Company Quick10K Filing
Great Southern Bancorp
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 14 $845
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-07 Quarter: 2019-06-30
10-Q 2019-05-08 Quarter: 2019-03-31
10-K 2019-03-07 Annual: 2018-12-31
10-Q 2018-11-05 Quarter: 2018-09-30
10-Q 2018-08-03 Quarter: 2018-06-30
10-Q 2018-05-04 Quarter: 2018-03-31
10-K 2018-03-06 Annual: 2017-12-31
10-Q 2017-11-07 Quarter: 2017-09-30
10-Q 2017-08-04 Quarter: 2017-06-30
10-Q 2017-05-05 Quarter: 2017-03-31
10-K 2017-03-03 Annual: 2016-12-31
10-Q 2016-11-04 Quarter: 2016-09-30
10-Q 2016-08-05 Quarter: 2016-06-30
10-Q 2016-05-06 Quarter: 2016-03-31
10-K 2016-03-03 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-03-06 Annual: 2014-12-31
10-Q 2014-11-10 Quarter: 2014-09-30
10-Q 2014-08-11 Quarter: 2014-06-30
10-Q 2014-05-09 Quarter: 2014-03-31
10-K 2014-03-10 Annual: 2013-12-31
10-Q 2013-11-08 Quarter: 2013-09-30
10-Q 2013-08-08 Quarter: 2013-06-30
10-Q 2013-05-10 Quarter: 2013-03-31
10-K 2013-03-11 Annual: 2012-12-31
10-Q 2012-11-09 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-Q 2011-11-07 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-Q 2011-05-06 Quarter: 2011-03-31
10-K 2011-03-04 Annual: 2010-12-31
10-Q 2010-11-04 Quarter: 2010-09-30
10-Q 2010-08-05 Quarter: 2010-06-30
10-Q 2010-05-07 Quarter: 2010-03-31
10-K 2010-03-24 Annual: 2009-12-31
8-K 2020-01-27 Other Events, Exhibits
8-K 2020-01-21 Earnings, Exhibits
8-K 2020-01-15 Other Events, Exhibits
8-K 2019-12-18 Other Events, Exhibits
8-K 2019-10-16
8-K 2019-10-16
8-K 2019-09-18 Other Events, Exhibits
8-K 2019-07-29 Regulation FD
8-K 2019-07-17 Earnings, Exhibits
8-K 2019-07-17 Regulation FD
8-K 2019-05-08 Shareholder Vote
8-K 2019-04-17 Earnings, Exhibits
8-K 2019-04-17 Regulation FD
8-K 2019-03-20 Other Events, Exhibits
8-K 2019-01-25 Other Events, Exhibits
8-K 2019-01-23 Other Events, Exhibits
8-K 2019-01-22 Regulation FD
8-K 2019-01-22 Earnings, Exhibits
8-K 2018-12-19 Other Events, Exhibits
8-K 2018-11-06 Regulation FD
8-K 2018-10-17 Regulation FD
8-K 2018-10-17 Earnings, Exhibits
8-K 2018-09-19 Other Events, Exhibits
8-K 2018-07-30 Regulation FD
8-K 2018-07-19 Regulation FD
8-K 2018-07-18 Earnings, Exhibits
8-K 2018-05-09 Officers, Shareholder Vote
8-K 2018-04-18 Earnings, Other Events, Exhibits
8-K 2018-04-18 Regulation FD
8-K 2018-03-20 Other Events
8-K 2018-01-29 Other Events, Exhibits
8-K 2018-01-23 Earnings, Exhibits
8-K 2018-01-23 Regulation FD
8-K 2018-01-03 Other Events, Exhibits
8-K 2017-09-20 Other Events, Exhibits
GSBC 2019-09-30
Part I Financial Information
Item 1. Financial Statements.
Note 1: Basis of Presentation
Note 2: Nature of Operations and Operating Segments
Note 3: Recent Accounting Pronouncements
Note 4: Earnings per Share
Note 5: Investment Securities
Note 6: Loans and Allowance for Loan Losses
Note 7: Fdic-Acquired Loans
Note 8: Other Real Estate Owned and Repossessions
Note 9: Premises and Equipment
Note 10: Deposits
Note 11: Advances From Federal Home Loan Bank
Note 12: Securities Sold Under Reverse Repurchase Agreements and Short-Term Borrowings
Note 13: Subordinated Notes
Note 14: Income Taxes
Note 15: Disclosures About Fair Value of Financial Instruments
Note 16: Derivatives and Hedging Activities
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits and Financial Statement Schedules
EX-10.3 ex103.htm
EX-10.4 ex104.htm
EX-31.1 ex311.htm
EX-31.2 ex312.htm
EX-32 ex-32.htm

Great Southern Bancorp Earnings 2019-09-30

GSBC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
WASH 878 5,190 4,705 198 0 69 154 759 0% 4.9 1%
GSBC 845 4,872 4,299 0 0 76 106 664 6.3 2%
CPF 838 5,920 5,404 25 0 61 106 841 0% 7.9 1%
SYBT 825 3,464 3,074 11 0 0 30 709 0% 23.6 0%
LION 820 4,790 4,331 18 0 38 90 738 0% 8.2 1%
LBAI 803 6,407 5,709 0 0 65 156 556 3.6 1%
OBNK 795 5,120 4,535 0 0 52 110 596 5.4 1%
CARO 786 3,888 3,282 4 0 60 111 765 0% 6.9 2%
CNOB 784 6,109 5,410 0 0 69 163 1,197 7.4 1%
HMST 782 7,201 6,477 0 0 20 125 808 6.5 0%

10-Q 1 gsbc-10q093019.htm QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED SEPTEMBER 30, 2019



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES ACT OF 1934

For the Quarterly Period Ended September 30, 2019

Commission File Number 0-18082

GREAT SOUTHERN BANCORP, INC.
 
