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Maryland
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43-1524856
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(State of Incorporation)
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(IRS Employer Identification Number)
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1451 E. Battlefield, Springfield, Missouri
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65804
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(Address of Principal Executive Offices)
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(Zip Code)
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(417) 887-4400
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Registrant's telephone number, including area code
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Title of Each Class
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Name of Each Exchange on Which Registered
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Common Stock, par value $0.01 per share
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The NASDAQ Stock Market LLC
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Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
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Yes [ ] No [X]
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Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
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Yes [ ] No [X]
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Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
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Yes [X] No [ ]
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Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
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Yes [X] No [ ]
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Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K. [ ]
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Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of "accelerated filer," "large accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):
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Large accelerated filer [ ] Accelerated filer [X] Non-accelerated filer [ ](Do not check if a smaller reporting company)
Smaller reporting company [ ]
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Indicated by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).
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Yes [ ] No [X]
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The aggregate market value of the common stock of the Registrant held by non-affiliates of the Registrant on June 30, 2010, computed by reference to the closing price of such shares on that date, was $205,873,209. At March 3, 2011, 13,454,439 shares of the Registrant's common stock were outstanding.
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ITEM 1.
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BUSINESS
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1
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1
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Great Southern Bank
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1
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Forward-Looking Statements
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2
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Internet Website
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2
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Market Areas
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2
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Lending Activities
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3
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Loan Portfolio Composition
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4
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Environmental Issues
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12
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Residential Real Estate Lending
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12
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Commercial Real Estate and Construction Lending
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13
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Other Commercial Lending
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14
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Consumer Lending
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15
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Originations, Purchases, Sales and Servicing of Loans
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16
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Loan Delinquencies and Defaults
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17
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Classified Assets
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18
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Non-Performing Assets
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19
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Allowances for Losses on Loans and Foreclosed Assets
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21
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Investment Activities
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23
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Sources of Funds
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29
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Subsidiaries
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35
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Competition
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36
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Employees
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36
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Government Supervision and Regulation
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37
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Federal and State Taxation
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41
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ITEM 1A.
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RISK FACTORS
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43
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ITEM 1B.
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UNRESOLVED STAFF COMMENTS
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53
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ITEM 2.
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PROPERTIES.
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53
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ITEM 3.
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LEGAL PROCEEDINGS.
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53
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ITEM 4.
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RESERVED
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53
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ITEM 4A.
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EXECUTIVE OFFICERS OF THE REGISTRANT.
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53
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ITEM 5.
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MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED
STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
SECURITIES
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55
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ITEM 6.
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SELECTED CONSOLIDATED FINANCIAL DATA
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56
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ITEM 7.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATION
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59
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ITEM 7A.
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QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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90
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ITEM 8.
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FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
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95
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ITEM 9.
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CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE
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171
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ITEM 9A.
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CONTROLS AND PROCEDURES.
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171
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ITEM 9B.
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OTHER INFORMATION.
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173
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ITEM 10.
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DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.
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174
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ITEM 11.
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EXECUTIVE COMPENSATION.
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174
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ITEM 12.
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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT AND RELATED STOCKHOLDER MATTERS
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174
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ITEM 13.
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CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND
DIRECTOR INDEPENDENCE.
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174
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ITEM 14.
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PRINCIPAL ACCOUNTANT FEES AND SERVICES.
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175
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ITEM 15.
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EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.
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176
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December 31,
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||||||||||||||||||||||||||||||||||||||||
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2010
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2009
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2008
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2007
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2006
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Amount
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%
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Amount
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%
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Amount
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%
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Amount
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%
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Amount
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%
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|||||||||||||||||||||||||||||||
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(Dollars In Thousands)
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||||||||||||||||||||||||||||||||||||||||
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Real Estate Loans:
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||||||||||||||||||||||||||||||||||||||||
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One- to four- family
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$ | 257,261 | 15.1 | % | $ | 248,892 | 14.1 | % | $ | 226,796 | 12.4 | % | $ | 191,970 | 9.1 | % | $ | 176,630 | 9.1 | % | ||||||||||||||||||||
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Other residential
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207,059 | 12.2 | 185,757 | 10.5 | 127,122 | 7.0 | 87,177 | 4.1 | 73,366 | 3.8 | ||||||||||||||||||||||||||||||
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Commercial and industrial
revenue bonds
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599,025 | 35.2 | 633,373 | 35.9 | 536,963 | 29.4 | 532,797 | 25.3 | 529,046 | 27.4 | ||||||||||||||||||||||||||||||
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Residential construction:
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One- to four- family
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106,128 | 6.2 | 147,367 | 8.3 | 230,862 | 12.6 | 318,131 | 15.1 | 347,287 | 18.0 | ||||||||||||||||||||||||||||||
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Other residential
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10,000 | 0.6 | 22,012 | 1.3 | 64,903 | 3.6 | 83,720 | 4.0 | 69,077 | 3.6 | ||||||||||||||||||||||||||||||
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Commercial construction
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163,214 | 9.6 | 187,663 | 10.7 | 309,200 | 16.9 | 517,208 | 24.6 | 443,286 | 22.9 | ||||||||||||||||||||||||||||||
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Total real estate loans
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1,342,687 | 78.9 | 1,425,064 | 80.8 | 1,495,846 | 81.9 | 1,731,003 | 82.2 | 1,638,692 | 84.8 | ||||||||||||||||||||||||||||||
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Other Loans:
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Consumer loans:
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Guaranteed student loans
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--- | --- | 10,808 | 0.6 | 7,066 | 0.4 | 3,342 | 0.2 | 3,592 | 0.2 | ||||||||||||||||||||||||||||||
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Automobile, boat, etc.
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124,441 | 7.3 | 126,227 | 7.2 | 132,344 | 7.2 | 112,984 | 5.4 | 96,242 | 5.0 | ||||||||||||||||||||||||||||||
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Home equity and improvement
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47,534 | 2.8 | 47,954 | 2.7 | 50,672 | 2.8 | 44,287 | 2.1 | 42,824 | 2.2 | ||||||||||||||||||||||||||||||
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Other
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1,184 | 0.1 | 1,330 | 0.1 | 1,315 | 0.1 | 4,161 | 0.2 | 2,152 | 0.1 | ||||||||||||||||||||||||||||||
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Total consumer loans
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173,159 | 10.2 | 186,319 | 10.6 | 191,397 | 10.5 | 164,774 | 7.9 | 144,810 | 7.5 | ||||||||||||||||||||||||||||||
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Other commercial loans
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185,880 | 10.9 | 151,278 | 8.6 | 139,592 | 7.6 | 207,059 | 9.9 | 149,593 | 7.7 | ||||||||||||||||||||||||||||||
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Total other loans
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359,039 | 21.1 | 337,597 | 19.2 | 330,989 | 18.1 | 371,833 | 17.8 | 294,403 | 15.2 | ||||||||||||||||||||||||||||||
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Total loans
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1,701,726 | 100.0 | % | 1,762,661 | 100.0 | % | 1,826,835 | 100.0 | % | 2,102,836 | 100.0 | % | 1,933,095 | 100.0 | % | |||||||||||||||||||||||||
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Less:
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Loans in process
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63,108 | 54,729 | 73,855 | 254,562 | 229,794 | |||||||||||||||||||||||||||||||||||
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Deferred fees and discounts
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2,541 | 2,161 | 2,126 | 2,704 | 2,425 | |||||||||||||||||||||||||||||||||||
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Allowance for loan losses
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41,487 | 40,101 | 29,163 | 25,459 | 26,258 | |||||||||||||||||||||||||||||||||||
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Total loans receivable, net
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$ | 1,594,590 | $ | 1,665,670 | $ | 1,721,691 | $ | 1,820,111 | $ | 1,674,618 | ||||||||||||||||||||||||||||||
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December 31,
|
||||||||||||||||
|
2010
|
2009
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|||||||||||||||
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Amount
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%
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Amount
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%
|
|||||||||||||
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(Dollars In Thousands)
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||||||||||||||||
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Real Estate Loans:
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||||||||||||||||
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Residential
|
||||||||||||||||
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One- to four- family
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$ | 25,646 | 17.8 | % | $ | 35,146 | 17.6 | % | ||||||||
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Other residential (multi-family)
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6,412 | 4.4 | 7,992 | 4.0 | ||||||||||||
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Commercial and industrial revenue bonds
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75,515 | 52.2 | 93,942 | 47.0 | ||||||||||||
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Construction
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19,708 | 13.6 | 32,043 | 16.1 | ||||||||||||
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Total real estate loans
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127,281 | 88.0 | 169,123 | 84.7 | ||||||||||||
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Other Loans:
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||||||||||||||||
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Consumer loans:
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||||||||||||||||
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Home equity and improvement
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5,608 | 3.9 | 6,511 | 3.2 | ||||||||||||
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Other
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850 | 0.6 | 2,521 | 1.3 | ||||||||||||
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Total consumer loans
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6,458 | 4.5 | 9,032 | 4.5 | ||||||||||||
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Other commercial loans
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10,894 | 7.5 | 21,619 | 10.8 | ||||||||||||
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Total other loans
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17,352 | 12.0 | 30,651 | 15.3 | ||||||||||||
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Total loans
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$ | 144,633 | 100.0 | % | $ | 199,774 | 100.0 | % | ||||||||
|
December 31,
|
||||||||||||||||
|
2010
|
2009
|
|||||||||||||||
|
Amount
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%
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Amount
|
%
|
|||||||||||||
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(Dollars In Thousands)
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||||||||||||||||
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Real Estate Loans:
|
||||||||||||||||
|
Residential
|
||||||||||||||||
|
One- to four- family
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$ | 45,932 | 28.7 | % | $ | 64,430 | 28.5 | % | ||||||||
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Other residential (multi-family)
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16,866 | 10.5 | 19,241 | 8.5 | ||||||||||||
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Commercial and industrial revenue bonds
|
53,189 | 33.2 | 71,963 | 31.9 | ||||||||||||
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Construction
|
7,298 | 4.6 | 10,550 | 4.7 | ||||||||||||
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Total real estate loans
|
123,285 | 77.0 | 166,184 | 73.6 | ||||||||||||
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Other Loans:
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||||||||||||||||
|
Consumer loans:
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||||||||||||||||
|
Student loans
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1,276 | 0.8 | 1,063 | 0.5 | ||||||||||||
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Home equity and improvement
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5,933 | 3.7 | 9,353 | 4.1 | ||||||||||||
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Other
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25,348 | 15.8 | 35,030 | 15.5 | ||||||||||||
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Total consumer loans
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32,557 | 20.3 | 45,446 | 20.1 | ||||||||||||
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Other commercial loans
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4,321 | 2.7 | 14,320 | 6.3 | ||||||||||||
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Total other loans
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36,878 | 23.0 | 59,766 | 26.4 | ||||||||||||
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Total loans
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$ | 160,163 | 100.0 | % | $ | 225,950 | 100.0 | % | ||||||||
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December 31,
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2010
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2009
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2008
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2008
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2006
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Amount
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%
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Amount
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%
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Amount
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%
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Amount
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%
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Amount
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%
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(Dollars In Thousands)
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Fixed-Rate Loans:
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Real Estate Loans
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One- to four- family
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$ | 109,703 | 6.5 | % | $ | 92,164 | 5.2 | % | $ | 71,990 | 3.9 | % | $ | 48,790 | 2.3 | % | $ | 33,378 | 1.7 | % | ||||||||||||||||||||
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Other residential
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118,727 | 7.0 | 79,152 | 4.5 | 44,436 | 2.4 | 34,798 | 1.7 | 31,575 | 1.6 | ||||||||||||||||||||||||||||||
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Commercial
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255,678 | 15.0 | 211,862 | 12.0 | 185,631 | 10.2 | 158,223 | 7.5 | 117,701 | 6.1 | ||||||||||||||||||||||||||||||
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Residential construction:
|
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One- to four-family
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27,168 | 1.6 | 26,547 | 1.5 | 22,054 | 1.2 | 17,872 | 0.8 | 9,740 | 0.5 | ||||||||||||||||||||||||||||||
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Other residential
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2,450 | 0.1 | 2,693 | 0.2 | 7,977 | 0.5 | 4,040 | 0.2 | 10,946 | 0.6 | ||||||||||||||||||||||||||||||
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Commercial construction
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76,383 | 4.5 | 29,941 | 1.7 | 22,897 | 1.3 | 12,483 | 0.6 | 8,495 | 0.4 | ||||||||||||||||||||||||||||||
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Total real estate loans
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590,109 | 34.7 | 442,359 | 25.1 | 354,985 | 19.5 | 276,206 | 13.1 | 211,835 | 10.9 | ||||||||||||||||||||||||||||||
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Consumer
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126,636 | 7.4 | 139,812 | 7.9 | 142,848 | 7.8 | 123,232 | 5.9 | 104,789 | 5.4 | ||||||||||||||||||||||||||||||
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Other commercial
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74,206 | 4.4 | 43,271 | 2.5 | 27,653 | 1.5 | 33,903 | 1.6 | 26,173 | 1.4 | ||||||||||||||||||||||||||||||
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Total fixed-rate loans
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790,951 | 46.5 | 625,442 | 35.5 | 525,486 | 28.8 | 433,341 | 20.6 | 342,797 | 17.7 | ||||||||||||||||||||||||||||||
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Adjustable-Rate Loans:
|
||||||||||||||||||||||||||||||||||||||||
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Real Estate Loans
|
||||||||||||||||||||||||||||||||||||||||
|
One- to four- family
|
147,558 | 8.7 | 156,728 | 8.9 | 154,806 | 8.5 | 143,180 | 6.8 | 143,252 | 7.4 | ||||||||||||||||||||||||||||||
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Other residential
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88,332 | 5.2 | 106,605 | 6.1 | 82,686 | 4.6 | 52,379 | 2.5 | 41,791 | 2.2 | ||||||||||||||||||||||||||||||
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Commercial
|
343,347 | 20.2 | 421,511 | 23.9 | 351,332 | 19.2 | 374,574 | 17.8 | 411,346 | 21.3 | ||||||||||||||||||||||||||||||
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Residential construction:
|
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|
One- to four- family
|
78,960 | 4.6 | 121,312 | 6.9 | 208,808 | 11.4 | 300,259 | 14.3 | 337,547 | 17.4 | ||||||||||||||||||||||||||||||
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Other residential
|
7,550 | 0.4 | 19,319 | 1.1 | 56,926 | 3.1 | 79,680 | 3.8 | 58,131 | 3.0 | ||||||||||||||||||||||||||||||
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Commercial construction
|
86,831 | 5.1 | 157,229 | 8.9 | 286,303 | 15.6 | 504,725 | 24.0 | 434,791 | 22.5 | ||||||||||||||||||||||||||||||
|
Total real estate loans
|
752,578 | 44.2 | 982,704 | 55.8 | 1,140,861 | 62.4 | 1,454,797 | 69.2 | 1,426,858 | 73.8 | ||||||||||||||||||||||||||||||
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Consumer
|
46,523 | 2.7 | 46,508 | 2.6 | 48,549 | 2.7 | 41,542 | 2.0 | 40,020 | 2.1 | ||||||||||||||||||||||||||||||
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Other commercial
|
111,674 | 6.6 | 108,007 | 6.1 | 111,939 | 6.1 | 173,156 | 8.2 | 123,420 | 6.4 | ||||||||||||||||||||||||||||||
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Total adjustable-rate loans
|
910,775 | 53.5 | 1,137,219 | 64.5 | 1,301,349 | 71.2 | 1,669,495 | 79.4 | 1,590,298 | 82.3 | ||||||||||||||||||||||||||||||
|
Total Loans
|
1,701,726 | 100.0 | % | 1,762,661 | 100.0 | % | 1,826,835 | 100.0 | % | 2,102,836 | 100.0 | % | 1,933,095 | 100.0 | % | |||||||||||||||||||||||||
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Less:
|
||||||||||||||||||||||||||||||||||||||||
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Loans in process
|
63,108 | 54,729 | 73,855 | 254,562 | 229,794 | |||||||||||||||||||||||||||||||||||
|
Deferred fees and discounts
|
2,541 | 2,161 | 2,126 | 2,704 | 2,425 | |||||||||||||||||||||||||||||||||||
|
Allowance for loan losses
|
41,487 | 40,101 | 29,163 | 25,459 | 26,258 | |||||||||||||||||||||||||||||||||||
|
Total loans receivable, net
|
$ | 1,594,590 | $ | 1,665,670 | $ | 1,721,691 | $ | 1,820,111 | $ | 1,674,618 | ||||||||||||||||||||||||||||||
|
December 31,
|
||||||||||||||||
|
2010
|
2009
|
|||||||||||||||
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||
|
(Dollars In Thousands)
|
||||||||||||||||
|
Fixed-Rate Loans:
|
||||||||||||||||
|
Real Estate Loans
|
||||||||||||||||
|
Residential
|
||||||||||||||||
|
One- to four- family
|
$ | 11,943 | 5.4 | % | $ | 20,449 | 6.3 | % | ||||||||
|
Other residential
|
5,330 | 2.4 | 5,955 | 1.8 | ||||||||||||
|
Commercial
|
52,018 | 23.5 | 65,801 | 20.1 | ||||||||||||
|
Construction
|
26,992 | 12.2 | 41,305 | 12.6 | ||||||||||||
|
Total real estate loans
|
96,283 | 43.5 | 133,510 | 40.8 | ||||||||||||
|
Consumer loans
|
1,021 | 0.5 | 2,450 | 0.8 | ||||||||||||
|
Other commercial loans
|
9,751 | 4.4 | 16,028 | 4.9 | ||||||||||||
|
Total fixed-rate loans
|
107,055 | 48.4 | 151,988 | 46.5 | ||||||||||||
|
Adjustable-Rate Loans:
|
||||||||||||||||
|
Real Estate Loans
|
||||||||||||||||
|
Residential
|
||||||||||||||||
|
One- to four- family
|
20,702 | 9.3 | 23,466 | 7.2 | ||||||||||||
|
Other residential
|
1,617 | 0.7 | 2,126 | 0.7 | ||||||||||||
|
Commercial
|
49,088 | 22.2 | 64,414 | 19.7 | ||||||||||||
|
Construction
|
28,602 | 12.9 | 65,615 | 20.1 | ||||||||||||
|
Total real estate loans
|
100,009 | 45.1 | 155,621 | 47.7 | ||||||||||||
|
Consumer loans
|
6,716 | 3.0 | 7,606 | 2.3 | ||||||||||||
|
Other commercial loans
|
7,699 | 3.5 | 11,553 | 3.5 | ||||||||||||
|
Total adjustable-rate loans
|
114,424 | 51.6 | 174,780 | 53.5 | ||||||||||||
|
Total loans
|
$ | 221,479 | 100.0 | % | $ | 326,768 | 100.0 | % | ||||||||
|
December 31,
|
||||||||||||||||
|
2010
|
2009
|
|||||||||||||||
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||
|
(Dollars In Thousands)
|
||||||||||||||||
|
Fixed-Rate Loans:
|
||||||||||||||||
|
Real Estate Loans
|
||||||||||||||||
|
Residential
|
||||||||||||||||
|
One- to four- family
|
$ | 35,384 | 17.0 | % | $ | 47,653 | 16.4 | % | ||||||||
|
Other residential
|
6,885 | 3.3 | 9,086 | 3.1 | ||||||||||||
|
Commercial
|
33,505 | 16.1 | 47,845 | 16.4 | ||||||||||||
|
Construction
|
3,204 | 1.5 | 8,658 | 3.0 | ||||||||||||
|
Total real estate loans
|
78,978 | 37.9 | 113,242 | 38.9 | ||||||||||||
|
Consumer loans
|
29,093 | 2.4 | 38,459 | 13.2 | ||||||||||||
|
Other commercial loans
|
5,089 | 14.0 | 7,218 | 2.5 | ||||||||||||
|
Total fixed-rate loans
|
113,160 | 54.3 | 158,919 | 54.6 | ||||||||||||
|
Adjustable-Rate Loans:
|
||||||||||||||||
|
Real Estate Loans
|
||||||||||||||||
|
Residential
|
||||||||||||||||
|
One- to four- family
|
19,109 | 9.2 | 25,419 | 8.7 | ||||||||||||
|
Other residential
|
12,183 | 5.9 | 12,568 | 4.3 | ||||||||||||
|
Commercial
|
35,770 | 17.2 | 49,896 | 17.2 | ||||||||||||
|
Construction
|
7,655 | 3.7 | 9,145 | 3.2 | ||||||||||||
|
Total real estate loans
|
74,717 | 36.0 | 97,028 | 33.4 | ||||||||||||
|
Consumer loans
|
10,866 | 5.2 | 14,950 | 5.1 | ||||||||||||
|
Other commercial loans
|
9,420 | 4.5 | 20,039 | 6.9 | ||||||||||||
|
Total adjustable-rate loans
|
95,003 | 45.7 | 132,017 | 45.4 | ||||||||||||
|
Total loans
|
$ | 208,163 | 100.0 | % | $ | 290,936 | 100.0 | % | ||||||||
|
Less Than
One Year
|
One to Five
Years
|
After Five
Years
|
Total
|
|||||||||||||
|
(In Thousands)
|
||||||||||||||||
|
Real Estate Loans:
|
||||||||||||||||
|
Residential
|
||||||||||||||||
|
One- to four- family
|
$
|
52,984
|
$
|
57,727
|
$
|
146,550
|
$
|
257,261
|
||||||||
|
Other residential
|
95,604
|
77,202
|
34,253
|
207,059
|
||||||||||||
|
Commercial
|
260,642
|
244,462
|
93,921
|
599,025
|
||||||||||||
|
Residential construction:
|
||||||||||||||||
|
One- to four- family
|
77,035
|
24,866
|
4,227
|
106,128
|
||||||||||||
|
Other residential
|
9,184
|
793
|
23
|
10,000
|
||||||||||||
|
Commercial construction
|
95,131
|
58,745
|
9,338
|
163,214
|
||||||||||||
|
Total real estate loans
|
590,580
|
463,795
|
288,312
|
1,342,687
|
||||||||||||
|
Other Loans:
|
||||||||||||||||
|
Consumer loans:
|
||||||||||||||||
|
Automobile
|
19,019
|
38,432
|
66,990
|
124,441
|
||||||||||||
|
Home equity and improvement
|
5,249
|
14,961
|
27,324
|
47,534
|
||||||||||||
|
Other
|
1,184
|
---
|
---
|
1,184
|
||||||||||||
|
Total consumer loans
|
25,452
|
53,393
|
94,314
|
173,159
|
||||||||||||
|
Other commercial loans
|
78,088
|
74,633
|
33,159
|
185,880
|
||||||||||||
|
Total other loans
|
103,540
|
128,026
|
127,473
|
359,039
|
||||||||||||
|
Total loans
|
$
|
694,120
|
$
|
591,821
|
$
|
415,785
|
$
|
1,701,726
|
||||||||
|
Less Than
One Year
|
One to Five
Years
|
After Five
Years
|
Total
|
|||||||||||||
|
(In Thousands)
|
||||||||||||||||
|
Real Estate Loans:
|
||||||||||||||||
|
Residential
|
||||||||||||||||
|
One- to four- family
|
$
|
5,505
|
$
|
3,870
|
$
|
23,270
|
$
|
32,645
|
||||||||
|
Other residential
|
5,332
|
391
|
1,224
|
6,947
|
||||||||||||
|
Commercial
|
48,564
|
14,558
|
37,984
|
101,106
|
||||||||||||
|
Construction
|
39,148
|
14,542
|
1,904
|
55,594
|
||||||||||||
|
Total real estate loans
|
98,549
|
33,361
|
64,382
|
196,292
|
||||||||||||
|
Other Loans:
|
||||||||||||||||
|
Consumer loans:
|
||||||||||||||||
|
Home equity and improvement
|
2
|
1,919
|
4,787
|
6,708
|
||||||||||||
|
Other
|
252
|
769
|
8
|
1,029
|
||||||||||||
|
Total consumer loans
|
254
|
2,688
|
4,795
|
7,737
|
||||||||||||
|
Other commercial loans
|
11,248
|
2,639
|
3,563
|
17,450
|
||||||||||||
|
Total other loans
|
11,502
|
5,327
|
8,358
|
25,187
|
||||||||||||
|
Total loans
|
$
|
110,051
|
$
|
38,688
|
$
|
72,740
|
$
|
221,479
|
||||||||
|
Less Than
One Year
|
One to Five
Years
|
After Five
Years
|
Total
|
|||||||||||||
|
(In Thousands)
|
||||||||||||||||
|
Real Estate Loans:
|
||||||||||||||||
|
Residential
|
||||||||||||||||
|
One- to four- family
|
$
|
3,626
|
$
|
16,217
|
$
|
34,650
|
$
|
54,493
|
||||||||
|
Other residential
|
1,503
|
11,313
|
6,252
|
19,068
|
||||||||||||
|
Commercial
|
17,718
|
28,644
|
22,913
|
69,275
|
||||||||||||
|
Construction
|
7,300
|
3,452
|
107
|
10,859
|
||||||||||||
|
Total real estate loans
|
30,147
|
59,626
|
63,922
|
153,695
|
||||||||||||
|
Other Loans:
|
||||||||||||||||
|
Consumer loans:
|
||||||||||||||||
|
Student loans
|
1,276
|
---
|
---
|
1,276
|
||||||||||||
|
Home equity and improvement
|
73
|
---
|
9,720
|
9,793
|
||||||||||||
|
Other
|
1,254
|
4,873
|
22,763
|
28,890
|
||||||||||||
|
Total consumer loans
|
2,603
|
4,873
|
32,483
|
39,959
|
||||||||||||
|
Other commercial loans
|
7,328
|
4,265
|
2,916
|
14,509
|
||||||||||||
|
Total other loans
|
9,931
|
9,138
|
35,399
|
54,468
|
||||||||||||
|
Total loans
|
$
|
40,078
|
$
|
68,764
|
$
|
99,321
|
$
|
208,163
|
||||||||
|
Collateral Type
|
Loan Balance
|
Percentage of
Total Loan
Portfolio
|
Non-Performing
Loans at
December 31, 2010
|
|||
|
(Dollars In Thousands)
|
||||||
|
Apartments
|
$174,098
|
10.2%
|
$ 585
|
|||
|
Health Care Facilities
|
$134,380
|
7.9%
|
$ 0
|
|||
|
Motels/Hotels
|
$116,750
|
6.9%
|
$2,450
|
|||
|
Retail (Varied Projects)
|
$ 96,757
|
5.7%
|
$1,465
|
|||
|
Office/Warehouse Facilities
|
$ 80,807
|
4.8%
|
$ 314
|
|||
|
Subdivisions
|
$ 69,671
|
4.1%
|
$1,637
|
|||
|
30-59 Days Past Due
|
60-89 Days Past Due
|
Over 90 Days
|
Total Past Due
|
Current
|
Total
Loans
Receivable
|
|||||||||||||||||||||||||||||||||||
| # |
Amount
|
# |
Amount
|
# |
Amount
|
# |
Amount
|
Amount
|
Amount
|
|||||||||||||||||||||||||||||||
|
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
|
One- to four-family
residential construction
|
2 | $ | 261 | — | $ | — | 2 | $ | 578 | 4 | $ | 839 | $ | 28,263 | $ | 29,102 | ||||||||||||||||||||||||
|
Subdivision construction
|
7 | 281 | 5 | 1,015 | 11 | 1,860 | 23 | 3,156 | 83,493 | 86,649 | ||||||||||||||||||||||||||||||
|
Land development
|
2 | 2,730 | — | — | 11 | 5,668 | 13 | 8,398 | 42,616 | 51,014 | ||||||||||||||||||||||||||||||
|
Commercial construction
|
— | — | — | — | — | — | — | — | 112,577 | 112,577 | ||||||||||||||||||||||||||||||
|
Owner occupied one- to
four-family residential
|
38 | 4,856 | 5 | 914 | 19 | 2,724 | 62 | 8,494 | 89,605 | 98,099 | ||||||||||||||||||||||||||||||
|
Non-owner occupied one-
to four-family residential
|
18 | 2,085 | 20 | 2,130 | 31 | 2,831 | 69 | 7,046 | 129,938 | 136,984 | ||||||||||||||||||||||||||||||
|
Commercial real estate
|
6 | 2,749 | 7 | 8,546 | 14 | 6,074 | 27 | 17,369 | 512,908 | 530,277 | ||||||||||||||||||||||||||||||
|
Other residential
|
— | — | 2 | 4,011 | 2 | 4,202 | 4 | 8,213 | 202,633 | 210,846 | ||||||||||||||||||||||||||||||
|
Commercial business
|
3 | 350 | 2 | 355 | 10 | 1,642 | 15 | 2,347 | 183,518 | 185,865 | ||||||||||||||||||||||||||||||
|
Industrial revenue bonds
|
— | — | — | — | 1 | 2,190 | 1 | 2,190 | 62,451 | 64,641 | ||||||||||||||||||||||||||||||
|
Consumer auto
|
80 | 427 | 8 | 35 | 18 | 94 | 106 | 556 | 48,436 | 48,992 | ||||||||||||||||||||||||||||||
|
Consumer other
|
61 | 1,331 | 12 | 318 | 41 | 1,417 | 114 | 3,066 | 74,265 | 77,331 | ||||||||||||||||||||||||||||||
|
Home equity lines of credit
|
5 | 152 | 4 | 160 | 11 | 140 | 20 | 452 | 46,400 | 46,852 | ||||||||||||||||||||||||||||||
|
FDIC-supported loans, net
of discounts (TeamBank)
|
47 | 2,719 | 12 | 3,731 | 102 | 13,285 | 161 | 19,735 | 124,898 | 144,633 | ||||||||||||||||||||||||||||||
|
FDIC-supported loans, net
of discounts
(Vantus Bank)
|
64 | 2,277 | 24 | 1,414 | 32 | 9,399 | 120 | 13,090 | 147,073 | 160,163 | ||||||||||||||||||||||||||||||
| 333 | 20,218 | 101 | 22,629 | 305 | 52,104 | 739 | 94,951 | 1,889,074 | 1,984,025 | |||||||||||||||||||||||||||||||
|
Less FDIC-supported loans,
net of discounts
|
111 | 4,996 | 36 | 5,145 | 134 | 22,684 | 281 | 32,825 | 271,971 | 304,796 | ||||||||||||||||||||||||||||||
|
Total
|
222 | $ | 15,222 | 65 | $ | 17,484 | 171 | $ | 29,420 | 458 | $ | 62,126 | $ | 1,617,103 | $ | 1,679,229 | ||||||||||||||||||||||||
|
December 31, 2010
|
||||||||||||||||||||
|
Asset Category
|
Substandard
|
Doubtful
|
Loss
|
Total
Classified
|
Allowance
for Losses
|
|||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||
|
Investment securities
|
$ | 1,109 | $ | --- | $ | --- | $ | 1,109 | $ | --- | ||||||||||
|
Loans
|
84,390 | --- | --- | 84,390 | 10,897 | |||||||||||||||
|
Foreclosed assets
|
47,958 | --- | --- | 47,958 | --- | |||||||||||||||
|
Total
|
$ | 133,457 | $ | --- | $ | --- | $ | 133,457 | $ | 10,897 | ||||||||||
|
December 31, 2009
|
||||||||||||||||||||
|
Asset Category
|
Substandard
|
Doubtful
|
Loss
|
Total
Classified
|
Allowance
for Losses
|
|||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||
|
Investment securities
|
$ | 1,789 | $ | --- | $ | --- | $ | 1,789 | $ | --- | ||||||||||
|
Loans
|
75,725 | --- | --- | 75,725 | 10,415 | |||||||||||||||
|
Foreclosed assets
|
38,853 | --- | --- | 38,853 | --- | |||||||||||||||
|
Total
|
$ | 116,367 | $ | --- | $ | --- | $ | 116,367 | $ | 10,415 | ||||||||||
|
December 31,
|
||||||||||||||||||||
|
2010
|
2009
|
2008
|
2007
|
2006
|
||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||
|
Non-accruing loans:
|
||||||||||||||||||||
|
One- to four-family residential
|
$
|
5,555
|
$
|
6,720
|
$
|
3,635
|
$
|
4,836
|
$
|
1,627
|
||||||||||
|
One- to four-family construction
|
578
|
373
|
2,187
|
1,767
|
3,931
|
|||||||||||||||
|
Other residential
|
4,203
|
479
|
9,344
|
(1)
|
561
|
---
|
||||||||||||||
|
Commercial real estate
|
6,074
|
(5)
|
8,888
|
(4)
|
2,480
|
9,145
|
6,247
|
|||||||||||||
|
Other commercial
|
3,832
|
743
|
1,220
|
5,923
|
4,843
|
|||||||||||||||
|
Commercial construction
|
7,528
|
(6)
|
8,310
|
(3)
|
13,703
|
(2)
|
12,935
|
(1)
|
2,968
|
|||||||||||
|
Consumer
|
1,063
|
487
|
315
|
112
|
186
|
|||||||||||||||
|
Total gross non-accruing loans
|
28,833
|
26,000
|
32,884
|
35,279
|
19,802
|
|||||||||||||||
|
Loans over 90 days delinquent
still accruing interest:
|
||||||||||||||||||||
|
One- to four-family residential
|
---
|
103
|
---
|
38
|
---
|
|||||||||||||||
|
Commercial real estate
|
---
|
---
|
---
|
---
|
59
|
|||||||||||||||
|
Other commercial
|
---
|
---
|
---
|
34
|
---
|
|||||||||||||||
|
Commercial construction
|
---
|
---
|
---
|
---
|
121
|
|||||||||||||||
|
Consumer
|
587
|
387
|
318
|
124
|
261
|
|||||||||||||||
|
Total loans over 90 days delinquent
still accruing interest
|
587
|
490
|
318
|
196
|
441
|
|||||||||||||||
|
Other impaired loans
|
---
|
---
|
---
|
---
|
---
|
|||||||||||||||
|
Total gross non-performing loans
|
29,420
|
26,490
|
33,202
|
35,475
|
20,243
|
|||||||||||||||
|
Foreclosed assets:
|
||||||||||||||||||||
|
One- to four-family residential
|
2,896
|
5,662
|
4,810
|
742
|
80
|
|||||||||||||||
|
One- to four-family construction
|
2,510
|
1,372
|
3,148
|
7,701
|
400
|
|||||||||||||||
|
Other residential
|
4,178
|
---
|
---
|
---
|
3,190
|
|||||||||||||||
|
Commercial real estate
|
4,565
|
2,143
|
6,905
|
5,130
|
825
|
|||||||||||||||
|
Commercial construction
|
34,433
|
28,586
|
17,050
|
6,416
|
2
|
|||||||||||||||
|
Total foreclosed assets
|
48,582
|
37,763
|
31,913
|
19,989
|
4,497
|
|||||||||||||||
|
Repossessions
|
318
|
572
|
746
|
410
|
271
|
|||||||||||||||
|
Total gross non-performing assets
|
$
|
78,320
|
$
|
64,825
|
$
|
65,861
|
$
|
55,874
|
$
|
25,011
|
||||||||||
|
Total gross non-performing assets as a
percentage of average total assets
|
2.30
|
%
|
1.90
|
%
|
2.61
|
%
|
2.39
|
%
|
1.15
|
%
|
||||||||||
|
(1)
|
One relationship was $10.3 million of this total at December 31, 2007. The project was completed in the first quarter of 2008 and was reclassified from “construction” to “other residential.” The outstanding balance of the relationship was reduced to $6.1 million at December 31, 2008.
|
|
(2)
|
One relationship was $8.3 million of this total at December 31, 2008.
|
|
(3)
|
A portion of one relationship was $4.0 million of this total at December 31, 2009. The total relationship is $5.3 million.
|
|
(4)
|
One relationship was $2.8 million of this total at December 31, 2009.
|
|
(5)
|
The largest two loans in this category were $1.4 million and $1.0 million, respectively, at December 31, 2010.
|
|
(6)
|
The largest loan in this category had a balance of $2.0 million at December 31, 2010.
|
|
December 31,
|
||||||||||||||||||||||||||||||||||||||||
|
2010
|
2009
|
2008
|
2007
|
2006
|
||||||||||||||||||||||||||||||||||||
|
Amount
|
% of
Loans to
Total
Loans (2)
|
Amount
|
% of
Loans to
Total
Loans
|
Amount
|
% of
Loans to
Total
Loans
|
Amount
|
% of
Loans to
Total
Loans
|
Amount
|
% of
Loans to
Total
Loans
|
|||||||||||||||||||||||||||||||
|
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
|
One- to four-family residential
and construction
|
$
|
11,453
|
21.3
|
%
|
$
|
11,698
|
22.5
|
%
|
$
|
11,942
|
25.1
|
%
|
$
|
6,042
|
26.2
|
%
|
$
|
2,029
|
27.1
|
%
|
||||||||||||||||||||
|
Other residential and construction
|
3,866
|
12.8
|
3,006
|
11.8
|
2,667
|
10.5
|
1,929
|
8.1
|
1,436
|
7.4
|
||||||||||||||||||||||||||||||
|
Commercial real estate
|
14,336
|
35.2
|
9,281
|
32.4
|
4,049
|
29.4
|
2,257
|
22.4
|
9,363
|
27.4
|
||||||||||||||||||||||||||||||
|
Commercial construction
|
5,852
|
9.6
|
9,663
|
10.7
|
6,371
|
16.9
|
10,266
|
22.7
|
9,189
|
22.9
|
||||||||||||||||||||||||||||||
|
Other commercial
|
2,481
|
10.9
|
3,590
|
12.0
|
1,897
|
7.6
|
2,736
|
12.8
|
2,150
|
7.7
|
||||||||||||||||||||||||||||||
|
Consumer and overdrafts
|
2,669
|
10.2
|
2,863
|
10.6
|
2,237
|
10.5
|
2,229
|
7.8
|
2,091
|
7.5
|
||||||||||||||||||||||||||||||
|
Loans covered by loss sharing
agreements (1)
|
830
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
||||||||||||||||||||||||||||||
|
Total
|
$
|
41,487
|
100.0
|
%
|
$
|
40,101
|
100.0
|
%
|
$
|
29,163
|
100.0
|
%
|
$
|
25,459
|
100.0
|
%
|
$
|
26,258
|
100.0
|
%
|
||||||||||||||||||||
|
______________
(1) Associated with this allowance at December 31, 2010, is a receivable from the FDIC totaling $664,000 under the loss sharing agreements which will be collected if this loss is realized.
(2) Excludes loans covered by loss sharing agreements.
|
||||||||||||||||||||||||||||||||||||||||
|
December 31,
|
||||||||||||||||||||
|
2010
|
2009
|
2008
|
2007
|
2006
|
||||||||||||||||
|
(Dollars In Thousands)
|
||||||||||||||||||||
|
Balance at beginning of period
|
$
|
40,101
|
$
|
29,163
|
$
|
25,459
|
$
|
26,258
|
$
|
24,549
|
||||||||||
|
Charge-offs:
|
||||||||||||||||||||
|
One- to four-family residential
|
3,069
|
2,714
|
1,278
|
413
|
164
|
|||||||||||||||
|
Other residential
|
1,214
|
1,878
|
342
|
---
|
96
|
|||||||||||||||
|
Commercial real estate
|
11,495
|
9,235
|
886
|
1,122
|
310
|
|||||||||||||||
|
Construction
|
17,407
|
6,977
|
7,501
|
3,564
|
1,618
|
|||||||||||||||
|
Consumer, overdrafts and other loans
|
4,084
|
4,700
|
4,111
|
3,568
|
3,729
|
|||||||||||||||
|
Other commercial
|
2,779
|
4,935
|
38,909
|
202
|
324
|
|||||||||||||||
|
Total charge-offs
|
40,048
|
30,439
|
53,027
|
8,869
|
6,241
|
|||||||||||||||
|
Recoveries:
|
||||||||||||||||||||
|
One- to four-family residential
|
162
|
776
|
111
|
24
|
59
|
|||||||||||||||
|
Other residential
|
151
|
---
|
---
|
16
|
1
|
|||||||||||||||
|
Commercial real estate
|
606
|
19
|
164
|
40
|
27
|
|||||||||||||||
|
Construction
|
561
|
1,207
|
334
|
183
|
41
|
|||||||||||||||
|
Consumer, overdrafts and other loans
|
2,295
|
2,173
|
2,279
|
2,132
|
2,290
|
|||||||||||||||
|
Other commercial
|
2,029
|
1,402
|
1,643
|
200
|
82
|
|||||||||||||||
|
Total recoveries
|
5,804
|
5,577
|
4,531
|
2,595
|
2,500
|
|||||||||||||||
|
Net charge-offs
|
34,244
|
24,862
|
48,496
|
6,274
|
3,741
|
|||||||||||||||
|
Provision for losses on loans
|
35,630
|
35,800
|
52,200
|
5,475
|
5,450
|
|||||||||||||||
|
Balance at end of period
|
$
|
41,487
|
$
|
40,101
|
$
|
29,163
|
$
|
25,459
|
$
|
26,258
|
||||||||||
|
Ratio of net charge-offs to average loans
outstanding
|
2.05
|
%
|
1.44
|
%
|
2.63
|
%
|
0.35
|
%
|
0.23
|
%
|
||||||||||
|
December 31, 2010
|
||||||||||||||||
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
|
(In Thousands)
|
||||||||||||||||
|
AVAILABLE-FOR-SALE SECURITIES:
|
||||||||||||||||
|
U.S. government agencies
|
$
|
4,000
|
$
|
---
|
$
|
20
|
$
|
3,980
|
||||||||
|
Collateralized mortgage obligations
|
8,311
|
183
|
814
|
7,680
|
||||||||||||
|
Mortgage-backed securities
|
590,085
|
10,879
|
1,753
|
599,211
|
||||||||||||
|
Small Business Administration loan pools
|
60,063
|
851
|
---
|
60,914
|
||||||||||||
|
Corporate bonds
|
49
|
---
|
28
|
21
|
||||||||||||
|
States and political subdivisions
|
99,314
|
378
|
4,075
|
95,617
|
||||||||||||
|
Equity securities
|
1,230
|
893
|
---
|
2,123
|
||||||||||||
|
Total available-for-sale securities
|
$
|
763,052
|
$
|
13,184
|
$
|
6,690
|
$
|
769,546
|
||||||||
|
HELD-TO-MATURITY SECURITIES:
|
||||||||||||||||
|
States and political subdivisions
|
$
|
1,125
|
$
|
175
|
$
|
---
|
$
|
1,300
|
||||||||
|
Total held-to-maturity securities
|
$
|
1,125
|
$
|
175
|
$
|
---
|
$
|
1,300
|
||||||||
|
December 31, 2009
|
||||||||||||||||
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
|
(In Thousands)
|
||||||||||||||||
|
AVAILABLE-FOR-SALE SECURITIES:
|
||||||||||||||||
|
U.S. government agencies
|
$
|
15,931
|
$
|
28
|
$
|
---
|
$
|
15,959
|
||||||||
|
Collateralized mortgage obligations
|
51,221
|
1,042
|
527
|
51,736
|
||||||||||||
|
Mortgage-backed securities
|
614,338
|
18,508
|
672
|
632,174
|
||||||||||||
|
Corporate bonds
|
49
|
21
|
13
|
57
|
||||||||||||
|
States and political subdivisions
|
63,686
|
705
|
1,904
|
62,487
|
||||||||||||
|
Equity securities
|
1, 374
|
504
|
---
|
1,878
|
||||||||||||
|
Total available-for-sale securities
|
$
|
746,599
|
$
|
20,808
|
$
|
3,116
|
$
|
764,291
|
||||||||
|
HELD-TO-MATURITY SECURITIES:
|
||||||||||||||||
|
U.S. government agencies
|
$
|
15,000
|
$
|
---
|
$
|
365
|
$
|
14,635
|
||||||||
|
States and political subdivisions
|
1,290
|
140
|
---
|
1,430
|
||||||||||||
|
Total held-to-maturity securities
|
$
|
16,290
|
$
|
140
|
$
|
365
|
$
|
16,065
|
||||||||
|
December 31, 2008
|
||||||||||||||||
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
|
(In Thousands)
|
||||||||||||||||
|
AVAILABLE-FOR-SALE SECURITIES:
|
||||||||||||||||
|
U.S. government agencies
|
$
|
34,968
|
$
|
32
|
$
|
244
|
$
|
34,756
|
||||||||
|
Collateralized mortgage obligations
|
73,976
|
585
|
2,647
|
71,914
|
||||||||||||
|
Mortgage-backed securities
|
480,349
|
6,029
|
1,182
|
485,196
|
||||||||||||
|
Corporate bonds
|
1,500
|
---
|
295
|
1,205
|
||||||||||||
|
States and political subdivisions
|
55,545
|
107
|
2,549
|
53,103
|
||||||||||||
|
Equity securities
|
1,552
|
---
|
48
|
1,504
|
||||||||||||
|
Total available-for-sale securities
|
$
|
647,890
|
$
|
6,753
|
$
|
6,965
|
$
|
647,678
|
||||||||
|
HELD-TO-MATURITY SECURITIES:
|
||||||||||||||||
|
States and political subdivisions
|
$
|
1,360
|
$
|
62
|
$
|
---
|
$
|
1,422
|
||||||||
|
Total held-to-maturity securities
|
$
|
1,360
|
$
|
62
|
$
|
---
|
$
|
1,422
|
||||||||
|
Gross
|
Gross
|
|||||||||||||||
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
|
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
|
(In Thousands)
|
||||||||||||||||
|
Collateralized mortgage obligations
|
||||||||||||||||
|
FHLMC fixed
|
$ | 602 | $ | 7 | $ | — | $ | 609 | ||||||||
|
GNMA fixed
|
1,421 | 7 | — | 1,428 | ||||||||||||
|
Total agency
|
2,023 | 14 | — | 2,037 | ||||||||||||
|
Nonagency fixed
|
2,201 | 23 | — | 2,224 | ||||||||||||
|
Nonagency variable
|
4,087 | 146 | 814 | 3,419 | ||||||||||||
|
Total nonagency
|
6,288 | 169 | 814 | 5,643 | ||||||||||||
|
Total collateralized mortgage obligations
|
$ | 8,311 | $ | 183 | $ | 814 | $ | 7,680 | ||||||||
|
Total fixed
|
$ | 4,224 | $ | 37 | $ | — | $ | 4,261 | ||||||||
|
Total variable
|
4,087 | 146 | 814 | 3,419 | ||||||||||||
|
Total collateralized mortgage obligations
|
$ | 8,311 | $ | 183 | $ | 814 | $ | 7,680 | ||||||||
|
Mortgage-backed securities
|
||||||||||||||||
|
FHLMC fixed
|
$ | 28,153 | $ | 1,573 | $ | — | $ | 29,726 | ||||||||
|
FHLMC hybrid ARM
|
72,358 | 3,782 | 3 | 76,137 | ||||||||||||
|
Total FHLMC
|
100,511 | 5,355 | 3 | 105,863 | ||||||||||||
|
FNMA fixed
|
29,333 | 1,246 | 55 | 30,524 | ||||||||||||
|
FNMA hybrid ARM
|
54,660 | 2,766 | — | 57,426 | ||||||||||||
|
Total FNMA
|
83,993 | 4,012 | 55 | 87,950 | ||||||||||||
|
GNMA fixed
|
6,753 | 220 | — | 6,973 | ||||||||||||
|
GNMA hybrid ARM
|
398,828 | 1,292 | 1,695 | 398,425 | ||||||||||||
|
Total GNMA
|
405,581 | 1,512 | 1,695 | 405,398 | ||||||||||||
|
Total mortgage-backed securities
|
$ | 590,085 | $ | 10,879 | $ | 1,753 | $ | 599,211 | ||||||||
|
Total fixed
|
$ | 64,239 | $ | 3,039 | $ | 55 | $ | 67,223 | ||||||||
|
Total hybrid ARM
|
525,846 | 7,840 | 1,698 | 531,988 | ||||||||||||
|
Total mortgage-backed securities
|
$ | 590,085 | $ | 10,879 | $ | 1,753 | $ | 599,211 | ||||||||
|
Cost
|
Tax-Equivalent
Amortized
Yield
|
Fair Value
|
||||||||||
|
(Dollars In Thousands)
|
||||||||||||
|
One year or less
|
$
|
265
|
6.17
|
%
|
$
|
271
|
||||||
|
After one through five years
|
6,029
|
3.64
|
%
|
6,045
|
||||||||
|
After five through ten years
|
8,813
|
6.00
|
%
|
8,874
|
||||||||
|
After ten years
|
148,319
|
4.48
|
%
|
145,342
|
||||||||
|
Securities not due on a single maturity date
|
598,396
|
3.34
|
%
|
606,891
|
||||||||
|
Equity securities
|
1,230
|
0.18
|
%
|
2,123
|
||||||||
|
Total
|
$
|
763,052
|
3.59
|
%
|
$
|
769,546
|
||||||
|
One Year
or Less
|
After One
Through
Five
Years
|
After
Five
Through
Ten
Years
|
After Ten
Years
|
Securities
Not Due
on a
Single
Maturity
Date
|
Equity
Securities
|
Total
|
||||||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||
|
U.S. government agencies
|
$ | --- | $ | 3,980 | $ | --- | $ | --- | $ | --- | $ | --- | $ | 3,980 | ||||||||||||||
|
Collateralized mortgage obligations
|
--- | --- | --- | --- | 7,680 | --- | 7,680 | |||||||||||||||||||||
|
Mortgage-backed securities
|
--- | --- | --- | --- | 599,211 | --- | 599,211 | |||||||||||||||||||||
|
Small Business Administration loan pools
|
--- | --- | --- | 60,914 | --- | --- | 60,914 | |||||||||||||||||||||
|
States and political subdivisions
|
271 | 2,065 | 8,874 | 84,407 | --- | --- | 95,617 | |||||||||||||||||||||
|
Corporate bonds
|
--- | --- | --- | 21 | --- | --- | 21 | |||||||||||||||||||||
|
Equity securities
|
--- | --- | --- | --- | --- | 2,123 | 2,123 | |||||||||||||||||||||
|
Total
|
$ | 271 | $ | 6,045 | $ | 8,874 | $ | 145,342 | $ | 606,891 | $ | 2,123 | $ | 769,546 | ||||||||||||||
|
Cost
|
Tax-Equivalent
Amortized
Yield
|
Approximate
Fair Value
|
||||||||||
|
(Dollars In Thousands)
|
||||||||||||
|
After five through ten years
|
$
|
1,125
|
7.31
|
%
|
$
|
1,300
|
||||||
| 2010 | ||||||||||||||||||||||||
| Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
| Description of Securities | Fair Value |
Unrealized
Losses
|
Fair Value |
Unrealized
Losses
|
Fair Value |
Unrealized
Losses
|
||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||
|
U.S. government agencies
|
$
|
3,980
|
$
|
20
|
$
|
---
|
$
|
---
|
$
|
3,980
|
$
|
20
|
||||||||||||
|
Mortgage-backed securities
|
231,524
|
1,753
|
---
|
---
|
231,524
|
1,753
|
||||||||||||||||||
|
Collateralized mortgage
obligations
|
---
|
---
|
1,809
|
814
|
1,809
|
814
|
||||||||||||||||||
|
State and political
subdivisions
|
56,221
|
2,328
|
5,257
|
1,747
|
61,478
|
4,075
|
||||||||||||||||||
|
Corporate bonds
|
8
|
24
|
14
|
4
|
22
|
28
|
||||||||||||||||||
|
$
|
291,733
|
$
|
4,125
|
$
|
7,080
|
$
|
2,565
|
$
|
298,813
|
$
|
6,690
|
|||||||||||||
|
2009
|
||||||||||||||||||||||||
|
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
|
Description of Securities
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||
|
U.S. government agencies
|
$
|
14,635
|
$
|
365
|
$
|
---
|
$
|
---
|
$
|
14,635
|
$
|
365
|
||||||||||||
|
Mortgage-backed securities
|
102,796
|
672
|
---
|
---
|
102,796
|
672
|
||||||||||||||||||
|
State and political
subdivisions
|
9,876
|
156
|
8,216
|
1,748
|
18,092
|
1,904
|
||||||||||||||||||
|
Corporate bonds
|
5
|
13
|
---
|
---
|
5
|
13
|
||||||||||||||||||
|
Collateralized mortgage
obligations
|
1,993
|
385
|
2,464
|
142
|
4,457
|
527
|
||||||||||||||||||
|
$
|
129,305
|
$
|
1,591
|
$
|
10,680
|
$
|
1,890
|
$
|
139,985
|
$
|
3,481
|
|||||||||||||
|
2008
|
||||||||||||||||||||||||
|
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
|
Description of Securities
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||
|
U.S. government agencies
|
$
|
29,756
|
$
|
244
|
$
|
---
|
$
|
---
|
$
|
29,756
|
$
|
244
|
||||||||||||
|
Mortgage-backed securities
|
129,048
|
1,010
|
8,479
|
172
|
137,527
|
1,182
|
||||||||||||||||||
|
State and political
subdivisions
|
37,491
|
1,739
|
2,124
|
810
|
39,615
|
2,549
|
||||||||||||||||||
|
Corporate bonds
|
440
|
60
|
766
|
235
|
1,206
|
295
|
||||||||||||||||||
|
Equity securities
|
---
|
---
|
452
|
48
|
452
|
48
|
||||||||||||||||||
|
Collateralized mortgage
obligations
|
3,609
|
232
|
10,063
|
2,415
|
13,672
|
2,647
|
||||||||||||||||||
|
$
|
200,344
|
$
|
3,285
|
$
|
21,884
|
$
|
3,680
|
$
|
222,228
|
$
|
6,965
|
|||||||||||||
|
December 31,
|
||||||||||||||||||||||||||||
|
2010
|
2009
|
2008
|
||||||||||||||||||||||||||
|
Amount
|
Percent of
Total
|
Amount
|
Percent of
Total
|
Amount
|
Percent of
Total
|
|||||||||||||||||||||||
|
(Dollars In Thousands)
|
||||||||||||||||||||||||||||
|
Time deposits:
|
||||||||||||||||||||||||||||
|
0.00% - 1.99%
|
$
|
838,619
|
32.31
|
%
|
$
|
781,565
|
28.80
|
%
|
$
|
38,987
|
2.05
|
%
|
||||||||||||||||
|
2.00% - 2.99%
|
298,029
|
11.48
|
513,837
|
18.93
|
205,426
|
10.77
|
||||||||||||||||||||||
|
3.00% - 3.99%
|
28,398
|
1.09
|
103,217
|
3.80
|
446,799
|
23.43
|
||||||||||||||||||||||
|
4.00% - 4.99%
|
126,001
|
4.86
|
222,142
|
8.19
|
646,458
|
33.90
|
||||||||||||||||||||||
|
5.00% - 5.99%
|
8,346
|
0.32
|
12,927
|
0.48
|
42,847
|
2.25
|
||||||||||||||||||||||
|
6.00% - 6.99%
|
311
|
0.01
|
586
|
0.02
|
869
|
0.05
|
||||||||||||||||||||||
|
7.00% and above
|
---
|
0.00
|
33
|
0.00
|
186
|
0.01
|
||||||||||||||||||||||
|
Total time deposits
|
1,299,704
|
50.07
|
1,634,307
|
60.22
|
1,381,572
|
72.46
|
||||||||||||||||||||||
|
Non-interest-bearing demand
deposits
|
257,569
|
9.92
|
258,792
|
9.53
|
138,701
|
7.27
|
||||||||||||||||||||||
|
Interest-bearing demand and
savings deposits
(0.83%-1.00%-1.18%)
|
1,038,620
|
40.01
|
820,862
|
30.25
|
386,540
|
20.27
|
||||||||||||||||||||||
|
2,595,893
|
100.00
|
%
|
2,713,961
|
100.00
|
%
|
1,906,813
|
100.00
|
%
|
||||||||||||||||||||
|
Interest rate swap fair value
adjustment
|
---
|
---
|
1,215
|
|||||||||||||||||||||||||
|
Total Deposits
|
$
|
2,595,893
|
$
|
2,713,961
|
$
|
1,908,028
|
||||||||||||||||||||||
|
Maturity
|
||||||||||||||||||||
|
3
Months or
Less
|
Over 3
Months to
6 Months
|
Over
6 to 12
Months
|
Over
12
Months
|
Total
|
||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||
|
Time deposits:
|
||||||||||||||||||||
|
Less than $100,000
|
$
|
131,387
|
$
|
122,910
|
$
|
164,186
|
$
|
118,621
|
$
|
537,104
|
||||||||||
|
$100,000 or more
|
86,613
|
77,468
|
101,698
|
104,593
|
370,372
|
|||||||||||||||
|
Brokered
|
98,009
|
115,744
|
83,692
|
65,892
|
363,337
|
|||||||||||||||
|
Public funds(1)
|
4,354
|
9,583
|
6,969
|
7,985
|
28,891
|
|||||||||||||||
|
Total
|
$
|
320,363
|
$
|
325,705
|
$
|
356,545
|
$
|
297,091
|
$
|
1,299,704
|
||||||||||
|
______________
(1) Deposits from governmental and other public entities.
