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
|
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
|
Large accelerated filer / /
|
Accelerated filer /X/
|
Non-accelerated filer / /
|
Smaller reporting company / /
|
Emerging growth company / /
|
JUNE 30,
|
DECEMBER 31,
|
|||||||
2019
|
2018
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Cash
|
$
|
99,567
|
$
|
110,108
|
||||
Interest-bearing deposits in other financial institutions
|
81,805
|
92,634
|
||||||
Cash and cash equivalents
|
181,372
|
202,742
|
||||||
Available-for-sale securities
|
305,649
|
243,968
|
||||||
Mortgage loans held for sale
|
11,106
|
1,650
|
||||||
Loans receivable, net of allowance for loan losses of $39,254 – June 2019;
$38,409 - December 2018
|
4,112,455
|
3,989,001
|
||||||
Interest receivable
|
14,351
|
13,448
|
||||||
Prepaid expenses and other assets
|
76,241
|
55,336
|
||||||
Other real estate owned and repossessions, net
|
7,107
|
8,440
|
||||||
Premises and equipment, net
|
143,473
|
132,424
|
||||||
Goodwill and other intangible assets
|
8,675
|
9,288
|
||||||
Federal Home Loan Bank stock
|
11,093
|
12,438
|
||||||
Current and deferred income taxes
|
—
|
7,465
|
||||||
Total Assets
|
$
|
4,871,522
|
$
|
4,676,200
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Deposits
|
$
|
3,888,536
|
$
|
3,725,007
|
||||
Securities sold under reverse repurchase agreements with customers
|
98,632
|
105,253
|
||||||
Short-term borrowings and other interest-bearing liabilities
|
168,636
|
192,725
|
||||||
Subordinated debentures issued to capital trust
|
25,774
|
25,774
|
||||||
Subordinated notes
|
74,059
|
73,842
|
||||||
Accrued interest payable
|
4,209
|
3,570
|
||||||
Advances from borrowers for taxes and insurance
|
10,550
|
5,092
|
||||||
Accrued expenses and other liabilities
|
26,499
|
12,960
|
||||||
Current and deferred income taxes
|
2,318
|
—
|
||||||
Total Liabilities
|
4,299,213
|
4,144,223
|
||||||
Stockholders' Equity:
|
||||||||
Capital stock
|
||||||||
Serial preferred stock –$.01 par value; authorized 1,000,000 shares; issued
and outstanding June 2019 and December 2018 - -0- shares |
—
|
—
|
||||||
Common stock, $.01 par value; authorized 20,000,000 shares;
issued and outstanding June 2019 –14,201,616 shares; December 2018 - 14,151,198 shares |
142
|
142
|
||||||
Additional paid-in capital
|
31,603
|
30,121
|
||||||
Retained earnings
|
508,427
|
492,087
|
||||||
Accumulated other comprehensive income
|
32,137
|
9,627
|
||||||
Total Stockholders' Equity
|
572,309
|
531,977
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
4,871,522
|
$
|
4,676,200
|
THREE MONTHS ENDED
JUNE 30, |
||||||||
2019
|
2018
|
|||||||
(Unaudited)
|
||||||||
INTEREST INCOME
|
||||||||
Loans
|
$
|
55,771
|
$
|
48,219
|
||||
Investment securities and other
|
2,952
|
1,724
|
||||||
TOTAL INTEREST INCOME
|
58,723
|
49,943
|
||||||
INTEREST EXPENSE
|
||||||||
Deposits
|
11,582
|
6,123
|
||||||
Federal Home Loan Bank advances
|
—
|
1,166
|
||||||
Short-term borrowings and repurchase agreements
|
859
|
180
|
||||||
Subordinated debentures issued to capital trust
|
267
|
238
|
||||||
Subordinated notes
|
1,094
|
1,024
|
||||||
TOTAL INTEREST EXPENSE
|
13,802
|
8,731
|
||||||
NET INTEREST INCOME
|
44,921
|
41,212
|
||||||
Provision for Loan Losses
|
1,600
|
1,950
|
||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
43,321
|
39,262
|
||||||
NON-INTEREST INCOME
|
||||||||
Commissions
|
163
|
312
|
||||||
Service charges and ATM fees
|
5,309
|
5,488
|
||||||
Net gains on loan sales
|
376
|
559
|
||||||
Late charges and fees on loans
|
356
|
385
|
||||||
Gain (loss) on derivative interest rate products
|
(44
|
)
|
11
|
|||||
Other income
|
997
|
704
|
||||||
TOTAL NON-INTEREST INCOME
|
7,157
|
7,459
|
||||||
NON-INTEREST EXPENSE
|
||||||||
Salaries and employee benefits
|
15,428
|
14,947
|
||||||
Net occupancy and equipment expense
|
6,449
|
6,298
|
||||||
Postage
|
784
|
834
|
||||||
Insurance
|
662
|
650
|
||||||
Advertising
|
842
|
632
|
||||||
Office supplies and printing
|
226
|
301
|
||||||
Telephone
|
839
|
792
|
||||||
Legal, audit and other professional fees
|
630
|
689
|
||||||
Expense on other real estate and repossessions
|
419
|
2,737
|
||||||
Partnership tax credit investment amortization
|
91
|
91
|
||||||
Acquired deposit intangible asset amortization
|
289
|
412
|
||||||
Other operating expenses
|
1,724
|
1,532
|
||||||
TOTAL NON-INTEREST EXPENSE
|
28,383
|
29,915
|
||||||
INCOME BEFORE INCOME TAXES
|
22,095
|
16,806
|
||||||
Provision for Income Taxes
|
3,720
|
2,967
|
||||||
NET INCOME AND NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
|
$
|
18,375
|
$
|
13,839
|
||||
Basic Earnings Per Common Share
|
$
|
1.29
|
$
|
0.98
|
||||
Diluted Earnings Per Common Share
|
$
|
1.28
|
$
|
0.97
|
||||
Dividends Declared Per Common Share
|
$
|
0.32
|
$
|
0.28
|
SIX MONTHS ENDED
JUNE 30, |
||||||||
2019
|
2018
|
|||||||
(Unaudited)
|
||||||||
INTEREST INCOME
|
||||||||
Loans
|
$
|
110,327
|
$
|
93,384
|
||||
Investment securities and other
|
5,754
|
3,442
|
||||||
TOTAL INTEREST INCOME
|
116,081
|
96,826
|
||||||
INTEREST EXPENSE
|
||||||||
Deposits
|
22,052
|
11,706
|
||||||
Federal Home Loan Bank advances
|
—
|
1,772
|
||||||
Short-term borrowings and repurchase agreements
|
1,780
|
208
|
||||||
Subordinated debentures issued to capital trust
|
534
|
440
|
||||||
Subordinated notes
|
2,189
|
2,049
|
||||||
TOTAL INTEREST EXPENSE
|
26,555
|
16,175
|
||||||
NET INTEREST INCOME
|
89,526
|
80,651
|
||||||
Provision for Loan Losses
|
3,550
|
3,900
|
||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
85,976
|
76,751
|
||||||
NON-INTEREST INCOME
|
||||||||
Commissions
|
497
|
560
|
||||||
Service charges and ATM fees
|
10,268
|
10,732
|
||||||
Net gains on loan sales
|
623
|
1,021
|
||||||
Late charges and fees on loans
|
702
|
774
|
||||||
Net realized gains on sales of available-for-sale securities
|
10
|
—
|
||||||
Gain (loss) on derivative interest rate products
|
(68
|
)
|
48
|
|||||
Other income
|
2,575
|
1,259
|
||||||
TOTAL NON-INTEREST INCOME
|
14,607
|
14,394
|
||||||
NON-INTEREST EXPENSE
|
||||||||
Salaries and employee benefits
|
31,068
|
29,570
|
||||||
Net occupancy and equipment expense
|
12,850
|
12,683
|
||||||
Postage
|
1,550
|
1,700
|
||||||
Insurance
|
1,328
|
1,321
|
||||||
Advertising
|
1,368
|
1,303
|
||||||
Office supplies and printing
|
485
|
534
|
||||||
Telephone
|
1,742
|
1,511
|
||||||
Legal, audit and other professional fees
|
1,342
|
1,498
|
||||||
Expense on other real estate and repossessions
|
1,039
|
3,878
|
||||||
Partnership tax credit investment amortization
|
182
|
393
|
||||||
Acquired deposit intangible asset amortization
|
613
|
825
|
||||||
Other operating expenses
|
3,310
|
3,012
|
||||||
TOTAL NON-INTEREST EXPENSE
|
56,877
|
58,228
|
||||||
INCOME BEFORE INCOME TAXES
|
43,706
|
32,917
|
||||||
Provision for Income Taxes
|
7,718
|
5,612
|
||||||
NET INCOME AND NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
|
$
|
35,988
|
$
|
27,305
|
||||
Basic Earnings Per Common Share
|
$
|
2.54
|
$
|
1.93
|
||||
Diluted Earnings Per Common Share
|
$
|
2.52
|
$
|
1.91
|
||||
Dividends Declared Per Common Share
|
$
|
1.39
|
$
|
0.56
|
THREE MONTHS ENDED
JUNE 30, |
||||||||
2019
|
2018
|
|||||||
(Unaudited)
|
||||||||
Net Income
|
$
|
18,375
|
$
|
13,839
|
||||
Unrealized appreciation (depreciation) on available-for-sale securities,
net of taxes (credit) of $1,540 and $(121), for 2019 and 2018, respectively |
5,213
|
(420
|
)
|
|||||
Reclassification adjustment for gains included in net income,
net of taxes of $0 and $0,for 2019 and 2018, respectively |
—
|
—
|
||||||
8,528
|
—
|
|||||||
Comprehensive Income
|
$
|
32,116
|
$
|
13,419
|
SIX MONTHS ENDED
JUNE 30, |
||||||||
2019
|
2018
|
|||||||
(Unaudited)
|
||||||||
Net Income
|
$
|
35,988
|
$
|
27,305
|
||||
Unrealized appreciation (depreciation) on available-for-sale securities,
net of taxes (credit) of $2,419 and $(662), for 2019 and 2018, respectively |
8,190
|
(2,301
|
)
|
|||||
Reclassification adjustment for gains included in net income,
net of taxes of $2 and $0,for 2019 and 2018, respectively |
(8
|
)
|
—
|
|||||
Change in fair value of cash flow hedge, net of taxes of $4,231 and $0,
for 2019 and 2018, respectively |
14,328
|
—
|
||||||
Comprehensive Income
|
$
|
58,498
|
$
|
25,004
|
Accumulated
|
||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||
Common
|
Additional
|
Retained
|
Comprehensive
|
Treasury
|
||||||||||||||||||||
Stock
|
Paid-in Capital
|
Earnings
|
Income (Loss)
|
Stock
|
Total
|
|||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
Balance, March 31, 2018
|
$
|
141
|
$
|
28,624
|
$
|
451,603
|
$
|
(368
|
)
|
$
|
—
|
$
|
480,000
|
|||||||||||
Net income
|
—
|
—
|
13,839
|
—
|
—
|
13,839
|
||||||||||||||||||
Stock issued under Stock Option
|
||||||||||||||||||||||||
Plan
|
—
|
510
|
—
|
—
|
299
|
809
|
||||||||||||||||||
Common dividends declared,
|
||||||||||||||||||||||||
$0.28 per share
|
—
|
—
|
(3,957
|
)
|
—
|
—
|
(3,957
|
)
|
||||||||||||||||
Other comprehensive gain (loss)
|
—
|
—
|
—
|
(420
|
)
|
—
|
(420
|
)
|
||||||||||||||||
Reclassification of treasury stock
|
||||||||||||||||||||||||
per Maryland law
|
—
|
—
|
299
|
—
|
(299
|
)
|
—
|
|||||||||||||||||
Balance, June 30, 2018
|
$
|
141
|
$
|
29,134
|
$
|
461,784
|
$
|
(788
|
)
|
$
|
—
|
$
|
490,271
|
|||||||||||
Accumulated
|
||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||
Common
|
Additional
|
Retained
|
Comprehensive
|
Treasury
|
||||||||||||||||||||
Stock
|
Paid-in Capital
|
Earnings
|
Income (Loss)
|
Stock
|
Total
|
|||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
Balance, March 31, 2019
|
$
|
142
|
$
|
30,916
|
$
|
494,181
|
$
|
18,396
|
$
|
—
|
$
|
543,635
|
||||||||||||
Net income
|
—
|
—
|
18,375
|
—
|
—
|
18,375
|
||||||||||||||||||
Stock issued under Stock Option
|
||||||||||||||||||||||||
Plan
|
—
|
687
|
—
|
—
|
415
|
1,102
|
||||||||||||||||||
Common dividends declared,
|
||||||||||||||||||||||||
$0.32 per share
|
—
|
—
|
(4,544
|
)
|
—
|
—
|
(4,544
|
)
|
||||||||||||||||
Purchase of the Company’s
|
||||||||||||||||||||||||
common stock
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Other comprehensive gain
|
—
|
—
|
—
|
13,741
|
—
|
13,741
|
||||||||||||||||||
Reclassification of treasury stock
