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Note 26: Condensed Parent Company Statements

12 Months Ended

Dec. 31, 2019

Notes

Note 26: Condensed Parent Company Statements

Note 26: Condensed Parent Company Statements

The condensed statements of financial condition at December 31, 2019 and 2018, and statements of income, comprehensive income and cash flows for the years ended December 31, 2019, 2018 and 2017, for the parent company, Great Southern Bancorp, Inc., were as follows:

		December 31,
		2019			2018
		(In Thousands)

Statements of Financial Condition

Assets
Cash	$	58,726		$	56,648
Investment in subsidiary bank		650,329			580,016
Deferred and accrued income taxes		111			411
Prepaid expenses and other assets		868			889

	$	710,034		$	637,964

Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses	$	6,918		$	6,371
Subordinated debentures issued to capital trust		25,774			25,774
Subordinated notes		74,276			73,842
Common stock		143			142
Additional paid-in capital		33,510			30,121
Retained earnings		537,167			492,087
Accumulated other comprehensive income		32,246			9,627

	$	710,034		$	637,964

		2019			2018			2017
		(In Thousands)

Statements of Income

Income
Dividends from subsidiary bank	$	32,000		$	34,000		$	17,500
Interest and dividend income		—			—			48
Loss on other investments		(23)			—			—

		31,977			34,000			17,548

Expense
Operating expenses		2,044			1,793			1,330
Interest expense		5,397			5,050			5,047

		7,441			6,843			6,377

Income before income tax and equity in
undistributed earnings of subsidiaries		24,536			27,157			11,171
Credit for income taxes		(1,381)			(1,204)			(1,709)

Income before equity in earnings of subsidiaries		25,917			28,361			12,880

Equity in undistributed earnings of subsidiaries		47,695			38,748			38,684

Net income	$	73,612		$	67,109		$	51,564

		2019			2018			2017
		(In Thousands)

Statements of Cash Flows

Operating Activities
Net income	$	73,612		$	67,109		$	51,564
Items not requiring (providing) cash
Equity in undistributed earnings of subsidiary		(47,695)			(38,748)			(38,684)
Compensation expense for stock option grants		922			737			564
Amortization of interest rate derivative and deferred costs on subordinated notes		434			154			441
Loss on other investments		23			—			—
Changes in
Prepaid expenses and other assets		(3)			13			132
Accounts payable and accrued expenses		226			182			(115)
Income taxes		300			(278)			6
Net cash provided by operating activities		27,819			29,169			13,908

Investing Activities
(Investment)/Return of principal - other investments		2			—			—
Net cash provided by investing activities		2			—			—

Financing Activities
Purchases of the Company’s common stock		(849)			(903)			—
Dividends paid		(29,052)			(15,819)			(12,894)
Stock options exercised		4,158			2,224			3,247
Net cash used in financing activities		(25,743)			(14,498)			(9,647)

Increase in Cash		2,078			14,671			4,261

Cash, Beginning of Year		56,648			41,977			37,716

Cash, End of Year	$	58,726		$	56,648		$	41,977

Additional Cash Payment Information
Interest paid	$	5,424		$	5,001		$	5,059

		2019			2018			2017
		(In Thousands)

Statements of Comprehensive Income

Net Income	$	73,612		$	67,109		$	51,564

Change in fair value of cash flow hedge, net of taxes of $0, $0 and $93 for 2019, 2018 and 2017, respectively		—			—			161

Comprehensive income (loss) of subsidiaries		22,619			8,114			(478)

Comprehensive Income	$	96,231		$	75,223		$	51,247