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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 June 30, 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: 13,582,456 shares of common stock, par value $.01 per share, outstanding at August 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)

    

JUNE 30,

    

DECEMBER 31,

2021 

2020 

(Unaudited)

ASSETS

Cash

 

$

98,869

 

$

92,403

Interest-bearing deposits in other financial institutions

582,935

471,326

Cash and cash equivalents

681,804

563,729

Available-for-sale securities

450,840

414,933

Mortgage loans held for sale

18,870

17,780

Loans receivable, net of allowance for credit losses of $66,602 – June 2021; net of allowance for loan losses of $55,743 – December 2020

4,214,267

4,296,804

Interest receivable

11,966

12,793

Prepaid expenses and other assets

42,327

58,889

Other real estate owned and repossessions, net

1,033

1,877

Premises and equipment, net

136,246

139,170

Goodwill and other intangible assets

6,397

6,944

Federal Home Loan Bank stock and other interest-earning assets

6,755

9,806

Current and deferred income taxes

7,077

3,695

Total Assets

 

$

5,577,582

 

$

5,526,420

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

Deposits

 

$

4,566,353

 

$

4,516,903

Securities sold under reverse repurchase agreements with customers

158,367

164,174

Short-term borrowings and other interest-bearing liabilities

1,183

1,518

Subordinated debentures issued to capital trust

25,774

25,774

Subordinated notes

148,763

148,397

Accrued interest payable

2,256

2,594

Advances from borrowers for taxes and insurance

8,728

7,536

Accrued expenses and other liabilities

28,892

29,783

Liability for unfunded commitments

7,709

Total Liabilities

4,948,025

4,896,679

Stockholders’ Equity:

Capital stock

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

Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding June 2021 –13,659,357 shares; December 2020 – 13,752,605 shares

137

138

Additional paid-in capital

36,880

35,004

Retained earnings

550,301

541,448

Accumulated other comprehensive income

42,239

53,151

Total Stockholders’ Equity

629,557

629,741

Total Liabilities and Stockholders’ Equity

 

$

5,577,582

 

$

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

JUNE 30,

2021

    

2020

(Unaudited)

INTEREST INCOME

Loans

 

$

47,360

 

$

50,848

Investment securities and other

3,092

3,163

TOTAL INTEREST INCOME

50,452

54,011

INTEREST EXPENSE

Deposits

3,457

9,041

Short-term borrowings and repurchase agreements

10

10

Subordinated debentures issued to capital trust

113

167

Subordinated notes

2,188

1,338

TOTAL INTEREST EXPENSE

5,768

10,556

NET INTEREST INCOME

44,684

43,455

PROVISION (CREDIT) FOR CREDIT LOSSES ON LOANS

(1,000)

6,000

PROVISION (CREDIT) FOR UNFUNDED COMMITMENTS

(307)

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

45,991

37,455

NON-INTEREST INCOME

Commissions

370

176

Overdraft and Insufficient funds fees

1,528

1,136

Point-Of-Sale and ATM fee income and service charges

3,971

3,004

Net gains on loan sales

2,613

1,841

Late charges and fees on loans

358

468

Gain (loss) on derivative interest rate products

(179)

(106)

Net realized gains on sales of available-for-sale securities

78

Other income

924

1,664

TOTAL NON-INTEREST INCOME

9,585

8,261

NON-INTEREST EXPENSE

Salaries and employee benefits

17,934

16,830

Net occupancy and equipment expense

6,706

6,707

Postage

750

777

Insurance

759

534

Advertising

605

437

Office supplies and printing

161

301

Telephone

868

1,005

Legal, audit and other professional fees

531

664

Expense on other real estate and repossessions

102

268

Acquired deposit intangible asset amortization

258

289

Other operating expenses

1,517

1,537

TOTAL NON-INTEREST EXPENSE

30,191

29,349

INCOME BEFORE INCOME TAXES

25,385

16,367

PROVISION FOR INCOME TAXES

5,271

3,164

NET INCOME AND NET INCOME AVAILABLE TO COMMON STOCKHOLDERS

 

$

20,114

 

$

13,203

Basic Earnings Per Common Share

 

$

1.47

 

$

0.94

Diluted Earnings Per Common Share

 

$

1.46

 

$

0.93

Dividends Declared Per Common Share

 

$

0.34

 

