Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 01, 2018 | Jun. 30, 2017 | |
Details | |||
Registrant Name | GREAT SOUTHERN BANCORP, INC. | ||
Registrant CIK | 854,560 | ||
SEC Form | 10-K | ||
Period End date | Dec. 31, 2017 | ||
Fiscal Year End | --12-31 | ||
Trading Symbol | GSBC | ||
Tax Identification Number (TIN) | 431,524,856 | ||
Number of common stock shares outstanding | 14,109,837 | ||
Public Float | $ 392,225,119 | ||
Filer Category | Accelerated Filer | ||
Current with reporting | Yes | ||
Voluntary filer | No | ||
Well-known Seasoned Issuer | No | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Incorporation, State Country Name | Maryland | ||
Entity Address, Address Line One | 1451 E. Battlefield | ||
Entity Address, City or Town | Springfield | ||
Entity Address, State or Province | Missouri | ||
Entity Address, Postal Zip Code | 65,804 | ||
City Area Code | 417 | ||
Local Phone Number | 887-4400 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest Income | |||
Loans | $ 176,654 | $ 178,883 | $ 177,240 |
Investment securities and other | 6,407 | 6,292 | 7,111 |
Interest and Dividend Income, Operating | 183,061 | 185,175 | 184,351 |
Net Interest Income | 155,156 | 163,056 | 168,354 |
Provision for loan losses | 9,100 | 9,281 | 5,519 |
Net Interest Income (Loss) After Provision for Loan Losses | 146,056 | 153,775 | 162,835 |
Interest Expense | |||
Deposits | 20,595 | 17,387 | 13,511 |
Federal Home Loan Bank advances | 1,516 | 1,214 | 1,707 |
Short-term borrowings and repurchase agreements | 747 | 1,137 | 65 |
Subordinated debentures issued to capital trust | 949 | 803 | 714 |
Subordinated notes | 4,098 | 1,578 | 0 |
Interest Expense | 27,905 | 22,119 | 15,997 |
Noninterest Income | |||
Commissions | 1,041 | 1,097 | 1,136 |
Service charges and ATM fees | 21,628 | 21,666 | 19,841 |
Net gains on loan sales | 3,150 | 3,941 | 3,888 |
Net realized gains on sales of available-for-sale securities | 0 | 2,873 | 2 |
Late charges and fees on loans | 2,231 | 1,747 | 2,129 |
Gain (loss) on derivative interest rate products | 28 | 66 | (43) |
Gain (loss) on termination of loss sharing agreements | 7,705 | (584) | 0 |
Amortization of income/expense related to business acquisitions | (486) | (6,351) | (18,345) |
Other income | 3,230 | 4,055 | 4,973 |
Noninterest Income | 38,527 | 28,510 | 13,581 |
Noninterest Expense | |||
Salaries and employee benefits | 60,034 | 60,377 | 58,682 |
Net occupancy expense | 24,613 | 26,077 | 25,985 |
Postage | 3,461 | 3,791 | 3,787 |
Insurance | 2,959 | 3,482 | 3,566 |
Advertising | 2,311 | 2,228 | 2,317 |
Office supplies and printing | 1,446 | 1,708 | 1,333 |
Telephone | 3,188 | 3,483 | 3,235 |
Legal, audit and other professional fees | 2,862 | 3,191 | 2,713 |
Expense on Other Real Estate Owned | 3,929 | 4,111 | 2,526 |
Partnership Tax Credit Investment Amortization | 930 | 1,681 | 1,680 |
Acquired Deposit Intangible Asset Amortization | 1,650 | 1,910 | 1,750 |
Other operating expenses | 6,878 | 8,388 | 6,776 |
Noninterest Expense | 114,261 | 120,427 | 114,350 |
Income Before Income Taxes | 70,322 | 61,858 | 62,066 |
Provision for Income Taxes | 18,758 | 16,516 | 15,564 |
Net income (loss) | 51,564 | 45,342 | 46,502 |
Preferred Stock Dividends | 0 | 0 | 554 |
Net Income Available to Common Shareholders | $ 51,564 | $ 45,342 | $ 45,948 |
Earnings Per Common Share | |||
Basic | $ 3.67 | $ 3.26 | $ 3.33 |
Diluted | $ 3.64 | $ 3.21 | $ 3.28 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Details | |||
Net Income (loss) | $ 51,564 | $ 45,342 | $ 46,502 |
Unrealized depreciation on available-for-sale securities, net of taxes (credit) of $(272), $(1,346) and $(528) for 2017, 2016 and 2015, respectively | (478) | (2,363) | (1,321) |
Less: reclassification adjustment for gains included in net income, net of taxes of $0, $(1,043) and $(1) for 2017, 2016 and 2015, respectively | 0 | (1,830) | (1) |
Change in fair value of cash flow hedge, net of taxes (credit) of $93, $50 and $(34) for 2017, 2016 and 2015, respectively | 161 | 87 | (50) |
Other comprehensive loss | (317) | (4,106) | (1,372) |
Comprehensive Income | $ 51,247 | $ 41,236 | $ 45,130 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income - Parenthetical - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Details | |||
Tax effect of unrealized appreciation (depreciation) on available-for-sale securities, taxes (credit) | $ (272) | $ (1,346) | $ (528) |
Tax effect reclassification adjustment for gains included in net income, taxes (credit) | 0 | (1,043) | (1) |
Tax effect of change in fair value of cash flow hedge, taxes (credit) | $ 93 | $ 50 | $ (34) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Stockholders' Equity, 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, 2014 | $ 419,745 | $ 57,943 | $ 138 | $ 22,345 | $ 332,283 | $ 7,036 | $ 0 | |
Net income (loss) | $ 46,502 | 46,502 | 0 | 0 | 0 | 46,502 | 0 | 0 |
Stock issued under Stock Option Plan | 3,744 | 0 | 0 | 2,026 | 0 | 0 | 1,718 | |
Common dividends declared | (11,896) | 0 | 0 | 0 | (11,896) | 0 | 0 | |
SBLF preferred stock dividends accrued (1.0%) | (553) | 0 | 0 | 0 | (553) | 0 | 0 | |
Other comprehensive loss | (1,372) | (1,372) | 0 | 0 | 0 | 0 | (1,372) | 0 |
Reclassification of treasury stock per Maryland law | 0 | 0 | 1 | 0 | 1,717 | 0 | (1,718) | |
Redemption of SBLF preferred stock | (57,943) | (57,943) | 0 | 0 | 0 | 0 | 0 | |
Balance End of Period at Dec. 31, 2015 | 398,227 | 0 | 139 | 24,371 | 368,053 | 5,664 | 0 | |
Net income (loss) | 45,342 | 45,342 | 0 | 0 | 0 | 45,342 | 0 | 0 |
Stock issued under Stock Option Plan | 2,593 | 0 | 0 | 1,571 | 0 | 0 | 1,022 | |
Common dividends declared | (12,250) | 0 | 0 | 0 | (12,250) | 0 | 0 | |
Other comprehensive loss | (4,106) | (4,106) | 0 | 0 | 0 | 0 | (4,106) | 0 |
Reclassification of treasury stock per Maryland law | 0 | 0 | 1 | 0 | 1,021 | 0 | (1,022) | |
Balance End of Period at Dec. 31, 2016 | 429,806 | 0 | 140 | 25,942 | 402,166 | 1,558 | 0 | |
Net income (loss) | 51,564 | 51,564 | 0 | 0 | 0 | 51,564 | 0 | 0 |
Stock issued under Stock Option Plan | 3,811 | 0 | 0 | 2,261 | 0 | 0 | 1,550 | |
Common dividends declared | (13,202) | 0 | 0 | 0 | (13,202) | 0 | 0 | |
Other comprehensive loss | $ (317) | (317) | 0 | 0 | 0 | 0 | (317) | 0 |
Reclassification of treasury stock per Maryland law | 0 | 0 | 1 | 0 | 1,549 | 0 | (1,550) | |
Balance End of Period at Dec. 31, 2017 | $ 471,662 | $ 0 | $ 141 | $ 28,203 | $ 442,077 | $ 1,241 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Operating Activities | |||
Net income | $ 51,564 | $ 45,342 | $ 46,502 |
Proceeds from sales of loans held for sale | 138,659 | 156,835 | 158,730 |
Originations of loans held for sale | (126,215) | (156,036) | (155,680) |
Items not requiring (providing) cash | |||
Depreciation | 9,120 | 9,816 | 10,465 |
Amortization | 2,731 | 3,656 | 3,430 |
Compensation expense for stock option grants | 564 | 483 | 382 |
Provision for loan losses | 9,100 | 9,281 | 5,519 |
Net gains on loan sales | (3,150) | (3,941) | (3,888) |
Net realized gains on available-for-sale securities | 0 | (2,873) | (2) |
Gain on sale of non-marketable securities | 0 | 0 | (301) |
Gain on Redemption of Trust Preferred Securities | 0 | 0 | (1,115) |
(Gain) loss on sale of premises and equipment | 297 | (249) | (465) |
(Gain) loss on sale/write-down of other real estate and repossessions | (449) | 489 | (1,132) |
Gain on sale of business units | 0 | (368) | 0 |
(Gain) loss realized on termination of loss sharing agreements | (7,705) | 584 | 0 |
(Accretion) amortization of deferred income, premiums, discounts and other | (1,947) | 4,423 | 10,595 |
(Appreciation) amortization of deferred income, premiums, discounts and other | (28) | (66) | 43 |
(Appreciation) amortization of deferred income, premiums, discounts and other | 9,423 | (3,621) | (4,670) |
Changes in | |||
Interest receivable | (463) | (535) | 289 |
Prepaid expenses and other assets | (5,227) | 12,655 | 3,982 |
Accrued expenses and other liabilities | 1,821 | (2,720) | 3,354 |
Income taxes refundable/payable | (15,278) | 7,484 | (4,609) |
Net cash provided by operating activities | 62,817 | 80,639 | 71,429 |
Investing Activities | |||
Net change in loans | 136,596 | (145,101) | (190,154) |
Purchase of loans | (133,018) | (145,600) | (117,634) |
Proceeds from sale of student loans | 0 | 368 | 0 |
Cash received from purchase of additional business units | 0 | 44,363 | 0 |
Cash received from FDIC loss sharing reimbursements | 16,246 | 247 | 2,599 |
Cash paid for sale of business units | 0 | (17,821) | 0 |
Purchase of premises and equipment | (7,404) | (10,878) | (16,697) |
Proceeds from sale of premises and equipment | 565 | 1,178 | 1,883 |
Proceeds from sale of other real estate and repossessions | 33,640 | 28,362 | 23,497 |
Capitalized costs on other real estate owned | (117) | (146) | (20) |
Proceeds from sale of non-marketable securities | 0 | 0 | 351 |
Proceeds from maturities, calls and repayments of held-to-maturity securities | 0 | 106 | 97 |
Proceeds from sale of available-for-sale securities | 0 | 55,000 | 56,169 |
Proceeds from maturities, calls and repayments of available-for-sale securities | 36,754 | 60,827 | 63,463 |
Purchase of available-for-sale securities | (3,852) | (71,904) | (21,339) |
Redemption of Federal Home Loan Bank stock | 1,852 | 2,269 | 1,590 |
Net cash provided by (used in) investing activities | 81,379 | (198,730) | (196,195) |
Financing Activities | |||
Net increase (decrease) in certificates of deposit | (114,714) | 162,763 | 191,224 |
Net increase in checking and savings accounts | 34,796 | 36,126 | 87,113 |
Proceeds from Federal Home Loan Bank advances | 1,420,500 | 1,793,000 | 6,509,500 |
Repayments of Federal Home Loan Bank advances | (1,324,435) | (2,025,070) | (6,517,564) |
Net increase (decrease) in short term borrowings | (188,888) | 168,546 | (93,967) |
Proceeds from issuance of subordinated notes | 0 | 73,472 | 0 |
Advances from (to) borrowers for taxes and insurance | 676 | (38) | (248) |
Redemption of trust preferred securities | 0 | 0 | (3,885) |
Redemption of preferred stock | 0 | 0 | (57,943) |
Dividends paid | (12,894) | (12,232) | (12,290) |
Stock options exercised | 3,247 | 2,110 | 3,362 |
Net cash provided by (used in) financing activities | (181,712) | 198,677 | 105,302 |
Increase (Decrease) in Cash and Cash Equivalents | (37,516) | 80,586 | (19,464) |
Cash and Cash Equivalents, Beginning of Year | 279,769 | 199,183 | 218,647 |
Cash and Cash Equivalents, End of Year | $ 242,253 | $ 279,769 | $ 199,183 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash | $ 115,600 | $ 120,203 |
Interest-bearing deposits in other financial institutions | 126,653 | 159,566 |
Cash and cash equivalents | 242,253 | 279,769 |
Available-for-sale securities | 179,179 | 213,872 |
Held-to-maturity securities | 130 | 247 |
Mortgage Loans Held for Sale | 8,203 | 16,445 |
Loans receivable, net of allowance for loan losses of $36,492 and $37,400 at December 31, 2017 and 2016, respectively | 3,726,302 | 3,759,966 |
FDIC indemnification asset | 0 | 13,145 |
Interest receivable | 12,338 | 11,875 |
Prepaid expenses and other assets | 47,122 | 45,649 |
Other real estate owned and repossessions, net | 22,002 | 32,658 |
Premises and equipment, net | 138,018 | 140,596 |
Goodwill and other intangible assets | 10,850 | 12,500 |
Federal Home Loan Bank stock | 11,182 | 13,034 |
Current and deferred income taxes | 16,942 | 10,907 |
Total assets | 4,414,521 | 4,550,663 |
Liabilities | ||
Deposits | 3,597,144 | 3,677,230 |
Federal Home Loan Bank advances | 127,500 | 31,452 |
Securities sold under reverse repurchase agreements with customers | 80,531 | 113,700 |
Short-term borrowings | 16,604 | 172,323 |
Subordinated debentures issued to capital trust | 25,774 | 25,774 |
Subordinated notes | 73,688 | 73,537 |
Accrued interest payable | 2,904 | 2,723 |
Advances from borrowers for taxes and insurance | 5,319 | 4,643 |
Accrued expenses and other liabilities | 13,395 | 19,475 |
Total liabilities | 3,942,859 | 4,120,857 |
Commitments and Contingencies | 0 | 0 |
Stockholders' Equity | ||
Serial preferred stock, $.01 par value; authorized 1,000,000 shares; issued and outstanding 2017 and 2016 - -0- shares | 0 | 0 |
Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding 2017 - 14,087,533 shares, 2016 - 13,968,386 shares | 141 | 140 |
Additional paid-in capital | 28,203 | 25,942 |
Retained earnings | 442,077 | 402,166 |
Accumulated other comprehensive income, net of income taxes of $708 and $887 at December 31, 2017 and 2016, respectively | 1,241 | 1,558 |
Total stockholders' equity | 471,662 | 429,806 |
Capital stock | ||
Total liabilities and stockholders' equity | $ 4,414,521 | $ 4,550,663 |
Consolidated Statements of Fin8
Consolidated Statements of Financial Condition - Parenthetical - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Details | ||
Loans and Leases Receivable, Allowance | $ 36,492 | $ 37,400 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |
Preferred Stock, Shares Authorized | 1,000,000 | |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | |
Common Stock, Shares Authorized | 20,000,000 | |
Common Stock, Shares, Issued | 14,087,533 | 13,968,386 |
Common Stock, Shares, Outstanding | 14,087,533 | 13,968,386 |
Income tax expense on change in unrealized holding gain on available-for-sale securities | $ 708 | $ 887 |
Note 1_ Nature of Operations an
Note 1: Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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 determined in relation to the fair value of assets acquired through FDIC-assisted transactions for which cash flows are monitored on an ongoing basis. Company considers that the determination of the carrying value of involves a high degree of judgment and complexity. 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 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 loans 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 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 covered under loss sharing agreements with the FDIC. These agreements commi t 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 expect 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 measured separately from the loan assets and foreclosed assets because the loss sharing agreements not contractually embedded in them or transferrable with them in the event of disposal. The balance of the FDIC Indemnification Asset increase and decrease as the expected and actual cash flows from the covered assets fluctuate , as loans paid off or impaired and as loans and foreclosed assets sold. There no contractual interest rates on the 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 th receivable be collected over the terms of the loss sharing agreements. This discount accreted to income . These acquisitions and agreements are more fully discussed in Note 4 Other Real Estate Owned and Repossessions 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, . 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, 2017 2016 (In Thousands) Goodwill – Branch acquisitions $ 5,396 $ 5,396 Deposit intangibles Sun Security Bank 263 613 InterBank 181 327 Boulevard Bank 397 519 Valley Bank 1,400 1,800 Fifth Third Bank 3,213 3,845 5,454 7,104 $ 10,850 $ 12,500 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 The Company is incorporated in the State of Maryland. 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: 2017 2016 2015 (In Thousands, Except Per Share Data) Net income $ 51,564 $ 45,342 $ 46,502 Net income available to common shareholders $ 51,564 $ 45,342 $ 45,948 Average common shares outstanding 14,032 13,912 13,818 Average common share stock options outstanding 148 229 182 Average diluted common shares 14,180 14,141 14,000 Earnings per common share – basic $ 3.67 $ 3.26 $ 3.33 Earnings per common share – diluted $ 3.64 $ 3.21 $ 3.28 Options outstanding at December 31, , and , to purchase and 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 2 1 . In accordance with FASB ASC 718, Compensation – Stock Compensation, , 2016 and 2015, 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, 2017 and 2016 , cash equivalents consisted of interest-bearing deposits in other financial institutions. At December 31, 2017 , 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, 2017 and 2016, 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 1 7 . 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, 2017 and 2016 , respectively, was $ 59.1 million and $ 53.8 million . Recent Accounting Pronouncements 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 January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Topic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU No. 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740) In January 2017, the FASB issued ASU No. 2017-01, Business Combinations - Clarifying the Definition of a Business (Topic 805) In January 2017, the FASB issued ASU No. 2017-04, Intangibles: Goodwill and Other: Simplifying the Test for Goodwill Impairment (Topic 350) In March 2017, the FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. In May 2017, the FASB issued ASU 2017-09, Compensation --Stock Compensation (Topic 718): Scope of Modification Accounting amendment provides guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting under Topic 7l8. The amendments clarify that modification accounting only applies to an entity if the fair value, vesting conditions, or classification of the award changes as a result of changes in the terms or conditions of a share-based payment award. The ASU should be applied prospectively to awards modified on or after the adoption date. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220). |
Note 2_ Investments in Securiti
Note 2: Investments in Securities | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Mortgage-backed securities $ 123,300 $ 871 $ 1,638 $ 122,533 States and political subdivisions 53,930 2,716 -- 56,646 $ 177,230 $ 3,587 $ 1,638 $ 179,179 December 31, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Mortgage-backed securities $ 146,491 $ 1,045 $ 1,501 $ 146,035 States and political subdivisions 64,682 3,163 8 67,837 $ 211,173 $ 4,208 $ 1,509 $ 213,872 At December 31, , the CompanyÂ’s mortgage-backed securities portfolio consisted of FHLMC securities totaling $ million FNMA securities totaling $ million and GNMA securities totaling $ million . At December 31, 2017, $ 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, 2017, 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 $ 813 $ 893 After five through ten years 6,404 6,641 After ten years 46,713 49,112 Securities not due on a single maturity date 123,300 122,533 $ 177,230 $ 179,179 The amortized cost and fair values of securities classified as held to maturity were as follows: December 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) States and political subdivisions $ 130 $ 1 $ -- $ 131 December 31, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) States and political subdivisions $ 247 $ 11 $ -- $ 258 The held-to-maturity securities at December 31, 2017, 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) One year or less $ 130 $ 131 The amortized cost and fair values of securities pledged as collateral was as follows at December 31, 2017 and 2016: 2017 2016 Amortized Fair Amortized Fair Cost Value Cost Value (In Thousands) Public deposits $ 10,958 $ 11,490 $ 57,841 $ 59,082 Collateralized borrowing accounts 120,622 119,776 98,787 97,498 Other 1,579 1,601 6,599 6,813 $ 133,159 $ 132,867 $ 163,227 $ 163,393 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 $ 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 : 2017 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses (In Thousands) Mortgage-backed securities $ 33,862 $ (384) $ 55,845 $ (1,254) $ 89,707 $ (1,638) States and political subdivisions -- -- -- -- -- -- $ 33,862 $ (384 $ 55,845 $ (1,254) $ 89,707 $ (1,638 2016 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses (In Thousands) Mortgage-backed securities $ 102,296 $ (1,501) $ -- $ -- $ 102,296 $ (1,501) States and political subdivisions 2,164 (8) -- -- 2,164 (8 $ 104,460 $ (1,509 $ -- $ -- $ 104,460 $ (1,509 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 2015, no securities were determined to have impairment that had become other than temporary. Credit Losses Recognized on Investments During 2017, 2016 and 2015, 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, 2017 | |
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: 2017 2016 (In Thousands) One- to four-family residential construction $ 20,793 $ 21,737 Subdivision construction 18,062 17,186 Land development 43,971 50,624 Commercial construction 1,068,352 780,614 Owner occupied one- to four-family residential 190,515 200,340 Non-owner occupied one- to four-family residential 119,468 136,924 Commercial real estate 1,235,329 1,186,906 Other residential 745,645 663,378 Commercial business 353,351 348,628 Industrial revenue bonds 21,859 25,065 Consumer auto 357,142 494,233 Consumer other 63,368 70,001 Home equity lines of credit 115,439 108,753 Acquired FDIC-covered loans, net of discounts -- 134,356 Acquired loans no longer covered by FDIC loss sharing agreements, net of discounts 155,224 72,569 Acquired non-covered loans, net of discounts 54,445 76,234 4,562,963 4,387,548 Undisbursed portion of loans in process (793,669) (585,313) Allowance for loan losses (36,492) (37,400) Deferred loan fees and gains, net (6,500 (4,869 $ 3,726,302 $ 3,759,966 Classes of loans by aging were as follows: December 31, 2017 Total Loans Total > 90 Days 30-59 Days 60-89 Days Over 90 Total Past Loans Past Due and Past Due Past Due Days Due Current Receivable Still Accruing (In Thousands) One- to four-family residential construction $ 250 $ -- $ -- $ 250 $ 20,543 $ 20,793 $ -- Subdivision construction -- -- 98 98 17,964 18,062 -- Land development 54 37 -- 91 43,880 43,971 -- Commercial construction -- -- -- -- 1,068,352 1,068,352 -- Owner occupied one- to four- family residential 1,927 71 904 2,902 187,613 190,515 -- Non-owner occupied one- to four-family residential 947 190 1,816 2,953 116,515 119,468 58 Commercial real estate 8,346 993 1,226 10,565 1,224,764 1,235,329 -- Other residential 540 353 1,877 2,770 742,875 745,645 -- Commercial business 2,623 1,282 2,063 5,968 347,383 353,351 -- Industrial revenue bonds -- -- -- -- 21,859 21,859 -- Consumer auto 5,196 1,230 2,284 8,710 348,432 357,142 12 Consumer other 464 64 557 1,085 62,283 63,368 -- Home equity lines of credit 58 -- 430 488 114,951 115,439 26 Acquired loans no longer covered by FDIC loss sharing agreements, net of discounts 4,015 1,774 7,847 13,636 141,588 155,224 116 Acquired non-covered loans, net of discounts 434 177 2,828 3,439 51,006 54,445 156 24,854 6,171 21,930 52,955 4,510,008 4,562,963 368 Less acquired loans no longer covered by FDIC loss sharing agreements and acquired non-covered loans, net of discounts 4,449 1,951 10,675 17,075 192,594 209,669 272 Total $ 20,405 $ 4,220 $ 11,255 $ 35,880 $ 4,317,414 $ 4,353,294 $ 96 December 31, 2016 Total Loans Total > 90 Days Past 30-59 Days 60-89 Days Over 90 Total Past Loans Due and Past Due Past Due Days Due Current Receivable Still Accruing (In Thousands) One- to four-family residential construction $ -- $ -- $ -- $ -- $ 21,737 $ 21,737 $ -- Subdivision construction -- -- 109 109 17,077 17,186 -- Land development 413 584 1,718 2,715 47,909 50,624 -- Commercial construction -- -- -- -- 780,614 780,614 -- Owner occupied one- to four- family residential 1,760 388 1,125 3,273 197,067 200,340 -- Non-owner occupied one- to four-family residential 309 278 404 991 135,933 136,924 -- Commercial real estate 1,969 1,988 4,404 8,361 1,178,545 1,186,906 -- Other residential 4,632 -- 162 4,794 658,584 663,378 -- Commercial business 1,741 24 3,088 4,853 343,775 348,628 -- Industrial revenue bonds -- -- -- -- 25,065 25,065 -- Consumer auto 8,252 2,451 1,989 12,692 481,541 494,233 -- Consumer other 1,103 278 649 2,030 67,971 70,001 -- Home equity lines of credit 136 158 433 727 108,026 108,753 -- Acquired FDIC-covered loans, net of discounts 4,476 1,201 8,226 13,903 120,453 134,356 301 Acquired loans no longer covered by FDIC loss sharing agreements, net of discounts 1,356 552 1,401 3,309 69,260 72,569 222 Acquired non-covered loans, net of discounts 851 173 2,854 3,878 72,356 76,234 -- 26,998 8,075 26,562 61,635 4,325,913 4,387,548 523 Less FDIC-supported loans, and acquired non-covered loans, net of discounts 6,683 1,926 12,481 21,090 262,069 283,159 523 Total $ 20,315 $ 6,149 $ 14,081 $ 40,545 $ 4,063,844 $ 4,104,389 $ -- Nonaccruing loans are summarized as follows: December 31, 2017 2016 (In Thousands) One- to four-family residential construction $ -- $ -- Subdivision construction 98 109 Land development -- 1,718 Commercial construction -- -- Owner occupied one- to four-family residential 904 1,125 Non-owner occupied one- to four-family residential 1,758 404 Commercial real estate 1,226 2,727 Other residential 1,877 162 Commercial business 2,063 4,765 Industrial revenue bonds -- -- Consumer auto 2,272 1,989 Consumer other 557 649 Home equity lines of credit 404 433 Total $ 11,159 $ 14,081 The following tables present the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2017, 2016 and 2015, respectively. 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 the years ended December 31, 2017, 2016, and 2015, respectively: December 31, 2017 One- to Four- Family Residential and Other Commercial Commercial Commercial Construction Residential Real Estate Construction Business Consumer Total (In Thousands) Allowance for Loan Losses Balance, January 1, 2017 $ 2,322 $ 5,486 $ 15,938 $ 2,284 $ 3,015 $ 8,355 $ 37,400 Provision (benefit) charged to expense (158) (2,356) 4,234 (643) 1,475 6,548 9,100 Losses charged off (165) (488) (1,656) (420) (1,489) (11,859) (16,077) Recoveries 109 197 123 546 580 4,514 6,069 Balance, December 31, 2017 $ 2,108 $ 2,839 $ 18,639 $ 1,767 $ 3,581 $ 7,558 $ 36,492 Ending balance: Individually evaluated for impairment $ 513 $ -- $ 599 $ -- $ 2,140 $ 699 $ 3,951 Collectively evaluated for impairment $ 1,564 $ 2,813 $ 17,843 $ 1,690 $ 1,369 $ 6,802 $ 32,081 Loans acquired and accounted for under ASC 310-30 $ 31 $ 26 $ 197 $ 77 $ 72 $ 57 $ 460 Loans Individually evaluated for impairment $ 6,950 $ 2,907 $ 8,315 $ 15 $ 3,018 $ 4,129 $ 25,334 Collectively evaluated for impairment $ 341,888 $ 742,738 $ 1,227,014 $ 1,112,308 $ 372,192 $ 531,820 $ 4,327,960 Loans acquired and accounted for under ASC 310-30 $ 120,295 $ 14,877 $ 39,210 $ 3,806 $ 5,275 $ 26,206 $ 209,669 December 31, 2016 One- to Four- Family Residential and Other Commercial Commercial Commercial Construction Residential Real Estate Construction Business Consumer Total (In Thousands) Allowance for Loan Losses Balance, January 1, 2016 $ 4,900 $ 3,190 $ 14,738 $ 3,019 $ 4,203 $ 8,099 $ 38,149 Provision (benefit) charged to expense (2,407) 2,260 5,632 (827) (926) 5,549 9,281 Losses charged off (229) (16) (5,653) (31) (589) (8,751) (15,269) Recoveries 58 52 1,221 123 327 3,458 5,239 Balance, December 31, 2016 $ 2,322 $ 5,486 $ 15,938 $ 2,284 $ 3,015 $ 8,355 $ 37,400 Ending balance: Individually evaluated for impairment $ 570 $ -- $ 2,209 $ 1,291 $ 1,295 $ 997 $ 6,362 Collectively evaluated for impairment $ 1,628 $ 5,396 $ 13,507 $ 953 $ 1,681 $ 7,248 $ 30,413 Loans acquired and accounted for under ASC 310-30 $ 124 $ 90 $ 222 $ 40 $ 39 $ 110 $ 625 Loans Individually evaluated for impairment $ 6,015 $ 3,812 $ 10,507 $ 6,023 $ 4,539 $ 3,385 $ 34,281 Collectively evaluated for impairment $ 370,172 $ 659,566 $ 1,176,399 $ 825,215 $ 369,154 $ 669,602 $ 4,070,108 Loans acquired and accounted for under ASC 310-30 $ 155,378 $ 29,600 $ 54,208 $ 2,191 $ 6,429 $ 35,353 $ 283,159 December 31, 2015 One- to Four- Family Residential and Other Commercial Commercial Commercial Construction Residential Real Estate Construction Business Consumer Total (In Thousands) Allowance for Loan Losses Balance, January 1, 2015 $ 3,455 $ 2,941 $ 19,773 $ 3,562 $ 3,679 $ 5,025 $ 38,435 Provision (benefit) charged to expense 1,428 193 (2,753) (619) 1,450 5,820 5,519 Losses charged off (80) (2) (2,584) (329) (1,202) (5,315) (9,512) Recoveries 97 58 302 405 276 2,569 3,707 Balance, December 31, 2015 $ 4,900 $ 3,190 $ 14,738 $ 3,019 $ 4,203 $ 8,099 $ 38,149 Ending balance: Individually evaluated for impairment $ 731 $ -- $ 2,556 $ 1,391 $ 1,115 $ 300 $ 6,093 Collectively evaluated for impairment $ 3,464 $ 3,122 $ 11,888 $ 1,570 $ 2,862 $ 7,647 $ 30,553 Loans acquired and accounted for under ASC 310-30 $ 705 $ 68 $ 294 $ 58 $ 226 $ 152 $ 1,503 Loans Individually evaluated for impairment $ 6,129 $ 9,533 $ 34,629 $ 7,555 $ 2,365 $ 1,950 $ 62,161 Collectively evaluated for impairment $ 316,052 $ 410,016 $ 1,008,845 $ 651,679 $ 392,577 $ 596,740 $ 3,375,909 Loans acquired and accounted for under ASC 310-30 $ 194,697 $ 35,945 $ 73,148 $ 4,981 $ 10,500 $ 43,574 $ 362,845 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, 2017 and 2016, was 4.74% and 4.58%, 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 $254.0 million and $266.2 million at December 31, 2017 and 2016, respectively. In addition, available lines of credit on these loans were $37.8 million and $60.5 million at December 31, 2017 and 2016, 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, 2017, 2016 and 2015: Year Ended December 31, 2017 December 31, 2017 Average Unpaid Investment Interest Recorded Principal Specific in Impaired Income Balance Balance Allowance Loans Recognized (In Thousands) One- to four-family residential construction $ -- $ -- $ -- $ 193 $ -- Subdivision construction 349 367 114 584 22 Land development 15 18 -- 1,793 24 Commercial construction -- -- -- -- -- Owner occupied one- to four-family residential 3,405 3,723 331 3,405 166 Non-owner occupied one- to four-family residential 3,196 3,465 68 2,419 165 Commercial real estate 8,315 8,490 599 9,075 567 Other residential 2,907 2,907 -- 3,553 147 Commercial business 3,018 4,222 2,140 5,384 173 Industrial revenue bonds -- -- -- -- -- Consumer auto 2,713 2,898 484 2,383 222 Consumer other 825 917 124 906 69 Home equity lines of credit 591 648 91 498 33 Total $ 25,334 $ 27,655 $ 3,951 $ 30,193 $ 1,588 Year Ended December 31, 2016 December 31, 2016 Average Unpaid Investment Interest Recorded Principal Specific in Impaired Income Balance Balance Allowance Loans Recognized (In Thousands) One- to four-family residential construction $ -- $ -- $ -- $ -- $ -- Subdivision construction 818 829 131 948 46 Land development 6,023 6,120 1,291 8,020 304 Commercial construction -- -- -- -- -- Owner occupied one- to four-family residential 3,290 3,555 374 3,267 182 Non-owner occupied one- to four-family residential 1,907 2,177 65 1,886 113 Commercial real estate 10,507 12,121 2,209 23,928 984 Other residential 3,812 3,812 -- 6,813 258 Commercial business 4,539 4,652 1,295 2,542 185 Industrial revenue bonds -- -- -- -- -- Consumer auto 2,097 2,178 629 1,307 141 Consumer other 812 887 244 884 70 Home equity lines of credit 476 492 124 417 32 Total $ 34,281 $ 36,823 $ 6,362 $ 50,012 $ 2,315 Year Ended December 31, 2015 December 31, 2015 Average Unpaid Investment Interest Recorded Principal Specific in Impaired Income Balance Balance Allowance Loans Recognized (In Thousands) One- to four-family residential construction $ -- $ -- $ -- $ 633 $ 35 Subdivision construction 1,061 1,061 214 3,533 109 Land development 7,555 7,644 1,391 7,432 287 Commercial construction -- -- -- -- -- Owner occupied one- to four-family residential 3,166 3,427 389 3,587 179 Non-owner occupied one- to four-family residential 1,902 2,138 128 1,769 100 Commercial real estate 34,629 37,259 2,556 28,610 1,594 Other residential 9,533 9,533 -- 9,670 378 Commercial business 2,365 2,539 1,115 2,268 138 Industrial revenue bonds -- -- -- -- -- Consumer auto 791 829 119 576 59 Consumer other 802 885 120 672 74 Home equity lines of credit 357 374 61 403 27 Total $ 62,161 $ 65,689 $ 6,093 $ 59,153 $ 2,980 At December 31, 2017, $12.7 million of impaired loans had specific valuation allowances totaling $4.0 million. At December 31, 2016, $18.1 million of impaired loans had specific valuation allowances totaling $6.4 million. At December 31, 2015, $25.1 million of impaired loans had specific valuation allowances totaling $6.1 million. For impaired loans which were nonaccruing, interest of approximately $1.2 million, $1.5 million and $1.0 million would have been recognized on an accrual basis during the years ended December 31, 2017, 2016 and 2015, 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 2017 and 2015 by type of modification: 2017 Total Interest Only Term Combination Modification (In Thousands) Mortgage loans on real estate: Commercial $ -- $ -- $ 5,759 $ 5,759 Commercial business -- 16 274 290 Consumer -- 245 -- 245 $ -- $ 261 $ 6,033 $ 6,294 2016 Total Interest Only Term Combination Modification (In Thousands) Mortgage loans on real estate: Residential one-to-four family $ 60 $ -- $ -- $ 60 Commercial 2,946 -- -- 2,946 Construction and land development 429 -- -- 429 Commercial business -- 38 -- 38 Consumer -- 59 -- 59 $ 3,435 $ 97 $ -- $ 3,532 2015 Total Interest Only Term Combination Modification (In Thousands) Mortgage loans on real estate: Residential one-to-four family $ -- $ 407 $ 164 $ 571 Commercial -- 115 -- 115 Commercial business -- 1,095 -- 1,095 Consumer -- 97 -- 97 $ -- $ 1,714 $ 164 $ 1,878 At December 31, , the Company had $ million of loans that were modified in troubled debt restructurings and impaired, as follows: $ of construction and land development loans, $ million of single family and multi-family residential mortgage loans, $ million of commercial real estate loans, $ million of commercial business loans and $ ,000 of consumer loans. Of the total troubled debt restructurings at December 31, , $ million were accruing interest and 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, , the Company had $ million of loans that were modified in troubled debt restructurings and impaired, as follows: $ million of construction and land development loans, $ million of single family and multi-family residential mortgage loans, $ million of commercial real estate loans, $ million of commercial business loans and $ ,000 of consumer loans. Of the total troubled debt restructurings at December 31, , $ million were accruing interest and $ million were classified as substandard using the Company’s internal grading system. 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. During the year ended December 31, , borrowers with loans designated as troubled debt restructurings totaling $ met the criteria for placement back on accrual status. This criteria is a minimum of six months of consistent and timely payment performance under original or modified terms. The $ was made up of $ of residential mortgage loans consumer 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.” 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. 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. 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. Loans not meeting any of the criteria previously described are considered satisfactory. The FDIC-assisted acquired loans are evaluated using this internal grading system. These loans are accounted for in pools. Minimal adverse classification in these acquired loan pools was identified as of December 31, 2017 and 2016, respectively. See Note 4 The Company evaluates the loan risk internal grading system definitions and allowance for loan loss methodology on an ongoing basis. The general component of the allowance for loan losses is affected by several factors, including, but not limited to, average historical losses, average life of the loans, 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 the Company’s allowance for loan losses. No 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, 2017 Special Satisfactory Watch Mention Substandard Doubtful Total (In Thousands) One- to four-family residential construction $ 20,275 $ 518 $ -- $ -- $ -- $ 20,793 Subdivision construction 15,602 2,362 -- 98 -- 18,062 Land development 39,171 4,800 -- -- -- 43,971 Commercial construction 1,068,352 -- -- -- -- 1,068,352 Owner occupied one- to-four- family residential 188,706 -- -- 1,809 -- 190,515 Non-owner occupied one- to- four-family residential 117,103 389 -- 1,976 -- 119,468 Commercial real estate 1,218,431 9,909 -- 6,989 -- 1,235,329 Other residential 742,237 1,532 -- 1,876 -- 745,645 Commercial business 344,479 6,306 -- 2,066 500 353,351 Industrial revenue bonds 21,859 -- -- -- -- 21,859 Consumer auto 354,588 -- -- 2,554 -- 357,142 Consumer other 62,682 -- -- 686 -- 63,368 Home equity lines of credit 114,860 -- -- 579 -- 115,439 Acquired loans no longer covered by FDIC loss sharing agreements, net of discounts 155,212 -- -- 12 -- 155,224 Acquired non-covered loans, net of discounts 54,445 -- -- -- -- 54,445 Total $ 4,518,002 $ 25,816 $ -- $ 18,645 $ 500 $ 4,562,963 December 31, 2016 Special Satisfactory Watch Mention Substandard Doubtful Total (In Thousands) One- to four-family residential construction $ 20,771 $ 966 $ -- $ -- $ -- $ 21,737 Subdivision construction 14,059 2,729 -- 398 -- 17,186 Land development 39,925 5,140 -- 5,559 -- 50,624 Commercial construction 780,614 -- -- -- -- 780,614 Owner occupied one- to-four- family residential 198,835 67 -- 1,438 -- 200,340 Non-owner occupied one- to- four-family residential 135,930 465 -- 529 -- 136,924 Commercial real estate 1,160,280 20,154 -- 6,472 -- 1,186,906 Other residential 658,846 4,370 -- 162 -- 663,378 Commercial business 342,685 2,651 -- 3,292 -- 348,628 Industrial revenue bonds 25,065 -- -- -- -- 25,065 Consumer auto 492,165 -- -- 2,068 -- 494,233 Consumer other 69,338 -- -- 663 -- 70,001 Home equity lines of credit 108,290 -- -- 463 -- 108,753 Acquired FDIC-covered loans, net of discounts 134,356 -- -- -- -- 134,356 Acquired loans no longer covered by FDIC loss sharing agreements, net of discounts 72,552 -- -- 17 -- 72,569 Acquired non-covered loans, net of discounts 76,234 -- -- -- -- 76,234 Total $ 4,329,945 $ 36,542 $ -- $ 21,061 $ -- $ 4,387,548 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, 2017 and 2016, loans outstanding to these directors and executive officers are summarized as follows: 2017 2016 (In Thousands) Balance, beginning of year $ 24,793 $ 14,287 New loans 19,734 14,299 Payments (4,486 (3,793 Balance, end of year $ 40,041 $ 24,793 |
