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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934

For the Quarterly Period Ended March 31, 2021

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 0-18082

GREAT SOUTHERN BANCORP, INC.

(Exact name of registrant as specified in its charter)

Maryland

43-1524856

(State or other jurisdiction of incorporation

or organization)

(I.R.S. Employer Identification No.)

1451 E. Battlefield, Springfield, Missouri

65804

(Address of principal executive offices)

(Zip Code)

(417) 887-4400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act.

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock,

par value $0.01 per share

GSBC

The NASDAQ Stock Market LLC

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.

Yes      No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted 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 such files). Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes    No

The number of shares outstanding of each of the registrant’s classes of common stock: 13,715,271 shares of common stock, par value $.01 per share, outstanding at May 3, 2021.

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In thousands, except number of shares)

    

MARCH 31,

    

DECEMBER 31,

2021 

2020 

(Unaudited)

ASSETS

Cash

 

$

95,102

 

$

92,403

Interest-bearing deposits in other financial institutions

517,454

471,326

Cash and cash equivalents

612,556

563,729

Available-for-sale securities

457,668

414,933

Mortgage loans held for sale

30,492

17,780

Loans receivable, net of allowance for credit losses of $67,702 – March 2021; net of allowance for loan losses of $55,743 - December 2020

4,285,737

4,296,804

Interest receivable

13,027

12,793

Prepaid expenses and other assets

43,009

58,889

Other real estate owned and repossessions, net

1,851

1,877

Premises and equipment, net

137,684

139,170

Goodwill and other intangible assets

6,655

6,944

Federal Home Loan Bank stock and other interest-earning assets

6,655

9,806

Current and deferred income taxes

8,436

3,695

Total Assets

 

$

5,603,770

 

$

5,526,420

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Deposits

 

$

4,626,936

 

$

4,516,903

Securities sold under reverse repurchase agreements with customers

140,666

164,174

Short-term borrowings and other interest-bearing liabilities

2,636

1,518

Subordinated debentures issued to capital trust

25,774

25,774

Subordinated notes

148,580

148,397

Accrued interest payable

2,444

2,594

Advances from borrowers for taxes and insurance

7,909

7,536

Accrued expenses and other liabilities

29,351

29,783

Liability for unfunded commitments

8,017

Total Liabilities

4,992,313

4,896,679

Stockholders' Equity:

Capital stock

Serial preferred stock - $.01 par value; authorized 1,000,000 shares; issued and outstanding March 2021 and December 2020 - - 0- shares

Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding March 2021 –13,693,644 shares; December 2020 – 13,752,605 shares

137

138

Additional paid-in capital

35,661

35,004

Retained earnings

537,969

541,448

Accumulated other comprehensive income

37,690

53,151

Total Stockholders' Equity

611,457

629,741

Total Liabilities and Stockholders' Equity

 

$

5,603,770

 

$

5,526,420

See Notes to Consolidated Financial Statements

1

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

    

THREE MONTHS ENDED

MARCH 31,

2021

2020

(Unaudited)

INTEREST INCOME

Loans

 

$

47,709

 

$

54,130

Investment securities and other

2,924

3,344

TOTAL INTEREST INCOME

50,633

57,474

INTEREST EXPENSE

Deposits

4,222

10,577

Short-term borrowings and repurchase agreements

9

649

Subordinated debentures issued to capital trust

113

216

Subordinated notes

2,200

1,094

TOTAL INTEREST EXPENSE

6,544

12,536

NET INTEREST INCOME

44,089

44,938

PROVISION FOR CREDIT LOSSES ON LOANS

300

3,871

PROVISION (CREDIT) FOR UNFUNDED COMMITMENTS

(674)

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES AND PROVISION (CREDIT) FOR UNFUNDED COMMITMENTS

44,463

41,067

NON-INTEREST INCOME

Commissions

282

266

Service charges, debit card and ATM fees

4,802

4,758

Net gains on loan sales

2,688

590

Late charges and fees on loans

301

355

Gain (loss) on derivative interest rate products

474

(407)