$

0.34

See Notes to Consolidated Financial Statements

2

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

    

SIX MONTHS ENDED

JUNE 30,

2021

    

2020

 

(Unaudited)

INTEREST INCOME

Loans

$

95,069

$

104,978

Investment securities and other

 

6,016

 

6,507

TOTAL INTEREST INCOME

 

101,085

 

111,485

INTEREST EXPENSE

 

  

 

  

Deposits

 

7,679

 

19,618

Short-term borrowings and repurchase agreements

 

19

 

659

Subordinated debentures issued to capital trust

 

226

 

383

Subordinated notes

 

4,388

 

2,432

TOTAL INTEREST EXPENSE

 

12,312

 

23,092

NET INTEREST INCOME

 

88,773

 

88,393

PROVISION (CREDIT) FOR CREDIT LOSSES ON LOANS

 

(700)

 

9,871

PROVISION (CREDIT) FOR UNFUNDED COMMITMENTS

 

(981)

 

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

 

90,454

 

78,522

NON-INTEREST INCOME

Commissions

 

652

 

442

Overdraft and Insufficient funds fees

 

2,972

 

3,077

Point-Of-Sale and ATM fee income and service charges

 

7,329

 

5,821

Net gains on loan sales

 

5,301

 

2,430

Late charges and fees on loans

 

659

 

824

Gain (loss) on derivative interest rate products

 

295

 

(514)

Net realized gains on sales of available-for-sale securities

 

 

78

Other income

 

2,113

 

3,469

TOTAL NON-INTEREST INCOME

 

19,321

 

15,627

NON-INTEREST EXPENSE

Salaries and employee benefits

 

35,054

 

34,999

Net occupancy and equipment expense

 

13,768

 

13,473

Postage

 

1,628

 

1,546

Insurance

 

1,519

 

916

Advertising

 

1,190

 

1,057

Office supplies and printing

 

438

 

535

Telephone

 

1,749

 

1,917

Legal, audit and other professional fees

 

1,178

 

1,262

Expense on other real estate and repossessions

 

370

 

747

Acquired deposit intangible asset amortization

 

547

 

577

Other operating expenses

 

3,071

 

3,134

TOTAL NON-INTEREST EXPENSE

 

60,512

 

60,163

INCOME BEFORE INCOME TAXES

 

49,263

 

33,986

PROVISION FOR INCOME TAXES

 

10,281

 

5,915

NET INCOME AND NET INCOME AVAILABLE TO COMMON STOCKHOLDERS

$

38,982

$

28,071

Basic Earnings Per Common Share

$

2.84

$

1.98

Diluted Earnings Per Common Share

$

2.82

$

1.98

Dividends Declared Per Common Share

$

0.68

$

1.68

See Notes to Consolidated Financial Statements

3

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, except per share data)

    

THREE MONTHS ENDED

JUNE 30,

2021 

    

2020

(Unaudited)

Net Income

$

20,114

$

13,203

Unrealized appreciation on available-for-sale securities, net of taxes of $1,806 and $1,602, for 2021 and 2020, respectively

6,113

5,424

Reclassification adjustment for gains included in net income, net of taxes of $0 and $18, for 2021 and 2020, respectively

(60)

Amortization of realized gain on termination of cash flow hedge, net of taxes (credit) of $(461) and $(461), for 2021 and 2020, respectively

(1,564)

(1,564)

Comprehensive Income

$

24,663

$

17,003

    

SIX MONTHS ENDED

JUNE 30,

    

2021

    

2020

 

(Unaudited)

Net Income

$

38,982

$

28,071

Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes (credit) of $(2,303) and $5,013, for 2021 and 2020, respectively

 

(7,802)

 

16,973

Reclassification adjustment for gains included in net income, net of taxes of $0 and $18, for 2021 and 2020, respectively

 

 

(60)

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 $(918) and $(608), for 2021 and 2020, respectively

 

(3,110)

 

(2,062)

Comprehensive Income

$

28,070

$

54,836

See Notes to Consolidated Financial Statements

4

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except per share data)

THREE MONTHS ENDED JUNE 30, 2020

Accumulated

Other

 

Common

 

Additional

 

Retained

 

Comprehensive

 

Treasury

    

Stock

    

Paid-in Capital

    

Earnings

    

Income (Loss)

    

Stock

    

Total

 

(Unaudited)

Balance, March 31, 2020

 

