STILLWATER, Okla., July 20 /PRNewswire-FirstCall/ -- Southwest
Bancorp, Inc. (Nasdaq: OKSB), ("Southwest"), today reported net
income available to common shareholders of $3.4 million, or $0.19 per diluted share for the second quarter
2010, compared to $4.9 million, or
$0.33 per diluted share for the
second quarter of 2009, and $3.3
million, or $0.23 per diluted
share for the first quarter of 2010. Net income available to
common shareholders for the six months ended June 30, 2010 was $6.7
million, or $0.41 per diluted
share, compared to $5.2 million, or
$0.35 per diluted share, for the six
months ended June 30, 2009. At
June 30, 2010, total assets were
$3.0 billion.
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Rick Green, Southwest Bancorp's
President and Chief Executive Officer, stated, "During this
quarter, Southwest sold 4,600,000 shares of common stock in a
public offering resulting in net proceeds of approximately
$54.3 million. The proceeds from the
offering were used to increase Southwest's working capital and for
general corporate purposes, including investment in Southwest's
banking subsidiaries.
Our capital position remains solid. Southwest and its
banking subsidiaries have maintained capital levels that exceed the
minimums for regulatory "well-capitalized" status. At
June 30, 2010 Southwest's total
regulatory capital was $473.0 million
for a total risk-based capital ratio of 17.78%, and Tier 1 capital
was $439.0 million for a Tier 1
risk-based capital ratio of 16.50%.
Southwest continues to manage our loan portfolio through the
difficult credit climate with our ongoing, disciplined workout
process focused on addressing the challenges of the commercial real
estate construction and mortgage sectors."
Please review the following discussion and the attached
financial tables for important additional information regarding our
financial condition and performance.
Financial Overview
Condition: Total assets were $3.0
billion at June 30, 2010, a
decrease of 3% from December 31,
2009. At June 30, 2010
total loans were $2.6 billion, a
decrease of 4% from December 31,
2009.
At June 30, 2010 the allowance for
loan losses was $67.1 million, up 30%
from June 30, 2009 and up 7% from
year-end 2009, and represented 2.71% of noncovered portfolio loans
versus 2.00% and 2.46% at June 30,
2009 and December 31, 2009,
respectively. 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. Provisions for loan
losses are recorded in the amount necessary to maintain the
allowance at the level management deems appropriate.
Excluding assets subject to loss sharing agreements with the
FDIC ("covered assets"), nonperforming assets increased to
$145.4 million and 5.81% of portfolio
loans and other real estate as of June 30,
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
|
|
$
619,335
|
|
25.02%
|
|
$
75,079
|
|
51.65%
|
|
Commercial real
estate
|
|
1,244,217
|
|
50.26
|
|
25,413
|
|
17.48
|
|
Commercial
|
|
470,086
|
|
18.99
|
|
8,139
|
|
5.60
|
|
Residential real estate
mortgages
|
|
102,382
|
|
4.14
|
|
8,843
|
|
6.08
|
|
Other consumer loans
|
|
39,328
|
|
1.59
|
|
255
|
|
0.18
|
|
Other real estate
owned
|
|
-
|
|
-
|
|
27,634
|
|
19.01
|
|
Total
|
|
$ 2,475,348
|
|
100.00%
|
|
$
145,363
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
Excluding covered loans, nonaccrual loans were $111.9 million as of June
30, 2010, an increase of $6.0
million, or 6%, 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 were $333,000 as of June 30,
2010 an increase of $23,000
from December 31, 2009. These
loans are deemed to have sufficient collateral and are in the
process of collection.
Excluding covered loans, 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 $242.2
million at June 30, 2010, a
decrease of $16.2 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.
At June 30, 2010 Southwest and its
banking subsidiaries 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
requirements to be classified as "well-capitalized" by $207.0 million. 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 $1.5
million increase in our net income available to common
shareholders from 2009 is the result of an $8.4 million increase in net interest income
driven by an improved net interest margin and a $2.1 million decrease in the provision for loan
losses, offset in part by a $5.6
million decrease in noninterest income, a $2.1 million increase in noninterest expense, and
a $1.3 million increase in income tax
expense.
Net Interest Income: Net interest income
totaled $53.9 million for the first
six months of 2010, compared to $45.5
million for the first six months of 2009, an increase of
$8.4 million, or 19%.
Year-to-date net interest margin was 3.62%, compared to 3.20%
in 2009. Included in 2010 year-to-date net interest income is
$846,000 of net recoveries from the
resolution of nonperforming loans, additional discount accretion on
loans and loss share receivable, offset in part by interest
reversals on nonaccrual loans. Included in 2009 year-to-date
net interest income is a recovery of $1.9
million in interest from the successful resolution of a
nonperforming loan. These net recoveries had a 5 basis point
and a 13 basis point impact, respectively.
