Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 02, 2021 | Jun. 30, 2020 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Entity File Number | 0-18082 | ||
Entity Registrant Name | GREAT SOUTHERN BANCORP, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 43-1524856 | ||
Entity Address, Address Line One | 1451 E. Battlefield | ||
Entity Address, City or Town | Springfield | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 65804 | ||
City Area Code | 417 | ||
Local Phone Number | 887-4400 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | GSBC | ||
Trading Exchange | NASDAQ | ||
Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Catagory | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Number of common stock shares outstanding | 13,690,119 | ||
Entity Public Float | $ 438,764,780 | ||
Entity Central Index Key | 0000854560 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash | $ 92,403 | $ 99,299 |
Interest-bearing deposits in other financial institutions | 471,326 | 120,856 |
Cash and cash equivalents | 563,729 | 220,155 |
Available-for-sale securities | 414,933 | 374,175 |
Mortgage loans held for sale | 17,780 | 9,242 |
Loans receivable, net of allowance for loan losses of $55,743 and $40,294 at December 31, 2020 and 2019, respectively | 4,296,804 | 4,153,982 |
Interest receivable | 12,793 | 13,530 |
Prepaid expenses and other assets | 58,889 | 74,984 |
Other real estate owned and repossessions, net | 1,877 | 5,525 |
Premises and equipment, net | 139,170 | 141,908 |
Goodwill and other intangible assets | 6,944 | 8,098 |
Federal Home Loan Bank stock and other interest earning assets | 9,806 | 13,473 |
Current and deferred income taxes | 3,695 | 0 |
Total Assets | 5,526,420 | 5,015,072 |
Liabilities | ||
Deposits | 4,516,903 | 3,960,106 |
Securities sold under reverse repurchase agreements with customers | 164,174 | 84,167 |
Short-term borrowings and other interest-bearing liabilities | 1,518 | 228,157 |
Subordinated debentures issued to capital trust | 25,774 | 25,774 |
Subordinated notes | 148,397 | 74,276 |
Accrued interest payable | 2,594 | 4,250 |
Advances from borrowers for taxes and insurance | 7,536 | 7,484 |
Accrued expenses and other liabilities | 29,783 | 24,904 |
Current and deferred income taxes | 0 | 2,888 |
Total Liabilities | 4,896,679 | 4,412,006 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Serial preferred stock, $.01 par value; authorized 1,000,000 shares; issued and outstanding 2020 and 2019 - -0- shares | 0 | 0 |
Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding 2020 -13,752,605 shares, 2019 -14,261,052 shares | 138 | 143 |
Additional paid-in capital | 35,004 | 33,510 |
Retained earnings | 541,448 | 537,167 |
Accumulated other comprehensive income, net of income taxes of $15,699 and $9,525 at December 31, 2020 and 2019, respectively | 53,151 | 32,246 |
Total stockholders' equity | 629,741 | 603,066 |
Total Liabilities and Stockholders' equity | $ 5,526,420 | $ 5,015,072 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Consolidated Statements of Financial Condition | ||
Loans and Leases Receivable, Allowance | $ 55,743 | $ 40,294 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 1,000,000 | 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 | $ 0.01 |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares, Issued | 13,752,605 | 14,261,052 |
Common Stock, Shares, Outstanding | 13,752,605 | 14,261,052 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $ 15,699 | $ 9,525 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Income | |||
Loans | $ 204,964 | $ 223,047 | $ 198,226 |
Investment securities and other | 12,739 | 11,947 | 7,723 |
Interest and Dividend Income, Operating | 217,703 | 234,994 | 205,949 |
Interest Expense | |||
Deposits | 32,431 | 45,570 | 27,957 |
Federal Home Loan Bank advances | 0 | 0 | 3,985 |
Short-term borrowings and repurchase agreements | 675 | 3,635 | 765 |
Subordinated debentures issued to capital trust | 628 | 1,019 | 953 |
Subordinated notes | 6,831 | 4,378 | 4,097 |
Interest Expense | 40,565 | 54,602 | 37,757 |
Provision for Loan Losses | 15,871 | 6,150 | 7,150 |
Net Interest Income | 177,138 | 180,392 | 168,192 |
Net Interest Income After Provision for Loan Losses | 161,267 | 174,242 | 161,042 |
Noninterest Income | |||
Commissions | 892 | 889 | 1,137 |
Service charges, debit card and ATM fees | 18,684 | 20,898 | 21,695 |
Net gains on loan sales | 8,089 | 2,607 | 1,788 |
Net realized gains (losses) on sales of available-for-sale securities | 78 | (62) | 2 |
Late charges and fees on loans | 1,419 | 1,432 | 1,622 |
Gain (loss) on derivative interest rate products | (264) | (104) | 25 |
Gain on sale of business units | 0 | 0 | 7,414 |
Other income | 6,152 | 5,297 | 2,535 |
Noninterest Income | 35,050 | 30,957 | 36,218 |
Noninterest Expense | |||
Salaries and employee benefits | 70,810 | 63,224 | 60,215 |
Net occupancy and equipment expense | 27,582 | 26,217 | 25,628 |
Postage | 3,069 | 3,198 | 3,348 |
Insurance | 2,405 | 2,015 | 2,674 |
Advertising | 2,631 | 2,808 | 2,460 |
Office supplies and printing | 1,016 | 1,077 | 1,047 |
Telephone | 3,794 | 3,580 | 3,272 |
Legal, audit and other professional fees | 2,378 | 2,624 | 3,423 |
Expense on other real estate and repossessions | 2,023 | 2,184 | 4,919 |
Partnership tax credit investment amortization | 80 | 365 | 575 |
Acquired deposit intangible asset amortization | 1,154 | 1,190 | 1,562 |
Other operating expenses | 6,283 | 6,656 | 6,187 |
Noninterest Expense | 123,225 | 115,138 | 115,310 |
Income Before Income Taxes | 73,092 | 90,061 | 81,950 |
Provision for Income Taxes | 13,779 | 16,449 | 14,841 |
Net Income and Net Income Available to Common Shareholders | $ 59,313 | $ 73,612 | $ 67,109 |
Earnings Per Common Share | |||
Basic | $ 4.22 | $ 5.18 | $ 4.75 |
Diluted | $ 4.21 | $ 5.14 | $ 4.71 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Comprehensive Income | |||
Net Income | $ 59,313 | $ 73,612 | $ 67,109 |
Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes (credit) of $4,215, $2,574 and $(353) for 2020, 2019 and 2018, respectively | 14,274 | 8,714 | (1,229) |
Less: reclassification adjustment for losses (gains) included in net income, net of taxes (credit) of $18, $(14) and $0 for 2020, 2019 and 2018, respectively | (60) | 48 | (2) |
Amortization of realized gain on termination of cash flow hedge, net of taxes (credit) of $(1,541), $0 and $0, for 2020, 2019, and 2018, respectively | (5,223) | 0 | 0 |
Change in fair value of cash flow hedge, net of taxes of $3,519, $4,093 and $2,761 for 2020, 2019 and 2018, respectively | 11,914 | 13,857 | 9,345 |
Other comprehensive income | 20,905 | 22,619 | 8,114 |
Comprehensive Income | $ 80,218 | $ 96,231 | $ 75,223 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Comprehensive Income | |||
Tax Effect of Unrealized Appreciation (Depreciation) on Available for Sale Securities Taxes (Credit) | $ 4,215 | $ 2,574 | $ (353) |
Tax Effect Reclassification Adjustment for Gains Included in Net Income Taxes (Credit) Taxes | 18 | (14) | 0 |
Tax effect on amortization of realized gain on termination of cash flow hedge taxes (credit) | (1,541) | 0 | 0 |
Tax effect of change in fair value of cash flow hedge taxes (credit) | $ 3,519 | $ 4,093 | $ 2,761 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | |
Equity Balance at Dec. 31, 2017 | $ 141 | $ 28,203 | $ 442,077 | $ 1,241 | $ 471,662 | ||
Net Income | 67,109 | 67,109 | |||||
Stock issued under Stock Option Plan | 1,918 | $ 1,043 | 2,961 | ||||
Common dividends declared | [1] | (16,966) | (16,966) | ||||
Purchase of the Company's common stock | (903) | (903) | |||||
Reclassification of stranded tax effects resulting from change in Federal income tax rate | (272) | 272 | |||||
Other comprehensive gain | 8,114 | 8,114 | |||||
Reclassification of treasury stock per Maryland law | 1 | 139 | (140) | ||||
Equity Balance at Dec. 31, 2018 | 142 | 30,121 | 492,087 | 9,627 | 531,977 | ||
Net Income | 73,612 | 73,612 | |||||
Stock issued under Stock Option Plan | 3,389 | 1,691 | 5,080 | ||||
Common dividends declared | [2] | (29,373) | (29,373) | ||||
Purchase of the Company's common stock | (849) | (849) | |||||
Other comprehensive gain | 22,619 | 22,619 | |||||
Reclassification of treasury stock per Maryland law | 1 | 841 | (842) | ||||
Equity Balance at Dec. 31, 2019 | 143 | 33,510 | 537,167 | 32,246 | 603,066 | ||
Net Income | 59,313 | 59,313 | |||||
Stock issued under Stock Option Plan | 1,494 | 320 | 1,814 | ||||
Common dividends declared | [3] | (33,253) | (33,253) | ||||
Purchase of the Company's common stock | (22,104) | (22,104) | |||||
Other comprehensive gain | 20,905 | 20,905 | |||||
Reclassification of treasury stock per Maryland law | (5) | (21,779) | $ 21,784 | ||||
Equity Balance at Dec. 31, 2020 | $ 138 | $ 35,004 | $ 541,448 | $ 53,151 | $ 629,741 | ||
[1] | $1.20 per share dividend. | ||||||
[2] | $2.07 per share dividend. | ||||||
[3] | $2.36 per share dividend. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Stockholders' Equity | |||
Dividend declared per share | $ 2.36 | $ 2.07 | $ 1.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | |||
Net income | $ 59,313,000 | $ 73,612,000 | $ 67,109,000 |
Proceeds from sales of loans held for sale | 317,173,000 | 131,014,000 | 92,422,000 |
Originations of loans held for sale | (316,125,000) | (135,937,000) | (83,806,000) |
Items not requiring (providing) cash | |||
Depreciation | 10,007,000 | 9,557,000 | 9,118,000 |
Amortization | 2,075,000 | 2,068,000 | 2,291,000 |
Compensation expense for stock option grants | 1,153,000 | 922,000 | 737,000 |
Provision for loan losses | 15,871,000 | 6,150,000 | 7,150,000 |
Net gains on loan sales | (8,089,000) | (2,607,000) | (1,788,000) |
Net realized (gains) losses on available-for-sale securities | (78,000) | 62,000 | (2,000) |
Loss (gain) on sale of premises and equipment | (37,000) | 77,000 | 193,000 |
Loss on sale/write-down of other real estate and repossessions | 840,000 | 316,000 | 1,886,000 |
Gain on sale of business units | 0 | 0 | (7,414,000) |
Accretion of deferred income, premiums, discounts and other | (6,147,000) | (3,899,000) | (2,918,000) |
Loss (gain) on derivative interest rate products | 264,000 | 104,000 | (25,000) |
Deferred income taxes | (11,480,000) | 1,074,000 | (4,450,000) |
Changes in | |||
Interest receivable | 362,000 | (82,000) | (1,110,000) |
Prepaid expenses and other assets | (17,163,000) | (1,336,000) | 3,002,000 |
Accrued expenses and other liabilities | (612,000) | 2,725,000 | 280,000 |
Income taxes refundable/payable | (1,279,000) | 2,599,000 | 11,520,000 |
Net cash provided by operating activities | 46,048,000 | 86,419,000 | 94,195,000 |
Investing Activities | |||
Net change in loans | (62,493,000) | (81,320,000) | (147,945,000) |
Purchase of loans | (92,099,000) | (97,162,000) | (128,038,000) |
Cash paid for sale of business units | 0 | 0 | (50,356,000) |
Cash received for termination of interest rate derivative | 45,864,000 | 0 | 0 |
Purchase of premises and equipment | (8,224,000) | (11,789,000) | (9,317,000) |
Proceeds from sale of premises and equipment | 781,000 | 204,000 | 2,328,000 |
Proceeds from sale of other real estate and repossessions | 4,096,000 | 15,244,000 | 20,426,000 |
Capitalized costs on other real estate owned | (126,000) | (121,000) | (153,000) |
Proceeds from maturities, calls and repayments of held-to-maturity securities | 0 | 0 | 130,000 |
Proceeds from sale of available-for-sale securities | 19,236,000 | 53,695,000 | 502,000 |
Proceeds from maturities, calls and repayments of available-for-sale securities | 76,248,000 | 34,769,000 | 25,734,000 |
Purchase of available-for-sale securities | (118,296,000) | (207,634,000) | (93,378,000) |
Redemption (purchase) of Federal Home Loan Bank stock and other interest-earning assets | 3,667,000 | (1,035,000) | (1,256,000) |
Net cash used in investing activities | (131,346,000) | (295,149,000) | (381,323,000) |
Financing Activities | |||
Net increase (decrease) in certificates of deposit | (330,306,000) | 129,748,000 | 242,955,000 |
Net increase (decrease) in checking and savings accounts | 887,114,000 | 105,400,000 | (53,956,000) |
Proceeds from Federal Home Loan Bank advances | 0 | 0 | 2,621,500,000 |
Repayments of Federal Home Loan Bank advances | 0 | 0 | (2,749,000,000) |
Net increase (decrease) in shortterm borrowings and other interest-bearing liabilities | (146,632,000) | 14,346,000 | 200,843,000 |
Advances from (to) borrowers for taxes and insurance | 52,000 | 2,392,000 | (227,000) |
Proceeds from issuance of subordinated notes | 73,513,000 | 0 | 0 |
Purchase of the company's common stock | (22,104,000) | (849,000) | (903,000) |
Dividends paid | (33,426,000) | (29,052,000) | (15,819,000) |
Stock options exercised | 661,000 | 4,158,000 | 2,224,000 |
Net cash provided by financing activities | 428,872,000 | 226,143,000 | 247,617,000 |
Increase (Decrease) in Cash and Cash Equivalents | 343,574,000 | 17,413,000 | (39,511,000) |
Cash and Cash Equivalents, Beginning of Year | 220,155,000 | 202,742,000 | 242,253,000 |
Cash and Cash Equivalents, End of Year | $ 563,729,000 | $ 220,155,000 | $ 202,742,000 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Nature of Operations and Summary of Significant Accounting Policies | |
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 Bank also originates commercial loans from lending offices in Atlanta, Ga., Chicago, Ill., Dallas, Texas, Denver, Colo., Omaha, Neb. and Tulsa, Okla. The Company and the Bank are subject to regulation by 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 by 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 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. In addition, the Company considers that the determination of the carrying value of goodwill and intangible assets 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, GSTC Investments, 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. 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 (“OTTI”) of a debt security in earnings and the remaining portion in other comprehensive income. For held-to-maturity debt securities, the amount of an OTTI recorded in other comprehensive income for the noncredit portion of a previous OTTI 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, if any, 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 OTTI 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 uncollectability 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 collectability 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 certain loan segments 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 not all of the principal and interest due under the loan agreement will be collected in accordance with contractual terms. For non-homogeneous loans, such as commercial loans, management determines which loans are reviewed for impairment based on information obtained by account officers, weekly past due meetings, various analyses including annual reviews of large loan relationships, calculations of loan debt coverage ratios as financial information is obtained and periodic 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 and reasons for the delay, the borrower’s prior payment record and the amount of any collateral shortfall in relation to the principal and interest owed. Large groups of smaller balance homogenous loans, such as consumer and residential loans, are collectively evaluated for impairment. In accordance with regulatory guidelines, impairment in the consumer and mortgage loan portfolio is primarily identified based on past-due status. Consumer and mortgage loans which are over 90 days past due or specifically identified as troubled debt restructurings will generally be individually evaluated for impairment. Impairment is measured on a loan-by-loan basis for both homogeneous and non-homogeneous loans 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 Fair Value Measurements and Disclosures For acquired loans not acquired in conjunction with an FDIC-assisted transaction that are not considered to be purchased credit-impaired loans, the Company evaluates those loans acquired in accordance with the provisions of ASC Topic 310-20, Nonrefundable Fees and Other Costs Loans and Debt Securities Acquired with Deteriorated Credit Quality The Company evaluates all of its loans acquired 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 FDIC-assisted business combinations are aggregated into pools of loans with common risk characteristics. All loans acquired in the FDIC transactions, both covered and not covered by loss sharing agreements, were deemed to be purchased credit-impaired loans as there is general evidence of credit deterioration since origination in the pools and there is some probability that not all contractually required payments will be collected. As a result, related discounts are recognized subsequently through accretion based on changes in the expected cash flows of these 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 for impaired loans accounted for under ASC Topic 310-30. Subsequent to acquisition date, the Company has estimated 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 have been recognized as increases to the accretable yield while decreases have been recognized as impairments through the allowance for loan losses. 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. Other real estate owned also includes bank premises formerly, but no longer, used for banking, as well as property originally acquired for future expansion but no longer intended to be used for that purpose. 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. Material lease obligations consist of leases for various loan offices and banking centers, all of which are categorized as “operating leases.” Under current accounting guidance, lessees are required to recognize a lease liability and a right-of-use asset for these leases. This right-of-use asset is included in Premises and Equipment. 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. No asset impairment was recognized during the years ended December 31, 2020, 2019 and 2018. Goodwill and Intangible Assets Goodwill is evaluated annually for impairment or more frequently if impairment indicators are present. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount and an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. The Company still may perform the qualitative assessment for a reporting unit to determine if the qualitative impairment test is necessary. Intangible assets are being amortized on the straight-line basis generally over a period of 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, 2020 2019 (In Thousands) Goodwill – Branch acquisitions $ 5,396 $ 5,396 Deposit intangibles Boulevard Bank 31 153 Valley Bank 200 600 Fifth Third Bank 1,317 1,949 1,548 2,702 $ 6,944 $ 8,098 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: 2020 2019 2018 (In Thousands, Except Per Share Data) Net income and net income available to common shareholders $ 59,313 $ 73,612 $ 67,109 Average common shares outstanding 14,043 14,201 14,132 Average common share stock options outstanding 61 129 128 Average diluted common shares 14,104 14,330 14,260 Earnings per common share – basic $ 4.22 $ 5.18 $ 4.75 Earnings per common share – diluted $ 4.21 $ 5.14 $ 4.71 Options outstanding at December 31, 2020, 2019 and 2018, to purchase 758,901, 201,400 and 424,833 shares of common stock, respectively, were not included in the computation of diluted earnings per common share for each of the years because the exercise prices of such options were greater than the average market prices of the common stock for the years ended December 31, 2020, 2019 and 2018, respectively. Stock Compensation Plans The Company has stock-based employee compensation plans, which are described more fully in Note 20 . In accordance with FASB ASC 718, Compensation – Stock Compensation , compensation cost related to share-based payment transactions is recognized in the Company’s consolidated financial statements based on the grant-date fair value of the award using the modified prospective transition method. For the years ended December 31, 2020, 2019 and 2018, share-based compensation expense totaling $1.2 million, $922,000 and $737,000, 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, 2020 and 2019, cash equivalents consisted of interest-bearing deposits in other financial institutions. At December 31, 2020, 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, 2020 and 2019, 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 Note 16 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 and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. 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. During the COVID-19 pandemic, the Federal Reserve Bank has reduced all banks’ reserve requirements to $-0- until further notice. There was no reserve required at December 31, 2020, compared to $69.4 million at December 31, 2019. Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326) . The Update amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. This Update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Update was set to be effective for the Company on January 1, 2020. During March 2020, pursuant to the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and guidance from the Securities and Exchange Commission (the “SEC”) and the Financial Accounting Standards Board (the “FASB”), we elected to delay adoption of the new accounting standard related to accounting for credit losses (“CECL”). In December 2020, additional legislation was enacted that amended certain provisions of the CARES Act. One of the provisions that was affected by this new legislation allowed for the election to further delay the adoption of the CECL accounting standard to January 1, 2022. An adoption date of January 1, 2021, was also an acceptable option and we elected January 1, 2021 as our adoption date for the CECL standard. As a result, our 2020 financial statements are prepared under the existing incurred loss methodology standard for accounting for loan losses. The adoption of the CECL model during the first quarter of 2021 requires us to recognize a one-time cumulative adjustment to our allowance for loan losses and a liability for potential losses related to the unfunded portion of our loans and commitments in order to fully transition from the incurred loss model to the CECL model. Upon initial adoption, we increased the balance of our allowance for credit losses by approximately $12 million and create a liability for potential losses related to the unfunded portion of our loans and commitments by approximately $8 million. The after-tax effect of these adjustments is expected to result in a decrease in our retained earnings of approximately $13 million. These estimates are subject to change as material assumptions are refined and model validations are completed as we finalize our first quarter 2021 financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles: Goodwill and Other: Simplifying the Test for Goodwill Impairment (Topic 350) . To simplify the subsequent measurement of goodwill, the amendments eliminate Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test should be performed by comparing the fair value of a reporting unit with its carrying amount and an impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the qualitative impairment test is necessary. The nature of and reason for the change in accounting principle should be disclosed upon transition. The amendments in this update are required for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The impact of adopting this new guidance during the quarter ended March 31, 2020 did not have a material impact on the Company’s consolidated financial statements. During 2020, the Company performed its annual review of goodwill and intangibles, including consideration of the circumstances brought about by the COVID-19 pandemic and its effect on the valuation of the Company and other bank holding companies. The Company concluded that no impairment of its goodwill and intangible assets had occurred in 2020. In August 2018, the FASB issued ASU 2018-13 , Fair Value Measurement (Topic 820) - Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . ASU 2018-13 modifies the disclosure requirements on fair value measurements in Topic 820. The amendments in this update remove disclosures that no longer are considered cost beneficial, modify/clarify the specific requirements of certain disclosures, and add disclosure requirements identified as relevant. ASU 2018-13 is effective for periods beginning after December 15, 2019. The impact of adopting this new guidance during the quarter ended March 31, 2020 did not have a material impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. |
Investments in Securities
Investments in Securities | 12 Months Ended |
Dec. 31, 2020 | |
Investments in Securities | |
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, 2020 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Agency mortgage-backed securities $ 151,106 $ 19,665 $ 831 $ 169,940 Agency collateralized mortgage obligations 168,472 8,524 375 176,621 States and political subdivisions securities 45,196 2,135 6 47,325 Small Business Administration securities 20,033 1,014 — 21,047 $ 384,807 $ 31,338 $ 1,212 $ 414,933 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Agency mortgage-backed securities $ 156,591 $ 8,716 $ 265 $ 165,042 Agency collateralized mortgage obligations 149,980 2,891 921 151,950 States and political subdivisions securities 33,757 1,368 — 35,125 Small Business Administration securities 22,132 — 74 22,058 $ 362,460 $ 12,975 $ 1,260 $ 374,175 At December 31, 2020, the Company’s agency mortgage-backed securities portfolio consisted of FNMA securities totaling $156.6 million, FHLMC securities totaling $10.3 million and GNMA securities totaling $3.0 million. At December 31, 2020, agency collateralized mortgage obligations consisted of GNMA securities totaling $105.8 million, FNMA securities totaling $52.9 million, and FHLMC securities totaling $17.9 million. At December 31, 2020, all of the Company’s $169.9 million agency mortgage-backed securities had fixed rates of interest. At December 31, 2020, $156.8 million of the Company’s agency collateralized mortgage obligations had fixed rates of interest and $19.8 million had variable rates of interest. The amortized cost and fair value of available-for-sale securities at December 31, 2020, 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 $ — $ — After five through ten years 8,672 9,251 After ten years 36,524 38,074 Securities not due on a single maturity date 339,611 367,608 $ 384,807 $ 414,933 There were no securities classified as held to maturity at December 31, 2020 or December 31, 2019. The amortized cost and fair values of securities pledged as collateral was as follows at December 31, 2020 and 2019: 2020 2019 Amortized Fair Amortized Fair Cost Value Cost Value (In Thousands) Public deposits $ 5,674 $ 5,962 $ 8,578 $ 8,913 Collateralized borrowing accounts 188,309 201,818 122,771 129,643 Other 6,413 6,819 7,021 7,107 $ 200,396 $ 214,599 $ 138,370 $ 145,663 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, 2020 and 2019, was approximately $24.2 million and $116.2 million, respectively, which is approximately 5.8% and 31.1% of the Company’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 Company’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, 2020 and 2019: 2020 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses (In Thousands) Agency mortgage-backed securities $ 10,279 $ (831) $ — $ — $ 10,279 $ (831) Agency collateralized mortgage obligations 12,727 (375) — — 12,727 (375) Small Business Administration securities — — — — — — States and political subdivisions securities 1,164 (6) — — 1,164 (6) $ 24,170 $ (1,212) $ — $ — $ 24,170 $ (1,212) 2019 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses (In Thousands) Agency mortgage-backed securities $ — $ — $ 24,762 $ (265) $ 24,762 $ (265) Agency collateralized mortgage obligations 69,372 (921) — — 69,372 (921) Small Business Administration securities 22,058 (74) — — 22,058 (74) States and political subdivisions securities — — — — — — $ 91,430 $ (995) $ 24,762 $ (265) $ 116,192 $ (1,260) 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 non-agency 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 2020, 2019 and 2018, no securities were determined to have impairment that had become other-than-temporary. Credit Losses Recognized on Investments During 2020, 2019 and 2018, there were no debt securities that experienced fair value deterioration due to credit losses, as well as due to other market factors, but are not otherwise other-than-temporarily impaired. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2020 | |
Loans and Allowance for Loan Losses | |