Note 4_ Acquired Loans, Loss Sh
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets | 12 Months Ended |
Dec. 31, 2017 | |
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. This agreement originally was to extend for ten years for 1-4 family real estate loans and for five years for other loans. The five-year period ended March 31, 2014 and the ten-year period was terminated early, effective April 26, 2016, by mutual agreement of Great Southern Bank and the FDIC. See “Loss Sharing Agreements” below. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. 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. This agreement originally was to extend for ten years for 1-4 family real estate loans and for five years for other loans. The five-year period ended September 30, 2014 and the ten-year period was terminated early, effective April 26, 2016, by mutual agreement of Great Southern Bank and the FDIC. See “Loss Sharing Agreements” below. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. 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 were covered by a loss sharing agreement between the FDIC and Great Southern Bank. This agreement originally was to extend for ten years for 1-4 family real estate loans and for five years for other loans but was terminated early, effective April 26, 2016, by mutual agreement of Great Southern Bank and the FDIC. See “Loss Sharing Agreements” below. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. 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 were covered by a loss sharing agreement between the FDIC and Great Southern Bank. Under the loss sharing agreement, the FDIC 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 included 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 originally was to extend for ten years for 1-4 family real estate loans and for five years for other loans but was terminated early, effective June 9, 2017, by mutual agreement of Great Southern Bank and the FDIC. See “Loss Sharing Agreements” below. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. A premium was recorded in conjunction with the fair value of the acquired loans and the amount amortized to yield during 2017, 2016 and 2015 was $269,000, $359,000 and $459,000, respectively. Valley Bank On June 20, 2014, Great Southern Bank entered into a purchase and assumption agreement with the FDIC to purchase a substantial portion of the loans and investment securities, as well as certain other assets, and assume all of the deposits, as well as certain other liabilities, of Valley Bank, a full-service bank headquartered in Moline, Illinois, with significant operations in Iowa. This transaction did not include a loss sharing agreement. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. A premium was recorded in conjunction with the fair value of the acquired loans and the amount amortized to yield during 2017, 2016 and 2015 was $217,000, $491,000 and $794,000, respectively. Loss Sharing Agreements On April 26, 2016, Great Southern Bank executed an agreement with the FDIC to terminate the loss sharing agreements for TeamBank, Vantus Bank and Sun Security Bank, effective immediately. The agreement required the FDIC to pay $4.4 million to settle all outstanding items related to the terminated loss sharing agreements. As a result of entering into the agreement, assets that were covered by the terminated loss sharing agreements, including covered loans in the amount of $61.5 million and covered other real estate owned in the amount of $468,000 as of March 31, 2016, were reclassified as non-covered assets effective April 26, 2016. In anticipation of terminating the loss sharing agreements, an impairment of the related indemnification assets was recorded during the three months ended March 31, 2016 in the amount of $584,000. On the date of the termination, the indemnification asset balances (and certain other receivables from the FDIC) related to TeamBank, Vantus Bank and Sun Security Bank, which totaled $4.4 million, net of impairment, at March 31, 2016, became $-0- as a result of the receipt of funds from the FDIC as outlined in the termination agreement. There will be no future effects on non-interest income (expense) related to adjustments or amortization of the indemnification assets for TeamBank, Vantus Bank or Sun Security Bank; however, adjustments and amortization related to the InterBank indemnification asset and loss sharing agreement continued until their termination discussed below. The remaining accretable yield adjustments that affect interest income are not changed by this transaction and will continue to be recognized for all FDIC-assisted transactions in the same manner as they have been previously. On June 9, 2017, Great Southern Bank executed an agreement with the FDIC to terminate the loss sharing agreements for InterBank, effective immediately. Pursuant to the termination agreement, the FDIC paid $15.0 million to the Bank to settle all outstanding items related to the terminated loss sharing agreements. The Company recorded a pre-tax gain on the termination of $7.7 million. As a result of entering into the termination agreement, assets that were covered by the terminated loss sharing arrangements, including covered loans in the amount of $138.8 million and covered other real estate owned in the amount of $2.9 million as of March 31, 2017, were reclassified as non-covered assets effective June 9, 2017. All rights and obligations of the Bank and the FDIC under the terminated loss sharing agreements, including the settlement of all existing loss sharing and expense reimbursement claims, have been resolved and terminated. The termination of the loss sharing agreements for the TeamBank, Vantus Bank, Sun Security Bank and InterBank transactions have no impact on the yields for the loans that were previously covered under these agreements. All post-termination recoveries, gains, losses and expenses related to these previously covered assets are recognized entirely by Great Southern Bank since the FDIC no longer shares in such gains or losses. Accordingly, the Company’s earnings are positively impacted to the extent the Company recognizes gains on any sales or recoveries in excess of the carrying value of such assets. Similarly, the Company’s future earnings will be negatively impacted to the extent the Company recognizes expenses, losses or charge-offs related to such assets. 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, , 2016 and 2015, 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, , 2016 and 2015, to the indemnification assets (which have now been reduced to $-0- due to the termination of the loss sharing agreements) . The amounts of these adjustments were as follows: Year Ended December 31, 2017 2016 2015 (In Thousands) Increase in accretable yield due to increased cash flow expectations $ 1,333 $ 10,598 $ 13,720 Decrease in FDIC indemnification asset as a result of accretable yield increase -- (2,744) (5,056) The adjustments, along with those made in previous years, impacted the Company’s Consolidated Statements of Income as follows: Year Ended December 31, 2017 2016 2015 (In Thousands) Interest income $ 5,014 $ 16,393 $ 28,531 Noninterest income (634 (7,033 (19,534 Net impact to pre-tax income $ 4,380 $ 9,360 $ 8,997 On an on-going basis the Company estimates the cash flows expected to be collected from the acquired loan pools. For each of the loan portfolios acquired, the cash flow estimates have increased, based on payment histories and reduced loss expectations. This resulted in increased income that spread on a level-yield basis over the remaining expected lives of the loan pools (and, therefore, has decreased over time). he increases in expected cash flows also reduced the amount of expected reimbursements under the loss sharing agreements with the FDIC ( such agreement in place), which were recorded as indemnification assets. Therefore, the expected indemnification assets had also been reduced each quarter since the fourth quarter of 2010, resulting in adjustments to be amortized on a comparable basis over the remainder of the loss sharing agreements or the remaining expected lives of the loan pools, whichever shorter. Additional estimated cash flows totaling approximately $ million were recorded in the year ended December 31, 2017 related to these loan pools, with corresponding reduction in expected reimbursement from the FDIC 2017. Because these adjustments will be recognized over the remaining lives of the loan pools, they will impact future periods as well. The remaining accretable yield adjustment that will affect interest income is $ million. As there is no longer, nor will there be in the future, indemnification asset amortization related to TeamBank, Vantus Bank, Sun Security Bank or InterBank due to the termination or expiration of the related loss sharing agreements for those transactions, there is no remaining indemnification asset or related adjustments that will affect non-interest income (expense). Of the remaining adjustments , we expect to recognize $ million of interest income during . 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 measured separately from the loan portfolio because it not contractually embedded in the loans and not transferable with the loans should the Bank cho 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 applicable 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 also separately measured from the related foreclosed real estate. The loss sharing agreement on the InterBank transaction include a clawback provision whereby if credit loss performance better than certain pre-established thresholds, then a portion of the monetary benefit shared with the FDIC. The pre-established threshold for credit losses $115.7 million for this transaction. The monetary benefit required to be paid to the FDIC under the clawback provision, if any, occur shortly after the termination of the loss sharing agreement, which in the case of InterBank 10 years from the acquisition date. At December 31, 2016 the Bank's internal estimate of credit performance was expected to be better than the threshold set by the FDIC in the loss sharing agreement. Therefore, a separate clawback liability totaling and $6. million was recorded of December 31, 2016 , respectively. This clawback liability was included in the calculation of the final settlement payment related to the termination of the InterBank loss sharing agreements. TeamBank Loans and Foreclosed Assets. The following tables present the balances of the 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, 2017 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 13,668 $ 35 Reclassification from nonaccretable discount to accretable discount due to change in (589) -- expected losses (net of accretion to date) Original estimated fair value of assets, net of activity since acquisition date (12,948 (35) Expected loss remaining $ 131 $ -- December 31, 2016 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 18,838 $ 14 Reclassification from nonaccretable discount to accretable discount due to change in (846) -- expected losses (net of accretion to date) Original estimated fair value of assets, net of activity since acquisition date (17,833 (14) Expected loss remaining $ 159 $ -- Vantus Bank Loans and Foreclosed Assets. The following tables present the balances of related to the Vantus Bank 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, $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, 2017 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 18,965 $ 15 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (131) -- Original estimated fair value of assets, net of activity since acquisition date (18,605 (15 Expected loss remaining $ 229 $ -- December 31, 2016 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 23,712 $ 15 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (239) -- Original estimated fair value of assets, net of activity since acquisition date (23,232 (15 Expected loss remaining $ 241 $ -- Sun Security Bank Loans and Foreclosed Assets. The following tables present the balances of the loans asset related to the Sun Security Bank 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 $ 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, 2017 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 26,787 $ 306 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (494) -- Original estimated fair value of assets, net of activity since acquisition date (25,348 (299 Expected loss remaining $ 945 $ 7 December 31, 2016 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 33,579 $ 365 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (1,086) -- Original estimated fair value of assets, net of activity since acquisition date (31,499 (286 Expected loss remaining $ 994 $ 79 InterBank Loans, Foreclosed Assets and Indemnification Asset. The following tables present the balances of the loans, and FDIC indemnification asset related to the InterBank 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 $ 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, 2017 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 112,399 $ 2,012 Noncredit premium/(discount), net of activity since acquisition date 274 -- Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (972) -- Original estimated fair value of assets, net of activity since acquisition date (98,321 (1,785 Expected loss remaining $ 13,380 $ 227 December 31, 2016 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 149,657 $ 1,417 Noncredit premium/(discount), net of activity since acquisition date 543 -- Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (1,984) -- Original estimated fair value of assets, net of activity since acquisition date (134,355 (1,417 Expected loss remaining 13,861 -- Assumed loss sharing recovery percentage 84 -- Expected loss sharing value 11,644 -- FDIC loss share clawback 953 -- Indemnification asset to be amortized resulting from change in expected losses 1,586 -- Accretable discount on FDIC indemnification asset (1,038 -- FDIC indemnification asset $ 13,145 $ -- Valley Bank Loans and Foreclosed Assets. The following tables present the balances of the loans and to the Valley Bank transaction at December 31, ross 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, 2017 Foreclosed Loans Assets (In Thousands) Initial basis, net of activity since acquisition date $ 59,997 $ 1,673 Noncredit premium/(discount), net of activity since acquisition date 11 -- Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (411) -- Original estimated fair value of assets, net of activity since acquisition date (54,442 (1,667 Expected loss remaining $ 5,155 $ 6 December 31, 2016 Foreclosed Loans Assets (In Thousands) Initial basis, net of activity since acquisition date $ 84,283 $ 1,973 Noncredit premium/(discount), net of activity since acquisition date 228 -- Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (2,121) -- Original estimated fair value of assets, net of activity since acquisition date (76,231 (1,952 Expected loss remaining $ 6,159 $ 21 Changes in the accretable yield for acquired loan pools were as follows for the years ended December 31, , and : Sun TeamBank Vantus Bank Security Bank InterBank Valley Bank (In Thousands) Balance, January 1, 2015 $ 6,865 $ 4,453 $ 7,952 $ 36,092 $ 11,132 Accretion (3,265) (2,541) (5,487) (28,767) (10,975) Reclassification from nonaccretable difference (1) 205 1,448 3,459 9,022 8,159 Balance, December 31, 2015 3,805 3,360 5,924 16,347 8,316 Accretion (1,834) (1,877) (3,832) (13,964) (11,933) Reclassification from nonaccretable difference (1) 506 1,064 2,185 6,129 8,414 Balance, December 31, 2016 2,477 2,547 4,277 8,512 4,797 Accretion (1,563) (1,373) (2,251) (7,505) (5,823) Reclassification from nonaccretable difference (1) 1,157 676 875 4,067 3,721 Balance, December 31, 2017 $ 2,071 $ 1,850 $ 2,901 $ 5,074 $ 2,695 (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, 2017, totaling $1.1 million, $663,000, $850,000, $3.5 million and $3.0 million, respectively; for TeamBank, Vantus Bank, Sun Security Bank, InterBank and Valley Bank for the year ended December 31, 2016, totaling $506,000, $1.0 million, $1.8 million, $2.7 million and $1.6 million, respectively; and 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. |
Note 5_ Other Real Estate Owned
Note 5: Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 5: Other Real Estate Owned | Note 5: Other Real Estate Owned and Repossessions Major classifications of at December 31, and , were as follows: 2017 2016 (In Thousands) Foreclosed assets held for sale and repossessions One- to four-family construction $ $ Subdivision construction 5,413 6,360 Land development 7,229 10,886 Commercial construction One- to four-family residential 112 1,217 Other residential 140 954 Commercial real estate 1,694 3,841 Commercial business Consumer 1,987 1,991 16,575 25,249 FDIC-supported foreclosed assets, net of discounts 1,426 Acquired foreclosed assets no longer covered by FDIC loss sharing agreements, net of discounts 2,133 316 Acquired foreclosed assets not covered by FDIC loss sharing agreements, net of discounts (Valley Bank) 1,666 1,952 Foreclosed assets held for sale and repossessions, net 20,374 28,943 Other real estate owned not acquired through foreclosure 1,628 3,715 Other real estate owned and repossessions $ 22,002 $ 32,658 At , 2017, other real estate owned not acquired through foreclosure include properties, of which were branch locations that closed and are held for sale, and one of which is land acquired for a potential branch location. During the ended 3 , 2017, former branch locations were sold at an aggregate gain of $ ,000, which is included in the gain on sales of other real estate owned amount in the table below. At , 201 , other real estate owned not acquired through foreclosure include properties, of which were branch locations that closed and are held for sale, and one of which is land acquired for a potential branch location. During the ended 3 , 201 , former branch locations were sold 3 , 201 , at an aggregate gain of $ ,000, which is included in the gain on sales of other real estate owned amount in the table below. At , , residential mortgage loans totaling $ million were in the process of foreclosure, $ million of which were acquired loans. Of the $ million of acquired loans, $ and $ ,000 were acquired in the Valley Bank transaction. Expenses applicable to for the years ended December 31, , and , included the following: 2017 2016 2015 (In Thousands) Net gain on sales of real estate and repossessions $ (2,212) $ (68) $ (397) Valuation write-downs 1,585 431 890 Operating expenses, net of rental income 4,556 3,748 2,033 $ 3,929 $ 4,111 $ 2,526 |
Note 6_ Premises and Equipment
Note 6: Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 6: Premises and Equipment | Note 6: Premises and Equipment Major classifications of premises and equipment at December 31, 2017 and 2016, stated at cost, were as follows: 2017 2016 (In Thousands) Land $ 42,312 $ 42,322 Buildings and improvements 97,464 96,429 Furniture, fixtures and equipment 53,841 57,217 193,617 195,968 Less accumulated depreciation 55,599 55,372 $ 138,018 $ 140,596 |
Note 7_ Investments in Limited
Note 7: Investments in Limited Partnerships | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, the Company had investments, with a net carrying value of $ million . At December 31, 2016, 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 were $ 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 investments, with a net carrying value of $ . At December 31, , 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 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 were $ as of December 31, . Amortization of the investments in partnerships is expected to be approximately . The CompanyÂ’s usage of federal New Market Tax Credits approximated $ million , $2.3 million and $ million during , and , respectively. Investment amortization amounted to $ , $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, 2017 | |
Notes | |
Note 8: Deposits | Note 8: Deposits Deposits at December 31, and , are summarized as follows: Weighted Average Interest Rate 2017 2016 (In Thousands, Except Interest Rates) Noninterest-bearing accounts -- $ 661,589 $ 653,288 Interest-bearing checking and savings accounts 0.32% - 0.26% 1,565,711 1,539,216 2,227,300 2,192,504 Certificate accounts 0% - 0.99% 254,502 695,738 1% - 1.99% 1,006,373 737,649 2% - 2.99% 106,888 48,777 3% - 3.99% 701 1,119 4% - 4.99% 1,108 1,171 5% and above 272 272 1,369,844 1,484,726 $ 3,597,144 $ 3,677,230 The weighted average interest rate on certificates of deposit was % and % at December 31, 2017 and 2016, respectively. The aggregate amount of certificates of deposit originated by the Bank in denominations greater than $100,000 was approximately $ million and $ million at December 31, 2017 and 2016, respectively. The Bank utilizes brokered deposits as an additional funding source. The aggregate amount of brokered deposits was approximately $ million and $ million at December 31, 2017 and 2016, respectively. At December 31, 2017, scheduled maturities of certificates of deposit were as follows: Retail Brokered Total (In Thousands) 2018 $ 775,404 $ 238,410 $ 1,013,814 2019 199,252 21,561 220,813 2020 58,811 -- 58,811 2021 48,365 -- 48,365 2022 25,868 -- 25,868 Thereafter 2,173 -- 2,173 $ 1,109,873 $ 259,971 $ 1,369,844 A summary of interest expense on deposits for the years ended December 31, 2017, 2016 and 2015, is as follows: 2017 2016 2015 (In Thousands) Checking and savings accounts $ 4,699 $ 3,888 $ 2,858 Certificate accounts 16,009 13,598 10,739 Early withdrawal penalties (113 (99 (86 $ 20,595 $ 17,387 $ 13,511 |
Note 9_ Advances From Federal H
Note 9: Advances From Federal Home Loan Bank | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016, consisted of the following: December 31, 2017 December 31, 2016 Weighted Weighted Average Average Interest Interest Due In Amount Rate Amount Rate (In Thousands) 2017 $-- --% $30,826 3.26% 2018 127,500 1.53 81 5.14 2019 -- -- 28 5.14 2020 -- -- -- -- 2021 -- -- -- -- 2022 -- -- -- -- 2023 and thereafter -- -- 500 5.54 127,500 1.53 31,452 3.30 Unamortized fair value adjustment -- 17 $127,500 $31,452 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, 2017 and 2016. Loans with carrying values of approximately $1. billion and $1. billion were pledged as collateral for outstanding advances at December 31, 2017 and 2016, 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, 2017 |
Note 10_ Short-term Borrowings
Note 10: Short-term Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 10: Short-term Borrowings | Note 10: Short-Term Borrowings Short-term borrowings at December 31, 2017 and 2016, are summarized as follows: 2017 2016 (In Thousands) Notes payable – Community Development Equity Funds $ 1,604 $ 1,323 Overnight borrowings from the Federal Home Loan Bank 15,000 171,000 Securities sold under reverse repurchase agreements 80,531 113,700 $ 97,135 $ 286,023 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. % and 0. % at December 31, 2017 and 2016, respectively. Short-term borrowings averaged approximately $ million and $ million for the years ended December 31, 2017 and 2016, respectively. The maximum amounts outstanding at any month end were $ million and $ 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 2017 2016 Overnight and Overnight and Continuous Continuous (In Thousands) FHLBank CD $ -- $ 16,202 Mortgage-backed securities – GNMA, FNMA, FHLMC 80,531 97,498 $ 80,531 $ 113,700 |
Note 11_ Federal Reserve Bank B
Note 11: Federal Reserve Bank Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 11: Federal Reserve Bank Borrowings | Note 11: Federal Reserve Bank Borrowings At December 31, 2017 and 2016, the Bank had $ million and $ 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, 2017 or 2016. |
Note 12_ Subordinated Debenture
Note 12: Subordinated Debentures Issued To Capital Trusts | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 12: Subordinated Debentures Issued To Capital Trusts | Note 12: 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 redeemable at the CompanyÂ’s option 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 % and % at December 31, 2017 and 2016, 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. I n July 201 , 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, 2017 and 2016, subordinated debentures issued to capital trusts are summarized as follows: 2017 2016 (In Thousands) Subordinated debentures $ 25,774 $ 25,774 |
Note 13_ Subordinated Notes
Note 13: Subordinated Notes | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 13: Subordinated Notes | Note 13: Subordinated Notes On August 8, 201 6 , the Company completed the public offering and sale of $75.0 million of its s ubordinated n otes. The n otes are due August 15, 2026, and have a fixed interest rate of 5.25% until August 15, 2021, at which time the rate becomes floating at a rate equal to three-month LIBOR plus 4.087%. The Company may call the n otes at par beginning on August 15, 2021, and on any scheduled interest payment date thereafter. The n otes were sold at par, resulting in net proceeds, after underwriting discounts and commissions, legal, accounting and other professional fees, of approximately $73.5 million. Total debt issuance costs, totaling approximately $1.5 million, were deferred and are being amortized over the expected life of the n otes, which is 10 years. Amortization of the debt issuance costs during the years ended December 31, 2017 and 2016, totaled $151,000 and $ 64,000 , respectively, and is included in interest expense on s ubordinated n otes in the consolidated statements of income, resulting in an imputed interest rate of 5. 47 %. At December 31, 2017 and, 2016, subordinated notes are summarized as follows: 2017 2016 (In Thousands) Subordinated notes $ 75,000 $ 75,000 Less: unamortized debt issuance costs 1,312 1,463 $ 73,688 $ 73,537 |
Note 14_ Income Taxes
Note 14: Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 14: Income Taxes | Note 14: Income Taxes The Company files a consolidated federal income tax return. As of December 31, 2017 and 2016, 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, 2017 and 2016 . During the years ended December 31, 2017, 2016 and 2015 the provision for income taxes included these components: 2017 2016 2015 (In Thousands) Taxes currently payable $ 9,335 $ 20,137 $ 20,234 Deferred income taxes 7,318 (3,621) (4,670) Adjustment of deferred tax asset or liability for enacted changes in tax laws 2,105 -- -- Income taxes $ 18,758 $ 16,516 $ 15,564 The tax effects of temporary differences related to deferred taxes shown on the statements of financial condition were: December 31, 2017 2016 (In Thousands) Deferred tax assets Allowance for loan losses $ 8,154 $ 13,576 Tax credit carryforward 5,816 Interest on nonperforming loans 288 364 Accrued expenses 684 1,288 Write-down of foreclosed assets 1,694 3,300 Write-down of fixed assets 207 535 Difference in basis for acquired assets and liabilities 4,725 4,533 21,568 23,596 Deferred tax liabilities Tax depreciation in excess of book depreciation (4,483) (6,425) FHLB stock dividends (356) (1,805) Partnership tax credits (706) (1,651) Prepaid expenses (775) (728) Unrealized gain on available-for-sale securities (435) (980) Book revenue in excess of tax revenue Other (190 (318 (19,122 (11,907 Net deferred tax asset (liability) $ 2,446 $ 11,689 Reconciliations of the Company’s effective tax rates from continuing operations to the statutory corporate tax rates were as follows: 2017 2016 2015 Tax at statutory rate 35.0% 35.0% 35.0% Nontaxable interest and dividends (1.6) (2.1) (2.4) Tax credits (6.1) (7.3) (8.1) State taxes 1.1 1.1 1.4 Initial impact of enactment of 2017 Tax Act (0.4) -- -- Other (1.3 -- (0.8 26.7 26.7 25.1 The Tax Cuts and Jobs Act (“Tax Act”) was signed into law on December 22, 2017, making several changes to U. S. corporate income tax laws, including reducing the corporate Federal income tax rate from 35% to 21% effective January 1, 2018. U. S. GAAP requires that the impact of the provisions of the Tax Act be accounted for in the period of enactment and the Company recognized the income tax effects of the Tax Act in its 2017 financial statements. The Tax Act is complex and requires significant detailed analysis. During the preparation of the Company’s 2017 income tax returns in 2018, additional adjustments related to enactment of the Tax Act may be identified. We do not currently expect significant adjustments will be necessary, but any further adjustments identified will be recognized in accordance with guidance contained in Staff Accounting Bulletin No. 118 from the U. S. Securities and Exchange Commission. The Company and its consolidated subsidiaries have not been audited recently by the Internal Revenue Service (IRS) 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 which have been under Internal Revenue Service examination for 2006 and 2007. As a result, the Company’s 2006 and subsequent tax years remain open for examination. The examinations of these partnerships advanced during 2016 and 2017. One of the partnerships has advanced to Tax Court and has entered a Motion for Entry of Decision with an agreed upon settlement. The other partnership examination was recently completed by the IRS with no change impacting the Company’s tax positions. The Company does not currently expect significant adjustments to its financial statements from the partnership matter at the Tax Court. The Company is currently under State of Missouri income and franchise tax examinations for its 2014 through 2015 tax years. The Company does not currently expect significant adjustments to its financial statements from this state examination. During 2017, the Company settled its appeal with the Kansas Department of Revenue. The settlement did not result in any significant adjustments to the Company’s financial statements. |
Note 15_ Disclosures About Fair
Note 15: Disclosures About Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
