STILLWATER, Okla., April 19 /PRNewswire-FirstCall/ -- Southwest
Bancorp, Inc. (Nasdaq: OKSB), ("Southwest"), today reported net
income available to common shareholders of $3.3 million, or $0.23 per diluted share for the first quarter
2010, compared to $296,000, or
$0.02 per diluted share for the first
quarter of 2009, and $2.5 million, or
$0.17 per diluted share for the
fourth quarter of 2009. At March 31,
2010, total assets were $3.1
billion.
(Logo:
http://www.newscom.com/cgi-bin/prnh/20011127/SOUTHWESTLOGO)
Rick Green, Southwest Bancorp's
President and Chief Executive Officer, stated, "Our first quarter
results continue to demonstrate our ability to maintain top line
revenue, effectively manage noninterest expenses, and take steps to
control risk. Our earnings growth over last year's first
quarter was driven by a 27% growth in net interest income and a 22%
decrease in our provision for loan losses.
Our operating expenses were up 5% over the first quarter of 2009
due mainly to increases in FDIC insurance premiums and the
personnel costs for the Kansas
offices we acquired last June, and were 5% lower than the fourth
quarter of 2009. Our efficiency ratio for the first quarter
of 2010 improved to 49.25% from 53.06% in the first quarter of 2009
and 49.69% for the fourth quarter of 2009.
At March 31, 2010, our allowance
for loan losses was up 4% from December 31,
2009 and represented 2.59% of noncovered portfolio loans
versus 1.83% at March 31, 2009 and
2.46% at December 31, 2009. Our
provision for loan losses in the first quarter exceeded charge-offs
by $2.8 million, while our noncovered
nonperforming assets were down $2.3
million from year-end 2009.
Southwest and its bank subsidiaries have maintained capital
levels that exceed the minimums for regulatory "well capitalized"
status. At March 31, 2010,
Southwest's total regulatory capital was $416.0 million for a total risk-based capital
ratio of 15.28%, and Tier 1 capital was $381.3 million for a Tier 1 risk-based capital
ratio of 14.00%.
Please review the following discussion and the attached
financial tables for important additional information regarding our
financial condition and performance."
Financial Overview
Condition: At March 31,
2010 total assets of $3.1
billion and total loans of $2.6
billion were approximately the same as at year-end 2009.
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.
Excluding assets subject to loss sharing agreements with the
FDIC ("covered assets"), nonperforming assets decreased to
$122.3 million and 4.82% of portfolio
loans and other real estate as of March 31,
2010 from $124.6 million and
4.87% of portfolio loans and other real estate as of December 31, 2009. A breakdown of
noncovered portfolio loans and noncovered nonperforming assets by
type is shown in the following table:
|
|
Noncovered
|
|
Percentage
of
|
|
Noncovered
|
|
Percentage
of
|
|
|
|
portfolio
|
|
total
noncovered
|
|
nonperforming
|
|
total
noncovered
|
|
(dollars
in thousands)
|
|
loans
|
|
portfolio
loans
|
|
assets
|
|
nonperforming
assets
|
|
Real
estate construction
|
|
$
665,468
|
|
26.45%
|
|
$
54,648
|
|
44.68%
|
|
Commercial
real estate
|
|
1,220,518
|
|
48.50
|
|
28,520
|
|
23.31
|
|
Commercial
|
|
484,874
|
|
19.27
|
|
9,750
|
|
7.97
|
|
Residential
real estate mortgages
|
|
107,489
|
|
4.27
|
|
10,552
|
|
8.63
|
|
Other
consumer loans
|
|
38,048
|
|
1.51
|
|
42
|
|
0.03
|
|
Other
real estate owned
|
|
-
|
|
-
|
|
18,809
|
|
15.38
|
|
Total
|
|
$
2,516,397
|
|
100.00%
|
|
$
122,321
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
Excluding covered loans, nonaccrual loans were $97.9 million as of March
31, 2010, a decrease of $8.0
million, or 8%, from December 31,
2009. These loans are carried at their estimated
collectible amounts and no longer accrue interest. Noncovered
loans 90 days or more past due, another component of nonperforming
loans, were $4,000 as of March 31, 2010 and decreased $306,000 from December 31,
2009. 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 $282.5 million at
March 31, 2010, an increase of
$15.3 million from December 31, 2009. Potential problem loans
are subject to continuing management attention and are considered
by management in determining the level of the allowance for loan
losses. Included are $6.6
million of potential problem loans acquired from FNBA, which
are subject to protection under the loss share agreements with the
FDIC.
Due to changes in federal regulations related to student loans,
Southwest is reducing student loan activities. During the
quarter student loans were reduced by $26.0
million, or 72%, due to sales. These sales generated
$624,000 in gains on sale of loans,
which is included in noninterest income.
At March 31, 2010, 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 $143.7 million.
Designation as a well-capitalized institution under
regulations does not constitute a recommendation or endorsement by
Federal bank regulators.
First Quarter Results:
Summary: The $3.0
million increase in our net income available to common
shareholders from first quarter 2009 is the result of a
$5.8 million increase in net interest
income and a $2.4 million decrease in
the provision for loan losses, offset in part by a $2.3 million decrease in noninterest income, a
$2.1 million increase in income tax
expense, and a $659,000 increase in
noninterest expense.
Net Interest Income: Net interest income
totaled $26.8 million for first
quarter 2010, compared to $21.0
million for first quarter of 2009, an increase of
$5.8 million, or 27%, and
$27.8 million for the fourth quarter
of 2009, a decrease of $1.0 million,
or 4%. Net interest margin was 3.59% for the first quarter of
2010, compared to 3.00% for the first quarter of 2009 and 3.71% for
the fourth quarter of 2009. Included in the first quarter net
interest income is a net recovery of $394,000 from the resolution of a nonperforming
loan, discount accretion on loans and loss share receivable, offset
by interest reversals on nonaccrual loans.