Loans and Allowance for Loan Losses | Note 3: Loans and Allowance for Loan Losses Classes of loans at December 31, 2020 and 2019, included: 2020 2019 (In Thousands) One- to four-family residential construction $ 42,793 $ 33,963 Subdivision construction 30,894 16,088 Land development 54,010 40,431 Commercial construction 1,212,837 1,322,861 Owner occupied one- to four-family residential 470,436 387,016 Non-owner occupied one- to four-family residential 114,569 120,343 Commercial real estate 1,553,677 1,494,172 Other residential 1,021,145 866,006 Commercial business 370,898 313,209 Industrial revenue bonds 14,003 13,189 Consumer auto 86,173 151,854 Consumer other 40,762 46,720 Home equity lines of credit 114,689 118,988 Loans acquired and accounted for under ASC 310-30, net of discounts 98,643 127,206 5,225,529 5,052,046 Undisbursed portion of loans in process (863,722) (850,666) Allowance for loan losses (55,743) (40,294) Deferred loan fees and gains, net (9,260) (7,104) $ 4,296,804 $ 4,153,982 Classes of loans by aging were as follows: December 31, 2020 Total Loans Over 90 Total > 90 Days Past 30-59 Days 60-89 Days Days Total Past Loans Due and Past Due Past Due Past Due Due Current Receivable Still Accruing (In Thousands) One- to four-family residential construction $ 1,365 $ — $ — $ 1,365 $ 41,428 $ 42,793 $ — Subdivision construction — — — — 30,894 30,894 — Land development 20 — — 20 53,990 54,010 — Commercial construction — — — — 1,212,837 1,212,837 — Owner occupied one- to four- family residential 1,379 113 1,502 2,994 467,442 470,436 — Non-owner occupied one- to four-family residential — — 69 69 114,500 114,569 — Commercial real estate — 79 587 666 1,553,011 1,553,677 — Other residential — — — — 1,021,145 1,021,145 — Commercial business — — 114 114 370,784 370,898 — Industrial revenue bonds — — — — 14,003 14,003 — Consumer auto 364 119 169 652 85,521 86,173 — Consumer other 443 7 94 544 40,218 40,762 — Home equity lines of credit 153 111 508 772 113,917 114,689 — Loans acquired and accounted for under ASC 310-30, net of discounts 1,662 641 3,843 6,146 92,497 98,643 — 5,386 1,070 6,886 13,342 5,212,187 5,225,529 — Less: Loans acquired and accounted for under ASC 310-30, net of discounts 1,662 641 3,843 6,146 92,497 98,643 — Total $ 3,724 $ 429 $ 3,043 $ 7,196 $ 5,119,690 $ 5,126,886 $ — December 31, 2019 Total Loans Over 90 Total > 90 Days Past 30-59 Days 60-89 Days Days Total Past Loans Due and Past Due Past Due Past Due Due Current Receivable Still Accruing (In Thousands) One- to four-family residential construction $ — $ — $ — $ — $ 33,963 $ 33,963 $ — Subdivision construction — — — — 16,088 16,088 — Land development — 27 — 27 40,404 40,431 — Commercial construction 15,085 — — 15,085 1,307,776 1,322,861 — Owner occupied one- to four- family residential 1,453 1,631 1,198 4,282 382,734 387,016 — Non-owner occupied one- to four-family residential 152 — 181 333 120,010 120,343 — Commercial real estate 549 119 632 1,300 1,492,872 1,494,172 — Other residential 376 — — 376 865,630 866,006 — Commercial business 60 — 1,235 1,295 311,914 313,209 — Industrial revenue bonds — — — — 13,189 13,189 — Consumer auto 1,101 259 558 1,918 149,936 151,854 — Consumer other 278 233 198 709 46,011 46,720 — Home equity lines of credit 296 — 517 813 118,175 118,988 — Loans acquired and accounted for under ASC 310-30, net of discounts 2,177 709 6,191 9,077 118,129 127,206 — 21,527 2,978 10,710 35,215 5,016,831 5,052,046 — Less: Loans acquired and accounted for under ASC 310-30, net of discounts 2,177 709 6,191 9,077 118,129 127,206 — Total $ 19,350 $ 2,269 $ 4,519 $ 26,138 $ 4,898,702 $ 4,924,840 $ — Non-accruing loans are summarized as follows: December 31, 2020 2019 (In Thousands) One- to four-family residential construction $ — $ — Subdivision construction — — Land development — — Commercial construction — — Owner occupied one- to four-family residential 1,502 1,198 Non-owner occupied one- to four-family residential 69 181 Commercial real estate 587 632 Other residential — — Commercial business 114 1,235 Industrial revenue bonds — — Consumer auto 169 558 Consumer other 94 198 Home equity lines of credit 508 517 Total $ 3,043 $ 4,519 The following tables present the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2020, 2019 and 2018, 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, 2020, 2019, and 2018, respectively: December 31, 2020 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, 2020 $ 4,339 $ 5,153 $ 24,334 $ 3,076 $ 1,355 $ 2,037 $ 40,294 Provision (benefit) charged to expense 84 4,042 9,343 242 914 1,246 15,871 Losses charged off (70) — (43) (1) (28) (3,152) (3,294) Recoveries 183 180 73 204 149 2,083 2,872 Balance, December 31, 2020 $ 4,536 $ 9,375 $ 33,707 $ 3,521 $ 2,390 $ 2,214 $ 55,743 Ending balance: Individually evaluated for impairment $ 90 $ — $ 445 $ — $ 14 $ 164 $ 713 Collectively evaluated for impairment $ 4,382 $ 9,282 $ 32,937 $ 3,378 $ 2,331 $ 2,040 $ 54,350 Loans acquired and accounted for under ASC 310-30 $ 64 $ 93 $ 325 $ 143 $ 45 $ 10 $ 680 Loans Individually evaluated for impairment $ 3,546 $ — $ 3,438 $ — $ 167 $ 1,897 $ 9,048 Collectively evaluated for impairment $ 655,146 $ 1,021,145 $ 1,550,239 $ 1,266,847 $ 384,734 $ 239,727 $ 5,117,838 Loans acquired and accounted for under ASC 310-30 $ 57,113 $ 6,150 $ 24,613 $ 2,551 $ 2,549 $ 5,667 $ 98,643 December 31, 2019 One- to Four- Family Residential and Other Commercial Commercial Commercial Construction Residential Real Estate Construction Business Consumer Total (In Thousands) Allowance for Loan Losses Balance, January 1, 2019 $ 3,122 $ 4,713 $ 19,803 $ 3,105 $ 1,568 $ 6,098 $ 38,409 Provision (benefit) charged to expense 1,625 603 4,651 22 (309) (442) 6,150 Losses charged off (534) (189) (144) (101) (371) (6,723) (8,062) Recoveries 126 26 24 50 467 3,104 3,797 Balance, December 31, 2019 $ 4,339 $ 5,153 $ 24,334 $ 3,076 $ 1,355 $ 2,037 $ 40,294 Ending balance: Individually evaluated for impairment $ 198 $ — $ 517 $ — $ 13 $ 201 $ 929 Collectively evaluated for impairment $ 3,973 $ 5,101 $ 23,570 $ 2,940 $ 1,306 $ 1,814 $ 38,704 Loans acquired and accounted for under ASC 310-30 $ 168 $ 52 $ 247 $ 136 $ 36 $ 22 $ 661 Loans Individually evaluated for impairment $ 2,960 $ — $ 4,020 $ — $ 1,286 $ 2,001 $ 10,267 Collectively evaluated for impairment $ 554,450 $ 866,006 $ 1,490,152 $ 1,363,292 $ 325,112 $ 315,561 $ 4,914,573 Loans acquired and accounted for under ASC 310-30 $ 74,562 $ 5,334 $ 29,158 $ 3,606 $ 3,356 $ 11,190 $ 127,206 December 31, 2018 One- to Four- Family Residential and Other Commercial Commercial Commercial Construction Residential Real Estate Construction Business Consumer Total (In Thousands) Allowance for Loan Losses Balance, January 1, 2018 $ 2,108 $ 2,839 $ 18,639 $ 1,767 $ 3,581 $ 7,558 $ 36,492 Provision (benefit) charged to expense 742 1,982 1,094 1,031 (1,613) 3,914 7,150 Losses charged off (62) (525) (102) (87) (1,155) (9,425) (11,356) Recoveries 334 417 172 394 755 4,051 6,123 Balance, December 31, 2018 $ 3,122 $ 4,713 $ 19,803 $ 3,105 $ 1,568 $ 6,098 $ 38,409 Ending balance: Individually evaluated for impairment $ 694 $ — $ 613 $ — $ 309 $ 425 $ 2,041 Collectively evaluated for impairment $ 2,392 $ 4,681 $ 18,958 $ 3,029 $ 1,247 $ 5,640 $ 35,947 Loans acquired and accounted for under ASC 310-30 $ 36 $ 32 $ 232 $ 76 $ 12 $ 33 $ 421 Loans Individually evaluated for impairment $ 6,116 $ — $ 3,501 $ 14 $ 1,844 $ 2,464 $ 13,939 Collectively evaluated for impairment $ 433,209 $ 784,894 $ 1,367,934 $ 1,461,644 $ 334,214 $ 429,766 $ 4,811,661 Loans acquired and accounted for under ASC 310-30 $ 93,841 $ 12,790 $ 33,620 $ 4,093 $ 4,347 $ 18,960 $ 167,651 The portfolio segments used in the preceding three tables correspond to the loan classes used in all other tables in Note 3 ● The one- to four-family residential and construction segment includes the one- to four-family residential construction, subdivision construction, owner occupied one- to four-family residential and non-owner occupied one- to four-family residential classes. ● The other residential segment corresponds to the other residential class. ● The commercial real estate segment includes the commercial real estate and industrial revenue bonds classes. ● The commercial construction segment includes the land development and commercial construction classes. ● The commercial business segment corresponds to the commercial business class. ● The consumer segment includes the consumer auto, consumer other and home equity lines of credit classes. The weighted average interest rate on loans receivable at December 31, 2020 and 2019, was 4.29% and 4.97%, respectively. Loans serviced for others are not included in the accompanying consolidated statements of financial condition. The unpaid principal balance of loans serviced for others at December 31, 2020, was $462.7 million, consisting of $308.4 million of commercial loan participations sold to other financial institutions and $154.3 million of residential mortgage loans sold. The unpaid principal balance of loans serviced for others at December 31, 2019, was $349.9 million, consisting of $283.0 million of commercial loan participations sold to other financial institutions and $66.9 million of residential mortgage loans sold. In addition, available lines of credit on these loans were $46.1 million and $102.1 million at December 31, 2020 and 2019, 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, 2020, 2019 and 2018: Year Ended December 31, 2020 December 31, 2020 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 20 20 — 115 3 Land development — — — — — Commercial construction — — — — — Owner occupied one- to four-family residential 3,457 3,776 90 2,999 169 Non-owner occupied one- to four-family residential 69 106 — 309 18 Commercial real estate 3,438 3,472 445 3,736 135 Other residential — — — — — Commercial business 166 551 14 800 34 Industrial revenue bonds — — — — — Consumer auto 865 964 140 932 91 Consumer other 403 552 19 298 47 Home equity lines of credit 630 668 5 550 36 Total $ 9,048 $ 10,109 $ 713 $ 9,739 $ 533 Year Ended December 31, 2019 December 31, 2019 Average Unpaid Investment Interest Recorded Principal Specific in Impaired Income Balance Balance Allowance Loans Recognized (In Thousands) One- to four-family residential construction $ — $ — $ — $ — $ — Subdivision construction 251 251 96 277 9 Land development — — — 328 101 Commercial construction — — — — — Owner occupied one- to four-family residential 2,300 2,423 82 2,598 131 Non-owner occupied one- to four-family residential 409 574 20 954 43 Commercial real estate 4,020 4,049 517 4,940 264 Other residential — — — — — Commercial business 1,286 1,771 13 1,517 81 Industrial revenue bonds — — — — — Consumer auto 1,117 1,334 181 1,128 125 Consumer other 356 485 16 383 48 Home equity lines of credit 528 548 4 362 37 Total $ 10,267 $ 11,435 $ 929 $ 12,487 $ 839 Year Ended December 31, 2018 December 31, 2018 Average Unpaid Investment Interest Recorded Principal Specific in Impaired Income Balance Balance Allowance Loans Recognized (In Thousands) One- to four-family residential construction $ — $ — $ — $ — $ — Subdivision construction 318 318 105 321 17 Land development 14 18 — 14 1 Commercial construction — — — — — Owner occupied one- to four-family residential 3,576 3,926 285 3,406 197 Non-owner occupied one- to four-family residential 2,222 2,519 304 2,870 158 Commercial real estate 3,501 3,665 613 6,216 337 Other residential — — — 1,026 20 Commercial business 1,844 2,207 309 2,932 362 Industrial revenue bonds — — — — — Consumer auto 1,874 2,114 336 2,069 167 Consumer other 479 684 72 738 59 Home equity lines of credit 111 128 17 412 28 Total $ 13,939 $ 15,579 $ 2,041 $ 20,004 $ 1,346 At December 31, 2020, $4.8 million of impaired loans had specific valuation allowances totaling $713,000 . At December 31, 2019, $5.2 million of impaired loans had specific valuation allowances totaling $929,000 . At December 31, 2018, $8.4 million of impaired loans had specific valuation allowances totaling $ 2.0 million. For impaired loans which were non-accruing, interest of approximately $579,000, $761,000 and $ 1.0 million would have been recognized on an accrual basis during the years ended December 31, 2020, 2019 and 2018, 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 the years ended December 31, 2020, 2019 and 2018 by type of modification: 2020 Total Interest Only Term Combination Modification (In Thousands) Residential one-to-four family $ — $ — $ 1,030 $ 1,030 Commercial real estate — — 559 559 Commercial business — — 22 22 Consumer — 16 1,951 1,967 $ — $ 16 $ 3,562 $ 3,578 2019 Total Interest Only Term Combination Modification (In Thousands) Consumer $ — $ 136 $ — $ 136 $ — $ 136 $ — $ 136 2018 Total Interest Only Term Combination Modification (In Thousands) Residential one-to-four family $ 1,348 $ — $ — $ 1,348 Construction and land development — 31 — 31 Commercial construction — — 106 106 Consumer — 535 — 535 $ 1,348 $ 566 $ 106 $ 2,020 At December 31, 2020, the Company had $3.3 million of loans that were modified in troubled debt restructurings and impaired, as follows: $20,000 of construction and land development loans, $1.9 million of single family residential mortgage loans, $646,000 of commercial real estate loans, $127,000 of commercial business loans and $629,000 of consumer loans. Of the total troubled debt restructurings at December 31, 2020, $2.4 million were accruing interest and $1.6 million were classified as substandard using the Company's internal grading system which is described below. The Company had no troubled debt restructurings which were modified in the previous 12 months and subsequently defaulted during the year ended December 31, 2020. 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, 2019, the Company had $1.9 million of loans that were modified in troubled debt restructurings and impaired, as follows: $251,000 of construction and land development loans, $768,000 of single family residential mortgage loans, $412,000 of commercial real estate loans, $156,000 of commercial business loans and $343,000 of consumer loans. Of the total troubled debt restructurings at December 31, 2019, $1.4 million were accruing interest and $562,000 were classified as substandard using the Company’s internal grading system. During the year ended December 31, 2020, borrowers with loans designated as troubled debt restructurings totaling $372,000, all of which consisted of residential one-to-four family loans, met the criteria for placement back on accrual status. This criteria generally includes a minimum of six months of consistent and timely payment performance under original or modified terms. At December 31, 2020, the Company had remaining 65 modified commercial loans with an aggregate principal balance outstanding of $233 million and 581 modified consumer and mortgage loans with an aggregate principal balance outstanding of $18 million. The loan modifications are within the guidance provided by the CARES Act (and its amending legislation), the federal banking regulatory agencies, the Securities and Exchange Commission and the Financial Accounting Standards Board; therefore, they are not considered troubled debt restructurings. 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, 2020 and 2019 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, 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, 2020 Special Satisfactory Watch Mention Substandard Doubtful Total (In Thousands) One- to four-family residential construction $ 41,428 $ 1,365 $ — $ — $ — $ 42,793 Subdivision construction 30,874 — — 20 — 30,894 Land development 54,010 — — — — 54,010 Commercial construction 1,212,837 — — — — 1,212,837 Owner occupied one- to-four-family residential 467,855 216 — 2,365 — 470,436 Non-owner occupied one-to-four-family residential 114,176 324 — 69 — 114,569 Commercial real estate 1,498,031 52,208 — 3,438 — 1,553,677 Other residential 1,017,648 3,497 — — — 1,021,145 Commercial business 363,681 7,102 — 115 — 370,898 Industrial revenue bonds 14,003 — — — — 14,003 Consumer auto 85,657 5 — 511 — 86,173 Consumer other 40,514 2 — 246 — 40,762 Home equity lines of credit 114,049 39 — 601 — 114,689 Loans acquired and accounted for under ASC 310-30, net of discounts 98,633 — — 10 — 98,643 Total $ 5,153,396 $ 64,758 $ — $ 7,375 $ — $ 5,225,529 December 31, 2019 Special Satisfactory Watch Mention Substandard Doubtful Total (In Thousands) One- to four-family residential construction $ 33,963 $ — $ — $ — $ — $ 33,963 Subdivision construction 16,061 27 — — — 16,088 Land development 40,431 — — — — 40,431 Commercial construction 1,322,861 — — — — 1,322,861 Owner occupied one- to-four-family residential 385,001 26 — 1,989 — 387,016 Non-owner occupied one-to-four-family residential 119,743 419 — 181 — 120,343 Commercial real estate 1,458,400 32,063 — 3,709 — 1,494,172 Other residential 866,006 — — — — 866,006 Commercial business 307,322 4,651 — 1,236 — 313,209 Industrial revenue bonds 13,189 — — — — 13,189 Consumer auto 150,874 47 — 933 — 151,854 Consumer other 46,294 92 — 334 — 46,720 Home equity lines of credit 118,428 43 — 517 — 118,988 Loans acquired and accounted for under ASC 310-30, net of discounts 127,192 — — 14 — 127,206 Total $ 5,005,765 $ 37,368 $ — $ 8,913 $ — $ 5,052,046 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, and their related interests, 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, 2020 and 2019, loans outstanding to these directors and executive officers, and their related interests, are summarized as follows: 2020 2019 (In Thousands) Balance, beginning of year $ 15,240 $ 29,017 New loans 901 15,062 Payments (2,673) (28,839) Balance, end of year $ 13,468 $ 15,240 |
FDIC-Acquired Loans and Loss Sh
FDIC-Acquired Loans and Loss Sharing Agreements | 12 Months Ended |
Dec. 31, 2020 | |
FDIC-Acquired Loans and Loss Sharing Agreements | |
FDIC-Acquired Loans and Loss Sharing Agreements | Note 4: FDIC-Acquired Loans and Loss Sharing Agreements 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 related loss sharing agreement was terminated early, effective April 26, 2016, by mutual agreement of Great Southern Bank and the FDIC. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. 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 related loss sharing agreement was terminated early, effective April 26, 2016, by mutual agreement of Great Southern Bank and the FDIC. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. 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 related loss sharing agreement was terminated early, effective April 26, 2016, by mutual agreement of Great Southern Bank and the FDIC. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. 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 related loss sharing agreement was terminated early, effective June 9, 2017, by mutual agreement of Great Southern Bank and the FDIC. Based upon the acquisition date fair values of the net assets acquired, no goodwill was recorded. 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. The following table presents the balances of the acquired loans related to the various FDIC-assisted transactions at December 31, 2020 and December 31, 2019. Sun Security TeamBank Vantus Bank Bank InterBank Valley Bank (In Thousands) December 31, 2020 Gross loans receivable $ 5,393 $ 8,052 $ 13,395 $ 44,215 $ 31,515 Balance of accretable discount due to change in expected losses (97) (35) (180) (1,079) (612) Net carrying value of loans receivable (5,266) (8,004) (13,111) (42,057) (30,204) Expected loss remaining $ 30 $ 13 $ 104 $ 1,079 $ 699 December 31, 2019 Gross loans receivable $ 7,304 $ 9,899 $ 17,906 $ 60,430 $ 41,032 Balance of accretable discount due to change in expected losses (159) (89) (374) (5,143) (1,803) Net carrying value of loans receivable (7,118) (9,797) (17,392) (54,442) (38,452) Expected loss remaining $ 27 $ 13 $ 140 $ 845 $ 777 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. On an ongoing basis, the Company has evaluated 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. Improvements in expected cash flows related to the acquired loan portfolios have resulted in adjustments to the accretable yield to be spread over the estimated remaining lives of the loans on a level-yield basis. The amounts of these adjustments during the years ended December 31, 2020, 2019, and 2018 were as follows: Year Ended December 31, 2020 2019 2018 (In Thousands) Increase in accretable yield due to increased cash flow expectations $ — $ 12,323 $ 5,202 The adjustments, along with those made in previous years, impacted the Company’s Consolidated Statements of Income as follows: Year Ended December 31, 2020 2019 2018 (In Thousands) Interest income and net impact to pre-tax income $ 5,574 $ 7,431 $ 5,134 On an on-going basis the Company has estimated 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 credit loss expectations. This resulted in increased income that has been spread, on a level-yield basis, over the remaining expected lives of the loan pools (and, therefore, has decreased over time). Because these adjustments to accretable yield will be recognized generally over the remaining lives of the loan pools, they will impact future periods as well. As of December 31, 2020, the remaining accretable yield adjustment that will affect interest income was $2.0 million. Of the remaining adjustments affecting interest income, we expect to recognize $1.5 million of interest income during 2021. As of January 1, 2021, we have adopted the new accounting standard related to accounting for credit losses. With the adoption of this standard, there will be no further reclassification of discounts from non-accretable to accretable subsequent to December 31, 2020. All adjustments made prior to January 1, 2021 will continue to be accreted to interest income. Changes in the accretable yield for acquired loan pools were as follows for the years ended December 31, 2020, 2019 and 2018: Sun TeamBank Vantus Bank Security Bank InterBank Valley Bank (In Thousands) Balance, January 1, 2018 2,071 1,850 2,901 5,074 2,695 Accretion (1,042) (1,196) (1,667) (8,349) (3,892) Reclassification from nonaccretable difference (1) 327 778 1,008 8,269 4,260 Balance, December 31, 2018 1,356 1,432 2,242 4,994 3,063 Accretion (955) (1,006) (1,562) (8,798) (4,302) Reclassification from nonaccretable difference (1) 756 697 1,268 12,081 5,817 Balance, December 31, 2019 $ 1,157 $ 1,123 $ 1,948 $ 8,277 $ 4,578 Accretion (479) (831) (1,046) (6,791) (3,005) Reclassification from nonaccretable difference (1) 198 451 493 2,219 2,764 Balance, December 31, 2020 $ 876 $ 743 $ 1,395 $ 3,705 $ 4,337 (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, 2020, totaling $198,000, $451,000, $493,000, $2.2 million and $2.8 million, respectively; TeamBank, Vantus Bank, Sun Security Bank, InterBank and Valley Bank for the year ended December 31, 2019, totaling $667,000, $480,000, $810,000, $3.9 million and $2.5 million, respectively; for TeamBank, Vantus Bank, Sun Security Bank, InterBank and Valley Bank for the year ended December 31, 2018, totaling $312,000, $778,000, $756,000, $4.1 million and $3.5 million, respectively . |
Other Real Estate Owned and Rep
Other Real Estate Owned and Repossessions | 12 Months Ended |
Dec. 31, 2019 | |
Other Real Estate Owned and Repossessions | |
Other Real Estate Owned and Repossessions | Note 5: Other Real Estate Owned and Repossessions Major classifications of other real estate owned at December 31, 2020 and 2019, were as follows: 2020 2019 (In Thousands) Foreclosed assets held for sale and repossessions One- to four-family construction $ — $ — Subdivision construction 263 689 Land development 250 1,816 Commercial construction — — One- to four-family residential 111 601 Other residential — — Commercial real estate — — Commercial business — — Consumer 153 545 777 3,651 Foreclosed assets related to FDIC acquisitions, net of discounts 446 1,003 Foreclosed assets held for sale and repossessions, net 1,223 4,654 Other real estate owned not acquired through foreclosure 654 871 Other real estate owned and repossessions $ 1,877 $ 5,525 At December 31, 2020, other real estate owned not acquired through foreclosure included seven properties all of which were branch locations that were closed and held for sale. During the year ended December 31, 2020, one former branch location was added to this category for $80,000 and was under contract at December 31, 2020. The sale was completed in February 2021, resulting in a small gain. During the year ended December 31, 2020, valuation write-downs of $286,000 were recorded on branch locations that were closed and held for sale. At December 31, 2019, other real estate owned not acquired through foreclosure included six properties all of which were branch locations that were closed and held for sale. During the year ended December 31, 2019, one former branch location was both added to this category and sold at a gain of $115,000, which is included in the net gains on sales of other real estate owned and repossessions amount in the table below. At December 31, 2020, residential mortgage loans totaling $602,000 were in the process of foreclosure, $518,000 of which were acquired loans related to FDIC-assisted transactions. At December 31, 2019, residential mortgage loans totaling $1.6 million were in the process of foreclosure, $1.4 million of which were acquired loans related to FDIC-assisted transactions. Expenses applicable to other real estate owned and repossessions for the years ended December 31, 2020, 2019 and 2018, included the following: 2020 2019 2018 (In Thousands) Net gains on sales of other real estate owned and repossessions $ (480) $ (750) $ (2,522) Valuation write-downs 1,320 926 3,897 Operating expenses, net of rental income 1,183 2,008 3,544 $ 2,023 $ 2,184 $ 4,919 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Premises and Equipment | |
Premises and Equipment | Note 6: Premises and Equipment Major classifications of premises and equipment at December 31, 2020 and 2019, stated at cost, were as follows: 2020 2019 (In Thousands) Land $ 40,652 $ 40,632 Buildings and improvements 100,187 96,959 Furniture, fixtures and equipment 59,226 56,986 Operating leases right of use asset 8,536 8,668 208,601 203,245 Less accumulated depreciation 69,431 61,337 $ 139,170 $ 141,908 Leases. Leases (Topic 842) All of our leases are classified as operating leases (as they were prior to January 1, 2019), and therefore were previously not recognized on the Company’s consolidated statements of financial condition. With the adoption of ASU 2016-02, these operating leases are now included as a right of use asset in the premises and equipment line item on the Company’s consolidated statements of financial condition. The corresponding lease liability is included in the accrued expenses and other liabilities line item on the Company’s consolidated statements of financial condition. Because these leases are classified as operating leases, the adoption of the new standard did not have a material effect on lease expense on the Company’s consolidated statements of income. ASU 2016-02 provides a number of optional practical expedients in transition. The Company has elected the “package of practical expedients,” which permits the Company not to reassess under the new standard the prior conclusions about lease identification, lease classification and initial direct costs. The Company also elected the use of hindsight, a practical expedient which permits the use of information available after lease inception to determine the lease term via the knowledge of renewal options exercised not available as of the lease’s inception. The practical expedient pertaining to land easements is not applicable to the Company. ASU 2016-02 also requires certain other accounting elections. The Company elected the short-term lease recognition exemption for all leases that qualify, meaning those with terms under twelve months. Right of use assets or lease liabilities are not to be recognized for short-term leases. The Company also elected the practical expedient to not separate lease and non-lease components for all leases. The Company’s short-term leases related to offsite ATMs have both fixed and variable lease payment components, based on the number of transactions at the various ATMs. The variable portion of these lease payments is not material and the total lease expense related to ATMs was $ 275,000 and $ 286,000 for the years ended December 31, 2020 and December 31, 2019, respectively. The calculated amounts of the right of use assets and lease liabilities in the table below are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew extended term in the calculation of the right of use asset and lease liability. Regarding the discount rate, the ASU requires the use of the rate implicit in the lease at the Company’s discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right of use asset and lease liability. Regarding the discount rate, the ASU requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception over a similar term. The discount rate utilized was the FHLBank borrowing rate for the term corresponding to the expected term of the lease. The expected lease terms range from 0.8 years to 17.9 years with a weighted-average lease term of 8.3 years. The weighted-average discount rate was 3.24%. At or For the Year Ended December 31, 2020 December 31, 2019 (In Thousands) Statement of Financial Condition Operating leases right of use asset $ 8,536 $ 8,668 Operating leases liability $ 8,661 $ 8,747 Statement of Income Operating lease costs classified as occupancy and equipment expense $ 1,572 $ 1,460 (includes short-term lease costs and amortization of right of use asset) Supplemental Cash Flow Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,526 $ 1,381 Right of use assets obtained in exchange for lease obligations: Operating leases $ 972 $ 9,538 For the years ended December 31, 2020 and 2019, lease expense was $1.6 million and $1.5 million, respectively. At December 31, 2020, future expected lease payments for leases with terms exceeding one year were as follows (in thousands): 2021 $ 1,119 2022 1,116 2023 1,088 2024 1,005 2025 979 Thereafter 4,926 Future lease payments expected 10,233 Less interest portion of lease payments (1,572) Lease liability $ 8,661 The Company does not sublease any of its leased facilities; however, it does lease to other third parties portions of facilities that it owns. In terms of being the lessor in these circumstances, all of these lease agreements are classified as operating leases. In the years ended December 31, 2020 and 2019, income recognized from these lease agreements was $1.2 million and $1.1 million, respectively, and was included in occupancy and equipment expense. |
Investments in Limited Partners
Investments in Limited Partnerships | 12 Months Ended |
Dec. 31, 2020 | |
Investments in Limited Partnerships | |
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, 2020 the Company had 16 such investments, with a net carrying value of $20.4 million. At December 31, 2019 the Company had 15 such investments, with a net carrying value of $22.8 million. Due to the Company’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 through 2030 were $22.1 million as of December 31, 2020, 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 $20.4 million, assuming all projects currently under construction are completed and funded as planned. The Company’s usage of federal affordable housing tax credits approximated $6.6 million, $8.0 million and $6.6 million during 2020, 2019 and 2018, respectively. Investment amortization amounted to $5.5 million, $5.8 million and $5.0 million for the years ended December 31, 2020, 2019 and 2018, 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, 2020 the Company had one such investment, with a net carrying value of $567,000 . At December 31, 2019, the Company had no such investment. Due to the Company’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 Company’s usage of federal New Market Tax Credits approximated $100,000, $480,000 and $480,000 during 2020, 2019 and 2018, respectively. Investment amortization amounted to $80,000, $365,000 and $575,000 for the years ended December 31, 2020, 2019 and 2018, 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. At December 31, 2020 the Company had one such investments, with a net carrying value of $863,000. Previously, the Company utilized these credits in their entirety in the year the project was placed in service and the impact to the Consolidated Statements of Income has not been material. In future periods, such partnerships provide federal rehabilitation/historic tax credits over a five-year credit allowance period. 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. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Deposits | |
Deposits | Note 8: Deposits Deposits at December 31, 2020 and 2019, are summarized as follows: Weighted Average Interest Rate 2020 2019 (In Thousands, Except Interest Rates) Noninterest-bearing accounts — $ 984,798 $ 687,068 Interest-bearing checking and savings accounts 0.22% and 0.55% 2,141,313 1,551,929 3,126,111 2,238,997 Certificate accounts 0% - 0.99% 803,737 122,649 1% - 1.99% 425,061 523,816 2% - 2.99% 143,417 1,053,914 3% - 3.99% 18,148 19,849 4% and above 429 881 1,390,792 1,721,109 $ 4,516,903 $ 3,960,106 The weighted average interest rate on certificates of deposit was 1.00% and 2.09% at December 31, 2020 and 2019, respectively. The aggregate amount of certificates of deposit originated by the Bank in denominations greater than $250,000 was approximately $123.1 million and $153.1 million at December 31, 2020 and 2019, respectively. The aggregate amount of certificates of deposit originated by the Bank in denominations greater than $100,000 was approximately $762.9 million and $830.8 million at December 31, 2020 and 2019, respectively. The Bank utilizes brokered deposits as an additional funding source. The aggregate amount of brokered deposits was approximately $158.7 million and $371.7 million at December 31, 2020 and 2019, respectively. At December 31, 2020, scheduled maturities of certificates of deposit were as follows: Retail Brokered Total (In Thousands) 2021 $ 995,934 $ 91,345 $ 1,087,279 2022 175,913 13,751 189,664 2023 30,898 42,448 73,346 2024 14,647 11,200 25,847 2025 13,743 — 13,743 Thereafter 913 — 913 $ 1,232,048 $ 158,744 $ 1,390,792 A summary of interest expense on deposits for the years ended December 31, 2020, 2019 and 2018, is as follows: 2020 2019 2018 (In Thousands) Checking and savings accounts $ 7,096 $ 7,971 $ 5,982 Certificate accounts 25,453 37,723 22,149 Early withdrawal penalties (118) (124) (174) $ 32,431 $ 45,570 $ 27,957 |
Advances From Federal Home Loan
Advances From Federal Home Loan Bank | 12 Months Ended |
Dec. 31, 2020 | |
Advances From Federal Home Loan Bank | |
Advances From Federal Home Loan Bank | Note 9: Advances From Federal Home Loan Bank At December 31, 2020 and 2019, there were no outstanding term advances from the Federal Home Loan Bank of Des Moines. At December 31, 2019, there were overnight funds from the Federal Home Loan Bank of Des Moines, which are included below in Note 10 The Bank has pledged FHLB stock, investment securities and first mortgage loans free of other pledges, liens and encumbrances as collateral for outstanding advances. No investment securities were specifically pledged as collateral for advances at December 31, 2020 and 2019. Loans with carrying values of approximately $1.63 billion and $1.60 billion were pledged as collateral for outstanding advances at December 31, 2020 and 2019, respectively. The Bank had potentially available $1.07 billion remaining on its line of credit under a borrowing arrangement with the FHLB of Des Moines at December 31, 2020. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Short-Term Borrowings | |