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 · · · 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. 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, 2017 and 2016: 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, 2017 Mortgage-backed securities $ 122,533 $ -- $ 122,533 $ -- States and political subdivisions 56,646 -- 56,646 -- Interest rate derivative asset 981 -- 981 -- Interest rate derivative liability (1,030) -- (1,030) -- December 31, 2016 Mortgage-backed securities $ 146,035 $ -- $ 146,035 $ -- States and political subdivisions 67,837 -- 67,837 -- Interest rate derivative asset 1,663 -- 1,663 -- Interest rate derivative liability (1,699) -- (1,699) -- 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, 2017 and 2016, 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, 2017. 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 ecurring Level 3 securities at December 31, 2017 2016. 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. 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, 2017 and 2016: 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, 2017 Impaired loans $ 1,590 $ -- $ -- $ 1,590 Foreclosed assets held for sale $ 1,758 $ -- $ -- $ 1,758 December 31, 2016 Impaired loans $ 8,280 $ -- $ -- $ 8,280 Foreclosed assets held for sale $ 1,604 $ -- $ -- $ 1,604 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, 2017 and 2016, the aggregate fair value of mortgage loans held for sale exceeded . 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, 2017 and 2016, 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, 2017 and 2016, 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, 2017 and 2016 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 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, 2017 and 2016, the carrying value of the FDIC indemnification asset was $ million and $ million, respectively. The loss sharing assets measured separately from the loan portfolios because they not contractually embedded in the loans and not transferable with the loans should the Bank 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 also separately measured from the related foreclosed real estate. Although the assets contractual receivables from the FDIC, they not have effective interest rates. The Bank collect the assets over several years. The amount ultimately collected 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 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 four acquisitions on a quarterly or annual basis. The loss sharing agreements for TeamBank, Vantus Bank and Sun Security Bank were terminated on April 26, 2016, and the carrying value of the related indemnification assets became $-0-. The loss sharing agreements for InterBank were terminated on June 9, 2017, and the carrying value of the related indemnification asset became $-0 The termination of the loss sharing agreements is discussed in Note 4 . 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. Subordinated Notes The fair values used by the Company are obtained from independent sources and are derived from quoted market prices of the Company’s subordinated notes and quoted market prices of other subordinated debt instruments with similar characteristics. 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, 2017 December 31, 2016 Carrying Fair Hierarchy Carrying Fair Hierarchy Amount Value Level Amount Value Level Financial assets Cash and cash equivalents $242,253 $242,253 1 $279,769 $279,769 1 Held-to-maturity securities 130 131 2 247 258 2 Mortgage loans held for sale 8,203 8,203 2 16,445 16,445 2 Loans, net of allowance for loan losses 3,726,302 3,735,216 3 3,759,966 3,766,709 3 Accrued interest receivable 12,338 12,338 3 11,875 11,875 3 Investment in FHLB stock 11,182 11,182 3 13,034 13,034 3 Financial liabilities Deposits 3,597,144 3,606,400 3 3,677,230 3,683,751 3 FHLB advances 127,500 127,500 3 31,452 32,379 3 Short-term borrowings 97,135 97,135 3 286,023 286,023 3 Subordinated debentures 25,774 25,774 3 25,774 25,774 3 Subordinated notes 73,688 76,500 2 73,537 76,031 2 Accrued interest payable 2,904 2,904 3 2,723 2,723 3 Unrecognized financial instruments (net of contractual value) Commitments to originate loans -- -- 3 -- -- 3 Letters of credit 85 85 3 92 92 3 Lines of credit -- -- 3 -- -- 3 |
Note 16_ Operating Leases
Note 16: Operating Leases | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, future minimum lease payments were as follows (in thousands): 2018 $ 877 2019 683 2020 540 2021 331 2022 241 Thereafter 473 $ 3,145 Rental expense was $ , $ and $1. million for the years ended December 31, 2017, 2016 and 2015, respectively. |
Note 17_ Derivatives and Hedgin
Note 17: Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2017 | |
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 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. 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, 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, stated that the Company would 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 would reimburse the Company for interest paid such that the Company would 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 had a term of four years, which terminated during 2017. 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 Item 8, Financial Statements and Supplementary Information, in the CompanyÂ’s December 31, 2015 Annual Report on Form 10-K for more information on the trust preferred securities purchase transaction. 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, 2017, 2016 and 2015, the Company recognized $-0- in noninterest income related to changes in the fair value of these derivatives. During the years ended December 31, 2017, 2016 and 2015, the Company recognized $293,000, $225,000 and $187,000, 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 early 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 2017 2016 (In Thousands) Derivatives designated as hedging instruments Interest rate caps Prepaid expenses and other assets $ -- $ 40 Total derivatives designated as hedging instruments $ -- $ 40 Derivatives not designated as hedging instruments Asset Derivatives Derivatives not designated as hedging instruments Interest rate products Prepaid expenses and other assets $ 981 $ 1,623 Total derivatives not designated as hedging instruments $ 981 $ 1,623 Liability Derivatives Derivatives not designated as hedging instruments Interest rate products Accrued expenses and other liabilities $ 1,030 $ 1,699 Total derivatives not designated as hedging instruments $ 1,030 $ 1,699 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 2017 2016 2015 (In Thousands) Interest rate cap, net of income taxes $ 161 $ 87 $ (50) 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 $ . The Company has minimum collateral posting thresholds with its derivative counterparties. At December 31 , 2017, 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. 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 met the level 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, 2017 | |
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, 2017 and 2016, the Bank had outstanding commitments to originate loans and fund commercial construction loans aggregating approximately $ million and $ 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, 2017 and 2016, 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, 2017 and 2016, respectively, with $ million and $ million , respectively, of the letters of credit having terms up to five years and $ and $ million , respectively, of the letters of credit having terms over five years. Of the amount having terms over five years, $ and $ million at December 31, 2017 and 2016, 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, 2017 and 2016, 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, 2017, 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, 2016, 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 $ million at December 31, and , 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, 2017 | |
Notes | |
Note 19: Additional Cash Flow Information | Note 19: Additional Cash Flow Information 2017 2016 2015 (In Thousands) Noncash Investing and Financing Activities Real estate acquired in settlement of loans $23,780 $26,076 $12,185 Sale and financing of foreclosed assets 603 3,334 3,316 Conversion of premises and equipment to foreclosed assets -- 6,985 -- Dividends declared but not paid 3,381 3,073 3,055 Additional Cash Payment Information Interest paid 27,724 20,476 15,984 Income taxes paid 17,563 9,554 13,096 |
Note 20_ Employee Benefits
Note 20: Employee Benefits | 12 Months Ended |
Dec. 31, 2017 | |
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 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 the years ended December 31, , and , were approximately $ $ $ , respectively. |
Note 21_ Stock Compensation Pla
Note 21: Stock Compensation Plans | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 21: Stock Compensation Plans | 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, 2017, 126,042 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, 2017, 556,757 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, 2015 446,800 661,098 $ 26.560 Granted from 2013 plan (129,350) 129,350 49.199 Exercised -- (134,263) 25.403 Forfeited from terminated plan(s) -- (8,453) 24.941 Forfeited from current plan(s) 14,000 (14,000) 33.389 Balance, December 31, 2015 331,450 633,732 31.297 Granted from 2013 plan (131,000) 131,000 41.228 Exercised -- (81,812) 26.472 Forfeited from terminated plan(s) -- (2,692) 22.654 Forfeited from current plan(s) 19,025 (19,025) 39.123 Balance, December 31, 2016 219,475 661,203 33.672 Granted from 2013 Plan (157,800) 157,800 52.118 Exercised -- (119,692) 27.352 Forfeited from terminated plan(s) -- (675) 24.690 Forfeited from current plan(s) 15,837 (15,837) 41.916 Balance, December 31, 2017 77,512 682,799 $ 38.860 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 : 2017 2016 2015 Expected dividends per share $0.95 $0.88 $0.88 Risk-free interest rate 2.03% 1.27% 1.66% Expected life of options 5 years 5 years 5 years Expected volatility 23.49% 22.08% 24.42% Weighted average fair value of options granted during year $10.04 $6.59 $9.59 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, 2017 Weighted Weighted Average Average Remaining Exercise Contractual Options Price Term Options outstanding, January 1, 2017 661,203 $33.672 7.23 years Granted 157,800 52.118 Exercised (119,692) 27.352 Forfeited (16,512 41.212 Options outstanding, December 31, 2017 682,799 38.860 7.38 years Options exercisable, December 31, 2017 240,862 27.884 5.20 years For the years ended December 31, , and , options granted were , , 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 $ $ , 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 $ , $ and $ 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, 2017. Weighted Weighted Average Average Exercise Grant Date Options Price Fair Value Nonvested options, January 1, 2017 413,283 $39.253 $6.631 Granted 157,800 52.118 10.041 Vested this period (112,659) 35.056 6.022 Nonvested options forfeited (16,487 41.242 7.229 Nonvested options, December 31, 2017 441,937 44.842 7.981 At December 31, 2017, 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 and The following table further summarizes information about stock options outstanding at December 31, 2017: 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 48,152 3.56 years $17.884 48,152 $17.884 $21.320 to $24.820 77,890 4.09 years 23.760 77,740 23.760 $26.640 to $29.640 73,833 5.95 years 29.491 50,374 29.493 $32.590 to $38.610 109,313 6.86 years 33.029 41,902 32.751 $41.300 to $47.800 121,200 8.80 years 41.370 325 47.800 $50.710 to $52.200 252,411 9.07 years 51.582 22,369 50.710 682,799 7.38 years 38.860 240,862 27.884 |
Note 23_ Significant Estimates
Note 23: Significant Estimates and Concentrations | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 23: 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, 2017 | |
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: 2017 2016 (In Thousands) Net unrealized gain on available-for-sale securities $ 1,949 $ 2,699 Net unrealized loss on derivatives used for cash flow hedges -- (254 1,949 2,445 Tax effect (708 (887 Net-of-tax amount $ 1,241 $ 1,558 Amounts reclassified from AOCI and the affected line items in the statements of income during the years ended December 31, , 2016 and 2015, were as follows: Amounts Reclassified from AOCI Affected Line Item in the 2017 2016 2015 Statements of Income (In Thousands) Unrealized gains on available-for-sale securities $--- $2,873 $2 Net realized gains on available-for-sale securities (total reclassified amount before tax) Income taxes --- (1,043) (1) Tax (expense) benefit Total reclassifications out of AOCI $--- $1,830 $1 |
Note 24_ Regulatory Matters
Note 24: Regulatory Matters | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017) 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, 2017, that the Bank met all capital adequacy requirements to which it was then subject. As of December 31, 2017, 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, 2017, 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 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, 2017 and 2016, 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. In addition to the minimum capital ratios, the new rules include a capital conservation buffer, under which a banking organization must have CET1 more than 2.5% above each of its minimum risk-based capital ratios in order to avoid restrictions on paying dividends, repurchasing shares, and paying certain discretionary bonuses, phased in at an additional 0.625% per year beginning January 1, . 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, 2017 Total capital Great Southern Bancorp, Inc. $597,177 14.1% $339,649 8.0% N/A N/A Great Southern Bank $558,668 13.2% $339,575 8.0% $424,468 10.0% Tier I capital Great Southern Bancorp, Inc. $485,685 11.4% $254,737 6.0% N/A N/A Great Southern Bank $522,176 12.3% $254,681 6.0% $339,575 8.0% Tier I leverage capital Great Southern Bancorp, Inc. $485,685 10.9% $177,881 4.0% N/A N/A Great Southern Bank $522,176 11.7% $177,844 4.0% $222,305 5.0% Common equity Tier I capital Great Southern Bancorp, Inc. $460,661 10.9% $191,053 4.5% N/A N/A Great Southern Bank $522,152 12.3% $191,011 4.5% $275,904 6.5% As of December 31, 2016 Total capital Great Southern Bancorp, Inc. $556,106 13.6% $327,610 8.0% N/A N/A Great Southern Bank $520,989 12.7% $327,505 8.0% $409,382 10.0% Tier I capital Great Southern Bancorp, Inc. $443,706 10.8% $245,707 6.0% N/A N/A Great Southern Bank $483,589 11.8% $245,629 6.0% $327,505 8.0% Tier I leverage capital Great Southern Bancorp, Inc. $443,706 9.9% $178,693 4.0% N/A N/A Great Southern Bank $483,589 10.8% $178,643 4.0% $223,304 5.0% Common equity Tier I capital Great Southern Bancorp, Inc. $418,687 10.2% $184,280 4.5% N/A N/A Great Southern Bank $483,569 11.8% $184,222 4.5% $266,098 6.5% |
Note 25_ Litigation Matters
Note 25: Litigation Matters | 12 Months Ended |
Dec. 31, 2017 | |
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 certified a class of Bank customers who paid overdraft fees on their checking accounts pursuant to the BankÂ’s automated overdraft program. On October 5, 2017, relying on a Missouri Court of Appeals decision addressing similar claims, the Court granted the Bank's motion for summary judgment and entered judgment in the Bank's favor on all of plaintiff's claims. The time for plaintiff to seek appellate review expire on November 14, 2017 . |
Note 26_ Summary of Unaudited Q
Note 26: Summary of Unaudited Quarterly Operating Results | 12 Months Ended |
Dec. 31, 2017 | |
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 2017, 2016 and 2015: 2017 Three Months Ended March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Data) Interest income $ 45,413 $ 44,744 $ 46,368 $ 46,536 Interest expense 6,712 6,843 7,087 7,263 Provision for loan losses 2,250 1,950 2,950 1,950 Net realized gains (losses) and impairment on available-for-sale securities -- -- -- -- Noninterest income 7,698 15,800 7,655 7,374 Noninterest expense 28,573 28,371 28,034 29,283 Provision (credit) for income taxes 4,058 7,204 4,289 3,207 Net income 11,518 16,176 11,663 12,207 Net income available to common shareholders 11,518 16,176 11,663 12,207 Earnings per common share – diluted 0.81 1.14 0.82 0.86 2016 Three Months Ended March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Data) Interest income $ 45,746 $ 45,636 $ 46,856 $ 46,937 Interest expense 4,627 4,974 5,828 6,690 Provision for loan losses 2,101 2,300 2,500 2,380 Net realized gains (losses) and impairment on available-for-sale securities 3 2,735 144 (9) Noninterest income 4,974 8,916 7,090 7,530 Noninterest expense 30,920 29,807 30,657 29,043 Provision (credit) for income taxes 3,279 4,937 3,740 4,560 Net income 9,793 12,534 11,221 11,794 Net income available to common shareholders 9,793 12,534 11,221 11,794 Earnings per common share – diluted 0.70 0.89 0.80 0.83 2015 Three Months Ended March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Data) Interest income $ 47,906 $ 45,734 $ 45,755 $ 44,956 Interest expense 3,781 3,725 4,230 4,261 Provision for loan losses 1,300 1,300 1,703 1,216 Net realized gains (losses) and impairment on available-for-sale securities -- -- 2 -- Noninterest income (56) 3,457 5,120 5,060 Noninterest expense 27,242 27,949 30,014 29,145 Provision (credit) for income taxes 3,874 4,214 3,732 3,744 Net income 11,653 12,003 11,196 11,650 Net income available to common shareholders 11,508 11,858 11,051 11,531 Earnings per common share – diluted 0.83 0.85 0.79 0.81 |
Note 27_ Condensed Parent Compa
Note 27: Condensed Parent Company Statements | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 27: Condensed Parent Company Statements | Note 27: Condensed Parent Company Statements The condensed statements of financial condition at December 31, 2017 and 2016, and statements of income, comprehensive income and cash flows for the years ended December 31, 2017 2016 and 2015, for the parent company, Great Southern Bancorp, Inc., were as follows: December 31, 2017 2016 (In Thousands) Statements of Financial Condition Assets Cash $ 41,977 $ 37,716 Investment in subsidiary bank 533,153 494,947 Deferred and accrued income taxes 133 89 Prepaid expenses and other assets 903 1,214 $ 576,166 $ 533,966 Liabilities and StockholdersÂ’ Equity Accounts payable and accrued expenses $ 5,042 $ 4,849 Subordinated debentures issued to capital trust 25,774 25,774 Subordinated notes 73,688 73,537 Common stock 141 140 Additional paid-in capital 28,203 25,942 Retained earnings 442,077 402,166 Accumulated other comprehensive income 1,241 1,558 $ 576,166 $ 533,966 2017 2016 2015 (In Thousands) Statements of Income Income Dividends from subsidiary bank $ 17,500 $ 12,000 $ 27,000 Interest and dividend income 48 -- 5 Gain on redemption of trust preferred securities and sale of non-marketable securities -- 2,735 1,416 Other income (loss) -- 2 (7) 17,548 14,737 28,414 Expense Operating expenses 1,330 1,322 1,139 Interest expense 5,047 2,381 714 6,377 3,703 1,853 Income before income tax and equity in undistributed earnings of subsidiaries 11,171 11,034 26,561 Credit for income taxes (1,709 (241 (91 Income before equity in earnings of subsidiaries 12,880 11,275 26,652 Equity in undistributed earnings of subsidiaries 38,684 34,067 19,850 Net income $ 51,564 $ 45,342 $ 46,502 2017 2016 2015 (In Thousands) Statements of Cash Flows Operating Activities Net income $ 51,564 $ 45,342 $ 46,502 Items not requiring (providing) cash Equity in undistributed earnings of subsidiary (38,684) (34,067) (19,850) Compensation expense for stock option grants 564 483 382 Net realized gains on redemption of trust preferred securities -- -- (1,115) Net realized gains on sales of non-marketable securities -- -- (301) Net realized gains on sales of available-for-sale securities -- (2,735) -- Amortization of interest rate derivative and deferred costs on subordinated notes 441 289 204 Changes in Prepaid expenses and other assets 132 175 (27) Accounts payable and accrued expenses (115) 1,495 63 Income taxes 6 (206) 55 Net cash provided by operating activities 13,908 10,776 25,913 Investing Activities Proceeds from sales of available-for-sale securities -- 3,583 -- Investment in subsidiary -- (60,000) -- (Investment)/Return of principal - other investments -- (2) 16 Net cash provided by (used in) investing activities -- (56,419) 16 Financing Activities Proceeds from issuance of subordinated notes -- 73,472 -- Redemption of preferred stock -- -- (57,943) Redemption of trust preferred securities -- -- (3,885) Purchases of the CompanyÂ’s common stock -- -- -- Dividends paid (12,894) (12,232) (12,290) Stock options exercised 3,247 2,110 3,362 Net cash provided by (used in) financing activities (9,647) 63,350 (70,756 Increase (Decrease) in Cash 4,261 17,707 (44,827) Cash, Beginning of Year 37,716 20,009 64,836 Cash, End of Year $ 41,977 $ 37,716 $ 20,009 Additional Cash Payment Information Interest paid $ 5,059 $ 846 $ 730 2017 2016 2015 (In Thousands) Statements of Comprehensive Income Net Income $ 51,564 $ 45,342 $ 46,502 Unrealized appreciation on available-for-sale securities, net of -- (158) 400 Reclassification adjustment for gains included in net income, net of ( -- (1,742) -- Change in fair value of cash flow hedge, net of taxes (credit) of $93, $50 and $(34) for 2017, 2016 and 2015, respectively 161 87 (50) Comprehensive income (loss) of subsidiaries (478) (2,293) (1,722) Comprehensive Income $ 51,247 $ 41,236 $ 45,130 |
Note 28_ Preferred Stock
Note 28: Preferred Stock | 12 Months Ended |
Dec. 31, 2017 | |
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 . 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, , 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, 2017 | |
Notes | |
Note 29: Consolidation of Banking Centers | Note 29: Consolidation of Banking Centers On September 24, , 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, . |
Note 30_ Acquisition of Loans,
Note 30: Acquisition of Loans, Deposits and Branches | 12 Months Ended |
Dec. 31, 2017 | |
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. The fair values of the assets acquired and liabilities assumed in the transaction were as follows: January 29, 2016 (In Thousands) Assets Cash and cash equivalents $ 44,363 Loans receivable 157,524 Premises and equipment 17,990 Accrued interest receivable 410 Core deposit intangible 4,424 Deferred income taxes 100 Total assets acquired 224,811 Liabilities Total deposits 228,528 Accrued interest payable 50 Advances from borrowers for taxes and insurance 403 Accounts payable and accrued expenses 58 Total liabilities assumed 229,039 Goodwill recognized on business acquisition $ 4,228 This acquisition was determined to constitute a business combination in accordance with FASB ASC 805. Based upon the acquisition date fair values of the net liabilities acquired, goodwill of $4.2 million was recorded. The goodwill is deductible for tax purposes. Details related to the purchase accounting adjustments are as follows: January 29, 2016 (In Thousands) Deposit premium per Purchase and Assumption Agreement $ (7,135) Purchase accounting adjustments Deposits (277) Loans (1,340) Deferred income taxes 100 Core deposit intangible 4,424 Goodwill recognized on business acquisition $ 4,228 |
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, 2017 | |
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, 2017 | |
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 determined in relation to the fair value of assets acquired through FDIC-assisted transactions for which cash flows are monitored on an ongoing basis. Company considers that the determination of the carrying value of involves a high degree of judgment and complexity. |
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, 2017 | |
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, 2017 | |
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, 2017 | |
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, 2017 | |
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 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, 2017 | |
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, 2017 | |
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, 2017 | |
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 loans 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, 2017 | |
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 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, 2017 | |
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 covered under loss sharing agreements with the FDIC. These agreements commi t 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 expect 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 measured separately from the loan assets and foreclosed assets because the loss sharing agreements not contractually embedded in them or transferrable with them in the event of disposal. The balance of the FDIC Indemnification Asset increase and decrease as the expected and actual cash flows from the covered assets fluctuate , as loans paid off or impaired and as loans and foreclosed assets sold. There no contractual interest rates on the 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 th receivable be collected over the terms of the loss sharing agreements. This discount accreted to income . 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 and Repossessions (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Other Real Estate Owned and Repossessions | Other Real Estate Owned and Repossessions 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, 2017 | |
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, 2017 | |
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, . 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, 2017 | |
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, 2017 2016 (In Thousands) Goodwill – Branch acquisitions $ 5,396 $ 5,396 Deposit intangibles Sun Security Bank 263 613 InterBank 181 327 Boulevard Bank 397 519 Valley Bank 1,400 1,800 Fifth Third Bank 3,213 3,845 5,454 7,104 $ 10,850 $ 12,500 |
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, 2017 | |
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, 2017 | |
Policies | |
Stockholders' Equity | Stockholders’ Equity The Company is incorporated in the State of Maryland. 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 Share, Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Earnings Per Share, Policy | 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: 2017 2016 2015 (In Thousands, Except Per Share Data) Net income $ 51,564 $ 45,342 $ 46,502 Net income available to common shareholders $ 51,564 $ 45,342 $ 45,948 Average common shares outstanding 14,032 13,912 13,818 Average common share stock options outstanding 148 229 182 Average diluted common shares 14,180 14,141 14,000 Earnings per common share – basic $ 3.67 $ 3.26 $ 3.33 Earnings per common share – diluted $ 3.64 $ 3.21 $ 3.28 Options outstanding at December 31, , and , to purchase and 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 Compensation Plans (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Stock Compensation Plans | Stock Compensation Plans The Company has stock-based employee compensation plans, which are described more fully in Note 2 1 . In accordance with FASB ASC 718, Compensation – Stock Compensation, , 2016 and 2015, 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, 2017 | |
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, 2017 and 2016 , cash equivalents consisted of interest-bearing deposits in other financial institutions. At December 31, 2017 , 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, 2017 | |
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, 2017 and 2016, 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, 2017 | |
Policies | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities FASB ASC 815, Derivatives and Hedging instruments Note 1 7 . 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, 2017 | |
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, 2017 and 2016 , respectively, was $ 59.1 million and $ 53.8 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, 2017 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Topic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU No. 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740) In January 2017, the FASB issued ASU No. 2017-01, Business Combinations - Clarifying the Definition of a Business (Topic 805) In January 2017, the FASB issued ASU No. 2017-04, Intangibles: Goodwill and Other: Simplifying the Test for Goodwill Impairment (Topic 350) In March 2017, the FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. In May 2017, the FASB issued ASU 2017-09, Compensation --Stock Compensation (Topic 718): Scope of Modification Accounting amendment provides guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting under Topic 7l8. The amendments clarify that modification accounting only applies to an entity if the fair value, vesting conditions, or classification of the award changes as a result of changes in the terms or conditions of a share-based payment award. The ASU should be applied prospectively to awards modified on or after the adoption date. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220). |
Note 2_ Investments in Securi63
Note 2: Investments in Securities: Mortgage-backed securities portfolio (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Mortgage-backed securities portfolio | At December 31, , the CompanyÂ’s mortgage-backed securities portfolio consisted of FHLMC securities totaling $ million FNMA securities totaling $ million and GNMA securities totaling $ million . At December 31, 2017, $ 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, 2017 | |
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 $ 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, 2017 | |
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 2015, 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, 2017 | |
Policies | |
Credit Losses Recognized On Investments | Credit Losses Recognized on Investments During 2017, 2016 and 2015, 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, 2017 | |
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.” 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. 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. 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. Loans not meeting any of the criteria previously described are considered satisfactory. The FDIC-assisted acquired loans are evaluated using this internal grading system. These loans are accounted for in pools. Minimal adverse classification in these acquired loan pools was identified as of December 31, 2017 and 2016, respectively. See Note 4 The Company evaluates the loan risk internal grading system definitions and allowance for loan loss methodology on an ongoing basis. The general component of the allowance for loan losses is affected by several factors, including, but not limited to, average historical losses, average life of the loans, 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 the Company’s allowance for loan losses. No 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, 2017 | |
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, 2017 and 2016, loans outstanding to these directors and executive officers are summarized as follows: 2017 2016 (In Thousands) Balance, beginning of year $ 24,793 $ 14,287 New loans 19,734 14,299 Payments (4,486 (3,793 Balance, end of year $ 40,041 $ 24,793 |
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, 2017 | |
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. This agreement originally was to extend for ten years for 1-4 family real estate loans and for five years for other loans. The five-year period ended March 31, 2014 and the ten-year period was terminated early, effective April 26, 2016, by mutual agreement of Great Southern Bank and the FDIC. See “Loss Sharing Agreements” below. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. |
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. This agreement originally was to extend for ten years for 1-4 family real estate loans and for five years for other loans. The five-year period ended September 30, 2014 and the ten-year period was terminated early, effective April 26, 2016, by mutual agreement of Great Southern Bank and the FDIC. See “Loss Sharing Agreements” below. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. |
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 were covered by a loss sharing agreement between the FDIC and Great Southern Bank. This agreement originally was to extend for ten years for 1-4 family real estate loans and for five years for other loans but was terminated early, effective April 26, 2016, by mutual agreement of Great Southern Bank and the FDIC. See “Loss Sharing Agreements” below. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. |
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 were covered by a loss sharing agreement between the FDIC and Great Southern Bank. Under the loss sharing agreement, the FDIC 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 included 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 originally was to extend for ten years for 1-4 family real estate loans and for five years for other loans but was terminated early, effective June 9, 2017, by mutual agreement of Great Southern Bank and the FDIC. See “Loss Sharing Agreements” below. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. A premium was recorded in conjunction with the fair value of the acquired loans and the amount amortized to yield during 2017, 2016 and 2015 was $269,000, $359,000 and $459,000, respectively. |
Valley Bank | |
Business Combinations Policy | Valley Bank On June 20, 2014, Great Southern Bank entered into a purchase and assumption agreement with the FDIC to purchase a substantial portion of the loans and investment securities, as well as certain other assets, and assume all of the deposits, as well as certain other liabilities, of Valley Bank, a full-service bank headquartered in Moline, Illinois, with significant operations in Iowa. This transaction did not include a loss sharing agreement. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. A premium was recorded in conjunction with the fair value of the acquired loans and the amount amortized to yield during 2017, 2016 and 2015 was $217,000, $491,000 and $794,000, respectively. |
Note 4_ Acquired Loans, Loss 70
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Loss Sharing Agreements (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Loss Sharing Agreements | Loss Sharing Agreements On April 26, 2016, Great Southern Bank executed an agreement with the FDIC to terminate the loss sharing agreements for TeamBank, Vantus Bank and Sun Security Bank, effective immediately. The agreement required the FDIC to pay $4.4 million to settle all outstanding items related to the terminated loss sharing agreements. As a result of entering into the agreement, assets that were covered by the terminated loss sharing agreements, including covered loans in the amount of $61.5 million and covered other real estate owned in the amount of $468,000 as of March 31, 2016, were reclassified as non-covered assets effective April 26, 2016. In anticipation of terminating the loss sharing agreements, an impairment of the related indemnification assets was recorded during the three months ended March 31, 2016 in the amount of $584,000. On the date of the termination, the indemnification asset balances (and certain other receivables from the FDIC) related to TeamBank, Vantus Bank and Sun Security Bank, which totaled $4.4 million, net of impairment, at March 31, 2016, became $-0- as a result of the receipt of funds from the FDIC as outlined in the termination agreement. There will be no future effects on non-interest income (expense) related to adjustments or amortization of the indemnification assets for TeamBank, Vantus Bank or Sun Security Bank; however, adjustments and amortization related to the InterBank indemnification asset and loss sharing agreement continued until their termination discussed below. The remaining accretable yield adjustments that affect interest income are not changed by this transaction and will continue to be recognized for all FDIC-assisted transactions in the same manner as they have been previously. On June 9, 2017, Great Southern Bank executed an agreement with the FDIC to terminate the loss sharing agreements for InterBank, effective immediately. Pursuant to the termination agreement, the FDIC paid $15.0 million to the Bank to settle all outstanding items related to the terminated loss sharing agreements. The Company recorded a pre-tax gain on the termination of $7.7 million. As a result of entering into the termination agreement, assets that were covered by the terminated loss sharing arrangements, including covered loans in the amount of $138.8 million and covered other real estate owned in the amount of $2.9 million as of March 31, 2017, were reclassified as non-covered assets effective June 9, 2017. All rights and obligations of the Bank and the FDIC under the terminated loss sharing agreements, including the settlement of all existing loss sharing and expense reimbursement claims, have been resolved and terminated. The termination of the loss sharing agreements for the TeamBank, Vantus Bank, Sun Security Bank and InterBank transactions have no impact on the yields for the loans that were previously covered under these agreements. All post-termination recoveries, gains, losses and expenses related to these previously covered assets are recognized entirely by Great Southern Bank since the FDIC no longer shares in such gains or losses. Accordingly, the CompanyÂ’s earnings are positively impacted to the extent the Company recognizes gains on any sales or recoveries in excess of the carrying value of such assets. Similarly, the CompanyÂ’s future earnings will be negatively impacted to the extent the Company recognizes expenses, losses or charge-offs related to such assets. |
