Maryland | 43-1524856 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |
1451 E. Battlefield, Springfield, Missouri | 65804 | |
(Address of principal executive offices) | (Zip Code) | |
(417) 887-4400 |
Large accelerated filer / / | Accelerated filer /X/ |
Non-accelerated filer / / | |
Smaller reporting company / / | |
Emerging growth company / / |
JUNE 30, | DECEMBER 31, | SEPTEMBER 30, | DECEMBER 31, | |||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
ASSETS | ||||||||||||||||
Cash | $ | 107,554 | $ | 115,600 | $ | 99,044 | $ | 115,600 | ||||||||
Interest-bearing deposits in other financial institutions | 172,931 | 126,653 | 109,777 | 126,653 | ||||||||||||
Cash and cash equivalents | 280,485 | 242,253 | 208,821 | 242,253 | ||||||||||||
Available-for-sale securities | 169,971 | 179,179 | 191,251 | 179,179 | ||||||||||||
Held-to-maturity securities (fair value $0 – June 2018; $131 - December 2017) | — | 130 | ||||||||||||||
Held-to-maturity securities (fair value $0 – September 2018; $131 - December 2017) | — | 130 | ||||||||||||||
Mortgage loans held for sale | 5,087 | 8,203 | 3,474 | 8,203 | ||||||||||||
Loans receivable, net of allowance for loan losses of $37,556 – June 2018; $36,492 - December 2017 | 3,859,801 | 3,726,302 | ||||||||||||||
Loans receivable, net of allowance for loan losses of $37,497 – September 2018; $36,492 - December 2017 | 3,942,766 | 3,726,302 | ||||||||||||||
Interest receivable | 12,449 | 12,338 | 13,008 | 12,338 | ||||||||||||
Prepaid expenses and other assets | 40,937 | 47,122 | 41,116 | 47,122 | ||||||||||||
Other real estate owned and repossessions, net | 18,266 | 22,002 | 12,844 | 22,002 | ||||||||||||
Premises and equipment, net | 139,386 | 138,018 | 133,319 | 138,018 | ||||||||||||
Goodwill and other intangible assets | 10,025 | 10,850 | 9,613 | 10,850 | ||||||||||||
Investment in Federal Home Loan Bank stock | 15,678 | 11,182 | 14,918 | 11,182 | ||||||||||||
Current and deferred income taxes | 16,778 | 16,942 | 12,956 | 16,942 | ||||||||||||
Total Assets | $ | 4,568,863 | $ | 4,414,521 | $ | 4,584,086 | $ | 4,414,521 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||
Liabilities: | ||||||||||||||||
Deposits | $ | 3,597,057 | $ | 3,597,144 | $ | 3,595,665 | $ | 3,597,144 | ||||||||
Federal Home Loan Bank advances | 259,000 | 127,500 | 240,000 | 127,500 | ||||||||||||
Securities sold under reverse repurchase agreements with customers | 95,543 | 80,531 | 112,184 | 80,531 | ||||||||||||
Short-term borrowings | 1,360 | 16,604 | 1,360 | 16,604 | ||||||||||||
Subordinated debentures issued to capital trusts | 25,774 | 25,774 | 25,774 | 25,774 | ||||||||||||
Subordinated notes | 73,766 | 73,688 | 73,804 | 73,688 | ||||||||||||
Accrued interest payable | 3,394 | 2,904 | 3,013 | 2,904 | ||||||||||||
Advances from borrowers for taxes and insurance | 7,957 | 5,319 | 8,858 | 5,319 | ||||||||||||
Accounts payable and accrued expenses | 14,741 | 13,395 | 15,301 | 13,395 | ||||||||||||
Total Liabilities | 4,078,592 | 3,942,859 | 4,075,959 | 3,942,859 | ||||||||||||
Stockholders' Equity: | ||||||||||||||||
Capital stock | ||||||||||||||||
Serial preferred stock – $.01 par value; authorized 1,000,000 shares; issued and outstanding June 2018 and December 2017 - -0- shares | — | — | ||||||||||||||
Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding June 2018 –14,133,823 shares; December 2017 - 14,087,533 shares | 141 | 141 | ||||||||||||||
Serial preferred stock –$.01 par value; authorized 1,000,000 shares; issued and outstanding September 2018 and December 2017 - -0- shares | — | — | ||||||||||||||
Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding September 2018 –14,153,290 shares; December 2017 - 14,087,533 shares | 142 | 141 | ||||||||||||||
Additional paid-in capital | 29,134 | 28,203 | 29,553 | 28,203 | ||||||||||||
Retained earnings | 461,784 | 442,077 | 480,027 | 442,077 | ||||||||||||
Accumulated other comprehensive income (loss) | (788 | ) | 1,241 | (1,595 | ) | 1,241 | ||||||||||
Total Stockholders' Equity | 490,271 | 471,662 | 508,127 | 471,662 | ||||||||||||
Total Liabilities and Stockholders' Equity | $ | 4,568,863 | $ | 4,414,521 | $ | 4,584,086 | $ | 4,414,521 |
THREE MONTHS ENDED JUNE 30, | THREE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
INTEREST INCOME | ||||||||||||||||
Loans | $ | 48,219 | $ | 43,166 | $ | 51,063 | $ | 44,824 | ||||||||
Investment securities and other | 1,724 | 1,578 | 1,919 | 1,544 | ||||||||||||
TOTAL INTEREST INCOME | 49,943 | 44,744 | 52,982 | 46,368 | ||||||||||||
INTEREST EXPENSE | ||||||||||||||||
Deposits | 6,123 | 5,004 | 7,352 | 5,131 | ||||||||||||
Federal Home Loan Bank advances | 1,166 | 244 | 1,192 | 546 | ||||||||||||
Short-term borrowings and repurchase agreements | 180 | 318 | 177 | 118 | ||||||||||||
Subordinated debentures issued to capital trusts | 238 | 252 | 252 | 267 | ||||||||||||
Subordinated notes | 1,024 | 1,025 | 1,024 | 1,025 | ||||||||||||
TOTAL INTEREST EXPENSE | 8,731 | 6,843 | 9,997 | 7,087 | ||||||||||||
NET INTEREST INCOME | 41,212 | 37,901 | 42,985 | 39,281 | ||||||||||||
Provision for Loan Losses | 1,950 | 1,950 | 1,300 | 2,950 | ||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 39,262 | 35,951 | 41,685 | 36,331 | ||||||||||||
NON-INTEREST INCOME | ||||||||||||||||
Commissions | 312 | 306 | 309 | 279 | ||||||||||||
Service charges and ATM fees | 5,488 | 5,394 | 5,458 | 5,533 | ||||||||||||
Net realized gains on sales of loans | 559 | 752 | 417 | 719 | ||||||||||||
Late charges and fees on loans | 385 | 608 | 466 | 436 | ||||||||||||
Gain (loss) on derivative interest rate products | 11 | (20 | ) | |||||||||||||
Gain on termination of loss sharing agreements | — | 7,704 | ||||||||||||||
Amortization of income/(expense) related to business acquisitions | — | 4 | ||||||||||||||
Gain on sales of securities | 2 | — | ||||||||||||||
Gain on derivative interest rate products | 5 | 8 | ||||||||||||||
Gain on sale of business units | 7,414 | — | ||||||||||||||
Other income | 704 | 1,052 | 533 | 680 | ||||||||||||
TOTAL NON-INTEREST INCOME | 7,459 | 15,800 | 14,604 | 7,655 | ||||||||||||
NON-INTEREST EXPENSE | ||||||||||||||||
Salaries and employee benefits | 14,947 | 14,498 | 15,162 | 14,664 | ||||||||||||
Net occupancy and equipment expense | 6,298 | 6,025 | 6,551 | 6,079 | ||||||||||||
Postage | 834 | 874 | 843 | 845 | ||||||||||||
Insurance | 650 | 747 | 682 | 755 | ||||||||||||
Advertising | 632 | 656 | 589 | 587 | ||||||||||||
Office supplies and printing | 301 | 233 | 255 | 279 | ||||||||||||
Telephone | 792 | 789 | 827 | 790 | ||||||||||||
Legal, audit and other professional fees | 689 | 1,061 | 875 | 610 | ||||||||||||
Expense on other real estate owned and repossessions | 2,737 | 677 | 498 | 1,343 | ||||||||||||
Partnership tax credit investment amortization | 91 | 217 | 91 | 217 | ||||||||||||
Acquired deposit intangible asset amortization | 412 | 412 | 412 | 412 | ||||||||||||
Other operating expenses | 1,532 | 2,182 | 1,524 | 1,453 | ||||||||||||
TOTAL NON-INTEREST EXPENSE | 29,915 | 28,371 | 28,309 | 28,034 | ||||||||||||
Income Before Income Taxes | 16,806 | 23,380 | 27,980 | 15,952 | ||||||||||||
Provision for Income Taxes | 2,967 | 7,204 | 5,464 | 4,289 | ||||||||||||
Net Income | $ | 13,839 | $ | 16,176 | ||||||||||||
Net income | $ | 22,516 | $ | 11,663 | ||||||||||||
Basic Earnings Per Share | $ | 0.98 | $ | 1.15 | $ | 1.59 | $ | 0.83 | ||||||||
Diluted Earnings Per Share | $ | 0.97 | $ | 1.14 | $ | 1.57 | $ | 0.82 | ||||||||
Dividends Declared Per Share | $ | 0.28 | $ | 0.24 | $ | 0.32 | $ | 0.24 |
SIX MONTHS ENDED JUNE 30, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
INTEREST INCOME | ||||||||||||||||
Loans | $ | 93,384 | $ | 86,910 | $ | 144,447 | $ | 131,734 | ||||||||
Investment securities and other | 3,442 | 3,247 | 5,361 | 4,791 | ||||||||||||
TOTAL INTEREST INCOME | 96,826 | 90,157 | 149,808 | 136,525 | ||||||||||||
INTEREST EXPENSE | ||||||||||||||||
Deposits | 11,706 | 9,969 | 19,058 | 15,100 | ||||||||||||
Federal Home Loan Bank advances | 1,772 | 499 | 2,964 | 1,045 | ||||||||||||
Short-term borrowings and repurchase agreements | 208 | 544 | 385 | 662 | ||||||||||||
Subordinated debentures issued to capital trusts | 440 | 493 | 692 | 760 | ||||||||||||
Subordinated notes | 2,049 | 2,050 | 3,073 | 3,075 | ||||||||||||
TOTAL INTEREST EXPENSE | 16,175 | 13,555 | 26,172 | 20,642 | ||||||||||||
NET INTEREST INCOME | 80,651 | 76,602 | 123,636 | 115,883 | ||||||||||||
Provision for Loan Losses | 3,900 | 4,200 | 5,200 | 7,150 | ||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 76,751 | 72,402 | 118,436 | 108,733 | ||||||||||||
NON-INTEREST INCOME | ||||||||||||||||
Commissions | 560 | 572 | 868 | 851 | ||||||||||||
Service charges and ATM fees | 10,732 | 10,662 | 16,191 | 16,195 | ||||||||||||
Net realized gains on sales of loans | 1,021 | 1,624 | 1,438 | 2,343 | ||||||||||||
Late charges and fees on loans | 774 | 1,486 | 1,240 | 1,922 | ||||||||||||
Gain on sales of securities | 2 | — | ||||||||||||||
Gain (loss) on derivative interest rate products | 48 | (13 | ) | 53 | (5 | ) | ||||||||||
Gain on termination of loss sharing agreements | — | 7,704 | — | 7,704 | ||||||||||||
Amortization of income/(expense) related to business acquisitions | — | (485 | ) | — | (486 | ) | ||||||||||
Gain on sale of business units | 7,414 | — | ||||||||||||||
Other income | 1,259 | 1,946 | 1,792 | 2,627 | ||||||||||||
TOTAL NON-INTEREST INCOME | 14,394 | 23,496 | 28,998 | 31,151 | ||||||||||||
NON-INTEREST EXPENSE | ||||||||||||||||
Salaries and employee benefits | 29,570 | 29,831 | 44,731 | 44,495 | ||||||||||||
Net occupancy and equipment expense | 12,683 | 12,341 | 19,234 | 18,419 | ||||||||||||
Postage | 1,700 | 1,807 | 2,544 | 2,651 | ||||||||||||
Insurance | 1,321 | 1,545 | 2,002 | 2,300 | ||||||||||||
Advertising | 1,303 | 1,069 | 1,892 | 1,656 | ||||||||||||
Office supplies and printing | 534 | 930 | 789 | 1,208 | ||||||||||||
Telephone | 1,511 | 1,599 | 2,339 | 2,389 | ||||||||||||
Legal, audit and other professional fees | 1,498 | 1,381 | 2,373 | 1,991 | ||||||||||||
Expense on other real estate owned and repossessions | 3,878 | 1,251 | 4,376 | 2,595 | ||||||||||||
Partnership tax credit investment amortization | 393 | 495 | 484 | 713 | ||||||||||||
Acquired deposit intangible asset amortization | 825 | 825 | 1,237 | 1,237 | ||||||||||||
Other operating expenses | 3,012 | 3,867 | 4,536 | 5,322 | ||||||||||||
TOTAL NON-INTEREST EXPENSE | 58,228 | 56,941 | 86,537 | 84,976 | ||||||||||||
Income Before Income Taxes | 32,917 | 38,957 | 60,897 | 54,908 | ||||||||||||
Provision for Income Taxes | 5,612 | 11,262 | 11,076 | 15,550 | ||||||||||||
Net Income | $ | 27,305 | $ | 27,695 | ||||||||||||
Net income | $ | 49,821 | $ | 39,358 | ||||||||||||
Basic Earnings Per Share | $ | 1.93 | $ | 1.98 | $ | 3.53 | $ | 2.81 | ||||||||
Diluted Earnings Per Share | $ | 1.91 | $ | 1.95 | $ | 3.49 | $ | 2.77 | ||||||||
Dividends Declared Per Share | $ | 0.56 | $ | 0.46 | $ | 0.88 | $ | 0.70 |
THREE MONTHS ENDED JUNE 30, | THREE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Net Income | $ | 13,839 | $ | 16,176 | $ | 22,516 | $ | 11,663 | ||||||||
Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes (credit) of $(121) and $(31), for 2018 and 2017, respectively | (420 | ) | (54 | ) | ||||||||||||
Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes (credit) of $(232) and $(101), for 2018 and 2017, respectively | (805 | ) | (177 | ) | ||||||||||||
Change in fair value of cash flow hedge, net of taxes of $0 and $26, for 2018 and 2017, respectively | — | 46 | ||||||||||||||
Reclassification adjustment for gains included in net income, net of (taxes) credit of $0 for each of 2018 and 2017 | (2 | ) | — | |||||||||||||
— | 64 | |||||||||||||||
Comprehensive Income | $ | 13,419 | $ | 16,168 | $ | 21,709 | $ | 11,550 |
SIX MONTHS ENDED JUNE 30, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Net Income | $ | 27,305 | $ | 27,695 | $ | 49,821 | $ | 39,358 | ||||||||
Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes (credit) of $(662) and $207, for 2018 and 2017, respectively | (2,301 | ) | 363 | |||||||||||||
Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes (credit) of $(894) and $106, for 2018 and 2017, respectively | (3,106 | ) | 186 | |||||||||||||
Change in fair value of cash flow hedge, net of taxes of $0 and $55, for 2018 and 2017, respectively | — | 97 | ||||||||||||||
Reclassification adjustment for gains included in net income, net of (taxes) credit of $0 for each of 2018 and 2017 | (2 | ) | — | |||||||||||||
Change in fair value of cash flow hedge, net of taxes of $0 and $93, for 2018 and 2017, respectively | — | 161 | ||||||||||||||
Comprehensive Income | $ | 25,004 | $ | 28,155 | $ | 46,713 | $ | 39,705 |
SIX MONTHS ENDED JUNE 30, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||
Net income | $ | 27,305 | $ | 27,695 | $ | 49,821 | $ | 39,358 | ||||||||
Proceeds from sales of loans held for sale | 49,629 | 55,619 | 72,229 | 104,175 | ||||||||||||
Originations of loans held for sale | (45,218 | ) | (61,984 | ) | (65,788 | ) | (95,384 | ) | ||||||||
Items not requiring (providing) cash: | ||||||||||||||||
Depreciation | 4,569 | 4,632 | 6,842 | 6,901 | ||||||||||||
Amortization | 1,296 | 1,396 | 1,837 | 2,064 | ||||||||||||
Compensation expense for stock option grants | 357 | 273 | 539 | 412 | ||||||||||||
Provision for loan losses | 3,900 | 4,200 | 5,200 | 7,150 | ||||||||||||
Net gains on loan sales | (1,021 | ) | (1,624 | ) | (1,438 | ) | (2,343 | ) | ||||||||
Net realized gains on sales of available-for-sale securities | (2 | ) | — | |||||||||||||
Net losses on sale of premises and equipment | 94 | 144 | 122 | 183 | ||||||||||||
Net (gains) losses on sale/write-down of other real estate owned | 2,184 | (602 | ) | |||||||||||||
Net losses on sale/write-down of other real estate owned and repossessions | 2,003 | 211 | ||||||||||||||