Short-Term Borrowings | Note 10: Short-Term Borrowings Short-term borrowings at December 31, 2020 and 2019, are summarized as follows: 2020 2019 (In Thousands) Notes payable – Community Development Equity Funds $ 1,518 $ 1,267 Other interest-bearing liabilities — 30,890 Overnight borrowings from the Federal Home Loan Bank — 196,000 Securities sold under reverse repurchase agreements 164,174 84,167 $ 165,692 $ 312,324 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 term of one-month or less. At December 31, 2019, other interest-bearing liabilities consisted of cash collateral held by the Company to satisfy minimum collateral posting thresholds with its derivative dealer counterparties representing the termination value of derivatives, which at such time were in a net asset position. Under the collateral agreements between the parties, either party may choose to provide cash or securities to satisfy its collateral requirements. Short-term borrowings had weighted average interest rates of 0.02% and 1.25 % at December 31, 2020 and 2019, respectively. Short-term borrowings averaged approximately $183.5 million and $260.0 million for the years ended December 31, 2020 and 2019, respectively. The maximum amounts outstanding at any month end were $318.7 million and $346.9 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 at December 31, 2020 and 2019: 2020 2019 Overnight and Overnight and Continuous Continuous (In Thousands) Mortgage-backed securities – GNMA, FNMA, FHLMC $ 164,174 $ 84,167 |
Federal Reserve Bank Borrowings
Federal Reserve Bank Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Federal Reserve Bank Borrowings | |
Federal Reserve Bank Borrowings | Note 11: Federal Reserve Bank Borrowings At December 31, 2020 and 2019, the Bank had $436.4 million and $367.8 million, respectively, available under a line-of-credit borrowing arrangement with the Federal Reserve Bank. The line is secured primarily by consumer and commercial loans. There were no amounts borrowed under this arrangement at December 31, 2020 or 2019. |
Subordinated Debentures Issued
Subordinated Debentures Issued to Capital Trusts | 12 Months Ended |
Dec. 31, 2020 | |
Subordinated Debentures Issued to Capital Trusts | |
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 became redeemable at the Company’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 1.81% and 3.51% at December 31, 2020 and 2019, respectively. At December 31, 2020 and 2019, subordinated debentures issued to capital trusts are summarized as follows: 2020 2019 (In Thousands) Subordinated debentures $ 25,774 $ 25,774 |
Subordinated Notes
Subordinated Notes | 12 Months Ended |
Dec. 31, 2020 | |
Subordinated Notes | |
Subordinated Notes | Note 13: Subordinated Notes On August 8, 2016, the Company completed the public offering and sale of $75.0 million of its subordinated notes. The notes 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 notes at par beginning on August 15, 2021, and on any scheduled interest payment date thereafter. The notes 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 of approximately $1.5 million were deferred and are being amortized over the expected life of the notes, which is five years . On June 10, 2020, the Company completed the public offering and sale of $75.0 million of its subordinated notes. The notes are due June 15, 2030, and have a fixed interest rate of 5.50% until June 15, 2025, at which time the rate becomes floating at a rate expected to be equal to three-month term Secured Overnight Financing Rate (SOFR) plus 5.325% . The Company may call the notes at par beginning on June 15, 2025, and on any scheduled interest payment date thereafter. The notes 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 of approximately $1.5 million were deferred and are being amortized over the expected life of the notes, which is five years . Amortization of the debt issuance costs during the years ended December 31, 2020 and 2019, totaled $608,000 and $434,000, respectively, and is included in interest expense on subordinated notes in the consolidated statements of income, resulting in an imputed interest rate of 5.84 % and 5.89%, respectively. At December 31, 2020 and 2019, subordinated notes are summarized as follows: 2020 2019 (In Thousands) Subordinated notes $ 150,000 $ 75,000 Less: unamortized debt issuance costs 1,603 724 $ 148,397 $ 74,276 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes | |
Income Taxes | Note 14: Income Taxes The Company files a consolidated federal income tax return. As of December 31, 2020 and 2019, 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 $3.9 million at both December 31, 2020 and 2019, respectively. During the years ended December 31, 2020, 2019 and 2018, the provision for income taxes included these components: 2020 2019 2018 (In Thousands) Taxes currently payable $ 25,259 $ 15,375 $ 19,291 Deferred income taxes (benefit) (11,480) 1,074 (4,450) Income taxes $ 13,779 $ 16,449 $ 14,841 The tax effects of temporary differences related to deferred taxes shown on the statements of financial condition were: December 31, 2020 2019 (In Thousands) Deferred tax assets Allowance for loan losses $ 12,711 $ 9,188 Interest on nonperforming loans 142 161 Accrued expenses 894 821 Write-down of foreclosed assets 131 185 Write-down of fixed assets 114 50 Income recognized for tax in excess of book 8,830 — Partnership tax credits 11 732 Deferred income 885 509 Difference in basis for acquired assets and liabilities 1,532 2,540 25,250 14,186 Deferred tax liabilities Tax depreciation in excess of book depreciation (5,988) (5,986) FHLB stock dividends (368) (817) Prepaid expenses (898) (891) Unrealized gain on available-for-sale securities (6,869) (2,671) Unrealized gain on cash flow derivatives (8,830) (6,853) Other (258) (233) (23,211) (17,451) Net deferred tax asset (liability) $ 2,039 $ (3,265) Reconciliations of the Company’s effective tax rates from continuing operations to the statutory corporate tax rates were as follows: 2020 2019 2018 Tax at statutory rate 21.0 % 21.0 % 21.0 % Nontaxable interest and dividends (0.5) (0.5) (0.8) Tax credits (3.8) (3.6) (3.4) State taxes 1.4 1.3 1.1 Other 0.8 0.1 0.2 18.9 % 18.3 % 18.1 % The Company and its consolidated subsidiaries have not been audited recently by the Internal Revenue Service (IRS), except as described here. The Company, through one of its subsidiaries, is a partner in two partnerships which were under IRS examination for 2006 and 2007. As a result, the Company’s 2006 and subsequent tax years remained open for examination. The examinations of these partnerships were completed during 2019. The completion of these examinations did not result in significant changes to the Company’s tax positions. As a result, federal tax years through December 31, 2016 are now closed. The Company is currently under State of Missouri income and franchise tax examinations for its 2014 and 2015 tax years. The Company does not currently expect significant adjustments to its financial statements from this state examination. |
Disclosures About Fair Value of
Disclosures About Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Disclosures About Fair Value of Financial Instruments | |
Disclosures About Fair Value of Financial Instruments | Note 15: Disclosures About Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurements ● Quoted prices in active markets for identical assets or liabilities (Level 1): Inputs that are quoted unadjusted prices in active markets for identical assets that the Company has the ability to access at the measurement date. An active market for the asset is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. ● Other observable inputs (Level 2): Inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity including quoted prices for similar assets, quoted prices for securities in inactive markets and inputs derived principally from or corroborated by observable market data by correlation or other means. ● Significant unobservable inputs (Level 3): Inputs that reflect assumptions of a source independent of the reporting entity or the reporting entity’s own assumptions that are supported by little or no market activity or observable inputs. Financial instruments are broken down 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, 2020 and 2019: 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, 2020 Agency mortgage-backed securities $ 169,940 $ — $ 169,940 $ — Agency collateralized mortgage obligations 176,621 — 176,621 — States and political subdivisions securities 47,325 — 47,325 — Small Business Administration securities 21,047 — 21,047 — Interest rate derivative asset 5,062 — 5,062 — Interest rate derivative liability (5,454) — (5,454) — December 31, 2019 Agency mortgage-backed securities $ 165,042 $ — $ 165,042 $ — Agency collateralized mortgage obligations 151,950 — 151,950 — States and political subdivisions securities 35,125 — 35,125 — Small Business Administration securities 22,058 — 22,058 — Interest rate derivative asset 31,476 — 31,476 — Interest rate derivative liability (1,547) — (1,547) — 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, 2020 and 2019, 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, 2020. 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. There were no recurring Level 1 securities at December 31, 2020 or 2019. Recurring Level 2 securities include U.S. government agency securities, mortgage-backed securities, state and municipal bonds and certain other investments. Inputs used for valuing Level 2 securities include observable data that may include dealer quotes, benchmark yields, market spreads, live trading levels and market consensus prepayment speeds, among other things. Additional inputs include indicative values derived from the independent pricing service’s proprietary computerized models. There were no recurring Level 3 securities at December 31, 2020 or 2019. Interest Rate Derivatives The fair value is estimated using forward-looking interest rate curves and is determined using observable market rates 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, 2020 and 2019: 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, 2020 Impaired loans $ 1,759 $ — $ — $ 1,759 Foreclosed assets held for sale $ 945 $ — $ — $ 945 December 31, 2019 Impaired loans $ 635 $ — $ — $ 635 Foreclosed assets held for sale $ 1,112 $ — $ — $ 1,112 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, 2020 and 2019, the aggregate fair value of mortgage loans held for sale exceeded their cost. Accordingly, no mortgage loans held for sale were marked down and reported at fair value. Impaired Loans A loan is considered to be impaired when it is probable that all of the principal and interest due may not be collected according to its contractual terms. Generally, when a loan is considered impaired, the amount of reserve required under FASB ASC 310, Receivables The Company records impaired loans as Nonrecurring Level 3. If a loan’s fair value as estimated by the Company is less than its carrying value, the Company either records a charge-off for the portion of the loan that exceeds the fair value or establishes a reserve within the allowance for loan losses specific to the loan. Loans for which such charge-offs or reserves were recorded during the years ended December 31, 2020 and 2019, 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, 2020 and 2019, subsequent to their initial transfer to foreclosed assets. 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 on an exit price basis incorporating contractual cash flow, prepayments discount spreads, credit loss and liquidity premiums. 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., their carrying amounts. The fair value of fixed maturity certificates of deposit is estimated using a discounted cash flow calculation using the average advances yield curve from 11 districts of the FHLB for the as of date. 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, 2020 December 31, 2019 Carrying Fair Hierarchy Carrying Fair Hierarchy Amount Value Level Amount Value Level (Dollars in Thousands) Financial assets Cash and cash equivalents $ 563,729 $ 563,729 1 $ 220,155 $ 220,155 1 Mortgage loans held for sale 17,780 17,780 2 9,242 9,242 2 Loans, net of allowance for loan losses 4,296,804 4,303,909 3 4,153,982 4,129,984 3 Accrued interest receivable 12,793 12,793 3 13,530 13,530 3 Investment in FHLB stock and other assets 9,806 9,806 3 13,473 13,473 3 Financial liabilities Deposits 4,516,903 4,523,586 3 3,960,106 3,963,875 3 Short-term borrowings 165,692 165,692 3 312,324 312,324 3 Subordinated debentures 25,774 25,774 3 25,774 25,774 3 Subordinated notes 148,397 157,032 2 74,276 76,875 2 Accrued interest payable 2,594 2,594 3 4,250 4,250 3 Unrecognized financial instruments (net of Commitments to originate loans — — 3 — — 3 Letters of credit 84 84 3 109 109 3 Lines of credit — — 3 — — 3 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Derivatives and Hedging Activities | |
Derivatives and Hedging Activities | Note 16: 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 Company’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 a qualifying hedging relationship. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain loan customers. 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 certain loans with related interest rate swaps. Valley’s swap program differed from the Company’s in that Valley did not have back to back swaps with the customer and a counterparty. The notional amount of the two remaining Valley swaps was $584,000 at December 31, 2020. At December 31, 2020, excluding the Valley Bank swaps, the Company had 19 interest rate swaps totaling $142.8 million in notional amount with commercial customers, and 19 interest rate swaps with the same notional amount with third parties related to its program. In addition, at December 31, 2020, the Company had four participation loans purchased totaling $27.7 million, in which the lead institution has an interest rate swap with their customer and the economics of the counterparty swap are passed along to us through the loan participation. At December 31, 2019, excluding the Valley Bank swaps, the Company had 19 interest rate swaps totaling $96.0 million in notional amount with commercial customers, and 19 interest rate swaps with the same notional amount with third parties related to its program. In addition, at December 31, 2019, the Company had five participation loans purchased totaling $37.4 million, in which the lead institution has an interest rate swap with their customer and the economics of the counterparty swap are passed along to us through the loan participation. During the years ended December 31, 2020, 2019 and 2018, the Company recognized net gains (losses) of $(264,000), $(104,000) and $25,000, respectively, in noninterest income related to changes in the fair value of these swaps. Cash Flow Hedges Interest Rate Swap. million on this interest rate swap during the years ended December 31, 2020 and 2019, respectively. 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 affected 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 each of the years ended December 31, 2020 and 2019, the Company recognized no noninterest income related to changes in the fair value of this derivative. On March 2, 2020, the Company and its swap counterparty mutually agreed to terminate the swap, effective on that date. The Company received a payment of $45.9 million, including accrued but unpaid interest, from its swap counterparty as a result of this termination. This $45.9 million, less the accrued interest portion and net of deferred income taxes, was reflected in the Company’s stockholders’ equity as Accumulated Other Comprehensive Income and a portion of it is being accreted to interest income on loans monthly through the original contractual termination date of October 6, 2025. This has the effect of reducing Accumulated Other Comprehensive Income and increasing Net Interest Income and Retained Earnings over the period. In each quarterly period, commencing with the quarter ended June 30, 2020, until the original contract termination date, the Company expects to record loan interest income related to this swap transaction of approximately $2.0 million, based on the termination value of the swap. The table below presents the fair value of the Company’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 2020 2019 (In Thousands) Derivatives designated as hedging instruments Interest rate swap Prepaid expenses and other assets $ — $ 30,056 Total derivatives designated as hedging instruments $ — $ 30,056 Derivatives not designated as hedging instruments Derivative Assets Interest rate products Prepaid expenses and other assets $ 5,062 $ 1,420 Total derivatives not designated as hedging instruments $ 5,062 $ 1,420 Derivative Liabilities Interest rate products Accrued expenses and other liabilities $ 5,454 $ 1,547 Total derivatives not designated as hedging instruments $ 5,454 $ 1,547 The following table presents the effect of cash flow hedge accounting on the statements of comprehensive income: Amount of Gain Recognized in AOCI Year Ended December 31 Cash Flow Hedges 2020 2019 2018 (In Thousands) Interest rate swap, net of income taxes $ 6,691 $ 13,857 $ 9,345 The following table presents the effect of cash flow hedge accounting on the statements of operations: Year Ended December 31 Cash Flow Hedges 2020 2019 2018 Interest Interest Interest Interest Interest Interest Income Expense Income Expense Income Expense (In Thousands) Interest rate swap, net of income taxes $ 7,676 $ — $ 3,082 $ — $ 673 $ — 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 Company’s credit rating is downgraded below a specified level. At December 31, 2020, the termination value of derivatives with our derivative dealer counterparties (related to loan level swaps with commercial lending customers) in a net liability position, which included accrued interest but excluded any adjustment for nonperformance risk, related to these agreements was $391,000. Additionally, the Company’s activity with two of its derivative counterparties met the level at which the minimum collateral posting thresholds take effect (collateral to be given by the Company) and the Company had posted collateral of $5.3 million to the derivative counterparties to satisfy the loan level agreements. If the Company had breached any of these provisions at December 31, 2020 or December 31, 2019, it could have been required to settle its obligations under the agreements at the termination value. At December 31, 2019, the termination value of derivatives with our derivative dealer counterparties (related to loan level swaps with commercial lending customers) in a net liability position, which included accrued interest but excluded any adjustment for nonperformance risk, related to these agreements was $1.1 million. At December 31, 2019, other interest-bearing liabilities consisted of cash collateral held by the Company to satisfy minimum collateral posting thresholds with its derivative dealer counterparties representing the termination value of derivatives, which at such time were in a net asset position. Under the collateral agreements between the parties, either party may choose to provide cash or securities to satisfy its collateral requirements. Effective March 2, 2020, the Company and its swap counterparty mutually agreed to terminate the Company’s interest rate swap, eliminating the cash collateral held. |
Commitments and Credit Risk
Commitments and Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Credit Risk | |
Commitments and Credit Risk | Note 17: 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 customer’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 management’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, 2020 and 2019, the Bank had outstanding commitments to originate loans and fund commercial construction loans aggregating approximately $46.6 million and $92.4 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 $85.9 million and $69.3 million at December 31, 2020 and 2019, 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 $16.1 million and $26.3 million at December 31, 2020 and 2019, respectively, with no letters of credit having terms over five years. 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 customer’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 management’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, 2020, the Bank had granted unused lines of credit to borrowers aggregating approximately $1.0 billion and $164.5 million for commercial lines and open-end consumer lines, respectively. At December 31, 2019, the Bank had granted unused lines of credit to borrowers aggregating approximately $1.2 billion and $155.8 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 $804.1 million and $725.0 million at December 31, 2020 and 2019, 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. |
Additional Cash Flow Informatio
Additional Cash Flow Information | 12 Months Ended |
Dec. 31, 2020 | |
Additional Cash Flow Information | |
Additional Cash Flow Information | Note 18: Additional Cash Flow Information 2020 2019 2018 (In Thousands) Noncash Investing and Financing Activities Real estate acquired in settlement of loans $ 1,707 $ 12,729 $ 12,044 Sale and financing of foreclosed assets 625 1,340 2,578 Conversion of premises and equipment to foreclosed assets 80 1,135 — Dividends declared but not paid 4,676 4,849 4,528 Additional Cash Payment Information Interest paid 42,221 53,922 37,091 Income taxes paid 18,755 5,719 2,569 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefits | |
Employee Benefits | Note 19: 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 Plan’s Employer Identification Number is 13-5645888 and the Plan Number is 333. The Company’s policy is to fund pension cost accrued. Employer contributions charged to expense for this plan for the years ended December 31, 2020, 2019 and 2018, were approximately $2.1 million, $1.8 million and $1.3 million, respectively. The Company’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, 2020 and 2019, was 92.5% and 93.7 %, respectively. The funded status was calculated by taking the market value of plan assets, which reflected contributions received through June 30, 2020 and 2019, 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 employee’s contribution on the first 3% of the employee’s compensation and also matches an additional 50% of the employee’s contribution on the next 2 % of the employee’s compensation. Employer contributions charged to expense for this plan for the years ended December 31, 2020, 2019 and 2018, were approximately $1.6 million, $1.4 million and $1.4 million, respectively. |
Stock Compensation Plans
Stock Compensation Plans | 12 Months Ended |
Dec. 31, 2020 | |
Stock Compensation Plans | |
Stock Compensation Plans | Note 20: 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, 2020, 31,591 options were outstanding under the 2003 Plan. The Company established the 2013 Stock Option and Incentive Plan (the “2013 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 700,000 shares of common stock. On May 9, 2018, the Company’s stockholders approved the Great Southern Bancorp, Inc. 2018 Omnibus Incentive Plan (the “2018 Plan”). Upon the stockholders’ approval of the 2018 Plan, the Company’s 2013 Plan was frozen. As a result, no new stock options or other awards may be granted under the 2013 Plan; however, existing outstanding awards under the 2013 Plan were not affected. At December 31, 2020, 384,866 options were outstanding under the 2013 Plan. The 2018 Plan provides for the grant from time to time to directors, emeritus directors, officers, employees and advisory directors of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and performance units. The number of shares of Common Stock available for awards under the 2018 Plan is 800,000 (the “2018 Plan Limit”). Shares utilized for awards other than stock options and stock appreciation rights will be counted against the 2018 Plan Limit on a 2.5 -to-1 basis. At December 31, 2020, 554,650 options were outstanding under the 2018 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 compensation plans, all of which related to stock options granted under such plans: Shares Weighted Available Under Average to Grant Option Exercise Price Balance, January 1, 2018 77,512 682,799 $ 38.860 Granted from 2013 Plan (1,000) 1,000 52.500 Exercised — (81,940) 27.597 Forfeited from 2013 Plan 13,773 (13,773) 45.692 Termination of 2013 Plan (90,285) — — 588,086 Available to grant from 2018 Plan 800,000 — Granted from 2018 Plan (185,750) 185,750 55.297 Forfeited from current plan(s) 600 (600) 55.000 Balance, December 31, 2018 614,850 773,236 43.886 Granted from 2018 Plan (186,400) 186,400 60.086 Exercised — (125,894) 33.031 Forfeited from terminated plan(s) — (17,424) 44.163 Forfeited from current plan(s) 8,450 (8,450) 55.000 Balance, December 31, 2019 436,900 807,868 49.139 Granted from 2018 Plan (196,350) 196,350 41.740 Exercised — (21,436) 33.805 Forfeited from terminated plan(s) — (6,875) 38.849 Forfeited from current plan(s) 4,800 (4,800) 57.513 Balance, December 31, 2020 245,350 971,107 $ 48.079 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. The Company’s 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 for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Expected dividends per share $ 1.36 $ 1.36 $ 1.27 Risk-free interest rate 0.35 % 1.59 % 2.86 % Expected life of options 5 years 5 years 5 years Expected volatility 29.32 % 25.15 % 17.61 % Weighted average fair value of options granted during year $ 7.30 $ 11.20 $ 8.30 Expected volatilities are based on the historical volatility of the Company’s stock, based on the monthly closing stock price. The expected life 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, 2020: Weighted Weighted Average Average Remaining Exercise Contractual Options Price Term Options outstanding, January 1, 2020 807,868 49.139 7.54 years Granted 196,350 41.740 Exercised (21,436) 30.805 Forfeited (11,675) 46.523 Options outstanding, December 31, 2020 971,107 48.079 7.23 years Options exercisable, December 31, 2020 363,695 42.583 4.95 years For the years ended December 31, 2020, 2019 and 2018, options granted were 196,350, 186,400, and 186,750 , 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, 2020, 2019 and 2018, was $371,000, $3.1 million and $2.2 million, respectively. Cash received from the exercise of options for the years ended December 31, 2020, 2019 and 2018, was $661,000, $4.2 million and $2.2 million, respectively. The actual tax benefit realized for the tax deductions from option exercises totaled $257,000, $2.7 million and $1.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. The total intrinsic value of options outstanding at December 31, 2020, 2019 and 2018, was $4.5 million, $11.5 million and $4.7 million, respectively. The total intrinsic value of options exercisable at December 31, 2020, 2019 and 2018, was $2.9 million, $6.6 million and $3.9 million, respectively. The following table presents the activity related to nonvested options under all plans for the year ended December 31, 2020. Weighted Weighted Average Average Exercise Grant Date Options Price Fair Value Nonvested options, January 1, 2020 552,377 54.610 9.509 Granted 196,350 41.740 7.296 Vested this period (134,140) 50.441 8.662 Nonvested options forfeited (7,175) 54.655 9.501 Nonvested options, December 31, 2020 607,412 51.370 8.981 At December 31, 2020, there was $4.6 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 2025, with the majority of this expense recognized in 2021 and 2022. The following table further summarizes information about stock options outstanding at December 31, 2020: Options Outstanding Weighted Options Exercisable Average Weighted Weighted Remaining Average Average Number Contractual Exercise Number Exercise Range of Exercise Prices Outstanding Term Price Exercisable Price $16.810 to 29.640 64,043 2.16 years $ 25.598 64,043 $ 25.598 $32.590 to 38.610 62,056 3.62 years 33.001 61,181 32.921 $41.300 to 47.800 282,357 8.56 years 41.613 59,816 41.335 $50.710 to 52.500 204,251 6.11 years 51.656 133,496 51.415 $55.000 to 60.150 358,400 8.35 years 57.762 45,159 55.306 971,107 7.23 years 48.079 363,695 42.583 |
Significant Estimates and Conce
Significant Estimates and Concentrations | 12 Months Ended |
Dec. 31, 2020 | |
Significant Estimates and Concentration | |
Significant Estimates and Concentration | Note 21: 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 Other significant estimates not discussed in those footnotes include valuations of foreclosed assets held for sale. The carrying value of foreclosed assets reflects management’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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income | |
Accumulated Other Comprehensive Income | Note 22: Accumulated Other Comprehensive Income The components of accumulated other comprehensive income (AOCI), included in stockholders’ equity, are as follows: 2020 2019 (In Thousands) Net unrealized gain on available-for-sale securities $ 30,126 $ 11,715 Net unrealized gain on derivatives used for cash flow hedges 38,724 30,056 68,850 41,771 Tax effect (15,699) (9,525) Net-of-tax amount $ 53,151 $ 32,246 Amounts reclassified from AOCI and the affected line items in the statements of income during the years ended December 31, 2020, 2019 and 2018, were as follows: Amounts Reclassified from AOCI Affected Line Item in the 2020 2019 2018 Statements of Income (In Thousands) Unrealized gains/(losses) on available- for-sale securities $ 78 $ (62) $ 2 Net realized gains on available-for-sale securities (total reclassified amount before tax) Change in fair value of cash flow hedge 6,764 — — Amortization of realized gain on termination of cash flow hedge (total reclassification amount before tax) Income taxes (1,559) 14 — Tax (expense) benefit Total reclassifications out of AOCI $ 5,283 $ 48 $ 2 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Matters | |
Regulatory Matters | Note 23: 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 Company’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 Company’s and the Bank’s assets, liabilities and certain off-balance-sheet items as calculated under U.S. GAAP, regulatory reporting practices, and regulatory capital standards. The Company’s and the Bank’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 regulatory reporting standards to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below as of December 31, 2020) 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) and of Common Equity Tier 1 Capital (as defined) to risk-weighted assets (as defined). Management believes, as of December 31, 2020, that the Bank met all capital adequacy requirements to which it was then subject. As of December 31, 2020, the most recent notification from the Bank’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, 2020, the Bank must have maintained minimum Total capital, Tier I capital, Tier 1 Leverage capital and Common Equity Tier 1 capital ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the Bank’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, 2020 and 2019, 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 capital rules include a capital conservation buffer, under which a banking organization must have Common Equity Tier 1 capital 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. The net unrealized gain or loss on available-for-sale securities is not included in computing regulatory capital. The Company’s and the Bank’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, 2020 Total capital Great Southern Bancorp, Inc. $ 800,388 17.2 % $ 373,132 8.0 % N/A N/A Great Southern Bank $ 694,047 14.9 % $ 373,058 8.0 % $ 466,322 10.0 % Tier I capital Great Southern Bancorp, Inc. $ 594,645 12.7 % $ 279,849 6.0 % N/A N/A Great Southern Bank $ 638,304 13.7 % $ 279,793 6.0 % $ 373,058 8.0 % Tier I leverage capital Great Southern Bancorp, Inc. $ 594,645 10.9 % $ 217,223 4.0 % N/A N/A Great Southern Bank $ 638,304 11.8 % $ 217,170 4.0 % $ 271,463 5.0 % Common equity Tier I capital Great Southern Bancorp, Inc. $ 569,645 12.2 % $ 209,887 4.5 % N/A N/A Great Southern Bank $ 638,304 13.7 % $ 209,845 4.5 % $ 303,109 6.5 % As of December 31, 2019 Total capital Great Southern Bancorp, Inc. $ 698,085 15.0 % $ 372,387 8.0 % N/A N/A Great Southern Bank $ 650,280 14.0 % $ 372,316 8.0 % $ 465,395 10.0 % Tier I capital Great Southern Bancorp, Inc. $ 582,791 12.5 % $ 279,290 6.0 % N/A N/A Great Southern Bank $ 609,986 13.1 % $ 279,237 6.0 % $ 372,316 8.0 % Tier I leverage capital Great Southern Bancorp, Inc. $ 582,791 11.8 % $ 198,320 4.0 % N/A N/A Great Southern Bank $ 609,986 12.3 % $ 198,010 4.0 % $ 247,512 5.0 % Common equity Tier I capital Great Southern Bancorp, Inc. $ 557,791 12.0 % $ 209,468 4.5 % N/A N/A Great Southern Bank $ 609,986 13.1 % $ 209,428 4.5 % $ 302,507 6.5 % |
Litigation Matters
Litigation Matters | 12 Months Ended |
Dec. 31, 2020 | |
Litigation Matters | |