|
||||||||||||||||||||||||
per Maryland law
|
—
|
—
|
415
|
—
|
(415
|
)
|
—
|
|||||||||||||||||
Balance, June 30, 2019
|
$
|
142
|
$
|
31,603
|
$
|
508,427
|
$
|
32,137
|
$
|
—
|
$
|
572,309
|
||||||||||||
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
|
—
|
—
|
27,305
|
—
|
—
|
27,305
|
||||||||||||||||||
Stock issued under Stock Option
|
||||||||||||||||||||||||
Plan
|
—
|
931
|
—
|
—
|
582
|
1,513
|
||||||||||||||||||
Common dividends declared,
|
||||||||||||||||||||||||
$0.56 per share
|
—
|
—
|
(7,908
|
)
|
—
|
—
|
(7,908
|
)
|
||||||||||||||||
Reclassification of stranded tax
|
||||||||||||||||||||||||
effects resulting from change in
|
||||||||||||||||||||||||
Federal income tax rate
|
—
|
—
|
(272
|
)
|
272
|
—
|
—
|
|||||||||||||||||
Other comprehensive gain (loss)
|
—
|
—
|
—
|
(2,301
|
)
|
—
|
(2,301
|
)
|
||||||||||||||||
Reclassification of treasury stock
|
||||||||||||||||||||||||
per Maryland law
|
—
|
—
|
582
|
—
|
(582
|
)
|
—
|
|||||||||||||||||
Balance, June 30, 2018
|
$
|
141
|
$
|
29,134
|
$
|
461,784
|
$
|
(788
|
)
|
$
|
—
|
$
|
490,271
|
|||||||||||
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
|
—
|
—
|
35,988
|
—
|
—
|
35,988
|
||||||||||||||||||
Stock issued under Stock Option
|
||||||||||||||||||||||||
Plan
|
—
|
1,482
|
—
|
—
|
892
|
2,374
|
||||||||||||||||||
Common dividends declared,
|
||||||||||||||||||||||||
$1.39 per share
|
—
|
—
|
(19,691
|
)
|
—
|
—
|
(19,691
|
)
|
||||||||||||||||
Purchase of the Company’s
|
||||||||||||||||||||||||
common stock
|
—
|
—
|
—
|
—
|
(849
|
)
|
(849
|
)
|
||||||||||||||||
Other comprehensive gain
|
—
|
—
|
—
|
22,510
|
—
|
22,510
|
||||||||||||||||||
Reclassification of treasury stock
|
||||||||||||||||||||||||
per Maryland law
|
—
|
—
|
43
|
—
|
(43
|
)
|
—
|
|||||||||||||||||
Balance, June 30, 2019
|
$
|
142
|
$
|
31,603
|
$
|
508,427
|
$
|
32,137
|
$
|
—
|
$
|
572,309
|
||||||||||||
SIX MONTHS ENDED
JUNE 30,
|
||||||||
2019
|
2018
|
|||||||
(Unaudited)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net income
|
$
|
35,988
|
$
|
27,305
|
||||
Proceeds from sales of loans held for sale
|
34,375
|
49,629
|
||||||
Originations of loans held for sale
|
(43,145
|
)
|
(45,218
|
)
|
||||
Items not requiring (providing) cash:
|
||||||||
Depreciation
|
4,631
|
4,569
|
||||||
Amortization
|
1,059
|
1,296
|
||||||
Compensation expense for stock option grants
|
443
|
357
|
||||||
Provision for loan losses
|
3,550
|
3,900
|
||||||
Net gains on loan sales
|
(623
|
)
|
(1,021
|
)
|
||||
Net realized gains on sales of available-for-sale securities
|
(10
|
)
|
—
|
|||||
Net losses on sale of premises and equipment
|
21
|
94
|
||||||
Net losses on sale/write-down of other real estate owned and repossessions
|
161
|
2,184
|
||||||
Accretion of deferred income, premiums, discounts and other
|
(1,990
|
)
|
(1,287
|
)
|
||||
(Gain) loss on derivative interest rate products
|
68
|
(48
|
)
|
|||||
Deferred income taxes
|
578
|
(6,544
|
)
|
|||||
Changes in:
|
||||||||
Interest receivable
|
(903
|
)
|
(111
|
)
|
||||
Prepaid expenses and other assets
|
(2,031
|
)
|
6,084
|
|||||
Accrued expenses and other liabilities
|
4,443
|
1,857
|
||||||
Income taxes refundable/payable
|
2,555
|
7,370
|
||||||
Net cash provided by operating activities
|
39,170
|
50,416
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Net change in loans
|
(83,072
|
)
|
(101,884
|
)
|
||||
Purchase of loans
|
(45,240
|
)
|
(42,179
|
)
|
||||
Purchase of premises and equipment
|
(6,708
|
)
|
(6,054
|
)
|
||||
Proceeds from sale of premises and equipment
|
113
|
23
|
||||||
Proceeds from sale of other real estate owned and repossessions
|
4,537
|
8,856
|
||||||
Capitalized costs on other real estate owned
|
—
|
(143
|
)
|
|||||
Proceeds from sales of available-for-sale securities
|
28,057
|
—
|
||||||
Proceeds from maturities and calls of held-to-maturity securities
|
—
|
130
|
||||||
Proceeds from maturities and calls of available-for-sale securities
|
7,870
|
2,031
|
||||||
Principal reductions on mortgage-backed securities
|
7,402
|
10,530
|
||||||
Purchase of available-for-sale securities
|
(94,558
|
)
|
(6,689
|
)
|
||||
Redemption (purchase) of Federal Home Loan Bank stock
|
1,345
|
(4,496
|
)
|
|||||
Net cash used in investing activities
|
(180,254
|
)
|
(139,875
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Net increase in certificates of deposit
|
139,518
|
13,616
|
||||||
Net increase (decrease) in checking and savings deposits
|
24,040
|
(13,655
|
)
|
|||||
Proceeds from Federal Home Loan Bank advances
|
—
|
1,454,500
|
||||||
Repayments of Federal Home Loan Bank advances
|
—
|
(1,323,000
|
)
|
|||||
Net decrease in short-term borrowings
|
(30,710
|
)
|
(232
|
)
|
||||
Advances from borrowers for taxes and insurance
|
5,458
|
2,638
|
||||||
Dividends paid
|
(19,674
|
)
|
(7,332
|
)
|
||||
Purchase of the Company’s common stock
|
(849
|
)
|
—
|
|||||
Stock options exercised
|
1,931
|
1,156
|
||||||
Net cash provided by financing activities
|
119,714
|
127,691
|
||||||
INCREASES ( DECREASES) IN CASH AND CASH EQUIVALENTS
|
(21,370
|
)
|
38,232
|
|||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
202,742
|
242,253
|
||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
181,372
|
$
|
280,485
|
Three Months Ended June 30,
|
||||||||
2019
|
2018
|
|||||||
(In Thousands, Except Per Share Data)
|
||||||||
Basic:
|
||||||||
Average common shares outstanding
|
14,192
|
14,125
|
||||||
Net income and net income available to common stockholders
|
$
|
18,375
|
$
|
13,839
|
||||
Per common share amount
|
$
|
1.29
|
$
|
0.98
|
||||
Diluted:
|
||||||||
Average common shares outstanding
|
14,192
|
14,125
|
||||||
Net effect of dilutive stock options – based on the treasury
|
||||||||
stock method using average market price
|
122
|
153
|
||||||
Diluted common shares
|
14,314
|
14,278
|
||||||
Net income and net income available to common stockholders
|
$
|
18,375
|
$
|
13,839
|
||||
Per common share amount
|
$
|
1.28
|
$
|
0.97
|
Six Months Ended June 30,
|
||||||||
2019
|
2018
|
|||||||
(In Thousands, Except Per Share Data)
|
||||||||
Basic:
|
||||||||
Average common shares outstanding
|
14,176
|
14,113
|
||||||
Net income and net income available to common stockholders
|
$
|
35,988
|
$
|
27,305
|
||||
Per common share amount
|
$
|
2.54
|
$
|
1.93
|
||||
Diluted:
|
||||||||
Average common shares outstanding
|
14,176
|
14,113
|
||||||
Net effect of dilutive stock options – based on the treasury
|
||||||||
stock method using average market price
|
122
|
153
|
||||||
Diluted common shares
|
14,298
|
14,266
|
||||||
Net income and net income available to common stockholders
|
$
|
35,988
|
$
|
27,305
|
||||
Per common share amount
|
$
|
2.52
|
$
|
1.91
|
June 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
|
$
|
184,302
|
$
|
7,898
|
$
|
623
|
$
|
191,577
|
3.01
|
%
|
||||||||||
Agency collateralized mortgage obligations
|
69,761
|
2,098
|
52
|
71,807
|
3.24
|
|||||||||||||||
States and political subdivisions
|
40,622
|
1,643
|
—
|
42,265
|
4.88
|
|||||||||||||||
$
|
294,685
|
$
|
11,639
|
$
|
675
|
$
|
305,649
|
3.32
|
%
|
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
|
%
|
Amortized
|
Fair
|
|||||||
Cost
|
Value
|
|||||||
(In Thousands)
|
||||||||
One year or less
|
$
|
—
|
$
|
—
|
||||
After one through five years
|
869
|
947
|
||||||
After five through ten years
|
10,133
|
10,495
|
||||||
After ten years
|
29,620
|
30,823
|
||||||
Securities not due on a single maturity date
|
254,063
|
263,384
|
||||||
$
|
294,685
|
$
|
305,649
|
June 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
|
$
|
1,734
|
$
|
(1
|
)
|
$
|
56,205
|
$
|
(622
|
)
|
$
|
57,939
|
$
|
(623
|
)
|
|||||||||
Agency collateralized mortgage obligations
|
3,624
|
(52
|
)
|
—
|
—
|
3,624
|
(52
|
)
|
||||||||||||||||
$
|
5,358
|
$
|
(53
|
)
|
$
|
56,205
|
$
|
(622
|
)
|
$
|
61,563
|
$
|
(675
|
)
|
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
|
)
|
Amounts Reclassified from
Accumulated Other
|
|||||||||
Comprehensive Income
Three Months Ended June 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
|
$
|
--
|
$
|
--
|
available-for-sale securities
|
||||
(Total reclassified amount before tax)
|
|||||||||
Income Taxes
|
--
|
--
|
Provision for income taxes
|
||||||
Total reclassifications out of accumulated
|
|||||||||
other comprehensive income
|
$
|
--
|
$
|
--
|
Amounts Reclassified from
Accumulated Other
|
|||||||||
Comprehensive Income
Six Months Ended June 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
|
$
|
--
|
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
|
$
|
--
|
June 30,
|
December 31,
|
|||||||
2019
|
2018
|
|||||||
(In Thousands)
|
||||||||
One- to four-family residential construction
|
$
|
30,255
|
$
|
26,177
|
||||
Subdivision construction
|
12,973
|
13,844
|
||||||
Land development
|
46,032
|
44,492
|
||||||
Commercial construction
|
1,391,158
|
1,417,166
|
||||||
Owner occupied one- to four-family residential
|
322,207
|
276,866
|
||||||
Non-owner occupied one- to four-family residential
|
122,858
|
122,438
|
||||||
Commercial real estate
|
1,446,166
|
1,371,435
|
||||||
Other residential
|
796,341
|
784,894
|
||||||
Commercial business
|
312,965
|
322,118
|
||||||
Industrial revenue bonds
|
13,643
|
13,940
|
||||||
Consumer auto
|
201,061
|
253,528
|
||||||
Consumer other
|
52,077
|
57,350
|
||||||
Home equity lines of credit
|
120,102
|
121,352
|
||||||
Loans acquired and accounted for under ASC 310-30, net of
discounts
|
151,694
|
167,651
|
||||||
5,019,532
|
4,993,251
|
|||||||
Undisbursed portion of loans in process
|
(861,054
|
)
|
(958,441
|
)
|
||||
Allowance for loan losses
|
(39,254
|
)
|
(38,409
|
)
|
||||
Deferred loan fees and gains, net
|
(6,769
|
)
|
(7,400
|
)
|
||||
$
|
4,112,455
|
$
|
3,989,001
|
|||||
Weighted average interest rate
|
5.25
|
%
|
5.16
|
%
|
June 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
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
30,255
|
$
|
30,255
|
$
|
—
|
||||||||||||||
Subdivision construction
|
44
|
—
|
—
|
44
|
12,929
|
12,973
|
—
|
|||||||||||||||||||||
Land development
|
—
|
72
|
3,556
|
3,628
|
42,404
|
46,032
|
—
|
|||||||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
1,391,158
|
1,391,158
|
—
|
|||||||||||||||||||||
Owner occupied one- to
