, Related Allowance | 1,391 | 1,507 | 473 |
Impaired Financing Receivable, Average Recorded Investment | 7,432 | 9,691 | 13,389 |
Impaired Financing Receivable Interest Income Recognized | 287 | 292 | 560 |
Owner Occupied One To Four Family Residential | |||
Impaired Financing Receivable, Recorded Investment | 3,166 | 3,747 | 5,802 |
Impaired Financing Receivable, Unpaid Principal Balance | 3,427 | 4,094 | 6,117 |
Impaired Financing Receivable, Related Allowance | 389 | 407 | 593 |
Impaired Financing Receivable, Average Recorded Investment | 3,587 | 4,808 | 5,101 |
Impaired Financing Receivable Interest Income Recognized | 179 | 212 | 251 |
Non-Owner Occupied One To Four Family Residential | |||
Impaired Financing Receivable, Recorded Investment | 1,902 | 1,889 | 3,751 |
Impaired Financing Receivable, Unpaid Principal Balance | 2,138 | 2,113 | 4,003 |
Impaired Financing Receivable, Related Allowance | 128 | 78 | 249 |
Impaired Financing Receivable, Average Recorded Investment | 1,769 | 4,010 | 4,797 |
Impaired Financing Receivable Interest Income Recognized | 100 | 94 | 195 |
Commercial Real Estate | |||
Impaired Financing Receivable, Recorded Investment | 34,629 | 28,641 | 31,591 |
Impaired Financing Receivable, Unpaid Principal Balance | 37,259 | 30,781 | 34,032 |
Impaired Financing Receivable, Related Allowance | 2,556 | 1,751 | 90 |
Impaired Financing Receivable, Average Recorded Investment | 28,610 | 29,808 | 42,242 |
Impaired Financing Receivable Interest Income Recognized | 1,594 | 1,253 | 1,632 |
Other Residential | |||
Impaired Financing Receivable, Recorded Investment | 9,533 | 9,804 | 10,983 |
Impaired Financing Receivable, Unpaid Principal Balance | 9,533 | 9,804 | 10,983 |
Impaired Financing Receivable, Average Recorded Investment | 9,670 | 10,469 | 13,837 |
Impaired Financing Receivable Interest Income Recognized | 378 | 407 | 434 |
Commercial Business | |||
Impaired Financing Receivable, Recorded Investment | 2,365 | 2,725 | 6,057 |
Impaired Financing Receivable, Unpaid Principal Balance | 2,539 | 2,750 | 6,077 |
Impaired Financing Receivable, Related Allowance | 1,115 | 823 | 4,162 |
Impaired Financing Receivable, Average Recorded Investment | 2,268 | 2,579 | 6,821 |
Impaired Financing Receivable Interest Income Recognized | 138 | 158 | 179 |
Industrial Revenue Bonds | |||
Impaired Financing Receivable, Recorded Investment | 2,698 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 2,778 | ||
Impaired Financing Receivable, Average Recorded Investment | 2,644 | 2,700 | |
Impaired Financing Receivable Interest Income Recognized | 27 | ||
Automobile Loan | |||
Impaired Financing Receivable, Recorded Investment | 791 | 420 | 216 |
Impaired Financing Receivable, Unpaid Principal Balance | 829 | 507 | 231 |
Impaired Financing Receivable, Related Allowance | 119 | 63 | 32 |
Impaired Financing Receivable, Average Recorded Investment | 576 | 219 | 145 |
Impaired Financing Receivable Interest Income Recognized | 59 | 37 | 16 |
Consumer Loan | |||
Impaired Financing Receivable, Recorded Investment | 802 | 629 | 604 |
Impaired Financing Receivable, Unpaid Principal Balance | 885 | 765 | 700 |
Impaired Financing Receivable, Related Allowance | 120 | 94 | 91 |
Impaired Financing Receivable, Average Recorded Investment | 672 | 676 | 630 |
Impaired Financing Receivable Interest Income Recognized | 74 | 71 | 63 |
Home Equity Line of Credit | |||
Impaired Financing Receivable, Recorded Investment | 357 | 431 | 569 |
Impaired Financing Receivable, Unpaid Principal Balance | 374 | 476 | 706 |
Impaired Financing Receivable, Related Allowance | 62 | 75 | 95 |
Impaired Financing Receivable, Average Recorded Investment | 403 | 461 | 391 |
Impaired Financing Receivable Interest Income Recognized | 27 | 25 | 38 |
Loans Receivable Impaired | |||
Impaired Financing Receivable, Recorded Investment | 62,161 | 61,739 | 78,401 |
Impaired Financing Receivable, Unpaid Principal Balance | 65,689 | 65,186 | 82,200 |
Impaired Financing Receivable, Related Allowance | 6,093 | 5,142 | 7,444 |
Impaired Financing Receivable, Average Recorded Investment | 59,153 | 68,131 | 93,404 |
Impaired Financing Receivable Interest Income Recognized | $ 2,980 | $ 2,851 | $ 3,558 |
Note 3_ Loans and Allowance 163
Note 3: Loans and Allowance For Loan Losses: Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Details | |||
Impaired Loans With Specific Valuation Allowance | $ 25,100 | $ 20,000 | $ 18,000 |
Impaired Loans Valuation Allowance | 6,100 | 5,100 | 7,400 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 1,000 | $ 1,100 | $ 1,600 |
Note 3_ Loans and Allowance 164
Note 3: Loans and Allowance For Loan Losses: Troubled Debt Restructurings on Financing Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Troubled Debt Restructurings Total Modifications | $ 45,000 | $ 47,600 |
Commercial Business | ||
Troubled Debt Restructuring Loans Modified Term | 1,095 | 1,150 |
Troubled Debt Restructurings Total Modifications | 1,095 | 1,150 |
Consumer Loan | ||
Troubled Debt Restructuring Loans Modified Term | 97 | 145 |
Troubled Debt Restructurings Total Modifications | 97 | 145 |
Total Newly Restructured Loans | ||
Troubled Debt Restructuring Loans Interest Only | 814 | |
Troubled Debt Restructuring Loans Modified Term | 1,714 | 5,780 |
Troubled Debt Restructuring Loans Modified Combination | 164 | 223 |
Troubled Debt Restructurings Total Modifications | 1,878 | 6,817 |
Mortgage Loan on Real Estate | One To Four Family Residential | ||
Troubled Debt Restructuring Loans Interest Only | 308 | |
Troubled Debt Restructuring Loans Modified Term | 407 | 426 |
Troubled Debt Restructuring Loans Modified Combination | 164 | |
Troubled Debt Restructurings Total Modifications | 571 | 734 |
Mortgage Loan on Real Estate | Commercial Real Estate | ||
Troubled Debt Restructuring Loans Interest Only | 506 | |
Troubled Debt Restructuring Loans Modified Term | 115 | 1,928 |
Troubled Debt Restructurings Total Modifications | $ 115 | 2,434 |
Mortgage Loan on Real Estate | One To Four Family Residential Construction | ||
Troubled Debt Restructuring Loans Modified Combination | 223 | |
Troubled Debt Restructurings Total Modifications | 223 | |
Mortgage Loan on Real Estate | Subdivision Construction | ||
Troubled Debt Restructuring Loans Modified Term | 250 | |
Troubled Debt Restructurings Total Modifications | 250 | |
Mortgage Loan on Real Estate | Other Residential | ||
Troubled Debt Restructuring Loans Modified Term | 1,881 | |
Troubled Debt Restructurings Total Modifications | $ 1,881 |
Note 3_ Loans and Allowance 165
Note 3: Loans and Allowance For Loan Losses: Loans Modified in Troubled Debt Restructurings by Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Troubled Debt Restructurings Total Modifications | $ 45,000 | $ 47,600 |
Total Troubled Debt Restructurings Accruing Interest | 39,000 | 39,200 |
Substandard | ||
Troubled Debt Restructurings | 12,200 | 18,300 |
Construction And Land Development | ||
Troubled Debt Restructured Loans and Impaired | 7,900 | 8,300 |
Single Family and Multi-Family Residential Mortgage Loans | ||
Troubled Debt Restructured Loans and Impaired | 13,500 | 13,800 |
Commercial Real Estate | ||
Troubled Debt Restructured Loans and Impaired | 21,300 | 23,300 |
Commercial Business | ||
Troubled Debt Restructurings Total Modifications | 1,095 | 1,150 |
Troubled Debt Restructured Loans and Impaired | 2,000 | 1,900 |
Consumer Loan | ||
Troubled Debt Restructurings Total Modifications | 97 | 145 |
Troubled Debt Restructured Loans and Impaired | $ 311 | $ 324 |
Note 3_ Loans and Allowance 166
Note 3: Loans and Allowance For Loan Losses: Troubled Debt Restructured Loans Returned to Accrual Status (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Troubled Debt Restructurings Returned to Accrual Status | $ 2,700 |
Commercial Real Estate | |
Troubled Debt Restructurings Returned to Accrual Status | 1,300 |
Residential Mortgage | |
Troubled Debt Restructurings Returned to Accrual Status | 1,000 |
Construction And Land Development | |
Troubled Debt Restructurings Returned to Accrual Status | 337 |
Consumer Loan | |
Troubled Debt Restructurings Returned to Accrual Status | 43 |
Commercial Business | |
Troubled Debt Restructurings Returned to Accrual Status | $ 29 |
Note 3_ Loans and Allowance 167
Note 3: Loans and Allowance For Loan Losses: Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Satisfactory | One To Four Family Residential Construction | ||
Loan Portfolio Internal Grading System Classification | $ 22,798 | $ 39,049 |
Satisfactory | Subdivision Construction | ||
Loan Portfolio Internal Grading System Classification | 34,370 | 24,269 |
Satisfactory | Land Development | ||
Loan Portfolio Internal Grading System Classification | 47,357 | 41,035 |
Satisfactory | Commercial Construction | ||
Loan Portfolio Internal Grading System Classification | 600,794 | 392,929 |
Satisfactory | Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 108,584 | 85,041 |
Satisfactory | Non-Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 144,744 | 141,198 |
Satisfactory | Commercial Real Estate | ||
Loan Portfolio Internal Grading System Classification | 1,005,894 | 901,167 |
Satisfactory | Other Residential | ||
Loan Portfolio Internal Grading System Classification | 409,172 | 380,811 |
Satisfactory | Commercial Business | ||
Loan Portfolio Internal Grading System Classification | 355,370 | 351,744 |