(Exact name of registrant as specified in its charter)

Maryland
 
43-1524856
(State or other jurisdiction of incorporation
or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
1451 E. Battlefield, Springfield, Missouri
 
65804
(Address of principal executive offices)
 
(Zip Code)
 
 
 
(417) 887-4400
(Registrant's telephone number, including area code)

 
Securities registered pursuant to Section 12(b) of the Act.

Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock,
   
par value $0.01 per share
GSBC
The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  
Yes /X/     No /  /
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes/X/   No /  /
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer /  /
Acceleratedfiler /X/
Non-accelerated filer /  /
Smaller reporting company /  /
 
Emerging growth company /  /

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. / /

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 
Yes /  /   No /X/
 
The number of shares outstanding of each of the registrant's classes of common stock: 14,237,325 shares of common stock, par value $.01 per share, outstanding at November 5, 2019.

 
1




PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands, except number of shares)

   
SEPTEMBER 30,
   
DECEMBER 31,
 
   
2019
   
2018
 
   
(Unaudited)
       
             
ASSETS
           
Cash
 
$
105,068
   
$
110,108
 
Interest-bearing deposits in other financial institutions
   
85,809
     
92,634
 
Cash and cash equivalents
   
190,877
     
202,742
 
Available-for-sale securities
   
349,020
     
243,968
 
Mortgage loans held for sale
   
10,819
     
1,650
 
Loans receivable, net of allowance for loan losses of $40,406 – September 2019;
$38,409 - December 2018
   
4,156,703
     
3,989,001
 
Interest receivable
   
13,701
     
13,448
 
Prepaid expenses and other assets
   
82,218
     
55,336
 
Other real estate owned and repossessions, net
   
7,444
     
8,440
 
Premises and equipment, net
   
141,227
     
132,424
 
Goodwill and other intangible assets
   
8,386
     
9,288
 
Federal Home Loan Bank stock
   
11,765
     
12,438
 
Current and deferred income taxes
   
     
7,465
 
          Total Assets
 
$
4,972,160
   
$
4,676,200
 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
Liabilities:
               
Deposits
 
$
3,935,154
   
$
3,725,007
 
Securities sold under reverse repurchase agreements with customers
   
102,569
     
105,253
 
Short-term borrowings and other interest-bearing liabilities
   
191,116
     
192,725
 
Subordinated debentures issued to capital trust
   
25,774
     
25,774
 
Subordinated notes
   
74,168
     
73,842
 
Accrued interest payable
   
3,119
     
3,570
 
Advances from borrowers for taxes and insurance
   
10,405
     
5,092
 
Accrued expenses and other liabilities
   
27,048
     
12,960
 
Current and deferred income taxes
   
6,037
     
 
          Total Liabilities
   
4,375,390
     
4,144,223
 
Stockholders' Equity:
               
Capital stock
               
Serial preferred stock –$.01 par value; authorized 1,000,000 shares; issued
and outstanding September 2019 and December 2018 - -0- shares
   
     
 
Common stock, $.01 par value; authorized 20,000,000 shares;
issued and outstanding September 2019  –14,214,054 shares;
December 2018 - 14,151,198 shares
   
142
     
142
 
Additional paid-in capital
   
32,085
     
30,121
 
Retained earnings
   
523,493
     
492,087
 
Accumulated other comprehensive income
   
41,050
     
9,627
 
          Total Stockholders' Equity
   
596,770
     
531,977
 
          Total Liabilities and Stockholders' Equity
 
$
4,972,160
   
$
4,676,200
 

See Notes to Consolidated Financial Statements

2



GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)

   
THREE MONTHS ENDED
SEPTEMBER 30,
 
   
2019
   
2018
 
   
(Unaudited)
 
             
INTEREST INCOME
           
Loans
 
$
57,226
   
$
51,063
 
Investment securities and other
   
2,961
     
1,919
 
TOTAL INTEREST INCOME
   
60,187
     
52,982
 
                 
INTEREST EXPENSE
               
Deposits
   
11,792
     
7,352
 
Federal Home Loan Bank advances
   
     
1,192
 
Short-term borrowings and repurchase agreements
   
1,123
     
177
 
Subordinated debentures issued to capital trust
   
253
     
252
 
Subordinated notes
   
1,095
     
1,024
 
TOTAL INTEREST EXPENSE
   
14,263
     
9,997
 
NET INTEREST INCOME
   
45,924
     
42,985
 
Provision for Loan Losses
   
1,950
     
1,300
 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
   
43,974
     
41,685
 
                 
NON-INTEREST INCOME
               
Commissions
   
173
     
309
 
Service charges and ATM fees
   
5,619
     
5,458
 
Net gains on loan sales
   
1,021
     
417
 
Net realized gains on sales of available-for-sale securities
   
     
2
 
Late charges and fees on loans
   
364
     
466
 
Gain (loss) on derivative interest rate products
   
(101
)
   