Provision for Loan Losses and Net Charge Offs: The
provision for loan losses totaled $16.3
million for the first six months of 2010, compared to
$18.4 million for the first six
months of 2009. Noncovered net charge offs totaled
$11.4 million, or 0.93% (annualized)
of average noncovered portfolio loans year-to-date as of
June 30, 2010, compared to
$6.4 million, or 0.51% (annualized)
of average noncovered portfolio loans for the same period in the
prior year.
Noninterest Income: Noninterest income totaled
$8.1 million for the first six months
of 2010, compared to $13.7 million
for the first six months of 2009. The decrease in noninterest
income was primarily the result of a $3.3
million gain on the FDIC-assisted acquisition and a
$2.9 million gain on sale of
investment securities that were recorded in the prior year.
Noninterest Expense: Noninterest expense
totaled $31.4 million for the first
six months of 2010, compared to $29.3
million for the first six months of 2009. The increase
consists of a $1.1 million increase
in personnel expense, a $1.1 million
increase in other general and administrative expense, and a
$734,000 increase in other real
estate expense, offset in part by a $679,000 decrease in provision for unfunded loan
commitments and a $202,000 decrease
in FDIC and other insurance expense.
Second Quarter Results:
Summary: Net income available to common
shareholders was $3.4 million in the
second quarter of 2010, compared to $4.9
million in the second quarter of 2009 and $3.3 million in the first quarter of 2010.
The decrease from the second quarter of 2009 is the result of
a $3.3 million decrease in
noninterest income, a $1.5 million
increase in noninterest expenses, and a $299,000 increase in the provision for loan
losses, offset by a $2.7 million
increase in net interest income and an $868,000 decrease in income taxes. The
increase from the first quarter of 2010 is the result of a
$307,000 increase in net interest
income, a $755,000 decrease in the
provision for loan losses, and an $81,000 decrease in income taxes, offset by a
$216,000 decrease in noninterest
income and an $888,000 increase in
noninterest expense.
Net Interest Income: Net interest income
totaled $27.1 million for the second
quarter of 2010, compared to $24.5
million for the second quarter of 2009, an increase of
$2.7 million, or 11%, and
$26.8 million for the first quarter
of 2010, an increase of $307,000, or
1%. Net interest margin was 3.65% for the second quarter of
2010, compared to 3.41% for the second quarter of 2009 and 3.59%
for the first quarter of 2010. Included in the second quarter
of 2010 net interest margin is a recovery of $452,000 from the quarterly adjustment of the
discount accretion on loans and loss share receivable.
Included in the second quarter 2009 net interest margin is a
recovery of $1.9 million in interest
as a nonperforming loan was resolved. Included in the first
quarter 2010 net interest income is the net recovery of
$394,000 from the resolution of a
nonperforming loan and additional discount accretion on loans and
loss share receivable, offset in part by interest reversals on
nonaccrual loans. These recoveries had a 6 basis point, a 26
basis point, and a 5 basis point impact, respectively.
Provision for Loan Losses and Net Charge Offs: The
provision for loan losses totaled $7.8
million for the second quarter of 2010, compared to
$7.5 million for the second quarter
of 2009 and $8.5 million for the
first quarter of 2010. Noncovered net charge offs totaled
$5.9 million, or 0.94% (annualized)
of average noncovered portfolio loans for the second quarter of
2010, compared to $2.0 million, or
0.31% (annualized), and $5.8 million,
or 0.93% (annualized), of average noncovered portfolio loans for
the second quarter of 2009 and the first quarter of 2010,
respectively.
Noninterest Income: Noninterest income totaled
$4.0 million for the second quarter
of 2010, compared to $7.3 million for
the second quarter of 2009 and $4.2
million for the first quarter of 2010. The decrease in
noninterest income from the second quarter of 2009 was primarily
the result of a $3.3 million gain
recognized on the FDIC-assisted transaction in June 2009.
Noninterest Expense: Noninterest expense
totaled $16.1 million for the second
quarter of 2010, compared to $14.7
million for the second quarter of 2009 and $15.3 million for the first quarter of 2010.
The increase from second quarter 2009 consists of a
$1.1 million increase in other
general and administrative expenses, a $750,000 increase personnel expense, and a
$526,000 increase in other real
estate expense, offset in part by a $798,000 decrease in FDIC and other insurance
expense and a $124,000 decrease in
provision for unfunded loan commitments. The increase from
first quarter 2010 consists of a $523,000 increase in other real estate expense
and a $368,000 increase in other
general and administrative expense.