Satisfactory | Industrial Revenue Bonds | ||
Loan Portfolio Internal Grading System Classification | 37,362 | 40,037 |
Satisfactory | Automobile Loan | ||
Loan Portfolio Internal Grading System Classification | 439,157 | 323,002 |
Satisfactory | Consumer Loan | ||
Loan Portfolio Internal Grading System Classification | 74,167 | 77,507 |
Satisfactory | Home Equity Line of Credit | ||
Loan Portfolio Internal Grading System Classification | 83,627 | 65,841 |
Satisfactory | Acquired FDIC Covered Loans Net of Discount | ||
Loan Portfolio Internal Grading System Classification | 236,055 | 286,049 |
Satisfactory | Acquired foreclosed assets no longer covered by FDIC loss sharing agreements, net of discounts | ||
Loan Portfolio Internal Grading System Classification | 33,237 | 48,592 |
Satisfactory | Acquired Non-Covered Loans Net Of Discounts | ||
Loan Portfolio Internal Grading System Classification | 91,614 | 121,982 |
Satisfactory | Loans Receivable | ||
Loan Portfolio Internal Grading System Classification | 3,724,302 | 3,320,253 |
Watch | Subdivision Construction | ||
Loan Portfolio Internal Grading System Classification | 263 | 21 |
Watch | Land Development | ||
Loan Portfolio Internal Grading System Classification | 6,992 | 5,000 |
Watch | Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 587 | 745 |
Watch | Non-Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 516 | 580 |
Watch | Commercial Real Estate | ||
Loan Portfolio Internal Grading System Classification | 18,805 | 32,155 |
Watch | Other Residential | ||
Loan Portfolio Internal Grading System Classification | 8,422 | 9,647 |
Watch | Commercial Business | ||
Loan Portfolio Internal Grading System Classification | 1,303 | 423 |
Watch | Industrial Revenue Bonds | ||
Loan Portfolio Internal Grading System Classification | 1,024 | |
Watch | Consumer Loan | ||
Loan Portfolio Internal Grading System Classification | 3 | |
Watch | Loans Receivable | ||
Loan Portfolio Internal Grading System Classification | 36,888 | 49,598 |
Special Mention | One To Four Family Residential Construction | ||
Loan Portfolio Internal Grading System Classification | 728 | |
Special Mention | Subdivision Construction | ||
Loan Portfolio Internal Grading System Classification | 3,407 | |
Special Mention | Non-Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 3,827 | |
Special Mention | Commercial Business | ||
Loan Portfolio Internal Grading System Classification | 438 | |
Special Mention | Loans Receivable | ||
Loan Portfolio Internal Grading System Classification | 8,400 | |
Substandard | One To Four Family Residential Construction | ||
Loan Portfolio Internal Grading System Classification | 1,312 | |
Substandard | Subdivision Construction | ||
Loan Portfolio Internal Grading System Classification | 464 | 4,303 |
Substandard | Land Development | ||
Loan Portfolio Internal Grading System Classification | 4,091 | 6,061 |
Substandard | Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 1,106 | 1,763 |
Substandard | Non-Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 787 | 1,273 |
Substandard | Commercial Real Estate | ||
Loan Portfolio Internal Grading System Classification | 18,775 | 12,554 |
Substandard | Other Residential | ||
Loan Portfolio Internal Grading System Classification | 1,955 | 1,956 |
Substandard | Commercial Business | ||
Loan Portfolio Internal Grading System Classification | 469 | 1,845 |
Substandard | Automobile Loan | ||
Loan Portfolio Internal Grading System Classification | 738 | 351 |
Substandard | Consumer Loan | ||
Loan Portfolio Internal Grading System Classification | 662 | 519 |
Substandard | Home Equity Line of Credit | ||
Loan Portfolio Internal Grading System Classification | 339 | 431 |
Substandard | Acquired FDIC Covered Loans Net of Discount | ||
Loan Portfolio Internal Grading System Classification | 16 | 559 |
Substandard | Acquired foreclosed assets no longer covered by FDIC loss sharing agreements, net of discounts | ||
Loan Portfolio Internal Grading System Classification | 101 | 1,353 |
Substandard | Acquired Non-Covered Loans Net Of Discounts | ||
Loan Portfolio Internal Grading System Classification | 1,822 | |
Substandard | Loans Receivable | ||
Loan Portfolio Internal Grading System Classification | 31,325 | 34,280 |
Total Credit Quality Indicator | One To Four Family Residential Construction | ||
Loan Portfolio Internal Grading System Classification | 23,526 | 40,361 |
Total Credit Quality Indicator | Subdivision Construction | ||
Loan Portfolio Internal Grading System Classification | 38,504 | 28,593 |
Total Credit Quality Indicator | Land Development | ||
Loan Portfolio Internal Grading System Classification | 58,440 | 52,096 |
Total Credit Quality Indicator | Commercial Construction | ||
Loan Portfolio Internal Grading System Classification | 600,794 | 392,929 |
Total Credit Quality Indicator | Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 110,277 | 87,549 |
Total Credit Quality Indicator | Non-Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 149,874 | 143,051 |
Total Credit Quality Indicator | Commercial Real Estate | ||
Loan Portfolio Internal Grading System Classification | 1,043,474 | 945,876 |
Total Credit Quality Indicator | Other Residential | ||
Loan Portfolio Internal Grading System Classification | 419,549 | 392,414 |
Total Credit Quality Indicator | Commercial Business | ||
Loan Portfolio Internal Grading System Classification | 357,580 | 354,012 |
Total Credit Quality Indicator | Industrial Revenue Bonds | ||
Loan Portfolio Internal Grading System Classification | 37,362 | 41,061 |
Total Credit Quality Indicator | Automobile Loan | ||
Loan Portfolio Internal Grading System Classification | 439,895 | 323,353 |
Total Credit Quality Indicator | Consumer Loan | ||
Loan Portfolio Internal Grading System Classification | 74,829 | 78,029 |
Total Credit Quality Indicator | Home Equity Line of Credit | ||
Loan Portfolio Internal Grading System Classification | 83,966 | 66,272 |
Total Credit Quality Indicator | Acquired FDIC Covered Loans Net of Discount | ||
Loan Portfolio Internal Grading System Classification | 236,071 | 286,608 |
Total Credit Quality Indicator | Acquired foreclosed assets no longer covered by FDIC loss sharing agreements, net of discounts | ||
Loan Portfolio Internal Grading System Classification | 33,338 | 49,945 |
Total Credit Quality Indicator | Acquired Non-Covered Loans Net Of Discounts | ||
Loan Portfolio Internal Grading System Classification | 93,436 | 121,982 |
Total Credit Quality Indicator | Loans Receivable | ||
Loan Portfolio Internal Grading System Classification | $ 3,800,915 | $ 3,404,131 |
Note 3_ Loans and Allowance 168
Note 3: Loans and Allowance For Loan Losses: Related Party Transactions Disclosure: Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction, Purchases from Related Party | $ 3,390 | $ 10,427 |
Repayments of Related Party Debt | (5,131) | (1,492) |
Beginning of Period | ||
Related Party Transaction, Amounts of Transaction | 16,028 | 7,093 |
End of Period | ||
Related Party Transaction, Amounts of Transaction | $ 14,287 | $ 16,028 |
Note 4_ Acquired Loans, Loss169
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Business Combinations Policy: Business Acquisition, TeamBank Assets Acquired and Liabilities Assumed (Details) - TeamBank - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 20, 2009 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 222,800 | |||
Business Combination, Indemnification Assets, Amount as of Acquisition Date | 153,600 | |||
Business Combination Recognized Assets Acquired and Liabilities Assumed After Adjustment | 264,400 | |||
Business Combination Indemnification Assets Amount as of Acquisition Date After Adjustment | $ 128,300 | |||
Discount Recorded in Conjunction with Fair Value of Acquired Loans and Amount Accreted to Yield | $ 0 | $ 0 | $ 134 |
Note 4_ Acquired Loans, Loss170
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Business Combinations Policy: Business Acquisition, TeamBank Other Assets Acquired (Details) - TeamBank $ in Thousands | Mar. 20, 2009USD ($) |
Business Acquisition, Other Assets Acquired | $ 235,500 |
Business Acquisition, Liabilities Assumed | 610,200 |
Core Deposit Intangible Asset | 2,900 |
Cash Received from Federal Deposit Insurance Corporation | 42,400 |
Securities Investment | |
Business Acquisition, Other Assets Acquired | 111,800 |
Cash and Cash Equivalents | |
Business Acquisition, Other Assets Acquired | 83,400 |
Foreclosed assets | |
Business Acquisition, Other Assets Acquired | 2,900 |
Investment in Federal Home Loan Bank Stock | |
Business Acquisition, Other Assets Acquired | 3,900 |
Deposits | |
Business Acquisition, Liabilities Assumed | 515,700 |
Federal Home Loan Bank Advances | |
Business Acquisition, Liabilities Assumed | 80,900 |
Repurchase Agreements | |
Business Acquisition, Liabilities Assumed | $ 2,300 |
Note 4_ Acquired Loans, Loss171
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Business Combinations Policy: Business Acquisition, Vantus Bank Assets Acquired and Liabilities Assumed (Details) - Vantus Bank - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 04, 2009 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 247,000 | |||
Business Combination, Indemnification Assets, Amount as of Acquisition Date | $ 62,200 | |||
