STILLWATER, Okla., Oct. 20 /PRNewswire-FirstCall/ -- Southwest
Bancorp, Inc. (NASDAQ:OKSB), ("Southwest"), today reported net
income available to common shareholders of $1.1 million, or $0.07
per diluted share for the third quarter 2009, compared to $2.3
million, or $0.16 per diluted share for the third quarter of 2008.
Net income available to common shareholders for the nine months
ended September 30, 2009 was $6.3 million, or $0.43 per diluted
share, compared to $11.7 million, or $0.80 per diluted share for
the nine months ended September 30, 2008. At September 30, 2009,
total assets were $3.0 billion. Rick Green, Southwest Bancorp's
President and Chief Executive Officer, stated, "We continue to
generate earnings from operations in a difficult banking
environment and are taking steps designed to position ourselves to
succeed when the economy improves. For now, we expect continuing
weakness in our commercial real estate markets and are clearly
focused on identification and resolution of problem credits. We are
pleased to have been able to earn money, hold down operating
expenses, and increase key capital ratios, while at the same time
providing appropriate reserves for loan losses." Third Quarter 2009
Results: -- Increased Nonperforming Assets. Nonperforming assets
increased to $133.5 million and 4.97% of portfolio loans and other
real estate owned from $103.8 million and 3.83% of portfolio loans
and other real estate owned at June 30, 2009 and from $70.1 million
and 2.80% of portfolio loans and other real estate owned at
December 31, 2008. -- Increased Allowance and Provision for Loan
Losses. The allowance for loan losses increased to $57.8 million
and 2.16% of portfolio loans from $51.8 million and 1.91% of
portfolio loans at June 30, 2009 and $39.8 million and 1.59% of
portfolio loans at December 31, 2008. The provision for loan losses
exceeded net charge-offs by $6.0 million for the third quarter,
$18.0 million for the first nine months of 2009, and $22.0 million
for the last four quarters. -- Increased Regulatory Capital. As of
September 30, 2009, total regulatory capital was $411.2 million for
a total risk-based capital ratio of 14.31% and Tier 1 capital was
$374.8 million for a Tier 1 risk-based capital ratio of 13.04%. The
tangible common equity ratio was 7.79%. (The tangible common equity
ratio is a non-GAAP measure used by Southwest and analysts based on
shareholders' equity as defined by generally accepted accounting
principles minus goodwill and preferred stock. See Table 6.) --
Increased Core Funding. Core deposits (total deposits less time
deposits of $100,000 or more and brokered deposits) grew 2% from
June 30, 2009 and 15% from December 31, 2008. Core funding, which
includes all non-brokered time deposits and sweep repurchase
agreements, grew 3% from June 30, 2009 and 20% from December 31,
2008. At September 30, 2009, total core funding comprised 85% of
total funding, compared to 82% at June 30, 2009 and 76% at December
31, 2008. Wholesale funding, including FHLB borrowings, federal
funds purchased, and brokered deposits, accounted for 15% of total
funding compared to 18% at June 30, 2009 and 24% at December 31,
2008. Please see Table 7 for details on these non-GAAP financial
measures. -- Increased Net Interest Income. Net interest income
increased by $2.2 million, or 10%, for the third quarter of 2009
compared to the third quarter of 2008, and by $3.6 million, or 5%,
for the first nine months of 2009 compared to the first nine months
of 2008. -- Decreased Human Resource Costs. Salaries and employee
benefits decreased by $1.0 million, or 12%, from the third quarter
of 2008 and $5.0 million, or 19%, from the first nine months of
2008. Total noninterest expenses declined $1.0 million, or 6%, from
the third quarter 2008 and $3.9 million, or 8%, from the first nine
months of 2008, despite substantial increases in FDIC insurance
assessments. Please review the following "Financial Overview" and
the accompanying tables for important additional information
regarding our results and plans. Financial Overview Condition:
Total assets were $3.0 billion at September 30, 2009, an increase
of 5% from December 31, 2008. At September 30, 2009 total loans
were $2.7 billion, which includes $117.1 million of loans acquired
from First National Bank of Anthony ("FNBA") in the second quarter
and represents an increase of 6% from December 31, 2008. At
September 30, 2009, the allowance for loan losses was $57.8
million, up 61% from September 30, 2008 and up 45% from year-end
2008 and represented 2.16% of portfolio loans versus 1.47% at
September 30, 2008 and 1.59% at December 31, 2008. The methodology
used to determine the appropriate amount of the allowance for loan
losses at a particular time includes consideration of risk factors
related to Southwest and to our markets, including regular
assessments of national and local economic conditions and trends.
For the nine months ended September 30, 2009, the provision for
loan losses increased by $16.3 million, or 132%, over the provision
for the comparable period ended September 30, 2008. Nonperforming
assets to portfolio loans and other real estate owned was 4.97% at
September 30, 2009 compared to 2.72% at September 30, 2008 and
2.80% at December 31, 2008. A breakdown of portfolio loans and
nonperforming assets by type is shown in the following table:
Percentage of total Percentage of Portfolio portfolio Nonperforming
nonperforming (dollars in thousands) loans loans assets assets
----- ----- ------ ------ Real estate construction $663,157 24.78%
$62,723 46.98% Commercial real estate 1,272,430 47.55 35,286 26.43
Commercial 558,813 20.89 11,375 8.52 Other real estate owned - -
8,987 6.73 Residential real estate mortgages 138,122 5.16 14,884
11.15 Other consumer loans 43,219 1.62 255 0.19 ------ ---- ---
---- Total $2,675,741 100.00% $133,510 100.00% ========== ======
======== ====== Included above are $12.8 million of nonperforming
assets acquired from FNBA, which are subject to protection under
loss share agreements with the FDIC. The loss share agreements
require the FDIC to cover 80% of net losses on covered loans and
related assets up to $35.0 million, and 95% of net losses above
$35.0 million. Nonaccrual loans were $109.4 million as of September
30, 2009, an increase of $26.6 million from June 30, 2009 and $50.1
million from December 31, 2008. These loans are carried at their
estimated collectible amounts and no longer accrue interest. Loans
90 days or more past due, another component of nonperforming
assets, were $15.1 million as of September 30, 2009 and increased
$3.1 million from June 30, 2009 and $10.4 million from December 31,
2008. These loans are deemed to have sufficient collateral and are
in the process of collection. Performing loans considered potential
problem loans, which are not included in the past due or nonaccrual
categories, but for which known information about possible credit
problems cause management to be uncertain as to the continued
ability of the borrowers to comply with the present loan repayment
terms in future periods, amounted to $259.5 million at September
30, 2009, an increase of $75.4 million from June 30, 2009 and
$128.0 million from December 31, 2008. Included are $4.4 million of
potential problem loans acquired from FNBA, which are subject to
protection under loss share agreements with the FDIC. Potential
problem loans are subject to continuing management attention and
are considered by management in determining the level of the
allowance for loan losses. Total deposits were $2.5 billion at
September 30, 2009, up $293.0 million from December 31, 2008. At
September 30, 2009, wholesale funding, including FHLB borrowings,
federal funds purchased, and brokered deposits, accounted for 15%
of total funding compared to 24% at December 31, 2008. At September
30, 2009, Southwest exceeded all applicable regulatory capital
requirements. Southwest and each of its banking subsidiaries met
the criteria for regulatory classification as "well-capitalized".