|
||||||||||||||||||||||||||||
four-family residential
|
726
|
189
|
999
|
1,914
|
320,293
|
322,207
|
—
|
|||||||||||||||||||||
Non-owner occupied one-
|
||||||||||||||||||||||||||||
to four-family residential
|
170
|
293
|
533
|
996
|
121,862
|
122,858
|
—
|
|||||||||||||||||||||
Commercial real estate
|
1,121
|
954
|
3,675
|
5,750
|
1,440,416
|
1,446,166
|
—
|
|||||||||||||||||||||
Other residential
|
422
|
—
|
—
|
422
|
795,919
|
796,341
|
—
|
|||||||||||||||||||||
Commercial business
|
194
|
36
|
1,359
|
1,589
|
311,376
|
312,965
|
—
|
|||||||||||||||||||||
Industrial revenue bonds
|
—
|
—
|
—
|
—
|
13,643
|
13,643
|
—
|
|||||||||||||||||||||
Consumer auto
|
1,601
|
436
|
661
|
2,698
|
198,363
|
201,061
|
—
|
|||||||||||||||||||||
Consumer other
|
288
|
38
|
252
|
578
|
51,499
|
52,077
|
—
|
|||||||||||||||||||||
Home equity lines of credit
|
284
|
59
|
353
|
696
|
119,406
|
120,102
|
—
|
|||||||||||||||||||||
Loans acquired and accounted for under
|
||||||||||||||||||||||||||||
ASC 310-30,
net of discounts
|
983
|
340
|
6,612
|
7,935
|
143,759
|
151,694
|
—
|
|||||||||||||||||||||
5,833
|
2,417
|
18,000
|
26,250
|
4,993,282
|
5,019,532
|
—
|
||||||||||||||||||||||
Less loans acquired and accounted for under
|
||||||||||||||||||||||||||||
ASC 310-30, net
|
983
|
340
|
6,612
|
7,935
|
143,759
|
151,694
|
—
|
|||||||||||||||||||||
Total
|
$
|
4,850
|
$
|
2,077
|
$
|
11,388
|
$
|
18,315
|
$
|
4,849,523
|
$
|
4,867,838
|
$
|
—
|
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
|
$
|
26,177
|
$
|
—
|
||||||||||||||
Subdivision construction
|
—
|
—
|
—
|
—
|
13,844
|
13,844
|
—
|
|||||||||||||||||||||
Land development
|
13
|
—
|
49
|
62
|
44,430
|
44,492
|
—
|
|||||||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
1,417,166
|
1,417,166
|
—
|
|||||||||||||||||||||
Owner occupied one- to
|
||||||||||||||||||||||||||||
four-family residential
|
1,431
|
806
|
1,206
|
3,443
|
273,423
|
276,866
|
—
|
|||||||||||||||||||||
Non-owner occupied one-
|
||||||||||||||||||||||||||||
to four-family residential
|
1,142
|
144
|
1,458
|
2,744
|
119,694
|
122,438
|
—
|
|||||||||||||||||||||
Commercial real estate
|
3,940
|
53
|
334
|
4,327
|
1,367,108
|
1,371,435
|
—
|
|||||||||||||||||||||
Other residential
|
—
|
—
|
—
|
—
|
784,894
|
784,894
|
—
|
|||||||||||||||||||||
Commercial business
|
72
|
54
|
1,437
|
1,563
|
320,555
|
322,118
|
—
|
|||||||||||||||||||||
Industrial revenue bonds
|
3
|
—
|
—
|
3
|
13,937
|
13,940
|
—
|
|||||||||||||||||||||
Consumer auto
|
2,596
|
722
|
1,490
|
4,808
|
248,720
|
253,528
|
—
|
|||||||||||||||||||||
Consumer other
|
691
|
181
|
240
|
1,112
|
56,238
|
57,350
|
—
|
|||||||||||||||||||||
Home equity lines of credit
|
229
|
—
|
86
|
315
|
121,037
|
121,352
|
—
|
|||||||||||||||||||||
Loans acquired and accounted for under
|
||||||||||||||||||||||||||||
ASC 310-30,
net of discounts
|
2,195
|
1,416
|
6,827
|
10,438
|
157,213
|
167,651
|
—
|
|||||||||||||||||||||
12,312
|
3,376
|
13,127
|
28,815
|
4,964,436
|
4,993,251
|
—
|
||||||||||||||||||||||
Less loans acquired and accounted for under ASC 310-30, net
|
2,195
|
1,416
|
6,827
|
10,438
|
157,213
|
167,651
|
—
|
|||||||||||||||||||||
Total
|
$
|
10,117
|
$
|
1,960
|
$
|
6,300
|
$
|
18,377
|
$
|
4,807,223
|
$
|
4,825,600
|
$
|
—
|
June 30,
|
December 31,
|
|||||||
2019
|
2018
|
|||||||
(In Thousands)
|
||||||||
One- to four-family residential construction
|
$
|
—
|
$
|
—
|
||||
Subdivision construction
|
—
|
—
|
||||||
Land development
|
3,556
|
49
|
||||||
Commercial construction
|
—
|
—
|
||||||
Owner occupied one- to four-family residential
|
999
|
1,206
|
||||||
Non-owner occupied one- to four-family residential
|
533
|
1,458
|
||||||
Commercial real estate
|
3,675
|
334
|
||||||
Other residential
|
—
|
—
|
||||||
Commercial business
|
1,359
|
1,437
|
||||||
Industrial revenue bonds
|
—
|
—
|
||||||
Consumer auto
|
661
|
1,490
|
||||||
Consumer other
|
252
|
240
|
||||||
Home equity lines of credit
|
353
|
86
|
||||||
Total
|
$
|
11,388
|
$
|
6,300
|
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, April 1, 2019
|
$
|
3,036
|
$
|
5,436
|
$
|
20,981
|
$
|
2,515
|
$
|
1,484
|
$
|
5,199
|
$
|
38,651
|
||||||||||||||
Provision (benefit) charged to expense
|
805
|
(1,683
|
)
|
1,382
|
1,145
|
62
|
(111
|
)
|
1,600
|
|||||||||||||||||||
Losses charged off
|
(62
|
)
|
—
|
(7
|
)
|
(189
|
)
|
(25
|
)
|
(1,699
|
)
|
(1,982
|
)
|
|||||||||||||||
Recoveries
|
24
|
—
|
11
|
8
|
157
|
785
|
985
|
|||||||||||||||||||||
Balance, June 30, 2019
|
$
|
3,803
|
$
|
3,753
|
$
|
22,367
|
$
|
3,479
|
$
|
1,678
|
$
|
4,174
|
$
|
39,254
|
||||||||||||||
Balance, January 1, 2019
|
$
|
3,122
|
$
|
4,713
|
$
|
19,803
|
$
|
3,105
|
$
|
1,568
|
$
|
6,098
|
$
|
38,409
|
||||||||||||||
Provision (benefit) charged to expense
|
1,163
|
(960
|
)
|
2,545
|
574
|
(90
|
)
|
318
|
3,550
|
|||||||||||||||||||
Losses charged off
|
(517
|
)
|
—
|
(7
|
)
|
(220
|
)
|
(99
|
)
|
(3,905
|
)
|
(4,748
|
)
|
|||||||||||||||
Recoveries
|
35
|
—
|
26
|
20
|
299
|
1,663
|
2,043
|
|||||||||||||||||||||
Balance, June 30, 2019
|
$
|
3,803
|
$
|
3,753
|
$
|
22,367
|
$
|
3,479
|
$
|
1,678
|
$
|
4,174
|
$
|
39,254
|
||||||||||||||
Ending balance:
|
||||||||||||||||||||||||||||
Individually evaluated for
|
||||||||||||||||||||||||||||
impairment
|
$
|
237
|
$
|
—
|
$
|
555
|
$
|
—
|
$
|
470
|
$
|
155
|
$
|
1,417
|
||||||||||||||
Collectively evaluated for
|
||||||||||||||||||||||||||||
impairment
|
$
|
3,490
|
$
|
3,720
|
$
|
21,645
|
$
|
3,290
|
$
|
1,195
|
$
|
3,992
|
$
|
37,332
|
||||||||||||||
Loans acquired and
|
||||||||||||||||||||||||||||
accounted for under ASC
|
||||||||||||||||||||||||||||
310-30
|
$
|
76
|
$
|
33
|
$
|
167
|
$
|
189
|
$
|
13
|
$
|
27
|
$
|
505
|
||||||||||||||
Loans
|
||||||||||||||||||||||||||||
Individually evaluated for
|
||||||||||||||||||||||||||||
impairment
|
$
|
3,182
|
$
|
—
|
$
|
7,809
|
$
|
3,556
|
$
|
1,451
|
$
|
1,821
|
$
|
17,819
|
||||||||||||||
Collectively evaluated for
|
||||||||||||||||||||||||||||
impairment
|
$
|
485,111
|
$
|
796,341
|
$
|
1,438,357
|
$
|
1,433,634
|
$
|
325,157
|
$
|
371,419
|
$
|
4,850,019
|
||||||||||||||
Loans acquired and
|
||||||||||||||||||||||||||||
accounted for under ASC
|
||||||||||||||||||||||||||||
310-30
|
$
|
84,909
|
$
|
12,448
|
$
|
31,083
|
$
|
4,739
|
$
|
3,674
|
$
|
14,841
|
$
|
151,694
|
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 April 1, 2018
|
$
|
2,602
|
$
|
3,212
|
$
|
18,062
|
$
|
2,188
|
$
|
3,695
|
$
|
6,551
|
$
|
36,310
|
||||||||||||||
Provision (benefit) charged to expense
|
63
|
364
|
1,297
|
109
|
(454
|
)
|
571
|
1,950
|
||||||||||||||||||||
Losses charged off
|
(27
|
)
|
(75
|
)
|
—
|
(46
|
)
|
(472
|
)
|
(2,112
|
)
|
(2,732
|
)
|
|||||||||||||||
Recoveries
|
89
|
344
|
115
|
144
|
222
|
1,114
|
2,028
|
|||||||||||||||||||||
Balance June 30, 2018
|
$
|
2,727
|
$
|
3,845
|
$
|
19,474
|
$
|
2,395
|
$
|
2,991
|
$
|
6,124
|
$
|
37,556
|
||||||||||||||
Balance January 1, 2018
|
$
|
2,108
|
$
|
2,839
|
$
|
18,639
|
$
|
1,767
|
$
|
3,581
|
$
|
7,558
|
$
|
36,492
|
||||||||||||||
Provision (benefit) charged to expense
|
487
|
969
|
811
|
471
|
28
|
1,134
|
3,900
|
|||||||||||||||||||||
Losses charged off
|
(41
|
)
|
(331
|
)
|
(102
|
)
|
(83
|
)
|
(881
|
)
|
(4,934
|
)
|
(6,372
|
)
|
||||||||||||||
Recoveries
|
173
|
368
|
126
|
240
|
263
|
2,366
|
3,536
|
|||||||||||||||||||||
Balance June 30, 2018
|
$
|
2,727
|
$
|
3,845
|
$
|
19,474
|
$
|
2,395
|
$
|
2,991
|
$
|
6,124
|
$
|
37,556
|
One- to Four-
|
||||||||||||||||||||||||||||
Family
|
||||||||||||||||||||||||||||
Residential and
|
Other
|
Commercial
|
Commercial
|
Commercial
|
||||||||||||||||||||||||
Construction
|
Residential
|
Real Estate
|
Construction
|
Business
|
Consumer
|
Total
|
||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
Allowance for loan losses
|
||||||||||||||||||||||||||||
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 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 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
|
June 30, 2019
|
||||||||||||
Unpaid
|
||||||||||||
Recorded
|
Principal
|
Specific
|
||||||||||
Balance
|
Balance
|
Allowance
|
||||||||||
(In Thousands) |
||||||||||||
One- to four-family residential construction
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||
Subdivision construction
|
261
|
261
|
100
|
|||||||||
Land development
|
3,556
|
3,588
|
—
|
|||||||||
Commercial construction
|
—
|
—
|
—
|
|||||||||
Owner occupied one- to four-family residential
|
2,157
|
2,434
|
114
|
|||||||||
Non-owner occupied one- to four-family residential
|
764
|
944
|
22
|
|||||||||
Commercial real estate
|
7,809
|
7,834
|
555
|
|||||||||
Other residential
|
—
|
—
|
—
|
|||||||||
Commercial business
|
1,451
|
1,918
|
470
|
|||||||||
Industrial revenue bonds
|
—
|
—
|
—
|
|||||||||
Consumer auto
|
1,040
|
1,230
|
133
|
|||||||||
Consumer other
|
417
|
651
|
20
|
|||||||||
Home equity lines of credit
|
364
|
380
|
3
|
|||||||||
Total
|
$
|
17,819
|
$
|
19,240
|
$
|
1,417
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30, 2019
|
June 30, 2019
|
|||||||||||||||
Average
|
Average
|
|||||||||||||||
Investment
|
Interest
|
Investment
|
Interest
|
|||||||||||||
in Impaired
|
Income
|
in Impaired
|
Income
|
|||||||||||||
Loans
|
Recognized
|
Loans
|
Recognized
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
One- to four-family residential construction
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
Subdivision construction
|
280
|
3
|
293
|
5
|
||||||||||||
Land development
|
1,189
|
99
|
601
|
99
|
||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
||||||||||||
Owner occupied one- to four-family residential
|
2,839
|
20
|
3,097
|
57
|
||||||||||||
Non-owner occupied one- to four-family residential
|
815
|
6
|
1,296
|
18
|
||||||||||||
Commercial real estate
|
6,349
|
86
|
5,612
|
136
|
||||||||||||
Other residential
|
—
|
—
|
—
|
—
|
||||||||||||
Commercial business
|
1,626
|
26
|
1,700
|
58
|
||||||||||||
Industrial revenue bonds
|
—
|
—
|
—
|
—
|
||||||||||||
Consumer auto
|
1,088
|
18
|
1,240
|
43
|
||||||||||||
Consumer other
|
401
|
11
|
432
|
22
|
||||||||||||
Home equity lines of credit
|
290
|
10
|
254
|
17
|
||||||||||||
Total
|
$
|
14,877
|
$
|
279
|
$
|
14,525
|
$
|
455
|
At or for the Year Ended 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