Gain realized on sale of business units | (7,414 | ) | — | |||||||||||||
Gain realized on termination of loss sharing agreements | — | (7,704 | ) | — | (7,704 | ) | ||||||||||
Accretion of deferred income, premiums, discounts and other | (1,287 | ) | (972 | ) | (2,032 | ) | (1,492 | ) | ||||||||
(Gain) loss on derivative interest rate products | (48 | ) | 13 | (53 | ) | 5 | ||||||||||
Deferred income taxes | (6,544 | ) | (4,183 | ) | (6,278 | ) | (3,686 | ) | ||||||||
Changes in: | ||||||||||||||||
Interest receivable | (111 | ) | 1,057 | (670 | ) | 669 | ||||||||||
Prepaid expenses and other assets | 6,084 | (1,441 | ) | 5,967 | (271 | ) | ||||||||||
Accrued expenses and other liabilities | 1,857 | 1,172 | 1,331 | 787 | ||||||||||||
Income taxes refundable/payable | 7,370 | 4,184 | 11,158 | 841 | ||||||||||||
Net cash provided by operating activities | 50,416 | 21,875 | 73,374 | 51,876 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||
Net change in loans | (101,884 | ) | 105,431 | (171,672 | ) | 136,205 | ||||||||||
Purchase of loans | (42,179 | ) | (117,799 | ) | (57,382 | ) | (203,294 | ) | ||||||||
Cash paid for sale of business units | (50,356 | ) | — | |||||||||||||
Cash received from FDIC loss sharing reimbursements | — | 16,245 | — | 16,245 | ||||||||||||
Purchase of premises and equipment | (6,054 | ) | (2,699 | ) | (7,833 | ) | (4,546 | ) | ||||||||
Proceeds from sale of premises and equipment | 23 | 474 | 2,296 | 521 | ||||||||||||
Proceeds from sale of other real estate owned and repossessions | 8,856 | 15,956 | 16,124 | 22,788 | ||||||||||||
Capitalized costs on other real estate owned | (143 | ) | (117 | ) | (153 | ) | (117 | ) | ||||||||
Proceeds from sales of available-for-sale securities | 502 | — | ||||||||||||||
Proceeds from maturities and calls of held-to-maturity securities | 130 | 117 | 130 | 117 | ||||||||||||
Proceeds from maturities and calls of available-for-sale securities | 2,031 | 6,345 | 2,366 | 9,579 | ||||||||||||
Principal reductions on mortgage-backed securities | 10,530 | 12,450 | 17,134 | 19,834 | ||||||||||||
Purchase of available-for-sale securities | (6,689 | ) | — | (36,677 | ) | — | ||||||||||
Redemption (purchase) of Federal Home Loan Bank stock | (4,496 | ) | 192 | |||||||||||||
Net cash provided by (used in) investing activities | (139,875 | ) | 36,595 | |||||||||||||
Purchase of Federal Home Loan Bank stock | (3,736 | ) | (248 | ) | ||||||||||||
Net cash used in investing activities | (289,257 | ) | (2,916 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||
Net increase (decrease) in certificates of deposit | 13,616 | (99,487 | ) | 84,177 | (121,438 | ) | ||||||||||
Net decrease in checking and savings deposits | (13,655 | ) | (4,992 | ) | ||||||||||||
Net increase (decrease) in checking and savings deposits | (24,535 | ) | 42,563 | |||||||||||||
Proceeds from Federal Home Loan Bank advances | 1,454,500 | — | 2,363,500 | 889,000 | ||||||||||||
Repayments of Federal Home Loan Bank advances | (1,323,000 | ) | (31,435 | ) | (2,251,000 | ) | (746,435 | ) | ||||||||
Net increase (decrease) in short-term borrowings | (232 | ) | 11,334 | 16,409 | (132,424 | ) | ||||||||||
Advances from borrowers for taxes and insurance | 2,638 | 3,235 | 3,539 | 4,182 | ||||||||||||
Dividends paid | (7,332 | ) | (6,155 | ) | (11,288 | ) | (9,523 | ) | ||||||||
Stock options exercised | 1,156 | 1,766 | 1,649 | 2,018 | ||||||||||||
Net cash provided by (used in) financing activities | 127,691 | (125,734 | ) | 182,451 | (72,057 | ) | ||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 38,232 | (67,264 | ) | |||||||||||||
DECREASES IN CASH AND CASH EQUIVALENTS | (33,432 | ) | (23,097 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 242,253 | 279,769 | 242,253 | 279,769 | ||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 280,485 | $ | 212,505 | $ | 208,821 | $ | 256,672 |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(In Thousands, Except Per Share Data) | (In Thousands, Except Per Share Data) | |||||||||||||||
Basic: | ||||||||||||||||
Average shares outstanding | 14,125 | 14,027 | 14,146 | 14,038 | ||||||||||||
Net income | $ | 13,839 | $ | 16,176 | $ | 22,516 | $ | 11,663 | ||||||||
Per share amount | $ | 0.98 | $ | 1.15 | $ | 1.59 | $ | 0.83 | ||||||||
Diluted: | ||||||||||||||||
Average shares outstanding | 14,125 | 14,027 | 14,146 | 14,038 | ||||||||||||
Net effect of dilutive stock options – based on the treasury | ||||||||||||||||
stock method using average market price | 153 | 179 | 153 | 186 | ||||||||||||
Diluted shares | 14,278 | 14,206 | 14,299 | 14,224 | ||||||||||||
Net income | $ | 13,839 | $ | 16,176 | $ | 22,516 | $ | 11,663 | ||||||||
Per share amount | $ | 0.97 | $ | 1.14 | $ | 1.57 | $ | 0.82 |
Six Months Ended June 30, | ||||||||
2018 | 2017 | |||||||
(In Thousands, Except Per Share Data) | ||||||||
Basic: | ||||||||
Average shares outstanding | 14,113 | 14,010 | ||||||
Net income | $ | 27,305 | $ | 27,695 | ||||
Per share amount | $ | 1.93 | $ | 1.98 | ||||
Diluted: | ||||||||
Average shares outstanding | 14,113 | 14,010 | ||||||
Net effect of dilutive stock options – based on the treasury | ||||||||
stock method using average market price | 153 | 179 | ||||||
Diluted shares | 14,266 | 14,189 | ||||||
Net income available to common stockholders | $ | 27,305 | $ | 27,695 | ||||
Per share amount | $ | 1.91 | $ | 1.95 |
Nine Months Ended September 30, | ||||||||
2018 | 2017 | |||||||
(In Thousands, Except Per Share Data) | ||||||||
Basic: | ||||||||
Average shares outstanding | 14,124 | 14,007 | ||||||
Net income | $ | 49,821 | $ | 39,358 | ||||
Per share amount | $ | 3.53 | $ | 2.81 | ||||
Diluted: | ||||||||
Average shares outstanding | 14,124 | 14,007 | ||||||
Net effect of dilutive stock options – based on the treasury | ||||||||
stock method using average market price | 136 | 186 | ||||||
Diluted shares | 14,260 | 14,193 | ||||||
Net income | $ | 49,821 | $ | 39,358 | ||||
Per share amount | $ | 3.49 | $ | 2.77 |
June 30, 2018 | September 30, 2018 | |||||||||||||||||||||||||||||||||||||||
Gross | Gross | Tax | Gross | Gross | Tax | |||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Equivalent | Amortized | Unrealized | Unrealized | Fair | Equivalent | |||||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | Yield | Cost | Gains | Losses | Value | Yield | |||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||
AVAILABLE-FOR-SALE SECURITIES: | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 119,078 | $ | 708 | $ | 3,421 | $ | 116,365 | 2.37 | % | $ | 124,777 | $ | 639 | $ | 3,891 | $ | 121,525 | 2.44 | % | ||||||||||||||||||||
Collateralized mortgage obligations | 17,481 | — | 97 | 17,384 | 3.03 | |||||||||||||||||||||||||||||||||||
States and political subdivisions | 51,907 | 1,707 | 8 | 53,606 | 4.81 | 51,047 | 1,314 | 19 | 52,342 | 4.81 | ||||||||||||||||||||||||||||||
$ | 170,985 | $ | 2,415 | $ | 3,429 | $ | 169,971 | 3.11 | % | $ | 193,305 | $ | 1,953 | $ | 4,007 | $ | 191,251 | 3.12 | % |
December 31, 2017 | ||||||||||||||||||||
Gross | Gross | Tax | ||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Equivalent | ||||||||||||||||
Cost | Gains | Losses | Value | Yield | ||||||||||||||||
(In Thousands) | ||||||||||||||||||||
AVAILABLE-FOR-SALE SECURITIES: | ||||||||||||||||||||
Mortgage-backed securities | $ | 123,300 | $ | 871 | $ | 1,638 | $ | 122,533 | 2.19 | % | ||||||||||
States and political subdivisions | 53,930 | 2,716 | — | 56,646 | 4.72 | |||||||||||||||
$ | 177,230 | $ | 3,587 | $ | 1,638 | $ | 179,179 | 2.96 | % | |||||||||||
HELD-TO-MATURITY SECURITIES: | ||||||||||||||||||||
States and political subdivisions | $ | 130 | $ | 1 | $ | — | $ | 131 | 6.14 | % |
Amortized | Fair | |||||||
Cost | Value | |||||||
(In Thousands) | ||||||||
One year or less | $ | — | $ | — | ||||
After one through five years | 831 | 905 | ||||||
After five through ten years | 9,554 | 9,746 | ||||||
After ten years | 41,522 | 42,955 | ||||||
Securities not due on a single maturity date | 119,078 | 116,365 | ||||||
$ | 170,985 | $ | 169,971 |
Amortized | Fair | |||||||
Cost | Value | |||||||
(In Thousands) | ||||||||
One year or less | $ | — | $ | — | ||||
After one through five years | 841 | 905 | ||||||
After five through ten years | 9,556 | 9,687 | ||||||
After ten years | 40,650 | 41,750 | ||||||
Securities not due on a single maturity date | 142,258 | 138,909 | ||||||
$ | 193,305 | $ | 191,251 |
June 30, 2018 | September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||||||
Description of Securities | Value | Losses | Value | Losses | Value | Losses | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 22,840 | $ | (694 | ) | $ | 61,887 | $ | (2,727 | ) | $ | 84,727 | $ | (3,421 | ) | $ | 24,226 | $ | (557 | ) | $ | 72,518 | $ | (3,334 | ) | $ | 96,744 | $ | (3,891 | ) | ||||||||||||||||||
Collateralized mortgage obligations | 17,384 | (97 | ) | — | — | 17,384 | (97 | ) | ||||||||||||||||||||||||||||||||||||||||
State and political | ||||||||||||||||||||||||||||||||||||||||||||||||
subdivisions | 2,281 | (8 | ) | — | — | 2,281 | (8 | ) | 3,341 | (19 | ) | — | — | 3,341 | (19 | ) | ||||||||||||||||||||||||||||||||
$ | 25,121 | $ | (702 | ) | $ | 61,887 | $ | (2,727 | ) | $ | 87,008 | $ | (3,429 | ) | $ | 44,951 | $ | (673 | ) | $ | 72,518 | $ | (3,334 | ) | $ | 117,469 | $ | (4,007 | ) |
December 31, 2017 | ||||||||||||||||||||||||
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) | ||||||||||||||||||||||||
Mortgage-backed securities | $ | 33,862 | $ | (384 | ) | $ | 55,845 | $ | (1,254 | ) | $ | 89,707 | $ | (1,638 | ) | |||||||||
State and political | ||||||||||||||||||||||||
subdivisions | — | — | — | — | — | — | ||||||||||||||||||
$ | 33,862 | $ | (384 | ) | $ | 55,845 | $ | (1,254 | ) | $ | 89,707 | $ | (1,638 | ) |
June 30, | December 31, | September 30, | December 31, | |||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
One- to four-family residential construction | $ | 31,770 | $ | 20,793 | $ | 25,477 | $ | 20,793 | ||||||||
Subdivision construction | 15,913 | 18,062 | 16,054 | 18,062 | ||||||||||||
Land development | 46,643 | 43,971 | 44,502 | 43,971 | ||||||||||||
Commercial construction | 1,258,564 | 1,068,352 | 1,283,468 | 1,068,352 | ||||||||||||
Owner occupied one- to four-family residential | 228,211 | 190,515 | 255,994 | 190,515 | ||||||||||||
Non-owner occupied one- to four-family residential | 112,416 | 119,468 | 109,282 | 119,468 | ||||||||||||
Commercial real estate | 1,307,966 | 1,235,329 | 1,383,871 | 1,235,329 | ||||||||||||
Other residential | 785,202 | 745,645 | 791,786 | 745,645 | ||||||||||||
Commercial business | 347,312 | 353,351 | 332,037 | 353,351 | ||||||||||||
Industrial revenue bonds | 20,021 | 21,859 | 14,179 | 21,859 | ||||||||||||
Consumer auto | 298,977 | 357,142 | 277,884 | 357,142 | ||||||||||||
Consumer other | 60,052 | 63,368 | 57,921 | 63,368 | ||||||||||||
Home equity lines of credit | 114,742 | 115,439 | 117,061 | 115,439 | ||||||||||||
Loans acquired and accounted for under ASC 310-30, net of discounts | 184,136 | 209,669 | 177,150 | 209,669 | ||||||||||||
4,811,925 | 4,562,963 | 4,886,666 | 4,562,963 | |||||||||||||
Undisbursed portion of loans in process | (907,906 | ) | (793,669 | ) | (899,620 | ) | (793,669 | ) | ||||||||
Allowance for loan losses | (37,556 | ) | (36,492 | ) | (37,497 | ) | (36,492 | ) | ||||||||
Deferred loan fees and gains, net | (6,662 | ) | (6,500 | ) | (6,783 | ) | (6,500 | ) | ||||||||
$ | 3,859,801 | $ | 3,726,302 | $ | 3,942,766 | $ | 3,726,302 | |||||||||
Weighted average interest rate | 4.96 | % | 4.74 | % | 5.03 | % | 4.74 | % |
June 30, 2018 | September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Loans | Total Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | > 90 Days | Total | > 90 Days | |||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Over | Total | Loans | Past Due and | 30-59 Days | 60-89 Days | Over | Total | Loans | Past Due and | |||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Past Due | Current | Receivable | Still Accruing | Past Due | Past Due | 90 Days | Past Due | Current | Receivable | Still Accruing | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
residential construction | $ | — | $ | — | $ | — | $ | — | $ | 31,770 | $ | 31,770 | $ | — | $ | — | $ | 294 | $ | — | $ | 294 | $ | 25,183 | $ | 25,477 | $ | — | ||||||||||||||||||||||||||||
Subdivision construction | — | — | 91 | 91 | 15,822 | 15,913 | — | 12 | — | — | 12 | 16,042 | 16,054 | — | ||||||||||||||||||||||||||||||||||||||||||
Land development | 594 | — | — | 594 | 46,049 | 46,643 | — | — | 32 | — | 32 | 44,470 | 44,502 | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | 1,258,564 | 1,258,564 | — | — | — | — | — | 1,283,468 | 1,283,468 | — | ||||||||||||||||||||||||||||||||||||||||||
Owner occupied one- to | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
four-family residential | 100 | 267 | 848 | 1,215 | 226,996 | 228,211 | — | 138 | 62 | 1,270 | 1,470 | 254,524 | 255,994 | — | ||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied one- | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
to four-family residential | 359 | 479 | 1,743 | 2,581 | 109,835 | 112,416 | — | — | — | 1,481 | 1,481 | 107,801 | 109,282 | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 6,267 | 412 | 352 | 7,031 | 1,300,935 | 1,307,966 | — | 327 | 38 | 346 | 711 | 1,383,160 | 1,383,871 | — | ||||||||||||||||||||||||||||||||||||||||||
Other residential | — | — | — | — | 785,202 | 785,202 | — | — | — | — | — | 791,786 | 791,786 | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial business | 40 | 201 | 2,852 | 3,093 | 344,219 | 347,312 | — | 129 | — | 1,590 | 1,719 | 330,318 | 332,037 | — | ||||||||||||||||||||||||||||||||||||||||||
Industrial revenue bonds | — | — | — | — | 20,021 | 20,021 | — | — | — | — | — | 14,179 | 14,179 | — | ||||||||||||||||||||||||||||||||||||||||||