Litigation Matters | Note 24: 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 the outcome of such litigation will not have a material adverse effect on the Company’s business, financial condition or results of operations. |
Summary of Unaudited Quarterly
Summary of Unaudited Quarterly Operating Results | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Unaudited Quarterly Operating Results | |
Summary of Unaudited Quarterly Operating Results | Note 25: Summary of Unaudited Quarterly Operating Results Following is a summary of unaudited quarterly operating results for the years 2020, 2019 and 2018: 2020 Three Months Ended March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Data) Interest income $ 57,474 $ 54,011 $ 53,599 $ 52,619 Interest expense 12,536 10,556 9,431 8,042 Provision for loan losses 3,871 6,000 4,500 1,500 Net realized gains on available-for-sale securities — 78 — — Noninterest income 7,367 8,261 9,466 9,956 Noninterest expense 30,815 29,349 31,988 31,073 Provision for income taxes 2,751 3,164 3,692 4,172 Net income available to common shareholders 14,868 13,203 13,454 17,788 Earnings per common share – diluted 1.04 0.93 0.96 1.28 2019 Three Months Ended March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Data) Interest income $ 57,358 $ 58,723 $ 60,187 $ 58,726 Interest expense 12,753 13,802 14,263 13,784 Provision for loan losses 1,950 1,600 1,950 650 Net realized gains (losses) on available-for-sale securities 10 — — (72) Noninterest income 7,450 7,157 8,655 7,695 Noninterest expense 28,495 28,383 28,725 29,535 Provision for income taxes 3,998 3,720 4,172 4,559 Net income available to common shareholders 17,612 18,375 19,732 17,893 Earnings per common share – diluted 1.23 1.28 1.38 1.24 2018 Three Months Ended March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Data) Interest income $ 46,882 $ 49,943 $ 52,982 $ 56,142 Interest expense 7,444 8,731 9,997 11,585 Provision for loan losses 1,950 1,950 1,300 1,950 Net realized gains on available-for-sale securities — — 2 — Noninterest income 6,935 7,459 14,604 7,220 Noninterest expense 28,312 29,915 28,309 28,774 Provision for income taxes 2,645 2,967 5,464 3,765 Net income available to common shareholders 13,466 13,839 22,516 17,288 Earnings per common share – diluted 0.95 0.97 1.57 1.21 |
Condensed Parent Company Statem
Condensed Parent Company Statements | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Parent Company Statements | |
Condensed Parent Company Statements | Note 26: Condensed Parent Company Statements The condensed statements of financial condition at December 31, 2020 and 2019, and statements of income, comprehensive income and cash flows for the years ended December 31, 2020, 2019 and 2018, for the parent company, Great Southern Bancorp, Inc., were as follows: December 31, 2020 2019 (In Thousands) Statements of Financial Condition Assets Cash $ 111,250 $ 58,726 Investment in subsidiary bank 698,398 650,329 Deferred and accrued income taxes 157 111 Prepaid expenses and other assets 883 868 $ 810,688 $ 710,034 Liabilities and Stockholders’ Equity Accounts payable and accrued expenses $ 6,776 $ 6,918 Subordinated debentures issued to capital trust 25,774 25,774 Subordinated notes 148,397 74,276 Common stock 138 143 Additional paid-in capital 35,004 33,510 Retained earnings 541,448 537,167 Accumulated other comprehensive income 53,151 32,246 $ 810,688 $ 710,034 2020 2019 2018 (In Thousands) Statements of Income Income Dividends from subsidiary bank $ 40,000 $ 32,000 $ 34,000 Other income 5 — — Loss on other investments — (23) — 40,005 31,977 34,000 Expense Operating expenses 2,197 2,044 1,793 Interest expense 7,459 5,397 5,050 9,656 7,441 6,843 Income before income tax and equity in undistributed earnings of subsidiaries 30,349 24,536 27,157 Credit for income taxes (1,800) (1,381) (1,204) Income before equity in earnings of subsidiaries 32,149 25,917 28,361 Equity in undistributed earnings of subsidiaries 27,164 47,695 38,748 Net income $ 59,313 $ 73,612 $ 67,109 2020 2019 2018 (In Thousands) Statements of Cash Flows Operating Activities Net income $ 59,313 $ 73,612 $ 67,109 Items not requiring (providing) cash Equity in undistributed earnings of subsidiary (27,164) (47,695) (38,748) Compensation expense for stock option grants 1,153 922 737 Amortization of interest rate derivative and deferred costs on subordinated notes 608 434 154 Loss on other investments — 23 — Changes in Prepaid expenses and other assets (15) (3) 13 Accounts payable and accrued expenses 31 226 182 Income taxes (46) 300 (278) Net cash provided by operating activities 33,880 27,819 29,169 Investing Activities Return of principal - other investments — 2 — Net cash provided by investing activities — 2 — Financing Activities Purchases of the Company’s common stock (22,104) (849) (903) Proceeds from issuance of subordinated notes 73,513 — — Dividends paid (33,426) (29,052) (15,819) Stock options exercised 661 4,158 2,224 Net cash used in financing activities 18,644 (25,743) (14,498) Increase in Cash 52,524 2,078 14,671 Cash, Beginning of Year 58,726 56,648 41,977 Cash, End of Year $ 111,250 $ 58,726 $ 56,648 Additional Cash Payment Information Interest paid $ 7,349 $ 5,424 $ 5,001 2020 2019 2018 (In Thousands) Statements of Comprehensive Income Net Income $ 59,313 $ 73,612 $ 67,109 Comprehensive income of subsidiaries 20,905 22,619 8,114 Comprehensive Income $ 80,218 $ 96,231 $ 75,223 |
Sale of Branches and Related De
Sale of Branches and Related Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Sale of Branches and Related Deposits | |
Sale of Branches and Related Deposits | Note 27: Sale of Branches and Related Deposits On July 20, 2018, the Company closed on the sale of four banking centers and related deposits in the Omaha, Neb., metropolitan market to Lincoln, Neb.-based West Gate Bank. Pursuant to the purchase and assumption agreement, the Bank sold branch deposits of approximately $56 million and substantially all branch-related real estate, fixed assets and ATMs. The Company recorded a pre-tax gain (excluding transaction expenses of $165,000) of $7.4 million on the sale based on the contractual deposit premium and the sales price of the branch assets. |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Nature of Operations and Summary of Significant Accounting 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 Bank also originates commercial loans from lending offices in Atlanta, Ga., Chicago, Ill., Dallas, Texas, Denver, Colo., Omaha, Neb. and Tulsa, Okla. The Company and the Bank are subject to regulation by 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 by 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 | 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 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. In addition, the Company considers that the determination of the carrying value of goodwill and intangible assets involves a high degree of judgment and complexity. |
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 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, GSTC Investments, 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. |
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. |
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 (“OTTI”) of a debt security in earnings and the remaining portion in other comprehensive income. For held-to-maturity debt securities, the amount of an OTTI recorded in other comprehensive income for the noncredit portion of a previous OTTI 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, if any, 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 OTTI 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 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 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 | 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 uncollectability 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 collectability 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 certain loan segments 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 not all of the principal and interest due under the loan agreement will be collected in accordance with contractual terms. For non-homogeneous loans, such as commercial loans, management determines which loans are reviewed for impairment based on information obtained by account officers, weekly past due meetings, various analyses including annual reviews of large loan relationships, calculations of loan debt coverage ratios as financial information is obtained and periodic 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 and reasons for the delay, the borrower’s prior payment record and the amount of any collateral shortfall in relation to the principal and interest owed. Large groups of smaller balance homogenous loans, such as consumer and residential loans, are collectively evaluated for impairment. In accordance with regulatory guidelines, impairment in the consumer and mortgage loan portfolio is primarily identified based on past-due status. Consumer and mortgage loans which are over 90 days past due or specifically identified as troubled debt restructurings will generally be individually evaluated for impairment. Impairment is measured on a loan-by-loan basis for both homogeneous and non-homogeneous loans 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 Combination | Loans Acquired in Business Combinations Loans acquired in business combinations under ASC Topic 805, Business Combinations Fair Value Measurements and Disclosures For acquired loans not acquired in conjunction with an FDIC-assisted transaction that are not considered to be purchased credit-impaired loans, the Company evaluates those loans acquired in accordance with the provisions of ASC Topic 310-20, Nonrefundable Fees and Other Costs Loans and Debt Securities Acquired with Deteriorated Credit Quality The Company evaluates all of its loans acquired 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 FDIC-assisted business combinations are aggregated into pools of loans with common risk characteristics. All loans acquired in the FDIC transactions, both covered and not covered by loss sharing agreements, were deemed to be purchased credit-impaired loans as there is general evidence of credit deterioration since origination in the pools and there is some probability that not all contractually required payments will be collected. As a result, related discounts are recognized subsequently through accretion based on changes in the expected cash flows of these 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 for impaired loans accounted for under ASC Topic 310-30. Subsequent to acquisition date, the Company has estimated 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 have been recognized as increases to the accretable yield while decreases have been recognized as impairments through the allowance for loan losses. |
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. Other real estate owned also includes bank premises formerly, but no longer, used for banking, as well as property originally acquired for future expansion but no longer intended to be used for that purpose. |
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. Material lease obligations consist of leases for various loan offices and banking centers, all of which are categorized as “operating leases.” Under current accounting guidance, lessees are required to recognize a lease liability and a right-of-use asset for these leases. This right-of-use asset is included in Premises and Equipment. |
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. No asset impairment was recognized during the years ended December 31, 2020, 2019 and 2018. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill is evaluated annually for impairment or more frequently if impairment indicators are present. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount and an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. The Company still may perform the qualitative assessment for a reporting unit to determine if the qualitative impairment test is necessary. Intangible assets are being amortized on the straight-line basis generally over a period of 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, 2020 2019 (In Thousands) Goodwill – Branch acquisitions $ 5,396 $ 5,396 Deposit intangibles Boulevard Bank 31 153 Valley Bank 200 600 Fifth Third Bank 1,317 1,949 1,548 2,702 $ 6,944 $ 8,098 |
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. |
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. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share are computed based on the weighted average number of common shares outstanding during each year. Diluted earnings per common share are computed using the weighted average common shares and all potential dilutive common shares outstanding during the period. Earnings per common share (EPS) were computed as follows: 2020 2019 2018 (In Thousands, Except Per Share Data) Net income and net income available to common shareholders $ 59,313 $ 73,612 $ 67,109 Average common shares outstanding 14,043 14,201 14,132 Average common share stock options outstanding 61 129 128 Average diluted common shares 14,104 14,330 14,260 Earnings per common share – basic $ 4.22 $ 5.18 $ 4.75 Earnings per common share – diluted $ 4.21 $ 5.14 $ 4.71 Options outstanding at December 31, 2020, 2019 and 2018, to purchase 758,901, 201,400 and 424,833 shares of common stock, respectively, were not included in the computation of diluted earnings per common share for each of the years because the exercise prices of such options were greater than the average market prices of the common stock for the years ended December 31, 2020, 2019 and 2018, respectively. |
Stock Compensation Plans | Stock Compensation Plans The Company has stock-based employee compensation plans, which are described more fully in Note 20 . In accordance with FASB ASC 718, Compensation – Stock Compensation , compensation cost related to share-based payment transactions is recognized in the Company’s consolidated financial statements based on the grant-date fair value of the award using the modified prospective transition method. For the years ended December 31, 2020, 2019 and 2018, share-based compensation expense totaling $1.2 million, $922,000 and $737,000, respectively, was included in salaries and employee benefits expense in the consolidated statements of income. |
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, 2020 and 2019, cash equivalents consisted of interest-bearing deposits in other financial institutions. At December 31, 2020, 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 | 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, 2020 and 2019, 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 | Derivatives and Hedging Activities FASB ASC 815, Derivatives and Hedging Note 16 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 and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. |
Restrictions 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. During the COVID-19 pandemic, the Federal Reserve Bank has reduced all banks’ reserve requirements to $-0- until further notice. There was no reserve required at December 31, 2020, compared to $69.4 million at December 31, 2019. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326) . The Update amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. This Update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Update was set to be effective for the Company on January 1, 2020. During March 2020, pursuant to the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and guidance from the Securities and Exchange Commission (the “SEC”) and the Financial Accounting Standards Board (the “FASB”), we elected to delay adoption of the new accounting standard related to accounting for credit losses (“CECL”). In December 2020, additional legislation was enacted that amended certain provisions of the CARES Act. One of the provisions that was affected by this new legislation allowed for the election to further delay the adoption of the CECL accounting standard to January 1, 2022. An adoption date of January 1, 2021, was also an acceptable option and we elected January 1, 2021 as our adoption date for the CECL standard. As a result, our 2020 financial statements are prepared under the existing incurred loss methodology standard for accounting for loan losses. The adoption of the CECL model during the first quarter of 2021 requires us to recognize a one-time cumulative adjustment to our allowance for loan losses and a liability for potential losses related to the unfunded portion of our loans and commitments in order to fully transition from the incurred loss model to the CECL model. Upon initial adoption, we increased the balance of our allowance for credit losses by approximately $12 million and create a liability for potential losses related to the unfunded portion of our loans and commitments by approximately $8 million. The after-tax effect of these adjustments is expected to result in a decrease in our retained earnings of approximately $13 million. These estimates are subject to change as material assumptions are refined and model validations are completed as we finalize our first quarter 2021 financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles: Goodwill and Other: Simplifying the Test for Goodwill Impairment (Topic 350) . To simplify the subsequent measurement of goodwill, the amendments eliminate Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test should be performed by comparing the fair value of a reporting unit with its carrying amount and an impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the qualitative impairment test is necessary. The nature of and reason for the change in accounting principle should be disclosed upon transition. The amendments in this update are required for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The impact of adopting this new guidance during the quarter ended March 31, 2020 did not have a material impact on the Company’s consolidated financial statements. During 2020, the Company performed its annual review of goodwill and intangibles, including consideration of the circumstances brought about by the COVID-19 pandemic and its effect on the valuation of the Company and other bank holding companies. The Company concluded that no impairment of its goodwill and intangible assets had occurred in 2020. In August 2018, the FASB issued ASU 2018-13 , Fair Value Measurement (Topic 820) - Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . ASU 2018-13 modifies the disclosure requirements on fair value measurements in Topic 820. The amendments in this update remove disclosures that no longer are considered cost beneficial, modify/clarify the specific requirements of certain disclosures, and add disclosure requirements identified as relevant. ASU 2018-13 is effective for periods beginning after December 15, 2019. The impact of adopting this new guidance during the quarter ended March 31, 2020 did not have a material impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. |
Investments in Affordable Housing 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, 2020 the Company had 16 such investments, with a net carrying value of $20.4 million. At December 31, 2019 the Company had 15 such investments, with a net carrying value of $22.8 million. Due to the Company’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 through 2030 were $22.1 million as of December 31, 2020, 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 $20.4 million, assuming all projects currently under construction are completed and funded as planned. The Company’s usage of federal affordable housing tax credits approximated $6.6 million, $8.0 million and $6.6 million during 2020, 2019 and 2018, respectively. Investment amortization amounted to $5.5 million, $5.8 million and $5.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Investments in Community Development Entities | 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, 2020 the Company had one such investment, with a net carrying value of $567,000 . At December 31, 2019, the Company had no such investment. Due to the Company’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 Company’s usage of federal New Market Tax Credits approximated $100,000, $480,000 and $480,000 during 2020, 2019 and 2018, respectively. Investment amortization amounted to $80,000, $365,000 and $575,000 for the years ended December 31, 2020, 2019 and 2018, respectively. |
Investments in Limited Partnerships for Federal Rehabilitation/Historic Tax Credits | 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. At December 31, 2020 the Company had one such investments, with a net carrying value of $863,000. Previously, the Company utilized these credits in their entirety in the year the project was placed in service and the impact to the Consolidated Statements of Income has not been material. In future periods, such partnerships provide federal rehabilitation/historic tax credits over a five-year credit allowance period. |
Investments in Limited Partnerships for State Tax Credits | 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. |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Nature of Operations and Summary of Significant Accounting Policies | |
Schedule of Intangible Assets and Goodwill | December 31, 2020 2019 (In Thousands) Goodwill – Branch acquisitions $ 5,396 $ 5,396 Deposit intangibles Boulevard Bank 31 153 Valley Bank 200 600 Fifth Third Bank 1,317 1,949 1,548 2,702 $ 6,944 $ 8,098 |
Schedule of Earnings Per Share, Basic and Diluted | 2020 2019 2018 (In Thousands, Except Per Share Data) Net income and net income available to common shareholders $ 59,313 $ 73,612 $ 67,109 Average common shares outstanding 14,043 14,201 14,132 Average common share stock options outstanding 61 129 128 Average diluted common shares 14,104 14,330 14,260 Earnings per common share – basic $ 4.22 $ 5.18 $ 4.75 Earnings per common share – diluted $ 4.21 $ 5.14 $ 4.71 |
Investments in Securities (Tabl
Investments in Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments in Securities | |
Investment Securities | December 31, 2020 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Agency mortgage-backed securities $ 151,106 $ 19,665 $ 831 $ 169,940 Agency collateralized mortgage obligations 168,472 8,524 375 176,621 States and political subdivisions securities 45,196 2,135 6 47,325 Small Business Administration securities 20,033 1,014 — 21,047 $ 384,807 $ 31,338 $ 1,212 $ 414,933 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Agency mortgage-backed securities $ 156,591 $ 8,716 $ 265 $ 165,042 Agency collateralized mortgage obligations 149,980 2,891 921 151,950 States and political subdivisions securities 33,757 1,368 — 35,125 Small Business Administration securities 22,132 — 74 22,058 $ 362,460 $ 12,975 $ 1,260 $ 374,175 |
Investments Classified by Contractual Maturity Date | Amortized Fair Cost Value (In Thousands) After one through five years $ — $ — After five through ten years 8,672 9,251 After ten years 36,524 38,074 Securities not due on a single maturity date 339,611 367,608 $ 384,807 $ 414,933 |
Schedule of Financial Instruments Owned and Pledged as Collateral | 2020 2019 Amortized Fair Amortized Fair Cost Value Cost Value (In Thousands) Public deposits $ 5,674 $ 5,962 $ 8,578 $ 8,913 Collateralized borrowing accounts 188,309 201,818 122,771 129,643 Other 6,413 6,819 7,021 7,107 $ 200,396 $ 214,599 $ 138,370 $ 145,663 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2020 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses (In Thousands) Agency mortgage-backed securities $ 10,279 $ (831) $ — $ — $ 10,279 $ (831) Agency collateralized mortgage obligations 12,727 (375) — — 12,727 (375) Small Business Administration securities — — — — — — States and political subdivisions securities 1,164 (6) — — 1,164 (6) $ 24,170 $ (1,212) $ — $ — $ 24,170 $ (1,212) 2019 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses (In Thousands) Agency mortgage-backed securities $ — $ — $ 24,762 $ (265) $ 24,762 $ (265) Agency collateralized mortgage obligations 69,372 (921) — — 69,372 (921) Small Business Administration securities 22,058 (74) — — 22,058 (74) States and political subdivisions securities — — — — — — $ 91,430 $ (995) $ 24,762 $ (265) $ 116,192 $ (1,260) |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tables/Schedules | |
Schedule of classes of loans | Classes of loans at December 31, 2020 and 2019, included: 2020 2019 (In Thousands) One- to four-family residential construction $ 42,793 $ 33,963 Subdivision construction 30,894 16,088 Land development 54,010 40,431 Commercial construction 1,212,837 1,322,861 Owner occupied one- to four-family residential 470,436 387,016 Non-owner occupied one- to four-family residential 114,569 120,343 Commercial real estate 1,553,677 1,494,172 Other residential 1,021,145 866,006 Commercial business 370,898 313,209 Industrial revenue bonds 14,003 13,189 Consumer auto 86,173 151,854 Consumer other 40,762 46,720 Home equity lines of credit 114,689 118,988 Loans acquired and accounted for under ASC 310-30, net of discounts 98,643 127,206 5,225,529 5,052,046 Undisbursed portion of loans in process (863,722) (850,666) Allowance for loan losses (55,743) (40,294) Deferred loan fees and gains, net (9,260) (7,104) $ 4,296,804 $ 4,153,982 |
Schedule of loans classified by aging analysis | December 31, 2020 Total Loans Over 90 Total > 90 Days Past 30-59 Days 60-89 Days Days Total Past Loans Due and Past Due Past Due Past Due Due Current Receivable Still Accruing (In Thousands) One- to four-family residential construction $ 1,365 $ — $ — $ 1,365 $ 41,428 $ 42,793 $ — Subdivision construction — — — — 30,894 30,894 — Land development 20 — — 20 53,990 54,010 — Commercial construction — — — — 1,212,837 1,212,837 — Owner occupied one- to four- family residential 1,379 113 1,502 2,994 467,442 470,436 — Non-owner occupied one- to four-family residential — — 69 69 114,500 114,569 — Commercial real estate — 79 587 666 1,553,011 1,553,677 — Other residential — — — — 1,021,145 1,021,145 — Commercial business — — 114 114 370,784 370,898 — Industrial revenue bonds — — — — 14,003 14,003 — Consumer auto 364 119 169 652 85,521 86,173 — Consumer other 443 7 94 544 40,218 40,762 — Home equity lines of credit 153 111 508 772 113,917 114,689 — Loans acquired and accounted for under ASC 310-30, net of discounts 1,662 641 3,843 6,146 92,497 98,643 — 5,386 1,070 6,886 13,342 5,212,187 5,225,529 — Less: Loans acquired and accounted for under ASC 310-30, net of discounts 1,662 641 3,843 6,146 92,497 98,643 — Total $ 3,724 $ 429 $ 3,043 $ 7,196 $ 5,119,690 $ 5,126,886 $ — December 31, 2019 Total Loans Over 90 Total > 90 Days Past 30-59 Days 60-89 Days Days Total Past Loans Due and Past Due Past Due Past Due Due Current Receivable Still Accruing (In Thousands) One- to four-family residential construction $ — $ — $ — $ — $ 33,963 $ 33,963 $ — Subdivision construction — — — — 16,088 16,088 — Land development — 27 — 27 40,404 40,431 — Commercial construction 15,085 — — 15,085 1,307,776 1,322,861 — Owner occupied one- to four- family residential 1,453 1,631 1,198 4,282 382,734 387,016 — Non-owner occupied one- to four-family residential 152 — 181 333 120,010 120,343 — Commercial real estate 549 119 632 1,300 1,492,872 1,494,172 — Other residential 376 — — 376 865,630 866,006 — Commercial business 60 — 1,235 1,295 311,914 313,209 — Industrial revenue bonds — — — — 13,189 13,189 — Consumer auto 1,101 259 558 1,918 149,936 151,854 — Consumer other 278 233 198 709 46,011 46,720 — Home equity lines of credit 296 — 517 813 118,175 118,988 — Loans acquired and accounted for under ASC 310-30, net of discounts 2,177 709 6,191 9,077 118,129 127,206 — 21,527 2,978 10,710 35,215 5,016,831 5,052,046 — Less: Loans acquired and accounted for under ASC 310-30, net of discounts 2,177 709 6,191 9,077 118,129 127,206 — Total $ 19,350 $ 2,269 $ 4,519 $ 26,138 $ 4,898,702 $ 4,924,840 $ — |
Schedule of Financing Receivable, Nonaccrual | December 31, 2020 2019 (In Thousands) One- to four-family residential construction $ — $ — Subdivision construction — — Land development — — Commercial construction — — Owner occupied one- to four-family residential 1,502 1,198 Non-owner occupied one- to four-family residential 69 181 Commercial real estate 587 632 Other residential — — Commercial business 114 1,235 Industrial revenue bonds — — Consumer auto 169 558 Consumer other 94 198 Home equity lines of credit 508 517 Total $ 3,043 $ 4,519 |
Schedule of Loans and Leases Receivable Allowance for Loan Losses | December 31, 2020 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, 2020 $ 4,339 $ 5,153 $ 24,334 $ 3,076 $ 1,355 $ 2,037 $ 40,294 Provision (benefit) charged to expense 84 4,042 9,343 242 914 1,246 15,871 Losses charged off (70) — (43) (1) (28) (3,152) (3,294) Recoveries 183 180 73 204 149 2,083 2,872 Balance, December 31, 2020 $ 4,536 $ 9,375 $ 33,707 $ 3,521 $ 2,390 $ 2,214 $ 55,743 Ending balance: Individually evaluated for impairment $ 90 $ — $ 445 $ — $ 14 $ 164 $ 713 Collectively evaluated for impairment $ 4,382 $ 9,282 $ 32,937 $ 3,378 $ 2,331 $ 2,040 $ 54,350 Loans acquired and accounted for under ASC 310-30 $ 64 $ 93 $ 325 $ 143 $ 45 $ 10 $ 680 Loans Individually evaluated for impairment $ 3,546 $ — $ 3,438 $ — $ 167 $ 1,897 $ 9,048 Collectively evaluated for impairment $ 655,146 $ 1,021,145 $ 1,550,239 $ 1,266,847 $ 384,734 $ 239,727 $ 5,117,838 Loans acquired and accounted for under ASC 310-30 $ 57,113 $ 6,150 $ 24,613 $ 2,551 $ 2,549 $ 5,667 $ 98,643 December 31, 2019 One- to Four- Family Residential and Other Commercial Commercial Commercial Construction Residential Real Estate Construction Business Consumer Total (In Thousands) Allowance for Loan Losses Balance, January 1, 2019 $ 3,122 $ 4,713 $ 19,803 $ 3,105 $ 1,568 $ 6,098 $ 38,409 Provision (benefit) charged to expense 1,625 603 4,651 22 (309) (442) 6,150 Losses charged off (534) (189) (144) (101) (371) (6,723) (8,062) Recoveries 126 26 24 50 467 3,104 3,797 Balance, December 31, 2019 $ 4,339 $ 5,153 $ 24,334 $ 3,076 $ 1,355 $ 2,037 $ 40,294 Ending balance: Individually evaluated for impairment $ 198 $ — $ 517 $ — $ 13 $ 201 $ 929 Collectively evaluated for impairment $ 3,973 $ 5,101 $ 23,570 $ 2,940 $ 1,306 $ 1,814 $ 38,704 Loans acquired and accounted for under ASC 310-30 $ 168 $ 52 $ 247 $ 136 $ 36 $ 22 $ 661 Loans Individually evaluated for impairment $ 2,960 $ — $ 4,020 $ — $ 1,286 $ 2,001 $ 10,267 Collectively evaluated for impairment $ 554,450 $ 866,006 $ 1,490,152 $ 1,363,292 $ 325,112 $ 315,561 $ 4,914,573 Loans acquired and accounted for under ASC 310-30 $ 74,562 $ 5,334 $ 29,158 $ 3,606 $ 3,356 $ 11,190 $ 127,206 December 31, 2018 One- to Four- Family Residential and Other Commercial Commercial Commercial Construction Residential Real Estate Construction Business Consumer Total (In Thousands) Allowance for Loan Losses Balance, January 1, 2018 $ 2,108 $ 2,839 $ 18,639 $ 1,767 $ 3,581 $ 7,558 $ 36,492 Provision (benefit) charged to expense 742 1,982 1,094 1,031 (1,613) 3,914 7,150 Losses charged off (62) (525) (102) (87) (1,155) (9,425) (11,356) Recoveries 334 417 172 394 755 4,051 6,123 Balance, December 31, 2018 $ 3,122 $ 4,713 $ 19,803 $ 3,105 $ 1,568 $ 6,098 $ 38,409 Ending balance: Individually evaluated for impairment $ 694 $ — $ 613 $ — $ 309 $ 425 $ 2,041 Collectively evaluated for impairment $ 2,392 $ 4,681 $ 18,958 $ 3,029 $ 1,247 $ 5,640 $ 35,947 Loans acquired and accounted for under ASC 310-30 $ 36 $ 32 $ 232 $ 76 $ 12 $ 33 $ 421 Loans Individually evaluated for impairment $ 6,116 $ — $ 3,501 $ 14 $ 1,844 $ 2,464 $ 13,939 Collectively evaluated for impairment $ 433,209 $ 784,894 $ 1,367,934 $ 1,461,644 $ 334,214 $ 429,766 $ 4,811,661 Loans acquired and accounted for under ASC 310-30 $ 93,841 $ 12,790 $ 33,620 $ 4,093 $ 4,347 $ 18,960 $ 167,651 |