Provision for Loan Losses and Net Charge Offs: The
provision for loan losses totaled $8.5
million for the first quarter of 2010, compared to
$10.9 million for the first quarter
of 2009 and $10.6 million for the
fourth quarter of 2009. Noncovered net charge offs totaled
$5.8 million, or 0.93% (annualized)
of average noncovered portfolio loans for the first quarter of
2010, compared to $4.4 million, or
0.71% (annualized), and $6.0 million,
or 0.95% (annualized), of average noncovered portfolio loans for
the first and fourth quarters of 2009, respectively.
Noninterest Income: Noninterest income totaled
$4.2 million for the first quarter of
2010, compared to $6.5 million for
the first quarter of 2009. The decrease in noninterest income
was primarily the result of a $2.9
million decrease in gain on sale of investment securities,
offset in part by a $496,000 increase
in service charges and fees.
Noninterest Expense: Noninterest expense
totaled $15.3 million for the first
quarter of 2010, compared to $14.6
million for the first quarter of 2009. The increase
consists of a $596,000 increase in
FDIC and other insurance expense, a $341,000 increase personnel expense, due
primarily to the FNBA transaction which occurred in the second half
of 2009, and a $208,000 increase in
other real estate expense, offset in part by a $555,000 decrease in provision for unfunded loan
commitments.
Efficiency Ratio: The efficiency ratio for the
first quarter of 2010 improved to 49.25% from 53.06% and 49.69% for
first and fourth quarters of 2009, respectively.
Southwest Bancorp and Subsidiaries
Southwest is the bank holding company for Stillwater National
Bank and Trust Company, Bank of Kansas, and SNB Capital Corporation. 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®. We were organized in 1981 as the holding
company for Stillwater National, which was chartered in 1894.
We became a public company in late 1993 with assets of
approximately $434.0 million.
At March 31, 2010, we had total
assets of $3.1 billion, deposits of
$2.6 billion, and shareholders'
equity of $315.3 million.
Our area of expertise focuses on the special financial needs of
healthcare and health professionals, businesses and their managers
and owners, and commercial and commercial real estate borrowers.
We established a strategic focus on healthcare lending in
1974. We provide credit and other services, such as deposits,
cash management, and document imaging for physicians and other
healthcare practitioners to start or develop their practices and
finance the development and purchase of medical offices, clinics,
surgical care centers, hospitals, and similar facilities. As
of March 31, 2010, approximately
$708.2 million, or 28%, of our
noncovered loan portfolio was loans to individuals and businesses
in the healthcare industry.
We also focus on commercial real estate mortgage and
construction credits. Many of our real estate credits are to
owner-occupants, who use the property for conducting their business
and not primarily for investment. We do not focus on
one-to-four family residential development loans or "spec"
residential property credits. Additionally, subprime lending
has never been a part of our business strategy, and our exposure to
subprime loans and subprime lenders is minimal. One-to-four
family mortgages account for less than 5% of total noncovered
loans. As of March 31, 2010,
approximately $1.9 billion, or 73%,
of our noncovered loan portfolio was commercial real estate
mortgage and construction loans, including $401.5 million of loans to individuals and
businesses in the healthcare industry. Our commercial real
estate mortgage and construction and commercial loans are
concentrated in states that have experienced less adverse effects
from the recession than many others.
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. We
operate six offices in Texas,
eleven offices in Oklahoma, and
eight offices in Kansas. At
March 31, 2010, our Texas segment accounted for $1.1 billion, or 41% of total portfolio loans,
followed by $926.9 million, or 36%,
from our Oklahoma segment,
$342.6 million, or 13%, from our
Kansas segment, and $260.3 million, or 10%, from our other states
segment.
Southwest's common stock is traded on the NASDAQ Global Select
Market under the symbol OKSB. Southwest's public 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.
Southwest is required under generally accepted accounting
principles to evaluate subsequent events and their impact, if any,
on its financial statements as of March 31,
2010 through the date its financial statements are filed
with the Securities and Exchange Commission. The March 31, 2010 financial statements will be
adjusted as necessary to properly consider the impact of subsequent
events on estimates used to prepare those statements.
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
Summary Financial Data by Quarter-2010 and 2009
|
Table
5
|
|
Unaudited
Supplemental Analytical Data by Quarter-2010 and 2009
|
Table
6
|
|
|
|
SOUTHWEST
BANCORP, INC.
|
|
|
|
|
|
|
|
|
|
Table
1
|
|
UNAUDITED
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars
in thousands except per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Quarter
|
Fourth
Quarter
|
|
QUARTERLY
HIGHLIGHTS
|
|
|
|
|
|
%
|
|
|
|
%
|
|
|
|
2010
|
|
2009
|
|
Change
|
|
2009
|
|
Change
|
|
Operations
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
26,801
|
|
$
21,038
|
|
27%
|
|
$
27,797
|
|
(4)%
|
|
Provision
for loan losses
|
|
8,531
|
|
10,882
|
|
(22)
|
|
10,640
|
|
(20)
|
|
Noninterest
income
|
|
4,178
|
|
6,477
|
|
(35)
|
|
4,488
|
|
(7)
|
|
Noninterest
expense
|
|
15,258
|
|
14,599
|
|
5
|
|
16,041
|
|
(5)
|
|
Income
before taxes
|
|
7,190
|
|
2,034
|
|
253
|
|
5,604
|
|
28
|
|
Taxes on
income
|
|
2,818
|
|
705
|
|
300
|
|
2,030
|
|
39
|
|
Net
income
|
|
4,372
|
|
1,329
|
|
229
|
|
3,574
|
|
22
|
|
Net
income available to common
|
|
|
|
|
|
|
|
|
|
|
|
shareholders
|
|
3,329
|
|
296
|
|
1,025
|
|
2,534
|
|
31
|
|
Diluted
earnings per share
|
|
0.23
|
|
0.02
|
|
1,050
|
|
0.17
|
|
35
|
|
Balance
Sheet
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
3,074,923
|
|
2,928,133
|
|
5
|
|
3,108,291
|
|
(1)
|
|
Loans
held for sale
|
|
25,586
|
|
76,404
|
|
(67)
|
|
43,134
|
|
(41)
|
|
Noncovered
portfolio loans
|
|
2,516,397
|
|
2,526,293
|
|
(0)
|
|
2,539,294
|
|
(1)
|
|
Covered
portfolio loans
|
|
76,909
|
|
-
|
|
-
|
|
85,405
|
|
(10)
|
|
Total
deposits
|
|
2,554,165
|
|
2,330,089
|
|
10
|
|
2,592,730
|
|
(1)
|
|
Total
shareholders' equity
|
|
315,341
|
|
300,406
|
|
5
|
|
309,778
|
|
2
|
|
Book
value per common share
|
|
16.79
|
|
16.01
|
|
5
|
|
16.46
|
|
2
|
|
Key
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin
|
|
3.59%
|
|
3.00%
|
|
|
|
3.71%
|
|
|
|
Efficiency
ratio
|
|
49.25
|
|
53.06
|
|
|
|
49.69
|
|
|
|
Total
capital to risk-weighted assets
|
|
15.28
|
|
14.11
|
|
|
|
14.55
|
|
|
|
Nonperforming
loans to portfolio loans - noncovered
|
|
4.11
|
|
3.32
|
|
|
|
4.18
|
|
|
|
Shareholders'
equity to total assets
|
|
10.26
|
|
10.26
|
|
|
|
9.97
|
|
|
|
Tangible
common equity to tangible assets*
|
|
7.87
|
|
7.76
|
|
|
|
7.61
|
|
|
|
Return
on average assets (annualized)
|
|
0.57
|
|
0.18
|
|
|
|
0.46
|
|
|
|
Return
on average common equity (annualized)
|
|
5.42
|
|
0.50
|
|
|
|
4.06
|
|
|
|
Return
on average tangible equity (annualized)
|
|
5.84
|
|
1.83
|
|
|
|
4.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* This
is a Non-GAAP financial measure. Please see Table 6 for a
reconciliation to the most directly comparable GAAP based
measure.
|
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
|
|
|
2010
|
|
2009
|
|
2009
|
|
Assets
|
|
|
|
|
|
|
|
Cash and
cash equivalents
|
|
$
146,325
|
|
$
118,847
|
|
$
50,655
|
|
Investment
securities:
|
|
|
|
|
|
|
|
|
Held to
maturity. Fair value: $6,750, $6,754, $7,388,
respectively
|
|
6,670
|
|
6,670
|
|
7,344
|
|
|
Available
for sale. Amortized cost: $230,522, $236,199, $151,686,
respectively
|
|
235,023
|
|
237,703
|
|
152,826
|
|
|
Other
investments, at cost
|
|
19,144
|
|
19,066
|
|
18,836
|
|
Loans
held for sale
|
|
25,586
|
|
43,134
|
|
76,404
|
|
Noncovered
loans receivable
|
|
2,516,397
|
|
2,539,294
|
|
2,526,293
|
|
|
Less:
Allowance for loan losses
|
|
(65,168)
|
|
(62,413)
|
|
(46,262)
|
|
|
Net
noncovered loans receivable
|
|
2,451,229
|
|
2,476,881
|
|
2,480,031
|
|
Covered
loans receivable (includes loss share of $21.1 million, $23.9
million, $0, respectively)
|
|
76,909
|
|
85,405
|
|
-
|
|
|
Net
loans receivable
|
|
2,528,138
|
|
2,562,286
|
|
2,480,031
|
|
Accrued
interest receivable
|
|
10,271
|
|
10,806
|
|
10,524
|
|
Premises
and equipment, net
|
|
25,996
|
|
26,536
|
|
24,098
|
|
Noncovered
other real estate
|
|
18,809
|
|
18,432
|
|
5,351
|
|
Covered
other real estate
|
|
4,489
|
|
4,748
|
|
-
|
|
Goodwill
|
|
6,811
|
|
6,811
|
|
7,071
|
|
Other
intangible assets, net
|
|
5,575
|
|
5,779
|
|
3,868
|
|
Other
assets
|
|
42,086
|
|
47,473
|
|
91,125
|
|
|
Total
assets
|
|
$
3,074,923
|
|
$
3,108,291
|
|
$
2,928,133
|
|
|
|
|
|
|
|
|
|
|
Liabilities
and shareholders' equity
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand
|
|
$
317,896
|
|
$
324,829
|
|
$
274,175
|
|
|
Interest-bearing
demand
|
|
119,757
|
|
74,201
|
|
85,629
|
|
|
Money
market accounts
|
|
506,659
|
|
505,521
|
|
467,924
|
|
|
Savings
accounts
|
|
25,871
|
|
25,730
|
|
15,797
|
|
|
Time
deposits of $100,000 or more
|
|
944,871
|
|
1,004,439
|
|
849,814
|
|
|
Other
time deposits
|
|
639,111
|
|
658,010
|
|
636,750
|
|
|
Total
deposits
|
|
2,554,165
|
|
2,592,730
|
|
2,330,089
|
|
Accrued
interest payable
|
|
2,993
|
|
3,191
|
|
6,391
|
|
Income
tax payable
|
|
6,761
|
|
4,486
|
|
5,938
|
|
Other
liabilities
|
|
10,080
|
|
13,121
|
|
9,607
|
|
Other
borrowings
|
|
103,620
|
|
103,022
|
|
193,739
|
|
Subordinated
debentures
|
|
81,963
|
|
81,963
|
|
81,963
|
|
|
Total
liabilities
|
|
2,759,582
|
|
2,798,513
|
|
2,627,727
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Serial
preferred stock; 2,000,000 shares authorized;
|
|
|
|
|
|
|
|
70,000
shares issued and outstanding
|
|
67,205
|
|
67,037
|
|
66,549
|
|
Common
stock - $1 par value; 20,000,000 shares
|
|
|
|
|
|
|
|
authorized;
14,779,711, 14,750,713, 14,658,042 shares issued,
respectively
|
|
14,753
|
|
14,751
|
|
14,658
|
|
Paid in
capital
|
|
49,256
|
|
49,029
|
|
48,851
|
|
Retained
earnings
|
|
181,344
|
|
178,016
|
|
170,528
|
|
Accumulated
other comprehensive income
|
|
2,783
|
|
945
|
|
720
|
|
Treasury
stock, at cost, 0, 0, 49,930 shares, respectively
|
|
-
|
|
-
|
|
(900)
|
|
|
Total
shareholders' equity
|
|
315,341
|
|
309,778
|
|
300,406
|
|
|
Total
liabilities and shareholders' equity
|
|
$
3,074,923
|
|
$
3,108,291
|
|
$
2,928,133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST
BANCORP, INC.