Southwest's capital exceeded the minimum to be classified as
"well-capitalized" by $123.8 million. Southwest's ratio of tangible
common equity to tangible assets was 7.79% as of September 30,
2009. Designation as a well-capitalized institution under
regulations does not constitute a recommendation or endorsement by
Federal bank regulators. Year-to-date Results: Summary: The $5.4
million decrease in our net income available to common shareholders
from 2008 is the result of a $16.3 million increase in the
provision for loan losses, a $3.0 million increase in FDIC
insurance and other insurance expense, and $3.1 million in
dividends on the preferred stock that we issued in December 2008,
offset in part by a $5.0 million decrease in personnel costs, a
$2.3 million decrease in general and administrative expenses, a
$1.8 million decrease in income tax expense, a $3.6 million
increase in net interest income, a $2.7 million increase in other
noninterest income, and a $1.7 million increase in gain on sale of
investment securities. Net Interest Income: Net interest income
totaled $70.9 million for the first nine month of 2009 compared to
$67.3 million for the first nine months of 2008. Year-to-date net
interest margin was 3.27% compared to 3.41% in 2008. Included in
the second quarter net interest income is a one-time recovery of
$1.9 million in interest from the successful resolution of a
nonperforming loan. Net interest margin would have been 9 basis
points lower without this recovery. Provision for Loan Losses: The
provision for loan losses totaled $28.5 million for the first nine
months of 2009 compared to $12.3 million for the first nine months
of 2008. Net charge offs totaled $10.5 million, or 0.54%
(annualized) of average portfolio loans, year-to-date as of
September 30, 2009, compared to $6.1 million, or 0.35% (annualized)
of average portfolio loans, for the same period in the prior year.
Noninterest Income: For the first nine months of 2009, noninterest
income totaled $17.4 million, compared to $12.7 million for 2008.
The increase in noninterest income from 2008 was the result of a
$1.7 million increase in gain on sale of investment securities and
a $2.7 million increase in other noninterest income, which includes
the $3.3 million gain on the FNBA acquisition that occurred in the
second quarter. Noninterest Expense: For the first nine months of
2009, noninterest expense totaled $44.8 million compared to $48.7
million for 2008. The decrease consists mainly of a $5.0 million
reduction in personnel expense, a $1.7 million decrease in other
general and administrative expenses, and a $627,000 decrease in
provision for unfunded loan commitments, offset in part by a $3.0
million increase in FDIC and other insurance expense and a $450,000
increase in occupancy expense. The efficiency ratio improved to
50.73% for the first nine months of 2009 from 60.86% for the first
nine months of 2008. Third Quarter Results: Summary: The $1.2
million decrease in our net income available to common shareholders
compared to the third quarter of 2008 was the result of a $3.3
million increase in the provision for loan losses and $1.0 million
in quarterly dividends on the preferred stock that we issued in
December 2008, offset in part by a $2.2 million increase in net
interest income and a $1.0 million decrease in noninterest
expenses. Net Interest Income: Net interest income totaled $25.4
million for the third quarter of 2009 compared to $23.2 million for
the third quarter of 2008. Net interest margin was 3.39% for the
third quarter of 2009 and for the third quarter of 2008. Provision
for Loan Losses: The provision for loan losses totaled $10.2
million for the third quarter of 2009 compared to $6.9 million for
the third quarter of 2008. Net charge offs totaled $4.2 million, or
0.61% (annualized) of average portfolio loans for the third quarter
of 2009, compared to $2.4 million, or 0.39% (annualized) of average
portfolio loans, for the third quarter of 2008. Noninterest Income:
Noninterest income totaled $3.7 million for the third quarter of
2009 compared to $4.1 million for the third quarter of 2008. The
decrease was the result of a $340,000 decrease in other noninterest
income and a $215,000 decrease in gains on sale of loans.
Noninterest Expense: Noninterest expense totaled $15.5 million for
the third quarter of 2009, a $1.0 million decrease from the third
quarter of 2008. The decrease consists primarily of a $1.0 million
reduction in personnel expense and a $634,000 decrease in other
general and administrative expenses, offset in part by a $665,000
increase in FDIC and other insurance expense. The efficiency ratio
for the third quarter of 2009 improved to 53.34% from 60.67% for
the third quarter of 2008. Southwest Bancorp and Subsidiaries
Southwest Bancorp is the $3 billion asset financial holding company
for Stillwater National Bank and Trust Company, Bank of Kansas, SNB
Capital Corporation, Healthcare Strategic Support, Inc., and
Business Consulting Group, Inc. Through its subsidiaries, Southwest
offers commercial and consumer lending, deposit, and investment
services, and specialized cash management, consulting, and other
financial services from offices in Oklahoma, Texas, and Kansas, and
on the Internet, through SNB DirectBanker®. Southwest focuses on
converting its strategic vision into long-term shareholder value.