$

141

 

$

33,958

 

$

524,922

 

$

55,211

 

$

 

$

614,232

Net income

13,203

13,203

Stock issued under Stock Option Plan

272

10

282

Common dividends declared, $0.34 per share

(4,789)

(4,789)

Other comprehensive gain

3,800

3,800

Reclassification of treasury stock per Maryland law

10

(10)

Balance, June 30, 2020

 

$

141

 

$

34,230

 

$

533,346

 

$

59,011

 

$

 

$

626,728

THREE MONTHS ENDED JUNE 30, 2021

Accumulated

Other

 

Common

 

Additional

 

Retained

 

Comprehensive

 

Treasury

    

Stock

    

Paid-in Capital

    

Earnings

    

Income (Loss)

    

Stock

    

Total

 

(Unaudited)

Balance, March 31, 2021

$

137

$

35,661

$

537,969

$

37,690

$

$

611,457

Net income

 

 

 

20,114

 

 

 

20,114

Stock issued under Stock Option Plan

 

 

1,219

 

 

 

554

 

1,773

Common dividends declared, $0.34 per share

 

 

 

(4,656)

 

 

 

(4,656)

Other comprehensive gain

 

 

 

 

4,549

 

 

4,549

Purchase of the Company’s common stock

 

 

 

 

 

(3,680)

 

(3,680)

Reclassification of treasury stock per Maryland law

 

 

 

(3,126)

 

 

3,126

 

Balance, June 30, 2021

$

137

$

36,880

$

550,301

$

42,239

$

$

629,557

See Notes to Consolidated Financial Statements

5

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except per share data)

    

SIX MONTHS ENDED JUNE 30, 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

 

 

 

28,071

 

 

 

28,071

Stock issued under Stock Option Plan

 

 

720

 

 

 

97

 

817

Common dividends declared, $1.68 per share

 

 

 

(23,843)

 

 

 

(23,843)

Other comprehensive gain

 

 

 

 

26,765

 

 

26,765

Purchase of the Company’s common stock

 

 

 

 

 

(8,148)

 

(8,148)

Reclassification of treasury stock per Maryland law

 

(2)

 

 

(8,049)

 

 

8,051

 

Balance, June 30, 2020

$

141

$

34,230

$

533,346

$

59,011

$

$

626,728

    

SIX MONTHS ENDED JUNE 30, 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

 

 

 

38,982

 

 

 

38,982

Impact of ASU 2016-13 adoption

 

 

 

(14,175)

 

 

 

(14,175)

Stock issued under Stock Option Plan

 

 

1,876

 

 

 

817

 

2,693

Common dividends declared, $0.68 per share

 

 

 

(9,312)

 

 

 

(9,312)

Other comprehensive loss

 

 

 

 

(10,912)

 

 

(10,912)

Purchase of the Company’s common stock

 

 

 

 

 

(7,460)

 

(7,460)

Reclassification of treasury stock per Maryland law

 

(1)

 

 

(6,642)

 

 

6,643

 

Balance, June 30, 2021

$

137

$

36,880

$

550,301

$

42,239

$

$

629,557

See Notes to Consolidated Financial Statements

6

GREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

SIX MONTHS ENDED

    

 JUNE 30,

2021

    

2020

(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

 

$

38,982

$

28,071

Proceeds from sales of loans held for sale

189,430

121,921

Originations of loans held for sale

(184,625)

(128,939)

Items not requiring (providing) cash:

Depreciation

4,766

4,982

Amortization

989

847

Compensation expense for stock option grants

597

558

Provision (credit) for credit losses on loans

(700)

9,871

Provision (credit) for unfunded commitments

(981)

Net gains on loan sales

(5,301)

(2,430)

Net realized gains on sales of available-for-sale securities

(78)

Net (gains) losses on sale of premises and equipment

1

(24)

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

(86)

111

Accretion of deferred income, premiums, discounts and other

(4,731)

(2,548)

Loss (gain) on derivative interest rate products

(295)

514

Deferred income taxes

492

(29,501)

Changes in:

Interest receivable

827

(1,604)

Prepaid expenses and other assets

11,031

17,023

Accrued expenses and other liabilities

885

1,878

Income taxes refundable/payable

3,506

14,755

Net cash provided by operating activities

54,787

35,407

CASH FLOWS FROM INVESTING ACTIVITIES

Net change in loans

129,451

(251,662)