5
 
Gain on sale of business units
   
     
7,414
 
Other income
   
1,579
     
533
 
TOTAL NON-INTEREST INCOME
   
8,655
     
14,604
 
                 
NON-INTEREST EXPENSE
               
Salaries and employee benefits
   
15,827
     
15,162
 
Net occupancy and equipment expense
   
6,613
     
6,551
 
Postage
   
792
     
843
 
Insurance
   
339
     
682
 
Advertising
   
794
     
589
 
Office supplies and printing
   
258
     
255
 
Telephone
   
904
     
827
 
Legal, audit and other professional fees
   
681
     
875
 
Expense on other real estate and repossessions
   
603
     
498
 
Partnership tax credit investment amortization
   
91
     
91
 
Acquired deposit intangible asset amortization
   
289
     
412
 
Other operating expenses
   
1,534
     
1,524
 
TOTAL NON-INTEREST EXPENSE
   
28,725
     
28,309
 
                 
INCOME BEFORE INCOME TAXES
   
23,904
     
27,980
 
Provision for Income Taxes
   
4,172
     
5,464
 
NET INCOME AND NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
 
$
19,732
   
$
22,516
 
                 
Basic Earnings Per Common Share
 
$
1.39
   
$
1.59
 
Diluted Earnings Per Common Share
 
$
1.38
   
$
1.57
 
Dividends Declared Per Common Share
 
$
0.34
   
$
0.32
 

See Notes to Consolidated Financial Statements
3



GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)

   
NINE MONTHS ENDED
SEPTEMBER 30,
 
   
2019
   
2018
 
   
(Unaudited)
 
             
INTEREST INCOME
           
Loans
 
$
167,552
   
$
144,447
 
Investment securities and other
   
8,715
     
5,361
 
TOTAL INTEREST INCOME
   
176,267
     
149,808
 
                 
INTEREST EXPENSE
               
Deposits
   
33,844
     
19,058
 
Federal Home Loan Bank advances
   
     
2,964
 
Short-term borrowings and repurchase agreements
   
2,904
     
385
 
Subordinated debentures issued to capital trust
   
787
     
692
 
Subordinated notes
   
3,283
     
3,073
 
TOTAL INTEREST EXPENSE
   
40,818
     
26,172
 
NET INTEREST INCOME
   
135,449
     
123,636
 
Provision for Loan Losses
   
5,500
     
5,200
 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
   
129,949
     
118,436
 
                 
NON-INTEREST INCOME
               
Commissions
   
670
     
868
 
Service charges and ATM fees
   
15,887
     
16,191
 
Net gains on loan sales
   
1,645
     
1,438
 
Late charges and fees on loans
   
1,066
     
1,240
 
Net realized gains on sales of available-for-sale securities
   
10
     
2
 
Gain (loss) on derivative interest rate products
   
(169
)
   
53
 
Gain on sale of business units
   
     
7,414
 
Other income
   
4,154
     
1,792
 
TOTAL NON-INTEREST INCOME
   
23,263
     
28,998
 
                 
NON-INTEREST EXPENSE
               
Salaries and employee benefits
   
46,895
     
44,731
 
Net occupancy and equipment expense
   
19,462
     
19,234
 
Postage
   
2,342
     
2,544
 
Insurance
   
1,667
     
2,002
 
Advertising
   
2,162
     
1,892
 
Office supplies and printing
   
743
     
789
 
Telephone
   
2,645
     
2,339
 
Legal, audit and other professional fees
   
2,023
     
2,373
 
Expense on other real estate and repossessions
   
1,642
     
4,376
 
Partnership tax credit investment amortization
   
274
     
484
 
Acquired deposit intangible asset amortization
   
902
     
1,237
 
Other operating expenses
   
4,845
     
4,536
 
TOTAL NON-INTEREST EXPENSE
   
85,602
     
86,537
 
                 
INCOME BEFORE INCOME TAXES
   
67,610
     
60,897
 
Provision for Income Taxes
   
11,890
     
11,076
 
NET INCOME AND NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
 
$
55,720
   
$
49,821
 
                 
Basic Earnings Per Common Share
 
$
3.93
   
$
3.53
 
Diluted Earnings Per Common Share
 
$
3.90
   
$
3.49
 
Dividends Declared Per Common Share
 
$
1.73
   
$
0.88
 

See Notes to Consolidated Financial Statements

4



GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)

   
THREE MONTHS ENDED
SEPTEMBER 30,
 
   
2019
   
2018
 
   
(Unaudited)
 
             
Net Income
 
$
19,732
   
$
22,516
 
                 
Unrealized appreciation (depreciation) on available-for-sale securities,
   net of taxes (credit) of $1,315 and $(232), for 2019 and 2018, respectively
   
4,452
     
(805
)
                 
Reclassification adjustment for gains included in net income,
   net of taxes of $0 and $0, for 2019 and 2018, respectively
   
     
(2
)
                 
Change in fair value of cash flow hedge, net of taxes of $1,318 and $0,
   for 2019 and 2018, respectively
   
4,461
     
 
                 
Comprehensive Income
 
$
28,645
   
$
21,709
 


   
NINE MONTHS ENDED
SEPTEMBER 30,
 
   
2019
   
2018
 
   
(Unaudited)
 
             
Net Income
 
$
55,720
   
$
49,821
 
                 
Unrealized appreciation (depreciation) on available-for-sale securities,
   net of taxes (credit) of $3,732 and $(894), for 2019 and 2018, respectively
   
12,642
     
(3,106
)
                 
Reclassification adjustment for gains included in net income,
   net of taxes of $2 and $0, for 2019 and 2018, respectively
   
(8
)
   
(2
)
                 
Change in fair value of cash flow hedge, net of taxes of $5,549 and $0,
   for 2019 and 2018, respectively
   
18,789
     
 
                 
Comprehensive Income
 
$
87,143
   
$
46,713
 

See Notes to Consolidated Financial Statements



5


GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except per share data)

    THREE MONTHS ENDED SEPTEMBER 30, 2018
 
                     
Accumulated
             
                     
Other
             
   
Common
   
Additional
   
Retained
   
Comprehensive
   
Treasury
       
   
Stock
   
Paid-in Capital
   
Earnings
   
Income (Loss)
   
Stock
   
Total
 
   
(Unaudited)
 
                                     
Balance, June 30, 2018
 
$
141
   
$
29,134
   
$
461,784
   
$
(788
)
 
$
   
$
490,271
 
Net income
   
     
     
22,516
     
     
     
22,516
 
Stock issued under Stock Option
                                               
Plan
   
     
419
     
     
     
256
     
675
 
Common dividends declared,
                                               
$0.32 per share
   
     
     
(4,528
)
   
     
     
(4,528
)
Other comprehensive loss
   
     
     
     
(807
)
   
     
(807
)
Reclassification of treasury stock
                                               
per Maryland law
   
1
     
     
255
     
     
(256
)
   
 
                                                 
Balance, September 30, 2018
 
$
142
   
$
29,553
   
$
480,027
   
$
(1,595
)
 
$
   
$
508,127
 
                                                 


    THREE MONTHS ENDED SEPTEMBER 30, 2019  
                     
Accumulated
             
                     
Other
             
   
Common
   
Additional
   
Retained
   
Comprehensive
   
Treasury
       
   
Stock
   
Paid-in Capital
   
Earnings
   
Income (Loss)
   
Stock
   
Total
 
   
(Unaudited)
 
                                     
Balance, June 30, 2019
 
$
142
   
$
31,603
   
$
508,427
   
$
32,137
   
$
   
$
572,309
 
Net income
   
     
     
19,732
     
     
     
19,732
 
Stock issued under Stock Option
                                               
Plan
   
     
482
     
     
     
167
     
649
 
Common dividends declared,
                                               
$0.34 per share
   
     
     
(4,833
)
   
     
     
(4,833
)
Other comprehensive gain
   
     
     
     
8,913
     
     
8,913
 
Reclassification of treasury stock
                                               
per Maryland law
   
     
     
167
     
     
(167
)
   
 
                                                 
Balance, September 30, 2019
 
$
142
   
$
32,085
   
$
523,493
   
$
41,050
   
$
   
$
596,770
 
                                                 

See Notes to Consolidated Financial Statements
6

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except per share data)

    NINE MONTHS ENDED SEPTEMBER 30, 2018  
                     
Accumulated
             
                     
Other
             
   
Common
   
Additional
   
Retained
   
Comprehensive
   
Treasury
       
   
Stock
   
Paid-in Capital
   
Earnings
   
Income (Loss)
   
Stock
   
Total
 
   
(Unaudited)
 
                                     
Balance, January 1, 2018
 
$
141
   
$
28,203
   
$
442,077
   
$
1,241
   
$
   
$
471,662
 
Net income
   
     
     
49,821
     
     
     
49,821
 
Stock issued under Stock Option
                                               
Plan
   
     
1,350
     
     
     
838
     
2,188
 
Common dividends declared,
                                               
$0.88 per share
   
     
     
(12,436
)
   
     
     
(12,436
)
Reclassification of stranded tax
                                               
effects resulting from change in
                                               
Federal income tax rate
   
     
     
(272
)
   
272
     
     
 
Other comprehensive loss
   
     
     
     
(3,108
)
   
     
(3,108
)
Reclassification of treasury stock
                                               
per Maryland law
   
1
     
     
837
     
     
(838
)
   
 
                                                 
Balance, September 30, 2018
 
$
142
   
$
29,553
   
$
480,027
   
$
(1,595
)
 
$
   
$
508,127
 
                                                 


    NINE MONTHS ENDED SEPTEMBER 30, 2019  
                     
Accumulated
             
                     
Other
             
   
Common
   
Additional
   
Retained
   
Comprehensive
   
Treasury
       
   
Stock
   
Paid-in Capital
   
Earnings
   
Income (Loss)
   
Stock
   
Total
 
   
(Unaudited)
 
                                     
Balance, January 1, 2019
 
$
142
   
$
30,121
   
$
492,087
   
$
9,627
   
$
   
$
531,977
 
Net income
   
     
     
55,720
     
     
     
55,720
 
Stock issued under Stock Option
                                               
Plan
   
     
1,964
     
     
     
1,059
     
3,023
 
Common dividends declared,
                                               
$1.39 per share
   
     
     
(24,524
)
   
     
     
(24,524
)
Purchase of the Company’s
                                               
common stock
   
     
     
     
     
(849
)
   
(849
)
Other comprehensive gain
   
     
     
     
31,423
     
     
31,423
 
Reclassification of treasury stock
                                               
per Maryland law
   
     
     
210
     
     
(210
)
   
 
                                                 
Balance, September 30, 2019
 
$
142
   
$
32,085
   
$
523,493
   
$
41,050
   
$
   
$
596,770
 
                                                 

See Notes to Consolidated Financial Statements
7


GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

   
NINE MONTHS ENDED
SEPTEMBER 30,
 
   
2019
   
2018
 
   
(Unaudited)
 
             
CASH FLOWS FROM OPERATING ACTIVITIES
           
Net income
 
$
55,720
   
$
49,821
 
Proceeds from sales of loans held for sale
   
81,403
     
72,229
 
Originations of loans held for sale
   
(88,864
)
   
(65,788
)
Items not requiring (providing) cash:
               
Depreciation
   
7,076
     
6,842
 
Amortization
   
1,566
     
1,837
 
Compensation expense for stock option grants
   
667
     
539
 
Provision for loan losses
   
5,500
     
5,200
 
Net gains on loan sales
   
(1,645
)
   
(1,438
)
Net realized gains on sales of available-for-sale securities
   
(10
)
   
(2
)
Net (gains) losses on sale of premises and equipment
   
(24
)
   
122
 
Net losses on sale/write-down of other real estate owned and repossessions
   
205
     
2,003
 
Gain realized on sale of business units
   
     
(7,414
)
Accretion of deferred income, premiums, discounts and other
   
(2,949
)
   
(2,032
)
(Gain) loss on derivative interest rate products
   
169
     
(53
)
Deferred income taxes
   
(193
)
   
(6,278
)
Changes in:
               
Interest receivable
   
(253
)
   
(670
)
Prepaid expenses and other assets
   
(1,940
)
   
5,967
 
Accrued expenses and other liabilities
   
3,333
     
1,331
 
Income taxes refundable/payable
   
4,414
     
11,158
 
Net cash provided by operating activities
   
64,175
     
73,374
 
CASH FLOWS FROM INVESTING ACTIVITIES
               
Net change in loans
   
(123,401
)
   
(171,672
)
Purchase of loans
   
(57,545
)
   
(57,382
)
Cash paid for sale of business units
   
     
(50,356
)
Purchase of premises and equipment
   
(8,274
)
   
(7,833
)
Proceeds from sale of premises and equipment
   
172
     
2,296
 
Proceeds from sale of other real estate owned and repossessions
   
12,867
     
16,124
 
Capitalized costs on other real estate owned
   
(93
)
   
(153
)
Proceeds from sales of available-for-sale securities
   
28,057
     
502
 
Proceeds from maturities and calls of held-to-maturity securities
   
     
130
 
Proceeds from maturities and calls of available-for-sale securities
   
13,370
     
2,366
 
Principal reductions on mortgage-backed securities
   
12,788
     
17,134
 
Purchase of available-for-sale securities
   
(143,151
)
   
(36,677
)
Redemption (purchase) of Federal Home Loan Bank stock
   
673
     
(3,736
)
Net cash used in investing activities
   
(264,537
)
   
(289,257
)
CASH FLOWS FROM FINANCING ACTIVITIES
               
Net increase in certificates of deposit
   
136,194
     
84,177
 
Net increase (decrease) in checking and savings deposits
   
73,995
     
(24,535
)
Proceeds from Federal Home Loan Bank advances
   
     
2,363,500
 
Repayments of Federal Home Loan Bank advances
   
     
(2,251,000
)
Net increase (decrease) in short-term borrowings
   
(4,293
)
   
16,409
 
Advances from borrowers for taxes and insurance
   
5,313
     
3,539
 
Dividends paid
   
(24,219
)
   
(11,288
)
Purchase of the Company’s common stock
   
(849
)
   
 
Stock options exercised
   
2,356
     
1,649
 
Net cash provided by financing activities
   
188,497
     
182,451
 
DECREASES IN CASH AND CASH EQUIVALENTS
   
(11,865
)
   
(33,432
)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
   
202,742
     
242,253
 
CASH AND CASH EQUIVALENTS, END OF PERIOD
 
$
190,877
   
$
208,821
 

See Notes to Consolidated Financial Statements


8




GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1: BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements of Great Southern Bancorp, Inc. (the "Company" or "Great Southern") have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The financial statements presented herein reflect all adjustments which are, in the opinion of management, necessary to fairly present the financial condition, results of operations, changes in stockholders’ equity and cash flows of the Company as of the dates and for the periods presented. Those adjustments consist only of normal recurring adjustments. Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the full year. The consolidated statement of financial condition of the Company as of December 31, 2018, has been derived from the audited consolidated statement of financial condition of the Company as of that date.  Certain prior period amounts have been reclassified to conform to the current period presentation.  These reclassifications had no effect on net income.

Certain information and note disclosures normally included in the Company's annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for 2018 filed with the Securities and Exchange Commission.


NOTE 2: NATURE OF OPERATIONS AND OPERATING SEGMENTS

The Company operates as a one-bank holding company.  The Company’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 Dallas, Texas, Tulsa, Okla., Chicago, Ill., Atlanta, Ga., Denver, Colo. and Omaha, Neb.  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.


NOTE 3: RECENT ACCOUNTING PRONOUNCEMENTS

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) and in July 2018 FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases.  The amendments in this Update revise the accounting related to lessee accounting.  Under the new guidance, lessees are required to recognize a lease liability and a right-of-use asset for all leases.  The Update became effective for the Company on January 1, 2019.  Adoption of the standard required the use of a modified retrospective transition approach for all periods presented at the time of adoption.  Based on the Company’s leases outstanding at December 31, 2018, which totaled less than 20 leased properties and no significant leased equipment, the adoption of the new standard did not have a material impact on our consolidated statements of financial condition or our consolidated statements of income, although an increase to assets and liabilities occurred at the time of adoption.  In the first quarter of 2019, the Company recognized a lease liability and a corresponding right-of-use asset for all leases of $9.5 million based on the lease portfolio at that time.


9




The Company’s lease terminations, new leases and lease modifications and renewals will impact the amount of lease liability and a corresponding right-of-use asset recognized.  The Company’s leases are currently all “operating leases” as defined in the Update; therefore, no material change in the income statement presentation of lease expense occurred in the three or nine months ended September 30, 2019. The Company’s lease activities are discussed further in Note 9 of the Notes to Consolidated Financial Statements contained in this report.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326).  The Update amends guidance on reporting credit losses for assets held at amortized cost and available for sale debt securities. For assets held at amortized cost, 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.  For public companies who meet the definition of “Accelerated Filers,” such as the Company, the update is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. An entity will apply the amendments in this update on a modified retrospective basis, through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company previously formed a cross-functional committee to oversee the system, data, reporting and other considerations for purposes of meeting the requirements of this standard.  Data and system needs were assessed.  As a result, third-party software was acquired and implemented to manage the data.  We have completed the upload of the necessary historical loan data to the software that will be used in meeting certain requirements of this standard.  Our loss data covers multiple credit cycles back to 2003.  Parallel testing of the new methodology compared to the current methodology has been performed throughout 2019 and the Company continues to evaluate the impact of adopting the new guidance.  We engaged a third party to validate the accuracy of our inputs into the model.  This review was completed about September 30, 2019.  We expect to recognize a one-time cumulative effect adjustment to retained earnings (net of applicable taxes), the allowance for loan losses (related to the carrying value of loans receivable) and other liabilities (related to the unfunded portion of loans and loan commitments) as of the beginning of the first reporting period in which the new standard is effective for us (the three-month period ending March 31, 2020), but cannot yet determine the exact amount of any such one-time adjustment, or the overall impact of the new guidance on the Company’s consolidated financial statements.  Based on the current modeling results, we anticipate that the one-time cumulative effect adjustment will be two to three percent of total stockholders’ equity.

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 should be adopted for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted on testing dates after January 1, 2017.  We are currently evaluating the impact of adopting the new guidance on the consolidated financial statements, but it is not expected to have a material impact.

In August 2018, the FASB issued ASU No. 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, with early adoption permitted for certain removed and modified disclosures, and is not expected to have a significant impact on our financial statements.


10




NOTE 4: EARNINGS PER SHARE

   
Three Months Ended September 30,
 
   
2019
   
2018
 
   
(In Thousands, Except Per Share Data)
 
             
Basic:
           
Average common shares outstanding
   
14,210
     
14,146
 
Net income and net income available to common stockholders
 
$
19,732
   
$
22,516
 
Per common share amount
 
$
1.39
   
$
1.59
 
                 
Diluted:
               
Average common shares outstanding
   
14,210
     
14,146
 
Net effect of dilutive stock options – based on the treasury
               
stock method using average market price
   
107
     
153
 
Diluted common shares
   
14,317
     
14,299
 
Net income and net income available to common stockholders
 
$
19,732
   
$
22,516
 
Per common share amount
 
$
1.38
   
$
1.57
 

   
Nine Months Ended September 30,
 
   
2019
   
2018
 
   
(In Thousands, Except Per Share Data)
 
             
Basic:
           
Average common shares outstanding
   
14,187
     
14,124
 
Net income and net income available to common stockholders
 
$
55,720
   
$
49,821
 
Per common share amount
 
$
3.93
   
$
3.53
 
                 
Diluted:
               
Average common shares outstanding
   
14,187
     
14,124
 
Net effect of dilutive stock options – based on the treasury
               
stock method using average market price
   
110
     
136
 
Diluted common shares
   
14,297
     
14,260
 
Net income and net income available to common stockholders
 
$
55,720
   
$
49,821
 
Per common share amount
 
$
3.90
   
$
3.49
 

Options outstanding at September 30, 2019 and 2018, to purchase 328,275 and 170,600 shares of common stock, respectively, were not included in the computation of diluted earnings per common share for each of the three month periods because the exercise prices of such options were greater than the average market prices of the common stock for the three months ended September 30, 2019 and 2018, respectively.  Options outstanding at September 30, 2019 and 2018, to purchase 318,275 and 260,947 shares of common stock, respectively, were not included in the computation of diluted earnings per common share for each of the nine month periods because the exercise prices of such options were greater than the average market prices of the common stock for the nine months ended September 30, 2019 and 2018, respectively.


11




NOTE 5: INVESTMENT SECURITIES

The amortized cost and fair values of securities classified as available-for-sale were as follows:

   
September 30, 2019
 
         
Gross
   
Gross
         
Tax
 
   
Amortized
   
Unrealized
   
Unrealized
   
Fair
   
Equivalent
 
   
Cost
   
Gains
   
Losses
   
Value
   
Yield
 
   
(In Thousands)
       
                               
AVAILABLE-FOR-SALE SECURITIES:
                             
Agency mortgage-backed securities
 
$
186,485
   
$
11,741
   
$
(393
)
 
$
197,833
     
2.95
%
Agency collateralized mortgage obligations
   
110,673
     
3,799
     
(36
)
   
114,436
     
3.07
 
States and political subdivisions
   
35,131
     
1,620
     
     
36,751
     
4.82
 
   
$
332,289
   
$
17,160
   
$
(429
)
 
$
349,020
     
3.19
%

   
December 31, 2018
 
         
Gross
   
Gross
         
Tax
 
   
Amortized
   
Unrealized
   
Unrealized
   
Fair
   
Equivalent
 
   
Cost
   
Gains
   
Losses
   
Value
   
Yield
 
   
(In Thousands)
 
                               
AVAILABLE-FOR-SALE SECURITIES:
                             
Agency mortgage-backed securities
 
$
154,557
   
$
1,272
   
$
2,571
   
$
153,258
     
2.83
%
Agency collateralized mortgage obligations
   
39,024
     
250
     
14
     
39,260
     
3.18
 
States and political subdivisions
   
50,022
     
1,428
     
     
51,450
     
4.81
 
   
$
243,603
   
$
2,950
   
$
2,585
   
$
243,968
     
3.29
%


The amortized cost and fair value of available-for-sale securities at September 30, 2019, 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)
 
             
One year or less
 
$
   
$
 
After one through five years
   
878
     
954
 
After five through ten years
   
9,140
     
9,501
 
After ten years
   
25,113
     
26,296
 
Securities not due on a single maturity date
   
297,158
     
312,269
 
                 
   
$
332,289
   
$
349,020
 

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 September 30, 2019 and December 31, 2018, was approximately $64.8 million and $95.7 million, respectively, which is approximately 18.6% and 39.2% of the Company’s available-for-sale investment portfolio, respectively.

Based on an 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.


12




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 September 30, 2019 and December 31, 2018:

   
September 30, 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
 
$
   
$
   
$
51,433
   
$
(393
)
 
$
51,433
   
$
(393
)
Agency collateralized mortgage obligations
   
13,368
     
(36
)
   
     
     
13,368
     
(36
)
   
$
13,368
   
$
(36
)
 
$
51,433
   
$
(393
)
 
$
64,801
   
$
(429
)

   
December 31, 2018
 
   
Less than 12 Months
   
12 Months or More
   
Total
 
   
Fair
   
Unrealized
   
Fair
   
Unrealized
   
Fair
   
Unrealized
 
Description of Securities
 
Value
   
Losses
   
Value
   
Losses
   
Value
   
Losses
 
   
(In Thousands)
 
                                     
Agency mortgage-backed securities
 
$
11,255
   
$
(82
)
 
$
74,186
   
$
(2,489
)
 
$
85,441
   
$
(2,571
)
Agency collateralized mortgage obligations
   
9,725
     
(14
)
   
     
     
9,725
     
(14
)
State and political subdivisions
   
511
     
     
     
     
511
     
 
   
$
21,491
   
$
(96
)
 
$
74,186
   
$
(2,489
)
 
$
95,677
   
$
(2,585
)

There were no sales of available-for-sale securities during the three months ended September 30, 2019.  Gross gains of $226,000 and gross losses of $216,000 resulting from sales of available-for-sale securities were realized during the nine months ended September 30, 2019.  Gross gains of $2,000 and $2,000 and gross losses of $0 and $0 resulting from sales of available-for-sale securities were realized during the three and nine months ended September 30, 2018.  Gains and losses on sales of securities are determined on the specific-identification method.

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 periodically evaluates each investment security in an unrealized loss position 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-

13




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 the three and nine months ended September 30, 2019 and 2018, respectively, no securities were determined to have impairment that had become other-than-temporary.

Credit Losses Recognized on Investments.  During the three months ended September 30, 2019 and 2018, respectively, there were no debt securities that had experienced fair value deterioration due to credit losses, or due to other market factors, but were not otherwise other-than-temporarily impaired.

Amounts Reclassified Out of Accumulated Other Comprehensive Income.  Amounts reclassified from accumulated other comprehensive income and the affected line items in the statements of income during the three and nine months ended September 30, 2019 and 2018, are shown below.

The FASB previously issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220). The amendment allows an entity to elect to reclassify the stranded tax effects resulting from the change in income tax rate from H.R.1, originally known as the “Tax Cuts and Jobs Act” (the “TCJ Act”), from accumulated other comprehensive income to retained earnings.  The Company chose to early adopt ASU 2018-02 effective January 1, 2018.  The stranded tax amount related to unrealized gains and losses on available for sale securities, which was reclassified from accumulated other comprehensive income to retained earnings at the time of adoption, was $272,000.  There were no other income tax effects related to the application of the Tax Act to be reclassified from AOCI to retained earnings.

   
Amounts Reclassified from Accumulated
   
   
Other Comprehensive Income
Three Months Ended September 30,
 
Affected Line Item in the
   
2019
   
2018
 
Statements of Income
   
(In Thousands)
   
                  
Unrealized gains on available-
           
Net realized gains on sales of
for-sale securities
 
$
   
$
2
 
available-for-sale securities
                 
(Total reclassified amount before tax)
Income Taxes
   
     
 
Provision for income taxes
Total reclassifications out of accumulated
                   
other comprehensive income
 
$
   
$
2
   

14




   
Amounts Reclassified from Accumulated
   
   
Other Comprehensive Income
Nine Months Ended September 30,
 
Affected Line Item in the
   
2019
   
2018
 
Statements of Income
   
(In Thousands)
   
                  
Unrealized gains on available-
           
Net realized gains on sales of
for-sale securities
 
$
10
   
$
2
 
available-for-sale securities
                 
(Total reclassified amount before tax)
Income Taxes
   
(2
)
   
 
Provision for income taxes
Total reclassifications out of accumulated
                   
other comprehensive income
 
$
8
   
$
2
   


NOTE 6: LOANS AND ALLOWANCE FOR LOAN LOSSES

Classes of loans at September 30, 2019 and December 31, 2018 were as follows:

   
September 30,
   
December 31,
 
   
2019
   
2018
 
   
(In Thousands)
 
             
One- to four-family residential construction
 
$
35,153
   
$
26,177
 
Subdivision construction
   
16,326
     
13,844
 
Land development
   
38,899
     
44,492
 
Commercial construction
   
1,335,827
     
1,417,166
 
Owner occupied one- to four-family residential
   
345,098
     
276,866
 
Non-owner occupied one- to four-family residential
   
122,289
     
122,438
 
Commercial real estate
   
1,494,621
     
1,371,435
 
Other residential
   
841,087
     
784,894
 
Commercial business
   
305,233
     
322,118
 
Industrial revenue bonds
   
13,350
     
13,940
 
Consumer auto
   
174,710
     
253,528
 
Consumer other
   
48,623
     
57,350
 
Home equity lines of credit
   
119,705
     
121,352
 
Loans acquired and accounted for under ASC 310-30, net of discounts
   
142,099
     
167,651
 
     
5,033,020
     
4,993,251
 
Undisbursed portion of loans in process
   
(829,135
)
   
(958,441
)
Allowance for loan losses
   
(40,406
)
   
(38,409
)
Deferred loan fees and gains, net
   
(6,776
)
   
(7,400
)
   
$
4,156,703
   
$
3,989,001
 
                 
Weighted average interest rate
   
5.11
%
   
5.16
%


15




Classes of loans by aging were as follows:

   
September 30, 2019
 
                                       
Total Loans
 
                                 
Total
   
> 90 Days
 
   
30-59 Days
   
60-89 Days
   
Over
   
Total
         
Loans
   
Past Due and
 
   
Past Due
   
Past Due
   
90 Days
   
Past Due
   
Current
   
Receivable
   
Still Accruing
 
   
(In Thousands)
 
                                           
One- to four-family
                                         
residential construction
 
$
250
   
$
   
$
   
$
250
   
$
34,903
   
$
35,153
   
$
 
Subdivision construction
   
     
     
     
     
16,326
     
16,326
     
 
Land development
   
     
28
     
83
     
111
     
38,788
     
38,899
     
 
Commercial construction
   
     
     
     
     
1,335,827
     
1,335,827
     
 
Owner occupied one- to
                                                       
four-family residential
   
556
     
55
     
913
     
1,524
     
343,574
     
345,098
     
 
Non-owner occupied one-
                                                       
to four-family residential
   
     
56
     
566
     
622
     
121,667
     
122,289
     
 
Commercial real estate
   
498
     
91
     
637
     
1,226
     
1,493,395
     
1,494,621
     
 
Other residential
   
9,319
     
     
     
9,319
     
831,768
     
841,087
     
 
Commercial business
   
23
     
11
     
1,245
     
1,279
     
303,954
     
305,233
     
 
Industrial revenue bonds
   
     
     
     
     
13,350
     
13,350
     
 
Consumer auto
   
1,408
     
366
     
513
     
2,287
     
172,423
     
174,710
     
 
Consumer other
   
341
     
93
     
178
     
612
     
48,011
     
48,623
     
 
Home equity lines of credit
   
303
     
     
531
     
834
     
118,871
     
119,705
     
 
Loans acquired and accounted for under
                                                       
ASC 310-30, net of discounts
   
642
     
291
     
6,413
     
7,346
     
134,753
     
142,099
     
 
     
13,340
     
991
     
11,079
     
25,410
     
5,007,610
     
5,033,020
     
 
Less loans acquired and accounted for under
                                                       
ASC 310-30, net
   
642
     
291
     
6,413
     
7,346
     
134,753
     
142,099
     
 
                                                         
Total
 
$
12,698
   
$
700
   
$
4,666
   
$
18,064
   
$
4,872,857
   
$
4,890,921
   
$
 

16



   
December 31, 2018
 
                                       
Total Loans
 
                                 
Total
   
> 90 Days Past
 
   
30-59 Days
   
60-89 Days
   
Over 90
   
Total Past
         
Loans
   
Due and
 
   
Past Due
   
Past Due
   
Days
   
Due
   
Current
   
Receivable
   
Still Accruing
 
   
(In Thousands)
 
                                           
One- to four-family
                                         
residential construction
 
$
   
$
   
$
   
$
   
$
26,177
   
$