Our vision includes a commercial banking model and a community
banking model focused on more traditional banking operations in our
three-state market. Southwest's strategic growth goals include
prudent growth from existing and additional commercial banking
offices in carefully selected markets and continued careful
expansion of community banking operations. We expanded into Texas
in 2002 and into Kansas in 2003. We operate seven offices in Texas,
eleven offices in Oklahoma, and nine offices in Kansas. At
September 30, 2009, our Texas segment accounted for $1.0 billion,
or 39% of total portfolio loans, followed by $944.0 million, or
35%, from our Oklahoma segment, $400.7 million, or 15%, from our
Kansas segment, and $288.7 million, or 11%, from our other states
segment. We plan to reduce the percentage of commercial real estate
loans to total portfolio loans in view of current economic
conditions. Our plan focuses on reductions in particular
subcategories of commercial real estate loans that are identified
in our regular real estate market reviews. In general, and with
some exceptions regarding locations and particular types of
facilities, we do not intend to decrease healthcare related
commercial or mortgage lending or commercial mortgage lending on
owner-occupied properties that otherwise meet our underwriting
criteria. Southwest's common stock is traded on the NASDAQ Global
Select Market under the symbol OKSB. Southwest's trust preferred
securities are traded on the NASDAQ Global Select Market under the
symbol OKSBP. Forward-Looking Statements This Press Release
includes forward-looking statements that are subject to risks and
uncertainties. These forward-looking statements include: statements
of Southwest's goals, intentions, and expectations; estimates of
risks and of future costs and benefits; expectations regarding
future financial performance of Southwest and its operating
segments; assessments of loan quality, probable loan losses, and
the amount and timing of loan payoffs; liquidity, contractual
obligations, off-balance sheet risk and interest rate risk;
estimates of value of acquired assets, deposits, and other
liabilities; and statements of Southwest's ability to achieve
financial and other goals. These forward-looking statements are
subject to significant uncertainties because they are based upon:
the amount and time of future changes in interest rates, market
behavior, and other economic conditions; future laws and
regulations and accounting principles; and a variety of other
matters. Because of these uncertainties, the actual future results
may be materially different from the results indicated by these
forward-looking statements. In addition, Southwest's past growth
and performance do not necessarily indicate its future results.
Financial Tables Unaudited Financial Highlights
................................... Table 1 Unaudited Consolidated
Statements of Financial Condition ......... Table 2 Unaudited
Consolidated Statements of Operations .................. Table 3
Unaudited Average Balances, Yields, and Rates-Quarterly ..........
Table 4 Unaudited Average Balances, Yields, and Rates-Year-to-date
....... Table 5 Unaudited Summary Financial Data by Quarter-2009
and 2008 ........ Table 6 Unaudited Supplemental Analytical Data by
Quarter-2009 and 2008 .. Table 7 SOUTHWEST BANCORP, INC. Table 1
UNAUDITED FINANCIAL HIGHLIGHTS (Dollars in thousands except per
share) Third Second Quarter Quarter --------------------------
---------------- QUARTERLY % % HIGHLIGHTS 2009 2008 Change 2009
Change ---- ---- ------- ---- ------ Operations Net interest income
$25,400 $23,188 10% $24,456 4% Provision for loan losses 10,177
6,855 48 7,477 36 Noninterest income 3,710 4,062 (9) 7,261 (49)
Noninterest expense 15,528 16,533 (6) 14,690 6 Income before taxes
3,405 3,862 (12) 9,550 (64) Taxes on income 1,271 1,556 (18) 3,605
(65) Net income 2,134 2,306 (7) 5,945 (64) Net income available to
common shareholders 1,097 2,306 (52) 4,910 (78) Diluted earnings
per share 0.07 0.16 (56) 0.33 (79) Balance Sheet Total assets
3,029,347 2,832,371 7 3,038,985 (0) Loans held for sale 36,526
72,248 (49) 26,006 40 Portfolio loans 2,675,741 2,440,091 10
2,704,326 (1) Total deposits 2,473,162 2,198,719 12 2,452,295 1
Total shareholders' equity 309,118 226,123 37 305,416 1 Book value
per share 16.43 15.56 6 16.30 1 Key Ratios Net interest margin
3.39% 3.39% 3.41% Efficiency ratio (GAAP-based) 53.34 60.67 46.32
Total capital to risk-weighted assets 14.31 11.88 13.92
Nonperforming loans to portfolio loans 4.65 2.62 3.51 Shareholders'
equity to total assets 10.20 7.98 10.05 Tangible common equity to
tangible assets 7.79 7.75 7.65 Return on average assets
(annualized) 0.28 0.33 0.81 Return on average equity (annualized)
2.72 3.97 7.82 YEAR-TO-DATE HIGHLIGHTS Nine Months
------------------------- % 2009 2008 Change ---- ---- --------
Operations Net interest income $70,894 $67,305 5% Provision for
loan losses 28,536 12,281 132 Noninterest income 17,448 12,709 37
Noninterest expense 44,817 48,695 (8) Income before taxes 14,989
19,038 (21) Taxes on income 5,581 7,362 (24) Net income 9,408
11,676 (19) Net income available to common shareholders 6,303
11,676 (46) Diluted earnings per share 0.43 0.80 (46) Balance Sheet
Total assets 3,029,347 2,832,371 7 Loans held for sale 36,526
72,248 (49) Portfolio loans 2,675,741 2,440,091 10 Total deposits
2,473,162 2,198,719 12 Total shareholders' equity 309,118 226,123
37 Book value per share 16.43 15.56 6 Key Ratios Net interest
margin 3.27% 3.41% Efficiency ratio (GAAP-based) 50.73 60.86 Total
capital to risk-weighted assets 14.31 11.88 Nonperforming loans to
portfolio loans 4.65 2.62 Shareholders' equity to total assets
10.20 7.98 Tangible common equity to tangible assets 7.79 7.75
Return on average assets (annualized) 0.42 0.58 Return on average
equity (annualized) 4.10 6.88 Balance sheet amounts are as of
period end unless otherwise noted. Please see accompanying tables
for additional financial information. SOUTHWEST BANCORP, INC. Table
2 UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollars
in thousands, except per share) September 30, December 31,
September 30, 2009 2008 2008 ---- ---- ---- Assets Cash and due
from banks $32,094 $27,287 $36,503 Investment securities: Held to
