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Note 27: Condensed Parent Company Statements

12 Months Ended

Dec. 31, 2017

Note 27: Condensed Parent Company Statements

The condensed statements of financial condition at December 31, 2017 and 2016, and statements of income, comprehensive income and cash flows for the years ended December 31, 2017, 2016 and 2015, for the parent company, Great Southern Bancorp, Inc., were as follows:

	December 31,
	2017	2016
	(In Thousands)

Statements of Financial Condition

Assets
Cash	$ 41,977	$ 37,716
Investment in subsidiary bank	533,153	494,947
Deferred and accrued income taxes	133	89
Prepaid expenses and other assets	903	1,214

	$ 576,166	$ 533,966

Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses	$ 5,042	$ 4,849
Subordinated debentures issued to capital trust	25,774	25,774
Subordinated notes	73,688	73,537
Common stock	141	140
Additional paid-in capital	28,203	25,942
Retained earnings	442,077	402,166
Accumulated other comprehensive income	1,241	1,558

	$ 576,166	$ 533,966

	2017	2016	2015
	(In Thousands)

Statements of Income
Income
Dividends from subsidiary bank	$ 17,500	$ 12,000	$ 27,000
Interest and dividend income	48	--	5
Gain on redemption of trust preferred securities and sale of non-marketable securities	--	2,735	1,416
Other income (loss)	--	2	(7)

	17,548	14,737	28,414

Expense
Operating expenses	1,330	1,322	1,139
Interest expense	5,047	2,381	714

	6,377	3,703	1,853

Income before income tax and
equity in undistributed earnings
of subsidiaries	11,171	11,034	26,561
Credit for income taxes	(1,709)	(241)	(91)

Income before equity in earnings
of subsidiaries	12,880	11,275	26,652

Equity in undistributed earnings of
subsidiaries	38,684	34,067	19,850

Net income	$ 51,564	$ 45,342	$ 46,502

	2017	2016	2015
	(In Thousands)

Statements of Cash Flows
Operating Activities
Net income	$ 51,564	$ 45,342	$ 46,502
Items not requiring (providing) cash
Equity in undistributed earnings of subsidiary	(38,684)	(34,067)	(19,850)
Compensation expense for stock option grants	564	483	382
Net realized gains on redemption of trust preferred
securities	--	--	(1,115)
Net realized gains on sales of non-marketable
securities	--	--	(301)
Net realized gains on sales of available-for-sale
securities	--	(2,735)	--
Amortization of interest rate derivative and deferred costs on subordinated notes	441	289	204
Changes in
Prepaid expenses and other assets	132	175	(27)
Accounts payable and accrued expenses	(115)	1,495	63
Income taxes	6	(206)	55
Net cash provided by operating activities	13,908	10,776	25,913

Investing Activities
Proceeds from sales of available-for-sale securities	--	3,583	--
Investment in subsidiary	--	(60,000)	--
(Investment)/Return of principal - other investments	--	(2)	16
Net cash provided by (used in) investing
activities	--	(56,419)	16

Financing Activities
Proceeds from issuance of subordinated notes	--	73,472	--
Redemption of preferred stock	--	--	(57,943)
Redemption of trust preferred securities	--	--	(3,885)
Purchases of the Company’s common stock	--	--	--
Dividends paid	(12,894)	(12,232)	(12,290)
Stock options exercised	3,247	2,110	3,362
Net cash provided by (used in) financing activities	(9,647)	63,350	(70,756)

Increase (Decrease) in Cash	4,261	17,707	(44,827)

Cash, Beginning of Year	37,716	20,009	64,836

Cash, End of Year	$ 41,977	$ 37,716	$ 20,009

Additional Cash Payment Information
Interest paid	$ 5,059	$ 846	$ 730

	2017	2016	2015
	(In Thousands)

Statements of Comprehensive Income

Net Income	$ 51,564	$ 45,342	$ 46,502

Unrealized appreciation on available-for-sale securities, net of taxes (credit) of $0, $(90) and $273, for 2017, 2016 and 2015, respectively	--	(158)	400

Reclassification adjustment for gains included in net income, net of (taxes) credit of $0, $(993) and $0, for 2017, 2016 and 2015, respectively	--	(1,742)	--

Change in fair value of cash flow hedge, net of taxes
(credit) of $93, $50 and $(34) for 2017, 2016 and
2015, respectively	161	87	(50)

Comprehensive income (loss) of subsidiaries	(478)	(2,293)	(1,722)

Comprehensive Income	$ 51,247	$ 41,236	$ 45,130

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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