Discount Recorded in Conjunction with Fair Value of Acquired Loans and Amount Accreted to Yield | $ 0 | $ 0 | $ 104 |
Note 4_ Acquired Loans, Loss172
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Business Combinations Policy: Busienss Acquisition, Vantus Bank Other Assets Acquired (Details) - Vantus Bank $ in Thousands | Sep. 04, 2009USD ($) |
Business Acquisition, Other Assets Acquired | $ 47,200 |
Business Acquisition, Liabilities Assumed | 444,000 |
Core Deposit Intangible Asset | 2,200 |
Cash Received from Federal Deposit Insurance Corporation | 131,300 |
Securities Investment | |
Business Acquisition, Other Assets Acquired | 23,100 |
Cash and Cash Equivalents | |
Business Acquisition, Other Assets Acquired | 12,800 |
Foreclosed assets | |
Business Acquisition, Other Assets Acquired | 2,200 |
Investment in Federal Home Loan Bank Stock | |
Business Acquisition, Other Assets Acquired | 5,900 |
Deposits | |
Business Acquisition, Liabilities Assumed | 352,700 |
Federal Home Loan Bank Advances | |
Business Acquisition, Liabilities Assumed | 74,600 |
Federal Reserve Bank Advances | |
Business Acquisition, Liabilities Assumed | 10,000 |
Repurchase Agreements | |
Business Acquisition, Liabilities Assumed | $ 3,200 |
Note 4_ Acquired Loans, Loss173
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Business Combinations Policy: Business Acquisition, Sun Security Bank Assets Acquired and Liabilities Assumed (Details) - Sun Security Bank - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 07, 2011 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 163,700 | |||
Business Combination, Indemnification Assets, Amount as of Acquisition Date | $ 67,400 | |||
Discount Recorded in Conjunction with Fair Value of Acquired Loans and Amount Accreted to Yield | $ 0 | $ 105 | $ 974 |
Note 4_ Acquired Loans, Loss174
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Business Combinations Policy: Business Acquisition, Sun Security Bank Other Assets Acquired (Details) - Sun Security Bank $ in Thousands | Oct. 07, 2011USD ($) |
Business Acquisition, Other Assets Acquired | $ 85,200 |
Business Acquisition, Liabilities Assumed | 345,800 |
Core Deposit Intangible Asset | 2,500 |
Cash Received from Federal Deposit Insurance Corporation | 40,800 |
Securities Investment | |
Business Acquisition, Other Assets Acquired | 45,300 |
Cash and Cash Equivalents | |
Business Acquisition, Other Assets Acquired | 26,100 |
Foreclosed assets | |
Business Acquisition, Other Assets Acquired | 9,100 |
Investment in Federal Home Loan Bank Stock | |
Business Acquisition, Other Assets Acquired | 3,000 |
Other Assets | |
Business Acquisition, Other Assets Acquired | 1,800 |
Deposits | |
Business Acquisition, Liabilities Assumed | 280,900 |
Federal Home Loan Bank Advances | |
Business Acquisition, Liabilities Assumed | 64,300 |
Other Liabilities | |
Business Acquisition, Liabilities Assumed | $ 632 |
Note 4_ Acquired Loans, Loss175
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Business Combinations Policy: Business Acquisition, InterBank Assets Acquired and Liabilities Assumed (Details) - InterBank - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 27, 2012 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 285,500 | |||
Business Combination, Indemnification Assets, Amount as of Acquisition Date | $ 84,000 | |||
Discount Recorded in Conjunction with Fair Value of Acquired Loans and Amount Accreted to Yield | $ 459 | $ 544 | $ 636 |
Note 4_ Acquired Loans, Loss176
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Business Combinations Policy: Busdiness Acquisition, InterBank Other Assets Acquired (Details) - InterBank $ in Thousands | Apr. 27, 2012USD ($) |
Business Acquisition, Other Assets Acquired | $ 79,800 |
Business Acquisition, Liabilities Assumed | 458,700 |
Core Deposit Intangible Asset | 1,000 |
Cash Received from Federal Deposit Insurance Corporation | 40,800 |
Securities Investment | |
Business Acquisition, Other Assets Acquired | 34,900 |
Cash and Cash Equivalents | |
Business Acquisition, Other Assets Acquired | 34,500 |
Foreclosed assets | |
Business Acquisition, Other Assets Acquired | 6,200 |
Investment in Federal Home Loan Bank Stock | |
Business Acquisition, Other Assets Acquired | 585 |
Other Assets | |
Business Acquisition, Other Assets Acquired | 2,600 |
Deposits | |
Business Acquisition, Liabilities Assumed | 456,300 |
Other Liabilities | |
Business Acquisition, Liabilities Assumed | $ 2,400 |
Note 4_ Acquired Loans, Loss177
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Business Combinations Policy: Business Acquisition, Valley Bank Assets Acquired and Liabilities Assumed (Details) - Valley Bank - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combination Loans Acquired | $ 165,100 | |
Discount Recorded in Conjunction with Fair Value of Acquired Loans and Amount Accreted to Yield | $ 794 | $ 501 |
Note 4_ Acquired Loans, Loss178
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Business Acquisition Fair Value and Expected Cash Flows Policy: Schedule of Business Combination Accretable Yield (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Details | |||
Increase in accretable yield due to increased cash flow expectations | $ 13,720 | $ 31,461 | $ 40,947 |
Decrease in FDIC indemnification asset as a result of accretable yield increase | $ (5,056) | $ (23,129) | $ (32,597) |
Note 4_ Acquired Loans, Loss179
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Business Acquisition Fair Value and Expected Cash Flows Policy: Schedule of Impact of Acquired Loans on Financial Results (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Details | |||
Impact of acquired loan pools on net interest income | $ 28,531 | $ 34,974 | $ 35,211 |
Impact of acquired loan pools on non-interest income | (19,534) | (28,740) | (29,451) |
Net impact of acquired loan pools to pre-tax income | $ 8,997 | $ 6,234 | $ 5,760 |
Note 4_ Acquired Loans, Loss180
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: FDIC Indemnification Asset Roll Forward (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
FDIC indemnification asset | $ 24,082 | $ 44,334 | |
TeamBank Loans | |||
Initial basis for loss sharing determination, net of activity since acquisition date | 29,115 | 43,855 | |
Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) | (1,285) | (1,923) | |
Original estimated fair value of assets, net of activity since acquisition date | (27,660) | (41,560) | |
Expected loss remaining | $ 170 | $ 372 | |
Assumed loss sharing recovery percentage | 90.00% | 85.00% | |
Estimated loss sharing value | $ 154 | $ 315 | |
Indemnification assets to be amortized resulting from change in expected losses | 241 | 359 | |
FDIC indemnification asset | $ 395 | 674 | |
TeamBank Foreclosed Assets | |||
Initial basis for loss sharing determination, net of activity since acquisition date | 132 | ||
Original estimated fair value of assets, net of activity since acquisition date | (119) | ||
Expected loss remaining | $ 13 | ||
Assumed loss sharing recovery percentage | 0.00% | 77.00% | |
Estimated loss sharing value | $ 10 | ||
FDIC indemnification asset | 10 | ||
Vantus Bank Loans | |||
Initial basis for loss sharing determination, net of activity since acquisition date | $ 31,818 | 42,138 | |
Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) | (470) | (504) | |
Original estimated fair value of assets, net of activity since acquisition date | (31,092) | (40,997) | |
Expected loss remaining | $ 256 | $ 637 | |
Assumed loss sharing recovery percentage | 61.00% | 72.00% | |
Estimated loss sharing value | $ 156 | $ 461 | |
Indemnification assets to be amortized resulting from change in expected losses | 319 | 324 | |
FDIC indemnification asset | 475 | 785 | |
Vantus Bank Foreclosed Assets | |||
Initial basis for loss sharing determination, net of activity since acquisition date | 608 | 1,084 | |
Original estimated fair value of assets, net of activity since acquisition date | (418) | (894) | |
Expected loss remaining | $ 190 | $ 190 | |
Assumed loss sharing recovery percentage | 0.00% | 0.00% | |
Sun Security Bank Loans | |||
Initial basis for loss sharing determination, net of activity since acquisition date | $ 43,855 | $ 59,618 | |
Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) | (2,171) | (3,341) | |
Original estimated fair value of assets, net of activity since acquisition date | (40,349) | (52,166) | |
Expected loss remaining | $ 1,335 | $ 4,111 | |
Assumed loss sharing recovery percentage | 34.00% | 65.00% | |
Estimated loss sharing value | $ 456 | $ 2,676 | |
Indemnification assets to be amortized resulting from change in expected losses | 1,725 | 2,662 | |
FDIC indemnification asset | 2,145 | 5,071 | |
Accretable Discount on FDIC Indemnification Asset | (36) | (267) | |
Sun Security Bank Foreclosed Assets | |||
Initial basis for loss sharing determination, net of activity since acquisition date | 557 | 2,325 | |
Original estimated fair value of assets, net of activity since acquisition date | (461) | (1,488) | |
Expected loss remaining | $ 96 | $ 837 | |
Assumed loss sharing recovery percentage | 80.00% | 80.00% | |
Estimated loss sharing value | $ 77 | $ 670 | |
FDIC indemnification asset | 14 | 606 | |
Accretable Discount on FDIC Indemnification Asset | (63) | (64) | |
InterBank Loans | |||
Initial basis for loss sharing determination, net of activity since acquisition date | 193,654 | 244,977 | |
Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) | (4,901) | (19,566) | |
Original estimated fair value of assets, net of activity since acquisition date | (170,308) | (201,830) | |
Expected loss remaining | $ 19,347 | $ 24,942 | |
Assumed loss sharing recovery percentage | 83.00% | 82.00% | |
Estimated loss sharing value | [1] | $ 16,032 | $ 20,509 |
Indemnification assets to be amortized resulting from change in expected losses | 3,920 | 15,652 | |
FDIC indemnification asset | 20,511 | 36,814 | |
Accretable Discount on FDIC Indemnification Asset | (1,801) | (2,967) | |
Non-credit premium (discount), net of activity since acquisition date | 902 | 1,361 | |
FDIC loss share clawback | 2,360 | 3,620 | |
InterBank Foreclosed Assets | |||
Initial basis for loss sharing determination, net of activity since acquisition date | 2,110 | 4,494 | |
Original estimated fair value of assets, net of activity since acquisition date | (1,392) | (3,986) | |
Expected loss remaining | $ 718 | $ 508 | |
Assumed loss sharing recovery percentage | 80.00% | 80.00% | |
Estimated loss sharing value | [1] | $ 575 | $ 406 |
FDIC indemnification asset | 542 | 373 | |
Accretable Discount on FDIC Indemnification Asset | (33) | (33) | |
Valley Bank Loans | |||
Initial basis for loss sharing determination, net of activity since acquisition date | 109,791 | 145,845 | |
Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) | (3,213) | (1,519) | |
Original estimated fair value of assets, net of activity since acquisition date | (93,436) | (121,982) | |
Expected loss remaining | 13,861 | 23,858 | |
Non-credit premium (discount), net of activity since acquisition date | 719 | 1,514 | |
Valley Bank Foreclosed Assets | |||
Initial basis for loss sharing determination, net of activity since acquisition date | 1,017 | 778 | |
Original estimated fair value of assets, net of activity since acquisition date | (995) | $ (778) | |
Expected loss remaining | $ 22 | ||
[1] | Includes $400,000 impairment of indemnification asset for loans |
Note 4_ Acquired Loans, Loss181
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Schedule of Changes in Accretable Yield for Acquired Loan Pools (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
TeamBank | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | $ (3,265) | $ (4,138) | $ (9,473) | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 205 | [1] | 3,601 | [1] | 4,747 | [2] | |
TeamBank | Beginning of Period | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | 12,128 | ||||||
TeamBank | End of Period | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | 3,805 | 6,865 | 7,402 | ||||
Vantus Bank | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | (2,541) | (3,835) | (8,940) | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 1,448 | [1] | 2,563 | [1] | 1,127 | [2] | |
Vantus Bank | Beginning of Period | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | 13,538 | ||||||
Vantus Bank | End of Period | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | 3,360 | 4,453 | 5,725 | ||||
Sun Security Bank | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | (5,487) | (10,590) | (16,885) | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 3,459 | [1] | 7,429 | [1] | 16,739 | [2] | |
Sun Security Bank | Beginning of Period | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | 11,259 | ||||||
Sun Security Bank | End of Period | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | 5,924 | 7,952 | 11,113 | ||||
InterBank | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | (28,767) | (37,994) | (28,667) | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 9,022 | [1] | 33,991 | [1] | 26,188 | [2] | |
InterBank | Beginning of Period | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | 42,574 | ||||||
InterBank | End of Period | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | 16,347 | 36,092 | $ 40,095 | ||||
Valley Bank | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | (10,975) | (4,788) | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | [1] | 8,159 | (7,056) | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Additions | 22,976 | ||||||
Valley Bank | End of Period | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | $ 8,316 | $ 11,132 | |||||
[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, 2015, totaling $40,000, $1.1 million, $2.0 million, $4.8 million and $759,000, respectively; for TeamBank, Vantus Bank, Sun Security Bank, InterBank and Valley Bank for the year ended December 31, 2014, totaling $3.2 million, $2.4 million, $3.9 million, $9.2 million and $(9.6 million), respectively; and for TeamBank, Vantus Bank, Sun Security Bank and InterBank for the year ended December 31, 2013, totaling $2.3 million, $611,000, $4.8 million and $146,000, respectively. | ||||||
[2] | Represents increases in estimated cash flows expected to be received from the acquired loan pools, primarily due to lower estimated credit losses. The amounts also include changes in expected accretion of the loan pools for TeamBank, Vantus Bank, Sun Security Bank, InterBank and Valley Bank for the six months ended June 30, 2015, totaling $(176,000), $527,000, $1.1 million, $1.6 million and $344,000, respectively, and for the six months ended June 30, 2014, totaling $2.3 million, $984,000, $1.4 million, $1.7 million and $-0-, respectively. |
Note 5_ Other Real Estate Ow182
Note 5: Other Real Estate Owned: Schedule of major classifications of other real estate owned (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Real Estate Owned, Net | $ 31,893 | $ 45,838 |
Foreclosed Assets Held For Sale | One To Four Family Residential Construction | ||
Foreclosed Assets | 223 | |
Foreclosed Assets Held For Sale | Subdivision Construction | ||
Foreclosed Assets | 7,016 | 9,857 |
Foreclosed Assets Held For Sale | Land Development | ||
Foreclosed Assets | 12,133 | 17,168 |
Foreclosed Assets Held For Sale | One To Four Family Residential | ||
Foreclosed Assets | 1,375 | 3,353 |
Foreclosed Assets Held For Sale | Other Residential | ||
Foreclosed Assets | 2,150 | 2,625 |
Foreclosed Assets Held For Sale | Commercial Real Estate | ||
Foreclosed Assets | 3,608 | 1,632 |
Foreclosed Assets Held For Sale | Commercial Business | ||
Foreclosed Assets | 59 | |
Foreclosed Assets Held For Sale | Consumer Loan | ||
Foreclosed Assets | 1,109 | 624 |
Foreclosed Assets Held For Sale | Foreclosed Assets Before FDIC Supported Foreclosed Assets | ||
Foreclosed Assets | 27,391 | 35,541 |
Foreclosed Assets Held For Sale | FDIC Supported Foreclosed Assets Net Of Discounts | ||
Foreclosed Assets | 1,834 | 5,695 |
Foreclosed Assets Held For Sale | Acquired foreclosed assets no longer covered by FDIC loss sharing agreements, net of discounts | ||
Foreclosed Assets | 460 | 879 |
Foreclosed Assets Held For Sale | Acquired Loans Not Covered By FDIC Loss Sharing Agreements Net of Discounts | ||
Foreclosed Assets | 995 | 778 |
Foreclosed Assets Held For Sale Net | ||
Foreclosed Assets | 30,680 | 42,893 |
Other real estate owned not acquired through foreclosure | ||
Other Real Estate Owned, Net | $ 1,213 | $ 2,945 |
Note 5_ Other Real Estate Ow183
Note 5: Other Real Estate Owned: Other Real Estate Owned Not Acquired Through Foreclosure (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Details | |
Number of properties acquired other than through foreclosure | 9 |
Number of branch locations closed and held for sale | 8 |
Number of properties acquired for potential branch locations | 1 |
Note 5_ Other Real Estate Ow184
Note 5: Other Real Estate Owned: Schedule of expenses applicable to other real estate owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Details | |||
Loss (Gain) on Sales of Foreclosed Assets | $ (397) | $ (91) | $ (231) |
Valuation write-downs on foreclosed assets | 890 | 3,343 | 1,384 |
Operating expenses, net of rental income | 2,033 | 2,384 | 2,915 |
Total foreclosed assets expenses | $ 2,526 | $ 5,636 | $ 4,068 |
Note 6_ Premises and Equipme185
Note 6: Premises and Equipment: Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Details | ||
Land | $ 39,395 | $ 35,577 |
Inventory, Buildings and Improvements | 87,333 | 85,128 |
Furniture and Fixtures, Gross | 56,051 | 50,311 |
Property, Plant and Equipment, Gross | 182,779 | 171,016 |
Property, Plant, and Equipment, Owned, Accumulated Depreciation | 53,124 | 46,175 |
Premises and equipment, net | $ 129,655 | $ 124,841 |
Note 7_ Investments in Limit186
Note 7: Investments in Limited Partnerships: Investments in Affordable Housing Partnerships Policy (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Details | |||
Number of Investments in Affordable Housing Partnerships | 13 | 13 | |
Investments in Affordable Housing Partnerships Carrying Value, Net | $ 25,100 | $ 29,600 | |
Federal Affordable Housing Tax Credits | 32,700 | ||
Expected Amortization of Investments in Affordable Housing Partnerships | 25,100 | ||
Usage of Federal Affordable Housing Tax Credits | 6,300 | 6,000 | $ 7,100 |
Actual Amortization of Investments in Affordable Housing Partnerships | $ 4,900 | $ 4,700 | $ 5,000 |
Note 7_ Investments in Limit187
Note 7: Investments in Limited Partnerships: Investments in Community Development Entities Policy (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Details | |||
Number of Investments in Community Development Entities | 4 | 4 | |