maturity. Fair value: $6,907 $7,293, $7,262 6,795 7,343 7,342
Available for sale. Amortized cost: $228,723 $233,293,$218,974
233,009 238,037 217,198 Other investments, at cost 18,986 18,786
17,188 Loans held for sale 36,526 56,941 72,248 Loans receivable
(1) 2,675,741 2,494,506 2,440,091 Less: Allowance for loan losses
(57,777) (39,773) (35,807) ------- ------- ------- Net loans
receivable 2,617,964 2,454,733 2,404,284 Accrued interest
receivable 10,794 11,512 12,530 Premises and equipment, net 25,255
24,580 24,799 Other real estate owned (2) 8,987 6,092 2,685
Goodwill 6,811 7,071 7,071 Other intangible assets, net 5,872 3,764
4,120 Other assets 26,254 23,616 26,403 ------ ------ ------ Total
assets $3,029,347 $2,879,762 $2,832,371 ========== ==========
========== Liabilities and shareholders' equity Deposits:
Noninterest-bearing demand $309,767 $261,940 $280,453
Interest-bearing demand 82,622 76,027 70,471 Money market accounts
506,196 454,250 554,357 Savings accounts 25,636 14,135 14,452 Time
deposits of $100,000 or more 888,814 802,244 731,773 Other time
deposits 660,127 571,526 547,213 ------- ------- ------- Total
deposits 2,473,162 2,180,122 2,198,719 Accrued interest payable
4,545 7,018 9,992 Income tax payable 3,822 3,651 3,828 Other
liabilities 10,288 9,667 12,628 Other borrowings 146,449 295,138
299,118 Subordinated debentures 81,963 81,963 81,963 ------ ------
------ Total liabilities 2,720,229 2,577,559 2,606,248
Shareholders' equity Preferred stock, Series B -$1,000 par value;
1,250,000 shares authorized; 70,000 shares issued 66,872 66,392 -
Common stock - $1 par value; 20,000,000 shares authorized;
14,748,223 shares issued 14,748 14,658 14,658 Paid in capital
49,007 49,101 45,849 Retained earnings 175,834 170,579 169,026
Accumulated other comprehensive income (loss) 2,657 2,921 (1,075)
Treasury stock, at cost, 0, 80,383, 129,586 shares - (1,448)
(2,335) --- ------ ------ Total shareholders' equity 309,118
302,203 226,123 ------- ------- ------- Total liabilities and
shareholders' equity $3,029,347 $2,879,762 $2,832,371 ==========
========== ========== (1) Includes $70.0 million which is subject
to FDIC support through the loss share agreement which provides for
80% recovery of net losses up to $35.0 million and 95% recovery for
net losses exceeding this amount. (2) Includes $2.9 million which
is subject to FDIC support through the loss share agreement as
discussed in (1). SOUTHWEST BANCORP, INC. Table 3 UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands except
per share) For the three For the nine months ended months ended
September 30, September 30, ---------------- ---------------- 2009
2008 2009 2008 ---- ---- ---- ---- Interest income Loans $35,607
$38,441 $104,884 $116,536 Investment securities 2,122 2,531 6,713
7,293 Other interest-earning assets 4 22 13 70 --- --- --- ---
Total interest income 37,733 40,994 111,610 123,899 Interest
expense Interest-bearing deposits 10,097 14,398 33,229 47,759 Other
borrowings 960 1,839 3,424 5,755 Subordinated debentures 1,276
1,569 4,063 3,080 ----- ----- ----- ----- Total interest expense
12,333 17,806 40,716 56,594 ------ ------ ------ ------ Net
interest income 25,400 23,188 70,894 67,305 Provision for loan
losses 10,177 6,855 28,536 12,281 ------ ----- ------ ------ Net
interest income after provision for loan losses 15,223 16,333
42,358 55,024 Noninterest income Service charges and fees 2,992
2,849 8,409 8,118 Gain on acquisition - - 3,281 - Gain on sales of
loans 386 601 2,030 2,044 Gain (loss) on investment securities 10
(50) 2,922 1,198 Other noninterest income 322 662 806 1,349 --- ---
--- ----- Total noninterest income 3,710 4,062 17,448 12,709
Noninterest expense Salaries and employee benefits 7,824 8,863
21,950 26,941 Occupancy 2,958 2,968 8,478 8,028 FDIC and other
insurance 1,134 469 4,444 1,443 Other real estate, net 90 (92) 91
115 General and administrative 3,522 4,325 9,854 12,168 ----- -----
----- ------ Total noninterest expense 15,528 16,533 44,817 48,695
------ ------ ------ ------ Income before taxes 3,405 3,862 14,989
19,038 Taxes on income 1,271 1,556 5,581 7,362 ----- ----- -----
----- Net income $2,134 $2,306 $9,408 $11,676 ====== ====== ======
======= Net income available to common shareholders $1,097 $2,306
$6,303 $11,676 ====== ====== ====== ======= Basic earnings per
common share $0.07 $0.16 $0.43 $0.81 Diluted earnings per common
share 0.07 0.16 0.43 0.80 Common dividends declared per share
0.0238 0.0950 0.0714 0.2850 SOUTHWEST BANCORP, INC. Table 4
UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES (Dollars in
thousands) For the three months ended September 30,
--------------------------- 2009 ---- Average Average Balance
Interest Yield/Rate ------- -------- ---------- Assets Loans
$2,719,835 $35,607 5.19% Investment securities 243,604 2,122 3.46
Other interest-earning assets 10,442 4 0.15 ------ --- Total
interest-earning assets 2,973,881 37,733 5.03 Other assets 62,160
------ Total assets $3,036,041 ========== Liabilities and
Shareholders' Equity Interest-bearing demand deposits $84,031 $107
0.51% Money market accounts 498,842 1,220 0.97 Savings accounts
26,101 39 0.59 Time deposits 1,547,192 8,731 2.24 --------- -----
Total interest-bearing deposits 2,156,166 10,097 1.86 Other
borrowings 165,327 960 2.30 Subordinated debentures 81,963 1,276
6.23 ------ ----- Total interest-bearing liabilities 2,403,456
12,333 2.04 ------ ---- Noninterest-bearing demand deposits 299,235
Other liabilities 22,365 Shareholders' equity 310,985 ------- Total
liabilities and shareholders' equity $3,036,041 ========== Net
interest income and spread $25,400 2.99% ======= ==== Net interest
margin (1) 3.39% ==== Average interest-earning assets to average
interest-bearing liabilities 123.73% ====== For the three months
ended September 30, --------------------------- 2008 ---- Average
Average Balance Interest Yield/Rate ------- -------- ----------
Assets Loans $2,485,617 $38,441 6.15% Investment securities 235,428
2,531 4.28 Other interest-earning assets 4,113 22 2.13 ----- --
Total interest-earning assets 2,725,158 40,994 5.98 Other assets
72,624 ------ Total assets $2,797,782 ========== Liabilities and
Shareholders' Equity Interest-bearing demand deposits $75,436 $147