Other income

1,189

1,805

TOTAL NON-INTEREST INCOME

9,736

7,367

NON-INTEREST EXPENSE

Salaries and employee benefits

17,120

18,169

Net occupancy and equipment expense

7,062

6,766

Postage

878

769

Insurance

760

382

Advertising

585

620

Office supplies and printing

277

235

Telephone

881

912

Legal, audit and other professional fees

647

598

Expense on other real estate and repossessions

268

479

Partnership tax credit investment amortization

25

Acquired deposit intangible asset amortization

289

289

Other operating expenses

1,529

1,596

TOTAL NON-INTEREST EXPENSE

30,321

30,815

INCOME BEFORE INCOME TAXES

23,878

17,619

PROVISION FOR INCOME TAXES

5,010

2,751

NET INCOME AND NET INCOME AVAILABLE TO COMMON STOCKHOLDERS

 

$

18,868

 

$

14,868

Basic Earnings Per Common Share

 

$

1.38

 

$

1.05

Diluted Earnings Per Common Share

 

$

1.36

 

$

1.04

Dividends Declared Per Common Share

 

$

0.34

 

$

1.34

See Notes to Consolidated Financial Statements

2

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, except per share data)

    

THREE MONTHS ENDED MARCH 31,

2021 

    

2020

(Unaudited)

Net Income

$

18,868

$

14,868

Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes (credit) of $(4,109) and $3,411, for 2021 and 2020, respectively

(13,915)

11,549

Change in fair value of cash flow hedge, net of taxes of $0 and $3,519, for 2021 and 2020, respectively

11,914

Amortization of realized gain on termination of cash flow hedge, net of taxes (credit) of $(457) and $(147), for 2021 and 2020, respectively

(1,546)

(498)

Comprehensive Income

$

3,407

$

37,833

See Notes to Consolidated Financial Statements

3

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except per share data)

THREE MONTHS ENDED MARCH 31, 2020

Accumulated

Other

 

Common

 

Additional

 

Retained

 

Comprehensive

 

Treasury

 

Stock

 

Paid-in Capital

 

Earnings

 

Income (Loss)

 

Stock

 

Total

 

(Unaudited)

Balance, January 1, 2020

 

$

143

 

$

33,510

 

$

537,167

 

$

32,246

 

$

 

$

603,066

Net income

14,868

14,868

Stock issued under Stock Option Plan

448

87

535

Common dividends declared, $1.34 per share

(19,054)

(19,054)

Other comprehensive gain

22,965

22,965

Purchase of the Company’s common stock

(8,148)

(8,148)

Reclassification of treasury stock per Maryland law

(2)

(8,059)

8,061

Balance, March 31, 2020

 

$

141

 

$

33,958

 

$

524,922

 

$

55,211

 

$

 

$

614,232

THREE MONTHS ENDED MARCH 31, 2021

Accumulated

Other

 

Common

 

Additional

 

Retained

 

Comprehensive

 

Treasury

    

Stock

    

Paid-in Capital

    

Earnings

    

Income (Loss)

    

Stock

    

Total

 

(Unaudited)

Balance, January 1, 2021

$

138

$

35,004

$

541,448

$

53,151

$

$

629,741

Net income

 

 

 

18,868

 

 

 

18,868

Impact of ASU 2016-13 adoption

 

 

 

(14,175)

 

 

 

(14,175)

Stock issued under Stock Option Plan

 

 

657

 

 

 

263

 

920

Common dividends declared, $0.34 per share

 

 

 

(4,656)

 

 

 

(4,656)

Other comprehensive loss

 

 

 

 

(15,461)

 

 

(15,461)

Purchase of the Company’s common stock

 

 

 

 

 

(3,780)

 

(3,780)

Reclassification of treasury stock per Maryland law

 

(1)

 

 

(3,516)

 

 

3,517

 

Balance, March 31, 2021

$

137

$

35,661

$

537,969

$

37,690

$

$

611,457

See Notes to Consolidated Financial Statements

4

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

    

THREE MONTHS ENDED MARCH 31,

2021

2020

(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

 