Schedule of impaired financing receivables | Year Ended December 31, 2020 December 31, 2020 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 20 20 — 115 3 Land development — — — — — Commercial construction — — — — — Owner occupied one- to four-family residential 3,457 3,776 90 2,999 169 Non-owner occupied one- to four-family residential 69 106 — 309 18 Commercial real estate 3,438 3,472 445 3,736 135 Other residential — — — — — Commercial business 166 551 14 800 34 Industrial revenue bonds — — — — — Consumer auto 865 964 140 932 91 Consumer other 403 552 19 298 47 Home equity lines of credit 630 668 5 550 36 Total $ 9,048 $ 10,109 $ 713 $ 9,739 $ 533 Year Ended December 31, 2019 December 31, 2019 Average Unpaid Investment Interest Recorded Principal Specific in Impaired Income Balance Balance Allowance Loans Recognized (In Thousands) One- to four-family residential construction $ — $ — $ — $ — $ — Subdivision construction 251 251 96 277 9 Land development — — — 328 101 Commercial construction — — — — — Owner occupied one- to four-family residential 2,300 2,423 82 2,598 131 Non-owner occupied one- to four-family residential 409 574 20 954 43 Commercial real estate 4,020 4,049 517 4,940 264 Other residential — — — — — Commercial business 1,286 1,771 13 1,517 81 Industrial revenue bonds — — — — — Consumer auto 1,117 1,334 181 1,128 125 Consumer other 356 485 16 383 48 Home equity lines of credit 528 548 4 362 37 Total $ 10,267 $ 11,435 $ 929 $ 12,487 $ 839 Year Ended December 31, 2018 December 31, 2018 Average Unpaid Investment Interest Recorded Principal Specific in Impaired Income Balance Balance Allowance Loans Recognized (In Thousands) One- to four-family residential construction $ — $ — $ — $ — $ — Subdivision construction 318 318 105 321 17 Land development 14 18 — 14 1 Commercial construction — — — — — Owner occupied one- to four-family residential 3,576 3,926 285 3,406 197 Non-owner occupied one- to four-family residential 2,222 2,519 304 2,870 158 Commercial real estate 3,501 3,665 613 6,216 337 Other residential — — — 1,026 20 Commercial business 1,844 2,207 309 2,932 362 Industrial revenue bonds — — — — — Consumer auto 1,874 2,114 336 2,069 167 Consumer other 479 684 72 738 59 Home equity lines of credit 111 128 17 412 28 Total $ 13,939 $ 15,579 $ 2,041 $ 20,004 $ 1,346 |
Schedule of Financing Receivable, Troubled Debt Restructuring | 2020 Total Interest Only Term Combination Modification (In Thousands) Residential one-to-four family $ — $ — $ 1,030 $ 1,030 Commercial real estate — — 559 559 Commercial business — — 22 22 Consumer — 16 1,951 1,967 $ — $ 16 $ 3,562 $ 3,578 2019 Total Interest Only Term Combination Modification (In Thousands) Consumer $ — $ 136 $ — $ 136 $ — $ 136 $ — $ 136 2018 Total Interest Only Term Combination Modification (In Thousands) Residential one-to-four family $ 1,348 $ — $ — $ 1,348 Construction and land development — 31 — 31 Commercial construction — — 106 106 Consumer — 535 — 535 $ 1,348 $ 566 $ 106 $ 2,020 |
Schedule of financing receivable credit quality indicators | December 31, 2020 Special Satisfactory Watch Mention Substandard Doubtful Total (In Thousands) One- to four-family residential construction $ 41,428 $ 1,365 $ — $ — $ — $ 42,793 Subdivision construction 30,874 — — 20 — 30,894 Land development 54,010 — — — — 54,010 Commercial construction 1,212,837 — — — — 1,212,837 Owner occupied one- to-four-family residential 467,855 216 — 2,365 — 470,436 Non-owner occupied one-to-four-family residential 114,176 324 — 69 — 114,569 Commercial real estate 1,498,031 52,208 — 3,438 — 1,553,677 Other residential 1,017,648 3,497 — — — 1,021,145 Commercial business 363,681 7,102 — 115 — 370,898 Industrial revenue bonds 14,003 — — — — 14,003 Consumer auto 85,657 5 — 511 — 86,173 Consumer other 40,514 2 — 246 — 40,762 Home equity lines of credit 114,049 39 — 601 — 114,689 Loans acquired and accounted for under ASC 310-30, net of discounts 98,633 — — 10 — 98,643 Total $ 5,153,396 $ 64,758 $ — $ 7,375 $ — $ 5,225,529 December 31, 2019 Special Satisfactory Watch Mention Substandard Doubtful Total (In Thousands) One- to four-family residential construction $ 33,963 $ — $ — $ — $ — $ 33,963 Subdivision construction 16,061 27 — — — 16,088 Land development 40,431 — — — — 40,431 Commercial construction 1,322,861 — — — — 1,322,861 Owner occupied one- to-four-family residential 385,001 26 — 1,989 — 387,016 Non-owner occupied one-to-four-family residential 119,743 419 — 181 — 120,343 Commercial real estate 1,458,400 32,063 — 3,709 — 1,494,172 Other residential 866,006 — — — — 866,006 Commercial business 307,322 4,651 — 1,236 — 313,209 Industrial revenue bonds 13,189 — — — — 13,189 Consumer auto 150,874 47 — 933 — 151,854 Consumer other 46,294 92 — 334 — 46,720 Home equity lines of credit 118,428 43 — 517 — 118,988 Loans acquired and accounted for under ASC 310-30, net of discounts 127,192 — — 14 — 127,206 Total $ 5,005,765 $ 37,368 $ — $ 8,913 $ — $ 5,052,046 |
Schedule of related party transactions | 2020 2019 (In Thousands) Balance, beginning of year $ 15,240 $ 29,017 New loans 901 15,062 Payments (2,673) (28,839) Balance, end of year $ 13,468 $ 15,240 |
FDIC-Acquired Loans and Loss _2
FDIC-Acquired Loans and Loss Sharing Agreements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
FDIC-Acquired Loans and Loss Sharing Agreements | |
Schedule of FDIC Indemnification Asset Policy | Sun Security TeamBank Vantus Bank Bank InterBank Valley Bank (In Thousands) December 31, 2020 Gross loans receivable $ 5,393 $ 8,052 $ 13,395 $ 44,215 $ 31,515 Balance of accretable discount due to change in expected losses (97) (35) (180) (1,079) (612) Net carrying value of loans receivable (5,266) (8,004) (13,111) (42,057) (30,204) Expected loss remaining $ 30 $ 13 $ 104 $ 1,079 $ 699 December 31, 2019 Gross loans receivable $ 7,304 $ 9,899 $ 17,906 $ 60,430 $ 41,032 Balance of accretable discount due to change in expected losses (159) (89) (374) (5,143) (1,803) Net carrying value of loans receivable (7,118) (9,797) (17,392) (54,442) (38,452) Expected loss remaining $ 27 $ 13 $ 140 $ 845 $ 777 |
Schedule of Impact of Adjustments of Acquired Loans on Financial Results | Year Ended December 31, 2020 2019 2018 (In Thousands) Increase in accretable yield due to increased cash flow expectations $ — $ 12,323 $ 5,202 |
Schedule of Impact of Acquired Loans on Financial Results | Year Ended December 31, 2020 2019 2018 (In Thousands) Interest income and net impact to pre-tax income $ 5,574 $ 7,431 $ 5,134 |
Schedule Of Accretable Yield Changes For Acquired Loans | Sun TeamBank Vantus Bank Security Bank InterBank Valley Bank (In Thousands) Balance, January 1, 2018 2,071 1,850 2,901 5,074 2,695 Accretion (1,042) (1,196) (1,667) (8,349) (3,892) Reclassification from nonaccretable difference (1) 327 778 1,008 8,269 4,260 Balance, December 31, 2018 1,356 1,432 2,242 4,994 3,063 Accretion (955) (1,006) (1,562) (8,798) (4,302) Reclassification from nonaccretable difference (1) 756 697 1,268 12,081 5,817 Balance, December 31, 2019 $ 1,157 $ 1,123 $ 1,948 $ 8,277 $ 4,578 Accretion (479) (831) (1,046) (6,791) (3,005) Reclassification from nonaccretable difference (1) 198 451 493 2,219 2,764 Balance, December 31, 2020 $ 876 $ 743 $ 1,395 $ 3,705 $ 4,337 (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, 2020, totaling $198,000, $451,000, $493,000, $2.2 million and $2.8 million, respectively; TeamBank, Vantus Bank, Sun Security Bank, InterBank and Valley Bank for the year ended December 31, 2019, totaling $667,000, $480,000, $810,000, $3.9 million and $2.5 million, respectively; for TeamBank, Vantus Bank, Sun Security Bank, InterBank and Valley Bank for the year ended December 31, 2018, totaling $312,000, $778,000, $756,000, $4.1 million and $3.5 million, respectively . |
Other Real Estate Owned and R_2
Other Real Estate Owned and Repossessions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Real Estate Owned and Repossessions | |
Schedule of Major classifications of other real estate owned | 2020 2019 (In Thousands) Foreclosed assets held for sale and repossessions One- to four-family construction $ — $ — Subdivision construction 263 689 Land development 250 1,816 Commercial construction — — One- to four-family residential 111 601 Other residential — — Commercial real estate — — Commercial business — — Consumer 153 545 777 3,651 Foreclosed assets related to FDIC acquisitions, net of discounts 446 1,003 Foreclosed assets held for sale and repossessions, net 1,223 4,654 Other real estate owned not acquired through foreclosure 654 871 Other real estate owned and repossessions $ 1,877 $ 5,525 |
Schedule of Expenses Applicable to Foreclosed Assets | 2020 2019 2018 (In Thousands) Net gains on sales of other real estate owned and repossessions $ (480) $ (750) $ (2,522) Valuation write-downs 1,320 926 3,897 Operating expenses, net of rental income 1,183 2,008 3,544 $ 2,023 $ 2,184 $ 4,919 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Premises and Equipment | |
Schedule of major classification | 2020 2019 (In Thousands) Land $ 40,652 $ 40,632 Buildings and improvements 100,187 96,959 Furniture, fixtures and equipment 59,226 56,986 Operating leases right of use asset 8,536 8,668 208,601 203,245 Less accumulated depreciation 69,431 61,337 $ 139,170 $ 141,908 |
Schedule of calculated amounts of the right of use assets and lease liabilities | At or For the Year Ended December 31, 2020 December 31, 2019 (In Thousands) Statement of Financial Condition Operating leases right of use asset $ 8,536 $ 8,668 Operating leases liability $ 8,661 $ 8,747 Statement of Income Operating lease costs classified as occupancy and equipment expense $ 1,572 $ 1,460 (includes short-term lease costs and amortization of right of use asset) Supplemental Cash Flow Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,526 $ 1,381 Right of use assets obtained in exchange for lease obligations: Operating leases $ 972 $ 9,538 |
Schedule of Future Minimum Rental Payments for Operating Leases | 2021 $ 1,119 2022 1,116 2023 1,088 2024 1,005 2025 979 Thereafter 4,926 Future lease payments expected 10,233 Less interest portion of lease payments (1,572) Lease liability $ 8,661 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits | |
Schedule of Deposit Liabilities | Weighted Average Interest Rate 2020 2019 (In Thousands, Except Interest Rates) Noninterest-bearing accounts — $ 984,798 $ 687,068 Interest-bearing checking and savings accounts 0.22% and 0.55% 2,141,313 1,551,929 3,126,111 2,238,997 Certificate accounts 0% - 0.99% 803,737 122,649 1% - 1.99% 425,061 523,816 2% - 2.99% 143,417 1,053,914 3% - 3.99% 18,148 19,849 4% and above 429 881 1,390,792 1,721,109 $ 4,516,903 $ 3,960,106 |
Schedule of Maturities of certificates of deposit | Retail Brokered Total (In Thousands) 2021 $ 995,934 $ 91,345 $ 1,087,279 2022 175,913 13,751 189,664 2023 30,898 42,448 73,346 2024 14,647 11,200 25,847 2025 13,743 — 13,743 Thereafter 913 — 913 $ 1,232,048 $ 158,744 $ 1,390,792 |
Schedule of Interest Expense on Deposit Liabilities | 2020 2019 2018 (In Thousands) Checking and savings accounts $ 7,096 $ 7,971 $ 5,982 Certificate accounts 25,453 37,723 22,149 Early withdrawal penalties (118) (124) (174) $ 32,431 $ 45,570 $ 27,957 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Short-Term Borrowings | |
Schedule of short-term debt | 2020 2019 (In Thousands) Notes payable – Community Development Equity Funds $ 1,518 $ 1,267 Other interest-bearing liabilities — 30,890 Overnight borrowings from the Federal Home Loan Bank — 196,000 Securities sold under reverse repurchase agreements 164,174 84,167 $ 165,692 $ 312,324 |
Schedule of repurchase agreements | 2020 2019 Overnight and Overnight and Continuous Continuous (In Thousands) Mortgage-backed securities – GNMA, FNMA, FHLMC $ 164,174 $ 84,167 |
Subordinated Debentures Issue_2
Subordinated Debentures Issued to Capital Trusts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subordinated Debentures Issued to Capital Trusts | |
Schedule of Subordinated Debentures Issued to Capital Trusts | 2020 2019 (In Thousands) Subordinated debentures $ 25,774 $ 25,774 |
Subordinated Notes (Tables)
Subordinated Notes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subordinated Notes | |
Schedule of subordinated notes | 2020 2019 (In Thousands) Subordinated notes $ 150,000 $ 75,000 Less: unamortized debt issuance costs 1,603 724 $ 148,397 $ 74,276 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes | |
Schedule of provision for income taxes | 2020 2019 2018 (In Thousands) Taxes currently payable $ 25,259 $ 15,375 $ 19,291 Deferred income taxes (benefit) (11,480) 1,074 (4,450) Income taxes $ 13,779 $ 16,449 $ 14,841 |
Schedule of deferred tax assets and liabilities | December 31, 2020 2019 (In Thousands) Deferred tax assets Allowance for loan losses $ 12,711 $ 9,188 Interest on nonperforming loans 142 161 Accrued expenses 894 821 Write-down of foreclosed assets 131 185 Write-down of fixed assets 114 50 Income recognized for tax in excess of book 8,830 — Partnership tax credits 11 732 Deferred income 885 509 Difference in basis for acquired assets and liabilities 1,532 2,540 25,250 14,186 Deferred tax liabilities Tax depreciation in excess of book depreciation (5,988) (5,986) FHLB stock dividends (368) (817) Prepaid expenses (898) (891) Unrealized gain on available-for-sale securities (6,869) (2,671) Unrealized gain on cash flow derivatives (8,830) (6,853) Other (258) (233) (23,211) (17,451) Net deferred tax asset (liability) $ 2,039 $ (3,265) |
Schedule of effective income tax rate reconciliation | 2020 2019 2018 Tax at statutory rate 21.0 % 21.0 % 21.0 % Nontaxable interest and dividends (0.5) (0.5) (0.8) Tax credits (3.8) (3.6) (3.4) State taxes 1.4 1.3 1.1 Other 0.8 0.1 0.2 18.9 % 18.3 % 18.1 % |
Disclosures About Fair Value _2
Disclosures About Fair Value of Financial Instruments - Schedule Of Financial Instruments Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosures About Fair Value of Financial Instruments | |
Schedule of Fair Value, Assets Measured on Recurring 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, 2020 Agency mortgage-backed securities $ 169,940 $ — $ 169,940 $ — Agency collateralized mortgage obligations 176,621 — 176,621 — States and political subdivisions securities 47,325 — 47,325 — Small Business Administration securities 21,047 — 21,047 — Interest rate derivative asset 5,062 — 5,062 — Interest rate derivative liability (5,454) — (5,454) — December 31, 2019 Agency mortgage-backed securities $ 165,042 $ — $ 165,042 $ — Agency collateralized mortgage obligations 151,950 — 151,950 — States and political subdivisions securities 35,125 — 35,125 — Small Business Administration securities 22,058 — 22,058 — Interest rate derivative asset 31,476 — 31,476 — Interest rate derivative liability (1,547) — (1,547) — |
Schedule of 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, 2020 Impaired loans $ 1,759 $ — $ — $ 1,759 Foreclosed assets held for sale $ 945 $ — $ — $ 945 December 31, 2019 Impaired loans $ 635 $ — $ — $ 635 Foreclosed assets held for sale $ 1,112 $ — $ — $ 1,112 |
Schedule Of Financial Instruments Fair Value | December 31, 2020 December 31, 2019 Carrying Fair Hierarchy Carrying Fair Hierarchy Amount Value Level Amount Value Level (Dollars in Thousands) Financial assets Cash and cash equivalents $ 563,729 $ 563,729 1 $ 220,155 $ 220,155 1 Mortgage loans held for sale 17,780 17,780 2 9,242 9,242 2 Loans, net of allowance for loan losses 4,296,804 4,303,909 3 4,153,982 4,129,984 3 Accrued interest receivable 12,793 12,793 3 13,530 13,530 3 Investment in FHLB stock and other assets 9,806 9,806 3 13,473 13,473 3 Financial liabilities Deposits 4,516,903 4,523,586 3 3,960,106 3,963,875 3 Short-term borrowings 165,692 165,692 3 312,324 312,324 3 Subordinated debentures 25,774 25,774 3 25,774 25,774 3 Subordinated notes 148,397 157,032 2 74,276 76,875 2 Accrued interest payable 2,594 2,594 3 4,250 4,250 3 Unrecognized financial instruments (net of Commitments to originate loans — — 3 — — 3 Letters of credit 84 84 3 109 109 3 Lines of credit — — 3 — — 3 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivatives and Hedging Activities | |
Schedule of fair value of derivative Instruments and location in statements of financials | Location in Fair Value Consolidated Statements December 31, December 31, of Financial Condition 2020 2019 (In Thousands) Derivatives designated as hedging instruments Interest rate swap Prepaid expenses and other assets $ — $ 30,056 Total derivatives designated as hedging instruments $ — $ 30,056 Derivatives not designated as hedging instruments Derivative Assets Interest rate products Prepaid expenses and other assets $ 5,062 $ 1,420 Total derivatives not designated as hedging instruments $ 5,062 $ 1,420 Derivative Liabilities Interest rate products Accrued expenses and other liabilities $ 5,454 $ 1,547 Total derivatives not designated as hedging instruments $ 5,454 $ 1,547 |
Schedule of effect of cash flow hedge accounting on statements of comprehensive income | Amount of Gain Recognized in AOCI Year Ended December 31 Cash Flow Hedges 2020 2019 2018 (In Thousands) Interest rate swap, net of income taxes $ 6,691 $ 13,857 $ 9,345 |
Schedule of effect of cash flow hedge accounting on statements of operations | Year Ended December 31 Cash Flow Hedges 2020 2019 2018 Interest Interest Interest Interest Interest Interest Income Expense Income Expense Income Expense (In Thousands) Interest rate swap, net of income taxes $ 7,676 $ — $ 3,082 $ — $ 673 $ — |
Additional Cash Flow Informat_2
Additional Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Additional Cash Flow Information | |
Schedule of Cash Flow, Supplemental Disclosures | 2020 2019 2018 (In Thousands) Noncash Investing and Financing Activities Real estate acquired in settlement of loans $ 1,707 $ 12,729 $ 12,044 Sale and financing of foreclosed assets 625 1,340 2,578 Conversion of premises and equipment to foreclosed assets 80 1,135 — Dividends declared but not paid 4,676 4,849 4,528 Additional Cash Payment Information Interest paid 42,221 53,922 37,091 Income taxes paid 18,755 5,719 2,569 |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stock Compensation Plans | |
Schedule of Share-based Compensation, Stock Options, Activity | Shares Weighted Available Under Average to Grant Option Exercise Price Balance, January 1, 2018 77,512 682,799 $ 38.860 Granted from 2013 Plan (1,000) 1,000 52.500 Exercised — (81,940) 27.597 Forfeited from 2013 Plan 13,773 (13,773) 45.692 Termination of 2013 Plan (90,285) — — 588,086 Available to grant from 2018 Plan 800,000 — Granted from 2018 Plan (185,750) 185,750 55.297 Forfeited from current plan(s) 600 (600) 55.000 Balance, December 31, 2018 614,850 773,236 43.886 Granted from 2018 Plan (186,400) 186,400 60.086 Exercised — (125,894) 33.031 Forfeited from terminated plan(s) — (17,424) 44.163 Forfeited from current plan(s) 8,450 (8,450) 55.000 Balance, December 31, 2019 436,900 807,868 49.139 Granted from 2018 Plan (196,350) 196,350 41.740 Exercised — (21,436) 33.805 Forfeited from terminated plan(s) — (6,875) 38.849 Forfeited from current plan(s) 4,800 (4,800) 57.513 Balance, December 31, 2020 245,350 971,107 $ 48.079 |
Schedule of Fair Value Option Pricing Model Assumptions | 2020 2019 2018 Expected dividends per share $ 1.36 $ 1.36 $ 1.27 Risk-free interest rate 0.35 % 1.59 % 2.86 % Expected life of options 5 years 5 years 5 years Expected volatility 29.32 % 25.15 % 17.61 % Weighted average fair value of options granted during year $ 7.30 $ 11.20 $ 8.30 |
Schedule of Share-based Compensation, Activity | Weighted Weighted Average Average Remaining Exercise Contractual Options Price Term Options outstanding, January 1, 2020 807,868 49.139 7.54 years Granted 196,350 41.740 Exercised (21,436) 30.805 Forfeited (11,675) 46.523 Options outstanding, December 31, 2020 971,107 48.079 7.23 years Options exercisable, December 31, 2020 363,695 42.583 4.95 years |
Schedule of Nonvested Share Activity | Weighted Weighted Average Average Exercise Grant Date Options Price Fair Value Nonvested options, January 1, 2020 552,377 54.610 9.509 Granted 196,350 41.740 7.296 Vested this period (134,140) 50.441 8.662 Nonvested options forfeited (7,175) 54.655 9.501 Nonvested options, December 31, 2020 607,412 51.370 8.981 |
Schedule of 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 Number Contractual Exercise Number Exercise Range of Exercise Prices Outstanding Term Price Exercisable Price $16.810 to 29.640 64,043 2.16 years $ 25.598 64,043 $ 25.598 $32.590 to 38.610 62,056 3.62 years 33.001 61,181 32.921 $41.300 to 47.800 282,357 8.56 years 41.613 59,816 41.335 $50.710 to 52.500 204,251 6.11 years 51.656 133,496 51.415 $55.000 to 60.150 358,400 8.35 years 57.762 45,159 55.306 971,107 7.23 years 48.079 363,695 42.583 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income | |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | 2020 2019 (In Thousands) Net unrealized gain on available-for-sale securities $ 30,126 $ 11,715 Net unrealized gain on derivatives used for cash flow hedges 38,724 30,056 68,850 41,771 Tax effect (15,699) (9,525) Net-of-tax amount $ 53,151 $ 32,246 |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income | Amounts Reclassified from AOCI Affected Line Item in the 2020 2019 2018 Statements of Income (In Thousands) Unrealized gains/(losses) on available- for-sale securities $ 78 $ (62) $ 2 Net realized gains on available-for-sale securities (total reclassified amount before tax) Change in fair value of cash flow hedge 6,764 — — Amortization of realized gain on termination of cash flow hedge (total reclassification amount before tax) Income taxes (1,559) 14 — Tax (expense) benefit Total reclassifications out of AOCI $ 5,283 $ 48 $ 2 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Matters | |
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, 2020 Total capital Great Southern Bancorp, Inc. $ 800,388 17.2 % $ 373,132 8.0 % N/A N/A Great Southern Bank $ 694,047 14.9 % $ 373,058 8.0 % $ 466,322 10.0 % Tier I capital Great Southern Bancorp, Inc. $ 594,645 12.7 % $ 279,849 6.0 % N/A N/A Great Southern Bank $ 638,304 13.7 % $ 279,793 6.0 % $ 373,058 8.0 % Tier I leverage capital Great Southern Bancorp, Inc. $ 594,645 10.9 % $ 217,223 4.0 % N/A N/A Great Southern Bank $ 638,304 11.8 % $ 217,170 4.0 % $ 271,463 5.0 % Common equity Tier I capital Great Southern Bancorp, Inc. $ 569,645 12.2 % $ 209,887 4.5 % N/A N/A Great Southern Bank $ 638,304 13.7 % $ 209,845 4.5 % $ 303,109 6.5 % As of December 31, 2019 Total capital Great Southern Bancorp, Inc. $ 698,085 15.0 % $ 372,387 8.0 % N/A N/A Great Southern Bank $ 650,280 14.0 % $ 372,316 8.0 % $ 465,395 10.0 % Tier I capital Great Southern Bancorp, Inc. $ 582,791 12.5 % $ 279,290 6.0 % N/A N/A Great Southern Bank $ 609,986 13.1 % $ 279,237 6.0 % $ 372,316 8.0 % Tier I leverage capital Great Southern Bancorp, Inc. $ 582,791 11.8 % $ 198,320 4.0 % N/A N/A Great Southern Bank $ 609,986 12.3 % $ 198,010 4.0 % $ 247,512 5.0 % Common equity Tier I capital Great Southern Bancorp, Inc. $ 557,791 12.0 % $ 209,468 4.5 % N/A N/A Great Southern Bank $ 609,986 13.1 % $ 209,428 4.5 % $ 302,507 6.5 % |
Summary of Unaudited Quarterl_2
Summary of Unaudited Quarterly Operating Results (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Unaudited Quarterly Operating Results | |
Summary of Unaudited Quarterly Operating Results | 2020 Three Months Ended March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Data) Interest income $ 57,474 $ 54,011 $ 53,599 $ 52,619 Interest expense 12,536 10,556 9,431 8,042 Provision for loan losses 3,871 6,000 4,500 1,500 Net realized gains on available-for-sale securities — 78 — — Noninterest income 7,367 8,261 9,466 9,956 Noninterest expense 30,815 29,349 31,988 31,073 Provision for income taxes 2,751 3,164 3,692 4,172 Net income available to common shareholders 14,868 13,203 13,454 17,788 Earnings per common share – diluted 1.04 0.93 0.96 1.28 2019 Three Months Ended March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Data) Interest income $ 57,358 $ 58,723 $ 60,187 $ 58,726 Interest expense 12,753 13,802 14,263 13,784 Provision for loan losses 1,950 1,600 1,950 650 Net realized gains (losses) on available-for-sale securities 10 — — (72) Noninterest income 7,450 7,157 8,655 7,695 Noninterest expense 28,495 28,383 28,725 29,535 Provision for income taxes 3,998 3,720 4,172 4,559 Net income available to common shareholders 17,612 18,375 19,732 17,893 Earnings per common share – diluted 1.23 1.28 1.38 1.24 2018 Three Months Ended March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Data) Interest income $ 46,882 $ 49,943 $ 52,982 $ 56,142 Interest expense 7,444 8,731 9,997 11,585 Provision for loan losses 1,950 1,950 1,300 1,950 Net realized gains on available-for-sale securities — — 2 — Noninterest income 6,935 7,459 14,604 7,220 Noninterest expense 28,312 29,915 28,309 28,774 Provision for income taxes 2,645 2,967 5,464 3,765 Net income available to common shareholders 13,466 13,839 22,516 17,288 Earnings per common share – diluted 0.95 0.97 1.57 1.21 |
Condensed Parent Company Stat_2
Condensed Parent Company Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Parent Company Statements | |
Schedule of condensed financial condition | December 31, 2020 2019 (In Thousands) Statements of Financial Condition Assets Cash $ 111,250 $ 58,726 Investment in subsidiary bank 698,398 650,329 Deferred and accrued income taxes 157 111 Prepaid expenses and other assets 883 868 $ 810,688 $ 710,034 Liabilities and Stockholders’ Equity Accounts payable and accrued expenses $ 6,776 $ 6,918 Subordinated debentures issued to capital trust 25,774 25,774 Subordinated notes 148,397 74,276 Common stock 138 143 Additional paid-in capital 35,004 33,510 Retained earnings 541,448 537,167 Accumulated other comprehensive income 53,151 32,246 $ 810,688 $ 710,034 |
Schedule of condensed statements of income | 2020 2019 2018 (In Thousands) Statements of Income Income Dividends from subsidiary bank $ 40,000 $ 32,000 $ 34,000 Other income 5 — — Loss on other investments — (23) — 40,005 31,977 34,000 Expense Operating expenses 2,197 2,044 1,793 Interest expense 7,459 5,397 5,050 9,656 7,441 6,843 Income before income tax and equity in undistributed earnings of subsidiaries 30,349 24,536 27,157 Credit for income taxes (1,800) (1,381) (1,204) Income before equity in earnings of subsidiaries 32,149 25,917 28,361 Equity in undistributed earnings of subsidiaries 27,164 47,695 38,748 Net income $ 59,313 $ 73,612 $ 67,109 |
Schedule of condensed statements of cashflows | 2020 2019 2018 (In Thousands) Statements of Cash Flows Operating Activities Net income $ 59,313 $ 73,612 $ 67,109 Items not requiring (providing) cash Equity in undistributed earnings of subsidiary (27,164) (47,695) (38,748) Compensation expense for stock option grants 1,153 922 737 Amortization of interest rate derivative and deferred costs on subordinated notes 608 434 154 Loss on other investments — 23 — Changes in Prepaid expenses and other assets (15) (3) 13 Accounts payable and accrued expenses 31 226 182 Income taxes (46) 300 (278) Net cash provided by operating activities 33,880 27,819 29,169 Investing Activities Return of principal - other investments — 2 — Net cash provided by investing activities — 2 — Financing Activities Purchases of the Company’s common stock (22,104) (849) (903) Proceeds from issuance of subordinated notes 73,513 — — Dividends paid (33,426) (29,052) (15,819) Stock options exercised 661 4,158 2,224 Net cash used in financing activities 18,644 (25,743) (14,498) Increase in Cash 52,524 2,078 14,671 Cash, Beginning of Year 58,726 56,648 41,977 Cash, End of Year $ 111,250 $ 58,726 $ 56,648 Additional Cash Payment Information Interest paid $ 7,349 $ 5,424 $ 5,001 |
Schedule of condensed statements of comprehensive income | 2020 2019 2018 (In Thousands) Statements of Comprehensive Income Net Income $ 59,313 $ 73,612 $ 67,109 Comprehensive income of subsidiaries 20,905 22,619 8,114 Comprehensive Income $ 80,218 $ 96,231 $ 75,223 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting Policies - Impairment or Disposal of Long-Lived Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Nature of Operations and Summary of Significant Accounting Policies | |||
Asset Impairment Charges | $ 0 | $ 0 | $ 0 |
Nature of Operations and Summ_5
Nature of Operations and Summary of Significant Accounting Policies - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible assets, amortization period | 7 years | |
Goodwill -- Branch acquisition | $ 5,396 | $ 5,396 |
Finite-Lived Core Deposits, Gross | 1,548 | 2,702 |
Intangible Assets, Net (Including Goodwill), Total | 6,944 | 8,098 |
Boulevard Bank | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 31 | 153 |
Valley Bank | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 200 | 600 |
Fifth Third Bank | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,317 | $ 1,949 |
Nature of Operations and Summ_6
Nature of Operations and Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Nature of Operations and Summary of Significant Accounting Policies | |||
Net income and net income available to common shareholders | $ 59,313 | $ 73,612 | $ 67,109 |
Average common shares outstanding | 14,043 | 14,201 | 14,132 |
Average common share stock options outstanding | 61 | 129 | 128 |
Average diluted common shares | 14,104 | 14,330 | 14,260 |
Earnings per common share - basic | $ 4.22 | $ 5.18 | $ 4.75 |
Earnings per common share - diluted | $ 4.21 | $ 5.14 | $ 4.71 |
Nature of Operations and Summ_7
Nature of Operations and Summary of Significant Accounting Policies - Options to Purchase Shares of Common Stock (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Nature of Operations and Summary of Significant Accounting Policies | |||
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 | 758,901 | 201,400 | 424,833 |
Nature of Operations and Summ_8
Nature of Operations and Summary of Significant Accounting Policies - Stock Compensation Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Nature of Operations and Summary of Significant Accounting Policies | |||
Share-based Payment Arrangement, Expense | $ 1,200,000 | $ 922,000 | $ 737,000 |
Nature of Operations and Summ_9
Nature of Operations and Summary of Significant Accounting Policies - Restrictions on Cash and Due From Banks (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Nature of Operations and Summary of Significant Accounting Policies | ||
Federal Reserve Bank Reserve Fund | $ 0 | $ 69,400,000 |
Nature of Operations and Sum_10
Nature of Operations and Summary of Significant Accounting Policies - New Accounting Pronouncements, Policy (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Impairment of goodwill and intangible assets | $ 0 |
Accounting Standards Update 2016-13 [Member] | SEC Schedule, 12-09, Allowance, Credit Loss | |
New accounting pronouncement or change in accounting principle effect of adoption | 12,000,000 |
Accounting Standards Update 2016-13 [Member] | Liability for potential losses related to unfunded portion of loans and commitments Member | |
New accounting pronouncement or change in accounting principle effect of adoption | 8,000,000 |
Accounting Standards Update 2016-13 [Member] | After-tax effect on retained earnings Member | |
New accounting pronouncement or change in accounting principle effect of adoption | $ 13,000,000 |
Investments in Securities - Inv
Investments in Securities - Investment Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Available-for-sale Securities | ||
Available For Sale Securities Amortized Cost Amount | $ 384,807 | $ 362,460 |
Available-for-sale Securities, Gross Unrealized Gain | 31,338 | 12,975 |
Available-for-sale Securities, Gross Unrealized Loss | 1,212 | 1,260 |
Available for Sale Securities Fair Value | 414,933 | 374,175 |
Agency mortgage-backed securities | ||
Available For Sale Securities Amortized Cost Amount | 151,106 | 156,591 |
Available-for-sale Securities, Gross Unrealized Gain | 19,665 | 8,716 |
Available-for-sale Securities, Gross Unrealized Loss | 831 | 265 |
Available for Sale Securities Fair Value | 169,940 | 165,042 |
Agency collateralized mortgage obligations | ||
Available For Sale Securities Amortized Cost Amount | 168,472 | 149,980 |
Available-for-sale Securities, Gross Unrealized Gain | 8,524 | 2,891 |
Available-for-sale Securities, Gross Unrealized Loss | 375 | 921 |
Available for Sale Securities Fair Value | 176,621 | 151,950 |
States and political subdivisions securities | ||
Available For Sale Securities Amortized Cost Amount | 45,196 | 33,757 |
Available-for-sale Securities, Gross Unrealized Gain | 2,135 | 1,368 |
Available-for-sale Securities, Gross Unrealized Loss | 6 | |
Available for Sale Securities Fair Value | 47,325 | 35,125 |
Small Business Administration securities | ||
Available For Sale Securities Amortized Cost Amount | 20,033 | 22,132 |
Available-for-sale Securities, Gross Unrealized Gain | 1,014 | |
Available-for-sale Securities, Gross Unrealized Loss | 74 | |
Available for Sale Securities Fair Value | $ 21,047 | $ 22,058 |
Investments in Securities - Add
Investments in Securities - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Marketable Securities [Line Items] | ||
Securities classified as held to maturity | $ 0 | $ 0 |
Fair Value of Debt Securities Reported Less Than Their Historical Cost | $ 24.2 | $ 116.2 |
Debt Securities Reported Less Than Their Historical Cost Percent of Investment Portfolio | 5.80% | 31.10% |