|
||||||||||||||||||||
|
Year Ended December 31,
|
||||||||||||
|
2010
|
2009
|
2008
|
||||||||||
|
(Dollars In Thousands)
|
||||||||||||
|
FHLBank Advances:
|
||||||||||||
|
Maximum balance
|
$
|
168,443
|
$
|
234,413
|
$
|
198,273
|
||||||
|
Average balance
|
162,378
|
190,903
|
133,477
|
|||||||||
|
Weighted average interest rate
|
3.40
|
%
|
2.80
|
%
|
3.75
|
%
|
||||||
|
December 31,
|
||||||||||||
|
2010
|
2009
|
2008
|
||||||||||
|
(Dollars In Thousands)
|
||||||||||||
|
FHLBank advances
|
$
|
153,525
|
$
|
171,603
|
$
|
120,472
|
||||||
|
Weighted average interest
rate of FHLBank advances
|
3.96
|
%
|
4.00
|
%
|
3.30
|
%
|
||||||
|
Year Ended December 31, 2010
|
||||||||||||
|
Maximum
Balance
|
Average
Balance
|
Weighted
Average
Interest
Rate
|
||||||||||
|
(Dollars In Thousands)
|
||||||||||||
|
Other Borrowings:
|
||||||||||||
|
Overnight borrowings
|
$
|
---
|
$
|
---
|
---
|
%
|
||||||
|
Securities sold under reverse repurchase agreements
|
328,317
|
291,400
|
0.36
|
|||||||||
|
Federal Reserve term auction facility
|
---
|
---
|
---
|
|||||||||
|
Other
|
778
|
292
|
---
|
|||||||||
|
Total
|
$
|
291,692
|
0.36
|
%
|
||||||||
|
Total maximum month-end balance
|
$
|
328,567
|
||||||||||
|
Year Ended December 31, 2009
|
||||||||||||
|
Maximum
Balance
|
Average
Balance
|
Weighted
Average
Interest
Rate
|
||||||||||
|
(Dollars In Thousands)
|
||||||||||||
|
Other Borrowings:
|
||||||||||||
|
Overnight borrowings
|
$
|
---
|
$
|
---
|
---
|
%
|
||||||
|
Federal Reserve term auction facility
|
85,000
|
28,030
|
0.33
|
|||||||||
|
Securities sold under reverse repurchase agreements
|
357,966
|
320,141
|
1.27
|
|||||||||
|
Other
|
380
|
337
|
---
|
|||||||||
|
Total
|
$
|
348,508
|
1.19
|
%
|
||||||||
|
Total maximum month-end balance
|
$
|
443,333
|
||||||||||
|
Year Ended December 31, 2008
|
||||||||||||
|
Maximum
Balance
|
Average
Balance
|
Weighted
Average
Interest
Rate
|
||||||||||
|
(Dollars In Thousands)
|
||||||||||||
|
Other Borrowings:
|
||||||||||||
|
Overnight borrowings
|
$
|
60,900
|
$
|
4,291
|
3.12
|
%
|
||||||
|
Federal Reserve term auction facility
|
85,000
|
63,682
|
2.35
|
|||||||||
|
Securities sold under reverse repurchase agreements
|
229,274
|
179,117
|
2.02
|
|||||||||
|
Other
|
367
|
159
|
---
|
|||||||||
|
Total
|
$
|
247,249
|
2.12
|
%
|
||||||||
|
Total maximum month-end balance
|
$
|
298,262
|
||||||||||
|
December 31,
|
||||||||||||||||||||||||
|
2010
|
2009
|
2008
|
||||||||||||||||||||||
|
Balance
|
Weighted Average Interest Rate
|
Balance
|
Weighted Average Interest Rate
|
Balance
|
Weighted Average Interest Rate
|
|||||||||||||||||||
|
(Dollars In Thousands)
|
||||||||||||||||||||||||
|
Other borrowings:
|
||||||||||||||||||||||||
|
Federal Reserve term auction facility
|
$ | — | — | % | $ | — | — | % | $ | 83,000 | 0.55 | % | ||||||||||||
|
Securities sold under reverse repurchase agreements
|
257,180 | 0.26 | 335,893 | 0.70 | 215,261 | 1.67 | ||||||||||||||||||
|
Other
|
778 | — | 289 | — | 368 | — | ||||||||||||||||||
|
Total
|
$ | 257,958 | 0.26 | % | $ | 336,182 | 0.70 | % | $ | 298,629 | 1.35 | % | ||||||||||||
|
Year Ended December 31,
|
||||||||||||
|
2010
|
2009
|
2008
|
||||||||||
|
(Dollars In Thousands)
|
||||||||||||
|
Structured repurchase agreements:
|
||||||||||||
|
Maximum balance
|
$
|
53,189
|
$
|
53,211
|
$
|
50,000
|
||||||
|
Average balance
|
53,169
|
51,078
|
14,754
|
|||||||||
|
Weighted average interest rate
|
4.31
|
%
|
4.26
|
%
|
4.34
|
%
|
||||||
|
December 31,
|
||||||||||||
|
2010
|
2009
|
2008
|
||||||||||
|
(Dollars In Thousands)
|
||||||||||||
|
Structured repurchase agreements
|
$
|
53,142
|
$
|
53,194
|
$
|
50,000
|
||||||
|
Weighted average interest
rate of structured repurchase agreements
|
4.31
|
%
|
4.26
|
%
|
4.34
|
%
|
||||||
|
Year Ended December 31,
|
||||||||||||
|
2010
|
2009
|
2008
|
||||||||||
|
(Dollars In Thousands)
|
||||||||||||
|
Subordinated debentures:
|
||||||||||||
|
Maximum balance
|
$
|
30,929
|
$
|
30,929
|
$
|
30,929
|
||||||
|
Average balance
|
30,929
|
30,929
|
30,929
|
|||||||||
|
Weighted average interest rate
|
1.87
|
%
|
2.50
|
%
|
4.73
|
%
|
||||||
|
December 31,
|
||||||||||||
|
2010
|
2009
|
2008
|
||||||||||
|
(Dollars In Thousands)
|
||||||||||||
|
Subordinated debentures
|
$
|
30,929
|
$
|
30,929
|
$
|
30,929
|
||||||
|
Weighted average interest
rate of subordinated debentures
|
1.85
|
%
|
1.85
|
%
|
4.87
|
%
|
||||||
|
·
|
Centralize responsibility for consumer financial protection by creating a new agency, the Bureau of Consumer Financial Protection, with broad rulemaking, supervision and enforcement authority for a wide range of consumer protection laws that would apply to all banks.
|
|
·
|
Require new capital rules and apply the same leverage and risk-based capital requirements that apply to insured depository institutions to most bank holding companies.
|
|
·
|
Require the federal banking regulators to seek to make their capital requirements countercyclical, so that capital requirements increase in times of economic expansion and decrease in times of economic contraction.
|
|
·
|
Change the assessment base for federal deposit insurance from the amount of insured deposits to consolidated average assets less tangible capital.
|
|
·
|
Increase the minimum ratio of net worth to insured deposits of the Deposit Insurance Fund from 1.15% to 1.35% and require the FDIC, in setting assessments, to offset the effect of the increase on institutions with assets of less than $10 billion. As a result, this increase is expected to impose more deposit insurance cost on institutions with assets of $10 billion or more.
|
|
·
|
Provide for new disclosure and other requirements relating to executive compensation and corporate governance and a prohibition on compensation arrangements that encourage inappropriate risks or that could provide excessive compensation.
|
|
·
|
Make permanent the $250 thousand limit for federal deposit insurance and provide unlimited federal deposit insurance until January 1, 2013 for non-interest bearing demand transaction accounts and IOLTA accounts at all insured depository institutions.
|
|
·
|
Repeal the federal prohibitions on the payment of interest on demand deposits, thereby permitting depository institutions to pay interest on business transaction and other accounts.
|
|
·
|
Increase the authority of the Federal Reserve Board to examine the Company and its non-bank subsidiaries.
|
|
·
|
Require all bank holding companies to serve as a source of financial strength to their depository institution subsidiaries in the event such subsidiaries suffer from financial distress.
|
|
·
|
A minimum ratio of common equity to risk-weighted assets reaching 4.5%, plus an additional 2.5% as a capital conservation buffer, by 2019 after a phase-in period.
|
|
·
|
A minimum ratio of Tier 1 capital to risk-weighted assets reaching 6.0% by 2019 after a phase-in period.
|
|
·
|
A minimum ratio of total capital to risk-weighted assets, plus the additional 2.5% capital conservation buffer, reaching 10.5% by 2019 after a phase-in period.
|
|
·
|
An additional countercyclical capital buffer to be imposed by applicable national banking regulators periodically at their discretion, with advance notice.
|
|
·
|
Restrictions on capital distributions and discretionary bonuses applicable when capital ratios fall within the buffer zone.
|
|
·
|
Deduction from common equity of deferred tax assets that depend on future profitability to be realized.
|
|
·
|
Increased capital requirements for counterparty credit risk relating to OTC derivatives, repos and securities financing activities.
|
|
·
|
For capital instruments issued on or after January 13, 2013 (other than common equity), a loss-absorbency requirement such that the instrument must be written off or converted to common equity if a trigger event occurs, either pursuant to applicable law or at the direction of the banking regulator. A trigger event is an event under which the banking entity would become nonviable without the write-off or conversion, or without an injection of capital from the public sector. The issuer must maintain authorization to issue the requisite shares of common equity if conversion were required.
|
|
·
|
large loan balances owed by a single borrower;
|
|
·
|
payments that are dependent on the successful operation of the project; and
|
|
·
|
loans that are more directly impacted by adverse conditions in the real estate market or the economy generally.
|
|
·
|
cash flows of the borrower and/or the project being financed;
|
|
·
|
in the case of a collateralized loan, the changes and uncertainties as to the future value of the collateral;
|
|
·
|
the credit history of a particular borrower;
|
|
·
|
changes in economic and industry conditions; and
|
|
·
|
the duration of the loan.
|
|
·
|
We may be exposed to potential asset quality issues or unknown or contingent liabilities of the banks or businesses we acquire. If these issues or liabilities exceed our estimates, our earnings and financial condition may be adversely affected;
|
|
·
|
Prices at which acquisitions can be made fluctuate with market conditions. We have experienced times during which acquisitions could not be made in specific markets at prices our management considered acceptable and expect that we will experience this condition in the future in one or more markets;
|
|
·
|
The acquisition of other entities generally requires integration of systems, procedures and personnel of the acquired entity in order to make the transaction economically feasible. This integration process is complicated and time consuming and can also be disruptive to the customers of the acquired business. If the integration process is not conducted successfully and with minimal effect on the acquired business and its customers, we may not realize the anticipated economic benefits of particular acquisitions within the expected time frame, and we may lose customers or employees of the acquired business. We may also experience greater than anticipated customer losses even if the integration process is successful;
|
|
·
|
Great Southern Bank entered into loss sharing agreements with the FDIC as part of the TeamBank, N.A. and Vantus Bank transactions. These loss sharing agreements require that Great Southern Bank follow certain servicing procedures as specified in the agreement. A failure to follow these procedures or any other breach of the agreement by Great Southern Bank could result in the loss of FDIC reimbursement of losses on covered loans and other real estate owned, which could have a material negative effect on our financial condition and results of operations;
|
|
·
|
To finance an acquisition, we may borrow funds, thereby increasing our leverage and diminishing our liquidity, or raise additional capital, which could dilute the interests of our existing stockholders; and
|
|
·
|
We completed two significant acquisitions in 2009 and have opened additional banking offices in recent years that enhanced our rate of growth. We may not be able to continue to sustain our past rate of growth or to grow at all in the future.
|
|
·
|
actual or anticipated quarterly fluctuations in our operating and financial results;
|
|
·
|
developments related to investigations, proceedings or litigation that involve us;
|
|
·
|
changes in financial estimates and recommendations by financial analysts;
|
|
·
|
dispositions, acquisitions and financings;
|
|
·
|
actions of our current stockholders, including sales of common stock by existing stockholders and our directors and executive officers;
|
|
·
|
fluctuations in the stock price and operating results of our competitors;
|
|
·
|
regulatory developments; and
|
|
·
|
other developments related to the financial services industry.
|
|
2010
|
2009
|
2008
|
||||||||||||||||||||||
|
High
|
Low
|
High
|
Low
|
High
|
Low
|
|||||||||||||||||||
|
First Quarter
|
$ | 24.50 | $ | 20.35 | $ | 15.26 | $ | 9.04 | $ | 21.81 | $ | 15.32 | ||||||||||||
|
Second Quarter
|
26.32 | 20.30 | 22.96 | 13.16 | 15.95 | 7.73 | ||||||||||||||||||
|
Third Quarter
|
22.22 | 19.37 | 24.47 | 18.33 | 15.50 | 7.82 | ||||||||||||||||||
|
Fourth Quarter
|
24.60 | 21.05 | 24.60 | 20.68 | 13.15 | 7.03 | ||||||||||||||||||
|
December 31,
2010
|
December 31,
2009
|
December 31,
2008
|
||||||||||
|
First Quarter
|
$ | .180 | $ | .180 | $ | .180 | ||||||
|
Second Quarter
|
.180 | .180 | .180 | |||||||||
|
Third Quarter
|
.180 | .180 | .180 | |||||||||
|
Fourth Quarter
|
.180 | .180 | .180 | |||||||||
|
Total Number
of Shares
Purchased
|
Average
Price
Per Share
|
Total Number
of Shares
Purchased as
Publicly
Announced
Plan
|
Maximum
Number of
Shares that
May Yet Be
Purchased
Under the
Plan (1)
|
|||||||||||||
|
October 1, 2010 - October 31, 2010
|
--- | $ | --- | --- | 396,562 | |||||||||||
|
November 1, 2010 - November 30, 2010
|
--- | --- | --- | 396,562 | ||||||||||||
|
December 1, 2010 - December 31, 2010
|
--- | --- | --- | 396,562 | ||||||||||||
| --- | $ | --- | --- | |||||||||||||
|
__________________
|
|
|
(1)
|
Amount represents the number of shares available to be repurchased under the November 2006 plan as of the last calendar day of the month shown.
|
|
December 31,
|
||||||||||||||||||||
|
2010
|
2009
|
2008
|
2007
|
2006
|
||||||||||||||||
|
(Dollars In Thousands)
|
||||||||||||||||||||
|
Summary Statement of Condition Information:
|
||||||||||||||||||||
|
Assets
|
$ | 3,411,505 | $ | 3,641,119 | $ | 2,659,923 | $ | 2,431,732 | $ | 2,240,308 | ||||||||||
|
Loans receivable, net
|
1,899,386 | 2,091,394 | 1,721,691 | 1,820,111 | 1,674,618 | |||||||||||||||
|
Allowance for loan losses
|
41,487 | 40,101 | 29,163 | 25,459 | 26,258 | |||||||||||||||
|
Available-for-sale securities
|
769,546 | 764,291 | 647,678 | 425,028 | 344,192 | |||||||||||||||
|
Foreclosed assets held for sale, net
|
60,262 | 41,660 | 32,659 | 20,399 | 4,768 | |||||||||||||||
|
Deposits
|
2,595,893 | 2,713,961 | 1,908,028 | 1,763,146 | 1,703,804 | |||||||||||||||
|
Total borrowings
|
495,554 | 591,908 | 500,030 | 461,517 | 325,900 | |||||||||||||||
|
Stockholders' equity (retained
|
||||||||||||||||||||
|
earnings substantially restricted)
|
304,009 | 298,908 | 234,087 | 189,871 | 175,578 | |||||||||||||||
|
Common stockholders' equity
|
247,529 | 242,891 | 178,507 | 189,871 | 175,578 | |||||||||||||||
|
Average loans receivable
|
2,019,361 | 2,028,067 | 1,842,002 | 1,774,253 | 1,653,162 | |||||||||||||||
|
Average total assets
|
3,528,043 | 3,403,059 | 2,522,004 | 2,340,443 | 2,179,192 | |||||||||||||||
|
Average deposits
|
2,661,164 | 2,483,264 | 1,901,096 | 1,784,060 | 1,646,370 | |||||||||||||||
|
Average stockholders' equity
|
309,558 | 274,684 | 183,625 | 185,725 | 165,794 | |||||||||||||||
|
Number of deposit accounts
|
171,278 | 173,842 | 95,784 | 95,908 | 91,470 | |||||||||||||||
|
Number of full-service offices
|
75 | 72 | 39 | 38 | 37 | |||||||||||||||
|
For the Year Ended December 31,
|
||||||||||||||||||||
|
2010
|
2009
|
2008
|
2007
|
2006
|
||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||
|
|
||||||||||||||||||||
|
Interest income:
|
||||||||||||||||||||
|
Loans
|
$
|
145,832
|
$
|
123,463
|
$
|
119,829
|
$
|
142,719
|
$
|
133,094
|
||||||||||
|
Investment securities and other
|
27,359
|
32,405
|
24,985
|
21,152
|
16,987
|
|||||||||||||||
|
173,191
|
155,868
|
144,814
|
163,871
|
150,081
|
||||||||||||||||
|
Interest expense:
|
||||||||||||||||||||
|
Deposits
|
38,427
|
54,087
|
60,876
|
76,232
|
65,733
|
|||||||||||||||
|
Federal Home Loan Bank advances
|
5,516
|
5,352
|
5,001
|
6,964
|
8,138
|
|||||||||||||||
|
Short-term borrowings and repurchase agreements
|
3,329
|
6,393
|
5,892
|
7,356
|
5,648
|
|||||||||||||||
|
Subordinated debentures issued to capital trust
|
578
|
773
|
1,462
|
1,914
|
1,335
|
|||||||||||||||
|
47,850
|
66,605
|
73,231
|
92,466
|
80,854
|
||||||||||||||||
|
Net interest income
|
125,341
|
89,263
|
71,583
|
71,405
|
69,227
|
|||||||||||||||
|
Provision for loan losses
|
35,630
|
35,800
|
52,200
|
5,475
|
5,450
|
|||||||||||||||
|
Net interest income after provision for loan losses
|
89,711
|
53,463
|
19,383
|
65,930
|
63,777
|
|||||||||||||||
|
Noninterest income:
|
||||||||||||||||||||
|
Commissions
|
8,284
|
6,775
|
8,724
|
9,933
|
9,166
|
|||||||||||||||
|
Service charges and ATM fees
|
18,652
|
17,669
|
15,352
|
15,153
|
14,611
|
|||||||||||||||
|
Net realized gains on sales of loans
|
3,765
|
2,889
|
1,415
|
1,037
|
944
|
|||||||||||||||
|
Net realized gains (losses) on sales
|
||||||||||||||||||||
|
of available-for-sale securities
|
8,787
|
2,787
|
44
|
13
|
(1
|
)
|
||||||||||||||
|
Realized impairment of available-for-sale securities
|
---
|
(4,308
|
)
|
(7,386
|
)
|
(1,140
|
)
|
---
|
||||||||||||
|
Late charges and fees on loans
|
767
|
672
|
819
|
962
|
1,567
|
|||||||||||||||
|
Change in interest rate swap fair value net of
|
||||||||||||||||||||
|
change in hedged deposit fair value
|
---
|
1,184
|
6,981
|
1,632
|
1,498
|
|||||||||||||||
|
Gain recognized on business acquisitions
|
---
|
89,795
|
---
|
---
|
---
|
|||||||||||||||
|
Accretion (amortization) of income/expense related
to business
acquisition
|
(10,427
|
)
|
2,733
|
---
|
---
|
---
|
||||||||||||||
|
Other income
|
2,124
|
2,588
|
2,195
|
1,829
|
1,847
|
|||||||||||||||
|
31,952
|
122,784
|
28,144
|
29,419
|
29,632
|
||||||||||||||||
|
Noninterest expense:
|
||||||||||||||||||||
|
Salaries and employee benefits
|
44,842
|
40,450
|
31,081
|
30,161
|
28,285
|
|||||||||||||||
|
Net occupancy expense
|
14,341
|
12,506
|
8,281
|
7,927
|
7,645
|
|||||||||||||||
|
Postage
|
3,303
|
2,789
|
2,240
|
2,230
|
2,178
|
|||||||||||||||
|
Insurance
|
4,562
|
5,716
|
2,223
|
1,473
|
876
|
|||||||||||||||
|
Advertising
|
1,932
|
1,488
|
1,073
|
1,446
|
1,201
|
|||||||||||||||
|
Office supplies and printing
|
1,522
|
1,195
|
820
|
879
|
931
|
|||||||||||||||
|
Telephone
|
2,333
|
1,828
|
1,396
|
1,363
|
1,387
|
|||||||||||||||
|
Legal, audit and other professional fees
|
2,867
|
2,778
|
1,739
|
1,247
|
1,127
|
|||||||||||||||
|
Expense on foreclosed assets
|
4,914
|
4,959
|
3,431
|
608
|
119
|
|||||||||||||||
|
Write-off of trust preferred securities
issuance costs
|
---
|
---
|
---
|
---
|
783
|
|||||||||||||||
|
Other operating expenses
|
8,288
|
4,486
|
3,422
|
4,373
|
4,275
|
|||||||||||||||
|
88,904
|
78,195
|
55,706
|
51,707
|
48,807
|
||||||||||||||||
|
Income (loss) before income taxes
|
32,759
|
98,052
|
(8,179
|
)
|
43,642
|
44,602
|
||||||||||||||
|
Provision (credit) for income taxes
|
8,894
|
33,005
|
(3,751
|
)
|
14,343
|
13,859
|
||||||||||||||
|
Net income (loss)
|
$
|
23,865
|
$
|
65,047
|
$
|
(4,428
|
)
|
$
|
29,299
|
$
|
30,743
|
|||||||||
|
Preferred stock dividends and discount accretion
|
$
|
3,403
|
$
|
3,353
|
$
|
242
|
$
|
---
|
$
|
---
|
||||||||||
|
Net income (loss) available to common shareholders
|
$
|
20,462
|
$
|
61,694
|
$
|
(4,670
|
)
|
$
|
29,299
|
$
|
30,743
|
|||||||||
|
At or For the Year Ended December 31,
|
||||||||||||||||||||
|
2010
|
2009
|
2008
|
2007
|
2006
|
||||||||||||||||
|
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
|
Per Common Share Data:
|
||||||||||||||||||||
|
Basic earnings (loss) per common share
|
$
|
1.52
|
$
|
4.61
|
$
|
(0.35
|
)
|
$
|
2.16
|
$
|
2.24
|
|||||||||
|
Diluted earnings (loss) per common share
|
1.46
|
4.44
|
(0.35
|
)
|
2.15
|
2.22
|
||||||||||||||
|
Cash dividends declared
|
0.72
|
0.72
|
0.72
|
0.68
|
0.60
|
|||||||||||||||
|
Book value per common share
|
18.40
|
18.12
|
13.34
|
14.17
|
12.84
|
|||||||||||||||
|
Average shares outstanding
|
13,434
|
13,390
|
13,381
|
13,566
|
13,697
|
|||||||||||||||
|
Year-end actual shares outstanding
|
13,454
|
13,406
|
13,381
|
13,400
|
13,677
|
|||||||||||||||
|
Average fully diluted shares outstanding
|
14,046
|
13,382
|
13,381
|
13,654
|
13,825
|
|||||||||||||||
|
Earnings Performance Ratios:
|
||||||||||||||||||||
|
Return on average assets(1)
|
0.68
|
%
|
1.91
|
%
|
(0.18
|
)%
|
1.25
|
%
|
1.41
|
%
|
||||||||||
|
Return on average stockholders' equity(2)
|
9.42
|
29.72
|
(2.47
|
)
|
15.78
|
18.54
|
||||||||||||||
|
Non-interest income to average total assets
|
0.91
|
3.61
|
1.12
|
1.25
|
1.36
|
|||||||||||||||
|
Non-interest expense to average total assets
|
2.52
|
2.30
|
2.21
|
2.21
|
2.24
|
|||||||||||||||
|
Average interest rate spread(3)
|
3.81
|
2.98
|
2.74
|
2.71
|
2.83
|
|||||||||||||||
|
Year-end interest rate spread
|
3.81
|
3.56
|
3.02
|
3.00
|
2.95
|
|||||||||||||||
|
Net interest margin(4)
|
3.93
|
3.03
|
3.01
|
3.24
|
3.39
|
|||||||||||||||
|
Efficiency ratio(5)
|
56.52
|
36.88
|
55.86
|
51.28
|
49.37
|
|||||||||||||||
|
Net overhead ratio(6)
|
1.61
|
(1.31
|
)
|
1.09
|
0.95
|
0.88
|
||||||||||||||
|
Common dividend pay-out ratio
|
42.35
|
15.35
|
N/A
|
31.63
|
27.03
|
|||||||||||||||
|
Asset Quality Ratios
(8)
:
|
||||||||||||||||||||
|
Allowance for loan losses/year-end loans
|
2.48
|
%
|
2.35
|
%
|
1.66
|
%
|
1.38
|
%
|
1.54
|
%
|
||||||||||
|
Non-performing assets/year-end loans and foreclosed assets
|
3.93
|
2.99
|
3.69
|
2.99
|
1.46
|
|||||||||||||||
|
Allowance for loan losses/non-performing loans
|
141.02
|
151.38
|
87.84
|
71.77
|
129.71
|
|||||||||||||||
|
Net charge-offs/average loans
|
2.05
|
1.44
|
2.63
|
0.35
|
0.23
|
|||||||||||||||
|
Gross non-performing assets/year end assets
|
2.30
|
1.79
|
2.48
|
2.30
|
1.12
|
|||||||||||||||
|
Non-performing loans/year-end loans
|
1.52
|
1.24
|
1.90
|
1.92
|
1.19
|
|||||||||||||||
|
|
||||||||||||||||||||
|
Loans to deposits
|
73.17
|
%
|
77.06
|
%
|
90.23
|
%
|
103.23
|
%
|
98.29
|
%
|
||||||||||
|
Average interest-earning assets as a percentage
of average interest-bearing liabilities
|
108.22
|
102.17
|
108.98
|
112.71
|
114.26
|
|||||||||||||||
|
Capital Ratios:
|
||||||||||||||||||||
|
Average common stockholders' equity to average assets
|
7.2
|
%
|
6.4
|
%
|
7.1
|
%
|
7.9
|
%
|
7.6
|
%
|
||||||||||
|
Year-end tangible common stockholders' equity to assets
|
7.1
|
6.5
|
6.7
|
7.7
|
7.8
|
|||||||||||||||
|
Great Southern Bancorp, Inc.:
|
||||||||||||||||||||
|
Tier 1 risk-based capital ratio
|
16.8
|
15.0
|
13.8
|
10.6
|
10.7
|
|||||||||||||||
|
Total risk-based capital ratio
|
18.0
|
16.3
|
15.1
|
11.9
|
11.9
|
|||||||||||||||
|
Tier 1 leverage ratio
|
9.5
|
8.6
|
10.1
|
9.1
|
9.2
|
|||||||||||||||
|
Great Southern Bank:
|
||||||||||||||||||||
|
Tier 1 risk-based capital ratio
|
14.6
|
12.9
|
10.7
|
10.4
|
10.2
|
|||||||||||||||
|
Total risk-based capital ratio
|
15.8
|
14.2
|
11.9
|
11.7
|
11.5
|
|||||||||||||||
|
Tier 1 leverage ratio
|
8.3
|
7.4
|
7.8
|
9.0
|
8.9
|
|||||||||||||||
|
Ratio of Earnings to Fixed Charges and Preferred Stock
Dividend Requirement:
(7)
|
||||||||||||||||||||
|
Including deposit interest
|
1.53
|
x
|
2.30
|
x
|
0.88
|
x
|
1.47
|
x
|
1.55
|
x
|
||||||||||
|
Excluding deposit interest
|
2.99
|
x
|
6.29
|
x
|
0.33
|
x
|
3.69
|
x
|
3.95
|
x
|
||||||||||
|
____________________
|
||
|
(1)
|
Net income (loss) divided by average total assets.
|
|
|
(2)
|
Net income (loss) divided by average stockholders' equity.
|
|
|
(3)
|
Yield on average interest-earning assets less rate on average interest-bearing liabilities.
|
|
|
(4)
|
Net interest income divided by average interest-earning assets.
|
|
|
(5)
|
Non-interest expense divided by the sum of net interest income plus non-interest income.
|
|
|
(6)
|
Non-interest expense less non-interest income divided by average total assets.
|
|
|
(7)
(8)
|
In computing the ratio of earnings to fixed charges and preferred stock dividend requirement: (a) earnings have been based on income before income taxes and fixed charges, and (b) fixed charges consist of interest and amortization of debt discount and expense including amounts capitalized and the estimated interest portion of rents.