$

18,868

$

14,868

Proceeds from sales of loans held for sale

85,380

33,914

Originations of loans held for sale

(94,811)

(38,745)

Items not requiring (providing) cash:

Depreciation

2,411

2,484

Amortization

510

412

Compensation expense for stock option grants

298

292

Provision for credit losses on loans

300

3,871

Provision (credit) for unfunded commitments

(674)

Net gains on loan sales

(2,688)

(590)

Net (gains) losses on sale of premises and equipment

6

(28)

Net losses on sale/write-down of other real estate owned and repossessions

36

67

Accretion of deferred income, premiums, discounts and other

(2,354)

(1,953)

Loss (gain) on derivative interest rate products

(474)

407

Deferred income taxes

970

(11,049)

Changes in:

Interest receivable

(234)

(282)

Prepaid expenses and other assets

13,662

1,125

Accrued expenses and other liabilities

312

564

Income taxes refundable/payable

3,014

12,332

Net cash provided by operating activities

24,532

17,689

CASH FLOWS FROM INVESTING ACTIVITIES

Net change in loans

14,623

(45,415)

Purchase of loans

(12,078)

(587)

Purchase of premises and equipment

(1,164)

(2,569)

Proceeds from sale of premises and equipment

10

100

Proceeds from sale of other real estate owned and repossessions

439

1,328

Capitalized costs on other real estate owned

(126)

Proceeds from termination of interest rate derivative

45,864

Proceeds from maturities and calls of available-for-sale securities

5,250

7,850

Principal reductions on mortgage-backed securities

14,786

5,908

Purchase of available-for-sale securities

(80,904)

(20,263)

Redemption of Federal Home Loan Bank stock and change in other interest-earning assets

3,151

3,577

Net cash used in investing activities

(55,887)

(4,333)

CASH FLOWS FROM FINANCING ACTIVITIES

Net increase (decrease) in certificates of deposit

(139,165)

156,626

Net increase in checking and savings deposits

249,198

62,193

Net decrease in short-term borrowings

(22,390)

(186,528)

Advances from borrowers for taxes and insurance

373

1,711

Dividends paid

(4,676)

(19,114)

Purchase of the Company’s common stock

(3,780)

(8,148)

Stock options exercised

622

243

Net cash provided by financing activities

80,182

6,983

INCREASES IN CASH AND CASH EQUIVALENTS

48,827

20,339

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

563,729

220,155

CASH AND CASH EQUIVALENTS, END OF PERIOD

 

$

612,556

$

240,494

See Notes to Consolidated Financial Statements

5

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1: BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements of Great Southern Bancorp, Inc. (the “Company” or “Great Southern”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The financial statements presented herein reflect all adjustments which are, in the opinion of management, necessary to fairly present the financial condition, results of operations, changes in stockholders’ equity and cash flows of the Company as of the dates and for the periods presented. Those adjustments consist only of normal recurring adjustments. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the full year. The consolidated statement of financial condition of the Company as of December 31, 2020, has been derived from the audited consolidated statement of financial condition of the Company as of that date. Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no effect on net income.

Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (the “SEC”).

NOTE 2: NATURE OF OPERATIONS AND OPERATING SEGMENTS

The Company operates as a one-bank holding company. The Company’s business primarily consists of the operations of Great Southern Bank (the “Bank”), which provides a full range of financial services to customers primarily located in Missouri, Iowa, Kansas, Minnesota, Nebraska and Arkansas. The Bank also originates commercial loans from lending offices in Atlanta, Ga., Chicago, Ill., Dallas, Texas, Denver, Colo., Omaha, Neb. and Tulsa, Okla. The Company and the Bank are subject to regulation by certain federal and state agencies and undergo periodic examinations by those regulatory agencies.

The Company’s banking operation is its only reportable segment. The banking operation is principally engaged in the business of originating residential and commercial real estate loans, construction loans, commercial business loans and consumer loans and funding these loans by attracting deposits from the general public, accepting brokered deposits and borrowing from the Federal Home Loan Bank and others. The operating results of this segment are regularly reviewed by management to make decisions about resource allocations and to assess performance. Selected information is not presented separately for the Company’s reportable segment, as there is no material difference between that information and the corresponding information in the consolidated financial statements.