Fixed rates of interest | ||
Marketable Securities [Line Items] | ||
Agency collateralized mortgage obligations | $ 156.8 | |
Mortgage Backed Securities | 169.9 | |
Variable rates of interest | ||
Marketable Securities [Line Items] | ||
Agency collateralized mortgage obligations | 19.8 | |
Federal National Mortgage Association Certificates and Obligations (FNMA) | ||
Marketable Securities [Line Items] | ||
Agency collateralized mortgage obligations | 52.9 | |
Agency mortgage-backed securities | 156.6 | |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ||
Marketable Securities [Line Items] | ||
Agency collateralized mortgage obligations | 17.9 | |
Agency mortgage-backed securities | 10.3 | |
Government National Mortgage Association Certificates and Obligations (GNMA) | ||
Marketable Securities [Line Items] | ||
Agency collateralized mortgage obligations | 105.8 | |
Agency mortgage-backed securities | $ 3 |
Investments in Securities - I_2
Investments in Securities - Investments Classified by Contractual Maturity Date (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Investments in Securities | |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $ 8,672 |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | 9,251 |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | 36,524 |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | 38,074 |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | 339,611 |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 367,608 |
Available For Sale Securities Amortized Cost of Contractual Maturities | 384,807 |
Available For Sale Securities Fair Value of Contractual Maturities | $ 414,933 |
Investments in Securities - Sch
Investments in Securities - Schedule of Financial Instruments Owned and Pledged as Collateral (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Public deposits | ||
Marketable Securities [Line Items] | ||
Securities Owned and Pledged As Collateral Amortized Cost | $ 5,674 | $ 8,578 |
Security Owned and Pledged as Collateral, Fair Value | 5,962 | 8,913 |
Collateralized borrowing accounts | ||
Marketable Securities [Line Items] | ||
Securities Owned and Pledged As Collateral Amortized Cost | 188,309 | 122,771 |
Security Owned and Pledged as Collateral, Fair Value | 201,818 | 129,643 |
Other | ||
Marketable Securities [Line Items] | ||
Securities Owned and Pledged As Collateral Amortized Cost | 6,413 | 7,021 |
Security Owned and Pledged as Collateral, Fair Value | 6,819 | 7,107 |
Securities Pledged as Collateral | ||
Marketable Securities [Line Items] | ||
Securities Owned and Pledged As Collateral Amortized Cost | 200,396 | 138,370 |
Security Owned and Pledged as Collateral, Fair Value | $ 214,599 | $ 145,663 |
Investments in Securities - Unr
Investments in Securities - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Collateralized Mortgage Backed Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 10,279 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (831) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 24,762 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (265) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 10,279 | 24,762 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (831) | (265) |
Agency collateralized mortgage obligations | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 12,727 | 69,372 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (375) | (921) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 12,727 | 69,372 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (375) | (921) |
States and political subdivisions securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,164 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (6) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,164 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (6) | |
Unrealized Losses and Estimated Fair Value | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 24,170 | 91,430 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,212) | (995) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 24,762 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (265) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 24,170 | 116,192 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (1,212) | (1,260) |
Small Business Administration securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 22,058 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (74) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 22,058 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (74) |
Investments in Securities - Oth
Investments in Securities - Other than temporary impairment securities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments in Securities | |||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | $ 0 | $ 0 |
Investments in Securities - Cre
Investments in Securities - Credit Losses Recognized on Investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments in Securities | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans Receivable | $ 4,296,804 | $ 4,153,982 |
Loans Receivable weighted average interest rate | 4.29% | 4.97% |
SEC Schedule, 12-09, Allowance, Credit Loss | ||
Loans Receivable | $ (55,743) | $ (40,294) |
Undisbursed portion of loans in process | ||
Loans Receivable | (863,722) | (850,666) |
Deferred loan fees and gains, net | ||
Loans Receivable | (9,260) | (7,104) |
Commercial construction | ||
Loans Receivable | 1,212,837 | 1,322,861 |
Commercial Real Estate | ||
Loans Receivable | 1,553,677 | 1,494,172 |
Industrial revenue bonds | ||
Loans Receivable | 14,003 | 13,189 |
Consumer auto | ||
Loans Receivable | 86,173 | 151,854 |
Home Equity Line of Credit | ||
Loans Receivable | 114,689 | 118,988 |
Loans Receivable, Gross | ||
Loans Receivable | 5,225,529 | 5,052,046 |
Land development | ||
Loans Receivable | 54,010 | 40,431 |
One- to four-family residential construction | ||
Loans Receivable | 42,793 | 33,963 |
Subdivision construction | ||
Loans Receivable | 30,894 | 16,088 |
Owner occupied one- to four-family residential | ||
Loans Receivable | 470,436 | 387,016 |
Non-owner occupied one- to four-family residential | ||
Loans Receivable | 114,569 | 120,343 |
Other residential | ||
Loans Receivable | 1,021,145 | 866,006 |
Commercial business | ||
Loans Receivable | 370,898 | 313,209 |
Consumer other | ||
Loans Receivable | 40,762 | 46,720 |
Acquired Loans Net of Discount | ||
Loans Receivable | $ 98,643 | $ 127,206 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Schedule of Loans Classified by Aging Analysis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Commercial construction | ||
Financing Receivables, By Class | $ 0 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Commercial Real Estate | ||
Financing Receivables, By Class | 0 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Industrial revenue bonds | ||
Financing Receivables, By Class | 0 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Consumer auto | ||
Financing Receivables, By Class | 0 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Home Equity Line of Credit | ||
Financing Receivables, By Class | 0 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Land development | ||
Financing Receivables, By Class | 0 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | One- to four-family residential construction | ||
Financing Receivables, By Class | 0 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Subdivision construction | ||
Financing Receivables, By Class | 0 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Owner occupied one- to four-family residential | ||
Financing Receivables, By Class | 0 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Non-owner occupied one- to four-family residential | ||
Financing Receivables, By Class | 0 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Other residential | ||
Financing Receivables, By Class | 0 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Commercial business | ||
Financing Receivables, By Class | 0 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Consumer other | ||
Financing Receivables, By Class | 0 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Acquired Loans Net of Discount | ||
Financing Receivables, By Class | 0 | |
Financing Receivables Greater Than 90 Days Past Due and Still Accruing | Less Acquired Loans Net of Discount | ||
Financing Receivables, By Class | 0 | |
Loans Receivable, Gross | ||
Financing Receivables, By Class | 0 | |
Loans Receivable | ||
Financing Receivables, By Class | 0 | |
Financial Asset, 30 to 59 Days Past Due | Commercial construction | ||
Financing Receivables, By Class | 0 | $ 15,085 |
Financial Asset, 30 to 59 Days Past Due | Commercial Real Estate | ||
Financing Receivables, By Class | 0 | 549 |
Financial Asset, 30 to 59 Days Past Due | Industrial revenue bonds | ||
Financing Receivables, By Class | 0 | |
Financial Asset, 30 to 59 Days Past Due | Consumer auto | ||
Financing Receivables, By Class | 364 | 1,101 |
Financial Asset, 30 to 59 Days Past Due | Home Equity Line of Credit | ||
Financing Receivables, By Class | 153 | 296 |
Financial Asset, 30 to 59 Days Past Due | Land development | ||
Financing Receivables, By Class | 20 | |
Financial Asset, 30 to 59 Days Past Due | One- to four-family residential construction | ||
Financing Receivables, By Class | 1,365 | |
Financial Asset, 30 to 59 Days Past Due | Subdivision construction | ||
Financing Receivables, By Class | 0 | |
Financial Asset, 30 to 59 Days Past Due | Owner occupied one- to four-family residential | ||
Financing Receivables, By Class | 1,379 | 1,453 |
Financial Asset, 30 to 59 Days Past Due | Non-owner occupied one- to four-family residential | ||
Financing Receivables, By Class | 0 | 152 |
Financial Asset, 30 to 59 Days Past Due | Other residential | ||
Financing Receivables, By Class | 0 | 376 |
Financial Asset, 30 to 59 Days Past Due | Commercial business | ||
Financing Receivables, By Class | 0 | 60 |
Financial Asset, 30 to 59 Days Past Due | Consumer other | ||
Financing Receivables, By Class | 443 | 278 |
Financial Asset, 30 to 59 Days Past Due | Acquired Loans Net of Discount | ||
Financing Receivables, By Class | 1,662 | 2,177 |
Financial Asset, 30 to 59 Days Past Due | Less Acquired Loans Net of Discount | ||
Financing Receivables, By Class | 1,662 | 2,177 |
Financial Asset, 30 to 59 Days Past Due | Loans Receivable, Gross | ||
Financing Receivables, By Class | 5,386 | 21,527 |
Financial Asset, 30 to 59 Days Past Due | Loans Receivable | ||
Financing Receivables, By Class | 3,724 | 19,350 |
Financial Asset, 60 to 89 Days Past Due | Commercial construction | ||
Financing Receivables, By Class | 0 | |
Financial Asset, 60 to 89 Days Past Due | Commercial Real Estate | ||
Financing Receivables, By Class | 79 | 119 |
Financial Asset, 60 to 89 Days Past Due | Industrial revenue bonds | ||
Financing Receivables, By Class | 0 | |
Financial Asset, 60 to 89 Days Past Due | Consumer auto | ||
Financing Receivables, By Class | 119 | 259 |
Financial Asset, 60 to 89 Days Past Due | Home Equity Line of Credit | ||
Financing Receivables, By Class | 111 | |
Financial Asset, 60 to 89 Days Past Due | Land development | ||
Financing Receivables, By Class | 0 | 27 |
Financial Asset, 60 to 89 Days Past Due | One- to four-family residential construction | ||
Financing Receivables, By Class | 0 | |
Financial Asset, 60 to 89 Days Past Due | Subdivision construction | ||
Financing Receivables, By Class | 0 | |
Financial Asset, 60 to 89 Days Past Due | Owner occupied one- to four-family residential | ||
Financing Receivables, By Class | 113 | 1,631 |
Financial Asset, 60 to 89 Days Past Due | Non-owner occupied one- to four-family residential | ||
Financing Receivables, By Class | 0 | |
Financial Asset, 60 to 89 Days Past Due | Other residential | ||
Financing Receivables, By Class | 0 | |
Financial Asset, 60 to 89 Days Past Due | Commercial business | ||
Financing Receivables, By Class | 0 | |
Financial Asset, 60 to 89 Days Past Due | Consumer other | ||
Financing Receivables, By Class | 7 | 233 |
Financial Asset, 60 to 89 Days Past Due | Acquired Loans Net of Discount | ||
Financing Receivables, By Class | 641 | 709 |
Financial Asset, 60 to 89 Days Past Due | Less Acquired Loans Net of Discount | ||
Financing Receivables, By Class | 641 | 709 |
Financial Asset, 60 to 89 Days Past Due | Loans Receivable, Gross | ||
Financing Receivables, By Class | 1,070 | 2,978 |
Financial Asset, 60 to 89 Days Past Due | Loans Receivable | ||
Financing Receivables, By Class | 429 | 2,269 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial construction | ||
Financing Receivables, By Class | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial Real Estate | ||
Financing Receivables, By Class | 587 | 632 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Industrial revenue bonds | ||
Financing Receivables, By Class | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due | Consumer auto | ||
Financing Receivables, By Class | 169 | 558 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Home Equity Line of Credit | ||
Financing Receivables, By Class | 508 | 517 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Land development | ||
Financing Receivables, By Class | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due | One- to four-family residential construction | ||
Financing Receivables, By Class | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due | Subdivision construction | ||
Financing Receivables, By Class | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due | Owner occupied one- to four-family residential | ||
Financing Receivables, By Class | 1,502 | 1,198 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Non-owner occupied one- to four-family residential | ||
Financing Receivables, By Class | 69 | 181 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Other residential | ||
Financing Receivables, By Class | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial business | ||
Financing Receivables, By Class | 114 | 1,235 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Consumer other | ||
Financing Receivables, By Class | 94 | 198 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Acquired Loans Net of Discount | ||
Financing Receivables, By Class | 3,843 | 6,191 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Less Acquired Loans Net of Discount | ||
Financing Receivables, By Class | 3,843 | 6,191 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Loans Receivable, Gross | ||
Financing Receivables, By Class | 6,886 | 10,710 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Loans Receivable | ||
Financing Receivables, By Class | 3,043 | 4,519 |
Financing Receivables Past Due | Commercial construction | ||
Financing Receivables, By Class | 0 | 15,085 |
Financing Receivables Past Due | Commercial Real Estate | ||
Financing Receivables, By Class | 666 | 1,300 |
Financing Receivables Past Due | Industrial revenue bonds | ||
Financing Receivables, By Class | 0 | |
Financing Receivables Past Due | Consumer auto | ||
Financing Receivables, By Class | 652 | 1,918 |
Financing Receivables Past Due | Home Equity Line of Credit | ||
Financing Receivables, By Class | 772 | 813 |
Financing Receivables Past Due | Land development | ||
Financing Receivables, By Class | 20 | 27 |
Financing Receivables Past Due | One- to four-family residential construction | ||
Financing Receivables, By Class | 1,365 | |
Financing Receivables Past Due | Subdivision construction | ||
Financing Receivables, By Class | 0 | |
Financing Receivables Past Due | Owner occupied one- to four-family residential | ||
Financing Receivables, By Class | 2,994 | 4,282 |
Financing Receivables Past Due | Non-owner occupied one- to four-family residential | ||
Financing Receivables, By Class | 69 | 333 |
Financing Receivables Past Due | Other residential | ||
Financing Receivables, By Class | 0 | 376 |
Financing Receivables Past Due | Commercial business | ||
Financing Receivables, By Class | 114 | 1,295 |
Financing Receivables Past Due | Consumer other | ||
Financing Receivables, By Class | 544 | 709 |
Financing Receivables Past Due | Acquired Loans Net of Discount | ||
Financing Receivables, By Class | 6,146 | 9,077 |
Financing Receivables Past Due | Less Acquired Loans Net of Discount | ||
Financing Receivables, By Class | 6,146 | 9,077 |
Financing Receivables Past Due | Loans Receivable, Gross | ||
Financing Receivables, By Class | 13,342 | 35,215 |
Financing Receivables Past Due | Loans Receivable | ||
Financing Receivables, By Class | 7,196 | 26,138 |
Financing Receivables Current | Commercial construction | ||
Financing Receivables, By Class | 1,212,837 | 1,307,776 |
Financing Receivables Current | Commercial Real Estate | ||
Financing Receivables, By Class | 1,553,011 | 1,492,872 |
Financing Receivables Current | Industrial revenue bonds | ||
Financing Receivables, By Class | 14,003 | 13,189 |
Financing Receivables Current | Consumer auto | ||
Financing Receivables, By Class | 85,521 | 149,936 |
Financing Receivables Current | Home Equity Line of Credit | ||
Financing Receivables, By Class | 113,917 | 118,175 |
Financing Receivables Current | Land development | ||
Financing Receivables, By Class | 53,990 | 40,404 |
Financing Receivables Current | One- to four-family residential construction | ||
Financing Receivables, By Class | 41,428 | 33,963 |
Financing Receivables Current | Subdivision construction | ||
Financing Receivables, By Class | 30,894 | 16,088 |
Financing Receivables Current | Owner occupied one- to four-family residential | ||
Financing Receivables, By Class | 467,442 | 382,734 |
Financing Receivables Current | Non-owner occupied one- to four-family residential | ||
Financing Receivables, By Class | 114,500 | 120,010 |
Financing Receivables Current | Other residential | ||
Financing Receivables, By Class | 1,021,145 | 865,630 |
Financing Receivables Current | Commercial business | ||
Financing Receivables, By Class | 370,784 | 311,914 |
Financing Receivables Current | Consumer other | ||
Financing Receivables, By Class | 40,218 | 46,011 |
Financing Receivables Current | Acquired Loans Net of Discount | ||
Financing Receivables, By Class | 92,497 | 118,129 |
Financing Receivables Current | Less Acquired Loans Net of Discount | ||
Financing Receivables, By Class | 92,497 | 118,129 |
Financing Receivables Current | Loans Receivable, Gross | ||
Financing Receivables, By Class | 5,212,187 | 5,016,831 |
Financing Receivables Current | Loans Receivable | ||
Financing Receivables, By Class | 5,119,690 | 4,898,702 |
Financing Receivables Total | Commercial construction | ||
Financing Receivables, By Class | 1,212,837 | 1,322,861 |
Financing Receivables Total | Commercial Real Estate | ||
Financing Receivables, By Class | 1,553,677 | 1,494,172 |
Financing Receivables Total | Industrial revenue bonds | ||
Financing Receivables, By Class | 14,003 | 13,189 |
Financing Receivables Total | Consumer auto | ||
Financing Receivables, By Class | 86,173 | 151,854 |
Financing Receivables Total | Home Equity Line of Credit | ||
Financing Receivables, By Class | 114,689 | 118,988 |
Financing Receivables Total | Land development | ||
Financing Receivables, By Class | 54,010 | 40,431 |
Financing Receivables Total | One- to four-family residential construction | ||
Financing Receivables, By Class | 42,793 | 33,963 |
Financing Receivables Total | Subdivision construction | ||
Financing Receivables, By Class | 30,894 | 16,088 |
Financing Receivables Total | Owner occupied one- to four-family residential | ||
Financing Receivables, By Class | 470,436 | 387,016 |
Financing Receivables Total | Non-owner occupied one- to four-family residential | ||
Financing Receivables, By Class | 114,569 | 120,343 |
Financing Receivables Total | Other residential | ||
Financing Receivables, By Class | 1,021,145 | 866,006 |
Financing Receivables Total | Commercial business | ||
Financing Receivables, By Class | 370,898 | 313,209 |
Financing Receivables Total | Consumer other | ||
Financing Receivables, By Class | 40,762 | 46,720 |
Financing Receivables Total | Acquired Loans Net of Discount | ||
Financing Receivables, By Class | 98,643 | 127,206 |
Financing Receivables Total | Less Acquired Loans Net of Discount | ||
Financing Receivables, By Class | 98,643 | 127,206 |
Financing Receivables Total | Loans Receivable, Gross | ||
Financing Receivables, By Class | 5,225,529 | 5,052,046 |
Financing Receivables Total | Loans Receivable | ||
Financing Receivables, By Class | $ 5,126,886 | $ 4,924,840 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Financing Receivable, Nonaccrual (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans Receivable | ||
Financing Receivable, Nonaccrual | $ 3,043 | $ 4,519 |
Commercial Real Estate | ||
Financing Receivable, Nonaccrual | 587 | 632 |
Consumer auto | ||
Financing Receivable, Nonaccrual | 169 | 558 |
Home Equity Line of Credit | ||
Financing Receivable, Nonaccrual | 508 | 517 |
Owner occupied one- to four-family residential | ||
Financing Receivable, Nonaccrual | 1,502 | 1,198 |
Non-owner occupied one- to four-family residential | ||
Financing Receivable, Nonaccrual | 69 | 181 |
Commercial business | ||
Financing Receivable, Nonaccrual | 114 | 1,235 |
Consumer other | ||
Financing Receivable, Nonaccrual | $ 94 | $ 198 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Financing Receivable, Allowance for Credit Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Provision for Loan and Lease Losses | $ 15,871 | $ 6,150 | $ 7,150 | |
Loans Receivable | ||||
Provision for Loan and Lease Losses | 55,743 | 40,294 | 38,409 | $ 36,492 |
Financing Receivable, Credit Loss, Expense (Reversal) | 15,871 | 6,150 | 7,150 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (3,294) | (8,062) | (11,356) | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 2,872 | 3,797 | 6,123 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 713 | 929 | 2,041 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 54,350 | 38,704 | 35,947 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 680 | 661 | 421 | |
Financing Receivable, Individually Evaluated for Impairment | 9,048 | 10,267 | 13,939 | |
Financing Receivable, Collectively Evaluated for Impairment | 5,117,838 | 4,914,573 | 4,811,661 | |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 98,643 | 127,206 | 167,651 | |
Individually evaluated for impairment | 713 | 929 | 2,041 | |
Collectively evaluated for impairment | 54,350 | 38,704 | 35,947 | |
Individually evaluated for impairment | 9,048 | 10,267 | 13,939 | |
Collectively evaluated for impairment | 5,117,838 | 4,914,573 | 4,811,661 | |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 98,643 | 127,206 | 167,651 | |
Commercial Real Estate | ||||
Provision for Loan and Lease Losses | 33,707 | 24,334 | 19,803 | 18,639 |
Financing Receivable, Credit Loss, Expense (Reversal) | 9,343 | 4,651 | 1,094 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (43) | (144) | (102) | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 73 | 24 | 172 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 445 | 517 | 613 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 32,937 | 23,570 | 18,958 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 325 | 247 | 232 | |
Financing Receivable, Individually Evaluated for Impairment | 3,438 | 4,020 | 3,501 | |
Financing Receivable, Collectively Evaluated for Impairment | 1,550,239 | 1,490,152 | 1,367,934 | |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 24,613 | 29,158 | 33,620 | |
Individually evaluated for impairment | 445 | 517 | 613 | |
Collectively evaluated for impairment | 32,937 | 23,570 | 18,958 | |
Individually evaluated for impairment | 3,438 | 4,020 | 3,501 | |
Collectively evaluated for impairment | 1,550,239 | 1,490,152 | 1,367,934 | |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 24,613 | 29,158 | 33,620 | |
Commercial construction | ||||
Provision for Loan and Lease Losses | 3,521 | 3,076 | 3,105 | 1,767 |
Financing Receivable, Credit Loss, Expense (Reversal) | 242 | 22 | 1,031 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (1) | (101) | (87) | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 204 | 50 | 394 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 3,378 | 2,940 | 3,029 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 143 | 136 | 76 | |
Financing Receivable, Individually Evaluated for Impairment | 14 | |||
Financing Receivable, Collectively Evaluated for Impairment | 1,266,847 | 1,363,292 | 1,461,644 | |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 2,551 | 3,606 | 4,093 | |
Collectively evaluated for impairment | 3,378 | 2,940 | 3,029 | |
Individually evaluated for impairment | 14 | |||
Collectively evaluated for impairment | 1,266,847 | 1,363,292 | 1,461,644 | |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 2,551 | 3,606 | 4,093 | |
One- to four-family residential construction | ||||
Provision for Loan and Lease Losses | 4,536 | 4,339 | 3,122 | 2,108 |
Financing Receivable, Credit Loss, Expense (Reversal) | 84 | 1,625 | 742 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (70) | (534) | (62) | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 183 | 126 | 334 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 90 | 198 | 694 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 4,382 | 3,973 | 2,392 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 64 | 168 | 36 | |
Financing Receivable, Individually Evaluated for Impairment | 3,546 | 2,960 | 6,116 | |
Financing Receivable, Collectively Evaluated for Impairment | 655,146 | 554,450 | 433,209 | |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 57,113 | 74,562 | 93,841 | |
Individually evaluated for impairment | 90 | 198 | 694 | |
Collectively evaluated for impairment | 4,382 | 3,973 | 2,392 | |
Individually evaluated for impairment | 3,546 | 2,960 | 6,116 | |
Collectively evaluated for impairment | 655,146 | 554,450 | 433,209 | |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 57,113 | 74,562 | 93,841 | |
Other residential | ||||
Provision for Loan and Lease Losses | 9,375 | 5,153 | 4,713 | 2,839 |
Financing Receivable, Credit Loss, Expense (Reversal) | 4,042 | 603 | 1,982 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (189) | (525) | ||
Accounts Receivable, Allowance for Credit Loss, Recovery | 180 | 26 | 417 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 9,282 | 5,101 | 4,681 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 93 | 52 | 32 | |
Financing Receivable, Collectively Evaluated for Impairment | 1,021,145 | 866,006 | 784,894 | |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 6,150 | 5,334 | 12,790 | |
Collectively evaluated for impairment | 9,282 | 5,101 | 4,681 | |
Collectively evaluated for impairment | 1,021,145 | 866,006 | 784,894 | |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 6,150 | 5,334 | 12,790 | |
Commercial business | ||||
Provision for Loan and Lease Losses | 2,390 | 1,355 | 1,568 | 3,581 |
Financing Receivable, Credit Loss, Expense (Reversal) | 914 | (309) | (1,613) | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (28) | (371) | (1,155) | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 149 | 467 | 755 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 14 | 13 | 309 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,331 | 1,306 | 1,247 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 45 | 36 | 12 | |
Financing Receivable, Individually Evaluated for Impairment | 167 | 1,286 | 1,844 | |
Financing Receivable, Collectively Evaluated for Impairment | 384,734 | 325,112 | 334,214 | |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 2,549 | 3,356 | 4,347 | |
Individually evaluated for impairment | 14 | 13 | 309 | |
Collectively evaluated for impairment | 2,331 | 1,306 | 1,247 | |
Individually evaluated for impairment | 167 | 1,286 | 1,844 | |
Collectively evaluated for impairment | 384,734 | 325,112 | 334,214 | |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 2,549 | 3,356 | 4,347 | |
Consumer other | ||||
Provision for Loan and Lease Losses | 2,214 | 2,037 | 6,098 | $ 7,558 |
Financing Receivable, Credit Loss, Expense (Reversal) | 1,246 | (442) | 3,914 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (3,152) | (6,723) | (9,425) | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 2,083 | 3,104 | 4,051 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 164 | 201 | 425 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,040 | 1,814 | 5,640 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 10 | 22 | 33 | |
Financing Receivable, Individually Evaluated for Impairment | 1,897 | 2,001 | 2,464 | |
Financing Receivable, Collectively Evaluated for Impairment | 239,727 | 315,561 | 429,766 | |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 5,667 | 11,190 | 18,960 | |
Individually evaluated for impairment | 164 | 201 | 425 | |
Collectively evaluated for impairment | 2,040 | 1,814 | 5,640 | |
Individually evaluated for impairment | 1,897 | 2,001 | 2,464 | |
Collectively evaluated for impairment | 239,727 | 315,561 | 429,766 | |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | $ 5,667 | $ 11,190 | $ 18,960 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Weighted Average Interest Rate on Loans Receivable (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Loans Receivable, Weighted Average Interest Rate | 4.29% | 4.97% |
Commercial loan participations sold to other financial institutions | $ 308.4 | $ 283 |
Residential mortgage loans sold | 154.3 | 66.9 |
Unpaid principal balances | ||
Loans serviced for others | 462.7 | 349.9 |
Unused lines of Credit | ||
Loans serviced for others | $ 46.1 | $ 102.1 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Impaired Financing Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loans Receivable | |||
Impaired Financing Receivable, Recorded Investment | $ 9,048 | $ 10,267 | $ 13,939 |
Impaired Financing Receivable, Unpaid Principal Balance | 10,109 | 11,435 | 15,579 |
Impaired Financing Receivable, Related Allowance | 713 | 929 | 2,041 |
Impaired Financing Receivable, Average Recorded Investment | 9,739 | 12,487 | 20,004 |
Impaired Financing Receivable Interest Income Recognized | 533 | 839 | 1,346 |
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 |
Commercial Real Estate | |||
Impaired Financing Receivable, Recorded Investment | 3,438 | 4,020 | 3,501 |
Impaired Financing Receivable, Unpaid Principal Balance | 3,472 | 4,049 | 3,665 |
Impaired Financing Receivable, Related Allowance | 445 | 517 | 613 |
Impaired Financing Receivable, Average Recorded Investment | 3,736 | 4,940 | 6,216 |
Impaired Financing Receivable Interest Income Recognized | 135 | 264 | 337 |
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 |
Consumer auto | |||
Impaired Financing Receivable, Recorded Investment | 865 | 1,117 | 1,874 |
Impaired Financing Receivable, Unpaid Principal Balance | 964 | 1,334 | 2,114 |
Impaired Financing Receivable, Related Allowance | 140 | 181 | 336 |
Impaired Financing Receivable, Average Recorded Investment | 932 | 1,128 | 2,069 |
Impaired Financing Receivable Interest Income Recognized | 91 | 125 | 167 |
Home Equity Line of Credit | |||
Impaired Financing Receivable, Recorded Investment | 630 | 528 | 111 |
Impaired Financing Receivable, Unpaid Principal Balance | 668 | 548 | 128 |
Impaired Financing Receivable, Related Allowance | 5 | 4 | 17 |
Impaired Financing Receivable, Average Recorded Investment | 550 | 362 | 412 |
Impaired Financing Receivable Interest Income Recognized | 36 | 37 | 28 |
Land development | |||
Impaired Financing Receivable, Recorded Investment | 0 | 0 | 14 |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 0 | 18 |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 |
Impaired Financing Receivable, Average Recorded Investment | 0 | 328 | 14 |
Impaired Financing Receivable Interest Income Recognized | 0 | 101 | 1 |
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 | 0 | 0 | 0 |
Impaired Financing Receivable Interest Income Recognized | 0 | 0 | 0 |
Subdivision construction | |||
Impaired Financing Receivable, Recorded Investment | 20 | 251 | 318 |
Impaired Financing Receivable, Unpaid Principal Balance | 20 | 251 | 318 |
Impaired Financing Receivable, Related Allowance | 0 | 96 | 105 |
Impaired Financing Receivable, Average Recorded Investment | 115 | 277 | 321 |
Impaired Financing Receivable Interest Income Recognized | 3 | 9 | 17 |
Owner occupied one- to four-family residential | |||
Impaired Financing Receivable, Recorded Investment | 3,457 | 2,300 | 3,576 |
Impaired Financing Receivable, Unpaid Principal Balance | 3,776 | 2,423 | 3,926 |