Note 4_ Acquired Loans, Loss 71
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, 2017 | |
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, , 2016 and 2015, 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, , 2016 and 2015, to the indemnification assets (which have now been reduced to $-0- due to the termination of the loss sharing agreements) . The amounts of these adjustments were as follows: |
Note 4_ Acquired Loans, Loss 72
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: FDIC Indemnification Asset Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
TeamBank | |
FDIC Indemnification Asset Policy | TeamBank Loans and Foreclosed Assets. The following tables present the balances of the 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 and Foreclosed Assets. The following tables present the balances of related to the Vantus Bank 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, $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, 2017 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 18,965 $ 15 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (131) -- Original estimated fair value of assets, net of activity since acquisition date (18,605 (15 Expected loss remaining $ 229 $ -- December 31, 2016 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 23,712 $ 15 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (239) -- Original estimated fair value of assets, net of activity since acquisition date (23,232 (15 Expected loss remaining $ 241 $ -- |
Sun Security Bank | |
FDIC Indemnification Asset Policy | Sun Security Bank Loans and Foreclosed Assets. The following tables present the balances of the loans asset related to the Sun Security Bank 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 $ 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, 2017 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 26,787 $ 306 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (494) -- Original estimated fair value of assets, net of activity since acquisition date (25,348 (299 Expected loss remaining $ 945 $ 7 December 31, 2016 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 33,579 $ 365 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (1,086) -- Original estimated fair value of assets, net of activity since acquisition date (31,499 (286 Expected loss remaining $ 994 $ 79 |
InterBank | |
FDIC Indemnification Asset Policy | InterBank Loans, Foreclosed Assets and Indemnification Asset. The following tables present the balances of the loans, and FDIC indemnification asset related to the InterBank 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 $ 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, 2017 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 112,399 $ 2,012 Noncredit premium/(discount), net of activity since acquisition date 274 -- Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (972) -- Original estimated fair value of assets, net of activity since acquisition date (98,321 (1,785 Expected loss remaining $ 13,380 $ 227 December 31, 2016 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 149,657 $ 1,417 Noncredit premium/(discount), net of activity since acquisition date 543 -- Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (1,984) -- Original estimated fair value of assets, net of activity since acquisition date (134,355 (1,417 Expected loss remaining 13,861 -- Assumed loss sharing recovery percentage 84 -- Expected loss sharing value 11,644 -- FDIC loss share clawback 953 -- Indemnification asset to be amortized resulting from change in expected losses 1,586 -- Accretable discount on FDIC indemnification asset (1,038 -- FDIC indemnification asset $ 13,145 $ -- |
Valley Bank | |
FDIC Indemnification Asset Policy | Valley Bank Loans and Foreclosed Assets. The following tables present the balances of the loans and to the Valley Bank transaction at December 31, ross 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, 2017 Foreclosed Loans Assets (In Thousands) Initial basis, net of activity since acquisition date $ 59,997 $ 1,673 Noncredit premium/(discount), net of activity since acquisition date 11 -- Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (411) -- Original estimated fair value of assets, net of activity since acquisition date (54,442 (1,667 Expected loss remaining $ 5,155 $ 6 December 31, 2016 Foreclosed Loans Assets (In Thousands) Initial basis, net of activity since acquisition date $ 84,283 $ 1,973 Noncredit premium/(discount), net of activity since acquisition date 228 -- Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (2,121) -- Original estimated fair value of assets, net of activity since acquisition date (76,231 (1,952 Expected loss remaining $ 6,159 $ 21 |
Note 7_ Investments in Limite73
Note 7: Investments in Limited Partnerships: Investments in Affordable Housing Partnerships Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, the Company had investments, with a net carrying value of $ million . At December 31, 2016, 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 were $ 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 Limite74
Note 7: Investments in Limited Partnerships: Investments in Community Development Entities Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 investments, with a net carrying value of $ . At December 31, , 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 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 were $ as of December 31, . Amortization of the investments in partnerships is expected to be approximately . The CompanyÂ’s usage of federal New Market Tax Credits approximated $ million , $2.3 million and $ million during , and , respectively. Investment amortization amounted to $ , $1. million and $1. million for the years ended December 31, , and , respectively. |
Note 15_ Disclosures About Fa75
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value Loans Held for Sale Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016, the aggregate fair value of mortgage loans held for sale exceeded . Accordingly, no mortgage loans held for sale were marked down and reported at fair value. |
Note 15_ Disclosures About Fa76
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value Impaired Loans Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016, are shown in the table above (net of reserves). |
Note 15_ Disclosures About Fa77
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value Foreclosed Assets Held for Sale Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016, 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, 2017 and 2016 |
Note 15_ Disclosures About Fa78
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value FDIC Indemnification Asset Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 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, 2017 and 2016, the carrying value of the FDIC indemnification asset was $ million and $ million, respectively. The loss sharing assets measured separately from the loan portfolios because they not contractually embedded in the loans and not transferable with the loans should the Bank 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 also separately measured from the related foreclosed real estate. Although the assets contractual receivables from the FDIC, they not have effective interest rates. The Bank collect the assets over several years. The amount ultimately collected 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 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 four acquisitions on a quarterly or annual basis. The loss sharing agreements for TeamBank, Vantus Bank and Sun Security Bank were terminated on April 26, 2016, and the carrying value of the related indemnification assets became $-0-. The loss sharing agreements for InterBank were terminated on June 9, 2017, and the carrying value of the related indemnification asset became $-0 The termination of the loss sharing agreements is discussed in Note 4 . |
Note 15_ Disclosures About Fa79
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value of Financial Instruments Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Fair Value of Financial Instruments Policy | 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. |
Note 15_ Disclosures About Fa80
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, 2017 | |
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 Fa81
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value Loans and Interest Receivable Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 Fa82
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value Deposits and Accrued Interest Payable Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 Fa83
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value Federal home Loan Bank Advances Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 Fa84
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value Short-Term Borrowings Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Fair Value Short-Term Borrowings Policy | Short-Term Borrowings The carrying amount approximates fair value. |
Note 15_ Disclosures About Fa85
Note 15: Disclosures About Fair Value of Financial Instruments: Subordinated Debentures Issued To Capital Trusts (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Subordinated Debentures Issued To Capital Trusts | 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 Fa86
Note 15: Disclosures About Fair Value of Financial Instruments: Subordinated Notes (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Subordinated Notes | Subordinated Notes The fair values used by the Company are obtained from independent sources and are derived from quoted market prices of the CompanyÂ’s subordinated notes and quoted market prices of other subordinated debt instruments with similar characteristics. |
Note 15_ Disclosures About Fa87
Note 15: Disclosures About Fair Value of Financial Instruments: Commitments and Contingencies, Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Commitments and Contingencies, 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. The following table presents estimated fair values of the CompanyÂ’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. |
Note 1_ Nature of Operations 88
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, 2017 | |
Tables/Schedules | |
Schedule of Intangible Assets and Goodwill | December 31, 2017 2016 (In Thousands) Goodwill – Branch acquisitions $ 5,396 $ 5,396 Deposit intangibles Sun Security Bank 263 613 InterBank 181 327 Boulevard Bank 397 519 Valley Bank 1,400 1,800 Fifth Third Bank 3,213 3,845 5,454 7,104 $ 10,850 $ 12,500 |
Note 1_ Nature of Operations 89
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Earnings Per Share, Policy: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Earnings Per Share, Basic and Diluted | Earnings per common share (EPS) were computed as follows: 2017 2016 2015 (In Thousands, Except Per Share Data) Net income $ 51,564 $ 45,342 $ 46,502 Net income available to common shareholders $ 51,564 $ 45,342 $ 45,948 Average common shares outstanding 14,032 13,912 13,818 Average common share stock options outstanding 148 229 182 Average diluted common shares 14,180 14,141 14,000 Earnings per common share – basic $ 3.67 $ 3.26 $ 3.33 Earnings per common share – diluted $ 3.64 $ 3.21 $ 3.28 |
Note 2_ Investments in Securi90
Note 2: Investments in Securities: Schedule of Available-for-sale Securities Reconciliation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Available-for-sale Securities Reconciliation | The amortized cost and fair values of securities classified as available-for-sale were as follows: December 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Mortgage-backed securities $ 123,300 $ 871 $ 1,638 $ 122,533 States and political subdivisions 53,930 2,716 -- 56,646 $ 177,230 $ 3,587 $ 1,638 $ 179,179 December 31, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Mortgage-backed securities $ 146,491 $ 1,045 $ 1,501 $ 146,035 States and political subdivisions 64,682 3,163 8 67,837 $ 211,173 $ 4,208 $ 1,509 $ 213,872 |
Note 2_ Investments in Securi91
Note 2: Investments in Securities: Investments Classified by Contractual Maturity Date (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of available-for-sale securities at December 31, 2017, 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 $ 813 $ 893 After five through ten years 6,404 6,641 After ten years 46,713 49,112 Securities not due on a single maturity date 123,300 122,533 $ 177,230 $ 179,179 |
Note 2_ Investments in Securi92
Note 2: Investments in Securities: Held to Maturity Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Held to Maturity Securities | The amortized cost and fair values of securities classified as held to maturity were as follows: December 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) States and political subdivisions $ 130 $ 1 $ -- $ 131 December 31, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) States and political subdivisions $ 247 $ 11 $ -- $ 258 |
Note 2_ Investments in Securi93
Note 2: Investments in Securities: Contractual Obligation, Fiscal Year Maturity Schedule (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Contractual Obligation, Fiscal Year Maturity Schedule | Amortized Fair Cost Value (In Thousands) One year or less $ 130 $ 131 |
Note 2_ Investments in Securi94
Note 2: Investments in Securities: Schedule of Financial Instruments Owned and Pledged as Collateral (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Financial Instruments Owned and Pledged as Collateral | The amortized cost and fair values of securities pledged as collateral was as follows at December 31, 2017 and 2016: 2017 2016 Amortized Fair Amortized Fair Cost Value Cost Value (In Thousands) Public deposits $ 10,958 $ 11,490 $ 57,841 $ 59,082 Collateralized borrowing accounts 120,622 119,776 98,787 97,498 Other 1,579 1,601 6,599 6,813 $ 133,159 $ 132,867 $ 163,227 $ 163,393 |
Note 2_ Investments in Securi95
Note 2: Investments in Securities: Unrealized Gain (Loss) on Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Unrealized Gain (Loss) on Investments | 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 : 2017 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses (In Thousands) Mortgage-backed securities $ 33,862 $ (384) $ 55,845 $ (1,254) $ 89,707 $ (1,638) States and political subdivisions -- -- -- -- -- -- $ 33,862 $ (384 $ 55,845 $ (1,254) $ 89,707 $ (1,638 2016 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses (In Thousands) Mortgage-backed securities $ 102,296 $ (1,501) $ -- $ -- $ 102,296 $ (1,501) States and political subdivisions 2,164 (8) -- -- 2,164 (8 $ 104,460 $ (1,509 $ -- $ -- $ 104,460 $ (1,509 |
Note 3_ Loans and Allowance F96
Note 3: Loans and Allowance For Loan Losses: Schedule of Loans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Loans | 2017 2016 (In Thousands) One- to four-family residential construction $ 20,793 $ 21,737 Subdivision construction 18,062 17,186 Land development 43,971 50,624 Commercial construction 1,068,352 780,614 Owner occupied one- to four-family residential 190,515 200,340 Non-owner occupied one- to four-family residential 119,468 136,924 Commercial real estate 1,235,329 1,186,906 Other residential 745,645 663,378 Commercial business 353,351 348,628 Industrial revenue bonds 21,859 25,065 Consumer auto 357,142 494,233 Consumer other 63,368 70,001 Home equity lines of credit 115,439 108,753 Acquired FDIC-covered loans, net of discounts -- 134,356 Acquired loans no longer covered by FDIC loss sharing agreements, net of discounts 155,224 72,569 Acquired non-covered loans, net of discounts 54,445 76,234 4,562,963 4,387,548 Undisbursed portion of loans in process (793,669) (585,313) Allowance for loan losses (36,492) (37,400) Deferred loan fees and gains, net (6,500 (4,869 $ 3,726,302 $ 3,759,966 |
Note 3_ Loans and Allowance F97
Note 3: Loans and Allowance For Loan Losses: Classes of Loans by Aging (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Classes of Loans by Aging | Classes of loans by aging were as follows: December 31, 2017 Total Loans Total > 90 Days 30-59 Days 60-89 Days Over 90 Total Past Loans Past Due and Past Due Past Due Days Due Current Receivable Still Accruing (In Thousands) One- to four-family residential construction $ 250 $ -- $ -- $ 250 $ 20,543 $ 20,793 $ -- Subdivision construction -- -- 98 98 17,964 18,062 -- Land development 54 37 -- 91 43,880 43,971 -- Commercial construction -- -- -- -- 1,068,352 1,068,352 -- Owner occupied one- to four- family residential 1,927 71 904 2,902 187,613 190,515 -- Non-owner occupied one- to four-family residential 947 190 1,816 2,953 116,515 119,468 58 Commercial real estate 8,346 993 1,226 10,565 1,224,764 1,235,329 -- Other residential 540 353 1,877 2,770 742,875 745,645 -- Commercial business 2,623 1,282 2,063 5,968 347,383 353,351 -- Industrial revenue bonds -- -- -- -- 21,859 21,859 -- Consumer auto 5,196 1,230 2,284 8,710 348,432 357,142 12 Consumer other 464 64 557 1,085 62,283 63,368 -- Home equity lines of credit 58 -- 430 488 114,951 115,439 26 Acquired loans no longer covered by FDIC loss sharing agreements, net of discounts 4,015 1,774 7,847 13,636 141,588 155,224 116 Acquired non-covered loans, net of discounts 434 177 2,828 3,439 51,006 54,445 156 24,854 6,171 21,930 52,955 4,510,008 4,562,963 368 Less acquired loans no longer covered by FDIC loss sharing agreements and acquired non-covered loans, net of discounts 4,449 1,951 10,675 17,075 192,594 209,669 272 Total $ 20,405 $ 4,220 $ 11,255 $ 35,880 $ 4,317,414 $ 4,353,294 $ 96 December 31, 2016 Total Loans Total > 90 Days Past 30-59 Days 60-89 Days Over 90 Total Past Loans Due and Past Due Past Due Days Due Current Receivable Still Accruing (In Thousands) One- to four-family residential construction $ -- $ -- $ -- $ -- $ 21,737 $ 21,737 $ -- Subdivision construction -- -- 109 109 17,077 17,186 -- Land development 413 584 1,718 2,715 47,909 50,624 -- Commercial construction -- -- -- -- 780,614 780,614 -- Owner occupied one- to four- family residential 1,760 388 1,125 3,273 197,067 200,340 -- Non-owner occupied one- to four-family residential 309 278 404 991 135,933 136,924 -- Commercial real estate 1,969 1,988 4,404 8,361 1,178,545 1,186,906 -- Other residential 4,632 -- 162 4,794 658,584 663,378 -- Commercial business 1,741 24 3,088 4,853 343,775 348,628 -- Industrial revenue bonds -- -- -- -- 25,065 25,065 -- Consumer auto 8,252 2,451 1,989 12,692 481,541 494,233 -- Consumer other 1,103 278 649 2,030 67,971 70,001 -- Home equity lines of credit 136 158 433 727 108,026 108,753 -- Acquired FDIC-covered loans, net of discounts 4,476 1,201 8,226 13,903 120,453 134,356 301 Acquired loans no longer covered by FDIC loss sharing agreements, net of discounts 1,356 552 1,401 3,309 69,260 72,569 222 Acquired non-covered loans, net of discounts 851 173 2,854 3,878 72,356 76,234 -- 26,998 8,075 26,562 61,635 4,325,913 4,387,548 523 Less FDIC-supported loans, and acquired non-covered loans, net of discounts 6,683 1,926 12,481 21,090 262,069 283,159 523 Total $ 20,315 $ 6,149 $ 14,081 $ 40,545 $ 4,063,844 $ 4,104,389 $ -- |
Note 3_ Loans and Allowance F98
Note 3: Loans and Allowance For Loan Losses: Schedule of Financing Receivables NonAccrual Status (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Financing Receivables NonAccrual Status | December 31, 2017 2016 (In Thousands) One- to four-family residential construction $ -- $ -- Subdivision construction 98 109 Land development -- 1,718 Commercial construction -- -- Owner occupied one- to four-family residential 904 1,125 Non-owner occupied one- to four-family residential 1,758 404 Commercial real estate 1,226 2,727 Other residential 1,877 162 Commercial business 2,063 4,765 Industrial revenue bonds -- -- Consumer auto 2,272 1,989 Consumer other 557 649 Home equity lines of credit 404 433 Total $ 11,159 $ 14,081 |
Note 3_ Loans and Allowance F99
Note 3: Loans and Allowance For Loan Losses: Schedule of Loans and Leases Receivable Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Loans and Leases Receivable Allowance for Loan Losses | December 31, 2017 One- to Four- Family Residential and Other Commercial Commercial Commercial Construction Residential Real Estate Construction Business Consumer Total (In Thousands) Allowance for Loan Losses Balance, January 1, 2017 $ 2,322 $ 5,486 $ 15,938 $ 2,284 $ 3,015 $ 8,355 $ 37,400 Provision (benefit) charged to expense (158) (2,356) 4,234 (643) 1,475 6,548 9,100 Losses charged off (165) (488) (1,656) (420) (1,489) (11,859) (16,077) Recoveries 109 197 123 546 580 4,514 6,069 Balance, December 31, 2017 $ 2,108 $ 2,839 $ 18,639 $ 1,767 $ 3,581 $ 7,558 $ 36,492 Ending balance: Individually evaluated for impairment $ 513 $ -- $ 599 $ -- $ 2,140 $ 699 $ 3,951 Collectively evaluated for impairment $ 1,564 $ 2,813 $ 17,843 $ 1,690 $ 1,369 $ 6,802 $ 32,081 Loans acquired and accounted for under ASC 310-30 $ 31 $ 26 $ 197 $ 77 $ 72 $ 57 $ 460 Loans Individually evaluated for impairment $ 6,950 $ 2,907 $ 8,315 $ 15 $ 3,018 $ 4,129 $ 25,334 Collectively evaluated for impairment $ 341,888 $ 742,738 $ 1,227,014 $ 1,112,308 $ 372,192 $ 531,820 $ 4,327,960 Loans acquired and accounted for under ASC 310-30 $ 120,295 $ 14,877 $ 39,210 $ 3,806 $ 5,275 $ 26,206 $ 209,669 December 31, 2016 One- to Four- Family Residential and Other Commercial Commercial Commercial Construction Residential Real Estate Construction Business Consumer Total (In Thousands) Allowance for Loan Losses Balance, January 1, 2016 $ 4,900 $ 3,190 $ 14,738 $ 3,019 $ 4,203 $ 8,099 $ 38,149 Provision (benefit) charged to expense (2,407) 2,260 5,632 (827) (926) 5,549 9,281 Losses charged off (229) (16) (5,653) (31) (589) (8,751) (15,269) Recoveries 58 52 1,221 123 327 3,458 5,239 Balance, December 31, 2016 $ 2,322 $ 5,486 $ 15,938 $ 2,284 $ 3,015 $ 8,355 $ 37,400 Ending balance: Individually evaluated for impairment $ 570 $ -- $ 2,209 $ 1,291 $ 1,295 $ 997 $ 6,362 Collectively evaluated for impairment $ 1,628 $ 5,396 $ 13,507 $ 953 $ 1,681 $ 7,248 $ 30,413 Loans acquired and accounted for under ASC 310-30 $ 124 $ 90 $ 222 $ 40 $ 39 $ 110 $ 625 Loans Individually evaluated for impairment $ 6,015 $ 3,812 $ 10,507 $ 6,023 $ 4,539 $ 3,385 $ 34,281 Collectively evaluated for impairment $ 370,172 $ 659,566 $ 1,176,399 $ 825,215 $ 369,154 $ 669,602 $ 4,070,108 Loans acquired and accounted for under ASC 310-30 $ 155,378 $ 29,600 $ 54,208 $ 2,191 $ 6,429 $ 35,353 $ 283,159 December 31, 2015 One- to Four- Family Residential and Other Commercial Commercial Commercial Construction Residential Real Estate Construction Business Consumer Total (In Thousands) Allowance for Loan Losses Balance, January 1, 2015 $ 3,455 $ 2,941 $ 19,773 $ 3,562 $ 3,679 $ 5,025 $ 38,435 Provision (benefit) charged to expense 1,428 193 (2,753) (619) 1,450 5,820 5,519 Losses charged off (80) (2) (2,584) (329) (1,202) (5,315) (9,512) Recoveries 97 58 302 405 276 2,569 3,707 Balance, December 31, 2015 $ 4,900 $ 3,190 $ 14,738 $ 3,019 $ 4,203 $ 8,099 $ 38,149 Ending balance: Individually evaluated for impairment $ 731 $ -- $ 2,556 $ 1,391 $ 1,115 $ 300 $ 6,093 Collectively evaluated for impairment $ 3,464 $ 3,122 $ 11,888 $ 1,570 $ 2,862 $ 7,647 $ 30,553 Loans acquired and accounted for under ASC 310-30 $ 705 $ 68 $ 294 $ 58 $ 226 $ 152 $ 1,503 Loans Individually evaluated for impairment $ 6,129 $ 9,533 $ 34,629 $ 7,555 $ 2,365 $ 1,950 $ 62,161 Collectively evaluated for impairment $ 316,052 $ 410,016 $ 1,008,845 $ 651,679 $ 392,577 $ 596,740 $ 3,375,909 Loans acquired and accounted for under ASC 310-30 $ 194,697 $ 35,945 $ 73,148 $ 4,981 $ 10,500 $ 43,574 $ 362,845 |
Note 3_ Loans and Allowance 100
Note 3: Loans and Allowance For Loan Losses: Impaired Financing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Impaired Financing Receivables | The following summarizes information regarding impaired loans at and during the years ended December 31, 2017, 2016 and 2015: Year Ended December 31, 2017 December 31, 2017 Average Unpaid Investment Interest Recorded Principal Specific in Impaired Income Balance Balance Allowance Loans Recognized (In Thousands) One- to four-family residential construction $ -- $ -- $ -- $ 193 $ -- Subdivision construction 349 367 114 584 22 Land development 15 18 -- 1,793 24 Commercial construction -- -- -- -- -- Owner occupied one- to four-family residential 3,405 3,723 331 3,405 166 Non-owner occupied one- to four-family residential 3,196 3,465 68 2,419 165 Commercial real estate 8,315 8,490 599 9,075 567 Other residential 2,907 2,907 -- 3,553 147 Commercial business 3,018 4,222 2,140 5,384 173 Industrial revenue bonds -- -- -- -- -- Consumer auto 2,713 2,898 484 2,383 222 Consumer other 825 917 124 906 69 Home equity lines of credit 591 648 91 498 33 Total $ 25,334 $ 27,655 $ 3,951 $ 30,193 $ 1,588 Year Ended December 31, 2016 December 31, 2016 Average Unpaid Investment Interest Recorded Principal Specific in Impaired Income Balance Balance Allowance Loans Recognized (In Thousands) One- to four-family residential construction $ -- $ -- $ -- $ -- $ -- Subdivision construction 818 829 131 948 46 Land development 6,023 6,120 1,291 8,020 304 Commercial construction -- -- -- -- -- Owner occupied one- to four-family residential 3,290 3,555 374 3,267 182 Non-owner occupied one- to four-family residential 1,907 2,177 65 1,886 113 Commercial real estate 10,507 12,121 2,209 23,928 984 Other residential 3,812 3,812 -- 6,813 258 Commercial business 4,539 4,652 1,295 2,542 185 Industrial revenue bonds -- -- -- -- -- Consumer auto 2,097 2,178 629 1,307 141 Consumer other 812 887 244 884 70 Home equity lines of credit 476 492 124 417 32 Total $ 34,281 $ 36,823 $ 6,362 $ 50,012 $ 2,315 Year Ended December 31, 2015 December 31, 2015 Average Unpaid Investment Interest Recorded Principal Specific in Impaired Income Balance Balance Allowance Loans Recognized (In Thousands) One- to four-family residential construction $ -- $ -- $ -- $ 633 $ 35 Subdivision construction 1,061 1,061 214 3,533 109 Land development 7,555 7,644 1,391 7,432 287 Commercial construction -- -- -- -- -- Owner occupied one- to four-family residential 3,166 3,427 389 3,587 179 Non-owner occupied one- to four-family residential 1,902 2,138 128 1,769 100 Commercial real estate 34,629 37,259 2,556 28,610 1,594 Other residential 9,533 9,533 -- 9,670 378 Commercial business 2,365 2,539 1,115 2,268 138 Industrial revenue bonds -- -- -- -- -- Consumer auto 791 829 119 576 59 Consumer other 802 885 120 672 74 Home equity lines of credit 357 374 61 403 27 Total $ 62,161 $ 65,689 $ 6,093 $ 59,153 $ 2,980 |
Note 3_ Loans and Allowance 101
Note 3: Loans and Allowance For Loan Losses: Troubled Debt Restructurings on Financing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Troubled Debt Restructurings on Financing Receivables | The following table presents newly restructured loans during 2017 and 2015 by type of modification: 2017 Total Interest Only Term Combination Modification (In Thousands) Mortgage loans on real estate: Commercial $ -- $ -- $ 5,759 $ 5,759 Commercial business -- 16 274 290 Consumer -- 245 -- 245 $ -- $ 261 $ 6,033 $ 6,294 2016 Total Interest Only Term Combination Modification (In Thousands) Mortgage loans on real estate: Residential one-to-four family $ 60 $ -- $ -- $ 60 Commercial 2,946 -- -- 2,946 Construction and land development 429 -- -- 429 Commercial business -- 38 -- 38 Consumer -- 59 -- 59 $ 3,435 $ 97 $ -- $ 3,532 2015 Total Interest Only Term Combination Modification (In Thousands) Mortgage loans on real estate: Residential one-to-four family $ -- $ 407 $ 164 $ 571 Commercial -- 115 -- 115 Commercial business -- 1,095 -- 1,095 Consumer -- 97 -- 97 $ -- $ 1,714 $ 164 $ 1,878 |
Note 3_ Loans and Allowance 102
Note 3: Loans and Allowance For Loan Losses: Financing Receivable Credit Quality Indicators (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Financing Receivable Credit Quality Indicators | The loan grading system is presented by loan class below: December 31, 2017 Special Satisfactory Watch Mention Substandard Doubtful Total (In Thousands) One- to four-family residential construction $ 20,275 $ 518 $ -- $ -- $ -- $ 20,793 Subdivision construction 15,602 2,362 -- 98 -- 18,062 Land development 39,171 4,800 -- -- -- 43,971 Commercial construction 1,068,352 -- -- -- -- 1,068,352 Owner occupied one- to-four- family residential 188,706 -- -- 1,809 -- 190,515 Non-owner occupied one- to- four-family residential 117,103 389 -- 1,976 -- 119,468 Commercial real estate 1,218,431 9,909 -- 6,989 -- 1,235,329 Other residential 742,237 1,532 -- 1,876 -- 745,645 Commercial business 344,479 6,306 -- 2,066 500 353,351 Industrial revenue bonds 21,859 -- -- -- -- 21,859 Consumer auto 354,588 -- -- 2,554 -- 357,142 Consumer other 62,682 -- -- 686 -- 63,368 Home equity lines of credit 114,860 -- -- 579 -- 115,439 Acquired loans no longer covered by FDIC loss sharing agreements, net of discounts 155,212 -- -- 12 -- 155,224 Acquired non-covered loans, net of discounts 54,445 -- -- -- -- 54,445 Total $ 4,518,002 $ 25,816 $ -- $ 18,645 $ 500 $ 4,562,963 December 31, 2016 Special Satisfactory Watch Mention Substandard Doubtful Total (In Thousands) One- to four-family residential construction $ 20,771 $ 966 $ -- $ -- $ -- $ 21,737 Subdivision construction 14,059 2,729 -- 398 -- 17,186 Land development 39,925 5,140 -- 5,559 -- 50,624 Commercial construction 780,614 -- -- -- -- 780,614 Owner occupied one- to-four- family residential 198,835 67 -- 1,438 -- 200,340 Non-owner occupied one- to- four-family residential 135,930 465 -- 529 -- 136,924 Commercial real estate 1,160,280 20,154 -- 6,472 -- 1,186,906 Other residential 658,846 4,370 -- 162 -- 663,378 Commercial business 342,685 2,651 -- 3,292 -- 348,628 Industrial revenue bonds 25,065 -- -- -- -- 25,065 Consumer auto 492,165 -- -- 2,068 -- 494,233 Consumer other 69,338 -- -- 663 -- 70,001 Home equity lines of credit 108,290 -- -- 463 -- 108,753 Acquired FDIC-covered loans, net of discounts 134,356 -- -- -- -- 134,356 Acquired loans no longer covered by FDIC loss sharing agreements, net of discounts 72,552 -- -- 17 -- 72,569 Acquired non-covered loans, net of discounts 76,234 -- -- -- -- 76,234 Total $ 4,329,945 $ 36,542 $ -- $ 21,061 $ -- $ 4,387,548 |
Note 3_ Loans and Allowance 103
Note 3: Loans and Allowance For Loan Losses: Related Party Transactions Disclosure: Schedule of Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Related Party Transactions | 2017 2016 (In Thousands) Balance, beginning of year $ 24,793 $ 14,287 New loans 19,734 14,299 Payments (4,486 (3,793 Balance, end of year $ 40,041 $ 24,793 |
Note 4_ Acquired Loans, Loss104
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Schedule of Business Combination Accretable Yield (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Business Combination Accretable Yield | Year Ended December 31, 2017 2016 2015 (In Thousands) Increase in accretable yield due to increased cash flow expectations $ 1,333 $ 10,598 $ 13,720 Decrease in FDIC indemnification asset as a result of accretable yield increase -- (2,744) (5,056) |
Note 4_ Acquired Loans, Loss105
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Schedule of Impact of Acquired Loans on Financial Results (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Impact of Acquired Loans on Financial Results | Year Ended December 31, 2017 2016 2015 (In Thousands) Interest income $ 5,014 $ 16,393 $ 28,531 Noninterest income (634 (7,033 (19,534 Net impact to pre-tax income $ 4,380 $ 9,360 $ 8,997 |
Note 4_ Acquired Loans, Loss106
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: FDIC Indemnification Asset Roll Forward (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
TeamBank | |
FDIC Indemnification Asset Roll Forward | December 31, 2017 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 13,668 $ 35 Reclassification from nonaccretable discount to accretable discount due to change in (589) -- expected losses (net of accretion to date) Original estimated fair value of assets, net of activity since acquisition date (12,948 (35) Expected loss remaining $ 131 $ -- December 31, 2016 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 18,838 $ 14 Reclassification from nonaccretable discount to accretable discount due to change in (846) -- expected losses (net of accretion to date) Original estimated fair value of assets, net of activity since acquisition date (17,833 (14) Expected loss remaining $ 159 $ -- |
Note 4_ Acquired Loans, Loss107
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: FDIC Indemnification Asset Policy: FDIC Indemnification Asset Roll Forward (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Vantus Bank | |
FDIC Indemnification Asset Roll Forward | December 31, 2017 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 18,965 $ 15 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (131) -- Original estimated fair value of assets, net of activity since acquisition date (18,605 (15 Expected loss remaining $ 229 $ -- December 31, 2016 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 23,712 $ 15 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (239) -- Original estimated fair value of assets, net of activity since acquisition date (23,232 (15 Expected loss remaining $ 241 $ -- |
Sun Security Bank | |