Excludes assets covered by FDIC loss sharing agreements.
|
|
|
Beginning
Balance,
January 1
|
Additions
|
Removed
from Non-
Performing
|
Transfers to
Potential
Problem Loans
|
Transfers to
Foreclosed
Assets
|
Charge-Offs
|
Payments
|
Ending
Balance,
December 31
|
|||||||||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||||||
|
One- to four-family construction
|
$ | 374 | $ | 1,065 | $ | -- | $ | -- | $ | (124 | ) | $ | (643 | ) | $ | (94 | ) | $ | 578 | |||||||||||||
|
Subdivision construction
|
2,328 | 2,583 | -- | (6 | ) | (1,810 | ) | (1,108 | ) | (127 | ) | 1,860 | ||||||||||||||||||||
|
Land development
|
5,982 | 11,431 | -- | -- | (5,883 | ) | (5,195 | ) | (667 | ) | 5,668 | |||||||||||||||||||||
|
Commercial construction
|
-- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||
|
One- to four-family residential
|
6,237 | 10,552 | (692 | ) | (468 | ) | (7,023 | ) | (1,623 | ) | (1,428 | ) | 5,555 | |||||||||||||||||||
|
Other residential
|
479 | 6,405 | (221 | ) | -- | (1,959 | ) | (361 | ) | (140 | ) | 4,203 | ||||||||||||||||||||
|
Commercial real estate
|
8,575 | 11,068 | (256 | ) | (383 | ) | (3,735 | ) | (3,227 | ) | (5,968 | ) | 6,074 | |||||||||||||||||||
|
Other commercial
|
1,240 | 6,242 | -- | (71 | ) | (5 | ) | (2,291 | ) | (1,283 | ) | 3,832 | ||||||||||||||||||||
|
Consumer
|
1,275 | 1,645 | -- | (96 | ) | (77 | ) | (286 | ) | (811 | ) | 1,650 | ||||||||||||||||||||
|
Total
|
$ | 26,490 | $ | 50,991 | $ | (1,169 | ) | $ | (1,024 | ) | $ | (20,616 | ) | $ | (14,734 | ) | $ | (10,518 | ) | $ | 29,420 | |||||||||||
|
Beginning
Balance,
January 1
|
Additions
|
Proceeds
from Sales
|
Capitalized
Costs
|
ORE Expense
Write-Downs
|
Ending
Balance,
December 31
|
|||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||
|
One- to four-family construction
|
$ | 1,214 | $ | 1,765 | $ | (439 | ) | $ | 176 | $ | (206 | ) | $ | 2,510 | ||||||||||
|
Subdivision construction
|
20,208 | 1,924 | (2,128 | ) | 796 | (984 | ) | 19,816 | ||||||||||||||||
|
Land development
|
3,010 | 14,476 | (6,997 | ) | 131 | -- | 10,620 | |||||||||||||||||
|
Commercial construction
|
5,526 | 7,192 | (8,979 | ) | 296 | (38 | ) | 3,997 | ||||||||||||||||
|
One- to four-family residential
|
5,633 | 8,173 | (9,894 | ) | 7 | (1,023 | ) | 2,896 | ||||||||||||||||
|
Other residential
|
703 | 7,254 | (2,979 | ) | -- | (800 | ) | 4,178 | ||||||||||||||||
|
Commercial real estate
|
1,440 | 4,094 | (639 | ) | -- | (330 | ) | 4,565 | ||||||||||||||||
|
Consumer
|
777 | 1,263 | (1,712 | ) | -- | (10 | ) | 318 | ||||||||||||||||
|
Total
|
$ | 38,511 | $ | 46,141 | $ | (33,767 | ) | $ | 1,406 | $ | (3,391 | ) | $ | 48,900 | ||||||||||
|
Beginning
Balance,
January 1
|
Additions
|
Removed
from Potential
Problem
|
Transfers to
Non-
Performing
|
Transfers to
Foreclosed
Assets
|
Charge-Offs
|
Payments
|
Ending
Balance,
December 31
|
|||||||||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||||||
|
One- to four-family construction
|
$ | 2,122 | $ | 3,657 | $ | (958 | ) | $ | (963 | ) | $ | (762 | ) | $ | (609 | ) | $ | (1,773 | ) | $ | 714 | |||||||||||
|
Subdivision construction
|
4,624 | 11,355 | (195 | ) | (1,245 | ) | (235 | ) | (173 | ) | (7,658 | ) | 6,473 | |||||||||||||||||||
|
Land development
|
17,608 | 16,990 | (100 | ) | (9,096 | ) | (8,308 | ) | (4,577 | ) | (1,041 | ) | 11,476 | |||||||||||||||||||
|
Commercial construction
|
2,160 | 1,851 | -- | -- | (1,555 | ) | (605 | ) | -- | 1,851 | ||||||||||||||||||||||
|
One- to four-family residential
|
6,750 | 8,194 | (1,532 | ) | (2,585 | ) | (1,199 | ) | (619 | ) | (223 | ) | 8,786 | |||||||||||||||||||
|
Other residential
|
11,188 | 11,308 | (5,565 | ) | (4,558 | ) | (5,167 | ) | (514 | ) | (1,018 | ) | 5,674 | |||||||||||||||||||
|
Commercial real estate
|
3,652 | 18,862 | -- | (5,378 | ) | (366 | ) | (663 | ) | (1,378 | ) | 14,729 | ||||||||||||||||||||
|
Other commercial
|
2,408 | 6,774 | (93 | ) | (2,200 | ) | (54 | ) | (163 | ) | (738 | ) | 5,934 | |||||||||||||||||||
|
Consumer
|
-- | 12 | -- | -- | -- | -- | -- | 12 | ||||||||||||||||||||||||
|
Total
|
$ | 50,512 | $ | 79,003 | $ | (8,443 | ) | $ | (26,025 | ) | $ | (17,646 | ) | $ | (7,923 | ) | $ | (13,829 | ) | $ | 55,649 | |||||||||||
|
Dec. 31,
2010
(2)
|
Year Ended
December 31, 2010
|
Year Ended
December 31, 2009
|
Year Ended
December 31, 2008
|
|||||||||||||||||||||||||||||||||||||
|
Yield/
Rate
|
Average
Balance
|
Interest
|
Yield/
Rate
|
Average
Balance
|
Interest
|
Yield/
Rate
|
Average
Balance
|
Interest
|
Yield/
Rate
|
|||||||||||||||||||||||||||||||
|
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||||||||||
|
Interest-earning assets:
|
||||||||||||||||||||||||||||||||||||||||
|
Loans receivable:
|
||||||||||||||||||||||||||||||||||||||||
|
One- to four-family residential
|
5.48 | % | $ | 336,418 | $ | 22,156 | 6.59 | % | $ | 292,409 | $ | 17,224 | 5.89 | % | $ | 206,299 | $ | 13,290 | 6.44 | % | ||||||||||||||||||||
|
Other residential
|
5.57 | 219,983 | 13,036 | 5.93 | 136,668 | 8,528 | 6.24 | 109,348 | 7,214 | 6.60 | ||||||||||||||||||||||||||||||
|
Commercial real estate
|
6.05 | 677,760 | 49,301 | 7.27 | 605,149 | 39,066 | 6.46 | 479,347 | 32,250 | 6.73 | ||||||||||||||||||||||||||||||
|
Construction
|
5.60 | 320,500 | 26,101 | 8.77 | 567,405 | 31,269 | 5.51 | 649,037 | 41,448 | 6.39 | ||||||||||||||||||||||||||||||
|
Commercial business
|
5.59 | 173,837 | 15,250 | 8.14 | 156,236 | 10,044 | 6.43 | 162,512 | 10,013 | 6.16 | ||||||||||||||||||||||||||||||
|
Other loans
|
7.28 | 223,101 | 16,096 | 7.21 | 205,768 | 13,033 | 6.33 | 179,731 | 11,871 | 6.60 | ||||||||||||||||||||||||||||||
|
Industrial revenue bonds (1)
|
6.10 | 67,762 | 3,892 | 5.74 | 64,432 | 4,299 | 6.67 | 55,728 | 3,743 | 6.72 | ||||||||||||||||||||||||||||||
|
Total loans receivable
|
6.03 | 2,019,361 | 145,832 | 7.22 | 2,028,067 | 123,463 | 6.09 | 1,842,002 | 119,829 | 6.51 | ||||||||||||||||||||||||||||||
|
Investment securities (1)
|
3.60 | 760,924 | 26,858 | 3.53 | 743,334 | 31,914 | 4.29 | 491,450 | 24,956 | 5.08 | ||||||||||||||||||||||||||||||
|
Other interest-earning assets
|
0.20 | 407,377 | 501 | 0.12 | 174,509 | 491 | 0.28 | 42,117 | 29 | 0.07 | ||||||||||||||||||||||||||||||
|
Total interest-earning assets
|
4.77 | 3,187,662 | 173,191 | 5.43 | 2,945,910 | 155,868 | 5.29 | 2,375,569 | 144,814 | 6.10 | ||||||||||||||||||||||||||||||
|
Non-interest-earning assets:
|
||||||||||||||||||||||||||||||||||||||||
|
Cash and cash equivalents
|
77,074 | 250,422 | 71,989 | |||||||||||||||||||||||||||||||||||||
|
Other non-earning assets
|
263,307 | 206,727 | 74,446 | |||||||||||||||||||||||||||||||||||||
|
Total assets
|
$ | 3,528,043 | $ | 3,403,059 | $ | 2,522,004 | ||||||||||||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||||||
|
Interest-bearing demand
and savings
|
0.83 | $ | 922,885 | 8,468 | 0.92 | $ | 611,136 | 6,600 | 1.08 | $ | 484,490 | 8,370 | 1.73 | |||||||||||||||||||||||||||
|
Time deposits
|
1.85 | 1,484,580 | 29,959 | 2.02 | 1,650,913 | 47,487 | 2.88 | 1,268,941 | 52,506 | 4.14 | ||||||||||||||||||||||||||||||
|
Total deposits
|
1.39 | 2,407,465 | 38,427 | 1.60 | 2,262,049 | 54,087 | 2.39 | 1,753,431 | 60,876 | 3.47 | ||||||||||||||||||||||||||||||
|
Short-term borrowings and
repurchase agreements
|
0.96 | 344,861 | 3,329 | 0.97 | 399,587 | 6,393 | 1.60 | 262,004 | 5,892 | 2.25 | ||||||||||||||||||||||||||||||
|
Subordinated debentures issued
to capital trust
|
1.85 | 30,929 | 578 | 1.87 | 30,929 | 773 | 2.50 | 30,929 | 1,462 | 4.73 | ||||||||||||||||||||||||||||||
|
FHLB advances
|
3.62 | 162,378 | 5,516 | 3.40 | 190,903 | 5,352 | 2.80 | 133,477 | 5,001 | 3.75 | ||||||||||||||||||||||||||||||
|
Total interest-bearing liabilities
|
1.47 | 2,945,633 | 47,850 | 1.62 | 2,883,468 | 66,605 | 2.31 | 2,179,841 | 73,231 | 3.36 | ||||||||||||||||||||||||||||||
|
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||||||
|
Demand deposits
|
253,699 | 221,215 | 147,665 | |||||||||||||||||||||||||||||||||||||
|
Other liabilities
|
19,153 | 23,692 | 10,873 | |||||||||||||||||||||||||||||||||||||
|
Total liabilities
|
3,218,485 | 3,128,375 | 2,338,379 | |||||||||||||||||||||||||||||||||||||
|
Stockholders’ equity
|
309,558 | 274,684 | 183,625 | |||||||||||||||||||||||||||||||||||||
|
Total liabilities and
stockholders’ equity
|
$ | 3,528,043 | $ | 3,403,059 | $ | 2,522,004 | ||||||||||||||||||||||||||||||||||
|
Net interest income:
|
||||||||||||||||||||||||||||||||||||||||
|
Interest rate spread
|
3.30 | % | $ | 125,341 | 3.81 | % | $ | 89,263 | 2.98 | % | $ | 71,583 | 2.74 | % | ||||||||||||||||||||||||||
|
Net interest margin*
|
3.93 | % | 3.03 | % | 3.01 | % | ||||||||||||||||||||||||||||||||||
|
Average interest-earning assets
to average interest-bearing liabilities
|
108.2 | % | 102.2 | % | 109.0 | % | ||||||||||||||||||||||||||||||||||
|
*
|
Defined as the Company's net interest income divided by total interest-earning assets.
|
|
|
(1)
|
Of the total average balances of investment securities, average tax-exempt investment securities were $70.3 million, $68.3 million and $62.4 million for 2010, 2009 and 2008, respectively. In addition, average tax-exempt industrial revenue bonds were $46.0 million, $38.0 million and $33.1 million in 2010, 2009 and 2008, respectively. Interest income on tax-exempt assets included in this table was $5.3 million $3.8 million and $4.7 million for 2010, 2009 and 2008, respectively. Interest income net of disallowed interest expense related to tax-exempt assets was $4.7 million, $3.0 million and $3.6 million for 2010, 2009 and 2008, respectively.
|
|
|
(2)
|
The yield/rate on loans at December 31, 2010 does not include the impact of the accretable yield (income) on loans acquired in the 2009 FDIC-assisted transactions. See “Net Interest Income” for a discussion of the effect on 2010 results of operations.
|
|
Year Ended
December 31, 2010 vs.
December 31, 2009
|
Year Ended
December 31, 2009 vs.
December 31, 2008
|
|||||||||||||||||||||||
|
Increase (Decrease)
Due to
|
Total Increase (Decrease)
|
Increase (Decrease)
Due to
|
Total Increase (Decrease)
|
|||||||||||||||||||||
|
Rate
|
Volume
|
Rate
|
Volume
|
|||||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||
|
Interest-earning assets:
|
||||||||||||||||||||||||
|
Loans receivable
|
$ | 22,901 | $ | (532 | ) | $ | 22,369 | $ | (7,995 | ) | $ | 11,629 | $ | 3,634 | ||||||||||
|
Investment securities
|
(5,795 | ) | 739 | (5,056 | ) | (7,503 | ) | 14,461 | 6,958 | |||||||||||||||
|
Other interest-earning assets
|
(386 | ) | 396 | 10 | 229 | 233 | 462 | |||||||||||||||||
|
Total interest-earning assets
|
16,720 | 603 | 17,323 | (15,269 | ) | 26,323 | 11,054 | |||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Demand deposits
|
(1,108 | ) | 2,976 | 1,868 | (3,621 | ) | 1,851 | (1,770 | ) | |||||||||||||||
|
Time deposits
|
(13,104 | ) | (4,424 | ) | (17,528 | ) | (18,431 | ) | 13,412 | (5,019 | ) | |||||||||||||
|
Total deposits
|
(14,212 | ) | (1,448 | ) | (15,660 | ) | (22,052 | ) | 15,263 | (6,789 | ) | |||||||||||||
|
Short-term borrowings and
structured repo
|
(2,278 | ) | (786 | ) | (3,064 | ) | (2,017 | ) | 2,518 | 501 | ||||||||||||||
|
Subordinated debentures issued
to capital trust
|
(195 | ) | -- | (195 | ) | (689 | ) | -- | (689 | ) | ||||||||||||||
|
FHLBank advances
|
1,034 | (870 | ) | 164 | (1,459 | ) | 1,810 | 351 | ||||||||||||||||
|
Total interest-bearing liabilities
|
(15,651 | ) | (3,104 | ) | (18,755 | ) | (26,217 | ) | 19,591 | (6,626 | ) | |||||||||||||
|
Net interest income
|
$ | 32,371 | $ | 3,707 | $ | 36,078 | $ | 10,948 | $ | 6,732 | $ | 17,680 | ||||||||||||
|
Year Ended December 31,
|
||||||||||||||||
|
2009
|
2008
|
|||||||||||||||
|
Dollars
|
Earnings Per
Diluted Share
|
Dollars
|
Earnings Per
Diluted Share
|
|||||||||||||
|
Reported Earnings (per common share)
|
$
|
61,694
|
$
|
4.44
|
$
|
(4,670
|
)
|
$
|
(0.35
|
)
|
||||||
|
Amortization of deposit broker
origination fees (net of taxes)
|
256
|
2,022
|
||||||||||||||
|
Net change in fair value of interest
rate swaps and related deposits
(net of taxes)
|
(770)
|
(4,534
|
)
|
|||||||||||||
|
Earnings excluding impact
of hedge accounting entries
|
$
|
61,180
|
$
|
(7,182
|
)
|
|||||||||||
|
Year Ended December 31,
|
||||||||||||||||
|
2009
|
2008
|
|||||||||||||||
|
$
|
%
|
$
|
%
|
|||||||||||||
|
Reported Net Interest Income/Margin
|
$
|
89,263
|
3.03
|
%
|
$
|
71,583
|
3.01
|
%
|
||||||||
|
Amortization of deposit broker origination fees
|
393
|
.01
|
3,111
|
.13
|
||||||||||||
|
Net interest income/margin excluding impact of
hedge accounting entries
|
$
|
89,656
|
3.04
|
%
|
$
|
74,694
|
3.14
|
%
|
||||||||
|
·
|
A $2.3 million loan relationship, which was also added to Non-performing Loans in 2009, secured primarily by single family residences, duplexes and triplexes in the Joplin, Mo. area. This relationship was charged down approximately $500,000 prior to foreclosure in the fourth quarter of 2009.
|
|
·
|
A $2.4 million loan relationship, which was also added to Non-performing Loans in 2009, secured by a partially-completed subdivision in Springfield, Mo. and improved commercial and residential land in Branson, Mo. This relationship was charged down approximately $1 million at foreclosure in the fourth quarter of 2009.
|
|
·
|
A $1.6 million loan relationship, which was included in Non-performing Loans at December 31, 2008, secured primarily by eleven houses for sale in Northwest Arkansas. These houses were transferred to foreclosed assets during the third and fourth quarters of 2009. Of the eleven houses foreclosed, five were sold prior to December 31, 2009.
|
|
·
|
An original $3.2 million loan relationship, which was also added to Non-performing Loans in 2009, secured primarily by an office building near Springfield, Mo. and commercial land in Branson, Mo. This relationship was charged down approximately $1.5 million upon transfer to non-performing loans. A parcel of commercial land was foreclosed in the second quarter of 2009, and the remainder of the relationship was transferred to foreclosed assets in the third quarter of 2009.
|
|
·
|
An $8.3 million loan relationship, which was included in Non-performing Loans at December 31, 2008, secured primarily by lots in multiple subdivisions in the St. Louis area, was removed from the Non-performing Loans category through the transfer of $6.4 million to foreclosed assets during the first and second quarters of 2009 and the charge-off of $1.4 million prior to foreclosure. This relationship was previously charged down $2.0 million upon transfer to non-performing loans. The $6.4 million remaining balance in foreclosed assets represents lots in nine subdivisions in the St. Louis area.
|
|
·
|
A $7.7 million loan relationship, which was included in Non-performing Loans at December 31, 2008, secured by a condominium and retail historic rehabilitation development in St. Louis, was transferred to foreclosed assets during the second quarter of 2009. The original relationship had been reduced through the receipt of Tax Increment Financing funds and Federal and State historic tax credits. Upon receipt of the remaining Federal and State tax credits in 2009, the Company reduced the balance of this relationship to approximately $5.5 million. At the time of foreclosure, this relationship was further reduced to $4.4 million through a charge-off of $1.1 million.
|
|
·
|
A $2.5 million loan relationship, which was included in Non-performing Loans at December 31, 2008, secured by a condominium development in Kansas City, was transferred to foreclosed assets during the first quarter of 2009. Five condominium units were sold during 2009 and four remain in foreclosed assets at December 31, 2009 represented by a balance of $700,000
|
|
·
|
A $2.3 million loan relationship, which was included in Non-performing Loans at December 31, 2008, secured by commercial land to be developed into commercial lots in Northwest Arkansas, was transferred to foreclosed assets. This relationship was previously charged down approximately $285,000 upon transfer to non-performing loans and was charged down an additional $320,000 in the first quarter of 2009 upon the transfer to foreclosed assets. The balance remaining in Foreclosed Assets was $1.7 million at December 31, 2009, after an additional $300,000 was charged down through expenses on foreclosed assets in the third quarter of 2009.
|
|
·
|
A $1.4 million loan relationship, which was also added to Non-performing Loans in 2009, secured by a condominium historic rehabilitation development in St. Louis was returned to performing status during the third quarter of 2009 due to receipt of payments. This is a participation loan in which Great Southern is not the lead bank. The remaining condominium units have been converted to apartment units with satisfactory lease-up and cash flows.
|
|
·
|
A $1.5 million loan relationship, which was also added to Non-performing Loans in 2009, secured by an ownership in a closely-held corporation. Additional collateral, including a non-owner occupied residence and a debt service reserve, was provided in the fourth quarter of 2009. Repayment is anticipated from the sale of the residence. As noted below, this loan was considered to be a potential problem loan at December 31, 2009.
|
|
·
|
A $1.1 million loan relationship, which was also added to Non-performing Loans in 2009, secured by a motel in central Missouri. The collateral was purchased by a third party at foreclosure and the loan was paid off in the second quarter of 2009.
|
|
·
|
A $2.8 million loan relationship, secured by the real estate of car dealerships in Southwest Missouri. In February of 2010, the Company began foreclosure proceedings on this property.
|
|
·
|
A $1.9 million loan relationship, secured primarily by a mini-storage facility, rental houses and equipment in Southwest Missouri.
|
|
·
|
A $1.6 million relationship, secured by an apartment complex and campground in the Branson, Mo. area.
|
|
·
|
A $1.4 million relationship, secured by a subdivision and spec houses in the Branson, Mo. area.
|
|
·
|
A $1.4 million relationship secured by residential lots, a commercial building and complete and incomplete non-owner occupied houses located in Southwest Missouri.
|
|
·
|
A $1.0 million relationship secured by rental properties located in Central Missouri.
|
|
·
|
A $5.3 million relationship, which is secured by commercial lots and acreage located in Northwest Arkansas. The slowdown in the market has made it difficult for the borrower to market or develop the property.
|
|
·
|
A $3.0 million asset relationship, which was included in Foreclosed Assets at December 31, 2008, involving a residential development in the St. Louis, Mo., metropolitan area. This St. Louis area relationship was foreclosed in the first quarter 2008. The Company recorded a loan charge-off of $1.0 million at the time of transfer to foreclosed assets based upon updated valuations of the assets. The Company is pursuing collection efforts against the guarantors on this credit.
|
|
·
|
A $2.7 million asset relationship, which was included in Foreclosed Assets at December 31, 2008, involving a mixed use development in the St. Louis, Mo., metropolitan area. This was originally a $15 million loan relationship that was reduced by guarantors paying down the balance by $10 million in 2008 and the allocation of a portion of the collateral to a performing loan, the payment of which comes from Tax Increment Financing revenues of the development.
|
|
·
|
A $2.1 million asset relationship, which was included in Foreclosed Assets at December 31, 2008, and previously involved two residential developments (now one development) in the Kansas City, Mo., metropolitan area. This subdivision is primarily comprised of developed lots with some additional undeveloped ground. This relationship has been reduced from $4.3 million through the sale of one of the subdivisions and a charge down of the balance in 2008. The Company is marketing the property for sale.
|
|
·
|
A $6.4 million asset relationship, which involves lots in nine subdivisions in the St. Louis, Mo., area. This relationship was foreclosed during the first and second quarters of 2009, and was discussed above as an $8.3 million relationship under Non-performing Loans.
|
|
·
|
A $1.8 million asset relationship, which involves twenty-one residential investment properties in the Joplin, Mo. Area, and was discussed above as a $2.3 million relationship under Non-performing Loans. The Company is marketing these properties for sale.
|
|
·
|
A $1.7 million asset relationship, which involves commercial land to be developed into commercial lots in Northwest Arkansas, and was discussed above as a $2.3 million relationship under Non-performing Loans. The Company is marketing the property for sale.
|
|
·
|
A $1.5 million asset relationship, which involves an office building near Springfield, Mo., and was discussed above as an original $3.2 million relationship under Non-performing Loans. The Company is marketing the property for sale.
|
|
·
|
A $1.4 million asset relationship, which involves a partially completed subdivision in Springfield, Mo., and was discussed above as a $2.4 million relationship under Non-performing Loans. The Company is marketing the property for sale.
|
|
·
|
A $9.6 million relationship secured by condominium units and commercial land located at Lake of the Ozarks, Mo. In February of 2010, the Company began foreclosure proceedings on this property.
|
|
·
|
A $9.0 million relationship consisting of a condominium project located in Branson, Mo. This project is experiencing slower than expected sales.
|
|
·
|
A $5.6 million relationship secured by an apartment and retail complex located in St. Louis.
|
|
·
|
A $5.5 million relationship secured by subdivisions and land in the Springfield, Mo., and Branson, Mo., areas.
|
|
·
|
A $2.7 million relationship secured by commercial improved ground located near Springfield, Mo. The borrower is in the development business and is experiencing some cash flow difficulties.
|
|
·
|
A $2.0 million relationship secured by a motel located in Springfield, Mo. The motel is operating but has experienced low occupancy rates and cash flow difficulties.
|
|
·
|
A $1.8 million relationship (previously a $1.5 million loan relationship included in the Non-Performing Loan category), secured by an ownership in a closely-held corporation. Improvement with the credit occurred when a non-owner occupied residence and a debt service reserve were taken as additional collateral in the fourth quarter of 2009. Repayment is anticipated from the sale of the residence.