|
|
|
|
|
Table
3
|
|
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
(Dollars
in thousands except per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three months
|
|
|
|
|
|
ended
March 31,
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
Interest
income
|
|
|
|
|
|
|
|
Loans
|
$
34,372
|
|
$
33,268
|
|
|
|
|
Investment
securities
|
2,320
|
|
2,512
|
|
|
|
|
Other
interest-earning assets
|
67
|
|
6
|
|
|
|
|
Total
interest income
|
36,759
|
|
35,786
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
8,174
|
|
12,060
|
|
|
|
|
Other
borrowings
|
517
|
|
1,284
|
|
|
|
|
Subordinated
debentures
|
1,267
|
|
1,404
|
|
|
|
|
Total
interest expense
|
9,958
|
|
14,748
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
26,801
|
|
21,038
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses
|
8,531
|
|
10,882
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income after provision for loan losses
|
18,270
|
|
10,156
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
Service
charges and fees
|
3,096
|
|
2,600
|
|
|
|
|
Gain on
sales of loans
|
985
|
|
718
|
|
|
|
|
Gain on
investment securities
|
7
|
|
2,921
|
|
|
|
|
Other
noninterest income
|
90
|
|
238
|
|
|
|
|
Total
noninterest income
|
4,178
|
|
6,477
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
7,580
|
|
7,239
|
|
|
|
|
Occupancy
|
2,783
|
|
2,731
|
|
|
|
|
FDIC and
other insurance
|
1,587
|
|
991
|
|
|
|
|
Other
real estate, net
|
106
|
|
(102)
|
|
|
|
|
General
and administrative
|
3,202
|
|
3,740
|
|
|
|
|
Total
noninterest expense
|
15,258
|
|
14,599
|
|
|
|
Income
before taxes
|
7,190
|
|
2,034
|
|
|
|
|
Taxes on
income
|
2,818
|
|
705
|
|
|
|
Net
income
|
$
4,372
|
|
$
1,329
|
|
|
|
Net
income available to common shareholders
|
$
3,329
|
|
$
296
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per common share
|
$
0.23
|
|
$
0.02
|
|
|
|
Diluted
earnings per common share
|
0.23
|
|
0.02
|
|
|
|
Common
dividends declared per share
|
0.0000
|
|
0.0238
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST
BANCORP, INC.
|
|
|
|
|
|
|
|
|
|
|
|
Table
4
|
|
UNAUDITED
AVERAGE BALANCES, YIELDS, AND RATES
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars
in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three months ended March 31,
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
Average
|
|
|
|
Average
|
|
Average
|
|
|
|
Average
|
|
|
|
|
Balance
|
|
Interest
|
|
Yield/Rate
|
|
Balance
|
|
Interest
|
|
Yield/Rate
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered
loans
|
|
$
2,587,603
|
|
$
32,981
|
|
5.17%
|
|
$
2,595,124
|
|
$
33,268
|
|
5.20%
|
|
Covered
loans
|
|
82,043
|
|
1,391
|
|
6.88
|
|
-
|
|
-
|
|
-
|
|
Investment
securities
|
|
260,342
|
|
2,320
|
|
3.61
|
|
248,499
|
|
2,512
|
|
4.10
|
|
Other
interest-earning assets
|
|
96,308
|
|
67
|
|
0.28
|
|
2,785
|
|
6
|
|
0.87
|
|
|
Total
interest-earning assets
|
|
3,026,296
|
|
36,759
|
|
4.93
|
|
2,846,408
|
|
35,786
|
|
5.10
|
|
Other
assets
|
|
79,238
|
|
|
|
|
|
68,949
|
|
|
|
|
|
|
Total
assets
|
|
$
3,105,534
|
|
|
|
|
|
$
2,915,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand deposits
|
|
$
107,510
|
|
$
132
|
|
0.50%
|
|
$
88,714
|
|
$
153
|
|
0.70%
|
|
Money
market accounts
|
|
504,486
|
|
1,013
|
|
0.81
|
|
469,428
|
|
1,353
|
|
1.17
|
|
Savings
accounts
|
|
25,628
|
|
16
|
|
0.25
|
|
15,074
|
|
9
|
|
0.24
|
|
Time
deposits
|
|
1,649,888
|
|
7,013
|
|
1.72
|
|
1,442,587
|
|
10,545
|
|
2.96
|
|
Total
interest-bearing deposits
|
|
2,287,512
|
|
8,174
|
|
1.45
|
|
2,015,803
|
|
12,060
|
|
2.43
|
|
Other
borrowings
|
|
97,297
|
|
517
|
|
2.15
|
|
236,464
|
|
1,284
|
|
2.20
|
|
Subordinated
debentures
|
|
81,963
|
|
1,267
|
|
6.18
|
|
81,963
|
|
1,404
|
|
6.85
|
|
|
Total
interest-bearing liabilities
|
|
2,466,772
|
|
9,958
|
|
1.64
|
|
2,334,230
|
|
14,748
|
|
2.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
|
303,684
|
|
|
|
|
|
256,493
|
|
|
|
|
|
|
Other
liabilities
|
|
19,032
|
|
|
|
|
|
19,405
|
|
|
|
|
|
|
Shareholders'
equity
|
|
316,046
|
|
|
|
|
|
305,229
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
3,105,534
|
|
|
|
|
|
$
2,915,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income and spread
|
|
|
|
$
26,801
|
|
3.29%
|
|
|
|
$
21,038
|
|
2.54%
|
|
|
Net
interest margin (1)
|
|
|
|
|
|
3.59%
|
|
|
|
|
|
3.00%
|
|
|
Average
interest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
average interest-bearing liabilities
|
|
122.68%
|
|
|
|
|
|
121.94%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Net
interest margin = annualized net interest income / average
interest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST
BANCORP, INC.
|
|
|
|
|
|
|
|
Table
5
|
|
UNAUDITED
QUARTERLY SUMMARY FINANCIAL DATA
|
|
|
|
(Dollars
in thousands except per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
Mar.