0.78% Money market accounts 545,520 2,898 2.11 Savings accounts
14,285 17 0.47 Time deposits 1,272,097 11,336 3.55 --------- ------
Total interest-bearing deposits 1,907,338 14,398 3.00 Other
borrowings 275,365 1,839 2.66 Subordinated debentures 81,122 1,569
7.74 ------ ----- Total interest-bearing liabilities 2,263,825
17,806 3.13 ------ ---- Noninterest-bearing demand deposits 278,565
Other liabilities 24,250 Shareholders' equity 231,142 ------- Total
liabilities and shareholders' equity $2,797,782 ========== Net
interest income and spread $23,188 2.85% ======= ==== Net interest
margin (1) 3.39% ==== Average interest-earning assets to average
interest-bearing liabilities 120.38% ====== (1) Net interest margin
= annualized net interest income / average interest-earning assets
SOUTHWEST BANCORP, INC. Table 5 UNAUDITED AVERAGE BALANCES, YIELDS,
AND RATES (Dollars in thousands) For the nine months ended
September 30, -------------------------- 2009 ---- Average Average
Balance Interest Yield/Rate ------- -------- ---------- Assets
Loans $2,655,156 $104,884 5.28% Investment securities 239,134 6,713
3.75 Other interest-earning assets 5,877 13 0.30 ----- --- Total
interest-earning assets 2,900,167 111,610 5.15 Other assets 66,254
------ Total assets $2,966,421 ========== Liabilities and
Shareholders' Equity Interest-bearing demand deposits $86,576 $410
0.63% Money market accounts 479,700 3,784 1.05 Savings accounts
19,535 62 0.42 Time deposits 1,496,193 28,973 2.59 --------- ------
Total interest-bearing deposits 2,082,004 33,229 2.13 Other
borrowings 199,982 3,424 2.29 Subordinated debentures 81,963 4,063
6.61 ------ ----- Total interest-bearing liabilities 2,363,949
40,716 2.30 ------ ---- Noninterest-bearing demand deposits 274,535
Other liabilities 20,877 Shareholders' equity 307,060 ------- Total
liabilities and shareholders' equity $2,966,421 ========== Net
interest income and spread $70,894 2.85% ======= ==== Net interest
margin (1) 3.27% ==== Average interest-earning assets to average
interest-bearing liabilities 122.68% ====== For the nine months
ended September 30, -------------------------- 2008 ---- Average
Average Balance Interest Yield/Rate ------- -------- ----------
Assets Loans $2,401,162 $116,536 6.48% Investment securities
234,894 7,293 4.15 Other interest-earning assets 3,430 70 2.73
----- --- Total interest-earning assets 2,639,486 123,899 6.27
Other assets 72,084 ------ Total assets $2,711,570 ==========
Liabilities and Shareholders' Equity Interest-bearing demand
deposits $75,813 $454 0.80% Money market accounts 546,560 10,488
2.56 Savings accounts 13,780 58 0.56 Time deposits 1,237,196 36,759
3.97 --------- ------ Total interest-bearing deposits 1,873,349
47,759 3.41 Other borrowings 266,367 5,755 2.89 Subordinated
debentures 58,054 3,080 7.07 ------ ----- Total interest-bearing
liabilities 2,197,770 56,594 3.44 ------ ---- Noninterest-bearing
demand deposits 265,245 Other liabilities 21,826 Shareholders'
equity 226,729 ------- Total liabilities and shareholders' equity
$2,711,570 ========== Net interest income and spread $67,305 2.83%
======= ==== Net interest margin (1) 3.41% ==== Average
interest-earning assets to average interest-bearing liabilities
120.10% ====== (1) Net interest margin = annualized net interest
income / average interest-earning assets SOUTHWEST BANCORP, INC.
Table 6 UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA (Dollars in
thousands except per share) 2009
------------------------------------- Sep. 30 Jun. 30 Mar. 31
----------- ----------- ----------- OPERATIONS Interest income:
Loans $35,607 $36,009 $33,268 Investment securities 2,122 2,079
2,512 Other interest-earning assets 4 3 6 --- --- --- Total
interest income 37,733 38,091 35,786 Interest expense: Interest
bearing demand deposits 107 150 153 Money market accounts 1,220
1,211 1,353 Savings accounts 39 14 9 Time deposits of $100,000 or
more 4,822 5,552 5,980 Other time deposits 3,909 4,145 4,565 -----
----- ----- Total interest-bearing deposits 10,097 11,072 12,060
Other borrowings 960 1,180 1,284 Subordinated debentures 1,276
1,383 1,404 ----- ----- ----- Total interest expense 12,333 13,635
14,748 ------ ------ ------ Net interest income 25,400 24,456
21,038 Provision for loan losses 10,177 7,477 10,882 Noninterest
income: Service charges and fees 2,992 2,817 2,600 Gain on sales of
loans 386 926 718 Gain (loss) on investment securities 10 (9) 2,921
Other noninterest income 322 3,527 238 --- ----- --- Total
noninterest income 3,710 7,261 6,477 Noninterest expense: Salaries
and employee benefits 7,824 6,887 7,239 Occupancy 2,958 2,789 2,731
FDIC and other insurance 1,134 2,319 991 Other real estate, net 90
103 (102) Provision for unfunded loan commitments (79) (388) 90
Other general and administrative 3,601 2,980 3,650 ----- -----
----- Total noninterest expenses 15,528 14,690 14,599 ------ ------
------ Income before taxes 3,405 9,550 2,034 Taxes on income 1,271
3,605 705 ----- ----- --- Net income $2,134 $5,945 $1,329 ======
====== ====== Net income available to common shareholders $1,097
$4,910 $296 ====== ====== ==== PER SHARE DATA Basic earnings per
common share $0.07 $0.34 $0.02 Diluted earnings per common share
0.07 0.33 0.02 Common dividends declared per share 0.0238 0.0238
0.0238 Book value per share 16.43 16.30 16.01 Tangible book value
per share 15.96 15.84 15.52 COMMON STOCK Issued 14,748,223
14,658,042 14,658,042 Less treasury shares - (15,602) (49,930) ---
------- ------- Outstanding shares 14,748,223 14,642,440 14,608,112
========== ========== ========== OTHER FINANCIAL DATA Investment
securities $258,790 $243,077 $179,006 Loans held for sale 36,526
26,006 76,404 Portfolio loans 2,675,741 2,704,326 2,526,293 Total
loans 2,712,267 2,730,332 2,602,697 Total assets 3,029,347
3,038,985 2,928,133 Total deposits 2,473,162 2,452,295 2,330,089
Other borrowings 146,449 176,368 193,739 Subordinated debentures
81,963 81,963 81,963 Total shareholders' equity 309,118 305,416
300,406 Mortgage servicing portfolio 223,226 209,425 179,959
INTANGIBLE ASSET DATA Goodwill $6,811 $6,811 $7,071 Core deposit
intangible 4,240 4,378 2,498 Mortgage servicing rights 1,625 1,589
1,362 Nonmortgage servicing rights 7 7 8 --- --- --- Total
intangible assets $12,683 $12,785 $10,939 ======= ======= =======