Purchase of loans and loan participations

(52,071)

(3,625)

Purchase of premises and equipment

(2,281)

(3,669)

Proceeds from sale of premises and equipment

65

372

Proceeds from sale of other real estate owned and repossessions

1,536

2,011

Capitalized costs on other real estate owned

(126)

Proceeds from termination of interest rate derivative

45,864

Proceeds from sales of available-for-sale securities

19,236

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

5,830

13,850

Principal reductions on mortgage-backed securities

28,807

11,172

Purchase of available-for-sale securities

(80,904)

(95,145)

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

3,051

2,197

Net cash provided by (used in) investing activities

33,484

(259,525)

CASH FLOWS FROM FINANCING ACTIVITIES

Net decrease in certificates of deposit

(231,587)

(13,958)

Net increase in checking and savings deposits

281,037

566,021

Net decrease in short-term borrowings

(6,142)

(119,421)

Advances from borrowers for taxes and insurance

1,192

3,245

Proceeds from issuance of subordinated notes

73,513

Dividends paid

(9,332)

(23,903)

Purchase of the Company’s common stock

(7,460)

(8,148)

Stock options exercised

2,096

259

Net cash provided by financing activities

29,804

477,608

INCREASES IN CASH AND CASH EQUIVALENTS

118,075

253,490

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

563,729

220,155

CASH AND CASH EQUIVALENTS, END OF PERIOD

 

$

681,804

$

473,645

See Notes to Consolidated Financial Statements

7

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 and six months ended June 30, 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, which 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 additional 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 incurred loss methodology standard for accounting for loan losses.

8

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 is expected to 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 June 30,

2021 

    

2020 

(In Thousands, Except Per Share Data)

Basic:

Average common shares outstanding

 

13,710

 

14,084

Net income and net income available to common stockholders

 

$

20,114

 

$

13,203

Per common share amount

 

$

1.47

 

$

0.94

Diluted:

Average common shares outstanding

13,710

14,084

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

102

40

Diluted common shares

13,812

14,124

Net income and net income available to common stockholders

 

$

20,114

 

$

13,203

Per common share amount

 

$

1.46

 

$

0.93

9

    

Six Months Ended June 30,

2021

    

2020

(In Thousands, Except Per Share Data)

Basic:

  

 

  

Average common shares outstanding

13,713

 

14,153

Net income and net income available to common stockholders

$

38,982

$

28,071

Per common share amount

$

2.84

$

1.98

Diluted:

 

  

 

  

Average common shares outstanding

 

13,713

 

14,153

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

 

94

 

56

Diluted common shares

 

13,807

 

14,209

Net income and net income available to common stockholders

$

38,982

$

28,071

Per common share amount

$

2.82

$

1.98

Options outstanding at June 30, 2021 and 2020, to purchase 452,918 and 653,794 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 June 30, 2021 and 2020, respectively. Options outstanding at June 30, 2021 and 2020, to purchase 452,918 and 565,401 shares of common stock, respectively, were not included in the computation of diluted earnings per common share for the six month periods because the exercise prices of such options were greater than the average market prices of the common stock for the six months ended June 30, 2021 and 2020, respectively.

NOTE 5: INVESTMENT SECURITIES

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

    

June 30, 2021

Gross

Gross

Amortized

Unrealized

Unrealized

Fair

 

Cost

    

Gains

    

Losses

    

Value

 

(In Thousands)

AVAILABLE-FOR-SALE SECURITIES:

Agency mortgage-backed securities

 

$

158,456

 

$

14,171

 

$

777

 

$

171,850

Agency collateralized mortgage obligations

214,533

5,155

1,314

218,374

States and political subdivisions

39,177

1,883

64

40,996

Small Business Administration securities

18,653

967

19,620

 

$

430,819

 

$

22,176

 

$

2,155

 

$

450,840

    

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

10

The amortized cost and fair value of available-for-sale securities at June 30, 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

9,919

10,481

After ten years

29,258

30,515

Securities not due on a single maturity date

391,642

409,844

 

$

430,819

 

$

450,840

There were no securities classified as held to maturity at June 30, 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 June 30, 2021 and December 31, 2020, was approximately $93.1 million and $24.2 million, respectively, which is approximately 20.7% 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.

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 June 30, 2021 and December 31, 2020: