Note 28: Condensed Parent Company Statements

12 Months Ended

Dec. 31, 2016

Notes

Note 28: Condensed Parent Company Statements

Note 28:    Condensed Parent Company Statements

The condensed statements of financial condition at December 31, 2016 and 2015, and statements of income, comprehensive income and cash flows for the years ended December 31, 2016, 2015 and 2014, for the parent company, Great Southern Bancorp, Inc., were as follows:

	December 31,
	2016	2015
	(In Thousands)
Statements of Financial Condition
Assets
Cash	$                37,716	$                20,009
Available-for-sale securities	—	3,830
Investment in subsidiary bank	494,947	403,174
Deferred income taxes	89	—
Prepaid expenses and other assets	1,214	1,335
	$             533,966	$             428,348
Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses	$                  4,849	$                  3,403
Deferred income taxes	—	944
Subordinated debentures issued to capital trust	25,774	25,774
Subordinated notes	73,537	—
Common stock	140	139
Additional paid-in capital	25,942	24,371
Retained earnings	402,166	368,053
Accumulated other comprehensive income	1,558	5,664
	$             533,966	$             428,348

	2016	2015	2014
	(In Thousands)
Statements of Income
Income
Dividends from subsidiary bank	$              12,000	$              27,000	$              36,000
Interest and dividend income	—	5	22
Gain on redemption of trust preferred securities and sale of non-marketable securities	2,735	1,416	—
Other income (loss)	2	(7)	(20)
	14,737	28,414	36,002
Expense
Operating expenses	1,322	1,139	1,198
Interest expense	2,381	714	567
	3,703	1,853	1,765
Income before income tax and
equity in undistributed earnings
of subsidiaries	11,034	26,561	34,237
Credit for income taxes	(241)	(91)	(388)
Income before equity in earnings
of subsidiaries	11,275	26,652	34,625
Equity in undistributed earnings of
subsidiaries	34,067	19,850	8,904
Net income	$              45,342	$              46,502	$              43,529

	2016	2015	2014
	(In Thousands)
Statements of Cash Flows
Operating Activities
Net income	$            45,342	$            46,502	$            43,529
Items not requiring (providing) cash
Equity in undistributed earnings of subsidiary	(34,067)	(19,850)	(8,904)
Compensation expense for stock option grants	483	382	565
Net realized gains on redemption of trust preferred
securities	—	(1,115)	—
Net realized gains on sales of non-marketable
securities	—	(301)	—
Net realized gains on sales of available-for-sale
securities	(2,735)	—	—
Amortization of interest rate derivative	289	204	19
Changes in
Prepaid expenses and other assets	175	(27)	(3)
Accounts payable and accrued expenses	1,495	63	(67)
Income taxes	(206)	55	43
Net cash provided by operating activities	10,776	25,913	35,182
Investing Activities
Proceeds from sales of available-for-sale securities	3,583	—	—
Investment in subsidiary	(60,000)	—	—
(Investment)/Return of principal - other investments	(2)	16	20
Net cash provided by (used in) investing
activities	(56,419)	16	20
Financing Activities
Proceeds from issuance of subordinated notes	73,472	—	—
Redemption of preferred stock	—	(57,943)	—
Redemption of trust preferred securities	—	(3,885)	—
Purchases of the Company’s common stock	—	—	(512)
Dividends paid	(12,232)	(12,290)	(11,257)
Stock options exercised	2,110	3,362	2,438
Net cash provided by (used in) financing activities	63,350	(70,756)	(9,331)
Increase (Decrease) in Cash	17,707	(44,827)	25,871
Cash, Beginning of Year	20,009	64,836	38,965
Cash, End of Year	$            37,716	$            20,009	$            64,836
Additional Cash Payment Information
Interest paid	$                 846	$                 730	$                 570

	2016	2015	2014
	(In Thousands)
Statements of Comprehensive Income
Net Income	$              45,342	$              46,502	$              43,529
Unrealized appreciation on available-for-sale securities, net of taxes (credit) of $(90), $273 and $100, for 2016, 2015 and 2014, respectively	(158)	400	185
Reclassification adjustment for gains included in net income, net of (taxes) credit of $(993), $0 and $0, for 2016, 2015 and 2014, respectively	(1,742)	—	—
Change in fair value of cash flow hedge, net of taxes
(credit) of $50, $(34) and $(88)  for 2016, 2015 and
2014, respectively	87	(50)	(164)
Comprehensive income (loss) of subsidiaries	(2,293)	(1,722)	4,553
Comprehensive Income	$              41,236	$              45,130	$              48,103