|
June 30, 2018
|
||||||||||||
Unpaid
|
||||||||||||
Recorded
|
Principal
|
Specific
|
||||||||||
Balance
|
Balance
|
Allowance
|
||||||||||
(In Thousands) |
||||||||||||
One- to four-family residential construction
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||
Subdivision construction
|
335
|
357
|
110
|
|||||||||
Land development
|
15
|
18
|
—
|
|||||||||
Commercial construction
|
—
|
—
|
—
|
|||||||||
Owner occupied one- to four-family residential
|
3,261
|
3,579
|
284
|
|||||||||
Non-owner occupied one- to four-family residential
|
3,144
|
3,465
|
343
|
|||||||||
Commercial real estate
|
8,313
|
8,468
|
220
|
|||||||||
Other residential
|
1,015
|
1,015
|
—
|
|||||||||
Commercial business
|
3,350
|
4,754
|
1,422
|
|||||||||
Industrial revenue bonds
|
—
|
—
|
—
|
|||||||||
Consumer auto
|
2,033
|
2,228
|
369
|
|||||||||
Consumer other
|
784
|
1,007
|
118
|
|||||||||
Home equity lines of credit
|
513
|
553
|
154
|
|||||||||
Total
|
$
|
22,763
|
$
|
25,444
|
$
|
3,020
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30, 2018
|
June 30, 2018
|
|||||||||||||||
Average
|
Average
|
|||||||||||||||
Investment
|
Interest
|
Investment
|
Interest
|
|||||||||||||
in Impaired
|
Income
|
in Impaired
|
Income
|
|||||||||||||
Loans
|
Recognized
|
Loans
|
Recognized
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
One- to four-family residential construction
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
Subdivision construction
|
338
|
2
|
354
|
8
|
||||||||||||
Land development
|
15
|
—
|
15
|
—
|
||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
||||||||||||
Owner occupied one- to four-family residential
|
3,272
|
44
|
3,283
|
89
|
||||||||||||
Non-owner occupied one- to four-family residential
|
3,225
|
38
|
3,331
|
92
|
||||||||||||
Commercial real estate
|
7,391
|
145
|
7,328
|
223
|
||||||||||||
Other residential
|
1,017
|
10
|
1,714
|
20
|
||||||||||||
Commercial business
|
3,559
|
258
|
3,625
|
289
|
||||||||||||
Industrial revenue bonds
|
—
|
—
|
—
|
—
|
||||||||||||
Consumer auto
|
2,034
|
40
|
2,247
|
81
|
||||||||||||
Consumer other
|
879
|
18
|
874
|
37
|
||||||||||||
Home equity lines of credit
|
528
|
9
|
548
|
28
|
||||||||||||
Total
|
$
|
22,258
|
$
|
564
|
$
|
23,319
|
$
|
867
|
Three Months Ended June 30, 2019
|
||||||||||||||||
Total
|
||||||||||||||||
Interest Only
|
Term
|
Combination
|
Modification
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Consumer
|
$
|
—
|
$
|
52
|
$
|
—
|
$
|
52
|
||||||||
Three Months Ended June 30, 2018
|
||||||||||||||||
Total
|
||||||||||||||||
Interest Only
|
Term
|
Combination
|
Modification
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Consumer
|
$
|
—
|
$
|
287
|
$
|
—
|
$
|
287
|
||||||||
Six Months Ended June 30, 2019
|
||||||||||||||||
Total
|
||||||||||||||||
Interest Only
|
Term
|
Combination
|
Modification
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Consumer
|
$
|
—
|
$
|
79
|
$
|
—
|
$
|
79
|
||||||||
Six Months Ended June 30, 2018
|
||||||||||||||||
Total
|
||||||||||||||||
Interest Only
|
Term
|
Combination
|
Modification
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Mortgage loans on real estate:
|
||||||||||||||||
One- to four-family residential
|
$
|
1,348
|
$
|
—
|
$
|
—
|
$
|
1,348
|
||||||||
Consumer
|
—
|
439
|
—
|
439
|
||||||||||||
$
|
1,348
|
$
|
439
|
$
|
—
|
$
|
1,787
|
June 30, 2019
|
||||||||||||||||||||||||
Special
|
||||||||||||||||||||||||
Satisfactory
|
Watch
|
Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
One- to four-family residential
|
||||||||||||||||||||||||
construction
|
$
|
30,255
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
30,255
|
||||||||||||
Subdivision construction
|
12,973
|
—
|
—
|
—
|
—
|
12,973
|
||||||||||||||||||
Land development
|
42,446
|
30
|
—
|
3,556
|
—
|
46,032
|
||||||||||||||||||
Commercial construction
|
1,391,158
|
—
|
—
|
—
|
—
|
1,391,158
|
||||||||||||||||||
Owner occupied one- to four-
|
||||||||||||||||||||||||
family residential
|
320,368
|
—
|
—
|
1,839
|
—
|
322,207
|
||||||||||||||||||
Non-owner occupied one- to
|
||||||||||||||||||||||||
four-family residential
|
121,952
|
373
|
—
|
533
|
—
|
122,858
|
||||||||||||||||||
Commercial real estate
|
1,407,401
|
31,280
|
—
|
7,485
|
—
|
1,446,166
|
||||||||||||||||||
Other residential
|
796,341
|
—
|
—
|
—
|
—
|
796,341
|
||||||||||||||||||
Commercial business
|
306,808
|
4,762
|
—
|
1,395
|
—
|
312,965
|
||||||||||||||||||
Industrial revenue bonds
|
13,643
|
—
|
—
|
—
|
—
|
13,643
|
||||||||||||||||||
Consumer auto
|
200,146
|
77
|
—
|
838
|
—
|
201,061
|
||||||||||||||||||
Consumer other
|
51,580
|
103
|
—
|
394
|
—
|
52,077
|
||||||||||||||||||
Home equity lines of credit
|
119,650
|
99
|
—
|
353
|
—
|
120,102
|
||||||||||||||||||
Loans acquired and accounted
|
||||||||||||||||||||||||
for under ASC 310-30,
|
||||||||||||||||||||||||
net of discounts
|
151,173
|
—
|
—
|
521
|
—
|
151,694
|
||||||||||||||||||
Total
|
$
|
4,965,894
|
$
|
36,724
|
$
|
—
|
$
|
16,914
|
$
|
—
|
$
|
5,019,532
|
December 31, 2018
|
||||||||||||||||||||||||
Special
|
||||||||||||||||||||||||
Satisfactory
|
Watch
|
Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
One- to four-family residential
|
||||||||||||||||||||||||
construction
|
$
|
25,803
|
$
|
374
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
26,177
|
||||||||||||
Subdivision construction
|
12,077
|
1,718
|
—
|
49
|
—
|
13,844
|
||||||||||||||||||
Land development
|
39,892
|
4,600
|
—
|
—
|
—
|
44,492
|
||||||||||||||||||
Commercial construction
|
1,417,166
|
—
|
—
|
—
|
—
|
1,417,166
|
||||||||||||||||||
Owner occupied one- to-four-
|
||||||||||||||||||||||||
family residential
|
274,661
|
43
|
—
|
2,162
|
—
|
276,866
|
||||||||||||||||||
Non-owner occupied one- to-
|
||||||||||||||||||||||||
four-family residential
|
119,951
|
941
|
—
|
1,546
|
—
|
122,438
|
||||||||||||||||||
Commercial real estate
|
1,357,987
|
11,061
|
—
|
2,387
|
—
|
1,371,435
|
||||||||||||||||||
Other residential
|
784,393
|
501
|
—
|
—
|
—
|
784,894
|
||||||||||||||||||
Commercial business
|
315,518
|
5,163
|
—
|
1,437
|
—
|
322,118
|
||||||||||||||||||
Industrial revenue bonds
|
13,940
|
—
|
—
|
—
|
—
|
13,940
|
||||||||||||||||||
Consumer auto
|
251,824
|
116
|
—
|
1,588
|
—
|
253,528
|
||||||||||||||||||
Consumer other
|
56,859
|
157
|
—
|
334
|
—
|
57,350
|
||||||||||||||||||
Home equity lines of credit
|
121,134
|
118
|
—
|
100
|
—
|
121,352
|
||||||||||||||||||
Loans acquired and accounted
|
||||||||||||||||||||||||
for under ASC 310-30,
|
||||||||||||||||||||||||
net of discounts
|
167,632
|
—
|
—
|
19
|
—
|
167,651
|
||||||||||||||||||
Total
|
$
|
4,958,837
|
$
|
24,792
|
$
|
—
|
$
|
9,622
|
$
|
—
|
$
|
4,993,251
|
Sun Security
|
||||||||||||||||||||
TeamBank
|
Vantus Bank
|
Bank
|
InterBank
|
Valley Bank
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
June 30, 2019
|
||||||||||||||||||||
Gross loans receivable
|
$
|
9,347
|
$
|
12,096
|
$
|
19,266
|
$
|
73,696
|
$
|
50,488
|
||||||||||
Balance of accretable discount due to change in expected losses
|
(190
|
)
|
(32
|
)
|
(269
|
)
|
(2,691
|
)
|
(1,832
|
)
|
||||||||||
Net carrying value to loans receivable
|
(9,123
|
)
|
(11,834
|
)
|
(18,555
|
)
|
(64,863
|
)
|
(46,769
|
)
|
||||||||||
Expected loss remaining
|
$
|
34
|
$
|
230
|
$
|
442
|
$
|
6,142
|
$
|
1,887
|
||||||||||
December 31, 2018
|
||||||||||||||||||||
Gross loans receivable
|
$
|
10,602
|
$
|
14,097
|
$
|
21,171
|
$
|
85,205
|
$
|
53,470
|
||||||||||
Balance of accretable discount due to change in expected losses
|
(399
|
)
|
(58
|
)
|
(342
|
)
|
(1,695
|
)
|
(169
|
)
|
||||||||||
Net carrying value to loans receivable
|
(10,106
|
)
|
(13,809
|
)
|
(20,171
|
)
|
(74,436
|
)
|
(49,124
|
)
|
||||||||||
Expected loss remaining
|
$
|
97
|
$
|
230
|
$
|
658
|
$
|
9,074
|
$
|
4,177
|
||||||||||
Three Months Ended
|
Three Months Ended
|
|||||||||
June 30, 2019
|
June 30, 2018
|
|||||||||
(In Thousands, Except Per Share Data
|
||||||||||
and Basis Points Data)
|
||||||||||
Impact on net interest income/
|
||||||||||
net interest margin (in basis points)
|
$
|
1,399
|
12 bps
|
$
|
1,070
|
10 bps
|
||||
Net impact to pre-tax income
|
$
|
1,399
|
$
|
1,070
|
||||||
Net impact net of taxes
|
$
|
1,080
|
$
|
831
|
||||||
Impact to diluted earnings per share
|
$
|
0.08
|
$
|
0.06
|
Six Months Ended
|
Six Months Ended
|
|||||||||
June 30, 2019
|
June 30, 2018
|
|||||||||
(In Thousands, Except Per Share Data
|
||||||||||
and Basis Points Data)
|
||||||||||
Impact on net interest income/
|
||||||||||
net interest margin (in basis points)
|
$
|
2,911
|
13 bps
|
$
|
2,227
|
11 bps
|
||||
Net impact to pre-tax income
|
$
|
2,911
|
$
|
2,227
|
||||||
Net impact net of taxes
|
$
|
2,247
|
$
|
1,729
|
||||||
Impact to diluted earnings per share
|
$
|
0.16
|
$
|
0.12
|
Sun Security
|
||||||||||||||||||||
TeamBank
|
Vantus Bank
|
Bank
|
InterBank
|
Valley Bank
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
Balance, April 1, 2019
|
$
|
1,399
|
$
|
1,302
|
$
|
2,444
|
$
|
7,948
|
$
|
4,329
|
||||||||||
Accretion
|
(180
|
)
|
(261
|
)
|
(340
|
)
|
(1,951
|
)
|
(1,132
|
)
|
||||||||||
Change in expected
|
||||||||||||||||||||
accretable yield(1)
|
131
|
186
|
(245
|
)
|
2,468
|
2,347
|
||||||||||||||
Balance, June 30, 2019
|
$
|
1,350
|
$
|
1,227
|
$
|
1,859
|
$
|
8,465
|
$
|
5,544
|
||||||||||
Balance, April 1, 2018
|
$
|
1,827
|
$
|
1,755
|
$
|
2,069
|
$
|
6,904
|
$
|
3,416
|
||||||||||
Accretion
|
(215
|
)
|
(338
|
)
|
(424
|
)
|
(1,827
|
)
|
(1,066
|
)
|
||||||||||
Change in expected
|
||||||||||||||||||||
accretable yield(1)
|
130
|
235
|
410
|
833
|
624
|
|||||||||||||||
Balance, June 30, 2018
|
$
|
1,742
|
$
|
1,652
|
$
|
2,055
|
$
|
5,910
|
$
|
2,974
|
(1)
|
Represents increases (decreases) in estimated cash flows expected to be received from the acquired loan pools, partially
due to lower estimated credit losses. The amounts also include changes in expected accretion of the loan pools for TeamBank, Vantus Bank, Sun Security Bank, InterBank and Valley Bank for the three months ended June 30, 2019, totaling
$68,000, $186,000, $(336,000), $468,000 and $839,000, respectively, and for the three months ended June 30, 2018, totaling $115,000, $235,000, $236,000, $518,000 and $404,000, respectively.