Impaired Financing Receivable, Related Allowance | 90 | 82 | 285 |
Impaired Financing Receivable, Average Recorded Investment | 2,999 | 2,598 | 3,406 |
Impaired Financing Receivable Interest Income Recognized | 169 | 131 | 197 |
Non-owner occupied one- to four-family residential | |||
Impaired Financing Receivable, Recorded Investment | 69 | 409 | 2,222 |
Impaired Financing Receivable, Unpaid Principal Balance | 106 | 574 | 2,519 |
Impaired Financing Receivable, Related Allowance | 0 | 20 | 304 |
Impaired Financing Receivable, Average Recorded Investment | 309 | 954 | 2,870 |
Impaired Financing Receivable Interest Income Recognized | 18 | 43 | 158 |
Other residential | |||
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 | 1,026 |
Impaired Financing Receivable Interest Income Recognized | 0 | 0 | 20 |
Commercial business | |||
Impaired Financing Receivable, Recorded Investment | 166 | 1,286 | 1,844 |
Impaired Financing Receivable, Unpaid Principal Balance | 551 | 1,771 | 2,207 |
Impaired Financing Receivable, Related Allowance | 14 | 13 | 309 |
Impaired Financing Receivable, Average Recorded Investment | 800 | 1,517 | 2,932 |
Impaired Financing Receivable Interest Income Recognized | 34 | 81 | 362 |
Consumer other | |||
Impaired Financing Receivable, Recorded Investment | 403 | 356 | 479 |
Impaired Financing Receivable, Unpaid Principal Balance | 552 | 485 | 684 |
Impaired Financing Receivable, Related Allowance | 19 | 16 | 72 |
Impaired Financing Receivable, Average Recorded Investment | 298 | 383 | 738 |
Impaired Financing Receivable Interest Income Recognized | $ 47 | $ 48 | $ 59 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Impaired Loans Specific Valuation Allowance (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loans and Allowance for Loan Losses | |||
Impaired Loans With Specific Valuation Allowance | $ 4,800,000 | $ 5,200,000 | $ 8,400,000 |
Impaired Loans Valuation Allowance | 713,000 | 929,000 | 2,000,000 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 579,000 | $ 761,000 | $ 1,000,000 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Financing Receivable, Troubled Debt Restructuring (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Construction and land development | |||
Troubled Debt Restructuring Loans Modified Term | $ 31 | ||
Troubled Debt Restructurings Total New Modifications | 31 | ||
Commercial business | |||
Troubled Debt Restructuring Loans Modified Combination | $ 22 | ||
Troubled Debt Restructurings Total New Modifications | 22 | ||
Consumer other | |||
Troubled Debt Restructuring Loans Modified Term | 16 | $ 136 | 535 |
Troubled Debt Restructuring Loans Modified Combination | 1,951 | ||
Troubled Debt Restructurings Total New Modifications | 1,967 | 136 | 535 |
Newly Restructured Modified Loans | |||
Troubled Debt Restructuring Loans Interest Only | 1,348 | ||
Troubled Debt Restructuring Loans Modified Term | 16 | 136 | 566 |
Troubled Debt Restructuring Loans Modified Combination | 3,562 | 106 | |
Troubled Debt Restructurings Total New Modifications | 3,578 | $ 136 | 2,020 |
Commercial Real Estate | |||
Troubled Debt Restructuring Loans Modified Combination | 559 | ||
Troubled Debt Restructurings Total New Modifications | 559 | ||
Commercial construction | |||
Troubled Debt Restructuring Loans Modified Combination | 106 | ||
Troubled Debt Restructurings Total New Modifications | 106 | ||
One- to four-family residential | |||
Troubled Debt Restructuring Loans Interest Only | 1,348 | ||
Troubled Debt Restructuring Loans Modified Combination | 1,030 | ||
Troubled Debt Restructurings Total New Modifications | $ 1,030 | $ 1,348 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - Loans Modified in Troubled Debt Restructurings by Segment (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | |
Troubled Debt Restructurings Total Modifications | $ 3,300,000 | $ 1,900,000 |
Troubled Debt Restructurings Accruing Interest | $ 2,400,000 | 1,400,000 |
Troubled Debt Restructurings | 562,000 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | item | 0 | |
Substandard | ||
Troubled Debt Restructurings | $ 1,600,000 | |
Commercial Real Estate | ||
Troubled Debt Restructured Loans and Impaired | 646,000 | 412,000 |
Consumer Loan | ||
Troubled Debt Restructured Loans and Impaired | 629,000 | 343,000 |
Construction and land development | ||
Troubled Debt Restructured Loans and Impaired | 20,000 | 251,000 |
Commercial business | ||
Troubled Debt Restructured Loans and Impaired | 127,000 | 156,000 |
Single Family Residential Mortgage | ||
Troubled Debt Restructured Loans and Impaired | $ 1,900,000 | $ 768,000 |
Loans and Allowance for Loan_12
Loans and Allowance for Loan Losses - Troubled Debt Restructured Loans Returned to Accrual Status (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
One- to four-family residential | |
Troubled Debt Restructurings Returned to Accrual Status | $ 372,000 |
Loans and Allowance for Loan_13
Loans and Allowance for Loan Losses - CARES Act (Details) $ in Millions | Dec. 31, 2020USD ($) |
Commercial Lending Customer | |
Number of CARES Act Loan Modifications | 65 |
CARES Act Loan Modifications | $ 233 |
Consumer and Mortgage Loans | |
Number of CARES Act Loan Modifications | 581 |
CARES Act Loan Modifications | $ 18 |
Loans and Allowance for Loan_14
Loans and Allowance for Loan Losses - Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans Receivable | ||
Loan Portfolio Internal Grading System Classification | $ 5,225,529 | $ 5,052,046 |
Commercial construction | ||
Loan Portfolio Internal Grading System Classification | 1,212,837 | 1,322,861 |
Commercial Real Estate | ||
Loan Portfolio Internal Grading System Classification | 1,553,677 | 1,494,172 |
Industrial revenue bonds | ||
Loan Portfolio Internal Grading System Classification | 14,003 | 13,189 |
Consumer auto | ||
Loan Portfolio Internal Grading System Classification | 86,173 | 151,854 |
Home Equity Line of Credit | ||
Loan Portfolio Internal Grading System Classification | 114,689 | 118,988 |
Land development | ||
Loan Portfolio Internal Grading System Classification | 54,010 | 40,431 |
One- to four-family residential construction | ||
Loan Portfolio Internal Grading System Classification | 42,793 | 33,963 |
Subdivision construction | ||
Loan Portfolio Internal Grading System Classification | 30,894 | 16,088 |
Owner occupied one- to four-family residential | ||
Loan Portfolio Internal Grading System Classification | 470,436 | 387,016 |
Non-owner occupied one- to four-family residential | ||
Loan Portfolio Internal Grading System Classification | 114,569 | 120,343 |
Other residential | ||
Loan Portfolio Internal Grading System Classification | 1,021,145 | 866,006 |
Commercial business | ||
Loan Portfolio Internal Grading System Classification | 370,898 | 313,209 |
Consumer other | ||
Loan Portfolio Internal Grading System Classification | 40,762 | 46,720 |
Acquired Loans Net of Discount | ||
Loan Portfolio Internal Grading System Classification | 98,643 | 127,206 |
Satisfactory | Loans Receivable | ||
Loan Portfolio Internal Grading System Classification | 5,153,396 | 5,005,765 |
Satisfactory | Commercial construction | ||
Loan Portfolio Internal Grading System Classification | 1,212,837 | 1,322,861 |
Satisfactory | Commercial Real Estate | ||
Loan Portfolio Internal Grading System Classification | 1,498,031 | 1,458,400 |
Satisfactory | Industrial revenue bonds | ||
Loan Portfolio Internal Grading System Classification | 14,003 | 13,189 |
Satisfactory | Consumer auto | ||
Loan Portfolio Internal Grading System Classification | 85,657 | 150,874 |
Satisfactory | Home Equity Line of Credit | ||
Loan Portfolio Internal Grading System Classification | 114,049 | 118,428 |
Satisfactory | Land development | ||
Loan Portfolio Internal Grading System Classification | 54,010 | 40,431 |
Satisfactory | One- to four-family residential construction | ||
Loan Portfolio Internal Grading System Classification | 41,428 | 33,963 |
Satisfactory | Subdivision construction | ||
Loan Portfolio Internal Grading System Classification | 30,874 | 16,061 |
Satisfactory | Owner occupied one- to four-family residential | ||
Loan Portfolio Internal Grading System Classification | 467,855 | 385,001 |
Satisfactory | Non-owner occupied one- to four-family residential | ||
Loan Portfolio Internal Grading System Classification | 114,176 | 119,743 |
Satisfactory | Other residential | ||
Loan Portfolio Internal Grading System Classification | 1,017,648 | 866,006 |
Satisfactory | Commercial business | ||
Loan Portfolio Internal Grading System Classification | 363,681 | 307,322 |
Satisfactory | Consumer other | ||
Loan Portfolio Internal Grading System Classification | 40,514 | 46,294 |
Satisfactory | Acquired Loans Net of Discount | ||
Loan Portfolio Internal Grading System Classification | 98,633 | 127,192 |
Watch | Loans Receivable | ||
Loan Portfolio Internal Grading System Classification | 64,758 | 37,368 |
Watch | Commercial Real Estate | ||
Loan Portfolio Internal Grading System Classification | 52,208 | 32,063 |
Watch | Consumer auto | ||
Loan Portfolio Internal Grading System Classification | 5 | 47 |
Watch | Home Equity Line of Credit | ||
Loan Portfolio Internal Grading System Classification | 39 | 43 |
Watch | One- to four-family residential construction | ||
Loan Portfolio Internal Grading System Classification | 1,365 | |
Watch | Subdivision construction | ||
Loan Portfolio Internal Grading System Classification | 27 | |
Watch | Owner occupied one- to four-family residential | ||
Loan Portfolio Internal Grading System Classification | 216 | 26 |
Watch | Non-owner occupied one- to four-family residential | ||
Loan Portfolio Internal Grading System Classification | 324 | 419 |
Watch | Other residential | ||
Loan Portfolio Internal Grading System Classification | 3,497 | |
Watch | Commercial business | ||
Loan Portfolio Internal Grading System Classification | 7,102 | 4,651 |
Watch | Consumer other | ||
Loan Portfolio Internal Grading System Classification | 2 | 92 |
Substandard | Loans Receivable | ||
Loan Portfolio Internal Grading System Classification | 7,375 | 8,913 |
Substandard | Commercial Real Estate | ||
Loan Portfolio Internal Grading System Classification | 3,438 | 3,709 |
Substandard | Consumer auto | ||
Loan Portfolio Internal Grading System Classification | 511 | 933 |
Substandard | Home Equity Line of Credit | ||
Loan Portfolio Internal Grading System Classification | 601 | 517 |
Substandard | Subdivision construction | ||
Loan Portfolio Internal Grading System Classification | 20 | |
Substandard | Owner occupied one- to four-family residential | ||
Loan Portfolio Internal Grading System Classification | 2,365 | 1,989 |
Substandard | Non-owner occupied one- to four-family residential | ||
Loan Portfolio Internal Grading System Classification | 69 | 181 |
Substandard | Commercial business | ||
Loan Portfolio Internal Grading System Classification | 115 | 1,236 |
Substandard | Consumer other | ||
Loan Portfolio Internal Grading System Classification | 246 | 334 |
Substandard | Acquired Loans Net of Discount | ||
Loan Portfolio Internal Grading System Classification | $ 10 | $ 14 |
Loans and Allowance for Loan_15
Loans and Allowance for Loan Losses - Schedule of related party transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Loans and Allowance for Loan Losses | ||
Balance, beginning of year | $ 15,240 | $ 29,017 |
New loans | 901 | 15,062 |
Payments | (2,673) | (28,839) |
Balance, end of year | $ 13,468 | $ 15,240 |
FDIC-Acquired Loans and Loss _3
FDIC-Acquired Loans and Loss Sharing Agreements (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Jun. 09, 2017 | Apr. 26, 2016 | Jun. 20, 2014 | |
Business Acquisition [Line Items] | |||||
Goodwill recorded on acquisition date | $ 6,944,000 | $ 8,098,000 | |||
TeamBank | |||||
Business Acquisition [Line Items] | |||||
Gross loans receivable | 5,393,000 | 7,304,000 | |||
Balance of accretable discount due to change in expected losses | (97,000) | (159,000) | |||
Net carrying value of loans receivable | (5,266,000) | (7,118,000) | |||
Expected loss remaining | 30,000 | 27,000 | |||
Goodwill recorded on acquisition date | $ 0 | ||||
Vantus Bank | |||||
Business Acquisition [Line Items] | |||||
Gross loans receivable | 8,052,000 | 9,899,000 | |||
Balance of accretable discount due to change in expected losses | (35,000) | (89,000) | |||
Net carrying value of loans receivable | (8,004,000) | (9,797,000) | |||
Expected loss remaining | 13,000 | 13,000 | |||
Goodwill recorded on acquisition date | 0 | ||||
Sun Security Bank | |||||
Business Acquisition [Line Items] | |||||
Gross loans receivable | 13,395,000 | 17,906,000 | |||
Balance of accretable discount due to change in expected losses | (180,000) | (374,000) | |||
Net carrying value of loans receivable | (13,111,000) | (17,392,000) | |||
Expected loss remaining | 104,000 | 140,000 | |||
Goodwill recorded on acquisition date | $ 0 | ||||
InterBank | |||||
Business Acquisition [Line Items] | |||||
Gross loans receivable | 44,215,000 | 60,430,000 | |||
Balance of accretable discount due to change in expected losses | (1,079,000) | (5,143,000) | |||
Net carrying value of loans receivable | (42,057,000) | (54,442,000) | |||
Expected loss remaining | 1,079,000 | 845,000 | |||
Goodwill recorded on acquisition date | $ 0 | ||||
Valley Bank | |||||
Business Acquisition [Line Items] | |||||
Gross loans receivable | 31,515,000 | 41,032,000 | |||
Balance of accretable discount due to change in expected losses | (612,000) | (1,803,000) | |||
Net carrying value of loans receivable | (30,204,000) | (38,452,000) | |||
Expected loss remaining | $ 699,000 | $ 777,000 | |||
Goodwill recorded on acquisition date | $ 0 |
FDIC-Acquired Loans and Loss _4
FDIC-Acquired Loans and Loss Sharing Agreements - Fair Value and Expected Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
FDIC-Acquired Loans and Loss Sharing Agreements | ||
Increase in accretable yield due to increased cash flow expectations | $ 12,323 | $ 5,202 |
FDIC-Acquired Loans and Loss _5
FDIC-Acquired Loans and Loss Sharing Agreements - Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
FDIC-Acquired Loans and Loss Sharing Agreements | |||
Interest income and net impact to pre-tax income | $ 5,574 | $ 7,431 | $ 5,134 |
Remaining accretable yield adjustment | 2,000 | ||
Expected interest income | $ 1,500 |
FDIC-Acquired Loans and Loss _6
FDIC-Acquired Loans and Loss Sharing Agreements - Accretable Yield Changes for Acquired Loans (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
TeamBank | ||||
Business Acquisition [Line Items] | ||||
Beginning Balance | $ 1,157,000 | $ 1,356,000 | $ 2,071,000 | |
Accretion | (479,000) | (955,000) | (1,042,000) | |
Reclassification from nonaccretable difference | [1] | 198,000 | 756,000 | 327,000 |
Ending balance | 876,000 | 1,157,000 | 1,356,000 | |
Change in expected accretable yield | 198,000 | 667,000 | 312,000 | |
Vantus Bank | ||||
Business Acquisition [Line Items] | ||||
Beginning Balance | 1,123,000 | 1,432,000 | 1,850,000 | |
Accretion | (831,000) | (1,006,000) | (1,196,000) | |
Reclassification from nonaccretable difference | [1] | 451,000 | 697,000 | 778,000 |
Ending balance | 743,000 | 1,123,000 | 1,432,000 | |
Change in expected accretable yield | 451,000 | 480,000 | 778,000 | |
Sun Security Bank | ||||
Business Acquisition [Line Items] | ||||
Beginning Balance | 1,948,000 | 2,242,000 | 2,901,000 | |
Accretion | (1,046,000) | (1,562,000) | (1,667,000) | |
Reclassification from nonaccretable difference | [1] | 493,000 | 1,268,000 | 1,008,000 |
Ending balance | 1,395,000 | 1,948,000 | 2,242,000 | |
Change in expected accretable yield | 493,000 | 810,000 | 756,000 | |
InterBank | ||||
Business Acquisition [Line Items] | ||||
Beginning Balance | 8,277,000 | 4,994,000 | 5,074,000 | |
Accretion | (6,791,000) | (8,798,000) | (8,349,000) | |
Reclassification from nonaccretable difference | [1] | 2,219,000 | 12,081,000 | 8,269,000 |
Ending balance | 3,705,000 | 8,277,000 | 4,994,000 | |
Change in expected accretable yield | 2,200,000 | 3,900,000 | 4,100,000 | |
Valley Bank | ||||
Business Acquisition [Line Items] | ||||
Beginning Balance | 4,578,000 | 3,063,000 | 2,695,000 | |
Accretion | (3,005,000) | (4,302,000) | (3,892,000) | |
Reclassification from nonaccretable difference | [1] | 2,764,000 | 5,817,000 | 4,260,000 |
Ending balance | 4,337,000 | 4,578,000 | 3,063,000 | |
Change in expected accretable yield | $ 2,800,000 | $ 2,500,000 | $ 3,500,000 | |
[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, 2020, totaling $198,000, $451,000, $493,000, $2.2 million and $2.8 million, respectively; TeamBank, Vantus Bank, Sun Security Bank, InterBank and Valley Bank for the year ended December 31, 2019, totaling $667,000, $480,000, $810,000, $3.9 million and $2.5 million, respectively; for TeamBank, Vantus Bank, Sun Security Bank, InterBank and Valley Bank for the year ended December 31, 2018, totaling $312,000, $778,000, $756,000, $4.1 million and $3.5 million, respectively |
Other Real Estate Owned and R_3
Other Real Estate Owned and Repossessions - Schedule of Major Classifications of Foreclosed Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Foreclosed Assets Held for Sale and Repossessions | $ 777 | $ 3,651 |
Foreclosed assets held for sale and repossessions, net | 1,223 | 4,654 |
Other real estate owned not acquired through foreclosure | 654 | 871 |
Other real estate owned and repossessions | 1,877 | 5,525 |
Foreclosed Assets Held For Sale And Repossessions Net [Member] | Valley Bank | ||
Foreclosed assets related to FDIC acquisitions, net of discounts | 446 | 1,003 |
One- to four-family residential | ||
Foreclosed Assets Held for Sale and Repossessions | 111 | 601 |
Commercial Real Estate | ||
Foreclosed Assets Held for Sale and Repossessions | 0 | 0 |
Land development | ||
Foreclosed Assets Held for Sale and Repossessions | 250 | 1,816 |
One- to four-family residential construction | ||
Foreclosed Assets Held for Sale and Repossessions | 0 | 0 |
Subdivision construction | ||
Foreclosed Assets Held for Sale and Repossessions | 263 | 689 |
Other residential | ||
Foreclosed Assets Held for Sale and Repossessions | 0 | 0 |
Commercial business | ||
Foreclosed Assets Held for Sale and Repossessions | 0 | 0 |
Consumer other | ||
Foreclosed Assets Held for Sale and Repossessions | $ 153 | $ 545 |
Other Real Estate Owned and R_4
Other Real Estate Owned and Repossessions - Schedule of Expenses Applicable to Foreclosed Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Real Estate Owned and Repossessions | |||
Net (gain) loss on sales of other real estate owned | $ (480) | $ (750) | $ (2,522) |
Valuation write-downs on foreclosed assets | 1,320 | 926 | 3,897 |
Operating expenses, net of rental income | 1,183 | 2,008 | 3,544 |
Expenses on real estate and repossessions | $ 2,023 | $ 2,184 | $ 4,919 |
Other Real Estate Owned and R_5
Other Real Estate Owned and Repossessions (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | |
Gain On Sale Of Branch Location | $ 115,000 | ||
Number of real estate properties | property | 7 | 6 | |
Foreclosure assets held for sale | $ 1,223,000 | $ 4,654,000 | |
Valuation write-downs on foreclosed assets | 1,320,000 | 926,000 | $ 3,897,000 |
Operating leases right of use asset | 8,536,000 | 8,668,000 | |
Lease liability | $ 8,661,000 | $ 8,747,000 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Lease liability | Lease liability | |
Former branch | |||
Foreclosure assets held for sale | $ 80,000 | ||
Valuation write-downs on foreclosed assets | 286,000 | ||
Residential Mortgage [Member] | |||
Mortgage Loans in Process of Foreclosure, Amount | 602,000 | $ 1,600,000 | |
Acquired Loans | Residential Mortgage [Member] | |||
Mortgage Loans in Process of Foreclosure, Amount | $ 518,000 | $ 1,400,000 |
Premises and Equipment - Proper
Premises and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Premises and Equipment | ||
Land | $ 40,652 | $ 40,632 |
Buildings and improvements | 100,187 | 96,959 |
Operating leases right of use asset | 8,536 | 8,668 |
Furniture, fixtures and equipment | 59,226 | 56,986 |
Premises and equipment, gross | 208,601 | 203,245 |
Less accumulated depreciation | 69,431 | 61,337 |
Total Premises and Equipment | $ 139,170 | $ 141,908 |
Premises and Equipment - Calcul
Premises and Equipment - Calculated Amount of Right of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Premises and Equipment | ||
Operating leases right of use asset | $ 8,536 | $ 8,668 |
Operating leases liability | 8,661 | 8,747 |
Operating lease costs classified as occupancy and equipment expense | 1,572 | 1,460 |
Operating cash flows from operating leases | 1,526 | 1,381 |
Operating leases | $ 972 | $ 9,538 |
Premises and Equipment - Future
Premises and Equipment - Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Premises and Equipment | ||
2020 | $ 1,119 | |
2021 | 1,116 | |
2022 | 1,088 | |
2023 | 1,005 | |
2024 | 979 | |
Thereafter | 4,926 | |
Future lease payments expected | 10,233 | |
Less:Interest portion of lease payments | (1,572) | |
Lease liability | $ 8,661 | $ 8,747 |
Premises and Equipment - Additi
Premises and Equipment - Additional information (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number Of Lessee Lease Agreements | 15 | |
Initial Leases And Lease Modifications And Renewals | $ 9,500,000 | |
Lease expense related to ATMs | $ 275,000 | $ 286,000 |
Weighted-average lease term | P8Y3M18D | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.24% | |
Operating Lease, Expense | $ 1,600,000 | $ 1,500,000 |
Operating leases right of use asset | 8,536,000 | 8,668,000 |
Lease liability | 8,661,000 | 8,747,000 |
Income Recognized From Lessor Agreements | $ 1,200,000 | $ 1,100,000 |
Minimum | ||
Lessee Expected Lease Terms | P0Y9M18D | |
Maximum | ||
Lessee Expected Lease Terms | P17Y10M24D |
Investments in Limited Partne_2
Investments in Limited Partnerships (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Summary of Investment Holdings [Line Items] | |||
Number of Investments in Affordable Housing Partnerships | 16 | 15 | |
Investments in Affordable Housing Partnerships Carrying Value, Net | $ 20.4 | $ 22.8 | |
Federal Affordable Housing Tax Credits | 22.1 | ||
Expected Amortization of Investments in Affordable Housing Partnerships | 20.4 | ||
Usage of Federal Affordable Housing Tax Credits | 6.6 | 8 | $ 6.6 |
Actual Amortization of Investments in Affordable Housing Partnerships | $ 5.5 | $ 5.8 | $ 5 |
For the First three years | |||
Summary of Investment Holdings [Line Items] | |||
Percentage of investments on credit allowance period | 5.00% | ||
For the next four years | |||
Summary of Investment Holdings [Line Items] | |||
Percentage of investments on credit allowance period | 6.00% |
Investments in Limited Partne_3
Investments in Limited Partnerships - Investments in Community Development Entities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments in Limited Partnerships | |||
Investments in Community Development Entities Net Carrying Amount | $ 567,000 | ||
Investments In Limited Partnerships For Federal Or Historic Tax Credits | 863,000 | ||
Usage of Investment in Community Development Entities Federal New Market Tax Credits | 100,000 | $ 480,000 | $ 480,000 |
Actual Amortization of Investment in Community Development Entities | $ 80,000 | $ 365,000 | $ 575,000 |
credit allowance period | 7 years | ||
Community Development Entities, Minimum Period Before Redemption | 7 years | ||
credit allowance period for federal rehabilitation/historic tax credits | 5 years |
Investments in Limited Partne_4
Investments in Limited Partnerships - Impaired Loans (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Maximum | |
Summary of Investment Holdings [Line Items] | |
Discount Rate For Appraisals | 40.00% |
Minimum | |
Summary of Investment Holdings [Line Items] | |
Discount Rate For Appraisals | 10.00% |
Deposits - Schedule of Deposit
Deposits - Schedule of Deposit Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits | $ 4,516,903 | $ 3,960,106 |
Time deposits | 1,390,792 | 1,721,109 |
Noninterest-bearing accounts | 984,798 | 687,068 |
Demand Deposit Accounts | 3,126,111 | 2,238,997 |
Deposits, domestic | $ 4,516,903 | $ 3,960,106 |
Weighted average interest rate on certificates of deposit | 1.00% | 2.09% |
0.22% and 0.55% | ||
Interest-bearing checking and savings accounts | $ 2,141,313 | $ 1,551,929 |
0.22% and 0.55% | Minimum | ||
Weighted average interest rate on certificates of deposit | 0.22% | |
0.22% and 0.55% | Maximum | ||
Weighted average interest rate on certificates of deposit | 0.55% | |
0.00% - 0.99% | ||
Time deposits | $ 803,737 | 122,649 |
0.00% - 0.99% | Minimum | ||
Weighted average interest rate on certificates of deposit | 0.00% | |
0.00% - 0.99% | Maximum | ||
Weighted average interest rate on certificates of deposit | 0.99% | |
1.00% - 1.99% | ||
Time deposits | $ 425,061 | 523,816 |
1.00% - 1.99% | Minimum | ||
Weighted average interest rate on certificates of deposit | 1.00% | |
1.00% - 1.99% | Maximum | ||
Weighted average interest rate on certificates of deposit | 1.99% | |
2.00% - 2.99% | ||
Time deposits | $ 143,417 | 1,053,914 |
2.00% - 2.99% | Minimum | ||
Weighted average interest rate on certificates of deposit | 2.00% | |
2.00% - 2.99% | Maximum | ||
Weighted average interest rate on certificates of deposit | 2.99% | |
3.00% - 3.99% | ||
Time deposits | $ 18,148 | 19,849 |
3.00% - 3.99% | Minimum | ||
Weighted average interest rate on certificates of deposit | 3.00% | |
3.00% - 3.99% | Maximum | ||
Weighted average interest rate on certificates of deposit | 3.99% | |
4% and above | ||
Time deposits | $ 429 | $ 881 |
4% and above | Minimum | ||
Weighted average interest rate on certificates of deposit | 4.00% |
Deposits - Weighted Average Int
Deposits - Weighted Average Interest Rate on Certificates of Deposit (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits | ||
Weighted average interest rate on certificates of deposit | 1.00% | 2.09% |
Deposits - Originated Certifica
Deposits - Originated Certificates of Deposit and Brokered Deposits (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits | ||
Amount of certificates of deposit greater than $100,000 originated | $ 762.9 | $ 830.8 |
Amount of certificates of deposit greater than $250,000 originated | 123.1 | 153.1 |
Interest-bearing Domestic Deposit, Brokered | $ 158.7 | $ 371.7 |
Deposits - Maturities of certif
Deposits - Maturities of certificates of deposit (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Time Deposits: | ||
Time Deposits by Category | $ 1,390,792 | $ 1,721,109 |
Certificates of deposit | ||
Time Deposits: | ||
2021 | 1,087,279 | |
2022 | 189,664 | |
2023 | 73,346 | |
2024 | 25,847 | |
2025 | 13,743 | |
Thereafter | 913 | |
Time Deposits by Category | 1,390,792 | |
Retail | Certificates of deposit | ||
Time Deposits: | ||
2021 | 995,934 | |
2022 | 175,913 | |
2023 | 30,898 | |
2024 | 14,647 | |
2025 | 13,743 | |
Thereafter | 913 | |
Time Deposits by Category | 1,232,048 | |
Brokered | Certificates of deposit | ||
Time Deposits: | ||
2021 | 91,345 | |
2022 | 13,751 | |
2023 | 42,448 | |
2024 | 11,200 | |
Time Deposits by Category | $ 158,744 |
Deposits - Schedule of Interest
Deposits - Schedule of Interest Expense on Deposit Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deposits | |||
Checking and savings accounts | $ 7,096 | $ 7,971 | $ 5,982 |
Certificate accounts | 25,453 | 37,723 | 22,149 |
Early withdrawal penalties | (118) | (124) | (174) |
Total interest expense on deposits | $ 32,431 | $ 45,570 | $ 27,957 |
Advances From Federal Home Lo_2
Advances From Federal Home Loan Bank (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Advances from Federal Home Loan Banks | $ 0 | $ 0 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 1,630,000,000 | $ 1,600,000,000 | |
Long-term Line of Credit | 0 | 0 | |
Investment securities specifically pledged as collateral | 0 | $ 0 | |
Federal Home Loan Bank of Des Moines [Member] | |||
Long-term Line of Credit | $ 1,070,000,000 |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Short-Term Borrowings | ||
Notes payable - Community Development Equity Funds | $ 1,518 | $ 1,267 |
Other interest-bearing liabilities | 30,890 | |
Overnight borrowings from the Federal Home Loan Bank | 196,000 | |
Securities sold under reverse repurchase agreements | 164,174 | 84,167 |
Short-term borrowings total | $ 165,692 | $ 312,324 |
Short-Term Borrowings - Short-t
Short-Term Borrowings - Short-term borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Short-Term Borrowings | ||
Weighted average interest rates of short-term borrowings | 0.02% | 1.25% |
Short-term borrowings average | $ 183.5 | $ 260 |
Maximum amounts outstanding of short-term borrowing | $ 318.7 | $ 346.9 |
Short-Term Borrowings - Schedul
Short-Term Borrowings - Schedule of Repurchase Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Short-term Debt [Line Items] | ||
Securities sold under reverse repurchase agreements with customers | $ 164,174 | $ 84,167 |
Maturity Overnight | Financial Assets Sold under Agreement to Repurchase | Mortgage Backed Securities, Other | ||
Short-term Debt [Line Items] | ||
Securities sold under reverse repurchase agreements with customers | $ 164,174 | $ 84,167 |
Federal Reserve Bank Borrowin_2
Federal Reserve Bank Borrowings (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Amount borrowed | $ 0 | $ 0 |
Federal Reserve Bank Advances [Member] | ||
Available line of credit | $ 436,400,000 | $ 367,800,000 |
Subordinated Debentures Issue_3
Subordinated Debentures Issued to Capital Trust - Schedule of Subordinated Debentures Issued to Capital Trusts (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Subordinated Debentures Issued to Capital Trusts | ||
Subordinated debentures | $ 25,774 | $ 25,774 |
Subordinated Debentures Issue_4
Subordinated Debentures Issued to Capital Trust - Additional information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2006 | Dec. 31, 2020 | Dec. 31, 2019 | |
Subordinated Borrowing [Line Items] | |||
Subordinated debentures issued to capital trust | $ 25,774 | $ 25,774 | |
Subordinated Debentures | |||
Subordinated Borrowing [Line Items] | |||
Aggregate liquidation amount | $ 25,000 | ||
Interest rate | 6.98% | 1.81% | 3.51% |
90-day LIBOR | Subordinated Debentures | |||
Subordinated Borrowing [Line Items] | |||
Spread on variable rate | 1.60% |
Subordinated Notes (Details)
Subordinated Notes (Details) - USD ($) | Jun. 10, 2020 | Aug. 08, 2016 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt instrument, interest rate terms | The notes are due June 15, 2030, and have a fixed interest rate of 5.50% until June 15, 2025, at which time the rate becomes floating at a rate expected to be equal to three-month term Secured Overnight Financing Rate (SOFR) plus 5.325% | The notes 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%. | ||
Public offering and sale of subordinated notes | $ 75,000,000 | $ 75,000,000 | ||
Amortization of debt discount (Premium) | $ 608,000 | $ 434,000 | ||
Subordinated Note Interest Rate | 5.50% | 5.25% | ||
Subordinated borrowing, interest rate | 5.84% | 5.89% | ||
Senior Subordinated Notes | ||||
Proceeds from issuance of senior long-term debt | $ 73,500,000 | $ 73,500,000 | ||
Payment of financing and stock issuance costs | $ 1,500,000 | $ 1,500,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.325% | |||
Expected life of the notes | 5 years | 5 years | ||
Senior Subordinated Notes | 90-day LIBOR | ||||
Debt Instrument, Basis Spread on Variable Rate | 4.087% |
Subordinated Notes - Schedule o
Subordinated Notes - Schedule of Subordinated Borrowing (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Subordinated Notes | ||
Subordinated notes | $ 150,000 | $ 75,000 |
Less: unamortized debt issuance costs | 1,603 | 724 |
Subordinated Debt | $ 148,397 | $ 74,276 |
Income Taxes - Schedule of prov
Income Taxes - Schedule of provision for income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes | |||
Taxes currently payable | $ 25,259 | $ 15,375 | $ 19,291 |
Deferred income taxes (benefit) | (11,480) | 1,074 | (4,450) |
Income taxes | $ 13,779 | $ 16,449 | $ 14,841 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets | ||
Allowance for loan losses | $ 12,711 | $ 9,188 |
Interest on nonperforming loans | 142 | 161 |
Accrued expenses | 894 | 821 |
Write-down of foreclosed assets | 131 | 185 |
Write-down of fixed assets | 114 | 50 |
Income recognized for tax in excess of book | 8,830 | |
Partnership tax credits | 11 | 732 |
Deferred income | 885 | 509 |
Difference in basis for acquired assets and liabilities | 1,532 | 2,540 |
Deferred Tax Assets, Gross, Total | 25,250 | 14,186 |
Deferred tax liabilities | ||
Tax depreciation in excess of book depreciation | (5,988) | (5,986) |
FHLB stock dividends | (368) | (817) |
Prepaid expenses | (898) | (891) |
Unrealized gain on available-for-sale securities | (6,869) | (2,671) |
Unrealized gain on cash flow derivatives | (8,830) | (6,853) |
Other | (258) | (233) |
Deferred Tax Liabilities, Gross, Total | (23,211) | (17,451) |
Net deferred tax (liability) | $ (3,265) | |
Net deferred tax asset | $ 2,039 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent | (0.50%) | (0.50%) | (0.80%) |
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | (3.80%) | (3.60%) | (3.40%) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 1.40% | 1.30% | 1.10% |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 0.80% | 0.10% | 0.20% |
Effective Income Tax Rate Reconciliation, Percent | 18.90% | 18.30% | 18.10% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes | ||
Retained earnings for which no deferred income tax liability had been recognized | $ 17.5 | $ 17.5 |
Unrecorded deferred income tax liability | $ 3.9 | $ 3.9 |
Disclosures About Fair Value _3
Disclosures About Fair Value of Financial Instruments - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Agency mortgage-backed securities | ||
Recurring Assets, Fair Value Disclosure | $ 169,940,000 | $ 165,042,000 |
Agency collateralized mortgage obligations | ||
Recurring Assets, Fair Value Disclosure | 176,621,000 | 151,950,000 |
States and political subdivisions securities | ||
Recurring Assets, Fair Value Disclosure | 47,325,000 | 35,125,000 |
Small Business Administration securities | ||
Recurring Assets, Fair Value Disclosure | 21,047,000 | 22,058,000 |
Interest Rate Derivative Asset | ||
Recurring Assets, Fair Value Disclosure | 5,062,000 | 31,476,000 |
Interest Rate Derivative Liability | ||
Recurring Assets, Fair Value Disclosure | (5,454,000) | (1,547,000) |
Fair Value, Inputs, Level 1 | ||
Securities at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 | Agency mortgage-backed securities | ||
Recurring Assets, Fair Value Disclosure | 169,940,000 | 165,042,000 |
Fair Value, Inputs, Level 2 | Agency collateralized mortgage obligations | ||
Recurring Assets, Fair Value Disclosure | 176,621,000 | 151,950,000 |
Fair Value, Inputs, Level 2 | States and political subdivisions securities | ||
Recurring Assets, Fair Value Disclosure | 47,325,000 | 35,125,000 |
Fair Value, Inputs, Level 2 | Small Business Administration securities | ||
Recurring Assets, Fair Value Disclosure | 21,047,000 | 22,058,000 |
Fair Value, Inputs, Level 2 | Interest Rate Derivative Asset | ||
Recurring Assets, Fair Value Disclosure | 5,062,000 | 31,476,000 |
Fair Value, Inputs, Level 2 | Interest Rate Derivative Liability | ||
Recurring Assets, Fair Value Disclosure | (5,454,000) | (1,547,000) |
Fair Value, Inputs, Level 3 | ||
Securities at fair value | $ 0 | $ 0 |
Disclosures About Fair Value _4
Disclosures About Fair Value of Financial Instruments - Fair Value, Assets and Liabilities Measured on Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans Receivable Impaired | ||
Non-recurring Assets, Fair Value Disclosure | $ 1,759 | $ 635 |
Foreclosed assets held for sale | ||
Non-recurring Assets, Fair Value Disclosure | 945 | 1,112 |
Fair Value, Inputs, Level 3 | Loans Receivable Impaired | ||
Non-recurring Assets, Fair Value Disclosure | 1,759 | 635 |
Fair Value, Inputs, Level 3 | Foreclosed assets held for sale | ||
Non-recurring Assets, Fair Value Disclosure | $ 945 | $ 1,112 |
Disclosures About Fair Value _5
Disclosures About Fair Value of Financial Instruments - Schedule Of Financial Instruments Fair Value (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Unrecognized financial instruments (net of contractual value) | Commitments to Originate Loans | ||
Fair Value Hierarchy Level | 3 | 3 |
Unrecognized financial instruments (net of contractual value) | Letter of Credit | ||
Financial Instruments Owned Carrying Amount | $ 84 | $ 109 |
Financial Instruments, Owned, at Fair Value | $ 84 | $ 109 |
Fair Value Hierarchy Level | 3 | 3 |
Unrecognized financial instruments (net of contractual value) | Line of Credit | ||
Fair Value Hierarchy Level | 3 | 3 |
Financial Assets | Loans Receivable | ||
Financial Instruments Owned Carrying Amount | $ 4,296,804 | $ 4,153,982 |
Financial Instruments, Owned, at Fair Value | $ 4,303,909 | $ 4,129,984 |
Fair Value Hierarchy Level | 3 | 3 |
Financial Assets | Cash and Cash Equivalents | ||
Financial Instruments Owned Carrying Amount | $ 563,729 | $ 220,155 |
Financial Instruments, Owned, at Fair Value | $ 563,729 | $ 220,155 |
Fair Value Hierarchy Level | 1 | 1 |
Financial Assets | Mortgage loans held for sale | ||
Financial Instruments Owned Carrying Amount | $ 17,780 | $ 9,242 |
Financial Instruments, Owned, at Fair Value | $ 17,780 | $ 9,242 |
Fair Value Hierarchy Level | 2 | 2 |
Financial Assets | Interest Receivable | ||
Financial Instruments Owned Carrying Amount | $ 12,793 | $ 13,530 |
Financial Instruments, Owned, at Fair Value | $ 12,793 | $ 13,530 |
Fair Value Hierarchy Level | 3 | 3 |
Financial Assets | Investment in FHLBank stock and other interest-earning assets | ||
Financial Instruments Owned Carrying Amount | $ 9,806 | $ 13,473 |
Financial Instruments, Owned, at Fair Value | $ 9,806 | $ 13,473 |
Fair Value Hierarchy Level | 3 | 3 |
Financial Liabilities | ||
Fair Value Hierarchy Level | 3 | |
Financial Liabilities | Junior Subordinated Debt | ||
Financial Instruments Owned Carrying Amount | $ 25,774 | $ 25,774 |
Financial Instruments, Owned, at Fair Value | 25,774 | $ 25,774 |
Fair Value Hierarchy Level | 3 | |
Financial Liabilities | Subordinated Debt | ||
Financial Instruments Owned Carrying Amount | 148,397 | $ 74,276 |
Financial Instruments, Owned, at Fair Value | $ 157,032 | $ 76,875 |
Fair Value Hierarchy Level | 2 | 2 |
Financial Liabilities | Deposits | ||
Financial Instruments Owned Carrying Amount | $ 4,516,903 | $ 3,960,106 |
Financial Instruments, Owned, at Fair Value | $ 4,523,586 | $ 3,963,875 |
Fair Value Hierarchy Level | 3 | 3 |
Financial Liabilities | Short-term Debt | ||
Financial Instruments Owned Carrying Amount | $ 165,692 | $ 312,324 |
Financial Instruments, Owned, at Fair Value | $ 165,692 | $ 312,324 |
Fair Value Hierarchy Level | 3 | 3 |
Financial Liabilities | Accrued interest payable | ||
Financial Instruments Owned Carrying Amount | $ 2,594 | $ 4,250 |
Financial Instruments, Owned, at Fair Value | $ 2,594 | $ 4,250 |
Fair Value Hierarchy Level | 3 | 3 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Non-designated Hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ (264,000) | $ (104,000) | $ 25,000 |
Interest Rate Swap | Not Designated as Hedging Instrument | Third Parties | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | $ 142,800 | $ 96,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Cash Flow Hedges (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivatives and Hedging Activities | ||
Interest rate swap interest income | $ 7,700,000 | $ 3,100,000 |
Non-interest income related to changes in the fair value of derivative | 0 | $ 0 |
Non-interest income related to changes in the fair value of derivative | $ 45,900,000 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Fair value and location (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Total derivatives designated as hedging instruments | $ 30,056 | |
Derivative Asset | ||
Total derivatives not designated as hedging instruments, Assets | $ 5,062 | 1,420 |
Derivative Liability | ||
Total derivatives not designated as hedging instruments, Liabilities | 5,454 | 1,547 |
Interest Rate Swap | Prepaid expenses and other current assets | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Total derivatives designated as hedging instruments | 30,056 | |
Interest rate products | Prepaid expenses and other current assets | ||
Derivative Asset | ||
Total derivatives not designated as hedging instruments, Assets | 5,062 | 1,420 |
Interest rate products | Accrued expenses and other liabilities | ||
Derivative Liability | ||
Total derivatives not designated as hedging instruments, Liabilities | $ 5,454 | $ 1,547 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Cash Flow Hedge on Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Amount of Gain Recognized In AOCI | Interest Rate Swap | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest rate swap, net of income taxes | $ 6,691 | $ 13,857 | $ 9,345 |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Cash Flow Hedge on Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Income | Interest Rate Swap | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest rate swap, net of income taxes | $ 7,676 | $ 3,082 | $ 673 |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities - Agreements with Derivative Counterparties (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Loan Level Swap | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Counterparties Collateral | $ 5,300,000 | |
Net Liability Position | Balance Sheet Hedge | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Counterparties Collateral | $ 391,000 | |
Net Liability Position | Loan Level Swap | Commercial Lending Customer | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Counterparties Collateral | $ 1,100,000 |
Derivatives and Hedging Activ_9
Derivatives and Hedging Activities - Additional Information (Details) - Interest Rate Swap | 12 Months Ended | ||
Dec. 31, 2020USD ($)derivativeloan | Dec. 31, 2019USD ($)loanderivative | Oct. 31, 2018USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Participating Mortgage Loans, Mortgage Obligations, Amount | $ 27,700,000 | $ 37,400,000 | |
Number of Participation loans purchased | loan | 4 | 5 | |
Cash flow hedges | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | $ 400,000,000 | ||
Derivative, Fixed Interest Rate | 3.018% | ||
Expected interest income on termination | $ 2,000,000 | ||
Not Designated as Hedging Instrument | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Number of Interest Rate Derivatives Held | derivative | 19 | 19 | |
Valley Bank | Not Designated as Hedging Instrument | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | $ 584,000 | ||
Number of Interest Rate Derivatives Held | derivative | 2 |
Commitments and Credit Risk - O
Commitments and Credit Risk - Outstanding Commitments to Originate Loans (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments and Credit Risk | ||
Outstanding commitments to originate loans | $ 46.6 | $ 92.4 |
Commitments and Credit Risk - M
Commitments and Credit Risk - Mortgage Loans in Process of Origination (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments and Credit Risk | ||
Mortgage loans in the process of origination | $ 85.9 | $ 69.3 |
Commitments and Credit Risk - L
Commitments and Credit Risk - Letters of Credit (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments and Credit Risk | ||
Letters of Credit Outstanding, Amount | $ 16.1 | $ 26.3 |
Commitments and Credit Risk -_2
Commitments and Credit Risk - Lines of Credit (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Letters of Credit Outstanding, Amount | $ 16.1 | $ 26.3 |
Commercial Lines of Credit | ||
Letters of Credit Outstanding, Amount | 1,000 | 1,200 |
Openend Consumer Lines of Credit | ||
Letters of Credit Outstanding, Amount | $ 164.5 | $ 155.8 |
Commitments and Credit Risk_ Cr
Commitments and Credit Risk: Credit Risk - Secured Loans (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments and Credit Risk | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | $ 804.1 | $ 725 |
Additional Cash Flow Informat_3
Additional Cash Flow Information - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income taxes paid | $ 13,779 | $ 16,449 | $ 14,841 |
Noncash Investing and Financing Activities | |||
Real estate acquired in settlement of loans | 1,707 | 12,729 | 12,044 |
Sale and financing of foreclosed assets | 625 | 1,340 | 2,578 |
Conversion of premises and equipment to foreclosed assets | 80 | 1,135 | |
Dividends declared but not paid | 4,676 | 4,849 | 4,528 |
Additional Cash Payment Information | |||
Interest paid | 42,221 | 53,922 | 37,091 |
Income taxes paid | $ 18,755 | $ 5,719 | $ 2,569 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 01, 2020 | Jul. 01, 2019 | |
Employee Benefits | |||||
Employer contributions charged to expense | $ 2.1 | $ 1.8 | $ 1.3 | ||
Percentage of employer maximum total contributions | 5.00% | ||||
Funded status of the plan (as a percent) | 92.50% | 93.70% | |||
Percentage of employer's matching contribution of the employee's compensation | 100.00% | ||||
Percentage of employee's compensation on which employer matches | 3.00% | ||||
Percentage of employer's matching contribution of the employee's compensation | 50.00% | ||||
Percentage of employee's compensation on which employer matches | 2.00% | ||||
Employer contributions charged to expense | $ 1.6 | $ 1.4 | $ 1.4 |
Stock Compensation Plans - Addi
Stock Compensation Plans - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2020shares | Dec. 31, 2019shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options outstanding | 971,107 | 807,868 |
Ratio of shares utilized for awards other than stock options and stock appreciation rights | 2.5 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
2003 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized | 598,224 | |
Number of options outstanding | 31,591 | |
2013 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized | 700,000 | |
Number of options outstanding | 384,866 | |
2018 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized | 800,000 | |
Number of options outstanding | 554,650 |
Stock Compensation Plans - Sche
Stock Compensation Plans - Schedule of Share-based Compensation, Stock Options, Activity (Details) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 245,350 | 436,900 | 614,850 | 77,512 |
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 971,107 | 807,868 | 773,236 | 682,799 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 48.079 | $ 49.139 | $ 43.886 | $ 38.860 |
Granted from 2013 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,000 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 1,000 | 588,086 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 52.500 | |||
Exercised | ||||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 21,436 | 125,894 | 81,940 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 33.805 | $ 33.031 | $ 27.597 | |
Forfeited from terminated plan(s) | ||||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 6,875 | 17,424 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 38.849 | $ 44.163 | ||
Forfeited from current plan(s) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 4,800 | 8,450 | 600 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 4,800 | 8,450 | 600 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 57.513 | $ 55 | $ 55 | |
Forfeited from 2013 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 13,773 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 13,773 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 45.692 | |||
Termination of 2013 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 90,285 | |||
Available to grant from 2018 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 800,000 | |||
Granted from 2018 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 196,350 | 186,400 | 185,750 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 196,350 | 186,400 | 185,750 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 41.740 | $ 60.086 | $ 55.297 |
Stock Compensation Plans - Sc_2
Stock Compensation Plans - Schedule of Fair Value Option Pricing Model Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Compensation Plans | |||
Expected dividends per share | $ 1.36 | $ 1.36 | $ 1.27 |
Risk-free interest rate | 0.35% | 1.59% | 2.86% |
Expected life of options | 5 years | 5 years | 5 years |
Expected volatility | 29.32% | 25.15% | 17.61% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 7.30 | $ 11.20 | $ 8.30 |
Stock Compensation Plans - Sc_3
Stock Compensation Plans - Schedule of Share-based Compensation, Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 971,107 | 807,868 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 48.079 | $ 49.139 |
Share based compensation stock option weighted average remaining contractual term | 7 years 2 months 23 days | 7 years 6 months 14 days |
Granted | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 196,350 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 41.740 | |
Exercised | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 21,436 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 30.805 | |
Forfeited | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 11,675 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 46.523 | |
Balance, End of Period | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 363,695 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 42.583 | |
Balance, End of Period | Options exercisable | ||
Share based compensation stock option weighted average remaining contractual term | 4 years 11 months 12 days |
Stock Compensation Plans - Opti
Stock Compensation Plans - Options Granted and Intrinsic Value (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Compensation Plans | |||
Share Based Compensation Arrangement By Share Based Payment Award Options Granted Number | 196,350 | 186,400 | 186,750 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 371,000 | $ 3,100,000 | $ 2,200,000 |
Proceeds from Stock Options Exercised | 661,000 | 4,158,000 | 2,224,000 |
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | 257,000 | 2,700,000 | 1,600,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 4,500,000 | 11,500,000 | 4,700,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 2,900,000 | $ 6,600,000 | $ 3,900,000 |
Stock Compensation Plans - Sc_4
Stock Compensation Plans - Schedule of Nonvested Share Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Nonvested options Member | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 607,412 | 552,377 |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Exercise Price | $ 51.370 | $ 54.610 |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Grant Date Fair Value | $ 8.981 | $ 9.509 |
Granted | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 196,350 | |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Exercise Price | $ 41.740 | |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Grant Date Fair Value | $ 7.296 | |
Vested this period Member | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 134,140 | |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Exercise Price | $ 50.441 | |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Grant Date Fair Value | $ 8.662 | |
Nonvested options forfeited Member | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 7,175 | |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Exercise Price | $ 54.655 | |
Share Based Compensation Arrangement by Share Based Payment Award Nonvested Weighted Average Grant Date Fair Value | $ 9.501 |
Stock Compensation Plans - Nonv
Stock Compensation Plans - Nonvested Options Granted Unrecognized Compensation Cost (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Stock Compensation Plans | |
Nonvested Options Granted Unrecognized Compensation Costs | $ 4.6 |
Stock Compensation Plans - Shar
Stock Compensation Plans - Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 971,107 | 807,868 | ||
Share based compensation stock option weighted average remaining contractual term | 7 years 2 months 23 days | 7 years 6 months 14 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 48.079 | $ 49.139 | $ 43.886 | $ 38.860 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 363,695 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 42.583 | |||
Range of Exercise Prices Member | $16.810 to 29.640 Member | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 64,043 | |||
Share based compensation stock option weighted average remaining contractual term | 2 years 1 month 28 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 25.598 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 64,043 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 25.598 | |||
Exercise price range, minimum | 16.810 | |||
Exercise price range, maximum | $ 29.640 | |||
Range of Exercise Prices Member | $32.590 to 38.610 Member | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 62,056 | |||
Share based compensation stock option weighted average remaining contractual term | 3 years 7 months 13 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 33.001 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 61,181 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 32.921 | |||
Exercise price range, minimum | 32.590 | |||
Exercise price range, maximum | $ 38.610 | |||
Range of Exercise Prices Member | $41.300 to 47.800 Member | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 282,357 | |||
Share based compensation stock option weighted average remaining contractual term | 8 years 6 months 21 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 41.613 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 59,816 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 41.335 | |||
Exercise price range, minimum | 41.300 | |||
Exercise price range, maximum | $ 47.800 | |||
Range of Exercise Prices Member | $50.710 to 52.500 Member | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 204,251 | |||
Share based compensation stock option weighted average remaining contractual term | 6 years 1 month 9 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 51.656 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 133,496 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 51.415 | |||
Exercise price range, minimum | 50.710 | |||
Exercise price range, maximum | $ 52.500 | |||
Range of Exercise Prices Member | $55.000 to 60.150 Member | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 358,400 | |||
Share based compensation stock option weighted average remaining contractual term | 8 years 4 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 57.762 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 45,159 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 55.306 | |||
Exercise price range, minimum | 55 | |||
Exercise price range, maximum | $ 60.150 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income, before tax | $ 68,850 | $ 41,771 |
Tax effect | (15,699) | (9,525) |
Net-of-tax amount | 53,151 | 32,246 |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income, before tax | 30,126 | 11,715 |
Net unrealized gain on derivatives used for cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income, before tax | $ 38,724 | $ 30,056 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 5,283 | $ 48 | $ 2 |
Affected Line Item in the Statements of Income Member | Net realized gains on available-for-sale securities (total reclassified amount before tax) | |||
Unrealized gains on available-for-sale securities reclassified out of AOCI | 78 | (62) | 2 |
Affected Line Item in the Statements of Income Member | Amortization of realized gain on termination of cash flow hedge | |||
Change in fair value of cash flow hedge available-for-sale securities reclassified out of AOCI | 6,764 | 0 | 0 |
Affected Line Item in the Statements of Income Member | Tax Expense (Benefit) | |||
Income taxes on unrealized gains on available-for-sale securities reclassified out of AOCI | $ (1,559) | $ 14 | $ 0 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total capital Member | Great Southern Bancorp, Inc. Member | ||
Actual Capital Amount | $ 800,388 | $ 698,085 |
Actual Capital Ratio | 17.20% | 15.00% |
Capital Required for Capital Adequacy | $ 373,132 | $ 372,387 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8 | 8 |
Total capital Member | Great Southern Bank Member | ||
Actual Capital Amount | $ 694,047 | $ 650,280 |
Actual Capital Ratio | 14.90% | 14.00% |
Capital Required for Capital Adequacy | $ 373,058 | $ 372,316 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8 | 8 |
Capital Required to be Well Capitalized | $ 466,322 | $ 465,395 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10 | 10 |
Tier I capital Member | Great Southern Bancorp, Inc. Member | ||
Actual Capital Amount | $ 594,645 | $ 582,791 |
Actual Capital Ratio | 12.70% | 12.50% |
Capital Required for Capital Adequacy | $ 279,849 | $ 279,290 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 6 | 6 |
Tier I capital Member | Great Southern Bank Member | ||
Actual Capital Amount | $ 638,304 | $ 609,986 |
Actual Capital Ratio | 13.70% | 13.10% |
Capital Required for Capital Adequacy | $ 279,793 | $ 279,237 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 6 | 6 |
Capital Required to be Well Capitalized | $ 373,058 | $ 372,316 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 8 | 8 |
Tier I leverage capital Member | Great Southern Bancorp, Inc. Member | ||
Actual Capital Amount | $ 594,645 | $ 582,791 |
Actual Capital Ratio | 10.90% | 11.80% |
Capital Required for Capital Adequacy | $ 217,223 | $ 198,320 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 4 | 4 |
Tier I leverage capital Member | Great Southern Bank Member | ||
Actual Capital Amount | $ 638,304 | $ 609,986 |
Actual Capital Ratio | 11.80% | 12.30% |
Capital Required for Capital Adequacy | $ 217,170 | $ 198,010 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 4 | 4 |
Capital Required to be Well Capitalized | $ 271,463 | $ 247,512 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 5 | 5 |
Common equity Tier I capital Member | Great Southern Bancorp, Inc. Member | ||
Actual Capital Amount | $ 569,645 | $ 557,791 |
Actual Capital Ratio | 12.20% | 12.00% |
Capital Required for Capital Adequacy | $ 209,887 | $ 209,468 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 4.5 | 4.5 |
Common equity Tier I capital Member | Great Southern Bank Member | ||
Actual Capital Amount | $ 638,304 | $ 609,986 |
Actual Capital Ratio | 13.70% | 13.10% |
Capital Required for Capital Adequacy | $ 209,845 | $ 209,428 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 4.5 | 4.5 |
Capital Required to be Well Capitalized | $ 303,109 | $ 302,507 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 6.5 | 6.5 |
Summary of Unaudited Quarterl_3
Summary of Unaudited Quarterly Operating Results: Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Summary of Unaudited Quarterly Operating Results | ||||||||||||
Interest Income | $ 52,619 | $ 53,599 | $ 54,011 | $ 57,474 | $ 58,726 | $ 60,187 | $ 58,723 | $ 57,358 | $ 56,142 | $ 52,982 | $ 49,943 | $ 46,882 |
Interest expense | 8,042 | 9,431 | 10,556 | 12,536 | 13,784 | 14,263 | 13,802 | 12,753 | 11,585 | 9,997 | 8,731 | 7,444 |
Provision for loan losses | 1,500 | 4,500 | 6,000 | 3,871 | 650 | 1,950 | 1,600 | 1,950 | 1,950 | 1,300 | 1,950 | 1,950 |
Net realized gains (losses) on available-for-sale securities | 78 | (72) | 10 | 2 | ||||||||
Noninterest income | 9,956 | 9,466 | 8,261 | 7,367 | 7,695 | 8,655 | 7,157 | 7,450 | 7,220 | 14,604 | 7,459 | 6,935 |
Noninterest expense | 31,073 | 31,988 | 29,349 | 30,815 | 29,535 | 28,725 | 28,383 | 28,495 | 28,774 | 28,309 | 29,915 | 28,312 |
Provision for income taxes | 4,172 | 3,692 | 3,164 | 2,751 | 4,559 | 4,172 | 3,720 | 3,998 | 3,765 | 5,464 | 2,967 | 2,645 |
Net income available to common shareholders | $ 17,788 | $ 13,454 | $ 13,203 | $ 14,868 | $ 17,893 | $ 19,732 | $ 18,375 | $ 17,612 | $ 17,288 | $ 22,516 | $ 13,839 | $ 13,466 |
Earnings per common share - diluted | $ 1.28 | $ 0.96 | $ 0.93 | $ 1.04 | $ 1.24 | $ 1.38 | $ 1.28 | $ 1.23 | $ 1.21 | $ 1.57 | $ 0.97 | $ 0.95 |
Condensed Parent Company Stat_3
Condensed Parent Company Statements - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Cash | $ 92,403 | $ 99,299 |
Prepaid expenses and other assets | 58,889 | 74,984 |
Total Assets | 5,526,420 | 5,015,072 |
Subordinated debentures issued to capital trust | 148,397 | 74,276 |
Subordinated notes | 148,397 | 74,276 |
Additional paid-in capital | 35,004 | 33,510 |
Retained earnings | 541,448 | 537,167 |
Accumulated other comprehensive income | 53,151 | 32,246 |
Parent Company [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Cash | 111,250 | 58,726 |
Investment in subsidiary bank | 698,398 | 650,329 |
Deferred and accrued income taxes | 157 | 111 |
Prepaid expenses and other assets | 883 | 868 |
Total Assets | 810,688 | 710,034 |
Accounts payable and accrued expenses | 6,776 | 6,918 |
Subordinated debentures issued to capital trust | 25,774 | 25,774 |
Subordinated notes | 148,397 | 74,276 |
Common Stock | 138 | 143 |
Additional paid-in capital | 35,004 | 33,510 |
Retained earnings | 541,448 | 537,167 |
Accumulated other comprehensive income | 53,151 | 32,246 |
Total Assets and Liabilities | $ 810,688 | $ 710,034 |
Condensed Parent Company Stat_4
Condensed Parent Company Statements - Condensed Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | |||
Interest Expense | $ 40,565 | $ 54,602 | $ 37,757 |
Parent Company [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Dividends from subsidiary bank | 40,000 | 32,000 | 34,000 |
Interest and dividend income | 5 | ||
Loss on other investments | (23) | ||
Total income | 40,005 | 31,977 | 34,000 |
Operating Expenses | 2,197 | 2,044 | 1,793 |
Interest Expense | 7,459 | 5,397 | 5,050 |
Total expense | 9,656 | 7,441 | 6,843 |
Income before income tax and equity in undistributed earnings of subsidiaries | 30,349 | 24,536 | 27,157 |
Credit for income taxes | (1,800) | (1,381) | (1,204) |
Income before equity in earnings of subsidiaries | 32,149 | 25,917 | 28,361 |
Equity in undistributed earnings of subsidiaries | 27,164 | 47,695 | 38,748 |
Net income | $ 59,313 | $ 73,612 | $ 67,109 |
Condensed Parent Company Stat_5
Condensed Parent Company Statements - Condensed Cash Flow Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Prepaid expenses and other assets | $ 17,163 | $ 1,336 | $ (3,002) | |
Accounts Payable and Other Accrued Liabilities | 29,783 | 24,904 | ||
Net cash provided by operating activities | 46,048 | 86,419 | 94,195 | |
Net cash provided by investing activities | (131,346) | (295,149) | (381,323) | |
Proceeds from issuance of subordinated notes | 73,513 | 0 | 0 | |
Net cash used in financing activities | 428,872 | 226,143 | 247,617 | |
Parent Company [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net income | 59,313 | 73,612 | 67,109 | |
Equity in undistributed earnings of subsidiary | (27,164) | (47,695) | (38,748) | |
Compensation expense for stock option grants | 1,153 | 922 | 737 | |
Amortization of interest rate derivative and deferred costs on subordinated notes | 608 | 434 | 154 | |
Loss on other investments | 23 | |||
Prepaid expenses and other assets | (15) | (3) | 13 | |
Accounts Payable and Other Accrued Liabilities | 31 | 226 | 182 | |
Income taxes | (46) | 300 | (278) | |
Net cash provided by operating activities | 33,880 | 27,819 | 29,169 | |
Return of principal - other investments | 2 | |||
Net cash provided by investing activities | 2 | |||
Purchases of the Company's common stock | (22,104) | (849) | (903) | |
Proceeds from issuance of subordinated notes | 73,513 | |||
Dividends paid | (33,426) | (29,052) | (15,819) | |
Stock options exercised | 661 | 4,158 | 2,224 | |
Net cash used in financing activities | 18,644 | (25,743) | (14,498) | |
Increase in Cash | 52,524 | 2,078 | 14,671 | |
Cash, Beginning of Year | 58,726 | 56,648 | $ 41,977 | |
Cash, End of Year | 111,250 | 58,726 | 56,648 | |
Interest paid | $ 7,349 | $ 5,424 | $ 5,001 |
Condensed Parent Company Stat_6
Condensed Parent Company Statements - Condensed Statement of Comprehensive Income - (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Statement of Income Captions [Line Items] | |||
Change in fair value of cash flow hedge, net of taxes of $0, $0 and $93 for 2019, 2018 and 2017, respectively | $ 11,914 | $ 13,857 | $ 9,345 |
Parent Company [Member] | |||
Condensed Statement of Income Captions [Line Items] | |||
Net Income | 59,313 | 73,612 | 67,109 |
Comprehensive income (loss) of subsidiaries | 20,905 | 22,619 | 8,114 |
Comprehensive Income parent | $ 80,218 | $ 96,231 | $ 75,223 |
Sale of Branches and Related _2
Sale of Branches and Related Deposits (Details) | Jul. 20, 2018USD ($)Center |
Number of banking centers sold | Center | 4 |
Deposits | West Gate Bank | |
Proceeds from Sale of Other Productive Assets | $ 56,000,000 |
Transaction expense | West Gate Bank | |
Proceeds from Sale of Other Productive Assets | 165,000 |
Pre-tax gain | West Gate Bank | |
Proceeds from Sale of Other Productive Assets | $ 7,400,000 |