Intangible amortization expense $344 $391 $204 ==== ==== ==== 2008
-------------------------------------------------- Dec. 31 Sep. 30
Jun. 30 Mar. 31 ----------- ----------- ----------- -----------
OPERATIONS Interest income: Loans $36,183 $38,441 $37,485 $40,610
Investment securities 2,693 2,531 2,426 2,336 Other
interest-earning assets 19 22 20 28 --- --- --- --- Total interest
income 38,895 40,994 39,931 42,974 Interest expense: Interest
bearing demand deposits 130 147 166 141 Money market accounts 2,132
2,898 3,062 4,528 Savings accounts 11 17 19 22 Time deposits of
$100,000 or more 6,419 6,879 7,051 7,865 Other time deposits 4,571
4,457 4,809 5,698 ----- ----- ----- ----- Total interest-bearing
deposits 13,263 14,398 15,107 18,254 Other borrowings 1,487 1,839
1,887 2,029 Subordinated debentures 1,731 1,569 653 858 ----- -----
--- --- Total interest expense 16,481 17,806 17,647 21,141 ------
------ ------ ------ Net interest income 22,414 23,188 22,284
21,833 Provision for loan losses 6,698 6,855 3,190 2,236
Noninterest income: Service charges and fees 2,908 2,849 2,812
2,457 Gain on sales of loans 620 601 603 840 Gain (loss) on
investment securities (296) (50) 3 1,245 Other noninterest income
197 662 541 146 --- --- --- --- Total noninterest income 3,429
4,062 3,959 4,688 Noninterest expense: Salaries and employee
benefits 6,389 8,863 8,856 9,222 Occupancy 2,844 2,968 2,602 2,458
FDIC and other insurance 645 469 521 453 Other real estate, net 31
(92) 197 10 Provision for unfunded loan commitments 385 90 15 145
Other general and administrative 3,499 4,235 4,141 3,542 -----
----- ----- ----- Total noninterest expenses 13,793 16,533 16,332
15,830 ------ ------ ------ ------ Income before taxes 5,352 3,862
6,721 8,455 Taxes on income 2,127 1,556 2,559 3,247 ----- -----
----- ----- Net income $3,225 $2,306 $4,162 $5,208 ====== ======
====== ====== Net income available to common shareholders $2,982
$2,306 $4,162 $5,208 ====== ====== ====== ====== PER SHARE DATA
Basic earnings per common share $0.21 $0.16 $0.29 $0.36 Diluted
earnings per common share 0.20 0.16 0.28 0.36 Common dividends
declared per share 0.0950 0.0950 0.0950 0.0950 Book value per share
16.18 15.56 15.49 15.43 Tangible book value per share 15.69 15.08
15.00 14.95 COMMON STOCK Issued 14,658,042 14,658,042 14,658,042
14,658,042 Less treasury shares (80,383) (129,586) (131,566)
(133,605) ------- -------- -------- -------- Outstanding shares
14,577,659 14,528,456 14,526,476 14,524,437 ========== ==========
========== ========== OTHER FINANCIAL DATA Investment securities
$264,166 $241,728 $234,429 $236,059 Loans held for sale 56,941
72,248 62,892 66,364 Portfolio loans 2,494,506 2,440,091 2,381,893
2,287,606 Total loans 2,551,447 2,512,339 2,444,785 2,353,970 Total
assets 2,879,762 2,832,371 2,773,013 2,670,580 Total deposits
2,180,122 2,198,719 2,211,001 2,094,927 Other borrowings 295,138
299,118 265,614 282,513 Subordinated debentures 81,963 81,963
46,393 46,393 Total shareholders' equity 302,203 226,123 224,949
224,155 Mortgage servicing portfolio 158,143 153,250 147,672
145,028 INTANGIBLE ASSET DATA Goodwill $7,071 $7,071 $7,071 $7,071
Core deposit intangible 2,596 2,693 2,792 2,893 Mortgage servicing
rights 1,159 1,417 1,354 1,299 Nonmortgage servicing rights 9 10 11
13 --- --- --- --- Total intangible assets $10,835 $11,191 $11,228
$11,276 ======= ======= ======= ======= Intangible amortization
expense $214 $212 $215 $257 ==== ==== ==== ==== Continued SOUTHWEST
BANCORP, INC. Table 6 UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA
Continued (Dollars in thousands except per share) 2009
--------------------------------- Sep. 30 Jun. 30 Mar. 31 -------
------- ------- PERFORMANCE RATIOS Return on average assets
(annualized) 0.28% 0.81% 0.18% Return on average common equity
(annualized) 1.78 8.26 1.77 Return on average tangible equity
(annualized) 2.87 8.12 1.83 Net interest margin 3.39 3.41 3.00
Total dividends declared to net income 57.46 20.58 92.00 Effective
tax rate 37.33 37.75 34.66 Efficiency ratio 53.34 46.32 53.06 ASSET
QUALITY RATIOS Nonperforming assets to portfolio loans and other
real estate owned 4.97% 3.83% 3.53% Nonperforming loans to
portfolio loans 4.65 3.51 3.32 Net loan charge-offs to average
portfolio loans (annualized) 0.61 0.31 0.71 Allowance for loan
losses to total loans 2.13 1.90 1.78 Allowance for loan losses to
portfolio loans 2.16 1.91 1.83 Allowance for loan losses to
nonperforming loans 46.40 54.55 55.12 CAPITAL RATIOS Average total
shareholders' equity to average assets 10.24% 10.35% 10.47%
Leverage ratio 12.39 12.70 12.72 Tier 1 capital to risk-weighted
assets 13.04 12.67 12.85 Total capital to risk-weighted assets
14.31 13.92 14.11 Tangible common equity to tangible assets* 7.79
7.65 7.76 LOANS BY SEGMENT Oklahoma banking $943,982 $967,981
$949,454 Texas banking 1,042,369 1,037,694 990,135 Kansas banking
400,710 412,314 309,774 Other states banking 288,680 286,337
276,930 ------- ------- ------- Subtotal 2,675,741 2,704,326
2,526,293 Secondary market 36,526 26,006 76,404 Total loans
$2,712,267 $2,730,332 $2,602,697 ========== ========== ==========
NET INCOME BY SEGMENT Oklahoma banking $2,529 $3,284 $3,210 Texas
banking 2,686 3,662 1,119 Kansas banking (1,180) 548 598 Other
states banking 57 (78) (1,974) --- --- ------ Subtotal 4,092 7,416
2,953 Secondary market (201) 117 (61) Other operations (1,757)
(1,588) (1,563) ------ ------ ------ Net income $2,134 $5,945
$1,329 ====== ====== ====== OFFICES AND EMPLOYEES FTE Employees 471
478 425 ATM's 44 44 40 Branches 24 24 18 Loan production offices 3
3 3 Assets per employee $6,432 $6,358 $6,890 *Calculation of
Tangible Capital to Tangible Assets (Non-GAAP Financial Measure)
Total shareholders' equity $309,118 $305,416 $300,406 Less:
Goodwill 6,811 6,811 7,071 Preferred stock 66,872 66,710 66,549
------ ------ ------ Tangible common equity $235,435 $231,895
$226,786 ======== ======== ======== Total assets $3,029,347
$3,038,985 $2,928,133 Less goodwill 6,811 6,811 7,071 ----- -----
----- Tangible assets $3,022,536 $3,032,174 $2,921,062 ==========
========== ========== Tangible common equity to tangible assets
7.79% 7.65% 7.76% 2008
---------------------------------------------- Dec. 31 Sep. 30 Jun.