|
Sun Security
|
||||||||||||||||||||
TeamBank
|
Vantus Bank
|
Bank
|
InterBank
|
Valley Bank
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
Balance, January 1, 2019
|
$
|
1,356
|
$
|
1,432
|
$
|
2,242
|
$
|
4,994
|
$
|
3,063
|
||||||||||
Accretion
|
(615
|
)
|
(478
|
)
|
(781
|
)
|
(3,979
|
)
|
(1,985
|
)
|
||||||||||
Change in expected
|
||||||||||||||||||||
accretable yield(1)
|
609
|
273
|
398
|
7,450
|
4,466
|
|||||||||||||||
Balance, June 30, 2019
|
$
|
1,350
|
$
|
1,227
|
$
|
1,859
|
$
|
8,465
|
$
|
5,544
|
||||||||||
Balance, January 1, 2018
|
$
|
2,071
|
$
|
1,850
|
$
|
2,901
|
$
|
5,074
|
$
|
2,695
|
||||||||||
Accretion
|
(442
|
)
|
(617
|
)
|
(854
|
)
|
(3,650
|
)
|
(2,197
|
)
|
||||||||||
Change in expected
|
||||||||||||||||||||
accretable yield(1)
|
113
|
419
|
8
|
4,486
|
2,476
|
|||||||||||||||
Balance, June 30, 2018
|
$
|
1,742
|
$
|
1,652
|
$
|
2,055
|
$
|
5,910
|
$
|
2,974
|
(1)
|
Represents increases in estimated cash flows expected to be received from the acquired loan pools, partially due to lower
estimated credit losses. The amounts also include changes in expected accretion of the loan pools for TeamBank, Vantus Bank, Sun Security Bank, InterBank and Valley Bank for the six months ended June 30, 2019, totaling $546,000, $273,000,
$247,000, $4.6 million and $2.2 million, respectively, and for the six months ended June 30, 2018, totaling $98,000, $419,000, $(167,000), $2.9 million and $1.7 million, respectively.
|
June 30,
|
December 31,
|
|||||||
2019
|
2018
|
|||||||
(In Thousands)
|
||||||||
Foreclosed assets held for sale and repossessions
|
||||||||
One- to four-family construction
|
$
|
—
|
$
|
—
|
||||
Subdivision construction
|
918
|
1,092
|
||||||
Land development
|
2,584
|
3,191
|
||||||
Commercial construction
|
—
|
—
|
||||||
One- to four-family residential
|
—
|
269
|
||||||
Other residential
|
—
|
—
|
||||||
Commercial real estate
|
—
|
—
|
||||||
Commercial business
|
—
|
—
|
||||||
Consumer
|
999
|
928
|
||||||
4,501
|
5,480
|
|||||||
Foreclosed assets acquired through FDIC-assisted
|
||||||||
transactions, net of discounts
|
1,301
|
1,401
|
||||||
Foreclosed assets held for sale and repossessions, net
|
5,802
|
6,881
|
||||||
Other real estate owned not acquired through foreclosure
|
1,305
|
1,559
|
||||||
Other real estate owned and repossessions
|
$
|
7,107
|
$
|
8,440
|
Three Months Ended
|
||||||||
June 30,
|
||||||||
2019
|
2018
|
|||||||
(In Thousands)
|
||||||||
Net gains on sales of other real estate owned and
repossessions
|
$
|
(244
|
)
|
$
|
(977
|
)
|
||
Valuation write-downs
|
197
|
2,757
|
||||||
Operating expenses, net of rental income
|
466
|
957
|
||||||
$
|
419
|
$
|
2,737
|
Six Months Ended
|
||||||||
June 30,
|
||||||||
2019
|
2018
|
|||||||
(In Thousands)
|
||||||||
Net gains on sales of other real estate owned and
repossessions
|
$
|
(410
|
)
|
$
|
(1,449
|
)
|
||
Valuation write-downs
|
444
|
3,373
|
||||||
Operating expenses, net of rental income
|
1,005
|
1,954
|
||||||
$
|
1,039
|
$
|
3,878
|
June 30,
|
December 31,
|
|||||||
2019
|
2018
|
|||||||
(In Thousands)
|
||||||||
Land
|
$
|
40,576
|
$
|
40,508
|
||||
Buildings and improvements
|
95,698
|
95,039
|
||||||
Furniture, fixtures and equipment
|
57,682
|
54,327
|
||||||
Operating leases right of use asset
|
9,106
|
—
|
||||||
203,062
|
189,874
|
|||||||
Less accumulated depreciation
|
59,589
|
57,450
|
||||||
$
|
143,473
|
$
|
132,424
|
At or For the
|
At or For the
|
|||||||
Three Months Ended
|
Six Months Ended
|
|||||||
June 30, 2019
|
June 30, 2019
|
|||||||
(In Thousands)
|
||||||||
Statement of Financial
Condition
|
||||||||
Operating leases right of use asset
|
$
|
9,106
|
$
|
9,106
|
||||
Operating leases liability
|
$
|
9,153
|
$
|
9,153
|
||||
Statement of Income
|
||||||||
Operating lease costs classified as occupancy and equipment expense
|
$
|
371
|
$
|
747
|
||||
(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
|
$
|
351
|
$
|
701
|
||||
Right of use assets obtained in exchange for lease obligations:
|
||||||||
Operating leases
|
$
|
9,538
|
||||||
2019
|
$
|
597
|
||
2020
|
1,132
|
|||
2021
|
1,148
|
|||
2022
|
1,131
|
|||
2023
|
1,082
|
|||
2024
|
956
|
|||
Thereafter
|
5,026
|
|||
Future lease payments expected
|
11,072
|
|||
Less interest portion of lease payments
|
(1,919
|
)
|
||
Lease liability
|
$
|
9,153
|
June 30,
|
December 31,
|
|||||||
2019
|
2018
|
|||||||
(In Thousands)
|
||||||||
Time Deposits:
|
||||||||
0.00% - 0.99%
|
$
|
128,479
|
$
|
150,656
|
||||
1.00% - 1.99%
|
269,123
|
511,873
|
||||||
2.00% - 2.99%
|
1,257,086
|
857,973
|
||||||
3.00% - 3.99%
|
75,147
|
69,793
|
||||||
4.00% - 4.99%
|
1,065
|
1,116
|
||||||
Total time deposits (2.25% - 1.98%)
|
1,730,900
|
1,591,411
|
||||||
Non-interest-bearing demand deposits
|
667,732
|
661,061
|
||||||
Interest-bearing demand and savings deposits (0.51% - 0.46%)
|
1,489,904
|
1,472,535
|
||||||
Total Deposits
|
$
|
3,888,536
|
$
|
3,725,007
|
June 30, 2019
|
December 31, 2018
|
|||||||
(In Thousands)
|
||||||||
Notes payable – Community Development Equity Funds
|
$
|
1,316
|
$
|
1,625
|
||||
Other interest-bearing liabilities
|
30,820
|
13,100
|
||||||
Overnight borrowings from the Federal Home Loan Bank
|
136,500
|
178,000
|
||||||
Securities sold under reverse repurchase agreements
|
98,632
|
105,253
|
||||||
$
|
267,268
|
$
|
297,978
|
June 30,
2019 |
December 31,
2018 |
|||||||
Overnight and
|
Overnight and
|
|||||||
Continuous
|
Continuous
|
|||||||
(In Thousands)
|
||||||||
Mortgage-backed securities – GNMA, FNMA, FHLMC
|
$
|
98,632
|
$
|
105,253
|
||||
June 30,
2019 |
December 31,
2018 |
|||||||
(In Thousands)
|
||||||||
Subordinated notes
|
$
|
75,000
|
$
|
75,000
|
||||
Less: unamortized debt issuance costs
|
941
|
1,158
|
||||||
$
|
74,059
|
$
|
73,842
|
Three Months Ended June 30,
|
||||||||
2019
|
2018
|
|||||||
Tax at statutory rate
|
21.0
|
%
|
21.0
|
%
|
||||
Nontaxable interest and dividends
|
(0.5
|
)
|
(0.8
|
)
|
||||
Tax credits
|
(4.2
|
)
|
(3.6
|
)
|
||||
State taxes
|
1.2
|
1.2
|
||||||
Other
|
(0.7
|
)
|
(0.1
|
)
|
||||
16.8
|
%
|
17.7
|
%
|
Six Months Ended June 30,
|
||||||||
2019
|
2018
|
|||||||
Tax at statutory rate
|
21.0
|
%
|
21.0
|
%
|
||||
Nontaxable interest and dividends
|
(0.5
|
)
|
(0.9
|
)
|
||||
Tax credits
|
(4.4
|
)
|
(4.0
|
)
|
||||
State taxes
|
1.3
|
1.2
|
||||||
Other
|
0.3
|
(0.3
|
)
|
|||||
17.7
|
%
|
17.0
|
%
|
• |
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.
|
• |
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.