Southwest Bancorp and Subsidiaries
Southwest is the bank holding company for Stillwater National
Bank and Trust Company ("Stillwater National") and Bank of
Kansas. Through its subsidiaries,
Southwest offers commercial and consumer lending, deposit and
investment services, and specialized cash management, 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 June 30, 2010 we had total
assets of $3.0 billion, deposits of
$2.4 billion, and shareholders'
equity of $375.3 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 June 30, 2010, approximately
$713.2 million, or 29%, of our
noncovered loans were loans to individuals and businesses in the
healthcare industry.
We also focus on commercial real estate mortgage and
construction credits. 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
June 30, 2010 approximately
$1.8 billion, or 74%, of our
noncovered loans was commercial real estate mortgage and
construction loans, including $418.6
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.
We operate six offices in Texas, eleven offices in Oklahoma, and eight offices in Kansas. At June
30, 2010 our Texas segment
accounted for $1.0 billion, or 41% of
total portfolio loans, followed by $914.0
million, or 36%, from our Oklahoma segment, $329.2 million, or 13%, from our Kansas segment, and $259.0 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 June 30,
2010 through the date its financial statements are filed
with the Securities and Exchange Commission. The June 30, 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 Average Balances,
Yields, and Rates-Year-to-date
|
Table 5
|
|
Unaudited Quarterly Summary
Financial Data
|
Table 6
|
|
Unaudited Quarterly Supplemental
Analytical Data
|
Table 7
|
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC.
|
|
|
|
|
|
|
|
|
|
Table 1
|
|
UNAUDITED FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands except per
share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter
|
|
First Quarter
|
|
QUARTERLY
HIGHLIGHTS
|
|
|
|
|
|
%
|
|
|
|
%
|
|
|
|
2010
|
|
2009
|
|
Change
|
|
2010
|
|
Change
|
|
Operations
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
27,108
|
|
$
24,456
|
|
11%
|
|
$
26,801
|
|
1%
|
|
Provision for loan
losses
|
|
7,776
|
|
7,477
|
|
4
|
|
8,531
|
|
(9)
|
|
Noninterest income
|
|
3,962
|
|
7,261
|
|
(45)
|
|
4,178
|
|
(5)
|
|
Noninterest expense
|
|
16,146
|
|
14,690
|
|
10
|
|
15,258
|
|
6
|
|
Income before taxes
|
|
7,148
|
|
9,550
|
|
(25)
|
|
7,190
|
|
(1)
|
|
Taxes on income
|
|
2,737
|
|
3,605
|
|
(24)
|
|
2,818
|
|
(3)
|
|
Net income
|
|
4,411
|
|
5,945
|
|
(26)
|
|
4,372
|
|
1
|
|
Net income available to common
|
|
|
|
|
|
|
|
|
|
|
|
shareholders
|
|
3,366
|
|
4,910
|
|
(31)
|
|
3,329
|
|
1
|
|
Diluted earnings per
share
|
|
0.19
|
|
0.33
|
|
(42)
|
|
0.23
|
|
(17)
|
|
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
3,010,835
|
|
3,038,985
|
|
(1)
|
|
3,074,923
|
|
(2)
|
|
Loans held for sale
|
|
25,615
|
|
26,006
|
|
(2)
|
|
25,586
|
|
-
|
|
Noncovered portfolio
loans
|
|
2,475,348
|
|
2,587,230
|
|
(4)
|
|
2,516,397
|
|
(2)
|
|
Covered portfolio