|
|
·
|
A $1.8 million relationship secured by rental houses and duplexes located in Springfield, Mo. The borrower is experiencing some cash flow difficulties as a result of higher than normal vacancies.
|
|
·
|
A $1.7 million loan secured by rental houses and lots located in the Springfield, Mo. area. The borrower is experiencing some cash flow difficulties as a result of higher than normal vacancies.
|
|
·
|
A $1.0 million loan secured by duplexes near Springfield, Mo. The borrower is experiencing some cash flow difficulties as a result of higher than normal vacancies.
|
|
Non-GAAP Reconciliation
(In Thousands)
|
||||||||||||
|
Year Ended December 31, 2009
|
||||||||||||
|
As Reported
|
Effect of
Hedge Accounting
Entries Recorded
|
Excluding
Hedge Accounting
Entries Recorded
|
||||||||||
|
Non-interest income --
|
||||||||||||
|
Net change in fair value of
interest rate swaps and
related deposits
|
$
|
122,784
|
$
|
1,184
|
$
|
121,600
|
||||||
|
Year Ended December 31, 2008
|
||||||||||||
|
As Reported
|
Effect of
Hedge Accounting
Entries Recorded
|
Excluding
Hedge Accounting
Entries Recorded
|
||||||||||
|
Non-interest income --
|
||||||||||||
|
Net change in fair value of
interest rate swaps and
related deposits
|
$
|
28,144
|
$
|
6,976
|
$
|
21,168
|
||||||
|
Year Ended December 31,
|
||||||||||||||||||||||||
|
2009
|
2008
|
|||||||||||||||||||||||
|
Non-Interest
Expense
|
Revenue
Dollars*
|
%
|
Non-Interest
Expense
|
Revenue
Dollars*
|
%
|
|||||||||||||||||||
|
Efficiency Ratio
|
$
|
78,195
|
$
|
212,047
|
36.88
|
%
|
$
|
55,706
|
$
|
99,727
|
55.86
|
%
|
||||||||||||
|
Amortization of deposit broker
origination fees
|
---
|
393
|
(.07
|
)
|
---
|
3,111
|
(1.81
|
)
|
||||||||||||||||
|
Net change in fair value of
interest rate swaps and related deposits
|
---
|
(1,184
|
)
|
.20
|
---
|
(6,976
|
)
|
4.06
|
||||||||||||||||
|
Efficiency ratio excluding
impact of hedge accounting entries
|
$
|
78,195
|
$
|
211,256
|
37.01
|
%
|
$
|
55,706
|
$
|
95,862
|
58.11
|
%
|
||||||||||||
|
*Net interest income plus non-interest income.
|
||||||||||||||||||||||||
|
Payments Due In:
|
||||||||||||||||
|
One Year or
Less
|
Over One to
Five
Years
|
Over Five
Years
|
Total
|
|||||||||||||
|
(In Thousands)
|
||||||||||||||||
|
Deposits without a stated maturity
|
$ | 1,296,189 | $ | --- | $ | --- | $ | 1,296,189 | ||||||||
|
Time and brokered certificates of deposit
|
1,002,613 | 295,296 | 1,795 | 1,299,704 | ||||||||||||
|
Federal Home Loan Bank advances
|
32,293 | 34,727 | 86,505 | 153,525 | ||||||||||||
|
Short-term borrowings
|
257,958 | --- | --- | 257,958 | ||||||||||||
|
Structured repurchase agreements
|
--- | 53,142 | --- | 53,142 | ||||||||||||
|
Subordinated debentures
|
--- | --- | 30,929 | 30,929 | ||||||||||||
|
Operating leases
|
1,202 | 2,722 | 857 | 4,781 | ||||||||||||
|
Dividends declared but not paid
|
2,849 | --- | --- | 2,849 | ||||||||||||
| $ | 2,593,104 | $ | 385,887 | $ | 120,086 | $ | 3,099,077 | |||||||||
|
December 31, 2010
|
December 31, 2009
|
|
|
Federal Home Loan Bank line
|
$243.9 million
|
$239.3 million
|
|
Federal Reserve Bank line
|
$271.0 million
|
$254.4 million
|
|
Interest-Bearing and Non-Interest-Bearing Deposits
|
$430.0 million
|
$444.6 million
|
|
Unpledged Securities
|
$22.6 million
|
$2.0 million
|
|
December 31,
|
||||||||||||||||||||||||||||||||
|
2011
|
2012
|
2013
|
2014
|
2015
|
Thereafter
|
Total
|
2010
Fair Value
|
|||||||||||||||||||||||||
|
(Dollars In Thousands)
|
||||||||||||||||||||||||||||||||
|
Financial Assets:
|
||||||||||||||||||||||||||||||||
|
Interest bearing deposits
|
$
|
360,215
|
---
|
---
|
---
|
---
|
---
|
$
|
360,215
|
$
|
360,215
|
|||||||||||||||||||||
|
Weighted average rate
|
0.20
|
%
|
---
|
---
|
---
|
---
|
---
|
0.20
|
%
|
|||||||||||||||||||||||
|
Available-for-sale equity securities
|
---
|
---
|
---
|
---
|
---
|
$
|
2,123
|
$
|
2,123
|
$
|
2,123
|
|||||||||||||||||||||
|
Weighted average rate
|
---
|
---
|
---
|
---
|
---
|
0.18
|
%
|
0.18
|
%
|
|||||||||||||||||||||||
|
Available-for-sale debt securities(1)
|
$ |
16,338
|
$
|
10,433
|
$
|
5,801
|
$
|
8,169
|
$
|
9,385
|
$
|
717,297
|
$
|
767,423
|
$
|
767,423
|
||||||||||||||||
|
Weighted average rate
|
4.72
|
%
|
6.10
|
%
|
6.20
|
%
|
6.08
|
%
|
5.98
|
%
|
3.46
|
%
|
3.60
|
%
|
||||||||||||||||||
|
Held-to-maturity securities
|
---
|
---
|
---
|
---
|
---
|
$
|
1,125
|
$
|
1,125
|
$
|
1,300
|
|||||||||||||||||||||
|
Weighted average rate
|
---
|
---
|
---
|
---
|
---
|
7.31
|
%
|
7.31
|
%
|
|||||||||||||||||||||||
|
Adjustable rate loans
|
$
|
489,533
|
$
|
116,749
|
$
|
120,694
|
$
|
34,943
|
$
|
29,909
|
$
|
328,374
|
$
|
1,120,202
|
$
|
1,120,242
|
||||||||||||||||
|
Weighted average rate
|
5.85
|
%
|
5.21
|
%
|
4.88
|
%
|
5.67
|
%
|
5.46
|
%
|
5.10
|
%
|
5.44
|
%
|
||||||||||||||||||
|
Fixed rate loans
|
$
|
289,329
|
$
|
125,679
|
$
|
116,393
|
$
|
68,533
|
$
|
86,375
|
$
|
259,476
|
$
|
945,785
|
$
|
947,203
|
||||||||||||||||
|
Weighted average rate
|
6.13
|
%
|
6.41
|
%
|
6.59
|
%
|
6.90
|
%
|
6.11
|
%
|
7.19
|
%
|
6.57
|
%
|
||||||||||||||||||
|
Federal Home Loan Bank stock
|
---
|
---
|
---
|
---
|
---
|
$
|
11,572
|
$
|
11,572
|
$
|
11,572
|
|||||||||||||||||||||
|
Weighted average rate
|
---
|
---
|
---
|
---
|
---
|
3.54
|
%
|
3.54
|
%
|
|||||||||||||||||||||||
|
Total financial assets
|
$
|
1,155,415
|
$
|
252,861
|
$
|
242,888
|
$
|
111,645
|
$
|
125,669
|
$
|
1,319,967
|
$
|
3,208,445
|
||||||||||||||||||
|
Financial Liabilities:
|
||||||||||||||||||||||||||||||||
|
Time deposits
|
$
|
1,002,613
|
$
|
198,669
|
$
|
41,919
|
$
|
33,703
|
$
|
21,005
|
$
|
1,795
|
$
|
1,299,704
|
$
|
1,307,251
|
||||||||||||||||
|
Weighted average rate
|
1.70
|
%
|
2.25
|
%
|
2.25
|
%
|
2.43
|
%
|
2.76
|
%
|
3.84
|
%
|
1.85
|
%
|
||||||||||||||||||
|
Interest-bearing demand
|
$
|
1,038,620
|
---
|
---
|
---
|
---
|
---
|
$
|
1,038,620
|
$
|
1,038,620
|
|||||||||||||||||||||
|
Weighted average rate
|
0.83
|
%
|
---
|
---
|
---
|
---
|
---
|
0.83
|
%
|
|||||||||||||||||||||||
|
Non-interest-bearing demand
|
$
|
257,569
|
---
|
---
|
---
|
---
|
---
|
$
|
257,569
|
$
|
257,569
|
|||||||||||||||||||||
|
Weighted average rate
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
|||||||||||||||||||||||||
|
Federal Home Loan Bank
|
$
|
33,015
|
$
|
23,188
|
$
|
315
|
$
|
365
|
$
|
10,091
|
$
|
86,551
|
$
|
153,525
|
$
|
158,052
|
||||||||||||||||
|
Weighted average rate
|
4.28
|
%
|
4.41
|
%
|
5.68
|
%
|
5.47
|
%
|
3.87
|
%
|
3.72
|
%
|
3.96
|
%
|
||||||||||||||||||
|
Short-term borrowings
|
$
|
257,958
|
---
|
---
|
---
|
---
|
---
|
$
|
257,958
|
$
|
257,958
|
|||||||||||||||||||||
|
Weighted average rate
|
0.26
|
%
|
---
|
---
|
---
|
---
|
---
|
0.26
|
%
|
|||||||||||||||||||||||
|
Structured repurchase agreements
|
---
|
---
|
$ |
3,142
|
---
|
$ |
50,000
|
|
---
|
$
|
53,142
|
$
|
61,007
|
|||||||||||||||||||
|
Weighted average rate
|
---
|
---
|
4.68
|
%
|
---
|
4.34
|
%
|
---
|
4.36
|
%
|
||||||||||||||||||||||
|
Subordinated debentures
|
---
|
---
|
---
|
---
|
---
|
$
|
30,929
|
$
|
30,929
|
$
|
30,929
|
|||||||||||||||||||||
|
Weighted average rate
|
---
|
---
|
---
|
---
|
---
|
1.85
|
%
|
1.85
|
%
|
|||||||||||||||||||||||
|
Total financial liabilities
|
$
|
2,589,775
|
$
|
221,857
|
$
|
45,376
|
$
|
34,068
|
$
|
81,096
|
$
|
119,275
|
$
|
3,091,447
|
||||||||||||||||||
|
_______________
|
|
|
(1)
|
Available-for-sale debt securities include approximately $668 million of mortgage-backed securities and collateralized mortgage obligations which pay interest and principal monthly to the Company. Of this total, $596 million represents securities that have variable rates of interest after a fixed interest period. These securities will experience rate changes at varying times over the next ten years. This table does not show the effect of these monthly repayments of principal or rate changes.
|
|
December 31,
|
|||||||||||||||||||||||||||||||||||||
|
2011
|
2012
|
2013
|
2014
|
2015
|
Thereafter
|
Total
|
2010
Fair Value
|
||||||||||||||||||||||||||||||
|
(Dollars In Thousands)
|
|||||||||||||||||||||||||||||||||||||
|
Financial Assets:
|
|||||||||||||||||||||||||||||||||||||
|
Interest bearing deposits
|
$
|
360,215
|
---
|
---
|
---
|
---
|
---
|
$
|
360,215
|
$
|
360,215
|
||||||||||||||||||||||||||
|
Weighted average rate
|
0.20
|
%
|
---
|
---
|
---
|
---
|
---
|
0.20
|
%
|
||||||||||||||||||||||||||||
|
Available-for-sale equity securities
|
---
|
|
---
|
|
---
|
---
|
|
---
|
$
|
2,123
|
$
|
2,123
|
$
|
2,123
|
|||||||||||||||||||||||
|
Weighted average rate
|
---
|
---
|
---
|
---
|
---
|
0.18
|
%
|
0.18
|
%
|
||||||||||||||||||||||||||||
|
Available-for-sale debt securities(1)
|
$
|
102,037
|
$
|
42,902
|
$
|
180,083
|
$
|
43,092
|
$
|
190,954
|
$
|
208,355
|
$
|
767,423
|
$
|
767,423
|
|||||||||||||||||||||
|
Weighted average rate
|
2.81
|
%
|
2.51
|
%
|
3.04
|
%
|
4.16
|
%
|
2.94
|
%
|
5.20
|
%
|
3.60
|
%
|
|||||||||||||||||||||||
|
Held-to-maturity securities
|
---
|
---
|
---
|
---
|
---
|
$
|
1,125
|
$
|
1,125
|
$
|
1,300
|
||||||||||||||||||||||||||
|
Weighted average rate
|
---
|
---
|
---
|
---
|
---
|
7. 31
|
%
|
7.31
|
%
|
||||||||||||||||||||||||||||
|
Adjustable rate loans
|
$
|
1,042,501
|
$
|
18,184
|
$
|
30,430
|
$
|
14,218
|
$
|
12,162
|
$
|
2,707
|
$
|
1,120,202
|
$
|
1,120,242
|
|||||||||||||||||||||
|
Weighted average rate
|
5.42
|
%
|
6.45
|
%
|
5.72
|
%
|
5.29
|
%
|
4.81
|
%
|
5.49
|
%
|
5.44
|
%
|
|||||||||||||||||||||||
|
Fixed rate loans
|
$
|
289,329
|
$
|
125,679
|
$
|
116,393
|
$
|
68,533
|
$
|
86,375
|
$
|
259,476
|
$
|
945,785
|
$
|
947,203
|
|||||||||||||||||||||
|
Weighted average rate
|
6.13
|
%
|
6.41
|
%
|
6.59
|
%
|
6.90
|
%
|
6.12
|
%
|
7.19
|
%
|
6.57
|
%
|
|||||||||||||||||||||||
|
Federal Home Loan Bank stock
|
$
|
11,572
|
---
|
---
|
---
|
---
|
---
|
$
|
11,572
|
$
|
11,572
|
||||||||||||||||||||||||||
|
Weighted average rate
|
3.54
|
%
|
---
|
---
|
---
|
---
|
---
|
3.54
|
%
|
||||||||||||||||||||||||||||
|
Total financial assets
|
$
|
1,805,654
|
$
|
186,765
|
$
|
326,906
|
$
|
125,843
|
$
|
289,491
|
$
|
473,786
|
$
|
3,208,445
|
|||||||||||||||||||||||
|
Financial Liabilities:
|
|||||||||||||||||||||||||||||||||||||
|
Time deposits(3)
|
$
|
1,016,166
|
$
|
198,669
|
$
|
41,919
|
$
|
20,150
|
$
|
21,005
|
$
|
1,795
|
$
|
1,299,704
|
$
|
1,307,251
|
|||||||||||||||||||||
|
Weighted average rate
|
1.71
|
%
|
2.25
|
%
|
2.25
|
%
|
2.72
|
%
|
2.76
|
%
|
3.84
|
%
|
1.85
|
%
|
|||||||||||||||||||||||
|
Interest-bearing demand
|
$
|
1,038,620
|
---
|
---
|
---
|
---
|
---
|
$
|
1,038,620
|
$
|
1,038,620
|
||||||||||||||||||||||||||
|
Weighted average rate
|
0.83
|
%
|
---
|
---
|
---
|
---
|
---
|
0.83
|
%
|
||||||||||||||||||||||||||||
|
Non-interest-bearing demand(2)
|
---
|
---
|
---
|
---
|
---
|
$
|
257,569
|
$
|
257,569
|
$
|
257,569
|
||||||||||||||||||||||||||
|
Weighted average rate
|
---
|
---
|
---
|
---
|
---
|
---
|
---
|
||||||||||||||||||||||||||||||
|
Federal Home Loan Bank advances
|
$
|
118,016
|
$
|
23,188
|
$
|
315
|
$
|
365
|
$
|
10,091
|
$
|
1,550
|
$
|
153,525
|
$
|
158,052
|
|||||||||||||||||||||
|
Weighted average rate
|
3.85
|
%
|
4.41
|
%
|
5.68
|
%
|
5.47
|
%
|
3.87
|
%
|
5.40
|
%
|
3.96
|
%
|
|||||||||||||||||||||||
|
Short-term borrowings
|
$
|
257,958
|
---
|
---
|
---
|
---
|
---
|
$
|
257,958
|
$
|
257,958
|
||||||||||||||||||||||||||
|
Weighted average rate
|
0.26
|
%
|
---
|
---
|
---
|
---
|
---
|
0.26
|
%
|
||||||||||||||||||||||||||||
|
Structured repurchase agreements
|
$
|
50,000
|
---
|
$ |
3,142
|
---
|
---
|
---
|
$
|
53,142
|
$
|
61,007
|
|||||||||||||||||||||||||
|
Weighted average rate
|
4.34
|
%
|
---
|
4.68
|
%
|
---
|
---
|
---
|
4.36
|
%
|
|||||||||||||||||||||||||||
|
Subordinated debentures
|
$
|
30,929
|
---
|
---
|
---
|
---
|
---
|
$
|
30,929
|
$
|
30,929
|
||||||||||||||||||||||||||
|
Weighted average rate
|
1.85
|
%
|
---
|
---
|
---
|
---
|
---
|
1.85
|
%
|
||||||||||||||||||||||||||||
|
Total financial liabilities
|
$
|
2,511,689
|
$
|
221,857
|
$
|
45,376
|
$
|
20,515
|
$
|
31,096
|
$
|
260,914
|
$
|
3,091,447
|
|||||||||||||||||||||||
|
Periodic repricing GAP
|
$
|
(706,035
|
)
|
$
|
(35,092
|
)
|
$
|
281,530
|
$
|
105,328
|
$
|
258,395
|
$
|
212,872
|
$
|
116,998
|
|||||||||||||||||||||
|
Cumulative repricing GAP
|
$
|
(706,035
|
)
|
$
|
(741,127
|
)
|
$
|
(459,597
|
)
|
$
|
(354,269
|
)
|
$
|
(95,874
|
)
|
$
|
116,998
|
||||||||||||||||||||
|
_______________
|
|
|
(1)
|
Available-for-sale debt securities include approximately $668 million of mortgage-backed securities, collateralized mortgage obligations and SBA loan pools which pay interest and principal monthly to the Company. Of this total, $596 million represents securities that have variable rates of interest after a fixed interest period. These securities will experience rate changes at varying times over the next ten years. This table does not show the effect of these monthly repayments of principal or rate changes.
|
|
(2)
|
Non-interest-bearing demand is included in this table in the column labeled "Thereafter" since there is no interest rate related to these liabilities and therefore there is nothing to reprice.
|
|
(3)
|
Time deposits include the effects of the Company's interest rate swaps on brokered certificates of deposit. These derivatives qualify for hedge accounting treatment.
|
|
2010
|
2009
|
|||||||
|
Cash
|
$ | 69,756 | $ | 242,723 | ||||
|
Interest-bearing deposits in other financial institutions
|
360,215 | 201,853 | ||||||
|
Cash and cash equivalents
|
429,971 | 444,576 | ||||||
|
Available-for-sale securities
|
769,546 | 764,291 | ||||||
|
Held-to-maturity securities
|
1,125 | 16,290 | ||||||
|
Mortgage loans held for sale
|
22,499 | 9,269 | ||||||
|
Loans receivable, net of allowance for loan losses of
$41,487 and $40,101 at December 31, 2010 and
2009, respectively
|
1,876,887 | 2,082,125 | ||||||
|
FDIC indemnification asset
|
100,878 | 141,484 | ||||||
|
Interest receivable
|
12,628 | 15,582 | ||||||
|
Prepaid expenses and other assets
|
52,390 | 66,020 | ||||||
|
Foreclosed assets held for sale, net
|
60,262 | 41,660 | ||||||
|
Premises and equipment, net
|
68,352 | 42,383 | ||||||
|
Goodwill and other intangible assets
|
5,395 | 6,216 | ||||||
|
Federal Home Loan Bank stock
|
11,572 | 11,223 | ||||||
|
Total assets
|
$ | 3,411,505 | $ | 3,641,119 | ||||
|
2010
|
2009
|
|||||||
|
Liabilities
|
||||||||
|
Deposits
|
$ | 2,595,893 | $ | 2,713,961 | ||||
|
Federal Home Loan Bank advances
|
153,525 | 171,603 | ||||||
|
Securities sold under reverse repurchase agreements
with customers
|
257,180 | 335,893 | ||||||
|
Short-term borrowings
|
778 | 289 | ||||||
|
Structured repurchase agreements
|
53,142 | 53,194 | ||||||
|
Subordinated debentures issued to capital trust
|
30,929 | 30,929 | ||||||
|
Accrued interest payable
|
3,765 | 6,283 | ||||||
|
Advances from borrowers for taxes and insurance
|
1,019 | 1,268 | ||||||
|
Accounts payable and accrued expenses
|
10,395 | 9,423 | ||||||
|
Current and deferred income taxes
|
870 | 19,368 | ||||||
|
Total liabilities
|
3,107,496 | 3,342,211 | ||||||
|
Commitments and Contingencies
|
— | — | ||||||
|
Stockholders’ Equity
|
||||||||
|
Capital stock
|
||||||||
|
Serial preferred stock, $.01 par value; authorized
1,000,000 shares; issued and outstanding 58,000
shares
|
56,480 | 56,017 | ||||||
|
Common stock, $.01 par value; authorized
20,000,000 shares; issued and outstanding
2010 – 13,454,000 shares, 2009 – 13,406,403
shares
|
134 | 134 | ||||||
|
Common stock warrants; 909,091 shares
|
2,452 | 2,452 | ||||||
|
Additional paid-in capital
|
20,701 | 20,180 | ||||||
|
Retained earnings
|
220,021 | 208,625 | ||||||
|
Accumulated other comprehensive gain
|
||||||||
|
Unrealized gain on available-for-sale securities,
net of income taxes of $2,273 and $6,192 at
December 31, 2010 and 2009, respectively
|
4,221 | 11,500 | ||||||
|
Total stockholders’ equity
|
304,009 | 298,908 | ||||||
|
Total liabilities and stockholders’ equity
|
$ | 3,411,505 | $ | 3,641,119 | ||||
|
2010
|
2009
|
2008
|
||||||||||
|
Interest Income
|
||||||||||||
|
Loans
|
$ | 145,832 | $ | 123,463 | $ | 119,829 | ||||||
|
Investment securities and other
|
27,359 | 32,405 | 24,985 | |||||||||
| 173,191 | 155,868 | 144,814 | ||||||||||
|
Interest Expense
|
||||||||||||
|
Deposits
|
38,427 | 54,087 | 60,876 | |||||||||
|
Federal Home Loan Bank advances
|
5,516 | 5,352 | 5,001 | |||||||||
|
Short-term borrowings and repurchase agreements
|
3,329 | 6,393 | 5,892 | |||||||||
|
Subordinated debentures issued to capital trust
|
578 | 773 | 1,462 | |||||||||
| 47,850 | 66,605 | 73,231 | ||||||||||
|
Net Interest Income
|
125,341 | 89,263 | 71,583 | |||||||||
|
Provision for Loan Losses
|
35,630 | 35,800 | 52,200 | |||||||||
|
Net Interest Income After
Provision for Loan Losses
|
89,711 | 53,463 | 19,383 | |||||||||
|
Noninterest Income
|
||||||||||||
|
Commissions
|
8,284 | 6,775 | 8,724 | |||||||||
|
Service charges and ATM fees
|
18,652 | 17,669 | 15,352 | |||||||||
|
Net gains on loan sales
|
3,765 | 2,889 | 1,415 | |||||||||
|
Net realized gains on sales of available-for-sale securities
|
8,787 | 2,787 | 44 | |||||||||
|
Realized impairment of available-for-sale securities
|
— | (4,308 | ) | (7,386 | ) | |||||||
|
Late charges and fees on loans
|
767 | 672 | 819 | |||||||||
|
Change in interest rate swap fair value net of change in hedged
deposit fair value
|
— | 1,184 | 6,981 | |||||||||
|
Gain recognized on business acquisitions
|
— | 89,795 | — | |||||||||
|
Accretion (amortization) of income/expense related to
business
acquisition
|
(10,427 | ) | 2,733 | — | ||||||||
|
Other income
|
2,124 | 2,588 | 2,195 | |||||||||
| 31,952 | 122,784 | 28,144 | ||||||||||
|
Noninterest Expense
|
||||||||||||
|
Salaries and employee benefits
|
44,842 | 40,450 | 31,081 | |||||||||
|
Net occupancy expense
|
14,341 | 12,506 | 8,281 | |||||||||
|
Postage
|
3,303 | 2,789 | 2,240 | |||||||||
|
Insurance
|
4,562 | 5,716 | 2,223 | |||||||||
|
Advertising
|
1,932 | 1,488 | 1,073 | |||||||||
|
Office supplies and printing
|
1,522 | 1,195 | 820 | |||||||||
|
Telephone
|
2,333 | 1,828 | 1,396 | |||||||||
|
Legal, audit and other professional fees
|
2,867 | 2,778 | 1,739 | |||||||||
|
Expense on foreclosed assets
|
4,914 | 4,959 | 3,431 | |||||||||
|
Other operating expenses
|
8,288 | 4,486 | 3,422 | |||||||||
| 88,904 | 78,195 | 55,706 | ||||||||||
|
Income (Loss) Before Income Taxes
|
32,759 | 98,052 | (8,179 | ) | ||||||||
|
Provision (Credit) for Income Taxes
|
8,894 | 33,005 | (3,751 | ) | ||||||||
|
Net Income (Loss)
|
23,865 | 65,047 | (4,428 | ) | ||||||||
|
Preferred Stock Dividends and Discount Accretion
|
3,403 | 3,353 | 242 | |||||||||
|
Net Income (Loss) Available to Common Shareholders
|
$ | 20,462 | $ | 61,694 | $ | (4,670 | ) | |||||
|
Earnings (Loss) Per Common Share
|
||||||||||||
|
Basic
|
$ | 1.52 | $ | 4.61 | $ | (.35 | ) | |||||
|
Diluted
|
$ | 1.46 | $ | 4.44 | $ | (.35 | ) | |||||
|
Accumulated
|
||||||||||||||||||||||||||||||||||||
|
Other
|
||||||||||||||||||||||||||||||||||||
|
Common
|
Additional
|
Comprehensive
|
||||||||||||||||||||||||||||||||||
|
Income
|
Preferred
|
Common
|
Stock
|
Paid-in
|
Retained
|
Income
|
Treasury
|
|||||||||||||||||||||||||||||
|
(Loss)
|