FDIC Indemnification Asset Roll Forward | December 31, 2017 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 26,787 $ 306 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (494) -- Original estimated fair value of assets, net of activity since acquisition date (25,348 (299 Expected loss remaining $ 945 $ 7 December 31, 2016 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 33,579 $ 365 Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (1,086) -- Original estimated fair value of assets, net of activity since acquisition date (31,499 (286 Expected loss remaining $ 994 $ 79 |
InterBank | |
FDIC Indemnification Asset Roll Forward | December 31, 2017 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 112,399 $ 2,012 Noncredit premium/(discount), net of activity since acquisition date 274 -- Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (972) -- Original estimated fair value of assets, net of activity since acquisition date (98,321 (1,785 Expected loss remaining $ 13,380 $ 227 December 31, 2016 Foreclosed Loans Assets (In Thousands) Initial basis for loss sharing determination, net of activity since acquisition date $ 149,657 $ 1,417 Noncredit premium/(discount), net of activity since acquisition date 543 -- Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (1,984) -- Original estimated fair value of assets, net of activity since acquisition date (134,355 (1,417 Expected loss remaining 13,861 -- Assumed loss sharing recovery percentage 84 -- Expected loss sharing value 11,644 -- FDIC loss share clawback 953 -- Indemnification asset to be amortized resulting from change in expected losses 1,586 -- Accretable discount on FDIC indemnification asset (1,038 -- FDIC indemnification asset $ 13,145 $ -- |
Valley Bank | |
FDIC Indemnification Asset Roll Forward | December 31, 2017 Foreclosed Loans Assets (In Thousands) Initial basis, net of activity since acquisition date $ 59,997 $ 1,673 Noncredit premium/(discount), net of activity since acquisition date 11 -- Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (411) -- Original estimated fair value of assets, net of activity since acquisition date (54,442 (1,667 Expected loss remaining $ 5,155 $ 6 December 31, 2016 Foreclosed Loans Assets (In Thousands) Initial basis, net of activity since acquisition date $ 84,283 $ 1,973 Noncredit premium/(discount), net of activity since acquisition date 228 -- Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) (2,121) -- Original estimated fair value of assets, net of activity since acquisition date (76,231 (1,952 Expected loss remaining $ 6,159 $ 21 |
Note 4_ Acquired Loans, Loss108
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, 2017 | |
Tables/Schedules | |
Schedule of Changes in Accretable Yield for Acquired Loan Pools | Changes in the accretable yield for acquired loan pools were as follows for the years ended December 31, , and : Sun TeamBank Vantus Bank Security Bank InterBank Valley Bank (In Thousands) Balance, January 1, 2015 $ 6,865 $ 4,453 $ 7,952 $ 36,092 $ 11,132 Accretion (3,265) (2,541) (5,487) (28,767) (10,975) Reclassification from nonaccretable difference (1) 205 1,448 3,459 9,022 8,159 Balance, December 31, 2015 3,805 3,360 5,924 16,347 8,316 Accretion (1,834) (1,877) (3,832) (13,964) (11,933) Reclassification from nonaccretable difference (1) 506 1,064 2,185 6,129 8,414 Balance, December 31, 2016 2,477 2,547 4,277 8,512 4,797 Accretion (1,563) (1,373) (2,251) (7,505) (5,823) Reclassification from nonaccretable difference (1) 1,157 676 875 4,067 3,721 Balance, December 31, 2017 $ 2,071 $ 1,850 $ 2,901 $ 5,074 $ 2,695 (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, 2017, totaling $1.1 million, $663,000, $850,000, $3.5 million and $3.0 million, respectively; for TeamBank, Vantus Bank, Sun Security Bank, InterBank and Valley Bank for the year ended December 31, 2016, totaling $506,000, $1.0 million, $1.8 million, $2.7 million and $1.6 million, respectively; and 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. |
Note 5_ Other Real Estate Ow109
Note 5: Other Real Estate Owned: Schedule of major classifications of other real estate owned (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of major classifications of other real estate owned | 2017 2016 (In Thousands) Foreclosed assets held for sale and repossessions One- to four-family construction $ $ Subdivision construction 5,413 6,360 Land development 7,229 10,886 Commercial construction One- to four-family residential 112 1,217 Other residential 140 954 Commercial real estate 1,694 3,841 Commercial business Consumer 1,987 1,991 16,575 25,249 FDIC-supported foreclosed assets, net of discounts 1,426 Acquired foreclosed assets no longer covered by FDIC loss sharing agreements, net of discounts 2,133 316 Acquired foreclosed assets not covered by FDIC loss sharing agreements, net of discounts (Valley Bank) 1,666 1,952 Foreclosed assets held for sale and repossessions, net 20,374 28,943 Other real estate owned not acquired through foreclosure 1,628 3,715 Other real estate owned and repossessions $ 22,002 $ 32,658 |
Note 5_ Other Real Estate Ow110
Note 5: Other Real Estate Owned: Schedule of expenses applicable to other real estate owned (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of expenses applicable to other real estate owned | 2017 2016 2015 (In Thousands) Net gain on sales of real estate and repossessions $ (2,212) $ (68) $ (397) Valuation write-downs 1,585 431 890 Operating expenses, net of rental income 4,556 3,748 2,033 $ 3,929 $ 4,111 $ 2,526 |
Note 6_ Premises and Equipment_
Note 6: Premises and Equipment: Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Property, Plant and Equipment | Major classifications of premises and equipment at December 31, 2017 and 2016, stated at cost, were as follows: 2017 2016 (In Thousands) Land $ 42,312 $ 42,322 Buildings and improvements 97,464 96,429 Furniture, fixtures and equipment 53,841 57,217 193,617 195,968 Less accumulated depreciation 55,599 55,372 $ 138,018 $ 140,596 |
Note 8_ Deposits_ Schedule of D
Note 8: Deposits: Schedule of Deposit Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Deposit Liabilities | Weighted Average Interest Rate 2017 2016 (In Thousands, Except Interest Rates) Noninterest-bearing accounts -- $ 661,589 $ 653,288 Interest-bearing checking and savings accounts 0.32% - 0.26% 1,565,711 1,539,216 2,227,300 2,192,504 Certificate accounts 0% - 0.99% 254,502 695,738 1% - 1.99% 1,006,373 737,649 2% - 2.99% 106,888 48,777 3% - 3.99% 701 1,119 4% - 4.99% 1,108 1,171 5% and above 272 272 1,369,844 1,484,726 $ 3,597,144 $ 3,677,230 |
Note 8_ Deposits_ Maturities of
Note 8: Deposits: Maturities of certificates of deposit (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Maturities of certificates of deposit | Retail Brokered Total (In Thousands) 2018 $ 775,404 $ 238,410 $ 1,013,814 2019 199,252 21,561 220,813 2020 58,811 -- 58,811 2021 48,365 -- 48,365 2022 25,868 -- 25,868 Thereafter 2,173 -- 2,173 $ 1,109,873 $ 259,971 $ 1,369,844 |
Note 8_ Deposits_ Schedule of I
Note 8: Deposits: Schedule of Interest Expense on Deposit Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Interest Expense on Deposit Liabilities | 2017 2016 2015 (In Thousands) Checking and savings accounts $ 4,699 $ 3,888 $ 2,858 Certificate accounts 16,009 13,598 10,739 Early withdrawal penalties (113 (99 (86 $ 20,595 $ 17,387 $ 13,511 |
Note 9_ Advances From Federa115
Note 9: Advances From Federal Home Loan Bank: Federal Home Loan Bank, Advances (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Federal Home Loan Bank, Advances | December 31, 2017 December 31, 2016 Weighted Weighted Average Average Interest Interest Due In Amount Rate Amount Rate (In Thousands) 2017 $-- --% $30,826 3.26% 2018 127,500 1.53 81 5.14 2019 -- -- 28 5.14 2020 -- -- -- -- 2021 -- -- -- -- 2022 -- -- -- -- 2023 and thereafter -- -- 500 5.54 127,500 1.53 31,452 3.30 Unamortized fair value adjustment -- 17 $127,500 $31,452 |
Note 10_ Short-term Borrowings_
Note 10: Short-term Borrowings: Schedule of Short-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Short-term Debt | 2017 2016 (In Thousands) Notes payable – Community Development Equity Funds $ 1,604 $ 1,323 Overnight borrowings from the Federal Home Loan Bank 15,000 171,000 Securities sold under reverse repurchase agreements 80,531 113,700 $ 97,135 $ 286,023 |
Note 10_ Short-term Borrowin117
Note 10: Short-term Borrowings: Schedule of Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 2016 Overnight and Overnight and Continuous Continuous (In Thousands) FHLBank CD $ -- $ 16,202 Mortgage-backed securities – GNMA, FNMA, FHLMC 80,531 97,498 $ 80,531 $ 113,700 |
Note 12_ Subordinated Debent118
Note 12: Subordinated Debentures Issued To Capital Trusts: Schedule of Subordinated Debentures Issued to Capital Trusts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Subordinated Debentures Issued to Capital Trusts | 2017 2016 (In Thousands) Subordinated debentures $ 25,774 $ 25,774 |
Note 13_ Subordinated Notes_ Sc
Note 13: Subordinated Notes: Schedule of Subordinated Borrowing (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Subordinated Borrowing | At December 31, 2017 and, 2016, subordinated notes are summarized as follows: 2017 2016 (In Thousands) Subordinated notes $ 75,000 $ 75,000 Less: unamortized debt issuance costs 1,312 1,463 $ 73,688 $ 73,537 |
Note 14_ Income Taxes_ Schedule
Note 14: Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Components of Income Tax Expense (Benefit) | During the years ended December 31, 2017, 2016 and 2015 the provision for income taxes included these components: 2017 2016 2015 (In Thousands) Taxes currently payable $ 9,335 $ 20,137 $ 20,234 Deferred income taxes 7,318 (3,621) (4,670) Adjustment of deferred tax asset or liability for enacted changes in tax laws 2,105 -- -- Income taxes $ 18,758 $ 16,516 $ 15,564 |
Note 14_ Income Taxes_ Sched121
Note 14: Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences related to deferred taxes shown on the statements of financial condition were: December 31, 2017 2016 (In Thousands) Deferred tax assets Allowance for loan losses $ 8,154 $ 13,576 Tax credit carryforward 5,816 Interest on nonperforming loans 288 364 Accrued expenses 684 1,288 Write-down of foreclosed assets 1,694 3,300 Write-down of fixed assets 207 535 Difference in basis for acquired assets and liabilities 4,725 4,533 21,568 23,596 Deferred tax liabilities Tax depreciation in excess of book depreciation (4,483) (6,425) FHLB stock dividends (356) (1,805) Partnership tax credits (706) (1,651) Prepaid expenses (775) (728) Unrealized gain on available-for-sale securities (435) (980) Book revenue in excess of tax revenue Other (190 (318 (19,122 (11,907 Net deferred tax asset (liability) $ 2,446 $ 11,689 |
Note 14_ Income Taxes_ Sched122
Note 14: Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of the CompanyÂ’s effective tax rates from continuing operations to the statutory corporate tax rates were as follows: 2017 2016 2015 Tax at statutory rate 35.0% 35.0% 35.0% Nontaxable interest and dividends (1.6) (2.1) (2.4) Tax credits (6.1) (7.3) (8.1) State taxes 1.1 1.1 1.4 Initial impact of enactment of 2017 Tax Act (0.4) -- -- Other (1.3 -- (0.8 26.7 26.7 25.1 |
Note 15_ Disclosures About F123
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value, Assets Measured on Recurring Basis (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016: 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, 2017 Mortgage-backed securities $ 122,533 $ -- $ 122,533 $ -- States and political subdivisions 56,646 -- 56,646 -- Interest rate derivative asset 981 -- 981 -- Interest rate derivative liability (1,030) -- (1,030) -- December 31, 2016 Mortgage-backed securities $ 146,035 $ -- $ 146,035 $ -- States and political subdivisions 67,837 -- 67,837 -- Interest rate derivative asset 1,663 -- 1,663 -- Interest rate derivative liability (1,699) -- (1,699) -- |
Note 15_ Disclosures About F124
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value, Assets and Liabilities Measured on Nonrecurring Basis (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 Impaired loans $ 1,590 $ -- $ -- $ 1,590 Foreclosed assets held for sale $ 1,758 $ -- $ -- $ 1,758 December 31, 2016 Impaired loans $ 8,280 $ -- $ -- $ 8,280 Foreclosed assets held for sale $ 1,604 $ -- $ -- $ 1,604 |
Note 15_ Disclosures About F125
Note 15: Disclosures About Fair Value of Financial Instruments: Schedule Of Financial Instruments Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule Of Financial Instruments Fair Value | December 31, 2017 December 31, 2016 Carrying Fair Hierarchy Carrying Fair Hierarchy Amount Value Level Amount Value Level Financial assets Cash and cash equivalents $242,253 $242,253 1 $279,769 $279,769 1 Held-to-maturity securities 130 131 2 247 258 2 Mortgage loans held for sale 8,203 8,203 2 16,445 16,445 2 Loans, net of allowance for loan losses 3,726,302 3,735,216 3 3,759,966 3,766,709 3 Accrued interest receivable 12,338 12,338 3 11,875 11,875 3 Investment in FHLB stock 11,182 11,182 3 13,034 13,034 3 Financial liabilities Deposits 3,597,144 3,606,400 3 3,677,230 3,683,751 3 FHLB advances 127,500 127,500 3 31,452 32,379 3 Short-term borrowings 97,135 97,135 3 286,023 286,023 3 Subordinated debentures 25,774 25,774 3 25,774 25,774 3 Subordinated notes 73,688 76,500 2 73,537 76,031 2 Accrued interest payable 2,904 2,904 3 2,723 2,723 3 Unrecognized financial instruments (net of contractual value) Commitments to originate loans -- -- 3 -- -- 3 Letters of credit 85 85 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, 2017 | |
Tables/Schedules | |
Schedule of Future Minimum Rental Payments for Operating Leases | 2018 $ 877 2019 683 2020 540 2021 331 2022 241 Thereafter 473 $ 3,145 |
Note 17_ Derivatives and Hed127
Note 17: Derivatives and Hedging Activities: Derivative Instruments, Gain (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Derivative Instruments, Gain (Loss) | Location in Fair Value Consolidated Statements December 31, December 31, of Financial Condition 2017 2016 (In Thousands) Derivatives designated as hedging instruments Interest rate caps Prepaid expenses and other assets $ -- $ 40 Total derivatives designated as hedging instruments $ -- $ 40 Derivatives not designated as hedging instruments Asset Derivatives Derivatives not designated as hedging instruments Interest rate products Prepaid expenses and other assets $ 981 $ 1,623 Total derivatives not designated as hedging instruments $ 981 $ 1,623 Liability Derivatives Derivatives not designated as hedging instruments Interest rate products Accrued expenses and other liabilities $ 1,030 $ 1,699 Total derivatives not designated as hedging instruments $ 1,030 $ 1,699 |
Note 17_ Derivatives and Hed128
Note 17: Derivatives and Hedging Activities: Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | 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 2017 2016 2015 (In Thousands) Interest rate cap, net of income taxes $ 161 $ 87 $ (50) |
Note 19_ Additional Cash Flo129
Note 19: Additional Cash Flow Information: Schedule of Cash Flow, Supplemental Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Cash Flow, Supplemental Disclosures | 2017 2016 2015 (In Thousands) Noncash Investing and Financing Activities Real estate acquired in settlement of loans $23,780 $26,076 $12,185 Sale and financing of foreclosed assets 603 3,334 3,316 Conversion of premises and equipment to foreclosed assets -- 6,985 -- Dividends declared but not paid 3,381 3,073 3,055 Additional Cash Payment Information Interest paid 27,724 20,476 15,984 Income taxes paid 17,563 9,554 13,096 |
Note 21_ Stock Compensation 130
Note 21: Stock Compensation Plans: Schedule of Share-based Compensation, Stock Options, Activity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Share-based Compensation, Stock Options, Activity | Weighted Available to Grant Shares Under Option Average Exercise Price Balance, January 1, 2015 446,800 661,098 $ 26.560 Granted from 2013 plan (129,350) 129,350 49.199 Exercised -- (134,263) 25.403 Forfeited from terminated plan(s) -- (8,453) 24.941 Forfeited from current plan(s) 14,000 (14,000) 33.389 Balance, December 31, 2015 331,450 633,732 31.297 Granted from 2013 plan (131,000) 131,000 41.228 Exercised -- (81,812) 26.472 Forfeited from terminated plan(s) -- (2,692) 22.654 Forfeited from current plan(s) 19,025 (19,025) 39.123 Balance, December 31, 2016 219,475 661,203 33.672 Granted from 2013 Plan (157,800) 157,800 52.118 Exercised -- (119,692) 27.352 Forfeited from terminated plan(s) -- (675) 24.690 Forfeited from current plan(s) 15,837 (15,837) 41.916 Balance, December 31, 2017 77,512 682,799 $ 38.860 |
Note 21_ Stock Compensation 131
Note 21: Stock Compensation Plans: Schedule of Fair Value Option Pricing Model Assumptions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Fair Value Option Pricing Model Assumptions | 2017 2016 2015 Expected dividends per share $0.95 $0.88 $0.88 Risk-free interest rate 2.03% 1.27% 1.66% Expected life of options 5 years 5 years 5 years Expected volatility 23.49% 22.08% 24.42% Weighted average fair value of options granted during year $10.04 $6.59 $9.59 |
Note 21_ Stock Compensation 132
Note 21: Stock Compensation Plans: Schedule of Share-based Compensation, Activity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Share-based Compensation, Activity | Weighted Weighted Average Average Remaining Exercise Contractual Options Price Term Options outstanding, January 1, 2017 661,203 $33.672 7.23 years Granted 157,800 52.118 Exercised (119,692) 27.352 Forfeited (16,512 41.212 Options outstanding, December 31, 2017 682,799 38.860 7.38 years Options exercisable, December 31, 2017 240,862 27.884 5.20 years |
Note 21_ Stock Compensation 133
Note 21: Stock Compensation Plans: Schedule of Nonvested Share Activity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Nonvested Share Activity | Weighted Weighted Average Average Exercise Grant Date Options Price Fair Value Nonvested options, January 1, 2017 413,283 $39.253 $6.631 Granted 157,800 52.118 10.041 Vested this period (112,659) 35.056 6.022 Nonvested options forfeited (16,487 41.242 7.229 Nonvested options, December 31, 2017 441,937 44.842 7.981 |
Note 21_ Stock Compensation 134
Note 21: Stock Compensation Plans: Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, 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 48,152 3.56 years $17.884 48,152 $17.884 $21.320 to $24.820 77,890 4.09 years 23.760 77,740 23.760 $26.640 to $29.640 73,833 5.95 years 29.491 50,374 29.493 $32.590 to $38.610 109,313 6.86 years 33.029 41,902 32.751 $41.300 to $47.800 121,200 8.80 years 41.370 325 47.800 $50.710 to $52.200 252,411 9.07 years 51.582 22,369 50.710 682,799 7.38 years 38.860 240,862 27.884 |
Note 23_ Accumulated Other C135
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, 2017 | |
Tables/Schedules | |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | 2017 2016 (In Thousands) Net unrealized gain on available-for-sale securities $ 1,949 $ 2,699 Net unrealized loss on derivatives used for cash flow hedges -- (254 1,949 2,445 Tax effect (708 (887 Net-of-tax amount $ 1,241 $ 1,558 |
Note 23_ Accumulated Other C136
Note 23: Accumulated Other Comprehensive Income: Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income | Amounts Reclassified from AOCI Affected Line Item in the 2017 2016 2015 Statements of Income (In Thousands) Unrealized gains on available-for-sale securities $--- $2,873 $2 Net realized gains on available-for-sale securities (total reclassified amount before tax) Income taxes --- (1,043) (1) Tax (expense) benefit Total reclassifications out of AOCI $--- $1,830 $1 |
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, 2017 | |
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, 2017 Total capital Great Southern Bancorp, Inc. $597,177 14.1% $339,649 8.0% N/A N/A Great Southern Bank $558,668 13.2% $339,575 8.0% $424,468 10.0% Tier I capital Great Southern Bancorp, Inc. $485,685 11.4% $254,737 6.0% N/A N/A Great Southern Bank $522,176 12.3% $254,681 6.0% $339,575 8.0% Tier I leverage capital Great Southern Bancorp, Inc. $485,685 10.9% $177,881 4.0% N/A N/A Great Southern Bank $522,176 11.7% $177,844 4.0% $222,305 5.0% Common equity Tier I capital Great Southern Bancorp, Inc. $460,661 10.9% $191,053 4.5% N/A N/A Great Southern Bank $522,152 12.3% $191,011 4.5% $275,904 6.5% As of December 31, 2016 Total capital Great Southern Bancorp, Inc. $556,106 13.6% $327,610 8.0% N/A N/A Great Southern Bank $520,989 12.7% $327,505 8.0% $409,382 10.0% Tier I capital Great Southern Bancorp, Inc. $443,706 10.8% $245,707 6.0% N/A N/A Great Southern Bank $483,589 11.8% $245,629 6.0% $327,505 8.0% Tier I leverage capital Great Southern Bancorp, Inc. $443,706 9.9% $178,693 4.0% N/A N/A Great Southern Bank $483,589 10.8% $178,643 4.0% $223,304 5.0% Common equity Tier I capital Great Southern Bancorp, Inc. $418,687 10.2% $184,280 4.5% N/A N/A Great Southern Bank $483,569 11.8% $184,222 4.5% $266,098 6.5% |
Note 26_ Summary of Unaudite138
Note 26: Summary of Unaudited Quarterly Operating Results: Schedule of Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Quarterly Financial Information | 2017 Three Months Ended March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Data) Interest income $ 45,413 $ 44,744 $ 46,368 $ 46,536 Interest expense 6,712 6,843 7,087 7,263 Provision for loan losses 2,250 1,950 2,950 1,950 Net realized gains (losses) and impairment on available-for-sale securities -- -- -- -- Noninterest income 7,698 15,800 7,655 7,374 Noninterest expense 28,573 28,371 28,034 29,283 Provision (credit) for income taxes 4,058 7,204 4,289 3,207 Net income 11,518 16,176 11,663 12,207 Net income available to common shareholders 11,518 16,176 11,663 12,207 Earnings per common share – diluted 0.81 1.14 0.82 0.86 2016 Three Months Ended March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Data) Interest income $ 45,746 $ 45,636 $ 46,856 $ 46,937 Interest expense 4,627 4,974 5,828 6,690 Provision for loan losses 2,101 2,300 2,500 2,380 Net realized gains (losses) and impairment on available-for-sale securities 3 2,735 144 (9) Noninterest income 4,974 8,916 7,090 7,530 Noninterest expense 30,920 29,807 30,657 29,043 Provision (credit) for income taxes 3,279 4,937 3,740 4,560 Net income 9,793 12,534 11,221 11,794 Net income available to common shareholders 9,793 12,534 11,221 11,794 Earnings per common share – diluted 0.70 0.89 0.80 0.83 2015 Three Months Ended March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Data) Interest income $ 47,906 $ 45,734 $ 45,755 $ 44,956 Interest expense 3,781 3,725 4,230 4,261 Provision for loan losses 1,300 1,300 1,703 1,216 Net realized gains (losses) and impairment on available-for-sale securities -- -- 2 -- Noninterest income (56) 3,457 5,120 5,060 Noninterest expense 27,242 27,949 30,014 29,145 Provision (credit) for income taxes 3,874 4,214 3,732 3,744 Net income 11,653 12,003 11,196 11,650 Net income available to common shareholders 11,508 11,858 11,051 11,531 Earnings per common share – diluted 0.83 0.85 0.79 0.81 |
Note 27_ Condensed Parent Co139
Note 27: Condensed Parent Company Statements: Condensed Balance Sheet -- Great Southern Bancorp, Inc. (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Condensed Balance Sheet -- Great Southern Bancorp, Inc. | December 31, 2017 2016 (In Thousands) Statements of Financial Condition Assets Cash $ 41,977 $ 37,716 Investment in subsidiary bank 533,153 494,947 Deferred and accrued income taxes 133 89 Prepaid expenses and other assets 903 1,214 $ 576,166 $ 533,966 Liabilities and StockholdersÂ’ Equity Accounts payable and accrued expenses $ 5,042 $ 4,849 Subordinated debentures issued to capital trust 25,774 25,774 Subordinated notes 73,688 73,537 Common stock 141 140 Additional paid-in capital 28,203 25,942 Retained earnings 442,077 402,166 Accumulated other comprehensive income 1,241 1,558 $ 576,166 $ 533,966 |
Note 27_ Condensed Parent Co140
Note 27: Condensed Parent Company Statements: Condensed Income Statement -- Great Southern Bancorp, Inc. (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Condensed Income Statement -- Great Southern Bancorp, Inc. | 2017 2016 2015 (In Thousands) Statements of Income Income Dividends from subsidiary bank $ 17,500 $ 12,000 $ 27,000 Interest and dividend income 48 -- 5 Gain on redemption of trust preferred securities and sale of non-marketable securities -- 2,735 1,416 Other income (loss) -- 2 (7) 17,548 14,737 28,414 Expense Operating expenses 1,330 1,322 1,139 Interest expense 5,047 2,381 714 6,377 3,703 1,853 Income before income tax and equity in undistributed earnings of subsidiaries 11,171 11,034 26,561 Credit for income taxes (1,709 (241 (91 Income before equity in earnings of subsidiaries 12,880 11,275 26,652 Equity in undistributed earnings of subsidiaries 38,684 34,067 19,850 Net income $ 51,564 $ 45,342 $ 46,502 |
Note 27_ Condensed Parent Co141
Note 27: Condensed Parent Company Statements: Condensed Cash Flow Statement -- Great Southern Bancorp, Inc. (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Condensed Cash Flow Statement -- Great Southern Bancorp, Inc. | 2017 2016 2015 (In Thousands) Statements of Cash Flows Operating Activities Net income $ 51,564 $ 45,342 $ 46,502 Items not requiring (providing) cash Equity in undistributed earnings of subsidiary (38,684) (34,067) (19,850) Compensation expense for stock option grants 564 483 382 Net realized gains on redemption of trust preferred securities -- -- (1,115) Net realized gains on sales of non-marketable securities -- -- (301) Net realized gains on sales of available-for-sale securities -- (2,735) -- Amortization of interest rate derivative and deferred costs on subordinated notes 441 289 204 Changes in Prepaid expenses and other assets 132 175 (27) Accounts payable and accrued expenses (115) 1,495 63 Income taxes 6 (206) 55 Net cash provided by operating activities 13,908 10,776 25,913 Investing Activities Proceeds from sales of available-for-sale securities -- 3,583 -- Investment in subsidiary -- (60,000) -- (Investment)/Return of principal - other investments -- (2) 16 Net cash provided by (used in) investing activities -- (56,419) 16 Financing Activities Proceeds from issuance of subordinated notes -- 73,472 -- Redemption of preferred stock -- -- (57,943) Redemption of trust preferred securities -- -- (3,885) Purchases of the CompanyÂ’s common stock -- -- -- Dividends paid (12,894) (12,232) (12,290) Stock options exercised 3,247 2,110 3,362 Net cash provided by (used in) financing activities (9,647) 63,350 (70,756 Increase (Decrease) in Cash 4,261 17,707 (44,827) Cash, Beginning of Year 37,716 20,009 64,836 Cash, End of Year $ 41,977 $ 37,716 $ 20,009 Additional Cash Payment Information Interest paid $ 5,059 $ 846 $ 730 |
Note 27_ Condensed Parent Co142
Note 27: Condensed Parent Company Statements: Condensed Statement of Comprehensive Income -- Great Southern Bancorp, Inc. (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Condensed Statement of Comprehensive Income -- Great Southern Bancorp, Inc. | 2017 2016 2015 (In Thousands) Statements of Comprehensive Income Net Income $ 51,564 $ 45,342 $ 46,502 Unrealized appreciation on available-for-sale securities, net of -- (158) 400 Reclassification adjustment for gains included in net income, net of ( -- (1,742) -- Change in fair value of cash flow hedge, net of taxes (credit) of $93, $50 and $(34) for 2017, 2016 and 2015, respectively 161 87 (50) Comprehensive income (loss) of subsidiaries (478) (2,293) (1,722) Comprehensive Income $ 51,247 $ 41,236 $ 45,130 |
Note 30_ Acquisition of Loan143
Note 30: Acquisition of Loans, Deposits and Branches: Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | January 29, 2016 (In Thousands) Assets Cash and cash equivalents $ 44,363 Loans receivable 157,524 Premises and equipment 17,990 Accrued interest receivable 410 Core deposit intangible 4,424 Deferred income taxes 100 Total assets acquired 224,811 Liabilities Total deposits 228,528 Accrued interest payable 50 Advances from borrowers for taxes and insurance 403 Accounts payable and accrued expenses 58 Total liabilities assumed 229,039 Goodwill recognized on business acquisition $ 4,228 |
Note 30_ Acquisition of Loan144
Note 30: Acquisition of Loans, Deposits and Branches: Schedule of Acquired Loans Performing and Nonperforming (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Acquired Loans Performing and Nonperforming | January 29, 2016 (In Thousands) Deposit premium per Purchase and Assumption Agreement $ (7,135) Purchase accounting adjustments Deposits (277) Loans (1,340) Deferred income taxes 100 Core deposit intangible 4,424 Goodwill recognized on business acquisition $ 4,228 |
Note 1_ Nature of Operations145
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Nature of Operations and Operating Segments (Details) | 12 Months Ended |
Dec. 31, 2017 | |
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 Operations146
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Long-lived Asset Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Asset Impairment Charges | $ 0 | ||
Other real estate owned not acquired through foreclosure | |||
Valuation Allowances and Reserves, Deductions | $ 430 | ||
Property, Plant and Equipment | |||
Valuation Allowances and Reserves, Deductions | $ 1,200 |
Note 1_ Nature of Operations147
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, 2017 | Dec. 31, 2016 | |
Goodwill -- Branch acquisition | $ 5,396 | $ 5,396 |
Finite-Lived Core Deposits, Gross | 5,454 | 7,104 |
Intangible Assets, Net (Including Goodwill) | 10,850 | 12,500 |
Sun Security Bank | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 263 | 613 |
InterBank | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 181 | 327 |
Boulevard Bank | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 397 | 519 |
Valley Bank | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,400 | 1,800 |
Fifth Third Bank | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3,213 | $ 3,845 |
Note 1_ Nature of Operations148
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Earnings Per Share, Policy: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Details | |||
Earnings per share net income | $ 51,564 | $ 45,342 | $ 46,502 |
Net Income Available to Common Shareholders | $ 51,564 | $ 45,342 | $ 45,948 |
Weighted Average Number of Shares Outstanding, Basic | 14,032 | 13,912 | 13,818 |
Average common share stock options outstanding | 148 | 229 | 182 |
Weighted Average Number of Shares Outstanding, Diluted | 14,180 | 14,141 | 14,000 |
Basic | $ 3.67 | $ 3.26 | $ 3.33 |
Diluted | $ 3.64 | $ 3.21 | $ 3.28 |
Note 1_ Nature of Operations149
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Earnings Per Share, Policy: Options to Purchase Shares of Common Stock (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 253,711 | 108,450 | 117,600 |
Note 1_ Nature of Operations150
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Stock Compensation Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Details | |||
Allocated Share-based Compensation Expense | $ 564 | $ 483 | $ 382 |
Note 1_ Nature of Operations151
Note 1: Nature of Operations and Summary of Significant Accounting Policies: Restriction On Cash and Due From Banks (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Details | ||
Federal Reserve Bank Reserve Fund | $ 59,100 | $ 53,800 |
Note 2_ Investments in Secur152
Note 2: Investments in Securities: Schedule of Available-for-sale Securities Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Amortized Cost Basis | $ 177,230 | |
Available for Sale Securities Fair Value | 179,179 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ||
Available-for-sale Securities, Amortized Cost Basis | 123,300 | $ 146,491 |
Available for Sale Securities Gross Unrealized Gain | 871 | 1,045 |
Available for Sale Securities Gross Unrealized Losses | 1,638 | 1,501 |
Available for Sale Securities Fair Value | 122,533 | 146,035 |
US States and Political Subdivisions Debt Securities | ||
Available-for-sale Securities, Amortized Cost Basis | 53,930 | 64,682 |
Available for Sale Securities Gross Unrealized Gain | 2,716 | 3,163 |
Available for Sale Securities Gross Unrealized Losses | 0 | 8 |
Available for Sale Securities Fair Value | 56,646 | 67,837 |
Available-for-sale Securities | ||
Available-for-sale Securities, Amortized Cost Basis | 177,230 | 211,173 |
Available for Sale Securities Gross Unrealized Gain | 3,587 | 4,208 |
Available for Sale Securities Gross Unrealized Losses | 1,638 | 1,509 |
Available for Sale Securities Fair Value | $ 179,179 | $ 213,872 |
Note 2_ Investments in Secur153
Note 2: Investments in Securities: Mortgage-backed securities portfolio (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Adjustable Rate Residential Mortgage | |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | $ 105,600 |
Fixed Rate Residential Mortgage | |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 16,900 |
Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans | |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 47,300 |
Federal National Mortgage Association (FNMA) Insured Loans | |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 43,600 |
Government National Mortgage Association (GNMA) Insured Loans | |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | $ 31,600 |
Note 2_ Investments in Secur154
Note 2: Investments in Securities: Investments Classified by Contractual Maturity Date (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Details | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | $ 813 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 893 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 6,404 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 6,641 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 46,713 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 49,112 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 123,300 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 122,533 |
Available-for-sale Securities, Amortized Cost Basis | 177,230 |
Available for Sale Securities Fair Value | $ 179,179 |
Note 2_ Investments in Secur155
Note 2: Investments in Securities: Held to Maturity Securities (Details) - US States and Political Subdivisions Debt Securities - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Held to Maturity Securities Amortized Cost | $ 130 | $ 247 |
Held to Maturity Securities Gross Unrealized Gains | 1 | 11 |
Held to Maturity Securities Gross Unrealized Losses | 0 | 0 |
Held-to-maturity Securities, Fair Value | $ 131 | $ 258 |
Note 2_ Investments in Secur156
Note 2: Investments in Securities: Contractual Obligation, Fiscal Year Maturity Schedule (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Details | |
Held to Maturity Securities Amortized Cost One Year or Less | $ 130 |
Held to Maturity Securities Fair Value One Year or Less | $ 131 |
Note 2_ Investments in Secur157
Note 2: Investments in Securities: Schedule of Financial Instruments Owned and Pledged as Collateral (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Securities Pledged as Collateral | ||
Securities Owned and Pledged As Collateral Amortized Cost | $ 133,159 | $ 163,227 |