NOTE 3: RECENT ACCOUNTING PRONOUNCEMENTS

In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326). The Update amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The Update affects entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. The Update affects loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Update was set to be effective for the Company on January 1, 2020. During March 2020, pursuant to the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and guidance from the SEC and FASB, we elected to delay adoption of the new accounting standard under the Update that is referred to as the current expected credit loss (“CECL”) methodology. In December 2020, additional legislation was enacted that amended certain provisions of the CARES Act. One of the provisions that was affected by this new legislation allowed for the election to further delay the adoption of the CECL accounting standard to January 1, 2022. An adoption date of January 1, 2021, was also an acceptable option and we elected January 1, 2021 as our adoption date for the CECL standard. As a result, our 2020 financial statements were prepared under the existing incurred loss methodology standard for accounting for loan losses.

6

The adoption of the CECL model during the first quarter of 2021 required us to recognize a one-time cumulative adjustment to our allowance for credit losses and a liability for potential losses related to the unfunded portion of our loans and commitments in order to fully transition from the incurred loss model to the CECL model. Upon initial adoption, we increased the balance of our allowance for credit losses related to outstanding loans by $11.6 million and created a liability for potential losses related to the unfunded portion of our loans and commitments of $8.7 million. The after-tax effect of these adjustments decreased our retained earnings by $14.2 million.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides relief for companies preparing for discontinuation of interest rates such as the London Interbank Offered Rate (“LIBOR”). LIBOR is a benchmark interest rate referenced in a variety of agreements that are used by numerous entities. After 2021, certain LIBOR rates may no longer be published. As a result, LIBOR could be discontinued as a reference rate. Other interest rates used globally could also be discontinued for similar reasons. ASU 2020-04 provides optional expedients and exceptions to contracts, hedging relationships and other transactions affected by reference rate reform. The main provisions for contract modifications include optional relief by allowing the modification as a continuation of the existing contract without additional analysis and other optional expedients regarding embedded features. Optional expedients for hedge accounting permits changes to critical terms of hedging relationships and to the designated benchmark interest rate in a fair value hedge and also provides relief for assessing hedge effectiveness for cash flow hedges. Companies are able to apply ASU 2020-04 immediately; however, the guidance will only be available for a limited time (generally through December 31, 2022). The application of ASU 2020-04 has not had, and is not expected to have, a material impact on the Company’s consolidated financial statements.

In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. ASU 2021-01 clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ASU 2021-01 was effective upon issuance and generally can be applied through December 31, 2022. ASU 2021-01 has not had, and is not expected to have, a material impact on the Company’s consolidated financial statements.

NOTE 4: EARNINGS PER SHARE

    

Three Months Ended March 31,

2021 

2020 

(In Thousands, Except Per Share Data)

Basic:

Average common shares outstanding

 

13,716

 

14,221

Net income and net income available to common stockholders

 

$

18,868

 

$

14,868

Per common share amount

 

$

1.38

 

$

1.05

Diluted:

Average common shares outstanding

13,716

14,221

Net effect of dilutive stock options – based on the treasury stock method using average market price

112

78

Diluted common shares

13,828

14,299

Net income and net income available to common stockholders

 

$

18,868

 

$

14,868

Per common share amount

 

$

1.36

 

$

1.04

Options outstanding at March 31, 2021 and 2020, to purchase 352,488 and 568,551 shares of common stock, respectively, were not included in the computation of diluted earnings per common share for each of the three month periods because the exercise prices of such options were greater than the average market prices of the common stock for the three months ended March 31, 2021 and 2020, respectively.

7

NOTE 5: INVESTMENT SECURITIES

The amortized cost and fair values of securities classified as available-for-sale were as follows:

    

March 31, 2021

Gross

Gross

Amortized

Unrealized

Unrealized

Fair

 

Cost

    

Gains

    

Losses

    

Value

 

(In Thousands)

AVAILABLE-FOR-SALE SECURITIES:

Agency mortgage-backed securities

 

$

159,967

 

$

11,283

 

$

1,482

 

$

169,768

Agency collateralized mortgage obligations

226,494

4,182

3,594

227,082

States and political subdivisions

39,833

1,546

149

41,230

Small Business Administration securities

19,272

316

19,588

 

$

445,566

 

$

17,327

 

$

5,225

 

$

457,668

    

December 31, 2020

Gross

Gross

Amortized

Unrealized

Unrealized

Fair

 

Cost

    

Gains

    

Losses

    

Value

 

(In Thousands)

AVAILABLE-FOR-SALE SECURITIES:

Agency mortgage-backed securities

 

$

151,106

 

$

19,665

 

$

831

 

$

169,940

Agency collateralized mortgage obligations

168,472

8,524

375

176,621

States and political subdivisions

45,196

2,135

6

47,325

Small Business Administration securities

20,033

1,014

21,047

 

$

384,807

 

$

31,338

 

$

1,212

 

$

414,933

The amortized cost and fair value of available-for-sale securities at March 31, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

    

Amortized

    

Fair

Cost

Value

(In Thousands)

One year or less

 

$

 

$

After one through five years

After five through ten years

9,929

10,471

After ten years

29,904

30,759

Securities not due on a single maturity date

405,733

416,438

 

$

445,566

 

$

457,668

There were no securities classified as held to maturity at March 31, 2021 or December 31, 2020.

Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. Total fair value of these investments at March 31, 2021 and December 31, 2020, was approximately $134.5 million and $24.2 million, respectively, which is approximately 29.4% and 5.8% of the Company’s available-for-sale investment portfolio, respectively.

Based on an evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes any declines in fair value for these debt securities are temporary.

8

The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2021 and December 31, 2020:

    

March 31, 2021

Less than 12 Months

12 Months or More

Total

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

Description of Securities

 

Value

 

Losses

 

Value

 

Losses

 

Value

 

Losses

 

(In Thousands)

Agency mortgage-backed securities

 

$

19,668

 

$

(1,482)

 

$

 

$

 

$

19,668

 

$

(1,482)

Agency collateralized mortgage obligations

105,043

(3,594)

105,043

(3,594)

States and political subdivisions securities

9,773

(149)

9,773

(149)

 

$

134,484

 

$

(5,225)

 

$

 

$

 

$

134,484

 

$

(5,225)

    

December 31, 2020

Less than 12 Months

12 Months or More

Total

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

Description of Securities

 

Value

 

Losses

 

Value

 

Losses

 

Value

 

Losses

 

(In Thousands)

Agency mortgage-backed securities

 

$

10,279

 

$

(831)

 

$

 

$

 

$

10,279

 

$

(831)

Agency collateralized mortgage obligations

12,727

(375)

12,727

(375)

Small Business Administration securities

States and political subdivisions securities

1,164

(6)

1,164

(6)

 

$

24,170

 

$

(1,212)

 

$

 

$

 

$

24,170

 

$

(1,212)

There were no sales of available-for-sale securities during the three months ended March 31, 2021 or March 31, 2020. Gains and losses on sales of securities are determined on the specific-identification method.

Allowance for Credit Losses Beginning January 1, 2021, the Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments. All of the mortgage-backed, collateralized mortgage, and SBA securities held by the Company are issued by U.S. government-sponsored entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. Likewise, the Company has not experienced historical losses on these types of securities. Accordingly, no allowance for credit losses has been recorded for these securities.

Regarding securities issued by state and political subdivisions, management considers the following when evaluating these securities: (i) current issuer bond ratings, (ii) historical loss rates for given bond ratings, (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, (iv) updated financial information of the issuer, (v) internal forecasts and (vi) whether such securities provide insurance or other credit enhancement or are pre-refunded by the issuers. These securities are highly rated by major rating agencies and have a long history of no credit losses. Likewise, the Company has not experienced historical losses on these types of securities. Accordingly, no allowance for credit losses has been recorded for these securities.

Amounts Reclassified Out of Accumulated Other Comprehensive Income. There were no amounts reclassified from accumulated other comprehensive income during the three months ended March 31, 2021 and 2020.

NOTE 6: LOANS AND ALLOWANCE FOR CREDIT LOSSES

The Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, effective January 1, 2021. The guidance replaces the incurred loss methodology with an expected loss methodology that is referred to as the CECL methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance, including loan commitments, standby letters of credits, financial guarantees, and other similar instruments. The Company adopted ASC 326 using the modified retrospective method for loans and off-balance sheet credit exposures. The Company recorded a one-time cumulative-effect adjustment to the allowance for credit losses of $11.6 million.

9

This adjustment brought the balance of the allowance for credit losses to $67.3 million as of January 1, 2021. In addition, the Company recorded an $8.7 million liability for unfunded commitments as of January 1, 2021. The after-tax effect decreased retained earnings by $14.2 million. The adjustment was based upon the Company’s analysis of current conditions, assumptions and economic forecasts at January 1, 2021.

The Company adopted ASC 326 using the prospective transition approach for financial assets purchased with credit deterioration (PCD) that were previously classified as purchased credit impaired (PCI) and accounted for under ASC 310-30. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2021, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $1.9 million of the allowance for credit losses.

Results for reporting periods after December 31, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. Under the incurred loss model, the Company delayed recognition of losses until it was probable that a loss was incurred. The allowance for loan losses was established as losses were estimated to have occurred through a provision for loan losses charged to earnings. Loan losses were charged against the allowance when management believed the uncollectability of a loan balance was confirmed. The allowance for loan losses was evaluated on a regular basis by management and was based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. The allowance consisted of allocated and general components. The allocated component relates to loans that are classified as impaired. For loans classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical charge-off experience and expected loss given default derived from the Company’s internal risk rating process. Results for reporting periods after December 31, 2020 include loans acquired and accounted for under ASC 310-30 net of discount within the loan classes, while for reporting periods prior to January 1, 2021 the loans acquired and accounted for under ASC 310-30 are separate.

Beginning on January 1, 2021, the allowance for credit losses is measured using an average historical loss model which incorporates relevant information about past events (including historical credit loss experience on loans with similar risk characteristics), current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the loans. The allowance for credit losses is measured on a collective (pool) basis. Loans are aggregated into pools based on similar risk characteristics including borrower type, collateral and repayment types and expected credit loss patterns. Loans that do not share similar risk characteristics, primarily classified and/or TDR loans with a balance greater than or equal to $100,000, are evaluated on an individual basis.

For loans evaluated for credit losses on a collective basis, average historical loss rates are calculated for each pool using the Company’s historical net charge-offs (combined charge-offs and recoveries by observable historical reporting period) and outstanding loan balances during a lookback period. Lookback periods can be different based on the individual pool and represent management’s credit expectations for the pool of loans over the remaining contractual life. In certain loan pools, if the Company’s own historical loss rate is not reflective of the loss expectations, the historical loss rate is augmented by industry and peer data. The calculated average net charge-off rate is then adjusted for current conditions and reasonable and supportable forecasts. These adjustments increase or decrease the average historical loss rate to reflect expectations of future losses given economic forecasts of key macroeconomic variables including, but not limited to, unemployment rate, GDP, disposable income and market volatility. The adjustments are based on results from various regression models projecting the impact of the macroeconomic variables to loss rates. The forecast is used for a reasonable and supportable period before reverting to historical averages using a straight-line method. The forecast-adjusted loss rate is applied to the amortized cost of loans over the remaining contractual lives, adjusted for expected prepayments. The contractual term excludes expected extensions, renewals and modifications unless there is a reasonable expectation that a troubled debt restructuring will be executed. Additionally, the allowance for credit losses considers other qualitative factors not included in historical loss rates or macroeconomic forecasts such as changes in portfolio composition, underwriting practices, or significant unique events or conditions.

ASU 2016-13 requires an allowance for off balance sheet credit exposures; unfunded lines of credit, undisbursed portions of loans, written residential and commercial commitments, and letters of credit. To determine the amount needed for allowance purposes, a utilization rate is determined either by the model or internally for each pool. Our loss model calculates the reserve on unfunded commitments based upon the utilization rate multiplied by the average loss rate factors in each pool with unfunded and committed balances. The liability for unfunded lending commitments utilizes the same model as the allowance for credit losses on loans; however, the liability for unfunded lending commitments incorporates assumptions for the portion of unfunded commitments that are expected to be funded.

10

Classes of loans at March 31, 2021 and December 31, 2020 were as follows:

    

March 31,

    

December 31,

 

2021 

2020 

 

(In Thousands)

 

One- to four-family residential construction

 

$

48,161

 

$

42,793

Subdivision construction

7,297

30,894

Land development

54,590

54,010

Commercial construction

1,206,687

1,212,837

Owner occupied one- to four-family residential

510,343

470,436

Non-owner occupied one- to four-family residential

130,609

114,569

Commercial real estate

1,588,771

1,553,677

Other residential

1,055,395

1,021,145

Commercial business

372,533

370,898

Industrial revenue bonds

14,559

14,003

Consumer auto

73,651

86,173

Consumer other

39,724

40,762

Home equity lines of credit

113,794

114,689

Loans acquired and accounted for under ASC 310-30, net of discounts (1)

98,643

5,216,114

5,225,529

Undisbursed portion of loans in process

(851,768)

(863,722)

Allowance for credit losses

(67,702)

(55,743)

Deferred loan fees and gains, net

(10,907)

(9,260)

 

$

4,285,737

 

$

4,296,804

Weighted average interest rate

4.30

%

4.29

%

(1) Loans acquired and accounted for under ASC 310-30 of $91.9 million have been included in the totals by loan class as of March 31, 2021. At the date of CECL adoption, the Company did not reassess whether purchased credit impaired loans met the criteria of purchased credit deteriorated loans.

11

The following tables present the classes of loans by aging. Loans acquired and accounted for under ASC 310-30 of $91.9 million have been included in the totals by loan class as of March 31, 2021.

    

March 31, 2021

Total Loans

Over 90

Total

> 90 Days Past

30-59 Days

60-89 Days

Days

Total Past

Loans

Due and

Past Due

Past Due

Past Due

Due

Current

Receivable

Still Accruing

(In Thousands)

One- to four-family residential construction

 

$

249

 

$

 

$

 

$

249

 

$

47,912

 

$

48,161

 

$

Subdivision construction

7,297

7,297

Land development

14

622

636

53,954

54,590

Commercial construction

1,206,687

1,206,687

Owner occupied one- to four-family residential

2,017

252

4,111

6,380

503,963

510,343

Non-owner occupied one- to four-family residential

112

112

130,497

130,609

Commercial real estate

302

3,394

3,696

1,585,075

1,588,771

Other residential

185

185

1,055,210

1,055,395

Commercial business

83

106

189

372,344

372,533

Industrial revenue bonds

944

944

13,615

14,559

Consumer auto

145

30

106

281

73,370

73,651

Consumer other

117

25

100

242

39,482

39,724

Home equity lines of credit

40

63

810

913

112,881

113,794

3,911

370

9,546

13,827

5,202,287

5,216,114

Less: FDIC-acquired loans

2,133

 

109

 

3,576

 

5,818

 

86,116

 

91,934

 

Total

 

$

1,778

 

$

261

 

$

5,970

 

$

8,009

 

$

5,116,171

 

$

5,124,180

 

$

12

    

December 31, 2020

Total Loans

Over 90

Total

> 90 Days Past

30-59 Days

60-89 Days

Days

Total Past

Loans

Due and

Past Due

Past Due

Past Due

Due

Current

Receivable

Still Accruing

(In Thousands)

One- to four-family residential construction

 

$

1,365

 

$

 

$

 

$

1,365

 

$

41,428

 

$

42,793

 

$

Subdivision construction

30,894

30,894

Land development