loans
|
|
68,006
|
|
117,096
|
|
(42)
|
|
76,909
|
|
(12)
|
|
Total deposits
|
|
2,444,939
|
|
2,452,295
|
|
-
|
|
2,554,165
|
|
(4)
|
|
Total shareholders'
equity
|
|
375,319
|
|
305,416
|
|
23
|
|
315,341
|
|
19
|
|
Book value per common
share
|
|
15.88
|
|
16.30
|
|
(3)
|
|
16.79
|
|
(5)
|
|
Key Ratios
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
3.65%
|
|
3.41%
|
|
|
|
3.59%
|
|
|
|
Efficiency ratio
|
|
51.97
|
|
46.32
|
|
|
|
49.25
|
|
|
|
Total capital to risk-weighted
assets
|
|
17.78
|
|
13.92
|
|
|
|
15.28
|
|
|
|
Nonperforming loans to portfolio
loans - noncovered
|
|
4.76
|
|
3.19
|
|
|
|
4.11
|
|
|
|
Shareholders' equity to total
assets
|
|
12.47
|
|
10.05
|
|
|
|
10.26
|
|
|
|
Tangible common equity to
tangible assets*
|
|
10.02
|
|
7.65
|
|
|
|
7.87
|
|
|
|
Return on average assets
(annualized)
|
|
0.58
|
|
0.81
|
|
|
|
0.57
|
|
|
|
Return on average common equity
(annualized)
|
|
4.64
|
|
8.26
|
|
|
|
5.42
|
|
|
|
Return on average tangible
equity (annualized)
|
|
5.45
|
|
8.12
|
|
|
|
5.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR-TO-DATE
HIGHLIGHTS
|
|
Six Months
|
|
|
|
|
|
|
|
|
|
|
|
%
|
|
|
|
|
|
|
|
2010
|
|
2009
|
|
Change
|
|
|
|
|
|
Operations
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
53,909
|
|
$
45,494
|
|
18%
|
|
|
|
|
|
Provision for loan
losses
|
|
16,307
|
|
18,359
|
|
(11)
|
|
|
|
|
|
Noninterest income
|
|
8,140
|
|
13,738
|
|
(41)
|
|
|
|
|
|
Noninterest expense
|
|
31,404
|
|
29,289
|
|
7
|
|
|
|
|
|
Income before taxes
|
|
14,338
|
|
11,584
|
|
24
|
|
|
|
|
|
Taxes on income
|
|
5,555
|
|
4,310
|
|
29
|
|
|
|
|
|
Net income
|
|
8,783
|
|
7,274
|
|
21
|
|
|
|
|
|
Net income available to common
|
|
|
|
|
|
|
|
|
|
|
|
shareholders
|
|
6,695
|
|
5,206
|
|
29
|
|
|
|
|
|
Diluted earnings per
share
|
|
0.41
|
|
0.35
|
|
17
|
|
|
|
|
|
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
3,010,835
|
|
3,038,985
|
|
(1)
|
|
|
|
|
|
Loans held for sale
|
|
25,615
|
|
26,006
|
|
(2)
|
|
|
|
|
|
Noncovered portfolio
loans
|
|
2,475,348
|
|
2,587,230
|
|
(4)
|
|
|
|
|
|
Covered portfolio
loans
|
|
68,006
|
|
117,096
|
|
(42)
|
|
|
|
|
|
Total deposits
|
|
2,444,939
|
|
2,452,295
|
|
-
|
|
|
|
|
|
Total shareholders'
equity
|
|
375,319
|
|
305,416
|
|
23
|
|
|
|
|
|
Book value per share
|
|
15.88
|
|
16.30
|
|
(3)
|
|
|
|
|
|
Key Ratios
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
3.62%
|
|
3.20%
|
|
|
|
|
|
|
|
Efficiency ratio
(GAAP-based)
|
|
50.61
|
|
49.45
|
|
|
|
|
|
|
|
Total capital to risk-weighted
assets
|
|
17.78
|
|
13.92
|
|
|
|
|
|
|
|
Nonperforming loans to portfolio
loans - noncovered
|
|
4.76
|
|
3.19
|
|
|
|
|
|
|
|
Shareholders' equity to total
assets
|
|
12.47
|
|
10.05
|
|
|
|
|
|
|
|
Tangible common equity to
tangible assets*
|
|
10.02
|
|
7.65
|
|
|
|
|
|
|
|
Return on average
assets
|
|
0.58
|
|
0.50
|
|
|
|
|
|
|
|
Return on average common
equity
|
|
5.00
|
|
4.40
|
|
|
|
|
|
|
|
Return on average tangible
equity
|
|
5.45
|
|
4.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet amounts and ratios
are as of period end unless otherwise noted.