31
|
|
Dec.
31
|
|
Sep.
30
|
|
Jun.
30
|
|
Mar.
31
|
|
OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
34,372
|
|
$
36,355
|
|
$
35,607
|
|
$
36,009
|
|
$
33,268
|
|
Investment
securities
|
|
2,320
|
|
2,433
|
|
2,122
|
|
2,079
|
|
2,512
|
|
Other
interest-earning assets
|
|
67
|
|
1
|
|
4
|
|
3
|
|
6
|
|
Total
interest income
|
|
36,759
|
|
38,789
|
|
37,733
|
|
38,091
|
|
35,786
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand deposits
|
|
132
|
|
66
|
|
107
|
|
150
|
|
153
|
|
Money market accounts
|
|
1,013
|
|
1,170
|
|
1,220
|
|
1,211
|
|
1,353
|
|
Savings accounts
|
|
16
|
|
16
|
|
39
|
|
14
|
|
9
|
|
Time deposits of $100,000 or more
|
|
4,024
|
|
4,340
|
|
4,822
|
|
5,552
|
|
5,980
|
|
Other time deposits
|
|
2,989
|
|
3,498
|
|
3,909
|
|
4,145
|
|
4,565
|
|
Total
interest-bearing deposits
|
|
8,174
|
|
9,090
|
|
10,097
|
|
11,072
|
|
12,060
|
|
Other
borrowings
|
|
517
|
|
625
|
|
960
|
|
1,180
|
|
1,284
|
|
Subordinated
debentures
|
|
1,267
|
|
1,277
|
|
1,276
|
|
1,383
|
|
1,404
|
|
Total
interest expense
|
|
9,958
|
|
10,992
|
|
12,333
|
|
13,635
|
|
14,748
|
|
Net
interest income
|
|
26,801
|
|
27,797
|
|
25,400
|
|
24,456
|
|
21,038
|
|
Provision
for loan losses
|
|
8,531
|
|
10,640
|
|
10,177
|
|
7,477
|
|
10,882
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges and fees
|
|
3,096
|
|
3,295
|
|
2,992
|
|
2,817
|
|
2,600
|
|
Gain on
sales of loans
|
|
985
|
|
933
|
|
386
|
|
926
|
|
718
|
|
Gain
(loss) on investment securities
|
|
7
|
|
3
|
|
10
|
|
(9)
|
|
2,921
|
|
Other
noninterest income
|
|
90
|
|
257
|
|
322
|
|
3,527
|
|
238
|
|
Total
noninterest income
|
|
4,178
|
|
4,488
|
|
3,710
|
|
7,261
|
|
6,477
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
|
7,580
|
|
7,349
|
|
7,824
|
|
6,887
|
|
7,239
|
|
Occupancy
|
|
2,783
|
|
3,159
|
|
2,958
|
|
2,789
|
|
2,731
|
|
FDIC and
other insurance
|
|
1,587
|
|
1,101
|
|
1,134
|
|
2,319
|
|
991
|
|
Other
real estate, net
|
|
106
|
|
39
|
|
90
|
|
103
|
|
(102)
|
|
Provision
for unfunded loan commitments
|
|
(465)
|
|
147
|
|
(79)
|
|
(388)
|
|
90
|
|
Other
general and administrative
|
|
3,667
|
|
4,246
|
|
3,601
|
|
2,980
|
|
3,650
|
|
Total
noninterest expenses
|
|
15,258
|
|
16,041
|
|
15,528
|
|
14,690
|
|
14,599
|
|
Income
before taxes
|
|
7,190
|
|
5,604
|
|
3,405
|
|
9,550
|
|
2,034
|
|
|
Taxes on
income
|
|
2,818
|
|
2,030
|
|
1,271
|
|
3,605
|
|
705
|
|
Net
income
|
|
$
4,372
|
|
$
3,574
|
|
$
2,134
|
|
$
5,945
|
|
$
1,329
|
|
Net
income available to common shareholders
|
|
$
3,329
|
|
$
2,534
|
|
$
1,097
|
|
$
4,910
|
|
$
296
|
|
PER
SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per common share
|
|
$
0.23
|
|
$
0.17
|
|
$
0.07
|
|
$
0.34
|
|
$
0.02
|
|
Diluted
earnings per common share
|
|
0.23
|
|
0.17
|
|
0.07
|
|
0.33
|
|
0.02
|
|
Common
dividends declared per share
|
|
0.0000
|
|
0.0238
|
|
0.0238
|
|
0.0238
|
|
0.0238
|
|
Book
value per share
|
|
16.79
|
|
16.46
|
|
16.43
|
|
16.30
|
|
16.01
|
|
Tangible
book value per share*
|
|
16.33
|
|
15.99
|
|
15.96
|
|
15.84
|
|
15.52
|
|
COMMON
STOCK
|
|
|
|
|
|
|
|
|
|
|
|
Shares
issued
|
|
14,779,711
|
|
14,750,713
|
|
14,748,223
|
|
14,658,042
|
|
14,658,042
|
|
Less
treasury shares
|
|
-
|
|
-
|
|
-
|
|
(15,602)
|
|
(49,930)
|
|
Outstanding
shares
|
|
14,779,711
|
|
14,750,713
|
|
14,748,223
|
|
14,642,440
|
|
14,608,112
|
|
OTHER
FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities
|
|
$
260,837
|
|
$
263,439
|
|
$
258,790
|
|
$
243,077
|
|
$
179,006
|
|
Loans
held for sale
|
|
25,586
|
|
43,134
|
|
36,526
|
|
26,006
|
|
76,404
|
|
Noncovered
portfolio loans
|
|
2,516,397
|
|
2,539,294
|
|
2,572,111
|
|
2,587,230
|
|
2,526,293
|
|
Total
noncovered loans
|
|
2,541,983
|
|
2,582,428
|
|
2,608,637
|
|
2,613,236
|
|
2,602,697
|
|
Covered
portfolio loans
|
|
76,909
|
|
85,405
|
|