Consumer auto | 2,876 | 437 | 1,482 | 4,795 | 294,182 | 298,977 | — | 2,705 | 858 | 1,367 | 4,930 | 272,954 | 277,884 | — | ||||||||||||||||||||||||||||||||||||||||||
Consumer other | 570 | 62 | 441 | 1,073 | 58,979 | 60,052 | — | 473 | 220 | 326 | 1,019 | 56,902 | 57,921 | — | ||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 154 | 166 | 316 | 636 | 114,106 | 114,742 | — | 353 | — | 95 | 448 | 116,613 | 117,061 | — | ||||||||||||||||||||||||||||||||||||||||||
Loans acquired and | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
accounted for under | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASC 310-30, net of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
discounts | 868 | 1,067 | 6,876 | 8,811 | 175,325 | 184,136 | — | 1,780 | 1,442 | 2,385 | 5,607 | 171,543 | 177,150 | — | ||||||||||||||||||||||||||||||||||||||||||
11,828 | 3,091 | 15,001 | 29,920 | 4,782,005 | 4,811,925 | — | 5,917 | 2,946 | 8,860 | 17,723 | 4,868,943 | 4,886,666 | — | |||||||||||||||||||||||||||||||||||||||||||
Less loans acquired and accounted for under | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASC 310-30, net | 868 | 1,067 | 6,876 | 8,811 | 175,325 | 184,136 | — | 1,780 | 1,442 | 2,385 | 5,607 | 171,543 | 177,150 | — | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 10,960 | $ | 2,024 | $ | 8,125 | $ | 21,109 | $ | 4,606,680 | $ | 4,627,789 | $ | — | $ | 4,137 | $ | 1,504 | $ | 6,475 | $ | 12,116 | $ | 4,697,400 | $ | 4,709,516 | $ | — |
December 31, 2017 | ||||||||||||||||||||||||||||
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 | $ | 250 | $ | — | $ | — | $ | 250 | $ | 20,543 | $ | 20,793 | $ | — | ||||||||||||||
Subdivision construction | — | — | 98 | 98 | 17,964 | 18,062 | — | |||||||||||||||||||||
Land development | 54 | 37 | — | 91 | 43,880 | 43,971 | — | |||||||||||||||||||||
Commercial construction | — | — | — | — | 1,068,352 | 1,068,352 | — | |||||||||||||||||||||
Owner occupied one- to | ||||||||||||||||||||||||||||
four-family residential | 1,927 | 71 | 904 | 2,902 | 187,613 | 190,515 | — | |||||||||||||||||||||
Non-owner occupied one- | ||||||||||||||||||||||||||||
to four-family residential | 947 | 190 | 1,816 | 2,953 | 116,515 | 119,468 | 58 | |||||||||||||||||||||
Commercial real estate | 8,346 | 993 | 1,226 | 10,565 | 1,224,764 | 1,235,329 | — | |||||||||||||||||||||
Other residential | 540 | 353 | 1,877 | 2,770 | 742,875 | 745,645 | — | |||||||||||||||||||||
Commercial business | 2,623 | 1,282 | 2,063 | 5,968 | 347,383 | 353,351 | — | |||||||||||||||||||||
Industrial revenue bonds | — | — | — | — | 21,859 | 21,859 | — | |||||||||||||||||||||
Consumer auto | 5,196 | 1,230 | 2,284 | 8,710 | 348,432 | 357,142 | 12 | |||||||||||||||||||||
Consumer other | 464 | 64 | 557 | 1,085 | 62,283 | 63,368 | — | |||||||||||||||||||||
Home equity lines of credit | 58 | — | 430 | 488 | 114,951 | 115,439 | 26 | |||||||||||||||||||||
Loans acquired and | ||||||||||||||||||||||||||||
accounted for under | ||||||||||||||||||||||||||||
ASC 310-30, net of | ||||||||||||||||||||||||||||
discounts | 4,449 | 1,951 | 10,675 | 17,075 | 192,594 | 209,669 | 272 | |||||||||||||||||||||
24,854 | 6,171 | 21,930 | 52,955 | 4,510,008 | 4,562,963 | 368 | ||||||||||||||||||||||
Less loans acquired and | ||||||||||||||||||||||||||||
accounted for under ASC 310-30, net | 4,449 | 1,951 | 10,675 | 17,075 | 192,594 | 209,669 | 272 | |||||||||||||||||||||
Total | $ | 20,405 | $ | 4,220 | $ | 11,255 | $ | 35,880 | $ | 4,317,414 | $ | 4,353,294 | $ | 96 |
December 31, 2017 | ||||||||||||||||||||||||||||
Total Loans | ||||||||||||||||||||||||||||
Total | > 90 Days | |||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Over | Total | Loans | Past Due and | |||||||||||||||||||||||
Past Due | Past Due | 90 Days | Past Due | Current | Receivable | Still Accruing | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
One- to four-family | ||||||||||||||||||||||||||||
residential construction | $ | 250 | $ | — | $ | — | $ | 250 | $ | 20,543 | $ | 20,793 | $ | — | ||||||||||||||
Subdivision construction | — | — | 98 | 98 | 17,964 | 18,062 | — | |||||||||||||||||||||
Land development | 54 | 37 | — | 91 | 43,880 | 43,971 | — | |||||||||||||||||||||
Commercial construction | — | — | — | — | 1,068,352 | 1,068,352 | — | |||||||||||||||||||||
Owner occupied one- to | ||||||||||||||||||||||||||||
four-family residential | 1,927 | 71 | 904 | 2,902 | 187,613 | 190,515 | — | |||||||||||||||||||||
Non-owner occupied one- | ||||||||||||||||||||||||||||
to four-family residential | 947 | 190 | 1,816 | 2,953 | 116,515 | 119,468 | 58 | |||||||||||||||||||||
Commercial real estate | 8,346 | 993 | 1,226 | 10,565 | 1,224,764 | 1,235,329 | — | |||||||||||||||||||||
Other residential | 540 | 353 | 1,877 | 2,770 | 742,875 | 745,645 | — | |||||||||||||||||||||
Commercial business | 2,623 | 1,282 | 2,063 | 5,968 | 347,383 | 353,351 | — | |||||||||||||||||||||
Industrial revenue bonds | — | — | — | — | 21,859 | 21,859 | — | |||||||||||||||||||||
Consumer auto | 5,196 | 1,230 | 2,284 | 8,710 | 348,432 | 357,142 | 12 | |||||||||||||||||||||
Consumer other | 464 | 64 | 557 | 1,085 | 62,283 | 63,368 | — | |||||||||||||||||||||
Home equity lines of credit | 58 | — | 430 | 488 | 114,951 | 115,439 | 26 | |||||||||||||||||||||
Loans acquired and | ||||||||||||||||||||||||||||
accounted for under ASC 310-30, net of | ||||||||||||||||||||||||||||
discounts | 4,449 | 1,951 | 10,675 | 17,075 | 192,594 | 209,669 | 272 | |||||||||||||||||||||
24,854 | 6,171 | 21,930 | 52,955 | 4,510,008 | 4,562,963 | 368 | ||||||||||||||||||||||
Less loans acquired and accounted for under ASC 310-30, net | 4,449 | 1,951 | 10,675 | 17,075 | 192,594 | 209,669 | 272 | |||||||||||||||||||||
Total | $ | 20,405 | $ | 4,220 | $ | 11,255 | $ | 35,880 | $ | 4,317,414 | $ | 4,353,294 | $ | 96 |
June 30, | December 31, | September 30, | December 31, | |||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
One- to four-family residential construction | $ | — | $ | — | $ | — | $ | — | ||||||||
Subdivision construction | 91 | 98 | — | 98 | ||||||||||||
Land development | — | — | — | — | ||||||||||||
Commercial construction | — | — | — | — | ||||||||||||
Owner occupied one- to four-family residential | 848 | 904 | 1,270 | 904 | ||||||||||||
Non-owner occupied one- to four-family residential | 1,743 | 1,758 | 1,481 | 1,758 | ||||||||||||
Commercial real estate | 352 | 1,226 | 346 | 1,226 | ||||||||||||
Other residential | — | 1,877 | — | 1,877 | ||||||||||||
Commercial business | 2,852 | 2,063 | 1,590 | 2,063 | ||||||||||||
Industrial revenue bonds | — | — | — | — | ||||||||||||
Consumer auto | 1,482 | 2,272 | 1,367 | 2,272 | ||||||||||||
Consumer other | 441 | 557 | 326 | 557 | ||||||||||||
Home equity lines of credit | 316 | 404 | 95 | 404 | ||||||||||||
Total | $ | 8,125 | $ | 11,159 | $ | 6,475 | $ | 11,159 |
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 | ||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||
Individually evaluated for | ||||||||||||||||||||||||||||
impairment | $ | 737 | $ | — | $ | 220 | $ | — | $ | 1,422 | $ | 641 | $ | 3,020 | ||||||||||||||
Collectively evaluated for | ||||||||||||||||||||||||||||
impairment | $ | 1,953 | $ | 3,817 | $ | 18,988 | $ | 2,322 | $ | 1,545 | $ | 5,443 | $ | 34,068 | ||||||||||||||
Loans acquired and | ||||||||||||||||||||||||||||
accounted for under | ||||||||||||||||||||||||||||
ASC 310-30 | $ | 37 | $ | 28 | $ | 266 | $ | 73 | $ | 24 | $ | 40 | $ | 468 | ||||||||||||||
Loans | ||||||||||||||||||||||||||||
Individually evaluated for | ||||||||||||||||||||||||||||
impairment | $ | 6,740 | $ | 1,015 | $ | 8,313 | $ | 15 | $ | 3,350 | $ | 3,330 | $ | 22,763 | ||||||||||||||
Collectively evaluated for | ||||||||||||||||||||||||||||
impairment | $ | 381,570 | $ | 784,187 | $ | 1,299,653 | $ | 1,305,192 | $ | 363,983 | $ | 470,441 | $ | 4,605,026 | ||||||||||||||
Loans acquired and | ||||||||||||||||||||||||||||
accounted for under | ||||||||||||||||||||||||||||
ASC 310-30 | $ | 103,903 | $ | 13,193 | $ | 36,857 | $ | 3,404 | $ | 4,444 | $ | 22,335 | $ | 184,136 |
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 July 1, 2018 | $ | 2,727 | $ | 3,845 | $ | 19,474 | $ | 2,395 | $ | 2,991 | $ | 6,124 | $ | 37,556 | ||||||||||||||
Provision (benefit) charged to expense | 7 | 341 | 708 | 538 | (1,019 | ) | 725 | 1,300 | ||||||||||||||||||||
Losses charged off | (18 | ) | (194 | ) | — | (4 | ) | (274 | ) | (2,128 | ) | (2,618 | ) | |||||||||||||||
Recoveries | 79 | 41 | 1 | 97 | 80 | 961 | 1,259 | |||||||||||||||||||||
Balance September 30, 2018 | $ | 2,795 | $ | 4,033 | $ | 20,183 | $ | 3,026 | $ | 1,778 | $ | 5,682 | $ | 37,497 | ||||||||||||||
Balance January 1, 2018 | $ | 2,108 | $ | 2,839 | $ | 18,639 | $ | 1,767 | $ | 3,581 | $ | 7,558 | $ | 36,492 | ||||||||||||||
Provision (benefit) charged to expense | 494 | 1,310 | 1,519 | 1,009 | (991 | ) | 1,859 | 5,200 | ||||||||||||||||||||
Losses charged off | (59 | ) | (525 | ) | (102 | ) | (87 | ) | (1,155 | ) | (7,062 | ) | (8,990 | ) | ||||||||||||||
Recoveries | 252 | 409 | 127 | 337 | 343 | 3,327 | 4,795 | |||||||||||||||||||||
Balance September 30, 2018 | $ | 2,795 | $ | 4,033 | $ | 20,183 | $ | 3,026 | $ | 1,778 | $ | 5,682 | $ | 37,497 | ||||||||||||||
Ending balance: | ||||||||||||||||||||||||||||
Individually evaluated for | ||||||||||||||||||||||||||||
impairment | $ | 771 | $ | — | $ | 635 | $ | — | $ | 324 | $ | 433 | $ | 2,163 | ||||||||||||||
Collectively evaluated for | ||||||||||||||||||||||||||||
impairment | $ | 1,987 | $ | 4,006 | $ | 19,288 | $ | 2,953 | $ | 1,438 | $ | 5,221 | $ | 34,893 | ||||||||||||||
Loans acquired and | ||||||||||||||||||||||||||||
accounted for under | ||||||||||||||||||||||||||||
ASC 310-30 | $ | 37 | $ | 27 | $ | 260 | $ | 73 | $ | 16 | $ | 28 | $ | 441 | ||||||||||||||
Loans | ||||||||||||||||||||||||||||
Individually evaluated for | ||||||||||||||||||||||||||||
impairment | $ | 6,302 | $ | — | $ | 3,556 | $ | 14 | $ | 2,008 | $ | 2,524 | $ | 14,404 | ||||||||||||||
Collectively evaluated for | ||||||||||||||||||||||||||||
impairment | $ | 400,505 | $ | 791,786 | $ | 1,380,315 | $ | 1,327,956 | $ | 344,208 | $ | 450,342 | $ | 4,695,112 | ||||||||||||||
Loans acquired and | ||||||||||||||||||||||||||||
accounted for under | ||||||||||||||||||||||||||||
ASC 310-30 | $ | 98,702 | $ | 12,927 | $ | 35,980 | $ | 4,240 | $ | 4,613 | $ | 20,688 | $ | 177,150 |
One- to Four- | One- to Four- | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family | Family | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and | Other | Commercial | Commercial | Commercial | Residential and | Other | Commercial | Commercial | Commercial | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | Residential | Real Estate | Construction | Business | Consumer | Total | Construction | Residential | Real Estate | Construction | Business | Consumer | Total | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance April 1, 2017 | $ | 2,857 | $ | 3,790 | $ | 15,487 | $ | 2,497 | $ | 4,671 | $ | 7,691 | $ | 36,993 | ||||||||||||||||||||||||||||||||||||||||||
Balance July 1, 2017 | $ | 2,413 | $ | 3,655 | $ | 15,442 | $ | 1,711 | $ | 4,365 | $ | 8,947 | $ | 36,533 | ||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) charged to expense | (427 | ) | (147 | ) | 1,246 | (724 | ) | (661 | ) | 2,663 | 1,950 | 285 | 190 | 643 | 298 | 562 | 972 | 2,950 | ||||||||||||||||||||||||||||||||||||||
Losses charged off | (41 | ) | (2 | ) | (1,291 | ) | (92 | ) | — | (2,565 | ) | (3,991 | ) | (74 | ) | (10 | ) | (357 | ) | — | (1,090 | ) | (3,151 | ) | (4,682 | ) | ||||||||||||||||||||||||||||||
Recoveries | 24 | 14 | — | 30 | 355 | 1,158 | 1,581 | 46 | 89 | 74 | 129 | 66 | 1,038 | 1,442 | ||||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2017 | $ | 2,413 | $ | 3,655 | $ | 15,442 | $ | 1,711 | $ | 4,365 | $ | 8,947 | $ | 36,533 | ||||||||||||||||||||||||||||||||||||||||||
Balance September 30, 2017 | $ | 2,670 | $ | 3,924 | $ | 15,802 | $ | 2,138 | $ | 3,903 | $ | 7,806 | $ | 36,243 | ||||||||||||||||||||||||||||||||||||||||||
Balance January 1, 2017 | $ | 2,322 | $ | 5,486 | $ | 15,938 | $ | 2,284 | $ | 3,015 | $ | 8,355 | $ | 37,400 | $ | 2,322 | $ | 5,486 | $ | 15,938 | $ | 2,284 | $ | 3,015 | $ | 8,355 | $ | 37,400 | ||||||||||||||||||||||||||||
Provision (benefit) charged to expense | 122 | (1,898 | ) | 770 | (223 | ) | 1,224 | 4,205 | 4,200 | 407 | (1,708 | ) | 1,413 | 74 | 1,786 | 5,178 | 7,150 | |||||||||||||||||||||||||||||||||||||||
Losses charged off | (76 | ) | (2 | ) | (1,292 | ) | (387 | ) | (275 | ) | (5,968 | ) | (8,000 | ) | (150 | ) | (12 | ) | (1,649 | ) | (386 | ) | (1,365 | ) | (9,120 | ) | (12,682 | ) | ||||||||||||||||||||||||||||
Recoveries | 45 | 69 | 26 | 37 | 401 | 2,355 | 2,933 | 91 | 158 | 100 | 166 | 467 | 3,393 | 4,375 | ||||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2017 | $ | 2,413 | $ | 3,655 | $ | 15,442 | $ | 1,711 | $ | 4,365 | $ | 8,947 | $ | 36,533 | ||||||||||||||||||||||||||||||||||||||||||
Balance September 30, 2017 | $ | 2,670 | $ | 3,924 | $ | 15,802 | $ | 2,138 | $ | 3,903 | $ | 7,806 | $ | 36,243 |
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 | $ | 513 | $ | — | $ | 599 | $ | — | $ | 2,140 | $ | 699 | $ | 3,951 | ||||||||||||||
Collectively evaluated for | ||||||||||||||||||||||||||||
impairment | $ | 1,564 | $ | 2,813 | $ | 17,843 | $ | 1,690 | $ | 1,369 | $ | 6,802 | $ | 32,081 | ||||||||||||||
Loans acquired and | ||||||||||||||||||||||||||||
accounted for under ASC | ||||||||||||||||||||||||||||
310-30 | $ | 31 | $ | 26 | $ | 197 | $ | 77 | $ | 72 | $ | 57 | $ | 460 | ||||||||||||||
Loans | ||||||||||||||||||||||||||||
Individually evaluated for | ||||||||||||||||||||||||||||
impairment | $ | 6,950 | $ | 2,907 | $ | 8,315 | $ | 15 | $ | 3,018 | $ | 4,129 | $ | 25,334 | ||||||||||||||
Collectively evaluated for | ||||||||||||||||||||||||||||