Investments in Community Development Entities Net Carrying Amount | $ 3,500 | $ 5,100 | |
Community Development Federal New Market Tax Credits | 4,700 | ||
Expected Amortization of Investment in Community Development Entities | 3,300 | ||
Usage of Investment in Community Development Entities Federal New Market Tax Credits | 2,300 | 2,300 | $ 2,300 |
Actual Amortization of Investment in Community Development Entities | $ 1,700 | $ 1,700 | $ 1,600 |
Note 8_ Deposits_ Schedule o188
Note 8: Deposits: Schedule of Deposit Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Noninterest-bearing Deposit Liabilities | $ 571,629 | $ 518,266 |
Demand Deposit Accounts | 1,980,479 | 1,893,366 |
0.00% - 0.99% | Bank Time Deposits | ||
Noninterest-bearing Deposit Liabilities | 863,865 | 798,932 |
1.00% to 1.99% | Bank Time Deposits | ||
Noninterest-bearing Deposit Liabilities | 381,956 | 227,476 |
2.00% - 2.99% | Bank Time Deposits | ||
Noninterest-bearing Deposit Liabilities | 39,592 | 61,146 |
3.00% - 3.99% | Bank Time Deposits | ||
Noninterest-bearing Deposit Liabilities | 1,137 | 8,065 |
4.00% - 4.99% | Bank Time Deposits | ||
Noninterest-bearing Deposit Liabilities | 1,304 | 1,435 |
5.00% and Above | Bank Time Deposits | ||
Noninterest-bearing Deposit Liabilities | 293 | 420 |
Total Time Deposits | Bank Time Deposits | ||
Noninterest-bearing Deposit Liabilities | 1,288,147 | 1,097,474 |
Non-Interest Bearing Demand Deposits | ||
Noninterest-bearing Deposit Liabilities | 3,268,626 | 2,990,840 |
Weighted Average Interest Rate | 0.24% - 0.19% | ||
Interest-bearing Domestic Deposit, Demand | $ 1,408,850 | $ 1,375,100 |
Note 8_ Deposits_ Weighted Aver
Note 8: Deposits: Weighted Average Interest Rate on Certificates of Deposit (Details) | Dec. 31, 2015 | Dec. 31, 2014 |
Details | ||
Weighted average interest rate on certificates of deposit | 0.85% | 0.78% |
Note 8_ Deposits_ Originated Ce
Note 8: Deposits: Originated Certificates of Deposit and Brokered Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Details | ||
Amount of certificates of deposit greater than $100,000 originated | $ 493,600 | $ 402,000 |
Interest-bearing Domestic Deposit, Brokered | $ 283,700 | $ 173,500 |
Note 8_ Deposits_ Schedule o191
Note 8: Deposits: Schedule of Certificates of Deposit by Scheduled Maturities (Details) - Certificate of Deposit Owner $ in Thousands | Dec. 31, 2015USD ($) |
Retail | |
Time Deposit Maturities, Next Twelve Months | $ 727,380 |
Time Deposit Maturities, Year Two | 186,133 |
Time Deposit Maturities, Year Three | 57,968 |
Time Deposit Maturities, Year Four | 12,536 |
Time Deposit Maturities, Year Five | 15,644 |
Time Deposit Maturities, after Year Five | 4,738 |
Time Deposits | 1,004,399 |
Brokered | |
Time Deposit Maturities, Next Twelve Months | 202,089 |
Time Deposit Maturities, Year Two | 79,267 |
Time Deposit Maturities, Year Three | 2,392 |
Time Deposits | 283,748 |
Certificate Owners, Total | |
Time Deposit Maturities, Next Twelve Months | 929,469 |
Time Deposit Maturities, Year Two | 265,400 |
Time Deposit Maturities, Year Three | 60,360 |
Time Deposit Maturities, Year Four | 12,536 |
Time Deposit Maturities, Year Five | 15,644 |
Time Deposit Maturities, after Year Five | 4,738 |
Time Deposits | $ 1,288,147 |
Note 8_ Deposits_ Schedule o192
Note 8: Deposits: Schedule of Interest Expense on Deposit Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Details | |||
Interest Expense, Demand Deposit Accounts | $ 2,858 | $ 3,088 | $ 3,551 |
Interest Expense, Time Deposits | 10,739 | 8,264 | 8,871 |
Interest Expense Domestic Deposit Liabilities, Withdrawal Penalties | (86) | (127) | (76) |
Interest Expense, Customer Deposits | $ 13,511 | $ 11,225 | $ 12,346 |
Note 9_ Advances From Federa193
Note 9: Advances From Federal Home Loan Bank: Federal Home Loan Bank, Advances (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Due in 2016 | ||
Federal Home Loan Bank Advances Maturities Summary | $ 232,071 | $ 70 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate | 0.42% | 5.14% |
Due in 2017 | ||
Federal Home Loan Bank Advances Maturities Summary | $ 30,826 | $ 30,826 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate | 3.26% | 3.26% |
Due in 2018 | ||
Federal Home Loan Bank Advances Maturities Summary | $ 81 | $ 81 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate | 5.14% | 5.14% |
Due in 2019 | ||
Federal Home Loan Bank Advances Maturities Summary | $ 28 | $ 28 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate | 5.14% | 5.14% |
Due in 2021 and Thereafter | ||
Federal Home Loan Bank Advances Maturities Summary | $ 500 | $ 500 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate | 5.54% | 5.54% |
Federal Home Loan Bank Advances, Gross | ||
Federal Home Loan Bank Advances Maturities Summary | $ 263,506 | $ 271,570 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate | 0.76% | 0.75% |
Federal Home Loan Bank Advances Unamortized Fair Value Adjustment | ||
Federal Home Loan Bank Advances Maturities Summary | $ 40 | $ 71 |
Federal Home Loan Bank Advances, Net | ||
Federal Home Loan Bank Advances Maturities Summary | $ 263,546 | 271,641 |
Due in 2015 | ||
Federal Home Loan Bank Advances Maturities Summary | $ 240,065 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate | 0.41% |
Note 10_ Short-term Borrowin194
Note 10: Short-term Borrowings: Schedule of Short-term Debt (Details) - Short-term Debt - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Notes payable (Community Development) - Equity Funds | $ 1,295 | $ 1,451 |
Other Short-term Borrowings | 41,000 | |
Securities for Reverse Repurchase Agreements | 116,182 | 168,993 |
Short-term Debt, Fair Value | $ 117,477 | $ 211,444 |
Note 10_ Short-term Borrowin195
Note 10: Short-term Borrowings: Schedule of Repurchase Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Securities sold under reverse repurchase agreements with customers | $ 116,182 | $ 168,993 |
Financial Assets Sold under Agreement to Repurchase | ||
Securities sold under reverse repurchase agreements with customers | 161,182 | 168,993 |
Financial Assets Sold under Agreement to Repurchase | Maturity Overnight | Federal Home Loan Bank Certificates and Obligations (FHLB) | ||
Securities sold under reverse repurchase agreements with customers | 10,000 | |
Financial Assets Sold under Agreement to Repurchase | Maturity Overnight | Mortgage Backed Securities, Other | ||
Securities sold under reverse repurchase agreements with customers | $ 161,182 | $ 158,993 |
Note 11_ Federal Reserve Ban196
Note 11: Federal Reserve Bank Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Details | ||
Long-term Line of Credit | $ 633,700 | $ 563,200 |
Note 13_ Subordinated Debent197
Note 13: Subordinated Debentures Issued To Capital Trusts: Schedule of Subordinated Borrowing (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Details | ||
Subordinated Debt, Current | $ 25,774 | $ 30,929 |
Note 14_ Income Taxes_ Sched198
Note 14: Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Details | |||
Income Taxes Payable, Current | $ 20,234 | $ 20,013 | $ 17,013 |
Deferred Income Taxes and Tax Credits | (4,670) | (6,260) | (8,839) |
Accrued Income Taxes, Current | $ 15,564 | $ 13,753 | $ 8,174 |
Note 14_ Income Taxes_ Sched199
Note 14: Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Details | ||
Deferred Tax Assets Allowance for Loan Losses | $ 13,848 | $ 13,452 |
Deferred Tax Assets Interest on Nonperforming Loans | 259 | 317 |
Deferred Tax Assets Accrued Expenses | 1,302 | 1,527 |
Deferred Tax Assets Write-down of Foreclosed Assets | 4,056 | 3,970 |
Deferred Tax Assets Write-down of Fixed Assets | 417 | |
Deferred Tax Assets, Other | 350 | |
Deferred Tax Assets, Gross, Current | 19,882 | 19,616 |
Deferred Tax Liabilities Tax Depreciation in Excess of Book Depreciation | (6,483) | (6,443) |
Deferred Tax Liabilities Federal Home Loan Bank Stock Dividends | (1,549) | (1,494) |
Deferred Tax Liabilities Partnership Tax Credits | (1,991) | (2,176) |
Deferred Tax Liabilities, Prepaid Expenses | (515) | (508) |
Deferred Tax Liabilities, Unrealized Gains on Trading Securities | (3,369) | (3,895) |
Deferred Tax Liabilities Difference in Basis for Acquired Assets and Liabilities | (435) | (4,738) |
Deferred Tax Liabilities, Other | (185) | (236) |
Deferred Tax Liabilities, Gross, Current | (14,527) | (19,490) |
Deferred Tax Assets, Net | $ 5,355 | $ 126 |
Note 14_ Income Taxes_ Sched200
Note 14: Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Details | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Effective Income Tax Reconciliation Nontaxable Interest and Dividends | (2.40%) | (3.00%) | (4.60%) |
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | (8.10%) | (9.50%) | (12.50%) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 1.40% | 1.50% | 1.60% |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | (0.80%) | ||
Effective Income Tax Rate Reconciliation | 25.10% | 24.00% | 19.50% |
Note 15_ Disclosures About F201
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
US Government Agencies Debt Securities | ||
Assets, Fair Value Disclosure, Recurring | $ 19,781 | $ 19,514 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ||
Assets, Fair Value Disclosure, Recurring | 161,214 | 257,798 |
US States and Political Subdivisions Debt Securities | ||
Assets, Fair Value Disclosure, Recurring | 78,031 | 85,040 |
Other securities | ||
Assets, Fair Value Disclosure, Recurring | 3,830 | 3,154 |