Security Owned and Pledged as Collateral, Fair Value | 132,867 | 163,393 |
Public deposits | ||
Securities Owned and Pledged As Collateral Amortized Cost | 10,958 | 57,841 |
Security Owned and Pledged as Collateral, Fair Value | 11,490 | 59,082 |
Collateralized Loan Obligations | ||
Securities Owned and Pledged As Collateral Amortized Cost | 120,622 | 98,787 |
Security Owned and Pledged as Collateral, Fair Value | 119,776 | 97,498 |
Collateralized Securities, Other | ||
Securities Owned and Pledged As Collateral Amortized Cost | 1,579 | 6,599 |
Security Owned and Pledged as Collateral, Fair Value | $ 1,601 | $ 6,813 |
Note 2_ Investments in Secur158
Note 2: Investments in Securities: Certain investments in debt securities reported at less than historical cost (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Details | ||
Fair value investments reported less than historical cost | $ 89,700 | $ 104,500 |
Fair value investments reported less than historical cost percentage of investment portfolio | 50.00% | 48.80% |
Note 2_ Investments in Secur159
Note 2: Investments in Securities: Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Total Unrealized Losses and Estimated Fair Value | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 33,862 | $ 104,460 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (384) | (1,509) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 55,845 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (1,254) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 89,707 | 104,460 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (1,638) | (1,509) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 33,862 | 102,296 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (384) | (1,501) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 55,845 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (1,254) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 89,707 | 102,296 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (1,638) | (1,501) |
US States and Political Subdivisions Debt Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 2,164 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 0 | (8) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 0 | 2,164 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ 0 | $ (8) |
Note 2_ Investments in Secur160
Note 2: Investments in Securities: Other-than-temporary Impairment: Other than Temporary Impairment of Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Details | |||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | $ 0 | $ 0 |
Note 2_ Investments in Secur161
Note 2: Investments in Securities: Credit Losses Recognized On Investments: Credit Losses Recognized on Investments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Details | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | $ 0 |
Note 3_ Loans and Allowance 162
Note 3: Loans and Allowance For Loan Losses: Schedule of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
One To Four Family Residential Construction | ||
Loans Receivable | $ 20,793 | $ 21,737 |
Subdivision Construction | ||
Loans Receivable | 18,062 | 17,186 |
Land Development | ||
Loans Receivable | 43,971 | 50,624 |
Commercial Construction | ||
Loans Receivable | 1,068,352 | 780,614 |
Owner Occupied One To Four Family Residential | ||
Loans Receivable | 190,515 | 200,340 |
Non-Owner Occupied One To Four Family Residential | ||
Loans Receivable | 119,468 | 136,924 |
Commercial Real Estate | ||
Loans Receivable | 1,235,329 | 1,186,906 |
Other Residential | ||
Loans Receivable | 745,645 | 663,378 |
Commercial Business | ||
Loans Receivable | 353,351 | 348,628 |
Industrial Revenue Bonds | ||
Loans Receivable | 21,859 | 25,065 |
Automobile Loan | ||
Loans Receivable | 357,142 | 494,233 |
Consumer Loan | ||
Loans Receivable | 63,368 | 70,001 |
Home Equity Line of Credit | ||
Loans Receivable | 115,439 | 108,753 |
Acquired FDIC Covered Loans Net of Discount | ||
Loans Receivable | 0 | 134,356 |
Acquired Loans No Longer Covered By FDIC Loss Sharing Agreements Net Of Discounts | ||
Loans Receivable | 155,224 | 72,569 |
Acquired Loans Not Covered By FDIC Loss Sharing Agreements Net of Discounts | ||
Loans Receivable | 54,445 | 76,234 |
Loans Receivable Gross | ||
Loans Receivable | 4,562,963 | 4,387,548 |
Undisbursed Portion Of Loans In Process | ||
Loans Receivable | (793,669) | (585,313) |
Allowance for Loans and Leases Receivable | ||
Loans Receivable | (36,492) | (37,400) |
Deferred Loan Fees And Gains Net | ||
Loans Receivable | (6,500) | (4,869) |
Loans Receivable | ||
Loans Receivable | $ 3,726,302 | $ 3,759,966 |
Note 3_ Loans and Allowance 163
Note 3: Loans and Allowance For Loan Losses: Classes of Loans by Aging (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivables, 30 to 59 Days Past Due | One To Four Family Residential Construction | ||
Financing Receivables | $ 250 | $ 0 |
Financing Receivables, 30 to 59 Days Past Due | Subdivision Construction | ||
Financing Receivables | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due | Land Development | ||
Financing Receivables | 54 | 413 |
Financing Receivables, 30 to 59 Days Past Due | Commercial Construction | ||
Financing Receivables | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due | Owner Occupied One To Four Family Residential | ||
Financing Receivables | 1,927 | 1,760 |
Financing Receivables, 30 to 59 Days Past Due | Non-Owner Occupied One To Four Family Residential | ||
Financing Receivables | 947 | 309 |
Financing Receivables, 30 to 59 Days Past Due | Commercial Real Estate | ||
Financing Receivables | 8,346 | 1,969 |
Financing Receivables, 30 to 59 Days Past Due | Other Residential | ||
Financing Receivables | 540 | 4,632 |
Financing Receivables, 30 to 59 Days Past Due | Commercial Business | ||
Financing Receivables | 2,623 | 1,741 |
Financing Receivables, 30 to 59 Days Past Due | Industrial Revenue Bonds | ||
Financing Receivables | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due | Automobile Loan | ||
Financing Receivables | 5,196 | 8,252 |
Financing Receivables, 30 to 59 Days Past Due | Consumer Loan | ||
Financing Receivables | 464 | 1,103 |
Financing Receivables, 30 to 59 Days Past Due | Home Equity Line of Credit | ||
Financing Receivables | 58 | 136 |
Financing Receivables, 30 to 59 Days Past Due | Acquired Loans No Longer Covered By FDIC Loss Sharing Agreements Net Of Discounts | ||
Financing Receivables | 4,015 | 1,356 |
Financing Receivables, 30 to 59 Days Past Due | Acquired Non-Covered Loans Net Of Discounts | ||
Financing Receivables | 434 | 851 |
Financing Receivables, 30 to 59 Days Past Due | Loans Receivable Gross | ||
Financing Receivables | 24,854 | 26,998 |
Financing Receivables, 30 to 59 Days Past Due | Less acquired loans no longer covered by FDIC loss sharing agreements and acquired non-covered loans, net of discounts | ||
Financing Receivables | 4,449 | |
Financing Receivables, 30 to 59 Days Past Due | Loans Receivable | ||
Financing Receivables | 20,405 | 20,315 |
Financing Receivables, 30 to 59 Days Past Due | Acquired FDIC Covered Loans Net of Discount | ||
Financing Receivables | 4,476 | |
Financing Receivables, 30 to 59 Days Past Due | Less FDIC Supported Loans And Acquired Not Covered Loans Net Of Discounts | ||
Financing Receivables | 6,683 | |
Financing Receivables, 60 to 89 Days Past Due | One To Four Family Residential Construction | ||
Financing Receivables | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due | Subdivision Construction | ||
Financing Receivables | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due | Land Development | ||
Financing Receivables | 37 | 584 |
Financing Receivables, 60 to 89 Days Past Due | Commercial Construction | ||
Financing Receivables | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due | Owner Occupied One To Four Family Residential | ||
Financing Receivables | 71 | 388 |
Financing Receivables, 60 to 89 Days Past Due | Non-Owner Occupied One To Four Family Residential | ||
Financing Receivables | 190 | 278 |
Financing Receivables, 60 to 89 Days Past Due | Commercial Real Estate | ||
Financing Receivables | 993 | 1,988 |
Financing Receivables, 60 to 89 Days Past Due | Other Residential | ||
Financing Receivables | 353 | 0 |
Financing Receivables, 60 to 89 Days Past Due | Commercial Business | ||
Financing Receivables | 1,282 | 24 |
Financing Receivables, 60 to 89 Days Past Due | Industrial Revenue Bonds | ||
Financing Receivables | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due | Automobile Loan | ||
Financing Receivables | 1,230 | 2,451 |
Financing Receivables, 60 to 89 Days Past Due | Consumer Loan | ||
Financing Receivables | 64 | 278 |
Financing Receivables, 60 to 89 Days Past Due | Home Equity Line of Credit | ||
Financing Receivables | 0 | 158 |
Financing Receivables, 60 to 89 Days Past Due | Acquired Loans No Longer Covered By FDIC Loss Sharing Agreements Net Of Discounts | ||
Financing Receivables | 1,774 | 552 |
Financing Receivables, 60 to 89 Days Past Due | Acquired Non-Covered Loans Net Of Discounts | ||
Financing Receivables | 177 | 173 |
Financing Receivables, 60 to 89 Days Past Due | Loans Receivable Gross | ||
Financing Receivables | 6,171 | 8,075 |
Financing Receivables, 60 to 89 Days Past Due | Less acquired loans no longer covered by FDIC loss sharing agreements and acquired non-covered loans, net of discounts | ||
Financing Receivables | 1,951 | |
Financing Receivables, 60 to 89 Days Past Due | Loans Receivable | ||
Financing Receivables | 4,220 | 6,149 |
Financing Receivables, 60 to 89 Days Past Due | Acquired FDIC Covered Loans Net of Discount | ||
Financing Receivables | 1,201 | |
Financing Receivables, 60 to 89 Days Past Due | Less FDIC Supported Loans And Acquired Not Covered Loans Net Of Discounts | ||
Financing Receivables | 1,926 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | One To Four Family Residential Construction | ||
Financing Receivables | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Subdivision Construction | ||
Financing Receivables | 98 | 109 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Land Development | ||
Financing Receivables | 0 | 1,718 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial Construction | ||
Financing Receivables | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Owner Occupied One To Four Family Residential | ||
Financing Receivables | 904 | 1,125 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Non-Owner Occupied One To Four Family Residential | ||
Financing Receivables | 1,816 | 404 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial Real Estate | ||
Financing Receivables | 1,226 | 4,404 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Other Residential | ||
Financing Receivables | 1,877 | 162 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial Business | ||
Financing Receivables | 2,063 | 3,088 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Industrial Revenue Bonds | ||
Financing Receivables | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Automobile Loan | ||
Financing Receivables | 2,284 | 1,989 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer Loan | ||
Financing Receivables | 557 | 649 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Home Equity Line of Credit | ||
Financing Receivables | 430 | 433 |
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 | 7,847 | 1,401 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Acquired Non-Covered Loans Net Of Discounts | ||
Financing Receivables | 2,828 | 2,854 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Loans Receivable Gross | ||
Financing Receivables | 21,930 | 26,562 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Less acquired loans no longer covered by FDIC loss sharing agreements and acquired non-covered loans, net of discounts | ||
Financing Receivables | 10,675 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Loans Receivable | ||
Financing Receivables | 11,255 | 14,081 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Acquired FDIC Covered Loans Net of Discount | ||
Financing Receivables | 8,226 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | Less FDIC Supported Loans And Acquired Not Covered Loans Net Of Discounts | ||
Financing Receivables | 12,481 | |
Financing Receivables Past Due | One To Four Family Residential Construction | ||
Financing Receivables | 250 | 0 |
Financing Receivables Past Due | Subdivision Construction | ||
Financing Receivables | 98 | 109 |
Financing Receivables Past Due | Land Development | ||
Financing Receivables | 91 | 2,715 |
Financing Receivables Past Due | Commercial Construction | ||
Financing Receivables | 0 | 0 |
Financing Receivables Past Due | Owner Occupied One To Four Family Residential | ||
Financing Receivables | 2,902 | 3,273 |
Financing Receivables Past Due | Non-Owner Occupied One To Four Family Residential | ||
Financing Receivables | 2,953 | 991 |
Financing Receivables Past Due | Commercial Real Estate | ||
Financing Receivables | 10,565 | 8,361 |
Financing Receivables Past Due | Other Residential | ||
Financing Receivables | 2,770 | 4,794 |
Financing Receivables Past Due | Commercial Business | ||
Financing Receivables | 5,968 | 4,853 |
Financing Receivables Past Due | Industrial Revenue Bonds | ||
Financing Receivables | 0 | 0 |
Financing Receivables Past Due | Automobile Loan | ||
Financing Receivables | 8,710 | 12,692 |
Financing Receivables Past Due | Consumer Loan | ||
Financing Receivables | 1,085 | 2,030 |
Financing Receivables Past Due | Home Equity Line of Credit | ||
Financing Receivables | 488 | 727 |
Financing Receivables Past Due | Acquired Loans No Longer Covered By FDIC Loss Sharing Agreements Net Of Discounts | ||
Financing Receivables | 13,636 | 3,309 |
Financing Receivables Past Due | Acquired Non-Covered Loans Net Of Discounts | ||
Financing Receivables | 3,439 | 3,878 |
Financing Receivables Past Due | Loans Receivable Gross | ||
Financing Receivables | 52,955 | 61,635 |
Financing Receivables Past Due | Less acquired loans no longer covered by FDIC loss sharing agreements and acquired non-covered loans, net of discounts | ||
Financing Receivables | 17,075 | |
Financing Receivables Past Due | Loans Receivable | ||
Financing Receivables | 35,880 | 40,545 |
Financing Receivables Past Due | Acquired FDIC Covered Loans Net of Discount | ||
Financing Receivables | 13,903 | |
Financing Receivables Past Due | Less FDIC Supported Loans And Acquired Not Covered Loans Net Of Discounts | ||
Financing Receivables | 21,090 | |
Financing Receivables Current | One To Four Family Residential Construction | ||
Financing Receivables | 20,543 | 21,737 |
Financing Receivables Current | Subdivision Construction | ||
Financing Receivables | 17,964 | 17,077 |
Financing Receivables Current | Land Development | ||
Financing Receivables | 43,880 | 47,909 |
Financing Receivables Current | Commercial Construction | ||
Financing Receivables | 1,068,352 | 780,614 |
Financing Receivables Current | Owner Occupied One To Four Family Residential | ||
Financing Receivables | 187,613 | 197,067 |
Financing Receivables Current | Non-Owner Occupied One To Four Family Residential | ||
Financing Receivables | 116,515 | 135,933 |
Financing Receivables Current | Commercial Real Estate | ||
Financing Receivables | 1,224,764 | 1,178,545 |
Financing Receivables Current | Other Residential | ||
Financing Receivables | 742,875 | 658,584 |
Financing Receivables Current | Commercial Business | ||
Financing Receivables | 347,383 | 343,775 |
Financing Receivables Current | Industrial Revenue Bonds | ||
Financing Receivables | 21,859 | 25,065 |
Financing Receivables Current | Automobile Loan | ||
Financing Receivables | 348,432 | 481,541 |
Financing Receivables Current | Consumer Loan | ||
Financing Receivables | 62,283 | 67,971 |
Financing Receivables Current | Home Equity Line of Credit | ||
Financing Receivables | 114,951 | 108,026 |
Financing Receivables Current | Acquired Loans No Longer Covered By FDIC Loss Sharing Agreements Net Of Discounts | ||
Financing Receivables | 141,588 | 69,260 |
Financing Receivables Current | Acquired Non-Covered Loans Net Of Discounts | ||
Financing Receivables | 51,006 | 72,356 |
Financing Receivables Current | Loans Receivable Gross | ||
Financing Receivables | 4,510,008 | 4,325,913 |
Financing Receivables Current | Less acquired loans no longer covered by FDIC loss sharing agreements and acquired non-covered loans, net of discounts | ||
Financing Receivables | 192,594 | |
Financing Receivables Current | Loans Receivable | ||
Financing Receivables | 4,317,414 | 4,063,844 |
Financing Receivables Current | Acquired FDIC Covered Loans Net of Discount | ||
Financing Receivables | 120,453 | |
Financing Receivables Current | Less FDIC Supported Loans And Acquired Not Covered Loans Net Of Discounts | ||
Financing Receivables | 262,069 | |
Financing Receivables Total | One To Four Family Residential Construction | ||
Financing Receivables | 20,793 | 21,737 |
Financing Receivables Total | Subdivision Construction | ||
Financing Receivables | 18,062 | 17,186 |
Financing Receivables Total | Land Development | ||
Financing Receivables | 43,971 | 50,624 |
Financing Receivables Total | Commercial Construction | ||
Financing Receivables | 1,068,352 | 780,614 |
Financing Receivables Total | Owner Occupied One To Four Family Residential | ||
Financing Receivables | 190,515 | 200,340 |
Financing Receivables Total | Non-Owner Occupied One To Four Family Residential | ||
Financing Receivables | 119,468 | 136,924 |
Financing Receivables Total | Commercial Real Estate | ||
Financing Receivables | 1,235,329 | 1,186,906 |
Financing Receivables Total | Other Residential | ||
Financing Receivables | 745,645 | 663,378 |
Financing Receivables Total | Commercial Business | ||
Financing Receivables | 353,351 | 348,628 |
Financing Receivables Total | Industrial Revenue Bonds | ||
Financing Receivables | 21,859 | 25,065 |
Financing Receivables Total | Automobile Loan | ||
Financing Receivables | 357,142 | 494,233 |
Financing Receivables Total | Consumer Loan | ||
Financing Receivables | 63,368 | 70,001 |
Financing Receivables Total | Home Equity Line of Credit | ||
Financing Receivables | 115,439 | 108,753 |
Financing Receivables Total | Acquired Loans No Longer Covered By FDIC Loss Sharing Agreements Net Of Discounts | ||
Financing Receivables | 155,224 | 72,569 |
Financing Receivables Total | Acquired Non-Covered Loans Net Of Discounts | ||
Financing Receivables | 54,445 | 76,234 |
Financing Receivables Total | Loans Receivable Gross | ||
Financing Receivables | 4,562,963 | 4,387,548 |
Financing Receivables Total | Less acquired loans no longer covered by FDIC loss sharing agreements and acquired non-covered loans, net of discounts | ||
Financing Receivables | 209,669 | |
Financing Receivables Total | Loans Receivable | ||
Financing Receivables | 4,353,294 | 4,104,389 |
Financing Receivables Total | Acquired FDIC Covered Loans Net of Discount | ||
Financing Receivables | 134,356 | |
Financing Receivables Total | Less FDIC Supported Loans And Acquired Not Covered Loans Net Of Discounts | ||
Financing Receivables | 283,159 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | One To Four Family Residential Construction | ||
Financing Receivables | 0 | 0 |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Subdivision Construction | ||
Financing Receivables | 0 | 0 |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Land Development | ||
Financing Receivables | 0 | 0 |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Commercial Construction | ||
Financing Receivables | 0 | 0 |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Owner Occupied One To Four Family Residential | ||
Financing Receivables | 0 | 0 |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Non-Owner Occupied One To Four Family Residential | ||
Financing Receivables | 58 | 0 |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Commercial Real Estate | ||
Financing Receivables | 0 | 0 |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Other Residential | ||
Financing Receivables | 0 | 0 |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Commercial Business | ||
Financing Receivables | 0 | 0 |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Industrial Revenue Bonds | ||
Financing Receivables | 0 | 0 |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Automobile Loan | ||
Financing Receivables | 12 | 0 |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Consumer Loan | ||
Financing Receivables | 0 | 0 |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Home Equity Line of Credit | ||
Financing Receivables | 26 | 0 |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Acquired Loans No Longer Covered By FDIC Loss Sharing Agreements Net Of Discounts | ||
Financing Receivables | 116 | 222 |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Acquired Non-Covered Loans Net Of Discounts | ||
Financing Receivables | 156 | 0 |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Loans Receivable Gross | ||
Financing Receivables | 368 | 523 |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Less acquired loans no longer covered by FDIC loss sharing agreements and acquired non-covered loans, net of discounts | ||
Financing Receivables | 272 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Loans Receivable | ||
Financing Receivables | $ 96 | 0 |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Acquired FDIC Covered Loans Net of Discount | ||
Financing Receivables | 301 | |
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 | $ 523 |
Note 3_ Loans and Allowance 164
Note 3: Loans and Allowance For Loan Losses: Schedule of Financing Receivables NonAccrual Status (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
One To Four Family Residential Construction | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 0 | $ 0 |
Subdivision Construction | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 98 | 109 |
Land Development | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 1,718 |
Commercial Construction | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Owner Occupied One To Four Family Residential | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 904 | 1,125 |
Non-Owner Occupied One To Four Family Residential | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,758 | 404 |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,226 | 2,727 |
Other Residential | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,877 | 162 |
Commercial Business | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,063 | 4,765 |
Industrial Revenue Bonds | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Automobile Loan | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,272 | 1,989 |
Consumer Loan | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 557 | 649 |
Home Equity Line of Credit | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 404 | 433 |
Loans Receivable Nonaccrual | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 11,159 | $ 14,081 |
Note 3_ Loans and Allowance 165
Note 3: Loans and Allowance For Loan Losses: Schedule of Loans and Leases Receivable Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Provision for loan losses | $ 9,100 | $ 9,281 | $ 5,519 |
One To Four Family Residential Construction | |||
Provision for Loan Losses Expensed | (158) | (2,407) | 1,428 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (165) | (229) | (80) |
Allowance for Doubtful Accounts Receivable, Recoveries | 109 | 58 | 97 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 120,295 | 155,378 | 194,697 |
Financing Receivable, Individually Evaluated for Impairment | 6,950 | 6,015 | 6,129 |
Financing Receivable, Collectively Evaluated for Impairment | 341,888 | 370,172 | 316,052 |
One To Four Family Residential Construction | Beginning of Period | |||
Provision for loan losses | 2,322 | 4,900 | 3,455 |
One To Four Family Residential Construction | End of Period | |||
Provision for loan losses | 2,108 | 2,322 | 4,900 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 513 | 570 | 731 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,564 | 1,628 | 3,464 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 31 | 124 | 705 |
Other Residential | |||
Provision for Loan Losses Expensed | (2,356) | 2,260 | 193 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (488) | (16) | (2) |
Allowance for Doubtful Accounts Receivable, Recoveries | 197 | 52 | 58 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 14,877 | 29,600 | 35,945 |
Financing Receivable, Individually Evaluated for Impairment | 2,907 | 3,812 | 9,533 |
Financing Receivable, Collectively Evaluated for Impairment | 742,738 | 659,566 | 410,016 |
Other Residential | Beginning of Period | |||
Provision for loan losses | 5,486 | 3,190 | 2,941 |
Other Residential | End of Period | |||
Provision for loan losses | 2,839 | 5,486 | 3,190 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,813 | 5,396 | 3,122 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 26 | 90 | 68 |
Commercial Real Estate | |||
Provision for Loan Losses Expensed | 4,234 | 5,632 | (2,753) |
Financing Receivable, Allowance for Credit Losses, Write-downs | (1,656) | (5,653) | (2,584) |
Allowance for Doubtful Accounts Receivable, Recoveries | 123 | 1,221 | 302 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 39,210 | 54,208 | 73,148 |
Financing Receivable, Individually Evaluated for Impairment | 8,315 | 10,507 | 34,629 |
Financing Receivable, Collectively Evaluated for Impairment | 1,227,014 | 1,176,399 | 1,008,845 |
Commercial Real Estate | Beginning of Period | |||
Provision for loan losses | 15,938 | 14,738 | 19,773 |
Commercial Real Estate | End of Period | |||
Provision for loan losses | 18,639 | 15,938 | 14,738 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 599 | 2,209 | 2,556 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 17,843 | 13,507 | 11,888 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 197 | 222 | 294 |
Commercial Construction | |||
Provision for Loan Losses Expensed | (643) | (827) | (619) |
Financing Receivable, Allowance for Credit Losses, Write-downs | (420) | (31) | (329) |
Allowance for Doubtful Accounts Receivable, Recoveries | 546 | 123 | 405 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 3,806 | 2,191 | 4,981 |
Financing Receivable, Individually Evaluated for Impairment | 15 | 6,023 | 7,555 |
Financing Receivable, Collectively Evaluated for Impairment | 1,112,308 | 825,215 | 651,679 |
Commercial Construction | Beginning of Period | |||
Provision for loan losses | 2,284 | 3,019 | 3,562 |
Commercial Construction | End of Period | |||
Provision for loan losses | 1,767 | 2,284 | 3,019 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 1,291 | 1,391 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,690 | 953 | 1,570 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 77 | 40 | 58 |
Commercial Business | |||
Provision for Loan Losses Expensed | 1,475 | (926) | 1,450 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (1,489) | (589) | (1,202) |
Allowance for Doubtful Accounts Receivable, Recoveries | 580 | 327 | 276 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 5,275 | 6,429 | 10,500 |
Financing Receivable, Individually Evaluated for Impairment | 3,018 | 4,539 | 2,365 |
Financing Receivable, Collectively Evaluated for Impairment | 372,192 | 369,154 | 392,577 |
Commercial Business | Beginning of Period | |||
Provision for loan losses | 3,015 | 4,203 | 3,679 |
Commercial Business | End of Period | |||
Provision for loan losses | 3,581 | 3,015 | 4,203 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2,140 | 1,295 | 1,115 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,369 | 1,681 | 2,862 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 72 | 39 | 226 |
Consumer Loan | |||
Provision for Loan Losses Expensed | 6,548 | 5,549 | 5,820 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (11,859) | (8,751) | (5,315) |
Allowance for Doubtful Accounts Receivable, Recoveries | 4,514 | 3,458 | 2,569 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 26,206 | 35,353 | 43,574 |
Financing Receivable, Individually Evaluated for Impairment | 4,129 | 3,385 | 1,950 |
Financing Receivable, Collectively Evaluated for Impairment | 531,820 | 669,602 | 596,740 |
Consumer Loan | Beginning of Period | |||
Provision for loan losses | 8,355 | 8,099 | 5,025 |
Consumer Loan | End of Period | |||
Provision for loan losses | 7,558 | 8,355 | 8,099 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 699 | 997 | 300 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 6,802 | 7,248 | 7,647 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 57 | 110 | 152 |
Loans Receivable | |||
Provision for Loan Losses Expensed | 9,100 | 9,281 | 5,519 |
Financing Receivable, Allowance for Credit Losses, Write-downs | (16,077) | (15,269) | (9,512) |
Allowance for Doubtful Accounts Receivable, Recoveries | 6,069 | 5,239 | 3,707 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 209,669 | 283,159 | 362,845 |
Financing Receivable, Individually Evaluated for Impairment | 25,334 | 34,281 | 62,161 |
Financing Receivable, Collectively Evaluated for Impairment | 4,327,960 | 4,070,108 | 3,375,909 |
Loans Receivable | Beginning of Period | |||
Provision for loan losses | 37,400 | 38,149 | 38,435 |
Loans Receivable | End of Period | |||
Provision for loan losses | 36,492 | 37,400 | 38,149 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 3,951 | 6,362 | 6,093 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 32,081 | 30,413 | 30,553 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | $ 460 | $ 625 | $ 1,503 |
Note 3_ Loans and Allowance 166
Note 3: Loans and Allowance For Loan Losses: Weighted Average Interest Rate on Loans Receivable (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
Details | ||
Weighted average interest rate on loans receivable | 4.74% | 4.58% |
Note 3_ Loans and Allowance 167
Note 3: Loans and Allowance For Loan Losses: Loans Serviced for Others (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Loans serviced for others | $ 254,000 | $ 266,200 |
Unused lines of Credit | ||
Loans serviced for others | $ 37,800 | $ 60,500 |
Note 3_ Loans and Allowance 168
Note 3: Loans and Allowance For Loan Losses: Impaired Financing Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
One To Four Family Residential Construction | |||
Impaired Financing Receivable, Recorded Investment | $ 0 | $ 0 | $ 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 0 | 0 |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 |
Impaired Financing Receivable, Average Recorded Investment | 193 | 0 | 633 |
Impaired Financing Receivable Interest Income Recognized | 0 | 0 | 35 |
Subdivision Construction | |||
Impaired Financing Receivable, Recorded Investment | 349 | 818 | 1,061 |
Impaired Financing Receivable, Unpaid Principal Balance | 367 | 829 | 1,061 |
Impaired Financing Receivable, Related Allowance | 114 | 131 | 214 |
Impaired Financing Receivable, Average Recorded Investment | 584 | 948 | 3,533 |
Impaired Financing Receivable Interest Income Recognized | 22 | 46 | 109 |
Land Development | |||
Impaired Financing Receivable, Recorded Investment | 15 | 6,023 | 7,555 |
Impaired Financing Receivable, Unpaid Principal Balance | 18 | 6,120 | 7,644 |
Impaired Financing Receivable, Related Allowance | 0 | 1,291 | 1,391 |
Impaired Financing Receivable, Average Recorded Investment | 1,793 | 8,020 | 7,432 |
Impaired Financing Receivable Interest Income Recognized | 24 | 304 | 287 |
Commercial Construction | |||
Impaired Financing Receivable, Recorded Investment | 0 | 0 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 0 | 0 |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 |
Impaired Financing Receivable, Average Recorded Investment | 0 | 0 | 0 |
Impaired Financing Receivable Interest Income Recognized | 0 | 0 | 0 |
Owner Occupied One To Four Family Residential | |||
Impaired Financing Receivable, Recorded Investment | 3,405 | 3,290 | 3,166 |
Impaired Financing Receivable, Unpaid Principal Balance | 3,723 | 3,555 | 3,427 |
Impaired Financing Receivable, Related Allowance | 331 | 374 | 389 |
Impaired Financing Receivable, Average Recorded Investment | 3,405 | 3,267 | 3,587 |
Impaired Financing Receivable Interest Income Recognized | 166 | 182 | 179 |
Non-Owner Occupied One To Four Family Residential | |||
Impaired Financing Receivable, Recorded Investment | 3,196 | 1,907 | 1,902 |
Impaired Financing Receivable, Unpaid Principal Balance | 3,465 | 2,177 | 2,138 |
Impaired Financing Receivable, Related Allowance | 68 | 65 | 128 |
Impaired Financing Receivable, Average Recorded Investment | 2,419 | 1,886 | 1,769 |
Impaired Financing Receivable Interest Income Recognized | 165 | 113 | 100 |
Commercial Real Estate | |||
Impaired Financing Receivable, Recorded Investment | 8,315 | 10,507 | 34,629 |
Impaired Financing Receivable, Unpaid Principal Balance | 8,490 | 12,121 | 37,259 |
Impaired Financing Receivable, Related Allowance | 599 | 2,209 | 2,556 |
Impaired Financing Receivable, Average Recorded Investment | 9,075 | 23,928 | 28,610 |
Impaired Financing Receivable Interest Income Recognized | 567 | 984 | 1,594 |
Other Residential | |||
Impaired Financing Receivable, Recorded Investment | 2,907 | 3,812 | 9,533 |
Impaired Financing Receivable, Unpaid Principal Balance | 2,907 | 3,812 | 9,533 |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 |
Impaired Financing Receivable, Average Recorded Investment | 3,553 | 6,813 | 9,670 |
Impaired Financing Receivable Interest Income Recognized | 147 | 258 | 378 |
Commercial Business | |||
Impaired Financing Receivable, Recorded Investment | 3,018 | 4,539 | 2,365 |
Impaired Financing Receivable, Unpaid Principal Balance | 4,222 | 4,652 | 2,539 |
Impaired Financing Receivable, Related Allowance | 2,140 | 1,295 | 1,115 |
Impaired Financing Receivable, Average Recorded Investment | 5,384 | 2,542 | 2,268 |
Impaired Financing Receivable Interest Income Recognized | 173 | 185 | 138 |
Industrial Revenue Bonds | |||
Impaired Financing Receivable, Recorded Investment | 0 | 0 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 0 | 0 |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 |
Impaired Financing Receivable, Average Recorded Investment | 0 | 0 | 0 |
Impaired Financing Receivable Interest Income Recognized | 0 | 0 | 0 |
Automobile Loan | |||
Impaired Financing Receivable, Recorded Investment | 2,713 | 2,097 | 791 |
Impaired Financing Receivable, Unpaid Principal Balance | 2,898 | 2,178 | 829 |
Impaired Financing Receivable, Related Allowance | 484 | 629 | 119 |
Impaired Financing Receivable, Average Recorded Investment | 2,383 | 1,307 | 576 |
Impaired Financing Receivable Interest Income Recognized | 222 | 141 | 59 |
Consumer Loan | |||
Impaired Financing Receivable, Recorded Investment | 825 | 812 | 802 |
Impaired Financing Receivable, Unpaid Principal Balance | 917 | 887 | 885 |
Impaired Financing Receivable, Related Allowance | 124 | 244 | 120 |
Impaired Financing Receivable, Average Recorded Investment | 906 | 884 | 672 |