impairment | $ | 341,888 | $ | 742,738 | $ | 1,227,014 | $ | 1,112,308 | $ | 372,192 | $ | 531,820 | $ | 4,327,960 | ||||||||||||||
Loans acquired and | ||||||||||||||||||||||||||||
accounted for under ASC | ||||||||||||||||||||||||||||
310-30 | $ | 120,295 | $ | 14,877 | $ | 39,210 | $ | 3,806 | $ | 5,275 | $ | 26,206 | $ | 209,669 |
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 | $ | 513 | $ | — | $ | 599 | $ | — | $ | 2,140 | $ | 699 | $ | 3,951 | ||||||||||||||
Collectively evaluated for | ||||||||||||||||||||||||||||
impairment | $ | 1,564 | $ | 2,813 | $ | 17,843 | $ | 1,690 | $ | 1,369 | $ | 6,802 | $ | 32,081 | ||||||||||||||
Loans acquired and | ||||||||||||||||||||||||||||
accounted for under | ||||||||||||||||||||||||||||
ASC 310-30 | $ | 31 | $ | 26 | $ | 197 | $ | 77 | $ | 72 | $ | 57 | $ | 460 | ||||||||||||||
Loans | ||||||||||||||||||||||||||||
Individually evaluated for | ||||||||||||||||||||||||||||
impairment | $ | 6,950 | $ | 2,907 | $ | 8,315 | $ | 15 | $ | 3,018 | $ | 4,129 | $ | 25,334 | ||||||||||||||
Collectively evaluated for | ||||||||||||||||||||||||||||
impairment | $ | 341,888 | $ | 742,738 | $ | 1,227,014 | $ | 1,112,308 | $ | 372,192 | $ | 531,820 | $ | 4,327,960 | ||||||||||||||
Loans acquired and | ||||||||||||||||||||||||||||
accounted for under | ||||||||||||||||||||||||||||
ASC 310-30 | $ | 120,295 | $ | 14,877 | $ | 39,210 | $ | 3,806 | $ | 5,275 | $ | 26,206 | $ | 209,669 |
· | 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, 2018 | ||||||||||||
Unpaid | ||||||||||||
Recorded | Principal | Specific | ||||||||||
Balance | Balance | Allowance | ||||||||||
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 |
September 30, 2018 | ||||||||||||
Unpaid | ||||||||||||
Recorded | Principal | Specific | ||||||||||
Balance | Balance | Allowance | ||||||||||
(In Thousands) | ||||||||||||
One- to four-family residential construction | $ | — | $ | — | $ | — | ||||||
Subdivision construction | 241 | 241 | 107 | |||||||||
Land development | 14 | 18 | — | |||||||||
Commercial construction | — | — | — | |||||||||
Owner occupied one- to four-family residential | 3,663 | 3,995 | 343 | |||||||||
Non-owner occupied one- to four-family residential | 2,398 | 2,677 | 321 | |||||||||
Commercial real estate | 3,556 | 3,714 | 635 | |||||||||
Other residential | — | — | — | |||||||||
Commercial business | 2,008 | 2,383 | 324 | |||||||||
Industrial revenue bonds | — | — | — | |||||||||
Consumer auto | 1,843 | 2,046 | 331 | |||||||||
Consumer other | 566 | 751 | 85 | |||||||||
Home equity lines of credit | 115 | 133 | 17 | |||||||||
Total | $ | 14,404 | $ | 15,958 | $ | 2,163 |
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 | Nine Months Ended | |||||||||||||||||||||||||||||||||||
At or for the Year Ended December 31, 2017 | September 30, 2018 | September 30, 2018 | ||||||||||||||||||||||||||||||||||
Average | Average | Average | ||||||||||||||||||||||||||||||||||
Unpaid | Investment | Interest | Investment | Interest | Investment | Interest | ||||||||||||||||||||||||||||||
Recorded | Principal | Specific | in Impaired | Income | in Impaired | Income | in Impaired | Income | ||||||||||||||||||||||||||||
Balance | Balance | Allowance | Loans | Recognized | Loans | Recognized | Loans | Recognized | ||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||
One- to four-family residential construction | $ | — | $ | — | $ | — | $ | 193 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Subdivision construction | 349 | 367 | 114 | 584 | 22 | 299 | 3 | 336 | 11 | |||||||||||||||||||||||||||
Land development | 15 | 18 | — | 1,793 | 24 | 15 | 1 | 15 | 1 | |||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Owner occupied one- to four-family residential | 3,405 | 3,723 | 331 | 3,405 | 166 | 3,401 | 53 | 3,322 | 142 | |||||||||||||||||||||||||||
Non-owner occupied one- to four-family residential | 3,196 | 3,465 | 68 | 2,419 | 165 | 2,583 | 38 | 3,082 | 130 | |||||||||||||||||||||||||||
Commercial real estate | 8,315 | 8,490 | 599 | 9,075 | 567 | 6,689 | 55 | 7,115 | 278 | |||||||||||||||||||||||||||
Other residential | 2,907 | 2,907 | — | 3,553 | 147 | 675 | — | 1,368 | 20 | |||||||||||||||||||||||||||
Commercial business | 3,018 | 4,222 | 2,140 | 5,384 | 173 | 2,581 | 40 | 3,277 | 329 | |||||||||||||||||||||||||||
Industrial revenue bonds | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Consumer auto | 2,713 | 2,898 | 484 | 2,383 | 222 | 1,865 | 37 | 2,120 | 118 | |||||||||||||||||||||||||||
Consumer other | 825 | 917 | 124 | 906 | 69 | 671 | 11 | 806 | 48 | |||||||||||||||||||||||||||
Home equity lines of credit | 591 | 648 | 91 | 498 | 33 | 405 | — | 500 | 28 | |||||||||||||||||||||||||||
Total | $ | 25,334 | $ | 27,655 | $ | 3,951 | $ | 30,193 | $ | 1,588 | $ | 19,184 | $ | 238 | $ | 21,941 | $ | 1,105 |
At or for the Year Ended December 31, 2017 | ||||||||||||||||||||
Average | ||||||||||||||||||||
Unpaid | Investment | Interest | ||||||||||||||||||
Recorded | Principal | Specific | in Impaired | Income | ||||||||||||||||
Balance | Balance | Allowance | Loans | Recognized | ||||||||||||||||
(In Thousands) | ||||||||||||||||||||
One- to four-family residential construction | $ | — | $ | — | $ | — | $ | 193 | $ | — | ||||||||||
Subdivision construction | 349 | 367 | 114 | 584 | 22 | |||||||||||||||
Land development | 15 | 18 | — | 1,793 | 24 | |||||||||||||||
Commercial construction | — | — | — | — | — | |||||||||||||||
Owner occupied one- to four-family residential | 3,405 | 3,723 | 331 | 3,405 | 166 | |||||||||||||||
Non-owner occupied one- to four-family residential | 3,196 | 3,465 | 68 | 2,419 | 165 | |||||||||||||||
Commercial real estate | 8,315 | 8,490 | 599 | 9,075 | 567 | |||||||||||||||
Other residential | 2,907 | 2,907 | — | 3,553 | 147 | |||||||||||||||
Commercial business | 3,018 | 4,222 | 2,140 | 5,384 | 173 | |||||||||||||||
Industrial revenue bonds | — | — | — | — | — | |||||||||||||||
Consumer auto | 2,713 | 2,898 | 484 | 2,383 | 222 | |||||||||||||||
Consumer other | �� | 825 | 917 | 124 | 906 | 69 | ||||||||||||||
Home equity lines of credit | 591 | 648 | 91 | 498 | 33 | |||||||||||||||
Total | $ | 25,334 | $ | 27,655 | $ | 3,951 | $ | 30,193 | $ | 1,588 |
June 30, 2017 | September 30, 2017 | |||||||||||||||||||||||
Unpaid | Unpaid | |||||||||||||||||||||||
Recorded | Principal | Specific | Recorded | Principal | Specific | |||||||||||||||||||
Balance | Balance | Allowance | Balance | Balance | Allowance | |||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||
One- to four-family residential construction | $ | 380 | $ | 380 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Subdivision construction | 498 | 512 | 120 | 434 | 450 | 116 | ||||||||||||||||||
Land development | 457 | 545 | — | 315 | 319 | — | ||||||||||||||||||
Commercial construction | — | — | — | — | — | — | ||||||||||||||||||
Owner occupied one- to four-family residential | 3,475 | 3,766 | 357 | 3,441 | 3,740 | 351 | ||||||||||||||||||
Non-owner occupied one- to four-family residential | 2,189 | 2,446 | 88 | 3,293 | 3,560 | 104 | ||||||||||||||||||
Commercial real estate | 5,945 | 6,303 | 67 | 9,358 | 9,581 | 599 | ||||||||||||||||||
Other residential | 3,582 | 3,600 | — | 3,390 | 3,390 | — | ||||||||||||||||||
Commercial business | 6,973 | 7,827 | 3,189 | 3,141 | 4,311 | 2,396 | ||||||||||||||||||
Industrial revenue bonds | — | — | — | — | — | — | ||||||||||||||||||
Consumer auto | 2,272 | 2,462 | 412 | 2,740 | 2,936 | 491 | ||||||||||||||||||
Consumer other | 885 | 998 | 133 | 1,042 | 1,148 | 156 | ||||||||||||||||||
Home equity lines of credit | 359 | 431 | 58 | 647 | 725 | 100 | ||||||||||||||||||
Total | $ | 27,015 | $ | 29,270 | $ | 4,424 | $ | 27,801 | $ | 30,160 | $ | 4,313 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 2017 | June 30, 2017 | |||||||||||||||
Average | Average | |||||||||||||||
Investment | Interest | Investment | Interest | |||||||||||||
in Impaired | Income | in Impaired | Income | |||||||||||||
Loans | Recognized | Loans | Recognized | |||||||||||||
(In Thousands) | ||||||||||||||||
One- to four-family residential construction | $ | 382 | $ | — | $ | 386 | $ | — | ||||||||
Subdivision construction | 701 | 5 | 756 | 12 | ||||||||||||
Land development | 3,069 | 5 | 3,267 | 21 | ||||||||||||
Commercial construction | — | — | — | — | ||||||||||||
Owner occupied one- to four-family residential | 3,302 | 43 | 3,356 | 80 | ||||||||||||
Non-owner occupied one- to four-family residential | 2,066 | 26 | 1,999 | 48 | ||||||||||||
Commercial real estate | 9,056 | 101 | 10,193 | 159 | ||||||||||||
Other residential | 3,719 | 37 | 3,761 | 75 | ||||||||||||
Commercial business | 6,979 | 40 | 6,432 | 126 | ||||||||||||
Industrial revenue bonds | — | — | — | — | ||||||||||||
Consumer auto | 2,029 | 48 | 2,211 | 77 | ||||||||||||
Consumer other | 857 | 24 | 827 | 39 | ||||||||||||
Home equity lines of credit | 339 | 8 | 367 | 18 | ||||||||||||
Total | $ | 32,499 | $ | 337 | $ | 33,555 | $ | 655 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2017 | September 30, 2017 | |||||||||||||||
Average | Average | |||||||||||||||
Investment | Interest | Investment | Interest | |||||||||||||
in Impaired | Income | in Impaired | Income | |||||||||||||
Loans | Recognized | Loans | Recognized | |||||||||||||
(In Thousands) | ||||||||||||||||
One- to four-family residential construction | $ | — | $ | — | $ | 258 | $ | — | ||||||||
Subdivision construction | 444 | 9 | 652 | 21 | ||||||||||||
Land development | 424 | 12 | 2,319 | 33 | ||||||||||||
Commercial construction | — | — | — | — | ||||||||||||
Owner occupied one- to four-family residential | 3,440 | 44 | 3,384 | 124 | ||||||||||||
Non-owner occupied one- to four-family residential | 2,550 | 80 | 2,183 | 128 | ||||||||||||
Commercial real estate | 6,819 | 266 | 9,068 | 425 | ||||||||||||
Other residential | 3,457 | 27 | 3,660 | 102 | ||||||||||||
Commercial business | 5,580 | 35 | 6,148 | 161 | ||||||||||||
Industrial revenue bonds | — | — | — | — | ||||||||||||
Consumer auto | 2,548 | 79 | 2,323 | 156 | ||||||||||||
Consumer other | 1,005 | 26 | 886 | 65 | ||||||||||||
Home equity lines of credit | 633 | 14 | 456 | 32 | ||||||||||||
Total | $ | 26,900 | $ | 592 | $ | 31,337 | $ | 1,247 |
Three Months Ended June 30, 2018 | ||||||||||||||||
Total | ||||||||||||||||
Interest Only | Term | Combination | Modification | |||||||||||||
(In Thousands) | ||||||||||||||||
Consumer | $ | — | $ | 287 | $ | — | $ | 287 |
Three Months Ended September 30, 2018 | ||||||||||||||||
Total | ||||||||||||||||
Interest Only | Term | Combination | Modification | |||||||||||||
(In Thousands) | ||||||||||||||||
Consumer | $ | — | $ | 67 | $ | — | $ | 67 |
Three Months Ended June 30, 2017 | ||||||||||||||||
Total | ||||||||||||||||
Interest Only | Term | Combination | Modification | |||||||||||||
(In Thousands) | ||||||||||||||||
Consumer | $ | — | $ | 5 | $ | — | $ | 5 |
Three Months Ended September 30, 2017 | ||||||||||||||||
Total | ||||||||||||||||
Interest Only | Term | Combination | Modification | |||||||||||||
(In Thousands) | ||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||
Commercial | $ | — | $ | — | $ | 5,759 | $ | 5,759 | ||||||||
Consumer | — | 194 | — | 194 | ||||||||||||
$ | — | $ | 194 | $ | 5,759 | $ | 5,953 |
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 |
Six Months Ended June 30, 2017 | Nine Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||
Interest Only | Term | Combination | Modification | Interest Only | Term | Combination | Modification | |||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
Commercial business | $ | — | $ | — | $ | 274 | $ | 274 | ||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||
One- to four-family residential | $ | 1,348 | $ | — | $ | — | $ | 1,348 | ||||||||||||||||||||||||
Consumer | — | 5 | — | 5 | — | 506 | — | 506 | ||||||||||||||||||||||||
$ | — | $ | 5 | $ | 274 | $ | 279 | $ | 1,348 | $ | 506 | $ | — | $ | 1,854 |
Nine Months Ended September 30, 2017 | ||||||||||||||||
Total | ||||||||||||||||
Interest Only | Term | Combination | Modification | |||||||||||||
(In Thousands) | ||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||
Commercial | $ | — | $ | — | $ | 5,759 | $ | 5,759 | ||||||||
Commercial business | — | — | 274 | 274 | ||||||||||||
Consumer | — | 199 | — | 199 | ||||||||||||
$ | — | $ | 199 | $ | 6,033 | $ | 6,232 |
June 30, 2018 | September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||
Special | Special | |||||||||||||||||||||||||||||||||||||||||||||||
Satisfactory | Watch | Mention | Substandard | Doubtful | Total | Satisfactory | Watch | Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family residential | ||||||||||||||||||||||||||||||||||||||||||||||||
construction | $ | 31,139 | $ | 631 | $ | — | $ | — | $ | — | $ | 31,770 | $ | 25,056 | $ | 421 | $ | — | $ | — | $ | — | $ | 25,477 | ||||||||||||||||||||||||
Subdivision construction | 13,749 | 2,073 | — | 91 | — | 15,913 | 14,087 | 1,967 | — | — | — | 16,054 | ||||||||||||||||||||||||||||||||||||
Land development | 41,943 | 4,700 | — | — | — | 46,643 | 39,902 | 4,600 | — | — | — | 44,502 | ||||||||||||||||||||||||||||||||||||
Commercial construction | 1,258,564 | — | — | — | — | 1,258,564 | 1,283,468 | — | — | — | — | 1,283,468 | ||||||||||||||||||||||||||||||||||||
Owner occupied one- to four- | ||||||||||||||||||||||||||||||||||||||||||||||||
family residential | 226,388 | — | — | 1,823 | — | 228,211 | 253,695 | 62 | — | 2,237 | — | 255,994 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied one- to | ||||||||||||||||||||||||||||||||||||||||||||||||
four-family residential | 109,007 | 1,423 | — | 1,986 | — | 112,416 | 106,619 | 1,092 | — | 1,571 | — | 109,282 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,297,215 | 3,726 | — | 7,025 | — | 1,307,966 | 1,370,246 | 11,330 | — | 2,295 | — | 1,383,871 | ||||||||||||||||||||||||||||||||||||
Other residential | 783,381 | 1,821 | — | — | — | 785,202 | 791,285 | 501 | — | — | — | 791,786 | ||||||||||||||||||||||||||||||||||||
Commercial business | 339,344 | 5,048 | — | 2,920 | — | 347,312 | 325,260 | 5,187 | — | 1,590 | — | 332,037 | ||||||||||||||||||||||||||||||||||||
Industrial revenue bonds | 20,021 | — | — | — | — | 20,021 | 14,179 | — | — | — | — | 14,179 | ||||||||||||||||||||||||||||||||||||
Consumer auto | 297,174 | — | — | 1,803 | — | 298,977 | 276,220 | 155 | — | 1,509 | — | 277,884 | ||||||||||||||||||||||||||||||||||||
Consumer other | 59,390 | 12 | — | 650 | — | 60,052 | 57,337 | 162 | — | 422 | — | 57,921 | ||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 114,240 | — | — | 502 | — | 114,742 | 116,804 | 152 | — | 105 | — | 117,061 | ||||||||||||||||||||||||||||||||||||
Loans acquired and accounted | ||||||||||||||||||||||||||||||||||||||||||||||||
for under ASC 310-30, | ||||||||||||||||||||||||||||||||||||||||||||||||
net of discounts | 184,105 | — | — | 31 | — | 184,136 | 177,130 | — | — | 20 | — | 177,150 | ||||||||||||||||||||||||||||||||||||
Total | $ | 4,775,660 | $ | 19,434 | $ | — | $ | 16,831 | $ | — | $ | 4,811,925 | $ | 4,851,288 | $ | 25,629 | $ | — | $ | 9,749 | $ | — | $ | 4,886,666 |
December 31, 2017 | ||||||||||||||||||||||||
Special | ||||||||||||||||||||||||
Satisfactory | Watch | Mention | Substandard | Doubtful | Total | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
One- to four-family residential | ||||||||||||||||||||||||
construction | $ | 20,275 | $ | 518 | $ | — | $ | — | $ | — | $ | 20,793 | ||||||||||||
Subdivision construction | 15,602 | 2,362 | — | 98 | — | 18,062 | ||||||||||||||||||
Land development | 39,171 | 4,800 | — | — | — | 43,971 | ||||||||||||||||||
Commercial construction | 1,068,352 | — | — | — | — | 1,068,352 | ||||||||||||||||||
Owner occupied one- to-four- | ||||||||||||||||||||||||
family residential | 188,706 | — | — | 1,809 | — | 190,515 | ||||||||||||||||||
Non-owner occupied one- to- | ||||||||||||||||||||||||
four-family residential | 117,103 | 389 | — | 1,976 | — | 119,468 | ||||||||||||||||||
Commercial real estate | 1,218,431 | 9,909 | — | 6,989 | — | 1,235,329 | ||||||||||||||||||
Other residential | 742,237 | 1,532 | — | 1,876 | — | 745,645 | ||||||||||||||||||
Commercial business | 344,479 | 6,306 | — | 2,066 | 500 | 353,351 | ||||||||||||||||||
Industrial revenue bonds | 21,859 | — | — | — | — | 21,859 | ||||||||||||||||||
Consumer auto | 354,588 | — | — | 2,554 | — | 357,142 | ||||||||||||||||||
Consumer other | 62,682 | — | — | 686 | — | 63,368 | ||||||||||||||||||
Home equity lines of credit | 114,860 | — | — | 579 | — | 115,439 | ||||||||||||||||||
Loans acquired and accounted | ||||||||||||||||||||||||
for under ASC 310-30, | ||||||||||||||||||||||||
net of discounts | 209,657 | — | — | 12 | — | 209,669 | ||||||||||||||||||
Total | $ | 4,518,002 | $ | 25,816 | $ | — | $ | 18,645 | $ | 500 | $ | 4,562,963 |
December 31, 2017 | ||||||||||||||||||||||||
Special | ||||||||||||||||||||||||
Satisfactory | Watch | Mention | Substandard | Doubtful | Total | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
One- to four-family residential | ||||||||||||||||||||||||
construction | $ | 20,275 | $ | 518 | $ | — | $ | — | $ | — | $ | 20,793 | ||||||||||||
Subdivision construction | 15,602 | 2,362 | — | 98 | — | 18,062 | ||||||||||||||||||
Land development | 39,171 | 4,800 | — | — | — | 43,971 | ||||||||||||||||||
Commercial construction | 1,068,352 | — | — | — | — | 1,068,352 | ||||||||||||||||||
Owner occupied one- to-four- | ||||||||||||||||||||||||
family residential | 188,706 | — | — | 1,809 | — | 190,515 | ||||||||||||||||||
Non-owner occupied one- to- | ||||||||||||||||||||||||
four-family residential | 117,103 | 389 | — | 1,976 | — | 119,468 | ||||||||||||||||||
Commercial real estate | 1,218,431 | 9,909 | — | 6,989 | — | 1,235,329 | ||||||||||||||||||
Other residential | 742,237 | 1,532 | — | 1,876 | — | 745,645 | ||||||||||||||||||
Commercial business | 344,479 | 6,306 | — | 2,066 | 500 | 353,351 | ||||||||||||||||||
Industrial revenue bonds | 21,859 | — | — | — | — | 21,859 | ||||||||||||||||||
Consumer auto | 354,588 | — | — | 2,554 | — | 357,142 | ||||||||||||||||||
Consumer other | 62,682 | — | — | 686 | — | 63,368 | ||||||||||||||||||
Home equity lines of credit | 114,860 | — | — | 579 | — | 115,439 | ||||||||||||||||||
Loans acquired and accounted | ||||||||||||||||||||||||
for under ASC 310-30, | ||||||||||||||||||||||||
net of discounts | 209,657 | — | — | 12 | — | 209,669 | ||||||||||||||||||
Total | $ | 4,518,002 | $ | 25,816 | $ | — | $ | 18,645 | $ | 500 | $ | 4,562,963 |
Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||
June 30, 2018 | June 30, 2017 | September 30, 2018 | September 30, 2017 | |||||||||||||||||
(In Thousands, Except Per Share Data | (In Thousands, Except Per Share Data | |||||||||||||||||||
and Basis Points Data) | and Basis Points Data) | |||||||||||||||||||
Impact on net interest income/ | ||||||||||||||||||||
net interest margin (in basis points) | $ | 1,070 | 10 bps | $ | 1,282 | 12 bps | $ | 1,424 | 14 bps | $ | 975 | 9 bps | ||||||||
Non-interest income | — | — | — | — | ||||||||||||||||
Net impact to pre-tax income | $ | 1,070 | $ | 1,282 | $ | 1,424 | $ | 975 | ||||||||||||
Net impact net of taxes | $ | 831 | $ | 817 | $ | 1,106 | $ | 621 | ||||||||||||
Impact to diluted earnings per share | $ | 0.06 | $ | 0.06 | $ | 0.08 | $ | 0.04 |
Six Months Ended | Six Months Ended | |||||||||
June 30, 2018 | June 30, 2017 | |||||||||
(In Thousands, Except Per Share Data | ||||||||||
and Basis Points Data) | ||||||||||
Impact on net interest income/ | ||||||||||
net interest margin (in basis points) | $ | 2,227 | 11 bps | $ | 3,262 | 16 bps | ||||
Non-interest income | — | (634 | ) | |||||||
Net impact to pre-tax income | $ | 2,227 | $ | 2,628 | ||||||
Net impact net of taxes | $ | 1,729 | $ | 1,674 | ||||||
Impact to diluted earnings per share | $ | 0.12 | $ | 0.12 |
Nine Months Ended | Nine Months Ended | |||||||||
September 30, 2018 | September 30, 2017 | |||||||||
(In Thousands, Except Per Share Data | ||||||||||
and Basis Points Data) | ||||||||||
Impact on net interest income/ | ||||||||||
net interest margin (in basis points) | $ | 3,652 | 12 bps | $ | 4,237 | 14 bps | ||||
Non-interest income | — | (634 | ) | |||||||
Net impact to pre-tax income | $ | 3,652 | $ | 3,603 | ||||||
Net impact net of taxes | $ | 2,836 | $ | 2,295 | ||||||
Impact to diluted earnings per share | $ | 0.20 | $ | 0.16 |
June 30, 2018 | September 30, 2018 | |||||||||||||||
Foreclosed | Foreclosed | |||||||||||||||
Loans | Assets | Loans | Assets | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Initial basis for loss sharing determination, | ||||||||||||||||
net of activity since acquisition date | $ | 12,154 | $ | 35 | $ | 11,658 | $ | 15 | ||||||||
Reclassification from nonaccretable discount to accretable discount | ||||||||||||||||
due to change in expected losses (net of accretion to date) | (494 | ) | — | (445 | ) | — | ||||||||||
Original estimated fair value of assets, net of activity since | ||||||||||||||||
acquisition date | (11,543 | ) | (35 | ) | (11,094 | ) | (15 | ) | ||||||||
Expected loss remaining | $ | 117 | $ | — | $ | 119 | $ | — |
December 31, 2017 | ||||||||
Foreclosed | ||||||||
Loans | Assets | |||||||
(In Thousands) | ||||||||
Initial basis for loss sharing determination, | ||||||||
net of activity since acquisition date | $ | 13,668 | $ | 35 | ||||
Reclassification from nonaccretable discount to accretable discount | ||||||||
due to change in expected losses (net of accretion to date) | (589 | ) | — | |||||
Original estimated fair value of assets, net of activity since | ||||||||
acquisition date | (12,948 | ) | (35 | ) | ||||
Expected loss remaining | $ | 131 | $ | — |
June 30, 2018 | September 30, 2018 | |||||||||||||||
Foreclosed | Foreclosed | |||||||||||||||
Loans | Assets | Loans | Assets | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Initial basis for loss sharing determination, | ||||||||||||||||
net of activity since acquisition date | $ | 16,515 | $ | 15 | $ | 15,698 | $ | — | ||||||||
Reclassification from nonaccretable discount to accretable discount | ||||||||||||||||
due to change in expected losses (net of accretion to date) | (91 | ) | — | (74 | ) | — | ||||||||||
Original estimated fair value of assets, net of activity since | ||||||||||||||||
acquisition date | (16,195 | ) | (15 | ) | (15,395 | ) | — | |||||||||
Expected loss remaining | $ | 229 | $ | — | $ | 229 | $ | — |
December 31, 2017 | ||||||||
Foreclosed | ||||||||
Loans | Assets | |||||||
(In Thousands) | ||||||||
Initial basis for loss sharing determination, | ||||||||
net of activity since acquisition date | $ | 18,965 | $ | 15 | ||||
Reclassification from nonaccretable discount to accretable discount | ||||||||
due to change in expected losses (net of accretion to date) | (131 | ) | — | |||||
Original estimated fair value of assets, net of activity since | ||||||||
acquisition date | (18,605 | ) | (15 | ) | ||||
Expected loss remaining | $ | 229 | $ | — |
June 30, 2018 | September 30, 2018 | |||||||||||||||
Foreclosed | Foreclosed | |||||||||||||||
Loans | Assets | Loans | Assets | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Initial basis for loss sharing determination, | ||||||||||||||||
net of activity since acquisition date | $ | 22,971 | $ | 383 | $ | 22,219 | $ | 305 | ||||||||
Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) | (453 | ) | — | (371 | ) | — | ||||||||||
Original estimated fair value of assets, net of activity since | ||||||||||||||||
acquisition date | (21,757 | ) | (292 | ) | (21,099 | ) | (214 | ) | ||||||||
Expected loss remaining | $ | 761 | $ | 91 | $ | 749 | $ | 91 |
December 31, 2017 | ||||||||
Foreclosed | ||||||||
Loans | Assets | |||||||
(In Thousands) | ||||||||
Initial basis for loss sharing determination, | ||||||||
net of activity since acquisition date | $ | 26,787 | $ | 306 | ||||
Reclassification from nonaccretable discount to accretable discount due to change in expected losses (net of accretion to date) | (494 | ) | — | |||||
Original estimated fair value of assets, net of activity since | ||||||||
acquisition date | (25,348 | ) | (299 | ) | ||||
Expected loss remaining | $ | 945 | $ | 7 |
June 30, 2018 | September 30, 2018 | |||||||||||||||
Foreclosed | Foreclosed | |||||||||||||||
Loans | Assets | Loans | Assets | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Initial basis for loss sharing determination, | ||||||||||||||||
net of activity since acquisition date | $ | 95,851 | $ | 1,477 | $ | 90,512 | $ | 146 | ||||||||
Non-credit premium/(discount), net of activity since acquisition date | 174 | — | 136 | — | ||||||||||||
Reclassification from nonaccretable discount to accretable discount | ||||||||||||||||
due to change in expected losses (net of accretion to date) | (1,413 | ) | — | (1,785 | ) | — | ||||||||||
Original estimated fair value of assets, net of activity since | ||||||||||||||||
acquisition date | (82,987 | ) | (1,292 | ) | (78,642 | ) | (130 | ) | ||||||||
Expected loss remaining | $ | 11,625 | $ | 185 | $ | 10,221 | $ | 16 |
December 31, 2017 | ||||||||
Foreclosed | ||||||||
Loans | Assets | |||||||
(In Thousands) | ||||||||
Initial basis for loss sharing determination, | ||||||||
net of activity since acquisition date | $ | 112,399 | $ | 2,012 | ||||
Non-credit premium/(discount), net of activity since acquisition date | 274 | — | ||||||
Reclassification from nonaccretable discount to accretable discount | ||||||||
due to change in expected losses (net of accretion to date) | (972 | ) | — | |||||
Original estimated fair value of assets, net of activity since | ||||||||
acquisition date | (98,321 | ) | (1,785 | ) | ||||
Expected loss remaining | $ | 13,380 | $ | 227 |
June 30 2018 | September 30, 2018 | |||||||||||||||
Foreclosed | Foreclosed | |||||||||||||||
Loans | Assets | Loans | Assets | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Initial basis, net of activity since acquisition date | $ | 56,313 | $ | 1,637 | $ | 55,350 | $ | 1,488 | ||||||||
Non-credit premium/(discount), net of activity since acquisition date | — | — | ||||||||||||||
Reclassification from nonaccretable discount to accretable discount | ||||||||||||||||
due to change in expected losses (net of accretion to date) | (412 | ) | — | (229 | ) | — | ||||||||||
Original estimated fair value of assets, net of activity since | ||||||||||||||||
acquisition date | (51,649 | ) | (1,631 | ) | (50,915 | ) | (1,488 | ) | ||||||||
Expected loss remaining | $ | 4,252 | $ | 6 | $ | 4,206 | $ | — |
December 31, 2017 | ||||||||
Foreclosed | ||||||||
Loans | Assets | |||||||
(In Thousands) | ||||||||
Initial basis, net of activity since acquisition date | $ | 59,997 | $ | 1,673 | ||||
Non-credit premium/(discount), net of activity since acquisition date | 11 | — | ||||||
Reclassification from nonaccretable discount to accretable discount | ||||||||
due to change in expected losses (net of accretion to date) | (411 | ) | — | |||||
Original estimated fair value of assets, net of activity since | ||||||||
acquisition date | (54,442 | ) | (1,667 | ) | ||||
Expected loss remaining | $ | 5,155 | $ | 6 |
Sun Security | Sun Security | |||||||||||||||||||||||||||||||||||||||
TeamBank | Vantus Bank | Bank | InterBank | Valley Bank | TeamBank | Vantus Bank | Bank | InterBank | Valley Bank | |||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||
Balance, April 1, 2017 | $ | 2,496 | $ | 2,354 | $ | 3,795 | $ | 6,910 | $ | 4,400 | ||||||||||||||||||||||||||||||
Balance, July 1, 2017 | $ | 2,303 | $ | 2,180 | $ | 3,686 | $ | 5,414 | $ | 3,313 | ||||||||||||||||||||||||||||||
Accretion | (312 | ) | (383 | ) | (574 | ) | (1,885 | ) | (1,470 | ) | (352 | ) | (310 | ) | (561 | ) | (1,688 | ) | (1,378 | ) | ||||||||||||||||||||
Change in expected | ||||||||||||||||||||||||||||||||||||||||