30 Mar. 31 ------- ------- ------- ------- PERFORMANCE RATIOS
Return on average assets (annualized) 0.45% 0.33% 0.62% 0.80%
Return on average common equity (annualized) 5.15 3.97 7.38 9.43
Return on average tangible equity (annualized) 5.79 4.26 7.86 9.94
Net interest margin 3.22 3.39 3.38 3.45 Total dividends declared to
net income 50.49 59.85 33.16 26.37 Effective tax rate 39.74 40.29
38.07 38.40 Efficiency ratio 53.37 60.67 62.23 59.69 ASSET QUALITY
RATIOS Nonperforming assets to portfolio loans and other real
estate owned 2.80% 2.72% 1.45% 1.41% Nonperforming loans to
portfolio loans 2.56 2.62 1.35 1.27 Net loan charge-offs to average
portfolio loans (annualized) 0.44 0.39 0.31 0.34 Allowance for loan
losses to total loans 1.56 1.43 1.28 1.27 Allowance for loan losses
to portfolio loans 1.59 1.47 1.32 1.31 Allowance for loan losses to
nonperforming loans 62.16 56.07 97.62 103.49 CAPITAL RATIOS Average
total shareholders' equity to average assets 8.85% 8.26% 8.35%
8.49% Leverage ratio 13.06 10.51 9.66 9.91 Tier 1 capital to
risk-weighted assets 13.01 10.49 9.40 9.47 Total capital to
risk-weighted assets 14.26 11.88 10.65 10.69 Tangible common equity
to tangible assets* 7.96 7.75 7.88 8.15 LOANS BY SEGMENT Oklahoma
banking $966,243 $962,611 $965,952 $943,331 Texas banking 947,603
892,998 857,160 797,700 Kansas banking 304,855 288,268 277,887
287,339 Other states banking 275,805 296,214 280,894 259,236
------- ------- ------- ------- Subtotal 2,494,506 2,440,091
2,381,893 2,287,606 Secondary market 56,941 72,248 62,892 66,364
Total loans $2,551,447 $2,512,339 $2,444,785 $2,353,970 ==========
========== ========== ========== NET INCOME BY SEGMENT Oklahoma
banking $3,783 $3,295 $2,923 $2,503 Texas banking 2,036 1,332 1,777
2,406 Kansas banking (204) (1,336) (40) 458 Other states banking
(89) 848 1,028 969 --- --- ----- --- Subtotal 5,526 4,139 5,688
6,336 Secondary market 139 (149) 40 (174) Other operations (2,440)
(1,684) (1,566) (954) ------ ------ ------ ---- Net income $3,225
$2,306 $4,162 $5,208 ====== ====== ====== ====== OFFICES AND
EMPLOYEES FTE Employees 442 458 463 467 ATM's 41 41 40 40 Branches
18 18 17 17 Loan production offices 3 3 3 3 Assets per employee
$6,515 $6,184 $5,989 $5,719 *Calculation of Tangible Capital to
Tangible Assets (Non-GAAP Financial Measure) Total shareholders'
equity $302,203 $226,123 $224,949 $224,155 Less: Goodwill 7,071
7,071 7,071 7,071 Preferred stock 66,392 - - - ------ --- --- ---
Tangible common equity $228,740 $219,052 $217,878 $217,084 ========
======== ======== ======== Total assets $2,879,762 $2,832,371
$2,773,013 $2,670,580 Less goodwill 7,071 7,071 7,071 7,071 -----
----- ----- ----- Tangible assets $2,872,691 $2,825,300 $2,765,942
$2,663,509 ========== ========== ========== ========== Tangible
common equity to tangible assets 7.96% 7.75% 7.88% 8.15% Balance
sheet amounts are as of period end unless otherwise noted.