|
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)
|
||||||||||||||||
June 30, 2019
|
||||||||||||||||
Agency mortgage-backed securities
|
$
|
191,577
|
$
|
—
|
$
|
191,577
|
$
|
—
|
||||||||
Agency collateralized mortgage obligations
|
71,807
|
—
|
71,807
|
—
|
||||||||||||
States and political subdivisions
|
42,265
|
—
|
42,265
|
—
|
||||||||||||
Interest rate derivative asset
|
31,855
|
—
|
31,855
|
—
|
||||||||||||
Interest rate derivative liability
|
(1,281
|
)
|
—
|
(1,281
|
)
|
—
|
||||||||||
December 31, 2018
|
||||||||||||||||
Agency mortgage-backed securities
|
$
|
153,258
|
$
|
—
|
$
|
153,258
|
$
|
—
|
||||||||
Agency collateralized mortgage obligations
|
39,260
|
—
|
39,260
|
—
|
||||||||||||
States and political subdivisions
|
51,450
|
—
|
51,450
|
—
|
||||||||||||
Interest rate derivative asset
|
12,800
|
—
|
12,800
|
—
|
||||||||||||
Interest rate derivative liability
|
(716
|
)
|
—
|
(716
|
)
|
—
|
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)
|
||||||||||||||||
June 30, 2019
|
||||||||||||||||
Impaired loans
|
$
|
733
|
$
|
—
|
$
|
—
|
$
|
733
|
||||||||
Foreclosed assets held for sale
|
$
|
851
|
$
|
—
|
$
|
—
|
$
|
851
|
||||||||
December 31, 2018
|
||||||||||||||||
Impaired loans
|
$
|
2,805
|
$
|
—
|
$
|
—
|
$
|
2,805
|
||||||||
Foreclosed assets held for sale
|
$
|
1,776
|
$
|
—
|
$
|
—
|
$
|
1,776
|
June 30, 2019
|
December 31, 2018
|
|||||||||||||||||||||||
Carrying
|
Fair
|
Hierarchy
|
Carrying
|
Fair
|
Hierarchy
|
|||||||||||||||||||
Amount
|
Value
|
Level
|
Amount
|
Value
|
Level
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Financial assets
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
181,372
|
$
|
181,372
|
1
|
$
|
202,742
|
$
|
202,742
|
1
|
||||||||||||||
Mortgage loans held for sale
|
11,106
|
11,106
|
2
|
1,650
|
1,650
|
2
|
||||||||||||||||||
Loans, net of allowance for loan losses
|
4,112,455
|
4,101,133
|
3
|
3,989,001
|
3,955,786
|
3
|
||||||||||||||||||
Accrued interest receivable
|
14,351
|
14,351
|
3
|
13,448
|
13,448
|
3
|
||||||||||||||||||
Investment in FHLBank stock
|
11,093
|
11,093
|
3
|
12,438
|
12,438
|
3
|
||||||||||||||||||
Financial liabilities
|
||||||||||||||||||||||||
Deposits
|
3,888,536
|
3,890,877
|
3
|
3,725,007
|
3,717,899
|
3
|
||||||||||||||||||
Short-term borrowings
|
267,268
|
267,268
|
3
|
297,978
|
297,978
|
3
|
||||||||||||||||||
Subordinated debentures
|
25,774
|
25,774
|
3
|
25,774
|
25,774
|
3
|
||||||||||||||||||
Subordinated notes
|
74,059
|
76,125
|
2
|
73,842
|
75,188
|
2
|
||||||||||||||||||
Accrued interest payable
|
4,209
|
4,209
|
3
|
3,570
|
3,570
|
3
|
||||||||||||||||||
Unrecognized financial instruments (net of contractual
value)
|
||||||||||||||||||||||||
Commitments to originate loans
|
—
|
—
|
3
|
—
|
—
|
3
|
||||||||||||||||||
Letters of credit
|
126
|
126
|
3
|
146
|
146
|
3
|
||||||||||||||||||
Lines of credit
|
—
|
—
|
3
|
—
|
—
|
3
|
Location in
|
Fair Value
|
||||||||
Consolidated Statements
|
June 30,
|
December 31,
|
|||||||
of Financial Condition
|
2019
|
2018
|
|||||||
(In Thousands)
|
|||||||||
Derivatives designated as
|
|||||||||
hedging instruments
|
|||||||||
Interest rate swap
|
Prepaid expenses and other assets
|
$
|
30,665
|
$
|
12,106
|
||||
Total derivatives designated
|
|||||||||
as hedging instruments
|
$
|
30,665
|
$
|
12,106
|
|||||
Derivatives not designated
|
|||||||||
as hedging instruments
|
|||||||||
Asset Derivatives
|
|||||||||
Interest rate products
|
Prepaid expenses and other assets
|
$
|
1,190
|
$
|
694
|
||||
Total derivatives not designated
|
|||||||||
as hedging instruments
|
$
|
1,190
|
$
|
694
|
|||||
Liability Derivatives
|
|||||||||
Interest rate products
|
Accrued expenses and other liabilities
|
$
|
1,281
|
$
|
716
|
||||
Total derivatives not designated
|
|||||||||
as hedging instruments
|
$
|
1,281
|
$
|
716
|
Amount of Gain (Loss)
|
||||||||
Recognized in AOCI
|
||||||||
Three Months Ended June 30,
|
||||||||
Cash Flow Hedges
|
2019
|
2018
|
||||||
(In Thousands)
|
||||||||
Interest rate swap, net of income taxes
|
$
|
8,528
|
$
|
—
|
||||
Amount of Gain (Loss)
|
||||||||
Recognized in AOCI
|
||||||||
Six Months Ended June 30,
|
||||||||
Cash Flow Hedges
|
2019
|
2018
|
||||||
(In Thousands)
|
||||||||
Interest rate swap, net of income taxes
|
$
|
14,328
|
$
|
—
|
||||
Three Months Ended June 30,
|
||||||||||||||||
Cash Flow Hedges
|
2019
|
2018
|
||||||||||||||
Interest Income
|
Interest Expense
|
Interest Income
|
Interest Expense
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Interest rate swap
|
$
|
568
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
Six Months Ended June 30,
|
||||||||||||||||
Cash Flow Hedges
|
2019
|
2018
|
||||||||||||||
Interest Income
|
Interest Expense
|
Interest Income
|
Interest Expense
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Interest rate swap
|
$
|
1,081
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
June 30,
2019 |
December 31,
2018 |
|||||||
(In Thousands)
|
||||||||
Goodwill – Branch acquisitions
|
$
|
5,396
|
$
|
5,396
|
||||
Deposit intangibles
|
||||||||
InterBank
|
—
|
36
|
||||||
Boulevard Bank
|
214
|
275
|
||||||
Valley Bank
|
800
|
1,000
|
||||||
Fifth Third Bank
|
2,265
|
2,581
|
||||||
3,279
|
3,892
|
|||||||
$
|
8,675
|
$
|
9,288
|
Beginning
Balance, January 1 |
Additions
to Non- Performing |
Removed
from Non- Performing |
Transfers to
Potential Problem Loans |
Transfers to
Foreclosed Assets and Repossessions |
Charge-
Offs |
Payments
|
Ending
Balance, June 30 |
|||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||
One- to four-family construction
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||||||
Subdivision construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
Land development
|
49
|
3,727
|
—
|
—
|
—
|
(220
|
)
|
—
|
3,556
|
|||||||||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
One- to four-family residential
|
2,664
|
926
|
—
|
(87
|
)
|
(1,250
|
)
|
(490
|
)
|
(231
|
)
|
1,532
|
||||||||||||||||||||
Other residential
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
Commercial real estate
|
334
|
4,074
|
—
|
—
|
—
|
—
|
(733
|
)
|
3,675
|
|||||||||||||||||||||||
Commercial business
|
1,437
|
50
|
—
|
—
|
—
|
(24
|
)
|
(104
|
)
|
1,359
|
||||||||||||||||||||||
Consumer
|
1,816
|
1,122
|
—
|
(165
|
)
|
(223
|
)
|
(893
|
)
|
(391
|
)
|
1,266
|
||||||||||||||||||||
Total
|
$
|
6,300
|
$
|
9,899
|
$
|
—
|
$
|
(252
|
)
|
$
|
(1,473
|
)
|
$
|
(1,627
|
)
|
$
|
(1,459
|
)
|
$
|
11,388
|
Beginning
Balance, January 1 |
Additions
to Potential Problem |
Removed
from Potential Problem |
Transfers to
Non- Performing |
Transfers to
Foreclosed Assets and Repossessions |
Charge-
Offs |
Payments
|
Ending
Balance, June 30 |
|||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||
One- to four-family construction
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||||||
Subdivision construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
Land development
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
One- to four-family residential
|
1,044
|
87
|
—
|
(152
|
)
|
—
|
—
|
(139
|
)
|
840
|
||||||||||||||||||||||
Other residential
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
Commercial real estate
|
2,053
|
1,931
|
(124
|
)
|
—
|
—
|
—
|
(51
|
)
|
3,809
|
||||||||||||||||||||||
Commercial business
|
—
|
37
|
—
|
—
|
—
|
—
|
—
|
37
|
||||||||||||||||||||||||
Consumer
|
206
|
179
|
—
|
(15
|
)
|
(4
|
)
|
(10
|
)
|
(37
|
)
|
319
|
||||||||||||||||||||
Total
|
$
|
3,303
|
$
|
2,234
|
$
|
(124
|
)
|
$
|
(167
|
)
|
$
|
(4
|
)
|
$
|
(10
|
)
|
$
|
(227
|
)
|
$
|
5,005
|
Beginning
Balance, January 1 |
Additions
|
Sales
|
Capitalized
Costs |
Write-
Downs |
Ending
Balance, June 30 |
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
One- to four-family construction
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||
Subdivision construction
|
1,092
|
—
|
(81
|
)
|
—
|
(93
|
)
|
918
|
||||||||||||||||
Land development
|
3,191
|
—
|
(300
|
)
|
—
|
(307
|
)
|
2,584
|
||||||||||||||||
Commercial construction
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
One- to four-family residential
|
269
|
1,286
|
(1,555
|
)
|
—
|
—
|
—
|
|||||||||||||||||
Other residential
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Commercial real estate
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Commercial business
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Consumer
|
928
|
2,318
|
(2,247
|
)
|
—
|
—
|
999
|
|||||||||||||||||
Total
|
$
|
5,480
|
$
|
3,604
|
$
|
(4,183
|
)
|
$
|
—
|
$
|
(400
|
)
|
$
|
4,501
|
June 30,
2019(2)
|
Three Months Ended
June 30, 2019 |
Three Months Ended
June 30, 2018 |
||||||||||||||||||||||||||
Yield/
Rate |
Average
Balance |
Interest
|
Yield/
Rate |
Average
Balance |
Interest
|
Yield/
Rate |
||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||
One- to four-family residential
|
4.27
|
%
|
$
|
515,749
|
$
|
6,556
|
5.10
|
%
|
$
|
437,856
|
$
|
5,422
|
4.97
|
%
|
||||||||||||||
Other residential
|
5.21
|
819,577
|
11,270
|
5.52
|
744,809
|
9,347
|
5.03
|
|||||||||||||||||||||
Commercial real estate
|
5.02
|
1,414,009
|
18,304
|
5.19
|
1,332,339
|
15,968
|
4.81
|
|||||||||||||||||||||
Construction
|
5.60
|
713,885
|
10,585
|
5.95
|
553,787
|
7,246
|
5.25
|
|||||||||||||||||||||
Commercial business
|
5.33
|
259,779
|
3,358
|
5.18
|
289,895
|
3,560
|
4.93
|
|||||||||||||||||||||
Other loans
|
5.97
|
403,584
|
5,450
|
5.42
|
508,722
|
6,291
|
4.96
|
|||||||||||||||||||||
Industrial revenue bonds(1)
|
4.93
|
14,940
|
248
|
6.67
|
22,667
|
385
|
6.81
|
|||||||||||||||||||||
Total loans receivable
|
5.25
|
4,141,523
|
55,771
|
5.40
|
3,890,075
|
48,219
|
4.97
|
|||||||||||||||||||||
Investment securities(1)
|
3.36
|
309,170
|
2,415
|
3.13
|
188,589
|
1,291
|
2.75
|
|||||||||||||||||||||
Other interest-earning assets
|
2.50
|
88,024
|
537
|
2.45
|
120,688
|
433
|
1.44
|
|||||||||||||||||||||
Total interest-earning assets
|
5.07
|
4,538,717
|
58,723
|
5.19
|
4,199,352
|
49,943
|
4.77
|
|||||||||||||||||||||
Non-interest-earning assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
92,500
|
97,295
|
||||||||||||||||||||||||||
Other non-earning assets
|
190,416
|
199,003
|
||||||||||||||||||||||||||
Total assets
|
$
|
4,821,633
|
$
|
4,495,650
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||
Interest-bearing demand and savings
|
0.51
|
$
|
1,498,795
|
1,930
|
0.52
|
$
|
1,573,936
|
1,435
|
0.37
|
|||||||||||||||||||
Time deposits
|
2.25
|
1,733,163
|
9,652
|
2.23
|
1,284,414
|
4,688
|
1.46
|
|||||||||||||||||||||
Total deposits
|
1.44
|
3,231,958
|
11,582
|
1.44
|
2,858,350
|
6,123
|
0.86
|
|||||||||||||||||||||
Short-term borrowings, repurchase
agreements and other interest-
bearing liabilities
|
1.51
|
244,586
|
859
|
1.41
|
141,268
|
180
|
0.51
|
|||||||||||||||||||||
Subordinated debentures issued to
capital trusts |
4.18
|
25,774
|
267
|
4.16
|
25,774
|
238
|
3.70
|
|||||||||||||||||||||
Subordinated notes
|
5.91
|
74,015
|
1,094
|
5.93
|
73,752
|
1,024
|
5.57
|
|||||||||||||||||||||
FHLBank advances
|
—
|
—
|
—
|
—
|
233,363
|
1,166
|
2.00
|
|||||||||||||||||||||
Total interest-bearing liabilities
|
1.56
|
3,576,333
|
13,802
|
1.55
|
3,332,507
|
8,731
|
1.05
|
|||||||||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||||||
Demand deposits
|
655,642
|
653,281
|
||||||||||||||||||||||||||
Other liabilities
|
34,504
|
20,744
|
||||||||||||||||||||||||||
Total liabilities
|
4,266,479
|
4,006,532
|
||||||||||||||||||||||||||
Stockholders’ equity
|
555,154
|
489,118
|
||||||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
4,821,633
|
$
|
4,495,650
|
||||||||||||||||||||||||
Net interest income:
|
||||||||||||||||||||||||||||
Interest rate spread
|
3.51
|
%
|
$
|
44,921
|
3.64
|
%
|
$
|
41,212
|
3.72
|
%
|
||||||||||||||||||
Net interest margin*
|
3.97
|
%
|
3.94
|
%
|
||||||||||||||||||||||||
Average interest-earning assets to
average interest-bearing liabilities |
126.9
|
%
|
126.0
|
%
|
_______________________
|
|
*
|
Defined as the Company’s net interest income divided by total average interest-earning assets.
