Note 27: Condensed Parent Company Statements

12 Months Ended

Dec. 31, 2018

Notes

Note 27: Condensed Parent Company Statements

Note 27:    Condensed Parent Company Statements

The condensed statements of financial condition at December 31, 2018 and 2017, and statements of income, comprehensive income and cash flows for the years ended December 31, 2018, 2017 and 2016, for the parent company, Great Southern Bancorp, Inc., were as follows:

	December 31,
	2018	2017
	(In Thousands)
Statements of Financial Condition
Assets
Cash	$                56,648	$                41,977
Investment in subsidiary bank	580,016	533,153
Deferred and accrued income taxes	411	133
Prepaid expenses and other assets	889	903
	$             637,964	$             576,166
Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses	$                  6,371	$                  5,042
Subordinated debentures issued to capital trust	25,774	25,774
Subordinated notes	73,842	73,688
Common stock	142	141
Additional paid-in capital	30,121	28,203
Retained earnings	492,087	442,077
Accumulated other comprehensive income	9,627	1,241
	$             637,964	$             576,166

	2018	2017	2016
	(In Thousands)
Statements of Income
Income
Dividends from subsidiary bank	$              34,000	$              17,500	$              12,000
Interest and dividend income	—	48	—
Gain on redemption of trust preferred securities and sale of non-marketable securities	—	—	2,735
Other income	—	—	2
	34,000	17,548	14,737
Expense
Operating expenses	1,793	1,330	1,322
Interest expense	5,050	5,047	2,381
	6,843	6,377	3,703
Income before income tax and
equity in undistributed earnings
of subsidiaries	27,157	11,171	11,034
Credit for income taxes	(1,204)	(1,709)	(241)
Income before equity in earnings
of subsidiaries	28,361	12,880	11,275
Equity in undistributed earnings of
subsidiaries	38,748	38,684	34,067
Net income	$              67,109	$              51,564	$              45,342

	2018	2017	2016
	(In Thousands)
Statements of Cash Flows
Operating Activities
Net income	$            67,109	$            51,564	$            45,342
Items not requiring (providing) cash
Equity in undistributed earnings of subsidiary	(38,748)	(38,684)	(34,067)
Compensation expense for stock option grants	737	564	483
Net realized gains on sales of available-for-sale
securities	—	—	(2,735)
Amortization of interest rate derivative and deferred costs on subordinated notes	154	441	289
Changes in
Prepaid expenses and other assets	13	132	175
Accounts payable and accrued expenses	182	(115)	1,495
Income taxes	(278)	6	(206)
Net cash provided by operating activities	29,169	13,908	10,776
Investing Activities
Proceeds from sales of available-for-sale securities	—	—	3,583
Investment in subsidiary	—	—	(60,000)
(Investment)/Return of principal - other investments	—	—	(2)
Net cash used in investing activities	—	—	(56,419)
Financing Activities
Proceeds from issuance of subordinated notes	—	—	73,472
Purchases of the Company’s common stock	(903)	—	—
Dividends paid	(15,819)	(12,894)	(12,232)
Stock options exercised	2,224	3,247	2,110
Net cash provided by (used in) financing activities	(14,498)	(9,647)	63,350
Increase in Cash	14,671	4,261	17,707
Cash, Beginning of Year	41,977	37,716	20,009
Cash, End of Year	$            56,648	$            41,977	$            37,716
Additional Cash Payment Information
Interest paid	$              5,001	$              5,059	$                 846

	2018	2017	2016
	(In Thousands)
Statements of Comprehensive Income
Net Income	$              67,109	$              51,564	$              45,342
Unrealized appreciation on available-for-sale securities, net of taxes (credit) of $0, $0 and $(90), for 2018, 2017 and 2016, respectively	—	—	(158)
Reclassification adjustment for gains included in net income, net of taxes of $0, $0 and $(993), for 2018, 2017 and 2016, respectively	—	—	(1,742)
Change in fair value of cash flow hedge, net of taxes
of $0, $93 and $50 for 2018, 2017 and
2016, respectively	—	161	87
Comprehensive income (loss) of subsidiaries	8,114	(478)	(2,293)
Comprehensive Income	$              75,223	$              51,247	$              41,236