SOUTHWEST BANCORP, INC. Table 7 UNAUDITED QUARTERLY SUPPLEMENTAL
ANALYTICAL DATA (Dollars in thousands except per share) 2009
--------------------------------- Sep. 30 Jun. 30 Mar. 31 -------
------- ------- LOAN COMPOSITION Real estate mortgage: Commercial
$1,259,559 $1,249,230 $1,098,587 One-to-four family residential
142,280 133,957 114,111 Real estate construction Commercial 627,083
636,575 640,132 One-to-four family residential 48,945 64,939 79,309
Commercial 560,232 581,937 558,834 Installment and consumer:
Guaranteed student loans 30,949 18,477 69,792 Other 43,219 45,217
41,932 ------ ------ ------ Total loans, including held for sale
2,712,267 2,730,332 2,602,697 Less allowance for loan losses
(57,777) (51,753) (46,262) ------- ------- ------- Total loans, net
$2,654,490 $2,678,579 $2,556,435 ========== ========== ==========
By statement of condition category: Loans held for sale: Student
loans $30,949 $18,477 $69,792 One-to-four family residential 4,158
6,599 5,563 Other 1,419 930 1,049 ----- --- ----- Total loans held
for sale 36,526 26,006 76,404 Portfolio loans 2,675,741 2,704,326
2,526,293 --------- --------- --------- Total loans before
allowance $2,712,267 $2,730,332 $2,602,697 ========== ==========
========== DEPOSIT COMPOSITION Non-interest bearing demand $309,767
$291,014 $274,175 Interest-bearing demand 82,622 94,060 85,629
Money market accounts 506,196 483,162 467,924 Savings accounts
25,636 25,660 15,797 Time deposits of $100,000 or more 888,814
905,202 849,814 Other time deposits 660,127 653,197 636,750 -------
------- ------- Total deposits** $2,473,162 $2,452,295 $2,330,089
========== ========== ========== NONPERFORMING ASSETS Nonaccrual
loans $109,401 $82,812 $73,383 90 days past due and accruing 15,122
12,067 10,552 ------ ------ ------ Total nonperforming loans
124,523 94,879 83,935 Other real estate owned 8,987 8,941 5,351
----- ----- ----- Total nonperforming assets $133,510 $103,820
$89,286 ======== ======== ======= Potential problem loans $259,472
$184,058 $133,810 ======== ======== ======== ALLOWANCE ACTIVITY
Balance, beginning of period $51,753 $46,262 $39,773 Charge offs
4,372 2,975 4,810 Recoveries 219 989 417 --- --- --- Net charge
offs 4,153 1,986 4,393 Provision for loan losses 10,177 7,477
10,882 ------ ----- ------ Balance, end of period $57,777 $51,753
$46,262 ======= ======= ======= REGULATORY CAPITAL DATA Tier I
capital $374,805 $372,713 $369,482 Total capital 411,201 409,764
405,613 Total risk adjusted assets 2,873,558 2,942,821 2,875,290
**Calculation of Core Deposits and Core Funding (Non-GAAP Financial
Measures) Total deposits $2,473,162 $2,452,295 $2,330,089 Less:
Brokered and capital market time deposits 274,870 334,880 374,003
Other time deposits of $100,000 or more 614,143 570,617 515,463
------- ------- ------- Core deposits $1,584,149 $1,546,798
$1,440,623 ---------- ---------- ---------- Plus: Other time
deposits of $100,000 or more 614,143 570,617 515,463 Sweep
repurchase agreements 26,500 35,708 24,963 ------ ------ ------
Core funding $2,224,792 $2,153,123 $1,981,049 ========== ==========
========== 2008 ------------------------------------------------
Dec. 31 Sep. 30 Jun. 30 Mar. 31 ------- ------- ------- -------
LOAN COMPOSITION Real estate mortgage: Commercial $1,118,828
$1,077,601 $991,679 $846,757 One-to-four family residential 113,665
116,270 118,056 110,938 Real estate construction Commercial 579,795
554,496 583,784 654,039 One-to-four family residential 79,565
79,843 82,972 90,051 Commercial 564,670 574,087 566,830 544,183
Installment and consumer: Guaranteed student loans 54,057 67,610
57,413 63,706 Other 40,867 42,432 44,051 44,296 ------ ------
------ ------ Total loans, including held for sale 2,551,447
2,512,339 2,444,785 2,353,970 Less allowance for loan losses
(39,773) (35,807) (31,341) (29,950) ------- ------- ------- -------
Total loans, net $2,511,674 $2,476,532 $2,413,444 $2,324,020
========== ========== ========== ========== By statement of
condition category: Loans held for sale: Student loans $54,057
$67,610 $57,413 $63,706 One-to-four family residential 1,790 3,500
4,283 1,417 Other 1,094 1,138 1,196 1,241 ----- ----- ----- -----
Total loans held for sale 56,941 72,248 62,892 66,364 Portfolio
loans 2,494,506 2,440,091 2,381,893 2,287,606 --------- ---------
--------- --------- Total loans before allowance $2,551,447
$2,512,339 $2,444,785 $2,353,970 ========== ========== ==========
========== DEPOSIT COMPOSITION Non-interest bearing demand $261,940
$280,453 $299,699 $248,315 Interest-bearing demand 76,027 70,471
81,415 71,450 Money market accounts 454,250 554,357 548,099 553,850
Savings accounts 14,135 14,452 13,809 13,808 Time deposits of
$100,000 or more 802,244 731,773 740,174 690,421 Other time
deposits 571,526 547,213 527,805 517,083 ------- ------- -------
------- Total deposits** $2,180,122 $2,198,719 $2,211,001
$2,094,927 ========== ========== ========== ==========
NONPERFORMING ASSETS Nonaccrual loans $59,310 $61,557 $30,861
$26,134 90 days past due and accruing 4,673 2,299 1,242 2,807 -----
----- ----- ----- Total nonperforming loans 63,983 63,856 32,103
28,941 Other real estate owned 6,092 2,685 2,523 3,328 ----- -----
----- ----- Total nonperforming assets $70,075 $66,541 $34,626
$32,269 ======= ======= ======= ======= Potential problem loans
$131,516 $86,070 $71,070 $69,588 ======== ======= ======= =======
ALLOWANCE ACTIVITY Balance, beginning of period $35,807 $31,341
$29,950 $29,584 Charge offs 3,254 2,752 1,892 2,044 Recoveries 522
363 93 174 --- --- --- --- Net charge offs 2,732 2,389 1,799 1,870
Provision for loan losses 6,698 6,855 3,190 2,236 ----- ----- -----
----- Balance, end of period $39,773 $35,807 $31,341 $29,950
======= ======= ======= ======= REGULATORY CAPITAL DATA Tier I
capital $369,049 $293,141 $261,354 $258,272 Total capital 404,695
332,012 296,166 291,638 Total risk adjusted assets 2,837,473
2,793,843 2,780,538 2,727,853 **Calculation of Core Deposits and
Core Funding (Non-GAAP Financial Measures) Total deposits
$2,180,122 $2,198,719 $2,211,001 $2,094,927 Less: Brokered and
capital market time deposits 359,793 338,667 369,580 337,330 Other
time deposits of $100,000 or more 445,896 398,337 381,349 365,875
------- ------- ------- ------- Core deposits $1,374,433 $1,461,715
$1,460,072 $1,391,722 ---------- ---------- ---------- ----------
Plus: Other time deposits of $100,000 or more 445,896 398,337
381,349 365,875 Sweep repurchase agreements 38,034 47,955 41,203
35,087 ------ ------ ------ ------ Core funding $1,858,363
$1,908,007 $1,882,624 $1,792,684 ========== ========== ==========
========== Balance sheet amounts are as of period end unless
otherwise noted. DATASOURCE: Southwest Bancorp, Inc. CONTACT: Rick
Green, President & CEO, or Kerby E. Crowell, EVP & CFO,
both of Southwest Bancorp, Inc., +1-405-372-2230 Web Site:
http://www.oksb.com/
Copyright