|
(1)
|
Of the total average balances of investment securities, average tax-exempt investment securities were $43.5 million and
$53.7 million for the three months ended June 30, 2019 and 2018, respectively. In addition, average tax-exempt loans and industrial revenue bonds were $21.0 million and $25.2 million for the three months ended June 30, 2019 and 2018,
respectively. Interest income on tax-exempt assets included in this table was $614,000 and $693,000 for the three months ended June 30, 2019 and 2018, respectively. Interest income net of disallowed interest expense related to tax-exempt
assets was $553,000 and $656,000 for the three months ended June 30, 2019 and 2018, respectively.
|
(2)
|
The yield on loans at June 30, 2019 does not include the impact of the accretable yield (income) on loans acquired in the
FDIC-assisted transactions. See “Net Interest Income” for a discussion of the effect on results of operations for the three months ended June 30, 2019.
|
June 30,
2019(2)
|
Six Months Ended
June 30, 2019 |
Six Months Ended
June 30, 2018 |
||||||||||||||||||||||||||
Yield/
Rate |
Average
Balance |
Interest
|
Yield/
Rate |
Average
Balance |
Interest
|
Yield/
Rate |
||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||
One- to four-family residential
|
4.27
|
%
|
$
|
506,490
|
$
|
12,944
|
5.15
|
%
|
$
|
434,507
|
$
|
10,605
|
4.92
|
%
|
||||||||||||||
Other residential
|
5.21
|
815,354
|
22,260
|
5.51
|
741,782
|
18,186
|
4.94
|
|||||||||||||||||||||
Commercial real estate
|
5.02
|
1,400,789
|
36,000
|
5.18
|
1,289,141
|
30,326
|
4.74
|
|||||||||||||||||||||
Construction
|
5.60
|
690,883
|
20,758
|
6.06
|
536,478
|
13,734
|
5.16
|
|||||||||||||||||||||
Commercial business
|
5.33
|
261,967
|
6,750
|
5.20
|
287,329
|
6,904
|
4.85
|
|||||||||||||||||||||
Other loans
|
5.97
|
420,190
|
11,154
|
5.35
|
524,995
|
12,887
|
4.95
|
|||||||||||||||||||||
Industrial revenue bonds(1)
|
4.93
|
15,072
|
461
|
6.17
|
23,188
|
742
|
6.45
|
|||||||||||||||||||||
Total loans receivable
|
5.25
|
4,110,745
|
110,327
|
5.41
|
3,837,420
|
93,384
|
4.91
|
|||||||||||||||||||||
Investment securities(1)
|
3.36
|
293,937
|
4,666
|
3.20
|
187,803
|
2,601
|
2.79
|
|||||||||||||||||||||
Other interest-earning assets
|
2.50
|
91,182
|
1,088
|
2.41
|
109,944
|
841
|
1.54
|
|||||||||||||||||||||
Total interest-earning assets
|
5.07
|
4,495,864
|
116,081
|
5.21
|
4,135,167
|
96,826
|
4.72
|
|||||||||||||||||||||
Non-interest-earning assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
91,657
|
99,818
|
||||||||||||||||||||||||||
Other non-earning assets
|
185,672
|
198,226
|
||||||||||||||||||||||||||
Total assets
|
$
|
4,773,193
|
$
|
4,433,211
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||
Interest-bearing demand and savings
|
0.51
|
$
|
1,485,948
|
3,693
|
0.50
|
$
|
1,569,299
|
2,745
|
0.35
|
|||||||||||||||||||
Time deposits
|
2.25
|
1,703,087
|
18,359
|
2.17
|
1,307,814
|
8,961
|
1.38
|
|||||||||||||||||||||
Total deposits
|
1.44
|
3,189,035
|
22,052
|
1.39
|
2,877,113
|
11,706
|
0.82
|
|||||||||||||||||||||
Short-term borrowings, repurchase
agreements and other interest-
bearing liabilities
|
1.51
|
251,347
|
1,780
|
1.43
|
120,494
|
208
|
0.35
|
|||||||||||||||||||||
Subordinated debentures issued to
capital trusts |
4.18
|
25,774
|
534
|
4.18
|
25,774
|
440
|
3.44
|
|||||||||||||||||||||
Subordinated notes
|
5.91
|
73,958
|
2,189
|
5.97
|
73,733
|
2,049
|
5.60
|
|||||||||||||||||||||
FHLBank advances
|
—
|
—
|
—
|
—
|
189,682
|
1,772
|
1.88
|
|||||||||||||||||||||
Total interest-bearing liabilities
|
1.56
|
3,540,114
|
26,555
|
1.52
|
3,286,796
|
16,175
|
0.99
|
|||||||||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||||||
Demand deposits
|
657,018
|
641,969
|
||||||||||||||||||||||||||
Other liabilities
|
30,011
|
19,788
|
||||||||||||||||||||||||||
Total liabilities
|
4,227,143
|
3,948,553
|
||||||||||||||||||||||||||
Stockholders’ equity
|
546,050
|
484,658
|
||||||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
4,773,193
|
$
|
4,433,211
|
||||||||||||||||||||||||
Net interest income:
|
||||||||||||||||||||||||||||
Interest rate spread
|
3.51
|
%
|
$
|
89,526
|
3.69
|
%
|
$
|
80,651
|
3.73
|
%
|
||||||||||||||||||
Net interest margin*
|
4.02
|
%
|
3.93
|
%
|
||||||||||||||||||||||||
Average interest-earning assets to
average interest-bearing liabilities |
127.0
|
%
|
125.8
|
%
|
_______________________
|
|
*
|
Defined as the Company’s net interest income divided by total average interest-earning assets.
|
(1)
|
Of the total average balances of investment securities, average tax-exempt investment securities were $45.7 million and
$54.6 million for the six months ended June 30, 2019 and 2018, respectively. In addition, average tax-exempt loans and industrial revenue bonds were $21.4 million and $26.2 million for the six months ended June 30, 2019 and 2018,
respectively. Interest income on tax-exempt assets included in this table was $1.2 million and $1.6 million for the six months ended June 30, 2019 and 2018, respectively. Interest income net of disallowed interest expense related to
tax-exempt assets was $1.1 million and $1.5 million for the six months ended June 30, 2019 and 2018, respectively.
|
(2)
|
The yield on loans at June 30, 2019 does not include the impact of the accretable yield (income) on loans acquired in the
FDIC-assisted transactions. See “Net Interest Income” for a discussion of the effect on results of operations for the six months ended June 30, 2019.
|
Three Months Ended June 30,
|
||||||||||||
2019 vs. 2018
|
||||||||||||
Increase
|
||||||||||||
(Decrease)
|
Total
|
|||||||||||
Due to
|
Increase
|
|||||||||||
Rate
|
Volume
|
(Decrease)
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Interest-earning assets:
|
||||||||||||
Loans receivable
|
$
|
4,320
|
$
|
3,232
|
$
|
7,552
|
||||||
Investment securities
|
203
|
921
|
1,124
|
|||||||||
Other interest-earning assets
|
169
|
(65
|
)
|
104
|
||||||||
Total interest-earning assets
|
4,692
|
4,088
|
8,780
|
|||||||||
Interest-bearing liabilities:
|
||||||||||||
Demand deposits
|
560
|
(65
|
)
|
495
|
||||||||
Time deposits
|
2,983
|
1,981
|
4,964
|
|||||||||
Total deposits
|
3,543
|
1,916
|
5,459
|
|||||||||
Short-term borrowings
|
479
|
200
|
679
|
|||||||||
Subordinated debentures issued to capital trust
|
29
|
—
|
29
|
|||||||||
Subordinated notes
|
66
|
4
|
70
|
|||||||||
FHLBank advances
|
—
|
(1,166
|
)
|
(1,166
|
)
|
|||||||
Total interest-bearing liabilities
|
4,117
|
954
|
5,071
|
|||||||||
Net interest income
|
$
|
575
|
$
|
3,134
|
$
|
3,709
|
Six Months Ended June 30,
|
||||||||||||
2019 vs. 2018
|
||||||||||||
Increase
|
||||||||||||
(Decrease)
|
Total
|
|||||||||||
Due to
|
Increase
|
|||||||||||
Rate
|
Volume
|
(Decrease)
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Interest-earning assets:
|
||||||||||||
Loans receivable
|
$
|
10,012
|
$
|
6,931
|
$
|
16,943
|
||||||
Investment securities
|
424
|
1,641
|
2,065
|
|||||||||
Other interest-earning assets
|
355
|
(108
|
)
|
247
|
||||||||
Total interest-earning assets
|
10,791
|
8,464
|
19,255
|
|||||||||
Interest-bearing liabilities:
|
||||||||||||
Demand deposits
|
1,085
|
(137
|
)
|
948
|
||||||||
Time deposits
|
6,153
|
3,245
|
9,398
|
|||||||||
Total deposits
|
7,238
|
3,108
|
10,346
|
|||||||||
Short-term borrowings
|
1,164
|
408
|
1,572
|
|||||||||
Subordinated debentures issued to capital trust
|
94
|
—
|
94
|
|||||||||
Subordinated notes
|
138
|
2
|
140
|
|||||||||
FHLBank advances
|
—
|
(1,772
|
)
|
(1,772
|
)
|
|||||||
Total interest-bearing liabilities
|
8,634
|
1,746
|
10,380
|
|||||||||
Net interest income
|
$
|
2,157
|
$
|
6,718
|
$
|
8,875
|
June 30,
2019
|
March 31,
2019
|
December 31,
2018
|
December 31,
2017
|
December 31,
2016
|
||||||||||||||||
Closed loans with unused available lines
|
||||||||||||||||||||
Secured by real estate (one- to four-family)
|
$
|
153,871
|
$
|
154,400
|
$
|
150,948
|
$
|
133,587
|
$
|
123,433
|
||||||||||
Secured by real estate (not one- to four-family)
|
13,237
|
10,450
|
11,063
|
10,836
|
26,062
|
|||||||||||||||
Not secured by real estate - commercial business
|
80,887
|
83,520
|
87,480
|
113,317
|
79,937
|
|||||||||||||||
Closed construction loans with unused
available lines
|
||||||||||||||||||||
Secured by real estate (one-to four-family)
|
28,023
|
33,818
|
37,162
|
20,919
|
10,047
|
|||||||||||||||
Secured by real estate (not one-to four-family)
|
818,047
|
831,155
|
906,006
|
718,277
|
542,326
|
|||||||||||||||
Loan Commitments not closed
|
||||||||||||||||||||
Secured by real estate (one-to four-family)
|
49,694
|
36,945
|
24,253
|
23,340
|
15,884
|
|||||||||||||||
Secured by real estate (not one-to four-family)
|
110,647
|
134,607
|
104,871
|
156,658
|
119,126
|
|||||||||||||||
Not secured by real estate - commercial business
|
4,535
|
—
|
405
|
4,870
|
7,022
|
|||||||||||||||
$
|
1,258,941
|
$
|
1,284,895
|
$
|
1,322,188
|
$
|
1,181,804
|
$
|
923,837
|
Federal Home Loan Bank line
|
$868.6 million
|
|
Federal Reserve Bank line
|
$407.4 million
|
|
Cash and cash equivalents
|
$181.4 million
|
|
Unpledged securities
|
$141.2 million
|
|
June 30,
|
December 31,
|
|||||||
2019
|
2018
|
|||||||
(Dollars in Thousands)
|
||||||||
Common equity at period end
|
$
|
572,309
|
$
|
531,977
|
||||
Less: Intangible assets at period end
|
8,675
|
9,288
|
||||||
Tangible common equity at period end (a)
|
$
|
563,634
|
$
|
522,689
|
||||
Total assets at period end
|
$
|
4,871,522
|
$
|
4,676,200
|
||||
Less: Intangible assets at period end
|
8,675
|
9,288
|
||||||
Tangible assets at period end (b)
|
$
|
4,862,847
|
$
|
4,666,912
|
||||
Tangible common equity to tangible assets (a) / (b)
|
11.59
|
%
|
11.20
|
%
|
Total Number
of Shares
Purchased
|
Average
Price
Per Share
|
Total Number
of Shares
Purchased
As Part of
Publicly
Announced
Plan
|
Maximum
Number of
Shares that
May Yet Be
Purchased
Under the
Plan(1)
|
|||||||||||||
April 1, 2019 – April 30, 2019
|
--
|
$
|
--
|
--
|
466,418
|
|||||||||||
May 1, 2019 – May 31, 2019
|
--
|
--
|
--
|
466,418
|
||||||||||||
June 1, 2019 – June 30, 2019
|
--
|
--
|
--
|
466,418
|
||||||||||||
--
|
$
|
--
|
--
|
______________________
|
|
(1)
|
Amount represents the number of shares available to be repurchased under the April 2018 plan as of the last calendar day
of the month shown.