Interest Rate Swap Asset | ||
Assets, Fair Value Disclosure, Recurring | 2,711 | 2,502 |
Interest Rate Swap Liability | ||
Assets, Fair Value Disclosure, Recurring | (2,725) | (2,187) |
Fair Value, Inputs, Level 2 | US Government Agencies Debt Securities | ||
Assets, Fair Value Disclosure, Recurring | 19,781 | 19,514 |
Fair Value, Inputs, Level 2 | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ||
Assets, Fair Value Disclosure, Recurring | 161,214 | 257,798 |
Fair Value, Inputs, Level 2 | US States and Political Subdivisions Debt Securities | ||
Assets, Fair Value Disclosure, Recurring | 78,031 | 85,040 |
Fair Value, Inputs, Level 2 | Interest Rate Swap Asset | ||
Assets, Fair Value Disclosure, Recurring | 2,711 | |
Fair Value, Inputs, Level 2 | Interest Rate Swap Liability | ||
Assets, Fair Value Disclosure, Recurring | $ (2,725) | |
Fair Value, Inputs, Level 3 | Interest Rate Swap Asset | ||
Assets, Fair Value Disclosure, Recurring | 2,502 | |
Fair Value, Inputs, Level 3 | Interest Rate Swap Liability | ||
Assets, Fair Value Disclosure, Recurring | $ (2,187) |
Note 15_ Disclosures About F202
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Rate Derivative Asset | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $ 496 | $ 228 |
Fair Value Equity Level 3 To Level 2 Transfers Amount | (2,583) | |
Interest Rate Derivative Asset | Beginning of Period | ||
Increase (Decrease) in Derivative Assets | 1,859 | |
Interest Rate Derivative Asset | End of Period | ||
Increase (Decrease) in Derivative Assets | 2,087 | |
Interest Rate Cap Derivative Asset Designated as Hedging Instrument | ||
Fair Value Equity Level 3 To Level 2 Transfers Amount | (128) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (287) | (270) |
Interest Rate Cap Derivative Asset Designated as Hedging Instrument | Beginning of Period | ||
Derivative Asset Designated as Hedging Instrument Cap | 685 | |
Interest Rate Cap Derivative Asset Designated as Hedging Instrument | End of Period | ||
Derivative Asset Designated as Hedging Instrument Cap | 415 | |
Interest Rate Derivative Liability | ||
Fair Value Equity Level 3 To Level 2 Transfers Amount | (2,725) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ 538 | 574 |
Interest Rate Derivative Liability | Beginning of Period | ||
Derivative Liability, Fair Value, Gross Liability | 1,613 | |
Interest Rate Derivative Liability | End of Period | ||
Derivative Liability, Fair Value, Gross Liability | $ 2,187 |
Note 15_ Disclosures About F203
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value, Assets and Liabilities Measured on Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Impaired Loans | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 13,896 | $ 11,658 |
Foreclosed Assets Held For Sale | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,722 | 6,975 |
Fair Value, Inputs, Level 3 | Impaired Loans | ||
Assets, Fair Value Disclosure, Nonrecurring | 13,896 | 11,658 |
Fair Value, Inputs, Level 3 | Foreclosed Assets Held For Sale | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 1,722 | $ 6,975 |
Note 15_ Disclosures About F204
Note 15: Disclosures About Fair Value of Financial Instruments: Schedule Of Financial Instruments Fair Value (Details) $ in Thousands | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Financial Assets | Cash and Cash Equivalents | ||
Financial Instruments Owned Carrying Amount | $ 199,183 | $ 218,647 |
Financial Instruments, Owned, at Fair Value | $ 199,183 | $ 218,647 |
Fair Value by Fair Value Hierarchy Level | 1 | 1 |
Financial Assets | Held-to-maturity Securities | ||
Financial Instruments Owned Carrying Amount | $ 353 | $ 450 |
Financial Instruments, Owned, at Fair Value | $ 384 | $ 499 |
Fair Value by Fair Value Hierarchy Level | 2 | 2 |
Financial Assets | Mortgage Loans Held For Sale | ||
Financial Instruments Owned Carrying Amount | $ 12,261 | $ 14,579 |
Financial Instruments, Owned, at Fair Value | $ 12,261 | $ 14,579 |
Fair Value by Fair Value Hierarchy Level | 2 | 2 |
Financial Assets | Loans Receivable | ||
Financial Instruments Owned Carrying Amount | $ 3,340,536 | $ 3,038,848 |
Financial Instruments, Owned, at Fair Value | $ 3,355,924 | $ 3,047,741 |
Fair Value by Fair Value Hierarchy Level | 3 | 3 |
Financial Assets | Accrued Interest Receivable | ||
Financial Instruments Owned Carrying Amount | $ 10,930 | $ 11,219 |
Financial Instruments, Owned, at Fair Value | $ 10,930 | $ 11,219 |
Fair Value by Fair Value Hierarchy Level | 3 | 3 |
Financial Assets | Investment in Federal Home Loan Bank Stock | ||
Financial Instruments Owned Carrying Amount | $ 15,303 | $ 16,893 |
Financial Instruments, Owned, at Fair Value | $ 15,303 | $ 16,893 |
Fair Value by Fair Value Hierarchy Level | 3 | 3 |
Financial Liabilities | Deposits | ||
Financial Instruments Owned Carrying Amount | $ 3,268,626 | $ 2,990,840 |
Financial Instruments, Owned, at Fair Value | $ 3,271,318 | $ 2,996,226 |
Fair Value by Fair Value Hierarchy Level | 3 | 3 |
Financial Liabilities | Federal Home Loan Bank Advances | ||
Financial Instruments Owned Carrying Amount | $ 263,546 | $ 271,641 |
Financial Instruments, Owned, at Fair Value | $ 264,331 | $ 273,568 |
Fair Value by Fair Value Hierarchy Level | 3 | 3 |
Financial Liabilities | Short-term Debt | ||
Financial Instruments Owned Carrying Amount | $ 117,477 | $ 211,444 |
Financial Instruments, Owned, at Fair Value | $ 117,477 | $ 211,444 |
Fair Value by Fair Value Hierarchy Level | 3 | 3 |
Financial Liabilities | Subordinated Debt | ||
Financial Instruments Owned Carrying Amount | $ 25,774 | $ 30,929 |
Financial Instruments, Owned, at Fair Value | $ 25,774 | $ 30,929 |
Fair Value by Fair Value Hierarchy Level | 3 | 3 |
Financial Liabilities | Accrued Interest Payable | ||
Financial Instruments Owned Carrying Amount | $ 1,080 | $ 1,067 |
Financial Instruments, Owned, at Fair Value | $ 1,080 | $ 1,067 |
Fair Value by Fair Value Hierarchy Level | 3 | 3 |
Unrecognized Financial Instruments Net Of Contractual Value | Loan Origination Commitments | ||
Fair Value by Fair Value Hierarchy Level | 3 | 3 |
Unrecognized Financial Instruments Net Of Contractual Value | Letter of Credit | ||
Financial Instruments Owned Carrying Amount | $ 145 | $ 92 |
Financial Instruments, Owned, at Fair Value | $ 145 | $ 92 |
Fair Value by Fair Value Hierarchy Level | 3 | 3 |
Unrecognized Financial Instruments Net Of Contractual Value | Line of Credit | ||
Fair Value by Fair Value Hierarchy Level | 3 | 3 |
Note 16_ Operating Leases_ S205
Note 16: Operating Leases: Schedule of Future Minimum Rental Payments for Operating Leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Details | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 936 |
Operating Leases, Future Minimum Payments, Due in Two Years | 786 |
Operating Leases, Future Minimum Payments, Due in Three Years | 582 |
Operating Leases, Future Minimum Payments, Due in Four Years | 415 |
Operating Leases, Future Minimum Payments, Due in Five Years | 317 |
Operating Leases, Future Minimum Payments, Due Thereafter | 215 |
Operating Leases, Future Minimum Payments Due | $ 3,251 |
Note 16_ Operating Leases_ Rent
Note 16: Operating Leases: Rental Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Details | |||
Operating Leases, Rent Expense | $ 1,200 | $ 1,100 | $ 1,000 |
Note 17_ Derivatives and Hed207
Note 17: Derivatives and Hedging Activities: Nondesignated Hedges (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Interest Rate Swap | Not Designated as Hedging Instrument | Commercial Customers | ||
Derivative, Notional Amount | $ 123,000 | $ 125,100 |
Note 17_ Derivatives and Hed208
Note 17: Derivatives and Hedging Activities: Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Total derivatives designated as hedging instruments | $ 128 | $ 415 |
Asset Derivative Fair Value | ||
Total derivatives not designated as hedging instruments | 2,583 | 2,087 |
Liability Derivative Fair Value | ||
Total derivatives not designated as hedging instruments | $ 2,725 | $ 2,187 |
Note 17_ Derivatives and Hed209
Note 17: Derivatives and Hedging Activities: Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Interest Rate Cap | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (50) | $ (164) | $ (34) |
Note 19_ Additional Cash Flo210
Note 19: Additional Cash Flow Information: Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Noncash Investing and Financing Activities | |||
Real Estate Acquired Through Foreclosure | $ 12,185 | $ 19,975 | $ 45,941 |
Proceeds from Sale of Wholly Owned Real Estate and Real Estate Acquired in Settlement of Loans | 3,316 | 1,805 | 11,303 |
Conversion of premises and equipment to foreclosed assets | 202 | 2,111 | |
Dividends declared but not paid | 3,055 | 2,896 | 2,606 |
Additional Cash Payment Information | |||
Interest Paid | 15,984 | 15,833 | 19,426 |
Income Taxes Paid | $ 13,096 | $ 8,510 | $ 17,351 |
Note 21_ Stock Option Plan_ 211
Note 21: Stock Option Plan: Schedule of Share-based Compensation, Stock Options, Activity (Details) - Employee Stock Option - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Granted From 2003 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | (3,100) | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 3,100 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 23.957 | ||
Exercised | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | (134,263) | (153,287) | (106,367) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 25.403 | $ 27.088 | $ 19.687 |
Forfeited From Terminated Plan(s) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 46,818 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | (8,453) | (22,022) | (46,818) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 24.941 | $ 27.387 | $ 27.202 |
Termination of 2003 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | (370,340) | ||
Shares under option 2013 plan | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 583,207 | ||
Available to Grant From 2013 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 700,000 | ||
Granted From 2013 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | (129,350) | (147,400) | (116,500) |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 129,350 | 147,400 | 116,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 49.199 | $ 32.450 | $ 29.515 |
Forfeited From Current Plan(s) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 14,000 | 10,700 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | (14,000) | (10,700) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 33.389 | $ 30.204 | |
Beginning of Period | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 326,622 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 733,292 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 24.227 | ||
End of Period | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 331,450 | 446,800 | 583,500 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 633,732 | 661,098 | 699,707 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 31.297 | $ 26.560 | $ 25.597 |
Note 21_ Stock Option Plan_ 212
Note 21: Stock Option Plan: Schedule of Fair Value Option Pricing Model Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Details | |||
Fair Value Assumptions, Expected Dividend Payments | $ 0.88 | $ 0.80 | $ 0.72 |
Fair Value Assumptions, Risk Free Interest Rate | 1.66% | 1.40% | 1.53% |
Fair Value Assumptions, Expected Term, Simplified Method | 5 years | 5 years | 5 years |
Fair Value Assumptions, Expected Volatility Rate | 24.42% | 18.95% | 24.80% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 9.59 | $ 4.20 | $ 5.22 |
Note 21_ Stock Option Plan_ 213
Note 21: Stock Option Plan: Schedule of Share-based Compensation, Activity (Details) - Employee Stock Option | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Options Outstanding | Beginning of Period | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 661,098 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 26.560 |
Share based compensation stock option weighted average remaining contractual term | 6.72 years |
Options Outstanding | End of Period | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 633,732 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 31.297 |
Share based compensation stock option weighted average remaining contractual term | 7.22 years |
Granted | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 129,350 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 49.199 |
Exercised | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | (134,263) |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 25.403 |
ForfeitedMember | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | (22,453) |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 30.208 |
Options Exercisable | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 221,568 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 23.518 |
Share based compensation stock option weighted average remaining contractual term | 4.72 years |
Note 21_ Stock Option Plan_ 214
Note 21: Stock Option Plan: Schedule of Nonvested Share Activity (Details) - Employee Stock Option | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Nonvested Options | Beginning of Period | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | 390,047 |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Exercise Price | $ 28.148 |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Grant Date Fair Value | $ 4.480 |
Nonvested Options | End of Period | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | 412,164 |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Exercise Price | $ 35.479 |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Grant Date Fair Value | $ 6.039 |
Granted | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | 129,350 |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Exercise Price | $ 49.199 |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Grant Date Fair Value | $ 9.586 |
Vested This Period | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | (87,349) |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Exercise Price | $ 24.299 |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Grant Date Fair Value | $ 4.591 |
Nonvested Options Forfeited | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | (19,884) |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Exercise Price | $ 30.051 |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Grant Date Fair Value | $ 4.946 |
Note 21_ Stock Option Plan_ 215
Note 21: Stock Option Plan: Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable (Details) - Range of Exercise Prices | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
$8.360 to $19.530 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 80,449 |
Share based compensation stock option weighted average remaining contractual term | 5.50 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 17.834 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 57,639 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 17.281 |
$21.320 to $24.820 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 129,593 |
Share based compensation stock option weighted average remaining contractual term | 6.02 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 23.694 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 82,473 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 23.094 |
$25.480 to $29.860 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 138,770 |
Share based compensation stock option weighted average remaining contractual term | 6.55 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 28.632 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 57,586 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 27.408 |
$30.660 to $39.050 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 169,570 |
Share based compensation stock option weighted average remaining contractual term | 7.69 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 32.628 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 23,870 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 30.660 |
$41.500 to $50.710 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 115,350 |
Share based compensation stock option weighted average remaining contractual term | 9.88 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 50.478 |
Options outstanding and exercisable | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 633,732 |
Share based compensation stock option weighted average remaining contractual term | 7.22 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 31.297 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 221,568 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 23.518 |
Note 23_ Accumulated Other C216
Note 23: Accumulated Other Comprehensive Income: Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year (Details) - Accumulated Other Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Net unrealized gain (loss) on available for sale securities | $ 9,282 | $ 11,129 |
Net unrealized gain (loss) on available for sale securities for which a portion of an other-than-temporary impairment has been recognized in income | (391) | (304) |
Other Comprehensive Income (Loss), before Tax | 8,891 | 10,825 |
Tax effect accumulated other comprehensive income | (3,227) | (3,789) |
Other Comprehensive Income (Loss), Net of Tax | $ 5,664 | $ 7,036 |
Note 23_ Accumulated Other C217
Note 23: Accumulated Other Comprehensive Income: Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassifications Out of Accumulated Other Comprehensive Income | $ 1 | $ 1,390 | $ 158 |
Affected Line Item in the Statements of Income | Net realized gains on available-for-sale securities (total reclassified amount before tax) | |||
Unrealized gains on available-for-sale securities reclassified out of AOCI | 2 | 2,139 | 243 |
Affected Line Item in the Statements of Income | Tax (expense) benefit | |||
Income taxes on unrealized gains on available-for-sale securities reclassified out of AOCI | $ (1) | $ (749) | $ (85) |
Note 24_ Regulatory Matters_218
Note 24: Regulatory Matters: Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Total risk-based capital | Great Southern Bancorp, Inc. | ||
Actual Capital Amount | $ 452,637 | $ 473,689 |
Actual Capital Ratio | 12.60% | 14.50% |
Capital Required for Capital Adequacy | $ 288,279 | $ 261,062 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Total risk-based capital | Great Southern Bank | ||
Actual Capital Amount | $ 434,334 | $ 410,291 |
Actual Capital Ratio | 12.10% | 12.60% |
Capital Required for Capital Adequacy | $ 288,180 | $ 260,919 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 360,225 | $ 326,149 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier I risk-based capital | Great Southern Bancorp, Inc. | ||