Stock
|
Stock
|
Warrants
|
Capital
|
Earnings
|
(Loss)
|
Stock
|
Total
|
||||||||||||||||||||||||||||
|
Balance, January 1, 2008
|
$ | — | $ | — | $ | 134 | $ | — | $ | 19,342 | $ | 170,933 | $ | (538 | ) | $ | — | $ | 189,871 | |||||||||||||||||
|
Net loss
|
(4,428 | ) | — | — | — | — | (4,428 | ) | — | — | (4,428 | ) | ||||||||||||||||||||||||
|
Preferred stock issued
|
— | 55,548 | — | — | — | — | — | — | 55,548 | |||||||||||||||||||||||||||
|
Common stock warrants issued
|
— | — | — | 2,452 | — | — | — | — | 2,452 | |||||||||||||||||||||||||||
|
Stock issued under Stock Option Plan
|
— | — | — | — | 469 | — | — | 25 | 494 | |||||||||||||||||||||||||||
|
Common dividends declared,
$.72 per share
|
— | — | — | — | — | (9,633 | ) | — | — | (9,633 | ) | |||||||||||||||||||||||||
|
Preferred stock discount accretion
|
— | 32 | — | — | — | (32 | ) | — | — | — | ||||||||||||||||||||||||||
|
Preferred stock dividends
accrued (5%)
|
— | — | — | — | — | (210 | ) | — | — | (210 | ) | |||||||||||||||||||||||||
|
Change in unrealized loss on available-
for-sale
securities, net of income
taxes of $216
|
401 | — | — | — | — | — | 401 | — | 401 | |||||||||||||||||||||||||||
|
Company stock purchased
|
— | — | — | — | — | — | — | (408 | ) | (408 | ) | |||||||||||||||||||||||||
|
Reclassification of treasury stock per Maryland law
|
— | — | — | — | — | (383 | ) | — | 383 | — | ||||||||||||||||||||||||||
| $ | (4,027 | ) | ||||||||||||||||||||||||||||||||||
|
Balance, December 31, 2008
|
$ | — | 55,580 | 134 | 2,452 | 19,811 | 156,247 | (137 | ) | — | 234,087 | |||||||||||||||||||||||||
|
Net income
|
65,047 | — | — | — | — | 65,047 | — | — | 65,047 | |||||||||||||||||||||||||||
|
Stock issued under Stock Option Plan
|
— | — | — | — | 369 | — | — | 326 | 695 | |||||||||||||||||||||||||||
|
Common dividends declared,
$.72 per share
|
— | — | — | — | — | (9,642 | ) | — | — | (9,642 | ) | |||||||||||||||||||||||||
|
Preferred stock discount accretion
|
— | 437 | — | — | — | (437 | ) | — | — | — | ||||||||||||||||||||||||||
|
Preferred stock dividends
accrued (5%)
|
— | — | — | — | — | (2,916 | ) | — | — | (2,916 | ) | |||||||||||||||||||||||||
|
Change in unrealized gain on available-
for-sale
securities, net of income
taxes of $6,266
|
11,637 | — | — | — | — | — | 11,637 | — | 11,637 | |||||||||||||||||||||||||||
|
Reclassification of treasury stock per Maryland law
|
— | — | — | — | — | 326 | — | (326 | ) | — | ||||||||||||||||||||||||||
| $ | 76,684 | |||||||||||||||||||||||||||||||||||
|
Balance, December 31, 2009
|
$ | — | 56,017 | 134 | 2,452 | 20,180 | 208,625 | 11,500 | — | 298,908 | ||||||||||||||||||||||||||
|
Net income
|
23,865 | — | — | — | — | 23,865 | — | — | 23,865 | |||||||||||||||||||||||||||
|
Stock issued under Stock Option Plan
|
— | — | — | — | 521 | — | — | 610 | 1,131 | |||||||||||||||||||||||||||
|
Common dividends declared,
$.72 per share
|
— | — | — | — | — | (9,676 | ) | — | — | (9,676 | ) | |||||||||||||||||||||||||
|
Preferred stock discount accretion
|
— | 463 | — | — | — | (463 | ) | — | — | — | ||||||||||||||||||||||||||
|
Preferred stock dividends
accrued (5%)
|
— | — | — | — | — | (2,940 | ) | — | — | (2,940 | ) | |||||||||||||||||||||||||
|
Change in unrealized gain on available-
for-sale
securities, net of income
taxes of $(3,919)
|
(7,279 | ) | — | — | — | — | — | (7,279 | ) | — | (7,279 | ) | ||||||||||||||||||||||||
|
Reclassification of treasury stock per Maryland law
|
— | — | — | — | — | 610 | — | (610 | ) | — | ||||||||||||||||||||||||||
|
Balance, December 31, 2010
|
$ | 16,586 | $ | 56,480 | $ | 134 | $ | 2,452 | $ | 20,701 | $ | 220,021 | $ | 4,221 | $ | 0 | $ | 304,009 | ||||||||||||||||||
|
2010
|
2009
|
2008
|
||||||||||
|
Operating Activities
|
||||||||||||
|
Net income (loss)
|
$ | 23,865 | $ | 65,047 | $ | (4,428 | ) | |||||
|
Proceeds from sales of loans held for sale
|
179,472 | 194,599 | 94,935 | |||||||||
|
Originations of loans held for sale
|
(189,269 | ) | (196,726 | ) | (91,914 | ) | ||||||
|
Items not requiring (providing) cash
|
||||||||||||
|
Depreciation
|
3,571 | 2,723 | 2,446 | |||||||||
|
Amortization
|
2,087 | 756 | 383 | |||||||||
|
Compensation expense for stock option
grants
|
461 | 337 | 468 | |||||||||
|
Provision for loan losses
|
35,630 | 35,800 | 52,200 | |||||||||
|
Net gains on loan sales
|
(3,765 | ) | (2,889 | ) | (1,415 | ) | ||||||
|
Net realized (gains) losses and impairment on
available-for-sale securities
|
(8,787 | ) | 1,521 | 7,342 | ||||||||
|
Gain on sale of premises and equipment
|
(44 | ) | (47 | ) | (191 | ) | ||||||
|
Loss on sale of foreclosed assets
|
588 | 2,855 | 1,456 | |||||||||
|
Gain on purchase of additional business
units
|
— | (89,795 | ) | — | ||||||||
|
Amortization (accretion) of deferred
income, premiums and discounts
|
15,063 | (6,626 | ) | (1,960 | ) | |||||||
|
Change in interest rate swap fair value net
of change in hedged deposit fair value
|
— | (1,184 | ) | (6,983 | ) | |||||||
|
Deferred income taxes
|
(5,451 | ) | 24,875 | (5,562 | ) | |||||||
|
Changes in
|
||||||||||||
|
Interest receivable
|
2,954 | 1,916 | 2,154 | |||||||||
|
Prepaid expenses and other assets
|
39,303 | 923 | (2,698 | ) | ||||||||
|
Accounts payable and accrued expenses
|
(1,595 | ) | (4,584 | ) | 2,626 | |||||||
|
Income taxes refundable/payable
|
(9,128 | ) | 9,267 | (5,347 | ) | |||||||
|
Net cash provided by operating
activities
|
84,955 | 38,768 | 43,512 | |||||||||
|
2010
|
2009
|
2008
|
||||||||||
|
Investing Activities
|
||||||||||||
|
Net change in loans
|
$ | 110,669 | $ | 103,995 | $ | 34,189 | ||||||
|
Purchase of loans
|
(12,164 | ) | (23,252 | ) | (12,030 | ) | ||||||
|
Proceeds from sale of student loans
|
22,291 | 9,407 | 634 | |||||||||
|
Cash received from purchase of additional
business units
|
— | 265,769 | — | |||||||||
|
Purchase of additional business units
|
(26 | ) | — | — | ||||||||
|
Purchase of premises and equipment
|
(29,850 | ) | (15,121 | ) | (4,686 | ) | ||||||
|
Proceeds from sale of premises and equipment
|
354 | 266 | 434 | |||||||||
|
Proceeds from sale of foreclosed assets
|
31,791 | 18,155 | 11,183 | |||||||||
|
Capitalized costs on foreclosed assets
|
(1,669 | ) | (502 | ) | (567 | ) | ||||||
|
Proceeds from maturities, calls and repayments of
held-to-maturity securities
|
30,165 | 70 | 60 | |||||||||
|
Proceeds from sale of available-for-sale securities
|
296,829 | 110,739 | 85,242 | |||||||||
|
Proceeds from maturities, calls and repayments of
available-for-sale securities
|
199,113 | 229,069 | 206,902 | |||||||||
|
Purchase of available-for-sale securities
|
(508,464 | ) | (283,453 | ) | (522,071 | ) | ||||||
|
Purchase of held-to-maturity securities
|
(15,000 | ) | (40,000 | ) | — | |||||||
|
(Purchase) redemption of Federal Home Loan
Bank stock
|
(349 | ) | 6,924 | 5,224 | ||||||||
|
Net cash provided by (used in) investing activities
|
123,690 | 382,066 | (195,486 | ) | ||||||||
| 2010 | 2009 | 2008 | ||||||||||
| Financing Activities | ||||||||||||
|
Net increase (decrease) in certificates of deposit
|
$ | (332,387 | ) | $ | (277,165 | ) | $ | 285,044 | ||||
|
Net increase (decrease) in checking and savings
accounts
|
216,535 | 224,577 | (132,125 | ) | ||||||||
|
Proceeds from Federal Home Loan Bank advances
|
— | — | 503,000 | |||||||||
|
Repayments of Federal Home Loan Bank advances
|
(17,028 | ) | (103,148 | ) | (596,395 | ) | ||||||
|
Net increase (decrease) in short-term borrowings
|
(78,224 | ) | 23,679 | 81,908 | ||||||||
|
Proceeds from issuance of structured repurchase
agreement
|
— | — | 50,000 | |||||||||
|
Proceeds from issuance of preferred stock and
related common stock warrants to U.S. Treasury
|
— | — | 58,000 | |||||||||
|
Advances to borrowers for taxes and insurance
|
(249 | ) | (103 | ) | (44 | ) | ||||||
|
Company stock purchased
|
— | — | (408 | ) | ||||||||
|
Dividends paid
|
(12,567 | ) | (12,376 | ) | (9,637 | ) | ||||||
|
Stock options exercised
|
670 | 358 | 26 | |||||||||
|
Net cash provided by (used in) financing
activities
|
(223,250 | ) | (144,178 | ) | 239,369 | |||||||
|
Increase (Decrease) in Cash and Cash
Equivalents
|
(14,605 | ) | 276,656 | 87,395 | ||||||||
|
Cash and Cash Equivalents, Beginning of Year
|
444,576 | 167,920 | 80,525 | |||||||||
|
Cash and Cash Equivalents, End of Year
|
$ | 429,971 | $ | 444,576 | $ | 167,920 | ||||||
|
Note 1:
|
Nature of Operations and Summary of Significant Accounting Policies
|
|
December 31,
|
||||||||
|
2010
|
2009
|
|||||||
|
(In Thousands)
|
||||||||
|
Goodwill – Branch acquisitions
|
$ | 379 | $ | 379 | ||||
|
Goodwill – Travel agency acquisitions
|
876 | 875 | ||||||
|
Deposit intangibles
|
||||||||
|
Branch acquisitions
|
138 | 226 | ||||||
|
TeamBank
|
2,210 | 2,631 | ||||||
|
Vantus Bank
|
1,763 | 2,074 | ||||||
|
Noncompete agreements
|
29 | 31 | ||||||
| $ | 5,395 | $ | 6,216 | |||||
|
2010
|
2009
|
2008
|
||||||||||
|
(In Thousands, Except Per Share Data)
|
||||||||||||
|
Net income (loss)
|
$ | 23,865 | $ | 65,047 | $ | (4,428 | ) | |||||
|
Net income (loss) available-to-common
shareholders
|
$ | 20,462 | $ | 61,694 | $ | (4,670 | ) | |||||
|
Average common shares outstanding
|
13,434 | 13,390 | 13,381 | |||||||||
|
Average common share stock options
and warrants outstanding
|
612 | 492 | N/A | |||||||||
|
Average diluted common shares
|
14,046 | 13,882 | 13,381 | |||||||||
|
Earnings (loss) per common share – basic
|
$ | 1.52 | $ | 4.61 | $ | (0.35 | ) | |||||
|
Earnings (loss) per common share – diluted
|
$ | 1.46 | $ | 4.44 | $ | (0.35 | ) | |||||
|
Note 2:
|
Investments in Debt and Equity Securities
|
|
December 31, 2010
|
||||||||||||||||
|
Gross
|
Gross
|
|||||||||||||||
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
|
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
|
(In Thousands)
|
||||||||||||||||
|
U.S. government agencies
|
$ | 4,000 | $ | — | $ | 20 | $ | 3,980 | ||||||||
|
Collateralized mortgage
obligations
|
8,311 | 183 | 814 | 7,680 | ||||||||||||
|
Mortgage-backed securities
|
590,085 | 10,879 | 1,753 | 599,211 | ||||||||||||
|
Small Business Administration
loan pools
|
60,063 | 851 | — | 60,914 | ||||||||||||
|
States and political subdivisions
|
99,314 | 378 | 4,075 | 95,617 | ||||||||||||
|
Corporate bonds
|
49 | — | 28 | 21 | ||||||||||||
|
Equity securities
|
1,230 | 893 | — | 2,123 | ||||||||||||
| $ | 763,052 | $ | 13,184 | $ | 6,690 | $ | 769,546 | |||||||||
|
December 31, 2009
|
||||||||||||||||
|
Gross
|
Gross
|
|||||||||||||||
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
|
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
|
(In Thousands)
|
||||||||||||||||
|
U.S. government agencies
|
$ | 15,931 | $ | 28 | $ | — | $ | 15,959 | ||||||||
|
Collateralized mortgage
obligations
|
51,221 | 1,042 | 527 | 51,736 | ||||||||||||
|
Mortgage-backed securities
|
614,338 | 18,508 | 672 | 632,174 | ||||||||||||
|
States and political subdivisions
|
63,686 | 705 | 1,904 | 62,487 | ||||||||||||
|
Corporate bonds
|
49 | 21 | 13 | 57 | ||||||||||||
|
Equity securities
|
1,374 | 504 | — | 1,878 | ||||||||||||
| $ | 746,599 | $ | 20,808 | $ | 3,116 | $ | 764,291 | |||||||||
|
Gross
|
Gross
|
|||||||||||||||
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
|
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
|
(In Thousands)
|
||||||||||||||||
|
Collateralized mortgage obligations
|
||||||||||||||||
|
FHLMC fixed
|
$ | 602 | $ | 7 | $ | — | $ | 609 | ||||||||
|
GNMA fixed
|
1,421 | 7 | — | 1,428 | ||||||||||||
|
Total agency
|
2,023 | 14 | — | 2,037 | ||||||||||||
|
Nonagency fixed
|
2,201 | 23 | — | 2,224 | ||||||||||||
|
Nonagency variable
|
4,087 | 146 | 814 | 3,419 | ||||||||||||
|
Total nonagency
|
6,288 | 169 | 814 | 5,643 | ||||||||||||
| $ | 8,311 | $ | 183 | $ | 814 | $ | 7,680 | |||||||||
|
Total fixed
|
$ | 4,224 | $ | 37 | $ | — | $ | 4,261 | ||||||||
|
Total variable
|
4,087 | 146 | 814 | 3,419 | ||||||||||||
| $ | 8,311 | $ | 183 | $ | 814 | $ | 7,680 | |||||||||
|
Mortgage-backed securities
|
||||||||||||||||
|
FHLMC fixed
|
$ | 28,153 | $ | 1,573 | $ | — | $ | 29,726 | ||||||||
|
FHLMC hybrid ARM
|
72,358 | 3,782 | 3 | 76,137 | ||||||||||||
|
Total FHLMC
|
100,511 | 5,355 | 3 | 105,863 | ||||||||||||
|
FNMA fixed
|
29,333 | 1,246 | 55 | 30,524 | ||||||||||||
|
FNMA hybrid ARM
|
54,660 | 2,766 | — | 57,426 | ||||||||||||
|
Total FNMA
|
83,993 | 4,012 | 55 | 87,950 | ||||||||||||
|
GNMA fixed
|
6,753 | 220 | — | 6,973 | ||||||||||||
|
GNMA hybrid ARM
|
398,828 | 1,292 | 1,695 | 398,425 | ||||||||||||
|
Total GNMA
|
405,581 | 1,512 | 1,695 | 405,398 | ||||||||||||
| $ | 590,085 | $ | 10,879 | $ | 1,753 | $ | 599,211 | |||||||||
|
Total fixed
|
$ | 64,239 | $ | 3,039 | $ | 55 | $ | 67,223 | ||||||||
|
Total hybrid ARM
|
525,846 | 7,840 | 1,698 | 531,988 | ||||||||||||
| $ | 590,085 | $ | 10,879 | $ | 1,753 | $ | 599,211 | |||||||||
|
Amortized
|
Fair
|
|||||||
|
Cost
|
Value
|
|||||||
|
(In Thousands)
|
||||||||
|
One year or less
|
$ | 265 | $ | 271 | ||||
|
After one through five years
|
6,029 | 6,045 | ||||||
|
After five through ten years
|
8,813 | 8,874 | ||||||
|
After ten years
|
148,319 | 145,342 | ||||||
|
Securities not due on a single maturity date
|
598,396 | 606,891 | ||||||
|
Equity securities
|
1,230 | 2,123 | ||||||
| $ | 763,052 | $ | 769,546 | |||||
|
December 31, 2010
|
||||||||||||||||
|
Gross
|
Gross
|
|||||||||||||||
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
|
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
|
(In Thousands)
|
||||||||||||||||
|
States and political subdivisions
|
$ | 1,125 | $ | 175 | $ | — | $ | 1,300 | ||||||||
|
December 31, 2009
|
||||||||||||||||
|
Gross
|
Gross
|
|||||||||||||||
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
|
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
|
(In Thousands)
|
||||||||||||||||
|
U.S. government agencies
|
$ | 15,000 | $ | — | $ | 365 | $ | 14,635 | ||||||||
|
States and political subdivisions
|
1,290 | 140 | — | 1,430 | ||||||||||||
| $ | 16,290 | $ | 140 | $ | 365 | $ | 16,065 | |||||||||
|
Amortized
|
Fair
|
|||||||
|
Cost
|
Value
|
|||||||
|
(In Thousands)
|
||||||||
| After five through ten years | $ | 1,125 | $ | 1,300 | ||||
|
2010
|
2009
|
|||||||||||||||
|
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||
|
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||
|
(In Thousands)
|
||||||||||||||||
|
Public deposits
|
$ | 388,456 | $ | 393,261 | $ | 315,459 | $ | 322,995 | ||||||||
|
Collateralized borrowing accounts
|
263,778 | 264,450 | 309,447 | 315,590 | ||||||||||||
|
Structured repurchase agreements
|
66,755 | 68,202 | 66,571 | 68,603 | ||||||||||||
|
Federal Reserve Bank borrowings
|
— | — | 11,452 | 11,544 | ||||||||||||
|
Treasury, tax and loan accounts
|
5,527 | 5,621 | 5,610 | 5,746 | ||||||||||||
| $ | 724,516 | $ | 731,534 | $ | 708,539 | $ | 724,478 | |||||||||
|
2010
|
||||||||||||||||||||||||
|
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
|
Description of Securities
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||
|
U.S. government agencies
|
$ | 3,980 | $ | (20 | ) | $ | — | $ | — | $ | 3,980 | $ | (20 | ) | ||||||||||
|
Collateralized mortgage obligations
|
— | — | 1,809 | (814 | ) | 1,809 | (814 | ) | ||||||||||||||||
|
Mortgage-backed securities
|
231,524 | (1,753 | ) | — | — | 231,524 | (1,753 | ) | ||||||||||||||||
|
State and political subdivisions
|
56,221 | (2,328 | ) | 5,257 | (1,747 | ) | 61,478 | (4,075 | ) | |||||||||||||||
|
Corporate bonds
|
8 | (24 | ) | 14 | (4 | ) | 22 | (28 | ) | |||||||||||||||
| $ | 291,733 | $ | (4,125 | ) | $ | 7,080 | $ | (2,565 | ) | $ | 298,813 | $ | (6,690 | ) | ||||||||||
|
2009
|
||||||||||||||||||||||||
|
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
|
Description of Securities
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||
|
U.S. government agencies
|
$ | 14,635 | $ | (365 | ) | $ | — | $ | — | $ | 14,635 | $ | (365 | ) | ||||||||||
|
Collateralized mortgage obligations
|
1,993 | (385 | ) | 2,464 | (142 | ) | 4,457 | (527 | ) | |||||||||||||||
|
Mortgage-backed securities
|
102,796 | (672 | ) | — | — | 102,796 | (672 | ) | ||||||||||||||||
|
State and political subdivisions
|
9,876 | (156 | ) | 8,216 | (1,748 | ) | 18,092 | (1,904 | ) | |||||||||||||||
|
Corporate bonds
|
5 | (13 | ) | — | — | 5 | (13 | ) | ||||||||||||||||
| $ | 129,305 | $ | (1,591 | ) | $ | 10,680 | $ | (1,890 | ) | $ | 139,985 | $ | (3,481 | ) | ||||||||||
|
Accumulated Credit Losses
|
||||||||
|
2010
|
2009
|
|||||||
|
(In Thousands)
|
||||||||
|
Credit losses on debt securities held
|
||||||||
|
Beginning of year
|
$ | 2,983 | $ | — | ||||
|
Additions related to other-than-temporary losses
not previously recognized
|
— | 3,304 | ||||||
|
Reductions due to sales
|
— | (321 | ) | |||||
|
End of year
|
$ | 2,983 | $ | 2,983 | ||||
|
Note 3:
|
Other Comprehensive Income (Loss)
|
|
2010
|
2009
|
2008
|
||||||||||
|
(In Thousands)
|
||||||||||||
|
Net unrealized gain (loss) on available-for-sale
securities
|
$ | (2,000 | ) | $ | 24,307 | $ | (6,725 | ) | ||||
|
Net unrealized loss on available-for-sale debt
securities for which a portion of an other-
than-
temporary impairment has been
recognized
|
(411 | ) | (4,150 | ) | — | |||||||
|
Less reclassification adjustment for gain (loss)
included in net income
|
8,787 | 2,254 | (7,342 | ) | ||||||||
|
Other comprehensive income (loss), before tax
effect
|
(11,198 | ) | 17,903 | 617 | ||||||||
|
Tax expense (benefit)
|
(3,919 | ) | 6,266 | 216 | ||||||||
|
Change in unrealized gain (loss) on available-for-
sale securities, net of income taxes
|
$ | (7,279 | ) | $ | 11,637 | $ | 401 | |||||
|
2010
|
2009
|
|||||||
|
(In Thousands)
|
||||||||
|
Net unrealized gain on available-for-sale securities
|
$ | 7,279 | $ | 18,067 | ||||
|
Net unrealized loss on available-for-sale debt securities
for which a portion of an other-than-temporary
impairment has been recognized in income
|
(785 | ) | (375 | ) | ||||
| 6,494 | 17,692 | |||||||
|
Tax expense
|
2,273 | 6,192 | ||||||
|
Net-of-tax amount
|
$ | 4,221 | $ | 11,500 | ||||
|
Note 4:
|
Loans and Allowance for Loan Losses
|
|
2010
|
2009
|
|||||||
|
(In Thousands)
|
||||||||
|
One- to four-family residential construction
|
$ | 29,102 | $ | 32,966 | ||||
|
Subdivision construction
|
86,649 | 104,425 | ||||||
|
Land development
|
51,014 | 127,265 | ||||||
|
Commercial construction
|
112,577 | 87,220 | ||||||
|
Owner occupied one- to four-family residential
|
98,099 | 102,421 | ||||||
|
Non-owner occupied one- to four-family residential
|
136,984 | 137,577 | ||||||
|
Commercial real estate
|
530,277 | 564,621 | ||||||
|
Other residential
|
210,846 | 190,552 | ||||||
|
Commercial business
|
185,865 | 151,250 | ||||||
|
Industrial revenue bonds
|
64,641 | 60,969 | ||||||
|
Consumer auto
|
48,992 | 47,734 | ||||||
|
Consumer other
|
77,331 | 92,008 | ||||||
|
Home equity lines of credit
|
46,852 | 46,578 | ||||||
|
FDIC-supported loans, net of discounts (TeamBank)
|
144,633 | 199,774 | ||||||
|
FDIC-supported loans, net of discounts (Vantus Bank)
|
160,163 | 225,950 | ||||||
| 1,984,025 | 2,171,310 | |||||||
|
Undisbursed portion of loans in process
|
(63,108 | ) | (46,920 | ) | ||||
|
Allowance for loan losses
|
(41,487 | ) | (40,101 | ) | ||||
|
Deferred loan fees and gains, net
|
(2,543 | ) | (2,164 | ) | ||||
| $ | 1,876,887 | $ | 2,082,125 | |||||
|
30-59
Days Past
Due
|
60-89
Days Past
Due
|
Over 90
Days
|
Total
Past Due
|
Current
|
Total
Loans
Receivable
|
Total Loans >
90 Days and
Still Accruing
|
||||||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||
|
One- to four-family
residential construction
|
$ | 261 | $ | — | $ | 578 | $ | 839 | $ | 28,263 | $ | 29,102 | $ | — | ||||||||||||||
|
Subdivision construction
|
281 | 1,015 | 1,860 | 3,156 | 83,493 | 86,649 | — | |||||||||||||||||||||
|
Land development
|
2,730 | — | 5,668 | 8,398 | 42,616 | 51,014 | — | |||||||||||||||||||||
|
Commercial construction
|
— | — | — | — | 112,577 | 112,577 | — | |||||||||||||||||||||
|
Owner occupied one- to four-
family residential
|
4,856 | 914 | 2,724 | 8,494 | 89,605 | 98,099 | ||||||||||||||||||||||
|
Non-owner occupied one- to
four-family residential
|
2,085 | 2,130 | 2,831 | 7,046 | 129,938 | 136,984 | — | |||||||||||||||||||||
|
Commercial real estate
|
2,749 | 8,546 | 6,074 | 17,369 | 512,908 | 530,277 | — | |||||||||||||||||||||
|
Other residential
|
— | 4,011 | 4,202 | 8,213 | 202,633 | 210,846 | — | |||||||||||||||||||||
|
Commercial business
|
350 | 355 | 1,642 | 2,347 | 183,518 | 185,865 | — | |||||||||||||||||||||
|
Industrial revenue bonds
|
— | — | 2,190 | 2,190 | 62,451 | 64,641 | — | |||||||||||||||||||||
|
Consumer auto
|
427 | 35 | 94 | 556 | 48,436 | 48,992 | 22 | |||||||||||||||||||||
|
Consumer other
|
1,331 | 318 | 1,417 | 3,066 | 74,265 | 77,331 | 565 | |||||||||||||||||||||
|
Home equity lines of credit
|
152 | 160 | 140 | 452 | 46,400 | 46,852 | — | |||||||||||||||||||||
|
FDIC-supported loans, net of
discounts (TeamBank)
|
2,719 | 3,731 | 13,285 | 19,735 | 124,898 | 144,633 | — | |||||||||||||||||||||
|
FDIC-supported loans, net of
discounts (Vantus Bank)
|
2,277 | 1,414 | 9,399 | 13,090 | 147,073 | 160,163 | — | |||||||||||||||||||||
| 20,218 | 22,629 | 52,104 | 94,951 | 1,889,074 | 1,984,025 | $ | 587 | |||||||||||||||||||||
|
Less FDIC-supported loans,
net of discounts
|
4,996 | 5,145 | 22,684 | 32,825 | 271,971 | 304,796 | ||||||||||||||||||||||
|
Total
|
$ | 15,222 | $ | 17,484 | $ | 29,420 | $ | 62,126 | $ | 1,617,103 | $ | 1,679,229 | ||||||||||||||||
|
December 31,
|
||||||||
|
2010
|
2009
|
|||||||
|
(In Thousands)
|
||||||||
|
One- to four-family residential construction
|
$ | 578 | $ | 374 | ||||
|
Subdivision construction
|
1,860 | 2,328 | ||||||
|
Land development
|
5,668 | 5,982 | ||||||
|
Commercial construction
|
— | — | ||||||
|
Owner occupied one- to four-family residential
|
2,724 | 1,629 | ||||||
|
Non-owner occupied one- to four-family residential
|
2,831 | 4,810 | ||||||
|
Commercial real estate
|
6,074 | 8,850 | ||||||
|
Other residential
|
4,202 | 479 | ||||||
|
Commercial business
|
1,642 | 743 | ||||||
|
Industrial revenue bonds
|
2,190 | — | ||||||
|
Consumer auto
|
72 | 74 | ||||||
|
Consumer other
|
852 | 514 | ||||||
|
Home equity lines of credit
|
140 | 217 | ||||||
|
Total
|
$ | 28,833 | $ | 26,000 | ||||
|
2010
|
2009
|
2008
|
||||||||||
|
(In Thousands)
|
||||||||||||
|
Balance, beginning of year
|
$ | 40,101 | $ | 29,163 | $ | 25,459 | ||||||
|
Provision charged to expense
|
35,630 | 35,800 | 52,200 | |||||||||
|
Loans charged off, net of recoveries
of $5,804 for 2010, $5,577 for 2009
and $4,531 for 2008
|
(34,244 | ) | (24,862 | ) | (48,496 | ) | ||||||
|
Balance, end of year
|
$ | 41,487 | $ | 40,101 | $ | 29,163 | ||||||
|
One- to Four-
Family
Residential
and
Construction
|
Other
Residential
and
Construction
|
Commercial
Real Estate
|
Commercial
Construction
|
Other
Commercial
|
Consumer
|
Total
|
||||||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||
|
Allowance for loan losses:
|
||||||||||||||||||||||||||||
|
Individually evaluated for impairment
|
$ | 4,353 | $ | 1,714 | $ | 3,089 | $ | 2,083 | $ | 784 | $ | 37 | $ | 12,060 | ||||||||||||||
|
Collectively evaluated for impairment
|
$ | 7,100 | $ | 2,152 | $ | 11,247 | $ | 3,769 | $ | 1,697 | $ | 2,632 | $ | 28,597 | ||||||||||||||
|
Loans acquired and accounted for under ASC 310-30
|
$ | — | $ | — | $ | — | $ | 30 | $ | 800 | $ | — | $ | 830 | ||||||||||||||
|
Loans:
|
||||||||||||||||||||||||||||
|
Individually evaluated for impairment
|
$ | 40,562 | $ | 25,246 | $ | 72,379 | $ | 45,334 | $ | 8,340 | $ | 622 | $ | 192,483 | ||||||||||||||
|
Collectively evaluated for impairment
|
$ | 310,272 | $ | 185,600 | $ | 522,539 | $ | 118,257 | $ | 177,525 | $ | 172,553 | $ | 1,486,746 | ||||||||||||||
|
Loans acquired and accounted for under ASC 310-30
|
$ | 75,727 | $ | 23,277 | $ | 128,704 | $ | 22,858 | $ | 15,215 | $ | 39,015 | $ | 304,796 | ||||||||||||||
|
Recorded
Balance
|
Unpaid
Principal
Balance
|
Specific
Allowance
|
Average
Investment
in Impaired
Loans
|
Interest
Income
Recognized
|
||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||
|
One- to four-family residential
construction
|
$ | 1,947 | $ | 2,371 | $ | 258 | $ | 1,724 | $ | 83 | ||||||||||
|
Subdivision construction
|
9,894 | 10,560 | 2,326 | 7,850 | 415 | |||||||||||||||
|
Land development
|
17,957 | 21,006 | 1,925 | 18,760 | 534 | |||||||||||||||
|
Commercial construction
|
1,851 | 1,851 | 158 | 458 | 31 | |||||||||||||||
|
Owner occupied one- to four-family
residential
|
5,205 | 5,620 | 542 | 3,612 | 69 | |||||||||||||||
|
Non-owner occupied one- to four-family
residential
|
11,785 | 12,267 | 1,227 | 8,182 | 386 | |||||||||||||||
|
Commercial real estate
|
25,782 | 26,392 | 3,045 | 10,615 | 603 | |||||||||||||||
|
Other residential
|
9,768 | 9,869 | 1,714 | 8,123 | 140 | |||||||||||||||
|
Commercial business
|
9,722 | 12,495 | 828 | 2,630 | 114 | |||||||||||||||
|
Consumer auto
|
125 | 137 | 4 | 30 | 1 | |||||||||||||||
|
Consumer other
|
429 | 481 | 14 | 93 | 4 | |||||||||||||||
|
Home equity lines of credit
|
148 | 166 | 19 | 109 | 1 | |||||||||||||||
|
Total
|
$ | 94,613 | $ | 103,215 | $ | 12,060 | $ | 62,186 | $ | 2,381 | ||||||||||
|
Satisfactory
|
Watch
|
Special
Mention
|
Substandard
|
Total
|
||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||
|
One- to four-family residential
construction
|
$ | 27,620 | $ | 549 | $ | — | $ | 933 | $ | 29,102 | ||||||||||
|
Subdivision construction
|
69,907 | 8,408 | — | 8,334 | 86,649 | |||||||||||||||
|
Land development
|
12,927 | 20,834 | — | 17,253 | 51,014 | |||||||||||||||
|
Commercial construction
|
105,329 | 5,397 | — | 1,851 | 112,577 | |||||||||||||||
|
Owner occupied one- to four-family
residential
|
92,385 | 766 | — | 4,948 | 98,099 | |||||||||||||||
|
Non-owner occupied one- to four-family
residential
|
120,360 | 6,471 | — | 10,153 | 136,984 | |||||||||||||||
|
Commercial real estate
|
460,088 | 46,805 | 2,574 | 20,810 | 530,277 | |||||||||||||||
|
Other residential
|
185,600 | 15,478 | — | 9,768 | 210,846 | |||||||||||||||
|
Commercial business
|
177,525 | 812 | — | 7,528 | 185,865 | |||||||||||||||
|
Industrial revenue bonds
|
62,451 | — | — | 2,190 | 64,641 | |||||||||||||||
|
Consumer auto
|
48,883 | — | — | 109 | 48,992 | |||||||||||||||
|
Consumer other
|
76,966 | — | — | 365 | 77,331 | |||||||||||||||
|
Home equity lines of credit
|
46,704 | — | — | 148 | 46,852 | |||||||||||||||
|
FDIC-supported loans, net of discounts
(TeamBank)
|
144,633 | — | — | — | 144,633 | |||||||||||||||
|
FDIC-supported loans, net of discounts
(Vantus Bank)
|
160,163 | — | — | — | 160,163 | |||||||||||||||
|
Grand Total
|
$ | 1,791,541 | $ | 105,520 | $ | 2,574 | $ | 84,390 | $ | 1,984,025 | ||||||||||
|
December 31,
|
||||||||
|
2010
|
2009
|
|||||||
|
(In Thousands)
|
||||||||
|
Balance, beginning of year
|
$ | 14,892 | $ | 28,718 | ||||
|
New loans
|
2,293 | 4,699 | ||||||
|
Payments
|
(4,252 | ) | (18,525 | ) | ||||
|
Balance, end of year
|
$ | 12,933 | $ | 14,892 | ||||
|
Note 5:
|
Acquired Loans, Loss Sharing Agreements and FDIC Indemnification Assets
|
|
December 31, 2010
|
||||||||
|
Foreclosed
|
||||||||
|
Loans
|
Assets
|
|||||||
|
(In Thousands)
|
||||||||
|
Initial basis for loss sharing determination, net of activity
since acquisition date
|
$ | 219,289 | $ | 15,921 | ||||
|
Noncredit premium/(discount)
|
(3,875 | ) | — | |||||
|
Reclassification from nonaccretable discount to accretable
discount due to change in expected losses (net of
accretion to date)
|
(21,071 | ) | — | |||||
|
Book value of assets
|
(144,633 | ) | (5,463 | ) | ||||
|
Anticipated realized loss
|
49,710 | 10,458 | ||||||
|
Assumed loss sharing recovery percentage
|
85 | % | 78 | % | ||||
|
Estimated loss sharing value
|
42,275 | 8,204 | ||||||
|
Indemnification asset to be amortized resulting from change
in expected losses
|
20,011 | — | ||||||
|
Accretable discount on FDIC indemnification asset
|
(6,077 | ) | — | |||||
|
FDIC indemnification asset
|
$ | 56,209 | $ | 8,204 | ||||
|
December 31, 2009
|
||||||||
|
Foreclosed
|
||||||||
|
Loans
|
Assets
|
|||||||
|
(In Thousands)
|
||||||||
|
Initial basis for loss sharing determination, net of activity
since acquisition date
|
$ | 326,768 | $ | 2,817 | ||||
|
Noncredit premium/(discount)
|
(6,313 | ) | — | |||||
|
Book value of assets
|
(199,774 | ) | (2,467 | ) | ||||
|
Anticipated realized loss
|
120,681 | 350 | ||||||
|
Assumed loss sharing recovery percentage
|
86 | % | 80 | % | ||||
|
Estimated loss sharing value
|
104,295 | 280 | ||||||
|
Accretable discount on FDIC indemnification asset
|
(9,647 | ) | (43 | ) | ||||
|
FDIC indemnification asset
|
$ | 94,648 | $ | 237 | ||||
|
December 31, 2010
|
||||||||
|
Foreclosed
|
||||||||
|
Loans
|
Assets
|
|||||||
|
(In Thousands)
|
||||||||
|
Initial basis for loss sharing determination, net of activity
since acquisition date
|
$ | 208,080 | $ | 9,944 | ||||
|
Non-credit premium/(discount)
|
(1,431 | ) | — | |||||
|
Reclassification from nonaccretable discount to accretable
discount due to change in expected losses (net of
accretion to date)
|
(18,428 | ) | — | |||||
|
Book value of assets
|
(160,163 | ) | (5,899 | ) | ||||
|
Anticipated realized loss
|
28,058 | 4,045 | ||||||
|
Assumed loss sharing recovery percentage
|
80 | % | 80 | % | ||||
|
Estimated loss sharing value
|
22,445 | 3,236 | ||||||
|
Indemnification asset to be amortized resulting from change
in expected losses
|
14,743 | — | ||||||
|
Accretable discount on FDIC indemnification asset
|
(3,850 | ) | (109 | ) | ||||
|
FDIC indemnification asset
|
$ | 33,338 | $ | 3,127 | ||||
|
December 31, 2009
|
||||||||
|
Foreclosed
|
||||||||
|
Loans
|
Assets
|
|||||||
|
(In Thousands)
|
||||||||
|
Initial basis for loss sharing determination, net of activity
since acquisition date
|
$ | 290,936 | $ | 4,682 | ||||
|
Non-credit premium/(discount)
|
(2,623 | ) | — | |||||
|
Book value of assets
|
(225,950 | ) | (682 | ) | ||||
|
Anticipated realized loss
|
62,363 | 4,000 | ||||||
|
Assumed loss sharing recovery percentage
|
80 | % | 80 | % | ||||
|
Estimated loss sharing value
|
49,891 | 3,200 | ||||||
|
Accretable discount on FDIC indemnification asset
|
(6,383 | ) | (109 | ) | ||||
|
FDIC indemnification asset
|
$ | 43,508 | $ | 3,091 | ||||
|
FASB ASC
|
||||||||||||||||
|
FASB
|
310-30 | |||||||||||||||
|
ASC
|
by
|
|||||||||||||||
| 310-30 |
Policy
|
|||||||||||||||
|
Loans
|
Loans
|
Other
|
Total
|
|||||||||||||
| (In Thousands) | ||||||||||||||||
|
Loans
|
$ | 31,216 | $ | 233,127 | $ | — | $ | 264,343 | ||||||||
|
Foreclosed assets
|
— | — | 2,871 | 2,871 | ||||||||||||
|
Estimated loss
reimbursement
from the FDIC
|
— | — | 126,936 | 126,936 | ||||||||||||
|
Total covered assets
|
$ | 31,216 | $ | 233,127 | $ | 129,807 | $ | 394,150 | ||||||||
|
FASB ASC
|
||||||||||||||||
|
FASB
|
310-30 | |||||||||||||||
|
ASC
|
by
|
|||||||||||||||
| 310-30 |
Policy
|
|||||||||||||||
|
Loans
|
Loans
|
Other
|
Total
|
|||||||||||||
| (In Thousands) | ||||||||||||||||
|
Loans
|
$ | 17,006 | $ | 230,043 | $ | — | $ | 247,049 | ||||||||
|
Foreclosed assets
|
— | — | 2,249 | 2,249 | ||||||||||||
|
Estimated loss
reimbursement
from the FDIC
|
— | — | 62,211 | 62,211 | ||||||||||||
|
Total covered assets
|
$ | 17,006 | $ | 230,043 | $ | 64,460 | $ | 311,509 | ||||||||
|
TeamBank
|
Vantus Bank
|
|||||||
|
(In Thousands)
|
||||||||
|
Balance, January 1, 2009
|
$ | — | $ | — | ||||
|
Additions
|
44,221 | 45,022 | ||||||
|
Accretion
|
(12,921 | ) | (5,999 | ) | ||||
|
Balance, December 31, 2009
|
31,300 | 39,023 | ||||||
|
Accretion
|
(24,250 | ) | (23,848 | ) | ||||
|
Reclassification from nonaccretable difference
(1)
|
29,715 | 20,621 | ||||||
|
Balance, December 31, 2010
|
$ | 36,765 | $ | 35,796 | ||||
|
(1) Represents increases in estimated cash flows expected to be received from the acquired loan pools, primarily due to lower estimated credit losses. The increases were partially offset by decreases in expected accretion based on reductions in estimated lives of the loan pools totaling $1.8 million and $6.8 million for TeamBank and Vantus Bank, respectively.
|
||||||||
|
Note 6:
|
Foreclosed Assets Held for Sale
|
|
December 31,
|
||||||||
|
2010
|
2009
|
|||||||
|
(In Thousands)
|
||||||||
|
One-to four-family construction
|
$ | 2,510 | $ | 1,214 | ||||
|
Subdivision construction
|
19,816 | 20,208 | ||||||
|
Land development
|
10,620 | 3,010 | ||||||
|
Commercial construction
|
3,997 | 5,526 | ||||||
|
One-to four-family residential
|
2,896 | 5,633 | ||||||
|
Other residential
|
4,178 | 703 | ||||||
|
Commercial real estate
|
4,565 | 1,440 | ||||||
|
Consumer
|
318 | 777 | ||||||
| 48,900 | 38,511 | |||||||
|
FDIC-supported foreclosed assets, net of discounts
|
11,362 | 3,149 | ||||||
| $ | 60,262 | $ | 41,660 | |||||
|
2010
|
2009
|
2008
|
||||||||||
|
(In Thousands)
|
||||||||||||
|
Net loss on sales of real estate
|
$ | 2,124 | $ | 1,979 | $ | 1,759 | ||||||
|
Operating expenses, net of rental
income
|
2,790 | 2,980 | 1,672 | |||||||||
| $ | 4,914 | $ | 4,959 | $ | 3,431 | |||||||
|
Note 7:
|
Premises and Equipment
|
|
December 31,
|
||||||||
|
2010
|
2009
|
|||||||
|
(In Thousands)
|
||||||||
|
Land
|
$ | 20,026 | $ | 12,757 | ||||
|
Buildings and improvements
|
46,055 | 30,170 | ||||||
|
Furniture, fixtures and equipment
|
32,796 | 28,061 | ||||||
| 98,877 | 70,988 | |||||||
|
Less accumulated depreciation
|
30,525 | 28,605 | ||||||
| $ | 68,352 | $ | 42,383 | |||||
|
Note 8:
|
Investments in Affordable Housing Partnerships
|
|
Note 9:
|
Deposits
|
|
Weighted Average
|
December 31,
|
|||||||||||
|
Interest Rate
|
2010
|
2009
|
||||||||||
|
(In Thousands, Except
Interest Rates)
|
||||||||||||
|
Noninterest-bearing accounts
|
— | $ | 257,569 | $ | 258,792 | |||||||
|
Interest-bearing checking and
savings accounts
|
0.83% - 1.00% | 1,038,620 | 820,862 | |||||||||
| 1,296,189 | 1,079,654 | |||||||||||
|
Certificate accounts
|
0% - 1.99% | 838,619 | 781,565 | |||||||||
| 2% - 2.99% | 298,029 | 513,837 | ||||||||||
| 3% - 3.99% | 28,398 | 103,217 | ||||||||||
| 4% - 4.99% | 126,001 | 222,142 | ||||||||||
| 5% - 5.99% | 8,346 | 12,927 | ||||||||||
| 6% - 6.99% | 311 | 586 | ||||||||||
|
7% and above
|
— | 33 | ||||||||||
| 1,299,704 | 1,634,307 | |||||||||||
| $ | 2,595,893 | $ | 2,713,961 | |||||||||
|
Retail
|
Brokered
|
Total
|
||||||||||
|
(In Thousands)
|
||||||||||||
|
2011
|
$ | 705,168 | $ | 297,445 | $ | 1,002,613 | ||||||
|
2012
|
147,334 | 51,335 | 198,669 | |||||||||
|
2013
|
40,915 | 1,004 | 41,919 | |||||||||
|
2014
|
20,150 | 13,553 | 33,703 | |||||||||
|
2015
|
21,005 | — | 21,005 | |||||||||
|
Thereafter
|
1,795 | — | 1,795 | |||||||||
| $ | 936,367 | $ | 363,337 | $ | 1,299,704 | |||||||
|
2010
|
2009
|
2008
|
||||||||||
|
(In Thousands)
|
||||||||||||
|
Checking and savings accounts
|
$ | 8,468 | $ | 6,600 | $ | 8,370 | ||||||
|
Certificate accounts
|
30,065 | 47,592 | 52,616 | |||||||||
|
Early withdrawal penalties
|
(106 | ) | (105 | ) | (110 | ) | ||||||
| $ | 38,427 | $ | 54,087 | $ | 60,876 | |||||||
|
Note 10:
|
Advances From Federal Home Loan Bank
|
|
December 31, 2010
|
December 31, 2009
|
|||||||||||||||
|
Due In
|
Amount
|
Weighted
Average
Interest
Rate
|
Amount
|
Weighted
Average
Interest
Rate
|
||||||||||||
|
(In Thousands, Except Interest Rates)
|
||||||||||||||||
|
2010
|
$ | — | — | % | $ | 17,028 | 4.40 | % | ||||||||
|
2011
|
32,293 | 4.28 | 32,293 | 4.28 | ||||||||||||
|
2012
|
22,993 | 4.41 | 22,993 | 4.41 | ||||||||||||
|
2013
|
281 | 5.68 | 281 | 5.68 | ||||||||||||
|
2014
|
335 | 5.47 | 335 | 5.47 | ||||||||||||
|
2015
|
10,065 | 3.87 | 10,065 | 3.87 | ||||||||||||
|
2016 and thereafter
|
86,505 | 3.72 | 86,505 | 3.72 | ||||||||||||
| 152,472 | 3.96 | 169,500 | 4.00 | |||||||||||||
|
Unamortized fair value adjustment
|
1,053 | 2,103 | ||||||||||||||
| $ | 153,525 | $ | 171,603 | |||||||||||||
|
Note 11:
|
Short-Term Borrowings
|
|
December 31,
|
||||||||
|
2010
|
2009
|
|||||||
|
(In Thousands)
|
||||||||
|
Note payable – Community Development
Equity Funds
|
$ | 778 | $ | 289 | ||||
|
Securities sold under reverse repurchase agreements
|
257,180 | 335,893 | ||||||
| $ | 257,958 | $ | 336,182 | |||||
|
Note 12:
|
Federal Reserve Bank Borrowings
|
|
Note 13:
|
Structured Repurchase Agreements
|
|
Note 14:
|
Subordinated Debentures Issued to Capital Trusts
|
|
December 31,
|
||||||||
|
2010
|
2009
|
|||||||
|
(In Thousands)
|
||||||||
|
Subordinated debentures
|
$ | 30,929 | $ | 30,929 | ||||
|
Note 15:
|
Income Taxes
|
|
2010
|
2009
|
2008
|
||||||||||
|
(In Thousands)
|
||||||||||||
|
Taxes currently payable
|
$ | 14,345 | $ | 8,130 | $ | 1,811 | ||||||
|
Deferred income taxes
|
(5,451 | ) | 24,875 | (5,562 | ) | |||||||
|
Income tax expense (credit)
|
$ | 8,894 | $ | 33,005 | $ | (3,751 | ) | |||||
|
December 31,
|
|||||||||
|
2010
|
2009
|
||||||||
|
(In Thousands)
|
|||||||||
|
Deferred tax assets
|
|||||||||
|
Allowance for loan losses
|
$ | 14,521 | $ | 14,036 | |||||
|
Interest on nonperforming loans
|
454 | 952 | |||||||
|
Accrued expenses
|
867 | 587 | |||||||
|
Excess of cost over fair value of net assets acquired
|
190 | 202 | |||||||
|
Realized impairment on available-for-sale securities
|
1,873 | — | |||||||
|
Write-down of foreclosed assets
|
3,004 | 480 | |||||||
|
Other
|
— | 1 | |||||||
| 20,909 | 16,258 | ||||||||
|
Deferred tax liabilities
|
|||||||||
|
Tax depreciation in excess of book depreciation
|
(871 | ) | (171 | ) | |||||
|
FHLB stock dividends
|
(138 | ) | (138 | ) | |||||
|
Partnership tax credits
|
(1,287 | ) | (1,774 | ) | |||||
|
Prepaid expenses
|
(524 | ) | (262 | ) | |||||
|
Unrealized gain on available-for-sale securities
|
(2,273 | ) | (4,195 | ) | |||||
|
Difference in basis for acquired assets and liabilities
|
(18,511 | ) | (20,210 | ) | |||||
|
Other
|
(353 | ) | (527 | ) | |||||
| (23,957 | ) | (27,277 | ) | ||||||
|
Net deferred tax liability
|
$ | (3,048 | ) | $ | (11,019 | ) | |||
|
2010
|
2009
|
2008
|
||||||||||
|
Tax at statutory rate
|
35.0 | % | 35.0 | % | (35.0 | )% | ||||||
|
Nontaxable interest and dividends
|
(5.0 | ) | (1.6 | ) | (15.4 | ) | ||||||
|
Tax credits
|
(3.9 | ) | — | — | ||||||||
|
State taxes
|
0.8 | — | — | |||||||||
|
Other
|
0.2 | 0.3 | 4.5 | |||||||||
| 27.1 | % | 33.7 | % | (45.9 | )% | |||||||
|
Note 16:
|
Disclosures About Fair Value of Financial Instruments
|
|
·
|
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 significant 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.