Impaired Financing Receivable Interest Income Recognized | 69 | 70 | 74 |
Home Equity Line of Credit | |||
Impaired Financing Receivable, Recorded Investment | 591 | 476 | 357 |
Impaired Financing Receivable, Unpaid Principal Balance | 648 | 492 | 374 |
Impaired Financing Receivable, Related Allowance | 91 | 124 | 61 |
Impaired Financing Receivable, Average Recorded Investment | 498 | 417 | 403 |
Impaired Financing Receivable Interest Income Recognized | 33 | 32 | 27 |
Loans Receivable Impaired | |||
Impaired Financing Receivable, Recorded Investment | 25,334 | 34,281 | 62,161 |
Impaired Financing Receivable, Unpaid Principal Balance | 27,655 | 36,823 | 65,689 |
Impaired Financing Receivable, Related Allowance | 3,951 | 6,362 | 6,093 |
Impaired Financing Receivable, Average Recorded Investment | 30,193 | 50,012 | 59,153 |
Impaired Financing Receivable Interest Income Recognized | $ 1,588 | $ 2,315 | $ 2,980 |
Note 3_ Loans and Allowance 169
Note 3: Loans and Allowance For Loan Losses: Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Details | |||
Impaired Loans With Specific Valuation Allowance | $ 12,700 | $ 18,100 | $ 25,100 |
Impaired Loans Valuation Allowance | 4,000 | 6,400 | 6,100 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 1,200 | $ 1,500 | $ 1,000 |
Note 3_ Loans and Allowance 170
Note 3: Loans and Allowance For Loan Losses: Troubled Debt Restructurings on Financing Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Troubled Debt Restructurings Total Modifications | $ 15,000 | $ 21,100 | $ 45,000 |
Commercial Business | |||
Troubled Debt Restructuring Loans Interest Only | 0 | 0 | 0 |
Troubled Debt Restructuring Loans Modified Term | 16 | 38 | 1,095 |
Troubled Debt Restructuring Loans Modified Combination | 274 | 0 | 0 |
Troubled Debt Restructurings Total Modifications | 290 | 38 | 1,095 |
Consumer Loan | |||
Troubled Debt Restructuring Loans Interest Only | 0 | 0 | 0 |
Troubled Debt Restructuring Loans Modified Term | 245 | 59 | 97 |
Troubled Debt Restructuring Loans Modified Combination | 0 | 0 | 0 |
Troubled Debt Restructurings Total Modifications | 245 | 59 | 97 |
Total Newly Restructured Loans | |||
Troubled Debt Restructuring Loans Interest Only | 0 | 3,435 | 0 |
Troubled Debt Restructuring Loans Modified Term | 261 | 97 | 1,714 |
Troubled Debt Restructuring Loans Modified Combination | 6,033 | 0 | 164 |
Troubled Debt Restructurings Total Modifications | 6,294 | 3,532 | 1,878 |
Construction And Land Development | |||
Troubled Debt Restructuring Loans Modified Term | 0 | ||
Troubled Debt Restructuring Loans Modified Combination | 0 | ||
Troubled Debt Restructurings Total Modifications | 429 | ||
Mortgage Loan on Real Estate | Commercial Real Estate | |||
Troubled Debt Restructuring Loans Interest Only | 0 | 2,946 | 0 |
Troubled Debt Restructuring Loans Modified Term | 0 | 0 | 115 |
Troubled Debt Restructuring Loans Modified Combination | 5,759 | 0 | 0 |
Troubled Debt Restructurings Total Modifications | $ 5,759 | 2,946 | 115 |
Mortgage Loan on Real Estate | One To Four Family Residential | |||
Troubled Debt Restructuring Loans Interest Only | 60 | 0 | |
Troubled Debt Restructuring Loans Modified Term | 0 | 407 | |
Troubled Debt Restructuring Loans Modified Combination | 0 | 164 | |
Troubled Debt Restructurings Total Modifications | $ 60 | $ 571 |
Note 3_ Loans and Allowance 171
Note 3: Loans and Allowance For Loan Losses: Loans Modified in Troubled Debt Restructurings by Segment (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Troubled Debt Restructurings Total Modifications | $ 15,000 | $ 21,100 | $ 45,000 |
Total Troubled Debt Restructurings Accruing Interest | $ 12,300 | 18,600 | 39,000 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | ||
Substandard | |||
Troubled Debt Restructurings | $ 8,800 | 7,900 | 12,200 |
Construction And Land Development | |||
Troubled Debt Restructurings Total Modifications | 429 | ||
Troubled Debt Restructured Loans and Impaired | 266,000 | 5,000 | 7,900 |
Single Family and Multi-Family Residential Mortgage Loans | |||
Troubled Debt Restructured Loans and Impaired | 6,200 | 7,400 | 13,500 |
Commercial Real Estate | |||
Troubled Debt Restructured Loans and Impaired | 7,100 | 7,100 | 21,300 |
Commercial Business | |||
Troubled Debt Restructurings Total Modifications | 290 | 38 | 1,095 |
Troubled Debt Restructured Loans and Impaired | 867 | 1,300 | 2,000 |
Consumer Loan | |||
Troubled Debt Restructurings Total Modifications | 245 | 59 | 97 |
Troubled Debt Restructured Loans and Impaired | $ 617 | $ 296 | $ 311 |
Note 3_ Loans and Allowance 172
Note 3: Loans and Allowance For Loan Losses: Troubled Debt Restructured Loans Returned to Accrual Status (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Troubled Debt Restructurings Returned to Accrual Status | $ 998 |
Residential Mortgage | |
Troubled Debt Restructurings Returned to Accrual Status | 629 |
Commercial Real Estate | |
Troubled Debt Restructurings Returned to Accrual Status | 285 |
Consumer Loan | |
Troubled Debt Restructurings Returned to Accrual Status | $ 84 |
Note 3_ Loans and Allowance 173
Note 3: Loans and Allowance For Loan Losses: Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Satisfactory | One To Four Family Residential Construction | ||
Loan Portfolio Internal Grading System Classification | $ 20,275 | $ 20,771 |
Satisfactory | Subdivision Construction | ||
Loan Portfolio Internal Grading System Classification | 15,602 | 14,059 |
Satisfactory | Land Development | ||
Loan Portfolio Internal Grading System Classification | 39,171 | 39,925 |
Satisfactory | Commercial Construction | ||
Loan Portfolio Internal Grading System Classification | 1,068,352 | 780,614 |
Satisfactory | Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 188,706 | 198,835 |
Satisfactory | Non-Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 117,103 | 135,930 |
Satisfactory | Commercial Real Estate | ||
Loan Portfolio Internal Grading System Classification | 1,218,431 | 1,160,280 |
Satisfactory | Other Residential | ||
Loan Portfolio Internal Grading System Classification | 742,237 | 658,846 |
Satisfactory | Commercial Business | ||
Loan Portfolio Internal Grading System Classification | 344,479 | 342,685 |
Satisfactory | Industrial Revenue Bonds | ||
Loan Portfolio Internal Grading System Classification | 21,859 | 25,065 |
Satisfactory | Automobile Loan | ||
Loan Portfolio Internal Grading System Classification | 354,588 | 492,165 |
Satisfactory | Consumer Loan | ||
Loan Portfolio Internal Grading System Classification | 62,682 | 69,338 |
Satisfactory | Home Equity Line of Credit | ||
Loan Portfolio Internal Grading System Classification | 114,860 | 108,290 |
Satisfactory | Acquired foreclosed assets no longer covered by FDIC loss sharing agreements, net of discounts | ||
Loan Portfolio Internal Grading System Classification | 155,212 | 72,552 |
Satisfactory | Acquired Non-Covered Loans Net Of Discounts | ||
Loan Portfolio Internal Grading System Classification | 54,445 | 76,234 |
Satisfactory | Loans Receivable | ||
Loan Portfolio Internal Grading System Classification | 4,518,002 | 4,329,945 |
Satisfactory | Acquired FDIC Covered Loans Net of Discount | ||
Loan Portfolio Internal Grading System Classification | 134,356 | |
Watch | One To Four Family Residential Construction | ||
Loan Portfolio Internal Grading System Classification | 518 | 966 |
Watch | Subdivision Construction | ||
Loan Portfolio Internal Grading System Classification | 2,362 | 2,729 |
Watch | Land Development | ||
Loan Portfolio Internal Grading System Classification | 4,800 | 5,140 |
Watch | Commercial Construction | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Watch | Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 0 | 67 |
Watch | Non-Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 389 | 465 |
Watch | Commercial Real Estate | ||
Loan Portfolio Internal Grading System Classification | 9,909 | 20,154 |
Watch | Other Residential | ||
Loan Portfolio Internal Grading System Classification | 1,532 | 4,370 |
Watch | Commercial Business | ||
Loan Portfolio Internal Grading System Classification | 6,306 | 2,651 |
Watch | Industrial Revenue Bonds | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Watch | Automobile Loan | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Watch | Consumer Loan | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Watch | Home Equity Line of Credit | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Watch | Acquired foreclosed assets no longer covered by FDIC loss sharing agreements, net of discounts | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Watch | Acquired Non-Covered Loans Net Of Discounts | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Watch | Loans Receivable | ||
Loan Portfolio Internal Grading System Classification | 25,816 | 36,542 |
Watch | Acquired FDIC Covered Loans Net of Discount | ||
Loan Portfolio Internal Grading System Classification | 0 | |
Special Mention | One To Four Family Residential Construction | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Special Mention | Subdivision Construction | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Special Mention | Land Development | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Special Mention | Commercial Construction | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Special Mention | Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Special Mention | Non-Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Special Mention | Commercial Real Estate | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Special Mention | Other Residential | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Special Mention | Commercial Business | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Special Mention | Industrial Revenue Bonds | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Special Mention | Automobile Loan | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Special Mention | Consumer Loan | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Special Mention | Home Equity Line of Credit | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Special Mention | Acquired foreclosed assets no longer covered by FDIC loss sharing agreements, net of discounts | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Special Mention | Acquired Non-Covered Loans Net Of Discounts | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Special Mention | Loans Receivable | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Special Mention | Acquired FDIC Covered Loans Net of Discount | ||
Loan Portfolio Internal Grading System Classification | 0 | |
Substandard | One To Four Family Residential Construction | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Substandard | Subdivision Construction | ||
Loan Portfolio Internal Grading System Classification | 98 | 398 |
Substandard | Land Development | ||
Loan Portfolio Internal Grading System Classification | 0 | 5,559 |
Substandard | Commercial Construction | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Substandard | Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 1,809 | 1,438 |
Substandard | Non-Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 1,976 | 529 |
Substandard | Commercial Real Estate | ||
Loan Portfolio Internal Grading System Classification | 6,989 | 6,472 |
Substandard | Other Residential | ||
Loan Portfolio Internal Grading System Classification | 1,876 | 162 |
Substandard | Commercial Business | ||
Loan Portfolio Internal Grading System Classification | 2,066 | 3,292 |
Substandard | Industrial Revenue Bonds | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Substandard | Automobile Loan | ||
Loan Portfolio Internal Grading System Classification | 2,554 | 2,068 |
Substandard | Consumer Loan | ||
Loan Portfolio Internal Grading System Classification | 686 | 663 |
Substandard | Home Equity Line of Credit | ||
Loan Portfolio Internal Grading System Classification | 579 | 463 |
Substandard | Acquired foreclosed assets no longer covered by FDIC loss sharing agreements, net of discounts | ||
Loan Portfolio Internal Grading System Classification | 12 | 17 |
Substandard | Acquired Non-Covered Loans Net Of Discounts | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Substandard | Loans Receivable | ||
Loan Portfolio Internal Grading System Classification | 18,645 | 21,061 |
Substandard | Acquired FDIC Covered Loans Net of Discount | ||
Loan Portfolio Internal Grading System Classification | 0 | |
Doubtful | One To Four Family Residential Construction | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Doubtful | Subdivision Construction | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Doubtful | Land Development | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Doubtful | Commercial Construction | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Doubtful | Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Doubtful | Non-Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Doubtful | Commercial Real Estate | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Doubtful | Other Residential | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Doubtful | Commercial Business | ||
Loan Portfolio Internal Grading System Classification | 500 | 0 |
Doubtful | Industrial Revenue Bonds | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Doubtful | Automobile Loan | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Doubtful | Consumer Loan | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Doubtful | Home Equity Line of Credit | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Doubtful | Acquired foreclosed assets no longer covered by FDIC loss sharing agreements, net of discounts | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Doubtful | Acquired Non-Covered Loans Net Of Discounts | ||
Loan Portfolio Internal Grading System Classification | 0 | 0 |
Doubtful | Loans Receivable | ||
Loan Portfolio Internal Grading System Classification | 500 | 0 |
Doubtful | Acquired FDIC Covered Loans Net of Discount | ||
Loan Portfolio Internal Grading System Classification | 0 | |
Total Credit Quality Indicator | One To Four Family Residential Construction | ||
Loan Portfolio Internal Grading System Classification | 20,793 | 21,737 |
Total Credit Quality Indicator | Subdivision Construction | ||
Loan Portfolio Internal Grading System Classification | 18,062 | 17,186 |
Total Credit Quality Indicator | Land Development | ||
Loan Portfolio Internal Grading System Classification | 43,971 | 50,624 |
Total Credit Quality Indicator | Commercial Construction | ||
Loan Portfolio Internal Grading System Classification | 1,068,352 | 780,614 |
Total Credit Quality Indicator | Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 190,515 | 200,340 |
Total Credit Quality Indicator | Non-Owner Occupied One To Four Family Residential | ||
Loan Portfolio Internal Grading System Classification | 119,468 | 136,924 |
Total Credit Quality Indicator | Commercial Real Estate | ||
Loan Portfolio Internal Grading System Classification | 1,235,329 | 1,186,906 |
Total Credit Quality Indicator | Other Residential | ||
Loan Portfolio Internal Grading System Classification | 745,645 | 663,378 |
Total Credit Quality Indicator | Commercial Business | ||
Loan Portfolio Internal Grading System Classification | 353,351 | 348,628 |
Total Credit Quality Indicator | Industrial Revenue Bonds | ||
Loan Portfolio Internal Grading System Classification | 21,859 | 25,065 |
Total Credit Quality Indicator | Automobile Loan | ||
Loan Portfolio Internal Grading System Classification | 357,142 | 494,233 |
Total Credit Quality Indicator | Consumer Loan | ||
Loan Portfolio Internal Grading System Classification | 63,368 | 70,001 |
Total Credit Quality Indicator | Home Equity Line of Credit | ||
Loan Portfolio Internal Grading System Classification | 115,439 | 108,753 |
Total Credit Quality Indicator | Acquired foreclosed assets no longer covered by FDIC loss sharing agreements, net of discounts | ||
Loan Portfolio Internal Grading System Classification | 155,224 | 72,569 |
Total Credit Quality Indicator | Acquired Non-Covered Loans Net Of Discounts | ||
Loan Portfolio Internal Grading System Classification | 54,445 | 76,234 |
Total Credit Quality Indicator | Loans Receivable | ||
Loan Portfolio Internal Grading System Classification | $ 4,562,963 | 4,387,548 |
Total Credit Quality Indicator | Acquired FDIC Covered Loans Net of Discount | ||
Loan Portfolio Internal Grading System Classification | $ 134,356 |
Note 3_ Loans and Allowance 174
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, 2017 | Dec. 31, 2016 | |
New loans for related parties during the period | $ 19,734 | $ 14,299 |
Repayments of Related Party Debt | (4,486) | (3,793) |
Beginning of Period | ||
Related Party Transaction, Amounts of Transaction | 24,793 | 14,287 |
End of Period | ||
Related Party Transaction, Amounts of Transaction | $ 40,041 | $ 24,793 |
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) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
InterBank | |||
Discount Recorded in Conjunction with Fair Value of Acquired Loans and Amount Accreted to Yield | $ 269 | $ 359 | $ 459 |
Note 4_ Acquired Loans, Loss176
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Business Combinations Policy (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valley Bank | |||
Discount Recorded in Conjunction with Fair Value of Acquired Loans and Amount Accreted to Yield | $ 217 | $ 491 | $ 794 |
Note 4_ Acquired Loans, Loss177
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Schedule of Business Combination Accretable Yield (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Details | |||
Increase in accretable yield due to increased cash flow expectations | $ 1,333 | $ 10,598 | $ 13,720 |
Decrease in FDIC indemnification asset as a result of accretable yield increase | $ 0 | $ (2,744) | $ (5,056) |
Note 4_ Acquired Loans, Loss178
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: Schedule of Impact of Acquired Loans on Financial Results (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Details | |||
Impact of Acquired Loan Pools on Interest Income | $ 5,014 | $ 16,393 | $ 28,531 |
Impact of acquired loan pools on non-interest income | (634) | (7,033) | (19,534) |
Net impact of acquired loan pools to pre-tax income | $ 4,380 | $ 9,360 | $ 8,997 |
Note 4_ Acquired Loans, Loss179
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: FDIC Indemnification Asset Policy (Details) | 12 Months Ended |
Dec. 31, 2017 | |
TeamBank | |
Business Combination, Indemnification Assets, Description | Through December 31, 2017, gross loan balances (due from the borrower) were reduced approximately $422.5 million since the transaction date because of $289.7 million of repayments by the borrower, $61.7 million of transfers to foreclosed assets and $71.1 million of charge-downs to customer loan balances |
Vantus Bank | |
Business Combination, Indemnification Assets, Description | Through December 31, 2017, gross loan balances (due from the borrower) were reduced approximately $312.6 million since the transaction date because of $266.9 million of repayments by the borrower, $16.7 million of transfers to foreclosed assets and $29.0 million of charge-downs to customer loan balances. |
Sun Security Bank | |
Business Combination, Indemnification Assets, Description | Through December 31, 2017, gross loan balances (due from the borrower) were reduced approximately $207.7 million since the transaction date because of $148.4 million of repayments by the borrower, $28.4 million of transfers to foreclosed assets and $30.9 million of charge-downs to customer loan balances. |
InterBank | |
Business Combination, Indemnification Assets, Description | Through December 31, 2017, gross loan balances (due from the borrower) were reduced approximately $280.9 million since the transaction date because of $239.4 million of repayments by the borrower, $19.1 million of transfers to foreclosed assets and $22.4 million of charge-offs to customer loan balances. |
Valley Bank | |
Business Combination, Indemnification Assets, Description | Through December 31, 2017, gross loan balances (due from the borrower) were reduced approximately $133.2 million since the transaction date because of $121.4 million of repayments by the borrower, $4.0 million of transfers to foreclosed assets and $7.8 million of charge-offs to customer loan balances. |
Note 4_ Acquired Loans, Loss180
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: FDIC Indemnification Asset Roll Forward (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
TeamBank Loans | ||
Initial basis for loss sharing determination, net of activity since acquisition date | $ 13,668 | $ 18,838 |
Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) | (589) | (846) |
Original estimated fair value of assets, net of activity since acquisition date | (12,948) | (17,833) |
Expected loss remaining | 131 | 159 |
TeamBank Foreclosed Assets | ||
Initial basis for loss sharing determination, net of activity since acquisition date | 35 | 14 |
Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) | 0 | 0 |
Original estimated fair value of assets, net of activity since acquisition date | (35) | (14) |
Expected loss remaining | $ 0 | $ 0 |
Note 4_ Acquired Loans, Loss181
Note 4: Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets: FDIC Indemnification Asset Policy: FDIC Indemnification Asset Roll Forward (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
FDIC indemnification asset | $ 0 | $ 13,145 |
Vantus Bank Loans | ||
Initial basis for loss sharing determination, net of activity since acquisition date | 18,965 | 23,712 |
Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) | (131) | (239) |
Original estimated fair value of assets, net of activity since acquisition date | (18,605) | (23,232) |
Expected loss remaining | 229 | 241 |
Vantus Bank Foreclosed Assets | ||
Initial basis for loss sharing determination, net of activity since acquisition date | 15 | 15 |
Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) | 0 | 0 |
Original estimated fair value of assets, net of activity since acquisition date | (15) | (15) |
Expected loss remaining | 0 | 0 |
Sun Security Bank Loans | ||
Initial basis for loss sharing determination, net of activity since acquisition date | 26,787 | 33,579 |
Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) | (494) | (1,086) |
Original estimated fair value of assets, net of activity since acquisition date | (25,348) | (31,499) |
Expected loss remaining | 945 | 994 |
Sun Security Bank Foreclosed Assets | ||
Initial basis for loss sharing determination, net of activity since acquisition date | 306 | 365 |
Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) | 0 | 0 |
Original estimated fair value of assets, net of activity since acquisition date | (299) | (286) |
Expected loss remaining | 7 | 79 |
InterBank | ||
Initial basis for loss sharing determination, net of activity since acquisition date | 112,399 | 149,657 |
Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) | (972) | (1,984) |
Original estimated fair value of assets, net of activity since acquisition date | (98,321) | (134,355) |
Expected loss remaining | 13,380 | 13,861 |
Non-credit premium (discount), net of activity since acquisition date | 274 | $ 543 |
Assumed loss sharing recovery percentage | 84.00% | |
Estimated loss sharing value | $ 11,644 | |
Indemnification assets to be amortized resulting from change in expected losses | 1,586 | |
Accretable Discount on FDIC Indemnification Asset | (1,038) | |
FDIC indemnification asset | 13,145 | |
InterBank Foreclosed Assets | ||
Initial basis for loss sharing determination, net of activity since acquisition date | 2,012 | 1,417 |
Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) | 0 | 0 |
Original estimated fair value of assets, net of activity since acquisition date | (1,785) | (1,417) |
Expected loss remaining | 227 | 0 |
Non-credit premium (discount), net of activity since acquisition date | 0 | $ 0 |
Assumed loss sharing recovery percentage | 0.00% | |
Estimated loss sharing value | $ 0 | |
Indemnification assets to be amortized resulting from change in expected losses | 0 | |
Accretable Discount on FDIC Indemnification Asset | 0 | |
FDIC indemnification asset | 0 | |
Valley Bank Loans | ||
Initial basis for loss sharing determination, net of activity since acquisition date | 59,997 | 84,283 |
Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) | (411) | (2,121) |
Original estimated fair value of assets, net of activity since acquisition date | (54,442) | (76,231) |
Expected loss remaining | 5,155 | 6,159 |
Non-credit premium (discount), net of activity since acquisition date | 11 | 228 |
Valley Bank Foreclosed Assets | ||
Initial basis for loss sharing determination, net of activity since acquisition date | 1,673 | 1,973 |
Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) | 0 | 0 |
Original estimated fair value of assets, net of activity since acquisition date | (1,667) | (1,952) |
Expected loss remaining | 6 | 21 |
Non-credit premium (discount), net of activity since acquisition date | $ 0 | $ 0 |
Note 4_ Acquired Loans, Loss182
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
TeamBank | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | $ (1,563) | $ (1,834) | $ (3,265) | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | [1] | 1,157 | 506 | 205 | |
TeamBank | End of Period | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | 2,071 | 2,477 | 3,805 | $ 6,865 | |
Vantus Bank | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | (1,373) | (1,877) | (2,541) | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | [1] | 676 | 1,064 | 1,448 | |
Vantus Bank | End of Period | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | 1,850 | 2,547 | 3,360 | 4,453 | |
Sun Security Bank | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | (2,251) | (3,832) | (5,487) | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | [1] | 875 | 2,185 | 3,459 | |
Sun Security Bank | End of Period | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | 2,901 | 4,277 | 5,924 | 7,952 | |
InterBank | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | (7,505) | (13,964) | (28,767) | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | [1] | 4,067 | 6,129 | 9,022 | |
InterBank | End of Period | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | 5,074 | 8,512 | 16,347 | 36,092 | |
Valley Bank | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | (5,823) | (11,933) | (10,975) | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | [1] | 3,721 | 8,414 | 8,159 | |
Valley Bank | End of Period | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | $ 2,695 | $ 4,797 | $ 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, 2017, totaling $1.1 million, $663,000, $850,000, $3.5 million and $3.0 million, respectively; for TeamBank, Vantus Bank, Sun Security Bank, InterBank and Valley Bank for the year ended December 31, 2016, totaling $506,000, $1.0 million, $1.8 million, $2.7 million and $1.6 million, respectively; and 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 $759,000, respectively. |
Note 5_ Other Real Estate Ow183
Note 5: Other Real Estate Owned: Schedule of major classifications of other real estate owned (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Real Estate Owned, Net | $ 22,002 | $ 32,658 |
Foreclosed Assets Held For Sale | One To Four Family Residential Construction | ||
Foreclosed Assets | 0 | 0 |
Foreclosed Assets Held For Sale | Subdivision Construction | ||
Foreclosed Assets | 5,413 | 6,360 |
Foreclosed Assets Held For Sale | Land Development | ||
Foreclosed Assets | 7,229 | 10,886 |
Foreclosed Assets Held For Sale | Commercial Construction | ||
Foreclosed Assets | 0 | 0 |
Foreclosed Assets Held For Sale | One To Four Family Residential | ||
Foreclosed Assets | 112 | 1,217 |
Foreclosed Assets Held For Sale | Other Residential | ||
Foreclosed Assets | 140 | 954 |
Foreclosed Assets Held For Sale | Commercial Real Estate | ||
Foreclosed Assets | 1,694 | 3,841 |
Foreclosed Assets Held For Sale | Commercial Business | ||
Foreclosed Assets | 0 | 0 |
Foreclosed Assets Held For Sale | Consumer Loan | ||
Foreclosed Assets | 1,987 | 1,991 |
Foreclosed Assets Held For Sale | Foreclosed Assets Before FDIC Supported Foreclosed Assets | ||
Foreclosed Assets | 16,575 | 25,249 |
Foreclosed Assets Held For Sale | FDIC Supported Foreclosed Assets Net Of Discounts | ||
Foreclosed Assets | 0 | 1,426 |
Foreclosed Assets Held For Sale | Acquired foreclosed assets no longer covered by FDIC loss sharing agreements, net of discounts | ||
Foreclosed Assets | 2,133 | 316 |
Foreclosed Assets Held For Sale | Acquired Loans Not Covered By FDIC Loss Sharing Agreements Net of Discounts | ||
Foreclosed Assets | 1,666 | 1,952 |
Foreclosed Assets Held For Sale Net | ||
Foreclosed Assets | 20,374 | 28,943 |
Other real estate owned not acquired through foreclosure | ||
Other Real Estate Owned, Net | $ 1,628 | $ 3,715 |
Note 5_ Other Real Estate Ow184
Note 5: Other Real Estate Owned: Foreclosures in Process (Details) - Foreclosures in Process $ in Thousands | Dec. 31, 2017USD ($) |
Mortgage Loans on Real Estate | $ 3,200 |
Acquired Loans | |
Mortgage Loans on Real Estate | 3,000 |
Acquired Loans | Covered by Loss Sharing Agreements | |
Mortgage Loans on Real Estate | 2,800 |
Acquired Loans | Acquired in Valley Bank Transaction | |
Mortgage Loans on Real Estate | $ 208 |
Note 5_ Other Real Estate Ow185
Note 5: Other Real Estate Owned: Schedule of expenses applicable to other real estate owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Details | |||
Net (Gain) Loss on Sales of Other Real Estate | $ (2,212) | $ (68) | $ (397) |
Valuation write-downs on foreclosed assets | 1,585 | 431 | 890 |
Operating expenses, net of rental income | 4,556 | 3,748 | 2,033 |
Total foreclosed assets expenses | $ 3,929 | $ 4,111 | $ 2,526 |
Note 6_ Premises and Equipme186
Note 6: Premises and Equipment: Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Details | ||
Land | $ 42,312 | $ 42,322 |
Inventory, Buildings and Improvements | 97,464 | 96,429 |
Furniture and Fixtures, Gross | 53,841 | 57,217 |
Property, Plant and Equipment, Gross | 193,617 | 195,968 |
Property, Plant, and Equipment, Owned, Accumulated Depreciation | 55,599 | 55,372 |
Premises and equipment, net | $ 138,018 | $ 140,596 |
Note 7_ Investments in Limit187
Note 7: Investments in Limited Partnerships: Investments in Affordable Housing Partnerships Policy (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Details | |||
Investments in Affordable Housing Partnerships Carrying Value, Net | $ 18,200 | $ 21,800 | |
Federal Affordable Housing Tax Credits | 40,000 | ||
Expected Amortization of Investments in Affordable Housing Partnerships | 34,900 | ||
Usage of Federal Affordable Housing Tax Credits | 6,600 | 6,200 | $ 6,300 |
Actual Amortization of Investments in Affordable Housing Partnerships | $ 5,200 | $ 4,400 | $ 4,900 |
Note 7_ Investments in Limit188
Note 7: Investments in Limited Partnerships: Investments in Community Development Entities Policy (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Details | |||
Investments in Community Development Entities Net Carrying Amount | $ 940 | $ 1,900 | |
Community Development Federal New Market Tax Credits | 960 | ||
Community Development Federal New Market Tax Credits Amortization | 730 | ||
Usage of Investment in Community Development Entities Federal New Market Tax Credits | 1,200 | 2,300 | $ 2,300 |
Actual Amortization of Investment in Community Development Entities | $ 930 | $ 1,700 | $ 1,700 |
Note 8_ Deposits_ Schedule o189
Note 8: Deposits: Schedule of Deposit Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Noninterest-bearing Deposit Liabilities | $ 661,589 | $ 653,288 |
Demand Deposit Accounts | 2,227,300 | 2,192,504 |
Deposits | 3,597,144 | 3,677,230 |
0.00% - 0.99% | Bank Time Deposits | ||
Time Deposits | 254,502 | 695,738 |
1.00% to 1.99% | Bank Time Deposits | ||
Time Deposits | 1,006,373 | 737,649 |
2.00% - 2.99% | Bank Time Deposits | ||
Time Deposits | 106,888 | 48,777 |
3.00% - 3.99% | Bank Time Deposits | ||
Time Deposits | 701 | 1,119 |
4.00% - 4.99% | Bank Time Deposits | ||
Time Deposits | 1,108 | 1,171 |
5.00% and Above | Bank Time Deposits | ||
Time Deposits | 272 | 272 |
Total Time Deposits | Bank Time Deposits | ||
Time Deposits | 1,369,844 | 1,484,726 |
Weighted Average Interest Rate | 0.32% - 0.26% | ||
Interest-bearing Domestic Deposit, Demand | $ 1,565,711 | $ 1,539,216 |
Note 8_ Deposits_ Weighted Aver
Note 8: Deposits: Weighted Average Interest Rate on Certificates of Deposit (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
Details | ||
Weighted average interest rate on certificates of deposit | 1.24% | 1.01% |
Note 8_ Deposits_ Originated Ce
Note 8: Deposits: Originated Certificates of Deposit and Brokered Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Details | ||
Amount of certificates of deposit greater than $100,000 originated | $ 598,200 | $ 634,700 |
Interest-bearing Domestic Deposit, Brokered | $ 260,000 | $ 324,300 |
Note 8_ Deposits_ Maturities192
Note 8: Deposits: Maturities of certificates of deposit (Details) - Certificate of Deposit Owner $ in Thousands | Dec. 31, 2017USD ($) |
Retail | |
Time Deposit Maturities, Next Twelve Months | $ 775,404 |
Time Deposit Maturities, Year Two | 199,252 |
Time Deposit Maturities, Year Three | 58,811 |
Time Deposit Maturities, Year Four | 48,365 |
Time Deposit Maturities, Year Five | 25,868 |
Time Deposit Maturities, after Year Five | 2,173 |
Time Deposits | 1,109,873 |
Brokered | |
Time Deposit Maturities, Next Twelve Months | 238,410 |
Time Deposit Maturities, Year Two | 21,561 |
Time Deposit Maturities, Year Three | 0 |
Time Deposit Maturities, Year Four | 0 |
Time Deposit Maturities, Year Five | 0 |
Time Deposit Maturities, after Year Five | 0 |
Time Deposits | 259,971 |
Certificate Owners, Total | |
Time Deposit Maturities, Next Twelve Months | 1,013,814 |
Time Deposit Maturities, Year Two | 220,813 |
Time Deposit Maturities, Year Three | 58,811 |
Time Deposit Maturities, Year Four | 48,365 |
Time Deposit Maturities, Year Five | 25,868 |
Time Deposit Maturities, after Year Five | 2,173 |
Time Deposits | $ 1,369,844 |
Note 8_ Deposits_ Schedule o193
Note 8: Deposits: Schedule of Interest Expense on Deposit Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Details | |||
Interest Expense, Demand Deposit Accounts | $ 4,699 | $ 3,888 | $ 2,858 |
Interest Expense, Time Deposits | 16,009 | 13,598 | 10,739 |
Interest Expense Domestic Deposit Liabilities, Withdrawal Penalties | (113) | (99) | (86) |
Interest Expense, Customer Deposits | $ 20,595 | $ 17,387 | $ 13,511 |
Note 9_ Advances From Federa194
Note 9: Advances From Federal Home Loan Bank: Federal Home Loan Bank, Advances (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Details | ||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Remainder of Fiscal Year | $ 0 | $ 30,826 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Next Twelve Rolling Months | 0.00% | 3.26% |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Next Rolling Twelve Months | $ 127,500 | $ 81 |