Actual Capital Amount | $ 414,488 | $ 435,254 |
Actual Capital Ratio | 11.50% | 13.30% |
Capital Required for Capital Adequacy | $ 216,209 | $ 130,531 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 4.00% |
Tier I risk-based capital | Great Southern Bank | ||
Actual Capital Amount | $ 396,185 | $ 371,856 |
Actual Capital Ratio | 11.00% | 11.40% |
Capital Required for Capital Adequacy | $ 216,135 | $ 130,459 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 4.00% |
Capital Required to be Well Capitalized | $ 288,180 | $ 195,689 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 6.00% |
Tier I leverage capital | Great Southern Bancorp, Inc. | ||
Actual Capital Amount | $ 414,488 | $ 435,254 |
Actual Capital Ratio | 10.20% | 11.10% |
Capital Required for Capital Adequacy | $ 162,576 | $ 156,395 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Capital Required to be Well Capitalized to Risk Weighted Assets | ||
Tier I leverage capital | Great Southern Bank | ||
Actual Capital Amount | $ 396,185 | $ 371,856 |
Actual Capital Ratio | 9.80% | 9.50% |
Capital Required for Capital Adequacy | $ 161,986 | $ 156,197 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Capital Required to be Well Capitalized | $ 202,482 | $ 195,247 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 5.00% | 5.00% |
Capital Equity Tier I Capital | Great Southern Bancorp, Inc. | ||
Actual Capital Amount | $ 389,460 | |
Actual Capital Ratio | 10.80% | |
Capital Required for Capital Adequacy | $ 162,157 | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | |
Capital Equity Tier I Capital | Great Southern Bank | ||
Actual Capital Amount | $ 396,157 | |
Actual Capital Ratio | 11.00% | |
Capital Required for Capital Adequacy | $ 162,101 | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | |
Capital Required to be Well Capitalized | $ 234,146 | |
Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% |
Note 26_ Summary of Unaudite219
Note 26: Summary of Unaudited Quarterly Operating Results: Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 46,502 | $ 43,529 | $ 33,729 | ||||||||||||
Quarterly Operating Results | |||||||||||||||
Interest Income, Operating | $ 44,956 | $ 45,755 | $ 45,734 | $ 47,906 | $ 49,077 | $ 47,607 | $ 44,384 | $ 42,294 | $ 44,939 | $ 43,019 | $ 43,481 | $ 47,356 | |||
Interest Expense Operating | 4,261 | 4,230 | 3,725 | 3,781 | 3,559 | 3,501 | 4,413 | 4,328 | 4,444 | 4,555 | 4,980 | 5,224 | |||
Provision for Other Losses | 1,216 | 1,703 | 1,300 | 1,300 | 53 | 945 | 1,462 | 1,691 | 2,813 | 2,677 | 3,671 | 8,225 | |||
Net realized gain (losses) and impairment on available for sale securities operating | 2 | 1,176 | 321 | 569 | 73 | 2 | 110 | 97 | 34 | ||||||
Noninterest Income, Other Operating Income | 5,060 | 5,120 | 3,457 | (56) | 1,398 | 1,778 | 10,631 | 924 | (865) | 929 | 2,327 | 2,924 | |||
Other Noninterest Expense | 29,145 | 30,014 | 27,949 | 27,242 | 31,168 | 29,398 | 34,399 | 25,894 | 26,830 | 26,156 | 26,712 | 25,920 | |||
Provision for income taxes | 3,744 | 3,732 | 4,214 | 3,874 | 3,628 | 3,951 | 3,687 | 2,487 | 1,315 | 2,121 | 2,221 | 2,517 | |||
Net income | 11,650 | 11,196 | 12,003 | 11,653 | 12,067 | 11,590 | 11,054 | 8,818 | 8,672 | 8,439 | 8,224 | 8,394 | |||
Net income available to common shareholders | $ 11,531 | $ 11,051 | $ 11,858 | $ 11,508 | $ 11,923 | $ 11,445 | $ 10,909 | $ 8,673 | $ 8,528 | $ 8,294 | $ 8,079 | $ 8,249 | |||
Earnings per share operating results diluted | $ 0.81 | $ 0.79 | $ 0.85 | $ 0.83 | $ 0.86 | $ 0.83 | $ 0.79 | $ 0.63 | $ 0.62 | $ 0.61 | $ 0.59 | $ 0.60 | |||
Net income from continuing operations results | $ 12,067 | $ 11,590 | $ 11,054 | $ 8,818 | $ 8,672 | $ 8,439 | $ 8,224 | $ 8,394 |
Note 27_ Condensed Parent Co220
Note 27: Condensed Parent Company Statements: Condensed Balance Sheet -- Great Southern Bancorp, Inc. (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Cash | $ 115,198 | $ 109,052 |
Available-for-sale securities | 262,856 | 365,506 |
Total assets | 4,104,189 | 3,951,334 |
Additional paid-in capital | 24,371 | 22,345 |
Retained earnings | 368,053 | 332,283 |
Statements of Financial Condition | Parent Company | Assets | ||
Cash | 20,009 | 64,836 |
Available-for-sale securities | 3,830 | 3,154 |
Investment in subsidiary bank | 403,174 | 385,046 |
Prepaid expenses and other assets | 1,335 | 1,466 |
Total assets | 428,348 | 454,502 |
Statements of Financial Condition | Parent Company | Liabilities and Stockholders Equity | ||
Accounts Payable and Other Accrued Liabilities | 3,403 | 3,126 |
Deferred Tax Liabilities, Gross | 944 | 702 |
Subordinated Debt | 25,774 | 30,929 |
Preferred Stock Value Parent | 57,943 | |
Common Stock Value Parent | 139 | 138 |
Additional paid-in capital | 24,371 | 22,345 |
Retained earnings | 368,053 | 332,283 |
Unrealized gain on available-for-sale securities, parent net | 5,664 | 7,036 |
Total Assets and Liabilities | $ 428,348 | $ 454,502 |
Note 27_ Condensed Parent Co221
Note 27: Condensed Parent Company Statements: Condensed Income Statement -- Great Southern Bancorp, Inc. (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Gain on Redemption of Trust Preferred Securities | $ (1,115) | ||
Total Interest Expense | 15,997 | $ 15,801 | $ 19,203 |
Statements of Income | Parent Company | |||
Income before income tax and equity in undistributed earnings of subsidiaries | 26,561 | 34,237 | 22,341 |
Income Tax Credits and Adjustments | (91) | (388) | (365) |
Income before equity in earnings of subsidiaries | 26,652 | 34,625 | 22,706 |
Equity in undistributed earnings of subsidiaries | 19,850 | 8,904 | 11,023 |
Net income parent company | 46,502 | 43,529 | 33,729 |
Statements of Income | Parent Company | Income | |||
Dividends from subsidiary bank | 27,000 | 36,000 | 24,000 |
Other Interest and Dividend Income | 5 | 22 | 20 |
Gain on Redemption of Trust Preferred Securities | 1,416 | ||
Other income (loss) | (7) | (20) | 13 |
Total income | 28,414 | 36,002 | 24,033 |
Statements of Income | Parent Company | Expense | |||
Operating Expenses | 1,139 | 1,198 | 1,132 |
Total Interest Expense | 714 | 567 | 560 |
Total expense | $ 1,853 | $ 1,765 | $ 1,692 |
Note 27_ Condensed Parent Co222
Note 27: Condensed Parent Company Statements: Condensed Cash Flow Statement -- Great Southern Bancorp, Inc. (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Gain on Redemption of Trust Preferred Securities | $ (1,115) | ||
Amortization of interest rate derivative | 204 | $ 19 | |
Prepaid expenses and other assets | 3,982 | 8,430 | $ (7,529) |
Net cash provided by operating activities | 71,429 | 67,433 | 93,921 |
Net cash provided by (used in) investing activities | (196,195) | 35,870 | 124,690 |
Redemption of preferred stock | (57,943) | ||
Redemption of Trust Preferred Securities | (3,885) | ||
Net cash provided by (used in) financing activities | 105,302 | (112,581) | (394,827) |
Statements of Cash Flows | Parent Company | |||
Cash, Period Increase (Decrease) | (44,827) | 25,871 | 15,535 |
Cash beginning of period | 64,836 | 38,965 | 23,430 |
Cash end of period | 20,009 | 64,836 | 38,965 |
Statements of Cash Flows | Parent Company | Operating Activities | |||
Operating Activity Net Income Parent Company | 46,502 | 43,529 | 33,729 |
Net cash provided by operating activities | 25,913 | 35,182 | 23,008 |
Statements of Cash Flows | Parent Company | Operating Activities | Items not requiring (providing) cash | |||
Increase (Decrease) Equity in Undistributed Earnings of Subsidiaries | (19,850) | (8,904) | (11,023) |
Compensation expense for stock option grants | 382 | 565 | 443 |
Gain on Redemption of Trust Preferred Securities | (1,115) | ||
Net realized gains on sales of non-marketable securities | (301) | ||
Statements of Cash Flows | Parent Company | Operating Activities | Changes in | |||
Prepaid expenses and other assets | (27) | (3) | 4 |
Accounts Payable and Other Accrued Liabilities | 63 | (67) | (146) |
Income taxes parent | 55 | 43 | 1 |
Statements of Cash Flows | Parent Company | Investing Activities | |||
Investment/Return of principal - other investments | 16 | 20 | (13) |
Net cash provided by (used in) investing activities | 16 | 20 | (13) |
Statements of Cash Flows | Parent Company | Financing Activities | |||
Payments for Derivative Instrument, Financing Activities | (738) | ||
Redemption of preferred stock | (57,943) | ||
Redemption of Trust Preferred Securities | (3,885) | ||
Payments for Repurchase of Warrants | (512) | ||
Dividends, Paid-in-kind | (12,290) | (11,257) | (7,964) |
Stock options excercised | 3,362 | 2,438 | 1,242 |
Net cash provided by (used in) financing activities | $ (70,756) | $ (9,331) | $ (7,460) |
Note 27_ Condensed Parent Co223
Note 27: Condensed Parent Company Statements: Condensed Statement of Comprehensive Income -- Great Southern Bancorp, Inc. (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrealized Appreciation (Depreciation) on Available for Sale Securities, Net | $ (1,321) | $ 6,128 | $ (13,959) |
Statements of Comprehensive Income | Parent Company | |||
Income (Loss) Attributable to Parent | 46,502 | 43,529 | 33,729 |
Unrealized Appreciation (Depreciation) on Available for Sale Securities, Net | 400 | 185 | 561 |
Change in Fair Value of Cash Flow Hedge, Net | (50) | (164) | (34) |
Comprehensive Income of subsidiaries | (1,722) | 4,553 | (14,715) |
Comprehensive Income parent | $ 45,130 | $ 48,103 | $ 19,541 |