accretable yield(1) | 119 | 209 | 465 | 389 | 383 | 287 | 211 | (270 | ) | 625 | 889 | |||||||||||||||||||||||||||||
Balance, June 30, 2017 | $ | 2,303 | $ | 2,180 | $ | 3,686 | $ | 5,414 | $ | 3,313 | ||||||||||||||||||||||||||||||
Balance, September 30, 2017 | $ | 2,238 | $ | 2,081 | $ | 2,855 | $ | 4,351 | $ | 2,824 | ||||||||||||||||||||||||||||||
Balance, April 1, 2018 | $ | 1,827 | $ | 1,755 | $ | 2,069 | $ | 6,904 | $ | 3,416 | ||||||||||||||||||||||||||||||
Balance, July 1, 2018 | $ | 1,742 | $ | 1,652 | $ | 2,055 | $ | 5,910 | $ | 2,974 | ||||||||||||||||||||||||||||||
Accretion | (215 | ) | (338 | ) | (424 | ) | (1,827 | ) | (1,066 | ) | (294 | ) | (279 | ) | (399 | ) | (2,293 | ) | (901 | ) | ||||||||||||||||||||
Change in expected | ||||||||||||||||||||||||||||||||||||||||
accretable yield(1) | 130 | 235 | 410 | 833 | 624 | 103 | 234 | 500 | 2,054 | 578 | ||||||||||||||||||||||||||||||
Balance, June 30, 2018 | $ | 1,742 | $ | 1,652 | $ | 2,055 | $ | 5,910 | $ | 2,974 | ||||||||||||||||||||||||||||||
Balance, September 30, 2018 | $ | 1,551 | $ | 1,607 | $ | 2,156 | $ | 5,671 | $ | 2,651 |
(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 three months ended |
Sun Security | Sun Security | |||||||||||||||||||||||||||||||||||||||
TeamBank | Vantus Bank | Bank | InterBank | Valley Bank | TeamBank | Vantus Bank | Bank | InterBank | Valley Bank | |||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2017 | $ | 2,477 | $ | 2,547 | $ | 4,277 | $ | 8,512 | $ | 4,797 | $ | 2,477 | $ | 2,547 | $ | 4,277 | $ | 8,512 | $ | 4,797 | ||||||||||||||||||||
Accretion | (967 | ) | (739 | ) | (1,196 | ) | (4,162 | ) | (3,394 | ) | (1,319 | ) | (1,048 | ) | (1,757 | ) | (5,850 | ) | (4,772 | ) | ||||||||||||||||||||
Change in expected | ||||||||||||||||||||||||||||||||||||||||
accretable yield(1) | 793 | 372 | 605 | 1,064 | 1,910 | 1,080 | 582 | 335 | 1,689 | 2,799 | ||||||||||||||||||||||||||||||
Balance, June 30, 2017 | $ | 2,303 | $ | 2,180 | $ | 3,686 | $ | 5,414 | $ | 3,313 | ||||||||||||||||||||||||||||||
Balance, September 30, 2017 | $ | 2,238 | $ | 2,081 | $ | 2,855 | $ | 4,351 | $ | 2,824 | ||||||||||||||||||||||||||||||
Balance, January 1, 2018 | $ | 2,071 | $ | 1,850 | $ | 2,901 | $ | 5,074 | $ | 2,695 | $ | 2,071 | $ | 1,850 | $ | 2,901 | $ | 5,074 | $ | 2,695 | ||||||||||||||||||||
Accretion | (442 | ) | (617 | ) | (854 | ) | (3,650 | ) | (2,197 | ) | (736 | ) | (897 | ) | (1,253 | ) | (5,943 | ) | (3,098 | ) | ||||||||||||||||||||
Change in expected | ||||||||||||||||||||||||||||||||||||||||
accretable yield(1) | 113 | 419 | 8 | 4,486 | 2,476 | 216 | 654 | 508 | 6,540 | 3,054 | ||||||||||||||||||||||||||||||
Balance, June 30, 2018 | $ | 1,742 | $ | 1,652 | $ | 2,055 | $ | 5,910 | $ | 2,974 | ||||||||||||||||||||||||||||||
Balance, September 30, 2018 | $ | 1,551 | $ | 1,607 | $ | 2,156 | $ | 5,671 | $ | 2,651 |
(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 |
June 30, | December 31, | |||||||
2018 | 2017 | |||||||
(In Thousands) | ||||||||
Foreclosed assets held for sale and repossessions | ||||||||
One- to four-family construction | $ | — | $ | — | ||||
Subdivision construction | 2,715 | 5,413 | ||||||
Land development | 5,068 | 7,229 | ||||||
Commercial construction | — | — | ||||||
One- to four-family residential | 622 | 112 | ||||||
Other residential | 1,744 | 140 | ||||||
Commercial real estate | 1,745 | 1,694 | ||||||
Commercial business | — | — | ||||||
Consumer | 1,470 | 1,987 | ||||||
13,364 | 16,575 | |||||||
Foreclosed assets acquired through FDIC-assisted | ||||||||
transactions, net of discounts | 3,274 | 3,799 | ||||||
Foreclosed assets held for sale and repossessions, net | 16,638 | 20,374 | ||||||
Other real estate owned not acquired through foreclosure | 1,628 | 1,628 | ||||||
Other real estate owned and repossessions | $ | 18,266 | $ | 22,002 |
September 30, | December 31, | |||||||
2018 | 2017 | |||||||
(In Thousands) | ||||||||
Foreclosed assets held for sale and repossessions | ||||||||
One- to four-family construction | $ | — | $ | — | ||||
Subdivision construction | 2,264 | 5,413 | ||||||
Land development | 4,495 | 7,229 | ||||||
Commercial construction | — | — | ||||||
One- to four-family residential | 657 | 112 | ||||||
Other residential | — | 140 | ||||||
Commercial real estate | 1,002 | 1,694 | ||||||
Commercial business | — | — | ||||||
Consumer | 1,020 | 1,987 | ||||||
9,438 | 16,575 | |||||||
Foreclosed assets acquired through FDIC-assisted | ||||||||
transactions, net of discounts | 1,847 | 3,799 | ||||||
Foreclosed assets held for sale and repossessions, net | 11,285 | 20,374 | ||||||
Other real estate owned not acquired through foreclosure | 1,559 | 1,628 | ||||||
Other real estate owned and repossessions | $ | 12,844 | $ | 22,002 |
Three Months Ended | Three Months Ended | |||||||||||||||
June 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Net gain on sales of other real estate and repossessions | $ | (977 | ) | $ | (225 | ) | $ | (549 | ) | $ | (311 | ) | ||||
Valuation write-downs | 2,757 | — | 178 | 462 | ||||||||||||
Operating expenses, net of rental income | 957 | 902 | 869 | 1,192 | ||||||||||||
$ | 2,737 | $ | 677 | $ | 498 | $ | 1,343 |
Six Months Ended | Nine Months Ended | |||||||||||||||
June 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Net gain on sales of other real estate and repossessions | $ | (1,449 | ) | $ | (728 | ) | $ | (1,998 | ) | $ | (1,098 | ) | ||||
Valuation write-downs | 3,373 | — | 3,551 | 522 | ||||||||||||
Operating expenses, net of rental income | 1,954 | 1,979 | 2,823 | 3,171 | ||||||||||||
$ | 3,878 | $ | 1,251 | $ | 4,376 | $ | 2,595 |
June 30, | December 31, | September 30, | December 31, | |||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Time Deposits: | ||||||||||||||||
0.00% - 0.99% | $ | 185,845 | $ | 254,502 | $ | 163,501 | $ | 254,502 | ||||||||
1.00% - 1.99% | 728,638 | 1,006,373 | 611,935 | 1,006,373 | ||||||||||||
2.00% - 2.99% | 465,550 | 106,888 | 647,247 | 106,888 | ||||||||||||
3.00% - 3.99% | 1,983 | 701 | 8,563 | 701 | ||||||||||||
4.00% - 4.99% | 1,122 | 1,108 | 1,129 | 1,108 | ||||||||||||
5.00% and above | 273 | 272 | 273 | 272 | ||||||||||||
Total time deposits (1.61% - 1.24%) | 1,383,411 | 1,369,844 | ||||||||||||||
Total time deposits (1.77% - 1.24%) | 1,432,648 | 1,369,844 | ||||||||||||||
Non-interest-bearing demand deposits | 667,516 | 661,589 | 659,864 | 661,589 | ||||||||||||
Interest-bearing demand and savings deposits (0.37% - 0.32%) | 1,546,130 | 1,565,711 | ||||||||||||||
Interest-bearing demand and savings deposits (0.43% - 0.32%) | 1,503,153 | 1,565,711 | ||||||||||||||
Total Deposits | $ | 3,597,057 | $ | 3,597,144 | $ | 3,595,665 | $ | 3,597,144 |
September 30, 2018 | December 31, 2017 | |||||||||||||||
Weighted | Weighted | |||||||||||||||
Average | Average | |||||||||||||||
Interest | Interest | |||||||||||||||
Due In | Amount | Rate | Amount | Rate | ||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
2018 | $ | 240,000 | 2.18% | $ | 127,500 | 1.53% |
June 30, 2018 | December 31, 2017 | |||||||||||||||
Weighted | Weighted | |||||||||||||||
Average | Average | |||||||||||||||
Interest | Interest | |||||||||||||||
Due In | Amount | Rate | Amount | Rate | ||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
2018 | $ | 259,000 | 2.06 | % | $ | 127,500 | 1.53 | % | ||||||||
June 30, 2018 | December 31, 2017 | September 30, 2018 | December 31, 2017 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Notes payable – Community Development Equity Funds | $ | 1,360 | $ | 1,604 | ||||||||||||
Notes payable – Community Development | ||||||||||||||||
Equity Funds | $ | 1,360 | $ | 1,604 | ||||||||||||
Overnight borrowings from the Federal Home Loan Bank | — | 15,000 | — | 15,000 | ||||||||||||
Securities sold under reverse repurchase agreements | 95,543 | 80,531 | 112,184 | 80,531 | ||||||||||||
$ | 96,903 | $ | 97,135 | $ | 113,544 | $ | 97,135 |
June 30, 2018 | December 31, 2017 | |||||||
Overnight and | Overnight and | |||||||
Continuous | Continuous | |||||||
(In Thousands) | ||||||||
Mortgage-backed securities – GNMA, FNMA, FHLMC | $ | 95,543 | $ | 80,531 | ||||
September 30, 2018 | December 31, 2017 | |||||||
Overnight and | Overnight and | |||||||
Continuous | Continuous | |||||||
(In Thousands) | ||||||||
Mortgage-backed securities – GNMA, FNMA, FHLMC | $ | 112,184 | $ | 80,531 | ||||
June 30, 2018 | December 31, 2017 | September 30, 2018 | December 31, 2017 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Subordinated notes | $ | 75,000 | $ | 75,000 | $ | 75,000 | $ | 75,000 | ||||||||
Less: unamortized debt issuance costs | 1,234 | 1,312 | 1,196 | 1,312 | ||||||||||||
$ | 73,766 | $ | 73,688 | $ | 73,804 | $ | 73,688 |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Tax at statutory rate | 21.0 | % | 35.0 | % | 21.0 | % | 35.0 | % | ||||||||
Nontaxable interest and dividends | (0.8 | ) | (1.2 | ) | (0.5 | ) | (1.6 | ) | ||||||||
Tax credits | (3.6 | ) | (4.3 | ) | (2.2 | ) | (7.8 | ) | ||||||||
State taxes | 1.2 | 1.8 | 1.2 | 1.1 | ||||||||||||
Other | (0.1 | ) | (0.5 | ) | — | 0.2 | ||||||||||
17.7 | % | 30.8 | % | 19.5 | % | 26.9 | % |
Six Months Ended June 30, | ||||||||
2018 | 2017 | |||||||
Tax at statutory rate | 21.0 | % | 35.0 | % | ||||
Nontaxable interest and dividends | (0.9 | ) | (1.5 | ) | ||||
Tax credits | (4.0 | ) | (5.1 | ) | ||||
State taxes | 1.2 | 1.5 | ||||||
Other | (0.3 | ) | (1.0 | ) | ||||
17.0 | % | 28.9 | % |
Nine Months Ended September 30, | ||||||||
2018 | 2017 | |||||||
Tax at statutory rate | 21.0 | % | 35.0 | % | ||||
Nontaxable interest and dividends | (0.7 | ) | (1.5 | ) | ||||
(3.2 | ) | (5.9 | ) | |||||
State taxes | 1.2 | 1.3 | ||||||
Other | (0.1 | ) | (0.6 | ) | ||||
18.2 | % | 28.3 | % |
· | Quoted prices in active markets for identical assets or liabilities (Level 1): Inputs that are quoted unadjusted prices in active markets for identical assets that the Company has the ability to access at the measurement date. An active market for the asset is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
· | Other observable inputs (Level 2): Inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity including quoted prices for similar assets, quoted prices for securities in inactive markets and inputs derived principally from or corroborated by observable market data by correlation or other means. |
· | Significant unobservable inputs (Level 3): Inputs that reflect assumptions of a source independent of the reporting entity or the reporting entity's own assumptions that are supported by little or no market activity or observable inputs. |
Fair value measurements using | Fair value measurements using | |||||||||||||||||||||||||||||||
Quoted prices | Quoted prices | |||||||||||||||||||||||||||||||
in active | in active | |||||||||||||||||||||||||||||||
markets | Other | Significant | markets | Other | Significant | |||||||||||||||||||||||||||
for identical | observable | unobservable | for identical | observable | unobservable | |||||||||||||||||||||||||||
assets | inputs | inputs | assets | inputs | inputs | |||||||||||||||||||||||||||
Fair value | (Level 1) | (Level 2) | (Level 3) | Fair value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||||||||||
September 30, 2018 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 116,365 | $ | — | $ | 116,365 | $ | — | $ | 121,525 | $ | — | $ | 121,525 | $ | — | ||||||||||||||||
Collateralized mortgage obligations | 17,384 | — | 17,384 | — | ||||||||||||||||||||||||||||
States and political subdivisions | 53,606 | — | 53,606 | — | 52,342 | — | 52,342 | — | ||||||||||||||||||||||||
Interest rate derivative asset | 1,273 | — | 1,273 | — | 1,453 | — | 1,453 | — | ||||||||||||||||||||||||
Interest rate derivative liability | (1,273 | ) | — | (1,273 | ) | — | (1,448 | ) | — | (1,448 | ) | — | ||||||||||||||||||||
December 31, 2017 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 122,533 | $ | — | $ | 122,533 | $ | — | $ | 122,533 | $ | — | $ | 122,533 | $ | — | ||||||||||||||||
States and political subdivisions | 56,646 | — | 56,646 | — | 56,646 | — | 56,646 | — | ||||||||||||||||||||||||
Interest rate derivative asset | 981 | — | 981 | — | 981 | — | 981 | — | ||||||||||||||||||||||||
Interest rate derivative liability | (1,030 | ) | — | (1,030 | ) | — | (1,030 | ) | — | (1,030 | ) | — |
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||||||||||
Quoted prices | Quoted prices | |||||||||||||||||||||||||||||||
in active | in active | |||||||||||||||||||||||||||||||
markets | Other | Significant | markets | Other | Significant | |||||||||||||||||||||||||||
for identical | observable | unobservable | for identical | observable | unobservable | |||||||||||||||||||||||||||
assets | inputs | inputs | assets | inputs | inputs | |||||||||||||||||||||||||||
Fair value | (Level 1) | (Level 2) | (Level 3) | Fair value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||||||||||
September 30, 2018 | ||||||||||||||||||||||||||||||||
Impaired loans | $ | 5,450 | $ | — | $ | — | $ | 5,450 | $ | 2,996 | $ | — | $ | — | $ | 2,996 | ||||||||||||||||
Foreclosed assets held for sale | $ | 3,662 | $ | — | $ | — | $ | 3,662 | $ | 3,014 | $ | — | $ | — | $ | 3,014 | ||||||||||||||||
December 31, 2017 | ||||||||||||||||||||||||||||||||
Impaired loans | $ | 1,590 | $ | — | $ | — | $ | 1,590 | $ | 1,590 | $ | — | $ | — | $ | 1,590 | ||||||||||||||||
Foreclosed assets held for sale | $ | 1,758 | $ | — | $ | — | $ | 1,758 | $ | 1,758 | $ | — | $ | — | $ | 1,758 |
June 30, 2018 | December 31, 2017 | |||||||||||||||||||||||
Carrying | Fair | Hierarchy | Carrying | Fair | Hierarchy | |||||||||||||||||||
Amount | Value | Level | Amount | Value | Level | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 280,485 | $ | 280,485 | 1 | $ | 242,253 | $ | 242,253 | 1 | ||||||||||||||
Held-to-maturity securities | — | — | 2 | 130 | 131 | 2 | ||||||||||||||||||