|
|
* This is a Non-GAAP financial
measure. Please see Table 7 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
June 30,
|
|
|
|
|
2010
|
|
2009
|
|
2009
|
|
Assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
125,290
|
|
$
118,847
|
|
$
33,724
|
|
Federal funds sold
|
|
-
|
|
-
|
|
809
|
|
|
Cash and cash
equivalents
|
|
125,290
|
|
118,847
|
|
34,533
|
|
Investment
securities:
|
|
|
|
|
|
|
|
|
Held to maturity. Fair value:
$6,731, $6,754, $6,834, respectively
|
|
6,670
|
|
6,670
|
|
6,795
|
|
|
Available for sale. Amortized
cost: $232,097, $236,199, $214.944, respectively
|
|
240,438
|
|
237,703
|
|
216,293
|
|
|
Other investments, at
cost
|
|
18,787
|
|
19,066
|
|
19,989
|
|
Loans held for sale
|
|
25,615
|
|
43,134
|
|
26,006
|
|
Noncovered loans
receivable
|
|
2,475,348
|
|
2,539,294
|
|
2,587,230
|
|
|
Less: Allowance for loan
losses
|
|
(67,055)
|
|
(62,413)
|
|
(51,753)
|
|
|
Net noncovered loans
receivable
|
|
2,408,293
|
|
2,476,881
|
|
2,535,477
|
|
Covered loans receivable
(includes loss share of $18.7 million, $23.9 million, $33.1
million, respectively)
|
68,006
|
|
85,405
|
|
117,096
|
|
|
Net loans receivable
|
|
2,476,299
|
|
2,562,286
|
|
2,652,573
|
|
Accrued interest
receivable
|
|
9,589
|
|
10,806
|
|
10,753
|
|
Premises and equipment,
net
|
|
25,560
|
|
26,536
|
|
24,743
|
|
Noncovered other real
estate
|
|
27,634
|
|
18,432
|
|
6,003
|
|
Covered other real
estate
|
|
4,352
|
|
4,748
|
|
2,938
|
|
Goodwill
|
|
6,811
|
|
6,811
|
|
6,811
|
|
Other intangible assets,
net
|
|
5,424
|
|
5,779
|
|
5,974
|
|
Other assets
|
|
38,366
|
|
47,473
|
|
25,574
|
|
|
Total assets
|
|
$ 3,010,835
|
|
$
3,108,291
|
|
$ 3,038,985
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand
|
|
$
326,721
|
|
$
324,829
|
|
$
291,014
|
|
|
Interest-bearing
demand
|
|
102,218
|
|
74,201
|
|
94,060
|
|
|
Money market accounts
|
|
510,549
|
|
505,521
|
|
483,162
|
|
|
Savings accounts
|
|
25,321
|
|
25,730
|
|
25,660
|
|
|
Time deposits of $100,000 or
more
|
|
861,110
|
|
1,004,439
|
|
905,202
|
|
|
Other time deposits
|
|
619,020
|
|
658,010
|
|
653,197
|
|
|
Total deposits
|
|
2,444,939
|
|
2,592,730
|
|
2,452,295
|
|
Accrued interest
payable
|
|
2,567
|
|
3,191
|
|
5,953
|
|
Income tax payable
|
|
4,053
|
|
4,486
|
|
5,752
|
|
Other liabilities
|
|
8,958
|
|
13,121
|
|
11,238
|
|
Other borrowings
|
|
93,036
|
|
103,022
|
|
176,368
|
|
Subordinated
debentures
|
|
81,963
|
|
81,963
|
|
81,963
|
|
|
Total liabilities
|
|
2,635,516
|
|
2,798,513
|
|
2,733,569
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Serial preferred stock;
2,000,000 shares authorized;
|
|
|
|
|
|
|
|
70,000 shares issued and
outstanding
|
|
67,375
|
|
67,037
|
|
66,710
|
|
Common stock - $1 par value;
40,000,000 shares
|
|
|
|
|
|
|
|
authorized; 19,388,797,
14,750,713, 14,658,042 shares issued, respectively
|
|
19,389
|
|
14,751
|
|
14,658
|
|
Paid in capital
|
|
98,712
|
|
49,029
|
|
48,387
|
|
Retained earnings
|
|
184,710
|
|
178,016
|
|
175,089
|
|
Accumulated other comprehensive
income
|
|
5,133
|
|
945
|
|
853
|
|
Treasury stock, at cost, 0, 0,
15,602 shares, respectively
|
|
-
|
|
-
|
|
(281)
|
|
|
Total shareholders'
equity
|
|
375,319
|
|
309,778
|
|
305,416
|
|
|
Total liabilities and
shareholders' equity
|
|
$ 3,010,835
|
|
$
3,108,291
|
|
$ 3,038,985
|
|
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC.