103,630
|
|
117,096
|
|
-
|
|
Total
assets
|
|
3,074,923
|
|
3,108,291
|
|
3,029,347
|
|
3,038,985
|
|
2,928,133
|
|
Total
deposits
|
|
2,554,165
|
|
2,592,730
|
|
2,473,162
|
|
2,452,295
|
|
2,330,089
|
|
Other
borrowings
|
|
103,620
|
|
103,022
|
|
146,449
|
|
176,368
|
|
193,739
|
|
Subordinated
debentures
|
|
81,963
|
|
81,963
|
|
81,963
|
|
81,963
|
|
81,963
|
|
Total
shareholders' equity
|
|
315,341
|
|
309,778
|
|
309,118
|
|
305,416
|
|
300,406
|
|
Mortgage
servicing portfolio
|
|
241,224
|
|
237,459
|
|
223,226
|
|
209,425
|
|
179,959
|
|
INTANGIBLE
ASSET DATA
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
$
6,811
|
|
$
6,811
|
|
$
6,811
|
|
$
6,811
|
|
$
7,071
|
|
Core
deposit intangible
|
|
3,967
|
|
4,103
|
|
4,240
|
|
4,378
|
|
2,498
|
|
Mortgage
servicing rights
|
|
1,603
|
|
1,670
|
|
1,625
|
|
1,589
|
|
1,362
|
|
Nonmortgage
servicing rights
|
|
5
|
|
6
|
|
7
|
|
7
|
|
8
|
|
Total
intangible assets
|
|
$
12,386
|
|
$
12,590
|
|
$
12,683
|
|
$
12,785
|
|
$
10,939
|
|
Intangible
amortization expense
|
|
$
359
|
|
$
381
|
|
$
344
|
|
$
391
|
|
$
204
|
|
Continued
|
|
|
|
|
|
|
|
|
|
|
|
____________________
|
|
|
|
|
|
|
|
|
|
|
|
*This is
a Non-GAAP based financial measure.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST
BANCORP, INC.
|
|
|
|
|
|
|
|
Table
5
|
|
UNAUDITED
QUARTERLY SUMMARY FINANCIAL DATA
|
|
Continued
|
|
(Dollars
in thousands except per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
Mar.
31
|
|
Dec.
31
|
|
Sep.
30
|
|
Jun.
30
|
|
Mar.
31
|
|
LOAN
COMPOSITION
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered
|
|
|
|
|
|
|
|
|
|
|
|
Real
estate mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
$
1,230,009
|
|
$
1,212,409
|
|
$
1,221,739
|
|
$
1,208,819
|
|
$
1,098,587
|
|
One-to-four
family residential
|
|
111,185
|
|
114,614
|
|
125,034
|
|
116,068
|
|
114,111
|
|
Real
estate construction
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
630,472
|
|
618,078
|
|
612,905
|
|
622,298
|
|
640,132
|
|
One-to-four
family residential
|
|
34,996
|
|
41,109
|
|
39,009
|
|
51,292
|
|
79,309
|
|
Commercial
|
|
487,074
|
|
520,505
|
|
538,757
|
|
554,734
|
|
558,834
|
|
Installment
and consumer:
|
|
|
|
|
|
|
|
|
|
|
|
Guaranteed
student loans
|
|
10,199
|
|
36,163
|
|
30,949
|
|
18,477
|
|
69,792
|
|
Other
|
|
38,048
|
|
39,550
|
|
40,244
|
|
41,548
|
|
41,932
|
|
Total
noncovered loans, including held for sale
|
|
2,541,983
|
|
2,582,428
|
|
2,608,637
|
|
2,613,236
|
|
2,602,697
|
|
Less
allowance for loan losses
|
|
(65,168)
|
|
(62,413)
|
|
(57,777)
|
|
(51,753)
|
|
(46,262)
|
|
Total
noncovered loans, net
|
|
$
2,476,815
|
|
$
2,520,015
|
|
$
2,550,860
|
|
$
2,561,483
|
|
$
2,556,435
|
|
Covered
|
|
|
|
|
|
|
|
|
|
|
|
Real
estate mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
$
37,487
|
|
$
39,836
|
|
$
37,820
|
|
$
40,411
|
|
$
-
|
|
One-to-four
family residential
|
|
10,843
|
|
12,630
|
|
17,246
|
|
17,889
|
|
-
|
|
Real
estate construction
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
11,173
|
|
12,515
|
|
14,178
|
|
14,277
|
|
-
|
|
One-to-four
family residential
|
|
5,273
|
|
5,324
|
|
9,936
|
|
13,647
|
|
-
|
|
Commercial
|
|
10,807
|
|
13,412
|
|
21,475
|
|
27,203
|
|
-
|
|
Installment
and consumer:
|
|
1,326
|
|
1,688
|
|
2,975
|
|
3,669
|
|
-
|
|
Total
covered loans
|
|
$
76,909
|
|
$
85,405
|
|
$
103,630
|
|
$
117,096
|
|
$
-
|
|
DEPOSIT
COMPOSITION
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
bearing demand
|
|
$
317,896
|
|
$
324,829
|
|
$
309,767
|
|
$
291,014
|
|
$
274,175
|
|
Interest-bearing
demand
|
|
119,757
|
|
74,201
|
|
82,622
|
|
94,060
|
|
85,629
|
|
Money
market accounts
|
|
506,659
|
|
505,521
|
|
506,196
|
|
483,162
|
|
467,924
|
|
Savings
accounts
|
|
25,871
|
|
25,730
|
|
25,636
|
|
25,660
|
|
15,797
|
|
Time
deposits of $100,000 or more