Mortgage loans held for sale | 5,087 | 5,087 | 2 | 8,203 | 8,203 | 2 | ||||||||||||||||||
Loans, net of allowance for loan losses | 3,859,801 | 3,829,589 | 3 | 3,726,302 | 3,735,216 | 3 | ||||||||||||||||||
Accrued interest receivable | 12,449 | 12,449 | 3 | 12,338 | 12,338 | 3 | ||||||||||||||||||
Investment in FHLBank stock | 15,678 | 15,678 | 3 | 11,182 | 11,182 | 3 | ||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||
Deposits | 3,597,057 | 3,587,494 | 3 | 3,597,144 | 3,606,400 | 3 | ||||||||||||||||||
FHLBank advances | 259,000 | 259,000 | 3 | 127,500 | 127,500 | 3 | ||||||||||||||||||
Short-term borrowings | 96,903 | 96,903 | 3 | 97,135 | 97,135 | 3 | ||||||||||||||||||
Subordinated debentures | 25,774 | 25,774 | 3 | 25,774 | 25,774 | 3 | ||||||||||||||||||
Subordinated notes | 73,766 | 75,563 | 2 | 73,688 | 76,500 | 2 | ||||||||||||||||||
Accrued interest payable | 3,394 | 3,394 | 3 | 2,904 | 2,904 | 3 | ||||||||||||||||||
Unrecognized financial instruments (net of | ||||||||||||||||||||||||
contractual value) | ||||||||||||||||||||||||
Commitments to originate loans | — | — | 3 | — | — | 3 | ||||||||||||||||||
Letters of credit | 179 | 179 | 3 | 85 | 85 | 3 | ||||||||||||||||||
Lines of credit | — | — | 3 | — | — | 3 |
September 30, 2018 | December 31, 2017 | |||||||||||||||||||||||
Carrying | Fair | Hierarchy | Carrying | Fair | Hierarchy | |||||||||||||||||||
Amount | Value | Level | Amount | Value | Level | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
�� | ||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 208,821 | $ | 208,821 | 1 | $ | 242,253 | $ | 242,253 | 1 | ||||||||||||||
Held-to-maturity securities | — | — | 2 | 130 | 131 | 2 | ||||||||||||||||||
Mortgage loans held for sale | 3,474 | 3,474 | 2 | 8,203 | 8,203 | 2 | ||||||||||||||||||
Loans, net of allowance for loan losses | 3,942,766 | 3,905,137 | 3 | 3,726,302 | 3,735,216 | 3 | ||||||||||||||||||
Accrued interest receivable | 13,008 | 13,008 | 3 | 12,338 | 12,338 | 3 | ||||||||||||||||||
Investment in FHLBank stock | 14,918 | 14,918 | 3 | 11,182 | 11,182 | 3 | ||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||
Deposits | 3,595,665 | 3,585,641 | 3 | 3,597,144 | 3,606,400 | 3 | ||||||||||||||||||
FHLBank advances | 240,000 | 240,000 | 3 | 127,500 | 127,500 | 3 | ||||||||||||||||||
Short-term borrowings | 113,544 | 113,544 | 3 | 97,135 | 97,135 | 3 | ||||||||||||||||||
Subordinated debentures | 25,774 | 25,774 | 3 | 25,774 | 25,774 | 3 | ||||||||||||||||||
Subordinated notes | 73,804 | 75,469 | 2 | 73,688 | 76,500 | 2 | ||||||||||||||||||
Accrued interest payable | 3,013 | 3,013 | 3 | 2,904 | 2,904 | 3 | ||||||||||||||||||
Unrecognized financial instruments (net of | ||||||||||||||||||||||||
contractual value) | ||||||||||||||||||||||||
Commitments to originate loans | — | — | 3 | — | — | 3 | ||||||||||||||||||
Letters of credit | 155 | 155 | 3 | 85 | 85 | 3 | ||||||||||||||||||
Lines of credit | — | — | 3 | — | — | 3 |
Location in | Fair Value | ||||||||
Consolidated Statements | June 30, | December 31, | |||||||
of Financial Condition | 2018 | 2017 | |||||||
(In Thousands) | |||||||||
Derivatives not designated | |||||||||
as hedging instruments | |||||||||
Asset Derivatives | |||||||||
Interest rate products | Prepaid expenses and other assets | $ | 1,273 | $ | 981 | ||||
Total derivatives not designated | |||||||||
as hedging instruments | $ | 1,273 | $ | 981 | |||||
Liability Derivatives | |||||||||
Interest rate products | Accrued expenses and other liabilities | $ | 1,273 | $ | 1,030 | ||||
Total derivatives not designated | |||||||||
as hedging instruments | $ | 1,273 | $ | 1,030 |
Location in | Fair Value | |||||||||
Consolidated Statements | September 30, | December 31, | ||||||||
of Financial Condition | 2018 | 2017 | ||||||||
(In Thousands) | ||||||||||
Derivatives not designated | ||||||||||
as hedging instruments | ||||||||||
Asset Derivatives | ||||||||||
Interest rate products | Prepaid expenses and other assets | $ | 1,453 | $ | 981 | |||||
Total derivatives not designated | ||||||||||
as hedging instruments | $ | 1,453 | $ | 981 | ||||||
Liability Derivatives | ||||||||||
Interest rate products | Accrued expenses and other liabilities | $ | 1,448 | $ | 1,030 | |||||
Total derivatives not designated | ||||||||||
as hedging instruments | $ | 1,448 | $ | 1,030 |
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||
Recognized in AOCI | Recognized in AOCI | |||||||||||||||
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||
Cash Flow Hedges | 2018 | 2017 | 2018 | 2017 | ||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Interest rate cap, net of income taxes | $ | — | $ | 46 | $ | — | $ | 64 | ||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||
Recognized in AOCI | Recognized in AOCI | |||||||||||||||
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||
Cash Flow Hedges | 2018 | 2017 | 2018 | 2017 | ||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Interest rate cap, net of income taxes | $ | — | $ | 97 | $ | — | $ | 161 | ||||||||
June 30, 2018 | December 31, 2017 | September 30, 2018 | December 31, 2017 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Goodwill – Branch acquisitions | $ | 5,396 | $ | 5,396 | $ | 5,396 | $ | 5,396 | ||||||||
Deposit intangibles | ||||||||||||||||
Sun Security Bank | 87 | 263 | — | 263 | ||||||||||||
InterBank | 109 | 181 | 73 | 181 | ||||||||||||
Boulevard Bank | 336 | 397 | 305 | 397 | ||||||||||||
Valley Bank | 1,200 | 1,400 | 1,100 | 1,400 | ||||||||||||
Fifth Third Bank | 2,897 | 3,213 | 2,739 | 3,213 | ||||||||||||
4,629 | 5,454 | 4,217 | 5,454 | |||||||||||||
$ | 10,025 | $ | 10,850 | $ | 9,613 | $ | 10,850 |
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 | 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, September 30 | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Subdivision construction | 98 | — | — | — | — | — | (7 | ) | 91 | 98 | — | — | — | — | (3 | ) | (95 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||
Land development | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family residential | 2,728 | 426 | — | (67 | ) | (236 | ) | (27 | ) | (233 | ) | 2,591 | 2,728 | 866 | — | (67 | ) | (467 | ) | (27 | ) | (282 | ) | 2,751 | ||||||||||||||||||||||||||||||||||||||||
Other residential | 1,877 | 3 | — | — | (1,601 | ) | (279 | ) | — | — | 1,877 | 3 | — | — | (1,601 | ) | (279 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,226 | 157 | — | — | (894 | ) | (101 | ) | (36 | ) | 352 | 1,226 | 157 | — | — | (894 | ) | (101 | ) | (42 | ) | 346 | ||||||||||||||||||||||||||||||||||||||||||
Commercial business | 2,063 | 2,158 | — | — | — | (778 | ) | (591 | ) | 2,852 | 2,063 | 2,321 | — | — | — | (1,027 | ) | (1,767 | ) | 1,590 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer | 3,263 | 1,554 | — | (331 | ) | (583 | ) | (1,055 | ) | (609 | ) | 2,239 | 3,263 | 2,100 | (7 | ) | (455 | ) | (705 | ) | (1,564 | ) | (844 | ) | 1,788 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 11,255 | $ | 4,298 | $ | — | $ | (398 | ) | $ | (3,314 | ) | $ | (2,240 | ) | $ | (1,476 | ) | $ | 8,125 | $ | 11,255 | $ | 5,447 | $ | (7 | ) | $ | (522 | ) | $ | (3,667 | ) | $ | (3,001 | ) | $ | (3,030 | ) | $ | 6,475 |
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 | 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, September 30 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Subdivision construction | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Land development | 4 | — | — | — | — | — | — | 4 | 4 | — | — | — | — | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family residential | 1,122 | 120 | — | — | — | — | (24 | ) | 1,218 | 1,122 | 120 | — | — | — | — | (188 | ) | 1,054 | ||||||||||||||||||||||||||||||||||||||||||||||
Other residential | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 5,759 | 2,056 | — | — | — | — | (1,145 | ) | 6,670 | 5,759 | 2,056 | (4,709 | ) | — | — | — | (1,161 | ) | 1,945 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial business | 503 | — | — | (407 | ) | — | — | (28 | ) | 68 | 503 | — | (59 | ) | (407 | ) | — | — | (37 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Consumer | 549 | 325 | (9 | ) | (36 | ) | — | (29 | ) | (85 | ) | 715 | 549 | 452 | (497 | ) | (49 | ) | — | (30 | ) | (175 | ) | 250 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 7,937 | $ | 2,501 | $ | (9 | ) | $ | (443 | ) | $ | — | $ | (29 | ) | $ | (1,282 | ) | $ | 8,675 | $ | 7,937 | $ | 2,628 | $ | (5,265 | ) | $ | (456 | ) | $ | — | $ | (30 | ) | $ | (1,561 | ) | $ | 3,253 |
Beginning Balance, January 1 | Additions | Sales | Capitalized Costs | Write- Downs | Ending Balance, June 30 | Beginning Balance, January 1 | Additions | Sales | Capitalized Costs | Write- Downs | Ending Balance, September 30 | |||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Subdivision construction | 5,413 | — | (1,077 | ) | — | (1,621 | ) | 2,715 | 5,413 | — | (1,272 | ) | — | (1,877 | ) | 2,264 | ||||||||||||||||||||||||||||||||
Land development | 7,729 | — | (986 | ) | — | (1,675 | ) | 5,068 | 7,729 | 20 | (1,580 | ) | — | (1,674 | ) | 4,495 | ||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
One- to four-family residential | 112 | 608 | (98 | ) | — | — | 622 | 112 | 820 | (275 | ) | — | — | 657 | ||||||||||||||||||||||||||||||||||
Other residential | 140 | 1,601 | (140 | ) | 143 | — | 1,744 | 140 | 1,601 | (1,884 | ) | 143 | — | — | ||||||||||||||||||||||||||||||||||
Commercial real estate | 1,194 | 894 | (343 | ) | — | — | 1,745 | 1,194 | 894 | (1,046 | ) | 10 | (50 | ) | 1,002 | |||||||||||||||||||||||||||||||||
Commercial business | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Consumer | 1,987 | 4,477 | (4,994 | ) | — | — | 1,470 | 1,987 | 6,095 | (7,062 | ) | — | — | 1,020 | ||||||||||||||||||||||||||||||||||
Total | $ | 16,575 | $ | 7,580 | $ | (7,638 | ) | $ | 143 | $ | (3,296 | ) | $ | 13,364 | $ | 16,575 | $ | 9,430 | $ | (13,119 | ) | $ | 153 | $ | (3,601 | ) | $ | 9,438 |
June 30, 2018(2) | Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | September 30, 2018(2) | Three Months Ended September 30, 2018 | Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable: (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family residential | 4.15 | % | $ | 437,856 | $ | 5,422 | 4.97 | % | $ | 461,321 | $ | 5,528 | 4.81 | % | 4.17 | % | $ | 453,090 | $ | 5,939 | 5.20 | % | $ | 450,286 | $ | 5,261 | 4.64 | % | ||||||||||||||||||||||||||||
Other residential | 4.88 | 744,809 | 9,347 | 5.03 | 690,405 | 7,717 | 4.48 | 4.97 | 782,595 | 10,163 | 5.15 | 708,745 | 8,135 | 4.55 | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 4.67 | 1,332,339 | 15,968 | 4.81 | 1,247,830 | 13,556 | 4.36 | 4.78 | 1,330,088 | 16,427 | 4.90 | 1,249,120 | 13,868 | 4.40 | ||||||||||||||||||||||||||||||||||||||||||
Construction | 4.94 | 553,787 | 7,246 | 5.25 | 422,683 | 4,756 | 4.51 | 5.11 | 593,540 | 8,272 | 5.53 | 483,592 | 5,769 | 4.73 | ||||||||||||||||||||||||||||||||||||||||||
Commercial business | 4.95 | 289,895 | 3,560 | 4.93 | 293,411 | 3,566 | 4.87 | 5.05 | 291,038 | 3,689 | 5.03 | 299,833 | 3,780 | 5.00 | ||||||||||||||||||||||||||||||||||||||||||
Other loans | 6.00 | 508,722 | 6,291 | 4.96 | 652,293 | 7,630 | 4.69 | 5.99 | 485,647 | 6,283 | 5.13 | 615,604 | 7,637 | 4.92 | ||||||||||||||||||||||||||||||||||||||||||
Industrial revenue bonds | 5.39 | 22,667 | 385 | 6.81 | 26,144 | 413 | 6.33 | 4.77 | 19,829 | 290 | 5.80 | 25,424 | 374 | 5.83 | ||||||||||||||||||||||||||||||||||||||||||
Total loans receivable | 4.96 | 3,890,075 | 48,219 | 4.97 | 3,794,087 | 43,166 | 4.56 | 5.03 | 3,955,827 | 51,063 | 5.12 | 3,832,604 | 44,824 | 4.64 | ||||||||||||||||||||||||||||||||||||||||||
Investment securities(1) | 3.18 | 188,589 | 1,291 | 2.75 | 211,944 | 1,327 | 2.51 | 3.24 | 193,390 | 1,425 | 2.92 | 204,652 | 1,214 | 2.35 | ||||||||||||||||||||||||||||||||||||||||||
Other interest-earning assets | 1.90 | 120,688 | 433 | 1.44 | 120,125 | 251 | 0.84 | 2.24 | 97,739 | 494 | 2.01 | 93,777 | 330 | 1.40 | ||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 4.76 | 4,199,352 | 49,943 | 4.77 | 4,126,156 | 44,744 | 4.35 | 4.88 | 4,246,956 | 52,982 | 4.95 | 4,131,033 | 46,368 | 4.45 | ||||||||||||||||||||||||||||||||||||||||||
Non-interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 97,295 | 108,131 | 97,033 | 108,953 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-earning assets | 199,003 | 217,764 | 186,994 | 207,122 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 4,495,650 | $ | 4,452,051 | $ | 4,530,983 | $ | 4,447,108 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand and savings | 0.37 | $ | 1,573,936 | 1,435 | 0.37 | $ | 1,569,069 | 1,137 | 0.29 | 0.43 | $ | 1,506,907 | 1,523 | 0.40 | $ | 1,529,811 | 1,185 | 0.31 | ||||||||||||||||||||||||||||||||||||||
Time deposits | 1.61 | 1,284,414 | 4,688 | 1.46 | 1,419,996 | 3,867 | 1.09 | 1.77 | 1,376,907 | 5,829 | 1.68 | 1,371,147 | 3,946 | 1.14 | ||||||||||||||||||||||||||||||||||||||||||
Total deposits | 0.95 | 2,858,350 | 6,123 | 0.86 | 2,989,065 | 5,004 | 0.67 | 1.08 | 2,883,814 | 7,352 | 1.01 | 2,900,958 | 5,131 | 0.70 | ||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings and structured repurchase agreements | 0.04 | 141,268 | 180 | 0.51 | 234,655 | 318 | 0.54 | 0.01 | 141,864 | 177 | 0.49 | 147,126 | 118 | 0.32 | ||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures issued to capital trusts | 3.96 | 25,774 | 238 | 3.70 | 25,774 | 252 | 3.92 | 3.94 | 25,774 | 252 | 3.88 | 25,774 | 267 | 4.11 | ||||||||||||||||||||||||||||||||||||||||||
Subordinated notes | 5.56 | 73,752 | 1,024 | 5.57 | 73,594 | 1,025 | 5.59 | 5.55 | 73,791 | 1,024 | 5.51 | 73,636 | 1,025 | 5.52 | ||||||||||||||||||||||||||||||||||||||||||