|
Table 3
|
|
UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
(Dollars in thousands except per
share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
|
|
For the six months
|
|
|
|
ended June 30,
|
|
ended June 30,
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
Loans
|
$ 33,891
|
|
$ 36,009
|
|
$ 68,263
|
|
$ 69,277
|
|
|
Investment securities
|
2,320
|
|
2,079
|
|
4,640
|
|
4,591
|
|
|
Other interest-earning
assets
|
68
|
|
3
|
|
135
|
|
9
|
|
|
Total interest income
|
36,279
|
|
38,091
|
|
73,038
|
|
73,877
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
7,371
|
|
11,072
|
|
15,545
|
|
23,132
|
|
|
Other borrowings
|
524
|
|
1,180
|
|
1,041
|
|
2,464
|
|
|
Subordinated
debentures
|
1,276
|
|
1,383
|
|
2,543
|
|
2,787
|
|
|
Total interest
expense
|
9,171
|
|
13,635
|
|
19,129
|
|
28,383
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
27,108
|
|
24,456
|
|
53,909
|
|
45,494
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
7,776
|
|
7,477
|
|
16,307
|
|
18,359
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after
provision for loan losses
|
19,332
|
|
16,979
|
|
37,602
|
|
27,135
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
Service charges and
fees
|
3,170
|
|
2,817
|
|
6,266
|
|
5,417
|
|
|
Gain on acquisition
|
-
|
|
3,281
|
|
-
|
|
3,281
|
|
|
Gain on sales of
loans
|
416
|
|
926
|
|
1,401
|
|
1,644
|
|
|
Gain on investment
securities
|
34
|
|
(9)
|
|
41
|
|
2,912
|
|
|
Other noninterest
income
|
342
|
|
246
|
|
432
|
|
484
|
|
|
Total noninterest
income
|
3,962
|
|
7,261
|
|
8,140
|
|
13,738
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
7,637
|
|
6,887
|
|
15,217
|
|
14,126
|
|
|
Occupancy
|
2,836
|
|
2,789
|
|
5,619
|
|
5,520
|
|
|
FDIC and other
insurance
|
1,521
|
|
2,319
|
|
3,108
|
|
3,310
|
|
|
Other real estate,
net
|
629
|
|
103
|
|
735
|
|
1
|
|
|
General and
administrative
|
3,523
|
|
2,592
|
|
6,725
|
|
6,332
|
|
|
Total noninterest
expense
|
16,146
|
|
14,690
|
|
31,404
|
|
29,289
|
|
Income before taxes
|
7,148
|
|
9,550
|
|
14,338
|
|
11,584
|
|
|
Taxes on income
|
2,737
|
|
3,605
|
|
5,555
|
|
4,310
|
|
Net income
|
$ 4,411
|
|
$ 5,945
|
|
$ 8,783
|
|
$ 7,274
|
|
Net income available to common
shareholders
|
$ 3,366
|
|
$ 4,910
|
|
$ 6,695
|
|
$ 5,206
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share
|
$ 0.19
|
|
$ 0.34
|
|
$ 0.41
|
|
$ 0.36
|
|
Diluted earnings per common
share
|
0.19
|
|
0.33
|
|
0.41
|
|
0.35
|
|
Common dividends declared per
share
|
-
|
|
0.0238
|
|
-
|
|
0.0476
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC.
|
Table 4
|
|
UNAUDITED AVERAGE BALANCES,
YIELDS, AND RATES
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended June
30,
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
Average
|
|
|
|
Average
|
|
Average
|
|
|
|
Average
|
|
|
|
|
Balance
|
|
Interest
|
|
Yield/Rate
|
|
Balance
|
|
Interest
|
|
Yield/Rate
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2)
|
|
$ 2,606,686
|
|
$ 33,891
|
|
5.21%
|
|
$ 2,649,140
|
|
$ 36,009
|
|
5.45%
|
|
Investment securities
|
|
258,936
|
|
2,320
|
|
3.59
|
|
225,353
|
|
2,079
|
|
3.70
|
|
Other interest-earning
assets
|
|
109,964
|
|
68
|
|
0.25
|
|
4,321
|
|
3
|
|
0.28
|
|
|
Total interest-earning
assets
|
|
2,975,586
|
|
36,279
|
|
4.89
|
|
2,878,814
|
|
38,091
|
|
5.31
|
|
Other assets
|
|
67,454
|
|
|
|
|
|
67,725
|
|
|
|
|
|
|
Total assets
|
|
$ 3,043,040
|
|
|
|
|
|
$ 2,946,539
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits
|
|
$
107,693
|
|
$
140
|
|
0.52%
|
|
$
87,036
|
|
$
150
|
|
0.69%
|
|
Money market accounts
|
|
505,863
|
|
1,037
|
|
0.82
|
|
470,506
|
|
1,211
|
|
1.03
|
|
Savings accounts
|
|
25,615
|
|
16
|
|
0.25
|
|
17,309
|
|
14
|
|
0.32
|
|
Time deposits
|
|
1,527,074
|
|
6,178
|
|
1.62
|
|
1,497,651
|
|
9,697
|
|
2.60
|
|
Total interest-bearing
deposits
|
|
2,166,245
|
|
7,371
|
|
1.36
|
|
2,072,502
|
|
11,072
|
|
2.14
|
|
Other borrowings
|
|
97,909
|
|
524
|
|
2.15
|
|
198,936
|
|
1,180
|
|
2.38
|
|
Subordinated
debentures
|
|
81,963
|
|
1,276
|
|
6.23
|
|
81,963
|
|
1,383
|
|
6.75
|
|
|
Total interest-bearing
liabilities
|
|
2,346,117
|
|
9,171
|
|
1.57
|
|
2,353,401
|
|
13,635
|
|
2.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
deposits
|
|
321,651
|
|
|
|
|
|
267,406
|
|
|
|
|
|
|
Other liabilities
|
|
16,921
|
|
|
|
|
|
20,827
|
|
|
|
|
|
|
Shareholders' equity
|
|
358,351
|
|
|
|
|
|
304,905
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
$ 3,043,040
|
|
|
|
|
|
$ 2,946,539
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
spread
|
|
|
|
$ 27,108
|
|
3.32%
|
|
|
|
$ 24,456
|
|
2.99%
|
|
|
Net interest margin
(1)
|
|
|
|
|
|
3.65%
|
|
|
|
|
|
3.41%
|
|
|
Average interest-earning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to average interest-bearing
liabilities
|
|
126.83%
|
|
|
|
|
|
122.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net interest
margin = annualized net interest income / average interest-earning
assets
|
|
(2)
Information regarding noncovered and covered loans for the period
shown is not readily available.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC.