Federal Home Loan Bank Advances, Weighted Average Interest Rate, Maturing in Rolling Year Two | 1.53% | 5.14% |
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Two | $ 0 | $ 28 |
Federal Home Loan Bank Advances, Weighted Average Interest Rate, Maturing in Rolling Year Three | 0.00% | 5.14% |
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Three | $ 0 | $ 0 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Four | 0.00% | 0.00% |
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Four | $ 0 | $ 0 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Five | 0.00% | 0.00% |
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Five | $ 0 | $ 0 |
Federal Home Loan Bank, Advances, Maturities Summary, Due after Rolling Year Five | $ 0 | $ 500 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing after Rolling Year Five | 0.00% | 5.54% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 1.53% | 3.30% |
Federal Home Loan Bank, Advances, Valuation Adjustments under Fair Value Option | $ 0 | $ 17 |
Advances from the Federal Home Loan Bank, after unamortized fair value adjustment | $ 31,452 |
Note 9_ Advances From Federa195
Note 9: Advances From Federal Home Loan Bank: Federal Home Loan Bank Advances Pledged (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 1,110,000 | $ 1,120,000 |
Federal Home Loan Bank of Des Moines | ||
Long-term Line of Credit | $ 570,500 |
Note 10_ Short-term Borrowin196
Note 10: Short-term Borrowings: Schedule of Short-term Debt (Details) - Short-term Debt - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Notes payable (Community Development) - Equity Funds | $ 1,604 | $ 1,323 |
Other Short-term Borrowings | 15,000 | 171,000 |
Securities for Reverse Repurchase Agreements | 80,531 | 113,700 |
Short-term Debt, Fair Value | $ 97,135 | $ 286,023 |
Note 10_ Short-term Borrowin197
Note 10: Short-term Borrowings: Short Term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Details | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 0.30% | 0.50% |
Short-term Debt, Average Outstanding Amount | $ 186,400 | $ 327,700 |
Short-term Debt, Maximum Amount Outstanding During Period | $ 297,400 | $ 523,100 |
Note 10_ Short-term Borrowin198
Note 10: Short-term Borrowings: Schedule of Repurchase Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Securities Sold under Agreements to Repurchase | $ 80,531 | $ 113,700 |
Financial Assets Sold under Agreement to Repurchase | ||
Securities Sold under Agreements to Repurchase | 80,531 | 113,700 |
Financial Assets Sold under Agreement to Repurchase | Maturity Overnight | Federal Home Loan Bank Certificates and Obligations (FHLB) | ||
Securities Sold under Agreements to Repurchase | 0 | 16,202 |
Financial Assets Sold under Agreement to Repurchase | Maturity Overnight | Mortgage Backed Securities, Other | ||
Securities Sold under Agreements to Repurchase | $ 80,531 | $ 97,498 |
Note 11_ Federal Reserve Ban199
Note 11: Federal Reserve Bank Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Federal Reserve Bank Advances | ||
Long-term Line of Credit | $ 528,900 | $ 602,000 |
Note 12_ Subordinated Debent200
Note 12: Subordinated Debentures Issued To Capital Trusts: Schedule of Subordinated Debentures Issued to Capital Trusts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Details | ||
Subordinated debentures | $ 25,774 | $ 25,774 |
Note 13_ Subordinated Notes_201
Note 13: Subordinated Notes: Schedule of Subordinated Borrowing (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Details | ||
Subordinated Debt | $ 75,000 | $ 75,000 |
Unamortized Debt Issuance Expense | 1,312 | 1,463 |
Subordinated Notes Proceeds, Net | $ 73,688 | $ 73,537 |
Note 14_ Income Taxes_ Sched202
Note 14: Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Details | |||
Income Taxes Payable, Current | $ 9,335 | $ 20,137 | $ 20,234 |
Deferred Income Taxes and Tax Credits | 7,318 | (3,621) | (4,670) |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 2,105 | 0 | 0 |
Accrued Income Taxes, Current | $ 18,758 | $ 16,516 | $ 15,564 |
Note 14_ Income Taxes_ Sched203
Note 14: Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Details | ||
Deferred Tax Assets Allowance for Loan Losses | $ 8,154 | $ 13,576 |
Tax credit carryforward | 5,816 | 0 |
Deferred Tax Assets Interest on Nonperforming Loans | 288 | 364 |
Deferred Tax Assets Accrued Expenses | 684 | 1,288 |
Deferred Tax Assets Write-down of Foreclosed Assets | 1,694 | 3,300 |
Deferred Tax Assets Write-down of Fixed Assets | 207 | 535 |
Deferred Tax Assets Difference in basis for acquired assets and liabilities | 4,725 | 4,533 |
Deferred Tax Assets, Gross, Current | 21,568 | 23,596 |
Deferred Tax Liabilities Tax Depreciation in Excess of Book Depreciation | (4,483) | (6,425) |
Deferred Tax Liabilities Federal Home Loan Bank Stock Dividends | (356) | (1,805) |
Deferred Tax Liabilities Partnership Tax Credits | (706) | (1,651) |
Deferred Tax Liabilities, Prepaid Expenses | (775) | (728) |
Deferred Tax Liabilities Unrealized Gains on Available for Sale Securities | (435) | (980) |
Deferred Tax Liabilities Book Revenue in Excess of Tax Revenue | (12,177) | 0 |
Deferred Tax Liabilities, Other | (190) | (318) |
Deferred Tax Liabilities, Gross, Current | (19,122) | (11,907) |
Deferred Tax Assets, Net | $ 2,446 | $ 11,689 |
Note 14_ Income Taxes_ Sched204
Note 14: Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Details | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent | (1.60%) | (2.10%) | (2.40%) |
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | (6.10%) | (7.30%) | (8.10%) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 1.10% | 1.10% | 1.40% |
Initial impact of enactment of 2017 Tax Act | (0.40%) | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | (1.30%) | 0.00% | (0.80%) |
Effective Income Tax Rate Reconciliation | 26.70% | 26.70% | 25.10% |
Note 15_ Disclosures About F205
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ||
Assets, Fair Value Disclosure, Recurring | $ 122,533 | $ 146,035 |
US States and Political Subdivisions Debt Securities | ||
Assets, Fair Value Disclosure, Recurring | 56,646 | 67,837 |
Interest Rate Swap Asset | ||
Assets, Fair Value Disclosure, Recurring | 981 | 1,663 |
Interest Rate Swap Liability | ||
Assets, Fair Value Disclosure, Recurring | $ (1,030) | $ (1,699) |
Note 15_ Disclosures About F206
Note 15: Disclosures About Fair Value of Financial Instruments: Fair Value, Assets and Liabilities Measured on Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Impaired Loans | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 1,590 | $ 8,280 |
Foreclosed Assets Held For Sale | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 1,758 | $ 1,604 |
Note 15_ Disclosures About F207
Note 15: Disclosures About Fair Value of Financial Instruments: Schedule Of Financial Instruments Fair Value (Details) $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Financial Assets | Cash and Cash Equivalents | ||
Financial Instruments Owned Carrying Amount | $ 242,253 | $ 279,769 |
Financial Instruments, Owned, at Fair Value | $ 242,253 | $ 279,769 |
Hierarchy Level | 1 | 1 |
Financial Assets | Held-to-maturity Securities | ||
Financial Instruments Owned Carrying Amount | $ 130 | $ 247 |
Financial Instruments, Owned, at Fair Value | $ 131 | $ 258 |
Hierarchy Level | 2 | 2 |
Financial Assets | Mortgage Loans Held For Sale | ||
Financial Instruments Owned Carrying Amount | $ 8,203 | $ 16,445 |
Financial Instruments, Owned, at Fair Value | $ 8,203 | $ 16,445 |
Hierarchy Level | 2 | 2 |
Financial Assets | Loans Receivable | ||
Financial Instruments Owned Carrying Amount | $ 3,726,302 | $ 3,759,966 |
Financial Instruments, Owned, at Fair Value | $ 3,735,216 | $ 3,766,709 |
Hierarchy Level | 3 | 3 |
Financial Assets | Accrued Interest Receivable | ||
Financial Instruments Owned Carrying Amount | $ 12,338 | $ 11,875 |
Financial Instruments, Owned, at Fair Value | $ 12,338 | $ 11,875 |
Hierarchy Level | 3 | 3 |
Financial Assets | Investment in Federal Home Loan Bank Stock | ||
Financial Instruments Owned Carrying Amount | $ 11,182 | $ 13,034 |
Financial Instruments, Owned, at Fair Value | $ 11,182 | $ 13,034 |
Hierarchy Level | 3 | 3 |
Financial Liabilities | Subordinated Debentures | ||
Financial Instruments Owned Carrying Amount | $ 25,774 | $ 25,774 |
Financial Instruments, Owned, at Fair Value | $ 25,774 | $ 25,774 |
Hierarchy Level | 3 | 3 |
Financial Liabilities | Deposits | ||
Financial Instruments Owned Carrying Amount | $ 3,597,144 | $ 3,677,230 |
Financial Instruments, Owned, at Fair Value | $ 3,606,400 | $ 3,683,751 |
Hierarchy Level | 3 | 3 |
Financial Liabilities | Federal Home Loan Bank Advances | ||
Financial Instruments Owned Carrying Amount | $ 127,500 | $ 31,452 |
Financial Instruments, Owned, at Fair Value | $ 127,500 | $ 32,379 |
Hierarchy Level | 3 | 3 |
Financial Liabilities | Short-term Debt | ||
Financial Instruments Owned Carrying Amount | $ 97,135 | $ 286,023 |
Financial Instruments, Owned, at Fair Value | $ 97,135 | $ 286,023 |
Hierarchy Level | 3 | 3 |
Financial Liabilities | Subordinated Debt | ||
Financial Instruments Owned Carrying Amount | $ 73,688 | $ 73,537 |
Financial Instruments, Owned, at Fair Value | $ 76,500 | $ 76,031 |
Hierarchy Level | 2 | 2 |
Financial Liabilities | Accrued Interest Payable | ||
Financial Instruments Owned Carrying Amount | $ 2,904 | $ 2,723 |
Financial Instruments, Owned, at Fair Value | $ 2,904 | $ 2,723 |
Hierarchy Level | 3 | 3 |
Unrecognized Financial Instruments Net Of Contractual Value | Loan Origination Commitments | ||
Financial Instruments Owned Carrying Amount | $ 0 | $ 0 |
Financial Instruments, Owned, at Fair Value | $ 0 | $ 0 |
Hierarchy Level | 3 | 3 |
Unrecognized Financial Instruments Net Of Contractual Value | Letter of Credit | ||
Financial Instruments Owned Carrying Amount | $ 85 | $ 92 |
Financial Instruments, Owned, at Fair Value | $ 85 | $ 92 |
Hierarchy Level | 3 | 3 |
Unrecognized Financial Instruments Net Of Contractual Value | Line of Credit | ||
Financial Instruments Owned Carrying Amount | $ 0 | $ 0 |
Financial Instruments, Owned, at Fair Value | $ 0 | $ 0 |
Hierarchy Level | 3 | 3 |
Note 16_ Operating Leases_ S208
Note 16: Operating Leases: Schedule of Future Minimum Rental Payments for Operating Leases (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Details | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 877 |
Operating Leases, Future Minimum Payments, Due in Two Years | 683 |
Operating Leases, Future Minimum Payments, Due in Three Years | 540 |
Operating Leases, Future Minimum Payments, Due in Four Years | 331 |
Operating Leases, Future Minimum Payments, Due in Five Years | 241 |
Operating Leases, Future Minimum Payments, Due Thereafter | 473 |
Operating Leases, Future Minimum Payments Due | $ 3,145 |
Note 16_ Operating Leases_ Rent
Note 16: Operating Leases: Rental Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Details | |||
Operating Leases, Rent Expense | $ 912 | $ 973 | $ 1,200 |
Note 17_ Derivatives and Hed210
Note 17: Derivatives and Hedging Activities: Nondesignated Hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | $ 28 | $ 66 | $ (43) |
Interest Rate Swap | Not Designated as Hedging Instrument | Commercial Customers | |||
Derivative, Notional Amount | $ 110,700 |
Note 17_ Derivatives and Hed211
Note 17: Derivatives and Hedging Activities: Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Total derivatives designated as hedging instruments | $ 0 | $ 40 |
Asset Derivative Fair Value | ||
Total derivatives not designated as hedging instruments | 981 | 1,623 |
Liability Derivative Fair Value | ||
Total derivatives not designated as hedging instruments | 1,030 | 1,699 |
Prepaid Expenses and Other Current Assets | Asset Derivative Fair Value | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 981 | 1,623 |
Accrued expenses and other liabilities | Liability Derivative Fair Value | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 1,030 | 1,699 |
Interest Rate Cap | Prepaid Expenses and Other Current Assets | ||
Represents the monetary amount of DerivativeAssetDesignatedAsHedgingInstrumentFairValue1, as of the indicated date. | $ 0 | $ 40 |
Note 17_ Derivatives and Hed212
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 161 | $ 87 | $ (50) |
Note 18_ Commitments and Cre213
Note 18: Commitments and Credit Risk: Mortgage Loans in Process of Origination (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Details | ||
Mortgage loans in the process of origination | $ 20,800 | $ 15,900 |
Note 18_ Commitments and Cre214
Note 18: Commitments and Credit Risk: Letters of Credit (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Details | ||
Letters of Credit Outstanding, Amount | $ 20,000 | $ 26,400 |
Letters of Credit Terms Up to Five Years | 19,100 | 25,100 |
Letters of Credit Terms Over Five Years | $ 885 | $ 1,300 |
Note 18_ Commitments and Cre215
Note 18: Commitments and Credit Risk: Purchased Letters of Credit (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Details | ||
Purchased Letters of Credit From Federal Home Loan Bank | $ 2,100 | $ 2,100 |
Note 18_ Commitments and Cre216
Note 18: Commitments and Credit Risk: Lines of Credit (Details) - Unused lines of Credit - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Commercial line of credit | ||
Long-term Line of Credit | $ 912,200 | $ 658,400 |
Open end consumer lines of credit | ||
Long-term Line of Credit | $ 133,600 | $ 123,400 |
Note 18_ Commitments and Cre217
Note 18: Commitments and Credit Risk: Credit Risk -- Secured Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Details | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | $ 674,000 | $ 677,300 |
Note 19_ Additional Cash Flo218
Note 19: Additional Cash Flow Information: Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Noncash Investing and Financing Activities | |||
Real Estate Acquired Through Foreclosure | $ 23,780 | $ 26,076 | $ 12,185 |
Proceeds from Sale of Wholly Owned Real Estate and Real Estate Acquired in Settlement of Loans | 603 | 3,334 | 3,316 |
Conversion of premises and equipment to foreclosed assets | 0 | 6,985 | 0 |
Dividends declared but not paid | 3,381 | 3,073 | 3,055 |
Additional Cash Payment Information | |||
Interest Paid | 27,724 | 20,476 | 15,984 |
Income Taxes Paid | $ 17,563 | $ 9,554 | $ 13,096 |
Note 21_ Stock Compensation 219
Note 21: Stock Compensation Plans: Schedule of Share-based Compensation, Stock Options, Activity (Details) - Employee Stock Option - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Granted From 2013 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | (157,800) | (131,000) | (129,350) |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 157,800 | 131,000 | 129,350 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 52.118 | $ 41.228 | $ 49.199 |
Exercised | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | 0 | 0 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | (119,692) | (81,812) | (134,263) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 27.352 | $ 26.472 | $ 25.403 |
Forfeited From Terminated Plan(s) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | 0 | 0 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | (675) | (2,692) | (8,453) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 24.690 | $ 22.654 | $ 24.941 |
Forfeited From Current Plan(s) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 15,837 | 19,025 | 14,000 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | (15,837) | (19,025) | (14,000) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 41.916 | $ 39.123 | $ 33.389 |
Beginning of Period | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 446,800 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 661,098 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 26.560 | ||
End of Period | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 77,512 | 219,475 | 331,450 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 682,799 | 661,203 | 633,732 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 38.860 | $ 33.672 | $ 31.297 |
Note 21_ Stock Compensation 220
Note 21: Stock Compensation Plans: Schedule of Fair Value Option Pricing Model Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Details | |||
Fair Value Assumptions, Expected Dividend Payments | $ 0.95 | $ 0.88 | $ 0.88 |
Fair Value Assumptions, Risk Free Interest Rate | 2.03% | 1.27% | 1.66% |
Fair Value Assumptions, Expected Term, Simplified Method | 5 years | 5 years | 5 years |
Fair Value Assumptions, Expected Volatility Rate | 23.49% | 22.08% | 24.42% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.04 | $ 6.59 | $ 9.59 |
Note 21_ Stock Compensation 221
Note 21: Stock Compensation Plans: Schedule of Share-based Compensation, Activity (Details) - Employee Stock Option | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Options Outstanding | Beginning of Period | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 661,203 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 33.672 |
Share based compensation stock option weighted average remaining contractual term | 7.23 years |
Options Outstanding | End of Period | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 682,799 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 38.860 |
Share based compensation stock option weighted average remaining contractual term | 7.38 years |
Granted | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 157,800 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 52.118 |
Exercised | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | (119,692) |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 27.352 |
Forfeited | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | (16,512) |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 41.212 |
Options Exercisable | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 240,862 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 27.884 |
Share based compensation stock option weighted average remaining contractual term | 5.20 years |
Note 21_ Stock Compensation 222
Note 21: Stock Compensation Plans: Schedule of Nonvested Share Activity (Details) - Employee Stock Option | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Nonvested Options | Beginning of Period | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | 413,283 |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Exercise Price | $ 39.253 |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Grant Date Fair Value | $ 6.631 |
Nonvested Options | End of Period | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | 441,937 |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Exercise Price | $ 44.842 |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Grant Date Fair Value | $ 7.981 |
Granted | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | 157,800 |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Exercise Price | $ 52.118 |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Grant Date Fair Value | $ 10.041 |
Vested This Period | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | (112,659) |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Exercise Price | $ 35.056 |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Grant Date Fair Value | $ 6.022 |
Nonvested Options Forfeited | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | (16,487) |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Exercise Price | $ 41.242 |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Grant Date Fair Value | $ 7.229 |
Note 21_ Stock Compensation 223
Note 21: Stock Compensation Plans: Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable (Details) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Options outstanding and exercisable | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 682,799 |
Share based compensation stock option weighted average remaining contractual term | 7.38 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 38.860 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 240,862 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 27.884 |
Range of Exercise Prices | $8.360 to $19.530 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 48,152 |
Share based compensation stock option weighted average remaining contractual term | 3.56 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 17.884 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 48,152 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 17.884 |
Range of Exercise Prices | $21.320 to $24.820 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 77,890 |
Share based compensation stock option weighted average remaining contractual term | 4.09 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 23.760 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 77,740 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 23.760 |
Range of Exercise Prices | $26.640 to $29.640 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 73,833 |
Share based compensation stock option weighted average remaining contractual term | 5.95 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 29.491 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 50,374 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 29.493 |
Range of Exercise Prices | $32.590 to $38.610 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 109,313 |
Share based compensation stock option weighted average remaining contractual term | 6.86 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 33.029 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 41,902 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 32.751 |
Range of Exercise Prices | $41.300 to $47.800 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 121,200 |
Share based compensation stock option weighted average remaining contractual term | 8.80 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 41.370 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 325 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 47.800 |
Range of Exercise Prices | $50.710 to $52.200 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 252,411 |
Share based compensation stock option weighted average remaining contractual term | 9.07 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 51.582 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 22,369 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 50.710 |
Note 23_ Accumulated Other C224
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, 2017 | Dec. 31, 2016 | |
Net unrealized gain (loss) on available for sale securities | $ 1,949 | $ 2,699 |
Net unrealized gain (loss) on available for sale securities for which a portion of an other-than-temporary impairment has been recognized in income | 0 | (254) |
Other Comprehensive Income (Loss), before Tax | 1,949 | 2,445 |
Tax effect accumulated other comprehensive income | (708) | (887) |
Other Comprehensive Income (Loss), Net of Tax | $ 1,241 | $ 1,558 |
Note 23_ Accumulated Other C225
Note 23: Accumulated Other Comprehensive Income: Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 | $ 1,830 | $ 1 |
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 | 0 | 2,873 | 2 |
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 | $ 0 | $ (1,043) | $ (1) |
Note 24_ Regulatory Matters_226
Note 24: Regulatory Matters: Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Total risk-based capital | Great Southern Bancorp, Inc. | ||
Actual Capital Amount | $ 597,177 | $ 556,106 |
Actual Capital Ratio | 14.10% | 13.60% |
Capital Required for Capital Adequacy | $ 339,649 | $ 327,610 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Total risk-based capital | Great Southern Bank | ||
Actual Capital Amount | $ 558,668 | $ 520,989 |
Actual Capital Ratio | 13.20% | 12.70% |
Capital Required for Capital Adequacy | $ 339,575 | $ 327,505 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 424,468 | $ 409,382 |
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 | $ 485,685 | $ 443,706 |
Actual Capital Ratio | 11.40% | 10.80% |
Capital Required for Capital Adequacy | $ 254,737 | $ 245,707 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Tier I risk-based capital | Great Southern Bank | ||
Actual Capital Amount | $ 522,176 | $ 483,589 |
Actual Capital Ratio | 12.30% | 11.80% |
Capital Required for Capital Adequacy | $ 254,681 | $ 245,629 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Capital Required to be Well Capitalized | $ 339,575 | $ 327,505 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Tier I leverage capital | Great Southern Bancorp, Inc. | ||
Actual Capital Amount | $ 485,685 | $ 443,706 |
Actual Capital Ratio | 10.90% | 9.90% |
Capital Required for Capital Adequacy | $ 177,881 | $ 178,693 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Tier I leverage capital | Great Southern Bank | ||
Actual Capital Amount | $ 522,176 | $ 483,589 |
Actual Capital Ratio | 11.70% | 10.80% |
Capital Required for Capital Adequacy | $ 177,844 | $ 178,643 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Capital Required to be Well Capitalized | $ 222,305 | $ 223,304 |
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 | $ 460,661 | $ 418,687 |
Actual Capital Ratio | 10.90% | 10.20% |
Capital Required for Capital Adequacy | $ 191,053 | $ 184,280 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Capital Equity Tier I Capital | Great Southern Bank | ||
Actual Capital Amount | $ 522,152 | $ 483,569 |
Actual Capital Ratio | 12.30% | 11.80% |
Capital Required for Capital Adequacy | $ 191,011 | $ 184,222 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Capital Required to be Well Capitalized | $ 275,904 | $ 266,098 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Note 26_ Summary of Unaudite227
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income | $ 51,564 | $ 45,342 | $ 46,502 | ||||||||||||
Quarterly Operating Results | |||||||||||||||
Interest Income, Operating | $ 46,536 | $ 46,368 | $ 44,744 | $ 45,413 | $ 46,937 | $ 46,856 | $ 45,636 | $ 45,746 | $ 44,956 | $ 45,755 | $ 45,734 | $ 47,906 | |||
Interest Expense Operating | 7,263 | 7,087 | 6,843 | 6,712 | 6,690 | 5,828 | 4,974 | 4,627 | 4,261 | 4,230 | 3,725 | 3,781 | |||
Provision for Other Losses | 1,950 | 2,950 | 1,950 | 2,250 | 2,380 | 2,500 | 2,300 | 2,101 | 1,216 | 1,703 | 1,300 | 1,300 | |||
Net realized gain (losses) and impairment on available for sale securities operating | 0 | 0 | 0 | 0 | (9) | 144 | 2,735 | 3 | 0 | 2 | 0 | 0 | |||
Noninterest Income, Other Operating Income | 7,374 | 7,655 | 15,800 | 7,698 | 7,530 | 7,090 | 8,916 | 4,974 | 5,060 | 5,120 | 3,457 | (56) | |||
Other Noninterest Expense | 29,283 | 28,034 | 28,371 | 28,573 | 29,043 | 30,657 | 29,807 | 30,920 | 29,145 | 30,014 | 27,949 | 27,242 | |||
Provision for income taxes | 3,207 | 4,289 | 7,204 | 4,058 | 4,560 | 3,740 | 4,937 | 3,279 | 3,744 | 3,732 | 4,214 | 3,874 | |||
Net income | 12,207 | 11,663 | 16,176 | 11,518 | 11,794 | 11,221 | 12,534 | 9,793 | |||||||
Net income available to common shareholders | $ 12,207 | $ 11,663 | $ 16,176 | $ 11,518 | $ 11,794 | $ 11,221 | $ 12,534 | $ 9,793 | $ 11,531 | $ 11,051 | $ 11,858 | $ 11,508 | |||
Earnings per share operating results diluted | $ 0.86 | $ 0.82 | $ 1.14 | $ 0.81 | $ 0.83 | $ 0.80 | $ 0.89 | $ 0.70 | $ 0.81 | $ 0.79 | $ 0.85 | $ 0.83 | |||
Net income from continuing operations results | $ 11,650 | $ 11,196 | $ 12,003 | $ 11,653 |
Note 27_ Condensed Parent Co228
Note 27: Condensed Parent Company Statements: Condensed Balance Sheet -- Great Southern Bancorp, Inc. (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Cash | $ 115,600 | $ 120,203 |
Prepaid Expense and Other Assets | 47,122 | 45,649 |
Total assets | 4,414,521 | 4,550,663 |
Subordinated Debt | 75,000 | 75,000 |
Additional paid-in capital | 28,203 | 25,942 |
Retained earnings | 442,077 | 402,166 |
Statements of Financial Condition | Parent Company | Assets | ||
Cash | 41,977 | 37,716 |
Investment in subsidiary bank | 533,153 | 494,947 |
Deferred income taxes | 133 | 89 |
Prepaid Expense and Other Assets | 903 | 1,214 |
Total assets | 576,166 | 533,966 |
Statements of Financial Condition | Parent Company | Liabilities and Stockholders Equity | ||
Accounts Payable and Other Accrued Liabilities | 5,042 | 4,849 |
Subordinated Debt | 25,774 | 25,774 |
Preferred Stock Value Parent | 73,688 | 73,537 |
Common Stock Value Parent | 141 | 140 |
Additional paid-in capital | 28,203 | 25,942 |
Retained earnings | 442,077 | 402,166 |
Unrealized gain on available-for-sale securities, parent net | 1,241 | 1,558 |
Total Assets and Liabilities | $ 576,166 | $ 533,966 |
Note 27_ Condensed Parent Co229
Note 27: Condensed Parent Company Statements: Condensed Income Statement -- Great Southern Bancorp, Inc. (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Gain on Redemption of Trust Preferred Securities | $ 0 | $ 0 | $ (1,115) |
Interest Expense | 27,905 | 22,119 | 15,997 |
Statements of Income | Parent Company | |||
Income before income tax and equity in undistributed earnings of subsidiaries | 11,171 | 11,034 | 26,561 |
Income Tax Credits and Adjustments | (1,709) | (241) | (91) |
Income before equity in earnings of subsidiaries | 12,880 | 11,275 | 26,652 |
Equity in undistributed earnings of subsidiaries | 38,684 | 34,067 | 19,850 |
Net income parent company | 51,564 | 45,342 | 46,502 |
Statements of Income | Parent Company | Income | |||
Dividends from subsidiary bank | 17,500 | 12,000 | 27,000 |
Other Interest and Dividend Income | 48 | 0 | 5 |
Gain on Redemption of Trust Preferred Securities | 0 | 2,735 | 1,416 |
Other income (loss) | 0 | 2 | (7) |
Total income | 17,548 | 14,737 | 28,414 |
Statements of Income | Parent Company | Expense | |||
Operating Expenses | 1,330 | 1,322 | 1,139 |
Interest Expense | 5,047 | 2,381 | 714 |
Total expense | $ 6,377 | $ 3,703 | $ 1,853 |
Note 27_ Condensed Parent Co230
Note 27: Condensed Parent Company Statements: Condensed Cash Flow Statement -- Great Southern Bancorp, Inc. (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Gain on Redemption of Trust Preferred Securities | $ 0 | $ 0 | $ (1,115) |
Amortization of interest rate derivative | 441 | 289 | 204 |
Prepaid expenses and other assets | (5,227) | 12,655 | 3,982 |
Net cash provided by operating activities | 62,817 | 80,639 | 71,429 |
Proceeds from sale of available-for-sale securities | 0 | 55,000 | 56,169 |
Net cash provided by (used in) investing activities | 81,379 | (198,730) | (196,195) |
Preferred Stock, Redemption Amount | 0 | 0 | (57,943) |
Redemption of Trust Preferred Securities | 0 | 0 | (3,885) |
Net cash provided by (used in) financing activities | (181,712) | 198,677 | 105,302 |
Statements of Cash Flows | Parent Company | |||
Cash, Period Increase (Decrease) | 4,261 | 17,707 | (44,827) |
Cash beginning of period | 37,716 | 20,009 | 64,836 |
Cash end of period | 41,977 | 37,716 | 20,009 |
Statements of Cash Flows | Parent Company | Additional Cash Payment Information | |||
Interest Paid | 5,059 | 846 | 730 |
Statements of Cash Flows | Parent Company | Operating Activities | |||
Operating Activity Net Income Parent Company | 51,564 | 45,342 | 46,502 |
Net cash provided by operating activities | 13,908 | 10,776 | 25,913 |
Statements of Cash Flows | Parent Company | Operating Activities | Items not requiring (providing) cash | |||
Increase (Decrease) Equity in Undistributed Earnings of Subsidiaries | (38,684) | (34,067) | (19,850) |
Compensation expense for stock option grants | 564 | 483 | 382 |
Gain on Redemption of Trust Preferred Securities | 0 | 0 | (1,115) |
Net realized gains on sales of non-marketable securities | 0 | 0 | (301) |
Net realized gains on sales of available-for-sale securities | 0 | (2,735) | 0 |
Statements of Cash Flows | Parent Company | Operating Activities | Changes in | |||
Prepaid expenses and other assets | 132 | 175 | (27) |
Accounts Payable and Other Accrued Liabilities | (115) | 1,495 | 63 |
Income taxes parent | 6 | (206) | 55 |
Statements of Cash Flows | Parent Company | Investing Activities | |||
Proceeds from sale of available-for-sale securities | 0 | 3,583 | 0 |
Investment in Subsidiary | 0 | (60,000) | 0 |
Investment/Return of principal - other investments | 0 | (2) | 16 |
Net cash provided by (used in) investing activities | 0 | (56,419) | 16 |
Statements of Cash Flows | Parent Company | Financing Activities | |||
Payments for Derivative Instrument, Financing Activities | 0 | 73,472 | 0 |
Preferred Stock, Redemption Amount | 0 | 0 | (57,943) |
Redemption of Trust Preferred Securities | 0 | 0 | (3,885) |
Payments for Repurchase of Warrants | 0 | 0 | 0 |
Dividends, Paid-in-kind | (12,894) | (12,232) | (12,290) |
Stock options excercised | 3,247 | 2,110 | 3,362 |
Net cash provided by (used in) financing activities | $ (9,647) | $ 63,350 | $ (70,756) |
Note 27_ Condensed Parent Co231
Note 27: Condensed Parent Company Statements: Condensed Statement of Comprehensive Income -- Great Southern Bancorp, Inc. (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unrealized Appreciation (Depreciation) on Available for Sale Securities, Net | $ (478) | $ (2,363) | $ (1,321) |
Statements of Comprehensive Income | Parent Company | |||
Net Income Parent Company | 51,564 | 45,342 | 46,502 |
Unrealized Appreciation (Depreciation) on Available for Sale Securities, Net | 0 | (158) | 400 |
Reclassification adjustment for gains included in net income | 0 | (1,742) | 0 |
Change in Fair Value of Cash Flow Hedge, Net | 161 | 87 | (50) |
Comprehensive Income of subsidiaries | (478) | (2,293) | (1,722) |
Comprehensive Income parent | $ 51,247 | $ 41,236 | $ 45,130 |
Note 30_ Acquisition of Loan232
Note 30: Acquisition of Loans, Deposits and Branches: Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Fifth Third Bank $ in Thousands | Jan. 29, 2016USD ($) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 44,363 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 157,524 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 17,990 |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Accrued Interest Receivable | 410 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 4,424 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 224,811 |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposits | 228,528 |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Accrued Interest Payable | 50 |
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Advances From Borrowers for Taxes and Insurance | 403 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 58 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 229,039 |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 4,228 |
Note 30_ Acquisition of Loan233
Note 30: Acquisition of Loans, Deposits and Branches: Schedule of Acquired Loans Performing and Nonperforming (Details) - Fifth Third Bank $ in Thousands | Jan. 29, 2016USD ($) |
Deposit premium per Purchase and Assumption Agreement | $ (7,135) |
Core Deposit Intangible | 4,424 |
Goodwill recognized on business acquisition | 4,228 |
Purchase Accounting Adjustments | |
Deposits Assets | (277) |
Bank Loans | (1,340) |
Deferred Income Tax Assets, Net | $ 100 |