|
|
944,871
|
|
1,004,439
|
|
888,814
|
|
905,202
|
|
849,814
|
|
Other
time deposits
|
|
639,111
|
|
658,010
|
|
660,127
|
|
653,197
|
|
636,750
|
|
Total
deposits
|
|
$
2,554,165
|
|
$
2,592,730
|
|
$
2,473,162
|
|
$
2,452,295
|
|
$
2,330,089
|
|
LOANS BY
SEGMENT
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma
banking
|
|
$
926,870
|
|
$
933,150
|
|
$
943,982
|
|
$
967,981
|
|
$
949,454
|
|
Texas
banking
|
|
1,063,511
|
|
1,054,404
|
|
1,042,369
|
|
1,037,694
|
|
990,135
|
|
Kansas
banking
|
|
342,596
|
|
359,633
|
|
400,710
|
|
412,314
|
|
309,774
|
|
Other
states banking
|
|
260,329
|
|
277,512
|
|
288,680
|
|
286,337
|
|
276,930
|
|
Subtotal
|
|
2,593,306
|
|
2,624,699
|
|
2,675,741
|
|
2,704,326
|
|
2,526,293
|
|
Secondary
market
|
|
25,586
|
|
43,134
|
|
36,526
|
|
26,006
|
|
76,404
|
|
Total
loans
|
|
$2,618,892
|
|
$2,667,833
|
|
$2,712,267
|
|
$2,730,332
|
|
$2,602,697
|
|
NET
INCOME BY SEGMENT
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma
banking
|
|
$
2,820
|
|
$
3,807
|
|
$
2,529
|
|
$
3,284
|
|
$
3,210
|
|
Texas
banking
|
|
1,656
|
|
3,591
|
|
2,686
|
|
3,662
|
|
1,119
|
|
Kansas
banking
|
|
(355)
|
|
(2,328)
|
|
(1,180)
|
|
2,405
|
|
598
|
|
Other
states banking
|
|
1,722
|
|
300
|
|
57
|
|
(78)
|
|
(1,974)
|
|
Subtotal
|
|
5,843
|
|
5,370
|
|
4,092
|
|
9,273
|
|
2,953
|
|
Secondary
market
|
|
327
|
|
(3)
|
|
(201)
|
|
117
|
|
(61)
|
|
Other
operations
|
|
(1,798)
|
|
(1,793)
|
|
(1,757)
|
|
(3,445)
|
|
(1,563)
|
|
Net
income
|
|
$
4,372
|
|
$
3,574
|
|
$
2,134
|
|
$
5,945
|
|
$
1,329
|
|
OFFICES
AND EMPLOYEES
|
|
|
|
|
|
|
|
|
|
|
|
FTE
Employees
|
|
455
|
|
466
|
|
471
|
|
478
|
|
425
|
|
ATM's
|
|
43
|
|
44
|
|
44
|
|
44
|
|
40
|
|
Branches
|
|
23
|
|
24
|
|
24
|
|
24
|
|
18
|
|
Loan
production offices
|
|
2
|
|
3
|
|
3
|
|
3
|
|
3
|
|
Assets
per employee
|
|
$
6,758
|
|
$
6,670
|
|
$
6,432
|
|
$
6,358
|
|
$
6,890
|
|
____________________
|
|
|
|
|
|
|
|
|
|
|
|
Balance
sheet amounts are as of period end unless otherwise
noted.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST
BANCORP, INC.
|
|
|
|
|
|
|
|
Table
6
|
|
UNAUDITED
QUARTERLY SUPPLEMENTAL ANALYTICAL DATA
|
|
|
|
(Dollars
in thousands except per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
Mar.
31
|
|
Dec.
31
|
|
Sep.
30
|
|
Jun.
30
|
|
Mar.
31
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets (annualized)
|
|
0.57%
|
|
0.46%
|
|
0.28%
|
|
0.81%
|
|
0.18%
|
|
Return
on average common equity (annualized)
|
|
5.42
|
|
4.06
|
|
1.78
|
|
8.26
|
|
0.50
|
|
Return
on average tangible equity (annualized)
|
|
5.84
|
|
4.78
|
|
2.87
|
|
8.12
|
|
1.83
|
|
Net
interest margin (annualized)
|
|
3.59
|
|
3.71
|
|
3.39
|
|
3.41
|
|
3.00
|
|
Total
dividends declared to net income
|
|
20.02
|
|
34.31
|
|
57.46
|
|
20.58
|
|
92.00
|
|
Effective
tax rate
|
|
39.19
|
|
36.22
|
|
37.33
|
|
37.75
|
|
34.66
|
|
Efficiency
ratio
|
|
49.25
|
|
49.69
|
|
53.34
|
|
46.32
|
|
53.06
|
|
NONPERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
97,858
|
|
$
105,887
|
|
$
94,715
|
|
$
74,205
|
|
$
73,383
|
|
90 days
past due and accruing
|
|
4
|
|
310
|
|
10,578
|
|
8,409
|
|
10,552
|
|
Restructured
|
|
5,650
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total
nonperforming loans
|
|
103,512
|
|
106,197
|
|
105,293
|
|
82,614
|
|
83,935
|
|
Other
real estate
|
|
18,809
|
|
18,432
|
|
6,389
|
|
6,003
|
|
5,351
|
|
Total
nonperforming assets
|
|
$
122,321
|
|
$
124,629
|
|
$
111,682
|
|
$
88,617
|
|
$
89,286
|
|
Potential
problem loans
|
|
$
275,912
|
|
$
258,399
|
|
$
255,051
|
|
$
178,081
|
|
$
133,810
|
|
Covered
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
16,192
|
|
$
12,322
|
|
$
14,686
|
|
$
8,607
|
|
$
-
|
|
90 days
past due and accruing
|
|
356
|
|
1,136
|
|
4,544
|
|
3,658
|
|
-
|
|
Total
nonperforming loans
|
|
16,548