|
Table 5
|
|
UNAUDITED AVERAGE BALANCES,
YIELDS, AND RATES
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended June
30,
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
Average
|
|
|
|
Average
|
|
Average
|
|
|
|
Average
|
|
|
|
|
Balance
|
|
Interest
|
|
Yield/Rate
|
|
Balance
|
|
Interest
|
|
Yield/Rate
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2)
|
|
$ 2,637,992
|
|
$ 68,263
|
|
5.22%
|
|
$ 2,622,282
|
|
$ 69,277
|
|
5.33%
|
|
Investment securities
|
|
259,635
|
|
4,640
|
|
3.60
|
|
236,862
|
|
4,591
|
|
3.91
|
|
Other interest-earning
assets
|
|
103,173
|
|
135
|
|
0.26
|
|
3,557
|
|
9
|
|
0.51
|
|
|
Total interest-earning
assets
|
|
3,000,800
|
|
73,038
|
|
4.91
|
|
2,862,701
|
|
73,877
|
|
5.20
|
|
Other assets
|
|
73,314
|
|
|
|
|
|
68,333
|
|
|
|
|
|
|
Total assets
|
|
$ 3,074,114
|
|
|
|
|
|
$ 2,931,034
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits
|
|
$
107,602
|
|
$
272
|
|
0.51%
|
|
$
87,870
|
|
$
303
|
|
0.70%
|
|
Money market accounts
|
|
505,178
|
|
2,050
|
|
0.82
|
|
469,970
|
|
2,564
|
|
1.10
|
|
Savings accounts
|
|
25,622
|
|
32
|
|
0.25
|
|
16,198
|
|
23
|
|
0.29
|
|
Time deposits
|
|
1,588,142
|
|
13,191
|
|
1.67
|
|
1,470,271
|
|
20,242
|
|
2.78
|
|
Total interest-bearing
deposits
|
|
2,226,544
|
|
15,545
|
|
1.41
|
|
2,044,309
|
|
23,132
|
|
2.28
|
|
Other borrowings
|
|
97,604
|
|
1,041
|
|
2.15
|
|
217,597
|
|
2,464
|
|
2.28
|
|
Subordinated
debentures
|
|
81,963
|
|
2,543
|
|
6.21
|
|
81,963
|
|
2,787
|
|
6.80
|
|
|
Total interest-bearing
liabilities
|
|
2,406,111
|
|
19,129
|
|
1.60
|
|
2,343,869
|
|
28,383
|
|
2.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
deposits
|
|
312,717
|
|
|
|
|
|
261,980
|
|
|
|
|
|
|
Other liabilities
|
|
17,971
|
|
|
|
|
|
20,119
|
|
|
|
|
|
|
Shareholders' equity
|
|
337,315
|
|
|
|
|
|
305,066
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
$ 3,074,114
|
|
|
|
|
|
$ 2,931,034
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
spread
|
|
|
|
$ 53,909
|
|
3.31%
|
|
|
|
$ 45,494
|
|
2.76%
|
|
|
Net interest margin
(1)
|
|
|
|
|
|
3.62%
|
|
|
|
|
|
3.20%
|
|
|
Average interest-earning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to average interest-bearing
liabilities
|
|
124.72%
|
|
|
|
|
|
122.14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net interest
margin = net interest income / average interest-earning assets.
|
|
(2)
Information regarding noncovered and covered loans for the period
shown is not readily available.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC.