|
a)
|
Exhibits
|
Exhibit No. |
DESCRIPTION |
|
(2)
|
Plan of acquisition, reorganization, arrangement, liquidation, or succession
|
|
(i)
|
The Purchase and Assumption Agreement, dated as of
March 20, 2009, among Federal Deposit Insurance Corporation, Receiver of TeamBank, N.A., Paola, Kansas, Federal Deposit Insurance Corporation and Great Southern Bank, previously filed with the Commission (File no. 000-18082) as Exhibit
2.1 to the Registrant's Current Report on Form 8-K filed on March 26, 2009 is incorporated herein by reference as Exhibit 2.1(i).
|
|
(ii)
|
The Purchase and Assumption Agreement, dated as of
September 4, 2009, among Federal Deposit Insurance Corporation, Receiver of Vantus Bank, Sioux City, Iowa, Federal Deposit Insurance Corporation and Great Southern Bank, previously filed with the Commission (File no. 000-18082) as Exhibit
2.1 to the Registrant's Current Report on Form 8-K filed on September 11, 2009 is incorporated herein by reference as Exhibit 2.1(ii).
|
|
(iii)
|
The Purchase and Assumption Agreement, dated as of
October 7, 2011, among Federal Deposit Insurance Corporation, Receiver of Sun Security Bank, Ellington, Missouri, Federal Deposit Insurance Corporation and Great Southern Bank, previously filed with the Commission (File no.
000-18082) as Exhibit 2.1(iii) to the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 is incorporated herein by reference as Exhibit 2(iii).
|
|
(iv)
|
The Purchase and Assumption Agreement, dated as of April 27, 2012, among Federal Deposit Insurance Corporation, Receiver
of Inter Savings Bank, FSB, Maple Grove, Minnesota, Federal Deposit Insurance Corporation and Great Southern Bank, previously filed with the Commission (File no. 000-18082) as Exhibit 2.1(iv) to the Registrant's Quarterly Report on Form
10-Q for the quarter ended March 31, 2012 is incorporated herein by reference as Exhibit
2(iv).
|
|
(v)
|
The Purchase and Assumption Agreement All Deposits, dated as of June 20, 2014, among Federal Deposit Insurance
Corporation, Receiver of Valley Bank, Moline, Illinois, Federal Deposit Insurance Corporation and Great Southern Bank, previously filed with the Commission (File no. 000-18082) as Exhibit 2.1(v) to the Registrant's Quarterly Report on Form
10-Q for the quarter ended June 20, 2014 is incorporated herein by reference as Exhibit
2(v).
|
|
(3)
|
Articles of incorporation and Bylaws
|
|
(i)
|
The Registrant's Charter previously filed with the
Commission as Appendix D to the Registrant's Definitive Proxy Statement on Schedule 14A filed on March 31, 2004 (File No. 000-18082), is incorporated herein by reference as Exhibit 3.1.
|
|
(iA)
|
The Articles Supplementary to the Registrant's
Charter setting forth the terms of the Registrant's Senior Non-Cumulative Perpetual Preferred Stock, Series A, previously filed with the Commission (File no. 000-18082) as Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed
on August 18, 2011, are incorporated herein by reference as Exhibit 3(i).
|
|
(ii)
|
The Registrant's Bylaws, previously filed with the
Commission (File no. 000-18082) as Exhibit 3(ii) to the Registrant's Current Report on Form 8-K filed on October 19, 2007, is incorporated herein by reference as Exhibit 3.2.
|
|
(4)
|
Instruments defining the rights of security holders, including indentures
|
|
The Company hereby agrees to furnish the SEC upon request, copies of the instruments defining the rights of the holders of
each issue of the Registrant's long-term debt.
|
(9)
|
Voting trust agreement
|
|
Inapplicable.
|
||
(10)
|
Material contracts
|
|
The Registrant's 2003 Stock Option and Incentive
Plan previously filed with the Commission (File No. 000-18082) as Annex A to the Registrant's Definitive Proxy Statement on Schedule 14A filed on April 14, 2003, is incorporated herein by reference as Exhibit 10.2.
|
||
The employment agreement dated September 18, 2002
between the Registrant and William V. Turner previously filed with the Commission (File no. 000-18082) as Exhibit 10.2 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2003, is incorporated herein by
reference as Exhibit 10.3.
|
||
The employment agreement dated September 18, 2002
between the Registrant and Joseph W. Turner previously filed with the Commission (File no. 000-18082) as Exhibit 10.4 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2003, is incorporated herein by
reference as Exhibit 10.4.
|
||
The form of incentive stock option agreement under
the Registrant's 2003 Stock Option and Incentive Plan previously filed with the Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File no. 000-18082) filed on February 24, 2005 is incorporated herein by reference
as Exhibit 10.5.
|
||
The form of non-qualified stock option agreement
under the Registrant's 2003 Stock Option and Incentive Plan previously filed with the Commission as Exhibit 10.2 to the Registrant's Current Report on Form 8-K (File no. 000-18082) filed on February 24, 2005 is incorporated herein by
reference as Exhibit 10.6.
|
||
A description of the current salary and bonus
arrangements for 2019 for the Registrant's executive officers previously filed with the Commission as Exhibit 10.7 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2018 is incorporated herein by
reference as Exhibit 10.7.
|
||
A description of the current fee arrangements for
the Registrant's directors previously filed with the Commission as Exhibit 10.8 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2018 is incorporated herein by reference as Exhibit 10.8.
|
||
Small Business Lending Fund – Securities Purchase Agreement, dated August 18, 2011, between the Registrant and the
Secretary of the United States Department of the Treasury, previously filed with the Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on August 18, 2011, is incorporated herein by reference as Exhibit 10.9.
|
||
The Registrant's 2013 Equity Incentive Plan
previously filed with the Commission (File No. 000-18082) as Annex A to the Registrant's Definitive Proxy Statement on Schedule 14A filed on April 4, 2013, is incorporated herein by reference as Exhibit 10.10.
|
||
The form of incentive stock option award agreement
under the Registrant's 2013 Equity Incentive Plan previously filed with the Commission as Exhibit 10.2 to the Registrant's Registration Statement on Form S-8 (File no. 333-189497) filed on June 20, 2013 is incorporated herein by reference
as Exhibit 10.11.
|
||
The form of non-qualified stock option award
agreement under the Registrant's 2013 Equity Incentive Plan previously filed with the Commission as Exhibit 10.3 to the Registrant's Registration Statement on Form S-8 (File no. 333-189497) filed on June 20, 2013 is incorporated herein by
reference as Exhibit 10.12.
|
||
The form of stock appreciation right award agreement
under the Registrant's 2013 Equity Incentive Plan previously filed with the Commission as Exhibit 10.4 to the Registrant's Registration Statement on Form S-8 (File no. 333-189497) filed on June 20, 2013 is incorporated herein by reference
as Exhibit 10.13.
|
||
The form of restricted stock award agreement under
the Registrant's 2013 Equity Incentive Plan previously filed with the Commission as Exhibit 10.5 to the Registrant's Registration Statement on Form S-8 (File no. 333-189497) filed on June 20, 2013 is incorporated herein by reference as
Exhibit 10.14.
|
The Registrant's 2018 Omnibus Incentive Plan previously filed with the Commission (File No. 000-18082) as Appendix A to
the Registrant's Definitive Proxy Statement on Schedule 14A filed on March 27, 2018, is incorporated herein by reference as Exhibit 10.15.
|
||
The form of incentive stock option award agreement under the Registrant's 2018 Omnibus Incentive Plan previously filed
with the Commission as Exhibit 10.2 to the Registrant's Registration Statement on Form S-8 (File no. 333-225665) filed on June 15, 2018 is incorporated herein by reference as Exhibit 10.16.
|
||
The form of non-qualified stock option award agreement under the Registrant's 2018 Omnibus Incentive Plan previously filed
with the Commission as Exhibit 10.3 to the Registrant's Registration Statement on Form S-8 (File no. 333-225665) filed on June 15, 2018 is incorporated herein by reference as Exhibit 10.17.
|
||
(15)
|
Letter re unaudited interim financial information
|
|
Inapplicable.
|
||
(18)
|
Letter re change in accounting principles
|
|
Inapplicable.
|
||
(23)
|
Consents of experts and counsel
|
|
Inapplicable.
|
||
(24)
|
Power of attorney
|
|
None.
|
||
(31.1)
|
Rule 13a-14(a) Certification of Chief Executive Officer
|
|
Attached as Exhibit 31.1
|
||
(31.2)
|
Rule 13a-14(a) Certification of Treasurer
|
|
Attached as Exhibit 31.2
|
||
(32)
|
Certification pursuant to Section 906 of Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)
|
|
Attached as Exhibit 32.
|
||
(99)
|
Additional Exhibits
|
|
None.
|
||
(101)
|
Attached as Exhibit 101 are the following financial
statements from the Great Southern Bancorp, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, formatted in Extensive Business Reporting
Language (XBRL): (i) consolidated statements of financial condition, (ii) consolidated statements of income, (iii) consolidated statements of comprehensive income, (iv) consolidated statements of cash flows and (v) notes to consolidated
financial statements.
|
Great Southern Bancorp, Inc.
|
|
Registrant
|
|
Date: August 7, 2019
|
/s/ Joseph W. Turner
|
Joseph W. Turner
President and Chief Executive Officer
(Principal Executive Officer)
|
|
Date: August 7, 2019
|
/s/ Rex A. Copeland
|
Rex A. Copeland
Treasurer
(Principal Financial and Accounting Officer)
|