|
|
13,458
|
|
19,230
|
|
12,265
|
|
-
|
|
Other
real estate
|
|
4,489
|
|
4,748
|
|
2,598
|
|
2,938
|
|
-
|
|
Total
nonperforming assets
|
|
$
21,037
|
|
$
18,206
|
|
$
21,828
|
|
$
15,203
|
|
$
-
|
|
Potential
problem loans
|
|
$
6,620
|
|
$
8,874
|
|
$
4,421
|
|
$
5,977
|
|
$
-
|
|
ALLOWANCE
ACTIVITY
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
beginning of period
|
|
$
62,413
|
|
$
57,777
|
|
$
51,753
|
|
$
46,262
|
|
$
39,773
|
|
Charge
offs
|
|
6,545
|
|
6,756
|
|
4,372
|
|
2,975
|
|
4,810
|
|
Recoveries
|
|
769
|
|
752
|
|
219
|
|
989
|
|
417
|
|
Net
charge offs
|
|
5,776
|
|
6,004
|
|
4,153
|
|
1,986
|
|
4,393
|
|
Provision
for loan losses
|
|
8,531
|
|
10,640
|
|
10,177
|
|
7,477
|
|
10,882
|
|
Balance,
end of period
|
|
$
65,168
|
|
$
62,413
|
|
$
57,777
|
|
$
51,753
|
|
$
46,262
|
|
ASSET
QUALITY RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
assets to portfolio loans and
|
|
|
|
|
|
|
|
|
|
|
|
|
other
real estate
|
|
4.82%
|
|
4.87%
|
|
4.33%
|
|
3.41%
|
|
3.53%
|
|
Nonperforming
loans to portfolio loans
|
|
4.11
|
|
4.18
|
|
4.09
|
|
3.19
|
|
3.32
|
|
Net loan
charge-offs to average portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
loans
(annualized)
|
|
0.93
|
|
0.95
|
|
0.62
|
|
0.31
|
|
0.71
|
|
Allowance
for loan losses to portfolio loans
|
|
2.59
|
|
2.46
|
|
2.25
|
|
2.00
|
|
1.83
|
|
Allowance
for loan losses to
|
|
|
|
|
|
|
|
|
|
|
|
|
nonperforming
loans
|
|
62.96
|
|
58.77
|
|
54.87
|
|
62.64
|
|
55.12
|
|
Covered
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
assets to portfolio loans and
|
|
|
|
|
|
|
|
|
|
|
|
|
other
real estate
|
|
25.84%
|
|
20.19%
|
|
20.55%
|
|
12.67%
|
|
-
|
|
Nonperforming
loans to portfolio loans
|
|
21.52
|
|
15.76
|
|
18.56
|
|
10.47
|
|
-
|
|
CAPITAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
Average
total shareholders' equity to
|
|
|
|
|
|
|
|
|
|
|
|
|
average
assets
|
|
10.18%
|
|
10.31%
|
|
10.24%
|
|
10.35%
|
|
10.47%
|
|
Leverage
ratio
|
|
12.32
|
|
12.42
|
|
12.39
|
|
12.70
|
|
12.72
|
|
Tier 1
capital to risk-weighted assets
|
|
14.00
|
|
13.28
|
|
13.04
|
|
12.67
|
|
12.85
|
|
Total
capital to risk-weighted assets
|
|
15.28
|
|
14.55
|
|
14.31
|
|
13.92
|
|
14.11
|
|
Tangible
common equity to tangible assets**
|
|
7.87
|
|
7.61
|
|
7.79
|
|
7.65
|
|
7.76
|
|
REGULATORY
CAPITAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
Tier I
capital
|
|
$
381,280
|
|
$
377,418
|
|
$
374,805
|
|
$
372,713
|
|
$
369,482
|
|
Total
capital
|
|
415,955
|
|
413,438
|
|
411,201
|
|
409,764
|
|
405,613
|
|
Total
risk adjusted assets
|
|
2,722,628
|
|
2,841,476
|
|
2,873,558
|
|
2,942,821
|
|
2,875,290
|
|
Average
total assets
|
|
3,094,756
|
|
3,039,014
|
|
3,024,885
|
|
2,935,189
|
|
2,905,653
|
|
____________________
|
|
|
|
|
|
|
|
|
|
|
|
**Calculation
of Tangible Capital to Tangible Assets (Non-GAAP Financial
Measure)
|
|
|
Total
shareholders' equity
|
|
$
315,341
|
|
$
309,778
|
|
$
309,118
|
|
$
305,416
|
|
$
300,406
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
6,811
|
|
6,811
|
|
6,811
|
|
6,811
|
|
7,071
|
|
|
Preferred stock
|
|
67,205
|
|
67,037
|
|
66,872
|
|
66,710
|
|
66,549
|
|
|
Tangible
common equity
|
|
$
241,325
|
|
$
235,930
|
|
$
235,435
|
|
$
231,895
|
|
$
226,786
|
|
|
Total
assets
|
|
$
3,074,923
|
|
$
3,108,291
|
|
$
3,029,347
|
|
$
3,038,985
|
|
$
2,928,133
|
|
|
Less
goodwill
|
|
6,811
|
|
6,811
|
|
6,811
|
|
6,811
|
|
7,071
|
|
|
Tangible
assets
|
|
$
3,068,112
|
|
$
3,101,480
|
|
$
3,022,536
|
|
$
3,032,174
|
|
$
2,921,062
|
|
|
Tangible
common equity to tangible assets
|
|
7.87%
|
|
7.61%
|
|
7.79%
|
|
7.65%
|
|
7.76%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
sheet amounts and ratios are as of period end unless otherwise
noted.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Southwest Bancorp, Inc.