|
|
2010
|
||||||||||||||||
|
Fair Value Measurements Using
|
||||||||||||||||
|
Fair Value
|
Quoted
Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
|||||||||||||
|
(In Thousands)
|
||||||||||||||||
|
U.S. government agencies
|
$ | 3,980 | $ | — | $ | 3,980 | $ | — | ||||||||
|
Collateralized mortgage
obligations
|
7,680 | — | 7,680 | — | ||||||||||||
|
Mortgage-backed securities
|
599,211 | — | 599,211 | — | ||||||||||||
|
Small Business Administration loan pools
|
60,914 | — | 60,914 | — | ||||||||||||
|
States and political subdivisions
|
95,617 | — | 95,617 | — | ||||||||||||
|
Corporate bonds
|
21 | — | 21 | — | ||||||||||||
|
Equity securities
|
2,123 | 630 | 1,493 | — | ||||||||||||
|
Mortgage servicing rights
|
637 | — | — | 637 | ||||||||||||
|
2009
|
||||||||||||||||
|
Fair Value Measurements Using
|
||||||||||||||||
|
Fair Value
|
Quoted
Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
|||||||||||||
|
(In Thousands)
|
||||||||||||||||
|
U.S. government agencies
|
$ | 15,959 | $ | — | $ | 15,959 | $ | — | ||||||||
|
Collateralized mortgage
obligations
|
51,736 | — | 51,736 | — | ||||||||||||
|
Mortgage-backed securities
|
632,174 | — | 632,174 | — | ||||||||||||
|
States and political subdivisions
|
62,487 | — | 62,487 | — | ||||||||||||
|
Corporate bonds
|
57 | — | 57 | — | ||||||||||||
|
Equity securities
|
1,878 | 476 | 1,402 | — | ||||||||||||
|
Mortgage servicing rights
|
1,132 | — | — | 1,132 | ||||||||||||
|
Mortgage
|
||||||||
|
Investment
|
Servicing
|
|||||||
|
Securities
|
Rights
|
|||||||
|
(In Thousands)
|
||||||||
|
Balance, January 1, 2009
|
$ | 445 | $ | 24 | ||||
|
Additions
|
— | 67 | ||||||
|
Amortization
|
(61 | ) | ||||||
|
Servicing rights acquired in FDIC-assisted transactions
|
— | 1,102 | ||||||
|
Realized loss included in non-interest income
|
(471 | ) | — | |||||
|
Unrealized loss included in comprehensive income
|
55 | — | ||||||
|
Transfer from Level 3 to Level 2
|
(29 | ) | — | |||||
|
Balance, December 31, 2009
|
0 | 1,132 | ||||||
|
Additions
|
— | 50 | ||||||
|
Amortization
|
— | (545 | ) | |||||
|
Balance, December 31, 2010
|
$ | 0 | $ | 637 | ||||
|
2010
|
||||||||||||||||
|
Fair Value Measurements Using
|
||||||||||||||||
|
Fair Value
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
|||||||||||||
|
(In Thousands)
|
||||||||||||||||
|
Loans held for sale
|
$ | 22,499 | $ | — | $ | 22,499 | $ | — | ||||||||
|
Impaired loans
|
80,407 | — | — | 80,407 | ||||||||||||
|
Foreclosed assets held for sale
|
10,360 | — | — | 10,360 | ||||||||||||
|
2009
|
||||||||||||||||
|
Fair Value Measurements Using
|
||||||||||||||||
|
Fair Value
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
|||||||||||||
|
(In Thousands)
|
||||||||||||||||
|
Loans held for sale
|
$ | 9,269 | $ | — | $ | 9,269 | $ | — | ||||||||
|
Impaired loans
|
48,750 | — | — | 48,750 | ||||||||||||
|
Foreclosed assets held for sale
|
9,342 | — | — | 9,342 | ||||||||||||
|
December 31, 2010
|
December 31, 2009
|
|||||||||||||||
|
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||||||
|
Amount
|
Value
|
Amount
|
Value
|
|||||||||||||
|
(In Thousands)
|
||||||||||||||||
|
Financial assets
|
||||||||||||||||
|
Cash and cash equivalents
|
$ | 429,971 | $ | 429,971 | $ | 444,576 | $ | 444,576 | ||||||||
|
Available-for-sale securities
|
769,546 | 769,546 | 764,291 | 764,291 | ||||||||||||
|
Held-to-maturity securities
|
1,125 | 1,300 | 16,290 | 16,065 | ||||||||||||
|
Mortgage loans held for sale
|
22,499 | 22,499 | 9,269 | 9,269 | ||||||||||||
|
Loans, net of allowance for loan losses
|
1,876,887 | 1,878,345 | 2,082,125 | 2,088,103 | ||||||||||||
|
Accrued interest receivable
|
12,628 | 12,628 | 15,582 | 15,582 | ||||||||||||
|
Investment in FHLB stock
|
11,572 | 11,572 | 11,223 | 11,223 | ||||||||||||
|
Mortgage servicing rights
|
637 | 637 | 1,132 | 1,132 | ||||||||||||
|
Financial liabilities
|
||||||||||||||||
|
Deposits
|
2,595,893 | 2,603,440 | 2,713,961 | 2,716,841 | ||||||||||||
|
FHLB advances
|
153,525 | 158,052 | 171,603 | 177,725 | ||||||||||||
|
Short-term borrowings
|
257,958 | 257,958 | 336,182 | 336,182 | ||||||||||||
|
Structured repurchase agreements
|
53,142 | 61,007 | 53,194 | 59,092 | ||||||||||||
|
Subordinated debentures
|
30,929 | 30,929 | 30,929 | 30,929 | ||||||||||||
|
Accrued interest payable
|
3,765 | 3,765 | 6,283 | 6,283 | ||||||||||||
|
Unrecognized financial instruments
(net of contractual value)
|
||||||||||||||||
|
Commitments to originate loans
|
— | — | — | — | ||||||||||||
|
Letters of credit
|
50 | 50 | 42 | 42 | ||||||||||||
|
Lines of credit
|
— | — | — | — | ||||||||||||
|
Note 17:
|
Operating Leases
|
|
2011
|
$ | 1,202 | ||
|
2012
|
1,049 | |||
|
2013
|
750 | |||
|
2014
|
660 | |||
|
2015
|
263 | |||
|
Thereafter
|
857 | |||
| $ | 4,781 |
|
Note 18:
|
Interest Rate Swaps
|
|
Note 19:
|
Commitments and Credit Risk
|
|
Note 20:
|
Additional Cash Flow Information
|
|
2010
|
2009
|
2008
|
||||||||||
|
(In Thousands)
|
||||||||||||
|
Noncash Investing and Financing Activities
|
||||||||||||
|
Real estate acquired in settlement of loans
|
$ | 71,347 | $ | 39,767 | $ | 31,600 | ||||||
|
Sale and financing of foreclosed assets
|
$ | 20,523 | $ | 15,317 | $ | 7,268 | ||||||
|
Conversion of foreclosed assets to premises and equipment
|
— | $ | 100 | — | ||||||||
|
Dividends declared but not paid
|
$ | 2,849 | $ | 2,800 | $ | 2,618 | ||||||
|
Additional Cash Payment Information
|
||||||||||||
|
Interest paid
|
$ | 50,368 | $ | 69,547 | $ | 70,155 | ||||||
|
Income taxes paid
|
$ | 17,595 | $ | 3,165 | $ | 4,590 | ||||||
|
Income taxes refunded
|
$ | 25 | $ | 3,389 | $ | 172 | ||||||
|
Note 21:
|
Employee Benefits
|
|
Note 22:
|
Stock Option Plan
|
|
Weighted
|
||||||||||||
|
Available to
Grant
|
Shares Under
Option
|
Average
Exercise Price
|
||||||||||
|
Balance, January 1, 2008
|
627,658 | 670,293 | $ | 24.423 | ||||||||
|
Granted
|
(72,030 | ) | 72,030 | 8.516 | ||||||||
|
Exercised
|
— | (1,972 | ) | (13.233 | ) | |||||||
|
Forfeited from terminated plan(s)
|
— | (9,394 | ) | (16.229 | ) | |||||||
|
Forfeited from current plan(s)
|
30,560 | (30,560 | ) | (26.794 | ) | |||||||
|
Balance, December 31, 2008
|
586,188 | 700,397 | 23.003 | |||||||||
|
Granted
|
(72,425 | ) | 72,425 | 21.367 | ||||||||
|
Exercised
|
— | (25,434 | ) | 14.066 | ||||||||
|
Forfeited from terminated plan(s)
|
— | (6,455 | ) | 11.910 | ||||||||
|
Forfeited from current plan(s)
|
10,747 | (10,747 | ) | 25.397 | ||||||||
|
Balance, December 31, 2009
|
524,510 | 730,186 | 23.215 | |||||||||
|
Granted
|
(88,190 | ) | 88,190 | 22.105 | ||||||||
|
Exercised
|
— | (47,597 | ) | 14.088 | ||||||||
|
Forfeited from terminated plan(s)
|
— | (850 | ) | 7.785 | ||||||||
|
Forfeited from current plan(s)
|
26,133 | (26,133 | ) | 25.916 | ||||||||
|
Balance, December 31, 2010
|
462,453 | 743,796 | $ | 23.592 | ||||||||
|
December 31,
|
December 31,
|
December 31,
|
||||||||||
|
2010
|
2009
|
2008
|
||||||||||
|
Expected dividends per share
|
$ | 0.72 | $ | 0.72 | $ | 0.72 | ||||||
|
Risk-free interest rate
|
1.52 | % | 2.19 | % | 2.05 | % | ||||||
|
Expected life of options
|
5 years
|
5 years
|
5 years
|
|||||||||
|
Expected volatility
|
37.69 | % | 69.16 | % | 46.93 | % | ||||||
|
Weighted average fair value of
options granted during year
|
$ | 5.60 | $ | 9.90 | $ | 1.72 | ||||||
|
Weighted
|
||||||||||||
|
Weighted
|
Average
|
|||||||||||
|
Average
|
Remaining
|
|||||||||||
|
Exercise
|
Contractual
|
|||||||||||
|
Options
|
Price
|
Term
|
||||||||||
|
Options outstanding, January 1, 2010
|
730,186 | $ | 23.215 | 5.75 | ||||||||
|
Granted
|
88,190 | 22.105 | — | |||||||||
|
Exercised
|
(47,597 | ) | 14.088 | — | ||||||||
|
Forfeited
|
(26,983 | ) | 25.346 | — | ||||||||
|
Options outstanding, December 31, 2010
|
743,796 | 23.592 | 5.59 | |||||||||
|
Options exercisable, December 31, 2010
|
477,236 | 25.299 | 3.98 | |||||||||
|
Weighted
|
Weighted
|
|||||||||||
|
Average
|
Average
|
|||||||||||
|
Exercise
|
Grant Date
|
|||||||||||
|
Options
|
Price
|
Fair Value
|
||||||||||
|
Nonvested options, January 1, 2010
|
253,603 | $ | 20.624 | $ | 5.951 | |||||||
|
Granted
|
88,190 | 22.105 | 5.601 | |||||||||
|
Vested this period
|
(63,237 | ) | 23.129 | 5.185 | ||||||||
|
Nonvested options forfeited
|
(11,996 | ) | 20.395 | 5.670 | ||||||||
|
Nonvested options, December 31, 2010
|
266,560 | 20.535 | 6.029 | |||||||||
|
Options Outstanding
|
|||||||||||||||||||
|
Weighted
|
Options Exercisable
|
||||||||||||||||||
|
Average
|
Weighted
|
Weighted
|
|||||||||||||||||
|
Remaining
|
Average
|
Average
|
|||||||||||||||||
|
Range of
|
Number
|
Contractual
|
Exercise
|
Number
|
Exercise
|
||||||||||||||
|
Exercise Prices
|
Outstanding
|
Life
|
Price
|
Exercisable
|
Price
|
||||||||||||||
| $7.688 to $12.898 | 85,472 |
5.97 years
|
$ | 9.64 | 36,427 | $ | 11.24 | ||||||||||||
| $18.188 to $25.000 | 325,790 |
5.91 years
|
$ | 20.96 | 167,007 | $ | 20.14 | ||||||||||||
| $25.480 to $36.390 | 332,534 |
5.19 years
|
$ | 29.76 | 273,802 | $ | 30.32 | ||||||||||||
| 743,796 |
5.59 years
|
$ | 23.59 | 477,236 | $ | 25.30 | |||||||||||||
|
Note 23:
|
Significant Estimates and Concentrations
|
|
Note 24:
|
Regulatory Matters
|
|
To Be Well
|
||||||||||||||||||||||||
|
Capitalized Under
|
||||||||||||||||||||||||
|
For Capital
|
Prompt Corrective
|
|||||||||||||||||||||||
|
Actual
|
Adequacy Purposes
|
Action Provisions
|
||||||||||||||||||||||
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||
|
As of December 31, 2010
|
||||||||||||||||||||||||
|
Total risk-based capital
|
||||||||||||||||||||||||
|
Great Southern Bancorp, Inc.
|
$ | 348,825 | 18.0 | % | $ | ≥ 154,666 | ≥ 8.0 | % | N/A | N/A | ||||||||||||||
|
Great Southern Bank
|
$ | 305,976 | 15.8 | % | $ | ≥154,515 | ≥ 8.0 | % | $ | ≥ 193,144 | ≥ 10.0 | % | ||||||||||||
|
Tier I risk-based capital
|
||||||||||||||||||||||||
|
Great Southern Bancorp, Inc.
|
$ | 324,445 | 16.8 | % | $ | ≥77,333 | ≥ 4.0 | % | N/A | N/A | ||||||||||||||
|
Great Southern Bank
|
$ | 281,619 | 14.6 | % | $ | ≥77,257 | ≥ 4.0 | % | $ | ≥ 115,886 | ≥ 6.0 | % | ||||||||||||
|
Tier I leverage capital
|
||||||||||||||||||||||||
|
Great Southern Bancorp, Inc.
|
$ | 324,445 | 9.5 | % | $ | ≥136,120 | ≥ 4.0 | % | N/A | N/A | ||||||||||||||
|
Great Southern Bank
|
$ | 281,619 | 8.3 | % | $ | ≥135,985 | ≥ 4.0 | % | $ | ≥ 169,982 | ≥ 5.0 | % | ||||||||||||
|
As of December 31, 2009
|
||||||||||||||||||||||||
|
Total risk-based capital
|
||||||||||||||||||||||||
|
Great Southern Bancorp, Inc.
|
$ | 337,361 | 16.3 | % | $ | ≥166,021 | ≥ 8.0 | % | N/A | N/A | ||||||||||||||
|
Great Southern Bank
|
$ | 293,840 | 14.2 | % | $ | ≥165,815 | ≥ 8.0 | % | $ | ≥ 207,268 | ≥ 10.0 | % | ||||||||||||
|
Tier I risk-based capital
|
||||||||||||||||||||||||
|
Great Southern Bancorp, Inc.
|
$ | 311,245 | 15.0 | % | $ | ≥83,010 | ≥ 4.0 | % | N/A | N/A | ||||||||||||||
|
Great Southern Bank
|
$ | 267,756 | 12.9 | % | $ | ≥82,907 | ≥ 4.0 | % | $ | ≥ 124,361 | ≥ 6.0 | % | ||||||||||||
|
Tier I leverage capital
|
||||||||||||||||||||||||
|
Great Southern Bancorp, Inc.
|
$ | 311,245 | 8.6 | % | $ | ≥145,297 | ≥ 4.0 | % | N/A | N/A | ||||||||||||||
|
Great Southern Bank
|
$ | 267,756 | 7.4 | % | $ | ≥145,680 | ≥ 4.0 | % | $ | ≥ 182,101 | ≥ 5.0 | % | ||||||||||||
|
Note 25:
|
Litigation Matters
|
|
Note 26:
|
Summary of Unaudited Quarterly Operating Results
|
|
2010
|
||||||||||||||||
|
Three Months Ended
|
||||||||||||||||
|
March 31
|
June 30
|
September 30
|
December 31
|
|||||||||||||
|
(In Thousands, Except Per Share Data)
|
||||||||||||||||
|
Interest income
|
$ | 39,754 | $ | 39,612 | $ | 41,535 | $ | 52,290 | ||||||||
|
Interest expense
|
13,183 | 12,488 | 11,341 | 10,838 | ||||||||||||
|
Provision for loan losses
|
5,500 | 12,000 | 10,800 | 7,330 | ||||||||||||
|
Net realized gains (losses) and impairment
on available-for-sale securities
|
— | 3,465 | 5,441 | (119 | ) | |||||||||||
|
Noninterest income
|
8,997 | 14,139 | 12,232 | (3,416 | ) | |||||||||||
|
Noninterest expense
|
22,143 | 20,808 | 22,602 | 23,351 | ||||||||||||
|
Provision for income taxes
|
2,387 | 2,631 | 2,862 | 1,014 | ||||||||||||
|
Net income
|
5,538 | 5,824 | 6,162 | 6,341 | ||||||||||||
|
Net income available to common
shareholders
|
4,699 | 4,976 | 5,305 | 5,482 | ||||||||||||
|
Earnings per common share – diluted
|
0.34 | 0.35 | 0.38 | 0.39 | ||||||||||||
|
2009
|
||||||||||||||||
|
Three Months Ended
|
||||||||||||||||
|
March 31
|
June 30
|
September 30
|
December 31
|
|||||||||||||
|
(In Thousands, Except Per Share Data)
|
||||||||||||||||
|
Interest income
|
$ | 34,300 | $ | 39,971 | $ | 39,736 | $ | 41,861 | ||||||||
|
Interest expense
|
16,770 | 18,442 | 15,911 | 15,482 | ||||||||||||
|
Provision for loan losses
|
5,000 | 6,800 | 16,500 | 7,500 | ||||||||||||
|
Net realized gains (losses) and impairment
on available-for-sale securities
|
(3,985 | ) | 176 | 1,966 | 322 | |||||||||||
|
Noninterest income
|
47,546 | 9,333 | 56,755 | 9,150 | ||||||||||||
|
Noninterest expense
|
14,655 | 20,008 | 22,657 | 20,875 | ||||||||||||
|
Provision for income taxes
|
16,246 | 897 | 13,988 | 1,874 | ||||||||||||
|
Net income
|
29,175 | 3,157 | 27,435 | 5,280 | ||||||||||||
|
Net income available to common
shareholders
|
28,351 | 2,316 | 26,584 | 4,443 | ||||||||||||
|
Earnings per common share – diluted
|
2.10 | 0.17 | 1.90 | 0.32 | ||||||||||||
|
2008
|
||||||||||||||||
|
Three Months Ended
|
||||||||||||||||
|
March 31
|
June 30
|
September 30
|
December 31
|
|||||||||||||
|
(In Thousands, Except Per Share Data)
|
||||||||||||||||
|
Interest income
|
$ | 38,340 | $ | 35,664 | $ | 35,024 | $ | 35,786 | ||||||||
|
Interest expense
|
20,497 | 17,533 | 16,657 | 18,544 | ||||||||||||
|
Provision for loan losses
|
37,750 | 4,950 | 4,500 | 5,000 | ||||||||||||
|
Net realized gains (losses) and impairment
on available-for-sale securities
|
6 | 1 | (5,293 | ) | (2,056 | ) | ||||||||||
|
Noninterest income
|
10,182 | 9,864 | 1,789 | 6,309 | ||||||||||||
|
Noninterest expense
|
14,116 | 13,557 | 14,650 | 13,383 | ||||||||||||
|
Provision (credit) for income taxes
|
(8,688 | ) | 3,156 | 182 | 1,599 | |||||||||||
|
Net income (loss)
|
(15,153 | ) | 6,332 | 824 | 3,569 | |||||||||||
|
Net income (loss) available to
common shareholders
|
(15,153 | ) | 6,332 | 824 | 3,327 | |||||||||||
|
Earnings (loss) per common share –
diluted
|
(1.13 | ) | .47 | .06 | .25 | |||||||||||
|
Note 27:
|
Condensed Parent Company Statements
|
|
December 31,
|
||||||||
|
2010
|
2009
|
|||||||
|
(In Thousands)
|
||||||||
|
Statements of Financial Condition
|
||||||||
|
Assets
|
||||||||
|
Cash
|
$ | 44,442 | $ | 44,818 | ||||
|
Available-for-sale securities
|
2,123 | 1,878 | ||||||
|
Investment in subsidiary bank
|
290,603 | 285,092 | ||||||
|
Income taxes receivable
|
44 | 45 | ||||||
|
Prepaid expenses and other assets
|
1,149 | 1,168 | ||||||
| $ | 338,361 | $ | 333,001 | |||||
|
Liabilities and Stockholders’ Equity
|
||||||||
|
Accounts payable and accrued expenses
|
$ | 3,111 | $ | 2,988 | ||||
|
Deferred income taxes
|
312 | 176 | ||||||
|
Subordinated debentures issued to capital trust
|
30,929 | 30,929 | ||||||
|
Preferred stock
|
56,480 | 56,017 | ||||||
|
Common stock
|
134 | 134 | ||||||
|
Common stock warrants
|
2,452 | 2,452 | ||||||
|
Additional paid-in capital
|
20,701 | 20,180 | ||||||
|
Retained earnings
|
220,021 | 208,625 | ||||||
|
Unrealized gain on available-for-sale securities, net
|
4,221 | 11,500 | ||||||
| $ | 338,361 | $ | 333,001 | |||||
|
2010
|
2009
|
2008
|
||||||||||
|
(In Thousands)
|
||||||||||||
|
Statements of Operations
|
||||||||||||
|
Income
|
||||||||||||
|
Dividends from subsidiary bank
|
$ | 12,000 | $ | 11,750 | $ | 40,000 | ||||||
|
Interest and dividend income
|
16 | 34 | 114 | |||||||||
|
Net realized gains on sales of
available-for-sale securities
|
15 | — | — | |||||||||
|
Net realized losses on
impairments of available-
for-sale securities
|
— | (533 | ) | (1,718 | ) | |||||||
|
Other income (loss)
|
(11 | ) | (4 | ) | 145 | |||||||
| 12,020 | 11,247 | 38,541 | ||||||||||
|
Expense
|
||||||||||||
|
Provision for loan losses
|
— | — | 29,579 | |||||||||
|
Operating expenses
|
1,121 | 972 | 1,091 | |||||||||
|
Interest expense
|
578 | 773 | 1,462 | |||||||||
| 1,699 | 1,745 | 32,132 | ||||||||||
|
Income before income tax and
equity in undistributed earnings
of subsidiaries
|
10,321 | 9,502 | 6,409 | |||||||||
|
Credit for income taxes
|
(502 | ) | (601 | ) | (11,716 | ) | ||||||
|
Income before equity in earnings
of subsidiaries
|
10,823 | 10,103 | 18,125 | |||||||||
|
Equity in undistributed earnings of
subsidiaries
|
13,042 | 54,944 | (22,553 | ) | ||||||||
|
Net income (loss)
|
$ | 23,865 | $ | 65,047 | $ | (4,428 | ) | |||||
|
2010
|
2009
|
2008
|
||||||||||
|
(In Thousands)
|
||||||||||||
|
Statements of Cash Flows
|
||||||||||||
|
Operating Activities
|
||||||||||||
|
Net income (loss)
|
$ | 23,865 | $ | 65,047 | $ | (4,428 | ) | |||||
|
Items not requiring (providing) cash
|
||||||||||||
|
Equity in undistributed earnings of subsidiary
|
(13,042 | ) | (54,944 | ) | 22,553 | |||||||
|
Depreciation
|
— | 1 | 7 | |||||||||
|
Provision for loan losses
|
— | — | 29,579 | |||||||||
|
Compensation expense for stock option grants
|
461 | 337 | 468 | |||||||||
|
Net realized gains on sale of fixed assets
|
— | (5 | ) | (151 | ) | |||||||
|
Net realized losses on impairments of available-
for-sale securities
|
— | 533 | 1,718 | |||||||||
|
Net realized (gains) losses on other investments
|
(5 | ) | 9 | 8 | ||||||||
|
Changes in
|
||||||||||||
|
Prepaid expenses and other assets
|
8 | (10 | ) | 5 | ||||||||
|
Accounts payable and accrued expenses
|
75 | (212 | ) | (134 | ) | |||||||
|
Income taxes
|
1 | 611 | (565 | ) | ||||||||
|
Net cash provided by operating activities
|
11,363 | 11,367 | 49,060 | |||||||||
|
Investing Activities
|
||||||||||||
|
Investment in subsidiaries
|
— | (15,000 | ) | (10,500 | ) | |||||||
|
Return of principal - other investments
|
— | 10 | — | |||||||||
|
Purchase of fixed assets
|
— | — | (34 | ) | ||||||||
|
Proceeds from sale of available-for-sale securities
|
158 | — | — | |||||||||
|
Proceeds from sale of fixed assets
|
— | 16 | 300 | |||||||||
|
Purchase of loans
|
— | — | (30,000 | ) | ||||||||
|
Net change in loans
|
— | — | 421 | |||||||||
|
Purchase of available-for-sale securities
|
— | (500 | ) | (620 | ) | |||||||
|
Net cash provided by (used in) investing
activities
|
158 | (15,474 | ) | (40,433 | ) | |||||||
|
Financing Activities
|
||||||||||||
|
Proceeds from issuance of preferred stock and related
common stock warrants
|
— | — | 58,000 | |||||||||
|
Dividends paid
|
(12,567 | ) | (12,376 | ) | (9,637 | ) | ||||||
|
Stock options exercised
|
670 | 358 | 26 | |||||||||
|
Company stock purchased
|
— | — | (408 | ) | ||||||||
|
Net cash provided by (used in) financing
activities
|
(11,897 | ) | (12,018 | ) | 47,981 | |||||||
|
Increase (Decrease) in Cash
|
(376 | ) | (16,125 | ) | 56,608 | |||||||
|
Cash, Beginning of Year
|
44,818 | 60,943 | 4,335 | |||||||||
|
Cash, End of Year
|
$ | 44,442 | $ | 44,818 | $ | 60,943 | ||||||
|
Additional Cash Payment Information
|
||||||||||||
|
Interest paid
|
$ | 577 | $ | 937 | $ | 1,559 | ||||||
|
Note 28:
|
Preferred Stock and Common Stock Warrant
|
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE.
|
|
ITEM 9A.
|
CONTROLS AND PROCEDURES.
|
|
ITEM 9B.
|
OTHER INFORMATION.
|
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.
|
|
ITEM 11.
|
EXECUTIVE COMPENSATION.
|
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT AND RELATED STOCKHOLDER MATTERS.
|
|
Equity Compensation Plan Information
|
||||||
|
Plan Category
|
Number of Shares
to be issued upon
Exercise of
Outstanding
Options, Warrants
and Rights
|
Weighted Average
Exercise Price of
Outstanding
Options, Warrants
and Rights
|
Number of Shares Remaining
Available for Future Issuance
Under Equity Compensation
Plans (Excluding Shares
Reflected in the First Column)
|
|||
|
Equity compensation plans approved by stockholders
|
743,796
|
$23.592
|
462,453
(1)
|
|||
|
Equity compensation plans not approved by stockholders
|
N/A
|
N/A
|
N/A
|
|||
|
Total
|
743,796
|
$23.592
|
462,453
|
|||
|
(1)
|
Under the Company's 2003 Stock Option and Incentive Plan, all remaining shares could be issued to plan participants as restricted stock.
|
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.
|
|
ITEM 14.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES.
|
|
|
|
(a)
|
List of Documents Filed as Part of This Report
|
|||
|
(1)
|
Financial Statements
|
|||
|
The Consolidated Financial Statements and Independent Accountants' Report are included in Item 8.
|
||||
|
(2)
|
Financial Statement Schedules
|
|||
|
Inapplicable.
|
||||
|
(3)
|
List of Exhibits
|
|||
|
Exhibits incorporated by reference below are incorporated by reference pursuant to Rule 12b-32.
|
||||
|
(2)
|
Plan of acquisition, reorganization, arrangement, liquidation, or succession
|
|||
|
Inapplicable.
|
||||
|
(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 Fixed Rate Cumulative Perpetual Preferred Stock, Series A, previously filed with the Commission as Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on December 9, 2008, 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 3.2 to the Registrant's Current Report on Form 8-K filed on October 19, 2007, are 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.
|
||||
|
The warrant to purchase shares of the Registrant's common stock dated December 5, 2008, previously filed with the Commission as Exhibit 4.2 to the Registrant's Current Report on Form 8-K filed on December 9, 2008, is incorporated herein by reference as Exhibit 4(i).
|
||||
|
(9)
|
Voting trust agreement
|
|||
|
Inapplicable.
|
||||
|
(10)
|
Material contracts
|
|||
|
The Registrant's 1989 Stock Option and Incentive Plan 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 June 30, 1990, is incorporated herein by reference as Exhibit 10.1.
The Registrant's 1997 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 September 18, 1997, for the fiscal, is incorporated herein by reference as Exhibit 10.2.
|
|||||
|
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 10.3.
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 10.4.
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 10.5.
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 10.6.
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 10.7.
A description of the current salary and bonus arrangements for the Registrant's executive officers for 2011 is attached as Exhibit 10.8.
A description of the current fee arrangements for the Registrant's directors is attached as Exhibit 10.9.
The Letter Agreement, including Schedule A, and Securities Purchase Agreement, dated December 5, 2008, between the Registrant and 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 December 9, 2008, is incorporated herein by reference as Exhibit 10.10.
|
|||||
|
(11)
|
Statement re computation of per share earnings
The Statement re computation of per share earnings is included in Note 1 of the Consolidated Financial Statements under Part II, Item 8 above.
|
||||
|
(12)
|
Statements re computation of ratios
|
||
|
The Statement re computation of ratio of earnings to fixed charges is attached hereto as Exhibit 12.
|
|||
|
(13)
|
Annual report to security holders, Form 10-Q or quarterly report to security holders
|
||
|
Inapplicable.
|
|||
|
(14)
|
Code of Ethics
|
||
|
The Registrant's Code of Business Conduct and Ethics previously filed with the Commission as Exhibit 14 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2007 is incorporated herein by reference as Exhibit 14.
|
|||
|
(16)
|
Letter re change in certifying accountant
|
||
|
Inapplicable.
|
|||
|
(18)
|
Letter re change in accounting principles
|
||
|
Inapplicable.
|
|||
|
(21)
|
Subsidiaries of the registrant
|
||
|
A list of the Registrant's subsidiaries is attached hereto as Exhibit 21.
|
|||
|
(22)
|
Published report regarding matters submitted to vote of security holders
|
||
|
Inapplicable.
|
|||
|
(23)
|
Consents of experts and counsel
|
||
|
The consent of BKD, LLP to the incorporation by reference into the Form S-3 (File nos. 333-156551 and 333-159840) and Form S-8s (File nos. 333-104930 and 333-106190) previously filed with the Commission of their report on the financial statements included in this Form 10-K, is attached hereto as Exhibit 23.
|
|||
|
(24)
|
Power of attorney
|
||
|
Included as part of signature page.
|
|||
|
(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.
|
|||
|
(99.1)
|
Certification of Principal Executive Officer Pursuant to 31 C.F.R. § 30.15
|
||
|
Attached as Exhibit 99.1.
|
|||
|
(99.2)
|
Certification of Principal Financial Officer Pursuant to 31 C.F.R. § 30.15
|
||
|
Attached as Exhibit 99.2.
|
|||
|
GREAT SOUTHERN BANCORP, INC.
|
||
|
Date: March 4, 2011
|
By:
|
/s/ Joseph W. Turner
Joseph W. Turner
President, Chief Executive Officer and
Director
(
Duly Authorized Representative
)
|
|
Signature
|
Capacity in Which Signed
|
Date
|
|
/s/ Joseph W. Turner
Joseph W. Turner
|
President, Chief Executive Officer and Director
(Principal Executive Officer)
|
March 4, 2011
|
|
/s/ William V. Turner
William V. Turner
|
Chairman of the Board
|
March 4, 2011
|
|
/s/ Rex A. Copeland
Rex A. Copeland
|
Treasurer
(Principal Financial Officer and
Principal Accounting Officer)
|
March 4, 2011
|
|
/s/ William E. Barclay
William E. Barclay
|
Director
|
March 4, 2011
|
|
/s/ Larry D. Frazier
Larry D. Frazier
|
Director
|
March 4, 2011
|
|
/s/ Thomas J. Carlson
Thomas J. Carlson
|
Director
|
March 4, 2011
|
|
/s/ Julie T. Brown
Julie T. Brown
|
Director
|
March 4, 2011
|
|
/s/ Earl A. Steinert, Jr.
Earl A. Steinert, Jr.
|
Director
|
March 4, 2011
|
|
/s/ Grant Q. Haden
Grant Q. Haden
|
Director
|
March 4, 2011
|
|
Exhibit No.
|
Document
|
|
|
10.8
|
Description of Salary and Bonus Arrangements for Named Executive Officers for 2011
|
|
|
10.9
|
Description of Current Fee Arrangements for Directors
|
|
|
12
|
Statement of Ratio of Earnings to Fixed Charges
|
|
|
21
|
Subsidiaries of the Registrant
|
|
|
23
|
Consent of BKD, LLP, Certified Public Accountants
|
|
|
31.1
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)
|
|
|
31.2
|
Certification of Treasurer Pursuant to Rule 13a-14(a)
|
|
|
32
|
Certifications Pursuant to Section 906 of Sarbanes-Oxley Act
|
|
|
99.1
|
Certification of Principal Executive Officer Pursuant to 31 C.F.R. 30.15
|
|
|
99.2
|
Certification of Principal Financial Officer Pursuant to 31 C.F.R. 30.15
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|