FHLBank advances | 2.06 | 233,363 | 1,166 | 2.00 | 30,378 | 244 | 3.22 | 2.18 | 216,674 | 1,192 | 2.18 | 171,728 | 546 | 1.26 | ||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 1.14 | 3,332,507 | 8,731 | 1.05 | 3,353,466 | 6,843 | 0.82 | 1.24 | 3,341,917 | 9,997 | 1.19 | 3,319,222 | 7,087 | 0.85 | ||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | 653,281 | 621,429 | 660,629 | 637,156 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 20,744 | 26,984 | 22,428 | 28,355 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 4,006,532 | 4,001,879 | 4,024,974 | 3,984,733 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | 489,118 | 450,172 | 506,009 | 462,375 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 4,495,650 | $ | 4,452,051 | $ | 4,530,983 | $ | 4,447,108 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | 3.62 | % | $ | 41,212 | 3.72 | % | $ | 37,901 | 3.53 | % | 3.64 | % | $ | 42,985 | 3.76 | % | $ | 39,281 | 3.60 | % | ||||||||||||||||||||||||||||||||||||
Net interest margin* | 3.94 | % | 3.68 | % | 4.02 | % | 3.77 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 126.0 | % | 123.0 | % | 127.1 | % | 124.5 | % |
_______________________ | |
* | 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 |
(2) | The yield on loans at |
June 30, 2018(2) | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | September 30, 2018(2) | Nine Months Ended September 30, 2018 | Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable: (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family residential | 4.15 | % | $ | 434,507 | $ | 10,605 | 4.92 | % | $ | 472,667 | $ | 11,624 | 4.96 | % | 4.17 | % | $ | 440,769 | $ | 16,544 | 5.02 | % | $ | 465,125 | $ | 16,885 | 4.85 | % | ||||||||||||||||||||||||||||
Other residential | 4.88 | 741,782 | 18,186 | 4.94 | 684,965 | 15,243 | 4.49 | 4.97 | 755,536 | 28,349 | 5.02 | 692,979 | 23,377 | 4.51 | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 4.67 | 1,289,141 | 30,326 | 4.74 | 1,232,317 | 27,085 | 4.43 | 4.78 | 1,302,940 | 46,753 | 4.80 | 1,237,979 | 40,954 | 4.42 | ||||||||||||||||||||||||||||||||||||||||||
Construction | 4.94 | 536,478 | 13,734 | 5.16 | 412,200 | 9,132 | 4.47 | 5.11 | 555,708 | 22,007 | 5.29 | 436,259 | 14,902 | 4.57 | ||||||||||||||||||||||||||||||||||||||||||
Commercial business | 4.95 | 287,329 | 6,904 | 4.85 | 293,984 | 7,380 | 5.06 | 5.05 | 288,579 | 10,592 | 4.91 | 295,955 | 11,160 | 5.04 | ||||||||||||||||||||||||||||||||||||||||||
Other loans | 6.00 | 524,995 | 12,887 | 4.95 | 670,642 | 15,660 | 4.71 | 5.99 | 511,735 | 19,170 | 5.01 | 652,095 | 23,296 | 4.78 | ||||||||||||||||||||||||||||||||||||||||||
Industrial revenue bonds | 5.39 | 23,188 | 742 | 6.45 | 26,752 | 786 | 5.92 | 4.77 | 22,056 | 1,032 | 6.25 | 26,304 | 1,160 | 5.90 | ||||||||||||||||||||||||||||||||||||||||||
Total loans receivable | 4.96 | 3,837,420 | 93,384 | 4.91 | 3,793,527 | 86,910 | 4.62 | 5.03 | 3,877,323 | 144,447 | 4.98 | 3,806,696 | 131,734 | 4.63 | ||||||||||||||||||||||||||||||||||||||||||
Investment securities(1) | 3.18 | 187,803 | 2,601 | 2.79 | 216,130 | 2,742 | 2.56 | 3.24 | 189,686 | 4,026 | 2.84 | 212,262 | 3,957 | 2.49 | ||||||||||||||||||||||||||||||||||||||||||
Other interest-earning assets | 1.90 | 109,944 | 841 | 1.54 | 129,826 | 505 | 0.78 | 2.24 | 105,831 | 1,335 | 1.69 | 117,678 | 834 | 0.95 | ||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 4.76 | 4,135,167 | 96,826 | 4.72 | 4,139,483 | 90,157 | 4.39 | 4.88 | 4,172,840 | 149,808 | 4.80 | 4,136,636 | 136,525 | 4.41 | ||||||||||||||||||||||||||||||||||||||||||
Non-interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 99,818 | 107,974 | 98,879 | 108,303 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-earning assets | 198,226 | 221,130 | 194,441 | 216,409 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 4,433,211 | $ | 4,468,587 | $ | 4,466,160 | $ | 4,461,348 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand and savings | 0.37 | $ | 1,569,299 | 2,745 | 0.35 | $ | 1,562,247 | 2,232 | 0.29 | 0.43 | $ | 1,548,273 | 4,268 | 0.37 | $ | 1,551,316 | 3,417 | 0.29 | ||||||||||||||||||||||||||||||||||||||
Time deposits | 1.61 | 1,307,814 | 8,961 | 1.38 | 1,453,943 | 7,737 | 1.07 | 1.77 | 1,331,098 | 14,790 | 1.49 | 1,426,041 | 11,683 | 1.10 | ||||||||||||||||||||||||||||||||||||||||||
Total deposits | 0.95 | 2,877,113 | 11,706 | 0.82 | 3,016,190 | 9,969 | 0.67 | 1.08 | 2,879,371 | 19,058 | 0.88 | 2,977,357 | 15,100 | 0.68 | ||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings and structured repurchase agreements | 0.04 | 120,494 | 208 | 0.35 | 236,076 | 544 | 0.46 | 0.01 | 127,696 | 385 | 0.40 | 206,100 | 662 | 0.43 | ||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures issued to capital trusts | 3.96 | 25,774 | 440 | 3.44 | 25,774 | 493 | 3.86 | 3.94 | 25,774 | 692 | 3.59 | 25,774 | 760 | 3.94 | ||||||||||||||||||||||||||||||||||||||||||
Subordinated notes | 5.56 | 73,733 | 2,049 | 5.60 | 73,573 | 2,050 | 5.62 | 5.55 | 73,752 | 3,073 | 5.57 | 73,594 | 3,075 | 5.59 | ||||||||||||||||||||||||||||||||||||||||||
FHLBank advances | 2.06 | 189,682 | 1,772 | 1.88 | 30,905 | 499 | 3.26 | 2.18 | 198,778 | 2,964 | 1.99 | 78,362 | 1,045 | 1.78 | ||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 1.14 | 3,286,796 | 16,175 | 0.99 | 3,382,518 | 13,555 | 0.81 | 1.24 | 3,305,371 | 26,172 | 1.06 | 3,361,187 | 20,642 | 0.82 | ||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | 641,969 | 614,827 | 648,257 | 622,352 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 19,788 | 26,710 | 20,678 | 27,264 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 3,948,553 | 4,024,055 | 3,974,306 | 4,010,803 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | 484,658 | 444,532 | 491,854 | 450,545 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 4,433,211 | $ | 4,468,587 | $ | 4,466,160 | $ | 4,461,348 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | 3.62 | % | $ | 80,651 | 3.73 | % | $ | 76,602 | 3.58 | % | 3.64 | % | $ | 123,636 | 3.74 | % | $ | 115,883 | 3.59 | % | ||||||||||||||||||||||||||||||||||||
Net interest margin* | 3.93 | % | 3.73 | % | 3.96 | % | 3.75 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 125.8 | % | 122.4 | % | 126,.2 | % | 123.1 | % |
_______________________ | |
* | 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 |
(2) | The yield on loans at |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||
2018 vs. 2017 | 2018 vs. 2017 | |||||||||||||||||||||||
Increase | Increase | |||||||||||||||||||||||
(Decrease) | Total | (Decrease) | Total | |||||||||||||||||||||
Due to | Increase | Due to | Increase | |||||||||||||||||||||
Rate | Volume | (Decrease) | Rate | Volume | (Decrease) | |||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans receivable | $ | 3,939 | $ | 1,114 | $ | 5,053 | $ | 4,762 | $ | 1,477 | $ | 6,239 | ||||||||||||
Investment securities | 118 | (154 | ) | (36 | ) | 281 | (70 | ) | 211 | |||||||||||||||
Other interest-earning assets | 181 | 1 | 182 | 150 | 14 | 164 | ||||||||||||||||||
Total interest-earning assets | 4,238 | 961 | 5,199 | 5,193 | 1,421 | 6,614 | ||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 294 | 4 | 298 | 356 | (18 | ) | 338 | |||||||||||||||||
Time deposits | 1,218 | (397 | ) | 821 | 1,866 | 17 | 1,883 | |||||||||||||||||
Total deposits | 1,512 | (393 | ) | 1,119 | 2,222 | (1 | ) | 2,221 | ||||||||||||||||
Short-term borrowings | (18 | ) | (120 | ) | (138 | ) | 63 | (4 | ) | 59 | ||||||||||||||
Subordinated debentures issued to capital trust | (14 | ) | — | (14 | ) | (15 | ) | — | (15 | ) | ||||||||||||||
Subordinated notes | (3 | ) | 2 | (1 | ) | (3 | ) | 2 | (1 | ) | ||||||||||||||
FHLBank advances | (125 | ) | 1,047 | 922 | 476 | 170 | 646 | |||||||||||||||||
Total interest-bearing liabilities | 1,352 | 536 | 1,888 | 2,743 | 167 | 2,910 | ||||||||||||||||||
Net interest income | $ | 2,886 | $ | 425 | $ | 3,311 | $ | 2,450 | $ | 1,254 | $ | 3,704 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2018 vs. 2017 | 2018 vs. 2017 | |||||||||||||||||||||||
Increase | Increase | |||||||||||||||||||||||
(Decrease) | Total | (Decrease) | Total | |||||||||||||||||||||
Due to | Increase | Due to | Increase | |||||||||||||||||||||
Rate | Volume | (Decrease) | Rate | Volume | (Decrease) | |||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans receivable | $ | 5,459 | $ | 1,015 | $ | 6,474 | $ | 10,232 | $ | 2,481 | $ | 12,713 | ||||||||||||
Investment securities | 238 | (379 | ) | (141 | ) | 515 | (446 | ) | 69 | |||||||||||||||
Other interest-earning assets | 424 | (88 | ) | 336 | 592 | (91 | ) | 501 | ||||||||||||||||
Total interest-earning assets | 6,121 | 548 | 6,669 | 11,339 | 1,944 | 13,283 | ||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 503 | 10 | 513 | 858 | (7 | ) | 851 | |||||||||||||||||
Time deposits | 2,060 | (836 | ) | 1,224 | 3,928 | (821 | ) | 3,107 | ||||||||||||||||
Total deposits | 2,563 | (826 | ) | 1,737 | 4,786 | (828 | ) | 3,958 | ||||||||||||||||
Short-term borrowings | (114 | ) | (222 | ) | (336 | ) | (38 | ) | (239 | ) | (277 | ) | ||||||||||||
Subordinated debentures issued to capital trust | (53 | ) | — | (53 | ) | (68 | ) | — | (68 | ) | ||||||||||||||
Subordinated notes | (1 | ) | — | (1 | ) | (2 | ) | — | (2 | ) | ||||||||||||||
FHLBank advances | (292 | ) | 1,565 | 1,273 | 137 | 1,782 | 1,919 | |||||||||||||||||
Total interest-bearing liabilities | 2,103 | 517 | 2,620 | 4,815 | 715 | 5,530 | ||||||||||||||||||
Net interest income | $ | 4,018 | $ | 31 | $ | 4,049 | $ | 6,524 | $ | 1,229 | $ | 7,753 |
June 30, 2018 | March 31, 2018 | December 31, 2017 | December 31, 2016 | December 31, 2015 | September 30, 2018 | June 30, 2018 | March 31, 2018 | December 31, 2017 | December 31, 2016 | December 31, 2015 | ||||||||||||||||||||||||||||||||||
Closed loans with unused available lines | ||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate (one- to four-family) | $ | 144,994 | $ | 138,375 | $ | 133,587 | $ | 123,433 | $ | 105,390 | $ | 151,880 | $ | 144,994 | $ | 138,375 | $ | 133,587 | $ | 123,433 | $ | 105,390 | ||||||||||||||||||||||
Secured by real estate (not one- to four-family) | 15,306 | 12,382 | 10,836 | 26,062 | 21,857 | 13,179 | 15,306 | 12,382 | 10,836 | 26,062 | 21,857 | |||||||||||||||||||||||||||||||||
Not secured by real estate - commercial business | 104,749 | 108,262 | 113,317 | 79,937 | 63,865 | 92,229 | 104,749 | 108,262 | 113,317 | 79,937 | 63,865 | |||||||||||||||||||||||||||||||||
Closed construction loans with unused available lines | ||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate (one-to four-family) | 31,221 | 29,757 | 20,919 | 10,047 | 14,242 | 26,470 | 31,221 | 29,757 | 20,919 | 10,047 | 14,242 | |||||||||||||||||||||||||||||||||
Secured by real estate (not one-to four-family) | 830,592 | 749,926 | 718,277 | 542,326 | 385,969 | 838,962 | 830,592 | 749,926 | 718,277 | 542,326 | 385,969 | |||||||||||||||||||||||||||||||||
Loan Commitments not closed | ||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate (one-to four-family) | 47,040 | 37,144 | 23,340 | 15,884 | 13,411 | 30,226 | 47,040 | 37,144 | 23,340 | 15,884 | 13,411 | |||||||||||||||||||||||||||||||||
Secured by real estate (not one-to four-family) | 128,200 | 200,192 | 156,658 | 119,126 | 120,817 | 180,552 | 128,200 | 200,192 | 156,658 | 119,126 | 120,817 | |||||||||||||||||||||||||||||||||
Not secured by real estate - commercial business | — | 12,995 | 4,870 | 7,022 | — | 11,521 | — | 12,995 | 4,870 | 7,022 | — | |||||||||||||||||||||||||||||||||
$ | 1,302,102 | $ | 1,289,033 | $ | 1,181,804 | $ | 923,837 | $ | 725,551 | $ | 1,345,019 | $ | 1,302,102 | $ | 1,289,033 | $ | 1,181,804 | $ | 923,837 | $ | 725,551 |
Federal Home Loan Bank line | $ | |
Federal Reserve Bank line | $ | |
Cash and cash equivalents | $ | |
Unpledged securities | $ |
June 30, | December 31, | September 30, | December 31, | |||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||
Common equity at period end | $ | 490,271 | $ | 471,662 | $ | 508,127 | $ | 471,662 | ||||||||
Less: Intangible assets at period end | 10,025 | 10,850 | 9,613 | 10,850 | ||||||||||||
Tangible common equity at period end (a) | $ | 480,246 | $ | 460,812 | $ | 498,514 | $ | 460,812 | ||||||||
Total assets at period end | $ | 4,568,863 | $ | 4,414,521 | $ | 4,584,086 | $ | 4,414,521 | ||||||||
Less: Intangible assets at period end | 10,025 | 10,850 | 9,613 | 10,850 | ||||||||||||
Tangible assets at period end (b) | $ | 4,558,838 | $ | 4,403,671 | $ | 4,574,473 | $ | 4,403,671 | ||||||||
Tangible common equity to tangible assets (a) / (b) | 10.53 | % | 10.46 | % | 10.90 | % | 10.46 | % |
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) | |||||||||||||
-- | $ | -- | -- | 500,000 | ||||||||||||
-- | -- | -- | 500,000 | |||||||||||||
-- | -- | -- | 500,000 | |||||||||||||
-- | $ | -- | -- |
_______________________ | |||
(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. |
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 | |
(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 2018 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, 2017 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, 2017 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. | ||
(11) | Statement re computation of per share earnings | |
Included in Note 4 to the Consolidated Financial Statements. | ||
(15) | Letter re unaudited interim financial information | |
Inapplicable. | ||
(18) | Letter re change in accounting principles | |
Inapplicable. | ||
(19) | Report furnished to securityholders. | |
Inapplicable. | ||
(22) | Published report regarding matters submitted to vote of security holders | |
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. | ||
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 |
Great Southern Bancorp, Inc. | |
Registrant | |
Date: November 5, 2018 | /s/ Joseph W. Turner |
Joseph W. Turner President and Chief Executive Officer (Principal Executive Officer) | |
Date: November 5, 2018 | /s/ Rex A. Copeland |
Rex A. Copeland Treasurer (Principal Financial and Accounting Officer) |