|
Table 6
|
|
UNAUDITED QUARTERLY SUMMARY
FINANCIAL DATA
|
|
|
(Dollars in thousands except per
share)
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
Jun. 30
|
|
Mar. 31
|
|
Dec. 31
|
|
Sep. 30
|
|
Jun. 30
|
|
Mar. 31
|
|
OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
33,891
|
|
$
34,372
|
|
$
36,355
|
|
$
35,607
|
|
$
36,009
|
|
$
33,268
|
|
Investment securities
|
|
2,320
|
|
2,320
|
|
2,433
|
|
2,122
|
|
2,079
|
|
2,512
|
|
Other interest-earning
assets
|
|
68
|
|
67
|
|
1
|
|
4
|
|
3
|
|
6
|
|
Total interest income
|
|
36,279
|
|
36,759
|
|
38,789
|
|
37,733
|
|
38,091
|
|
35,786
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand
deposits
|
|
140
|
|
132
|
|
66
|
|
107
|
|
150
|
|
153
|
|
|
Money market accounts
|
|
1,037
|
|
1,013
|
|
1,170
|
|
1,220
|
|
1,211
|
|
1,353
|
|
|
Savings accounts
|
|
16
|
|
16
|
|
16
|
|
39
|
|
14
|
|
9
|
|
|
Time deposits of $100,000 or
more
|
|
3,517
|
|
4,024
|
|
4,340
|
|
4,822
|
|
5,552
|
|
5,980
|
|
|
Other time deposits
|
|
2,661
|
|
2,989
|
|
3,498
|
|
3,909
|
|
4,145
|
|
4,565
|
|
Total
interest-bearing deposits
|
|
7,371
|
|
8,174
|
|
9,090
|
|
10,097
|
|
11,072
|
|
12,060
|
|
Other borrowings
|
|
524
|
|
517
|
|
625
|
|
960
|
|
1,180
|
|
1,284
|
|
Subordinated
debentures
|
|
1,276
|
|
1,267
|
|
1,277
|
|
1,276
|
|
1,383
|
|
1,404
|
|
Total interest
expense
|
|
9,171
|
|
9,958
|
|
10,992
|
|
12,333
|
|
13,635
|
|
14,748
|
|
Net interest income
|
|
27,108
|
|
26,801
|
|
27,797
|
|
25,400
|
|
24,456
|
|
21,038
|
|
Provision for loan
losses
|
|
7,776
|
|
8,531
|
|
10,640
|
|
10,177
|
|
7,477
|
|
10,882
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and
fees
|
|
3,170
|
|
3,096
|
|
3,295
|
|
2,992
|
|
2,817
|
|
2,600
|
|
Gain on sales of
loans
|
|
416
|
|
985
|
|
933
|
|
386
|
|
926
|
|
718
|
|
Gain (loss) on investment
securities
|
|
34
|
|
7
|
|
3
|
|
10
|
|
(9)
|
|
2,921
|
|
Other noninterest
income
|
|
342
|
|
90
|
|
257
|
|
322
|
|
3,527
|
|
238
|
|
Total noninterest
income
|
|
3,962
|
|
4,178
|
|
4,488
|
|
3,710
|
|
7,261
|
|
6,477
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
7,637
|
|
7,580
|
|
7,349
|
|
7,824
|
|
6,887
|
|
7,239
|
|
Occupancy
|
|
2,836
|
|
2,783
|
|
3,159
|
|
2,958
|
|
2,789
|
|
2,731
|
|
FDIC and other
insurance
|
|
1,521
|
|
1,587
|
|
1,101
|
|
1,134
|
|
2,319
|
|
991
|
|
Other real estate,
net
|
|
629
|
|
106
|
|
39
|
|
90
|
|
103
|
|
(102)
|
|
Provision for unfunded loan
commitments
|
|
(512)
|
|
(465)
|
|
147
|
|
(79)
|
|
(388)
|
|
90
|
|
Other general and
administrative
|
|
4,035
|
|
3,667
|
|
4,246
|
|
3,601
|
|
2,980
|
|
3,650
|
|
Total noninterest
expenses
|
|
16,146
|
|
15,258
|
|
16,041
|
|
15,528
|
|
14,690
|
|
14,599
|
|
Income before taxes
|
|
7,148
|
|
7,190
|
|
5,604
|
|
3,405
|
|
9,550
|
|
2,034
|
|
|
Taxes on income
|
|
2,737
|
|
2,818
|
|
2,030
|
|
1,271
|
|
3,605
|
|
705
|
|
Net income
|
|
$
4,411
|
|
$
4,372
|
|
$
3,574
|
|
$
2,134
|
|
$
5,945
|
|
$
1,329
|
|
Net income available to common
shareholders
|
|
$
3,366
|
|
$
3,329
|
|
$
2,534
|
|
$
1,097
|
|
$
4,910
|
|
$
296
|
|
PER SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share
|
|
$
0.19
|
|
$
0.23
|
|
$
0.17
|
|
$
0.07
|
|
$
0.34
|
|
$
0.02
|
|
Diluted earnings per common
share
|
|
0.19
|
|
0.23
|
|
0.17
|
|
0.07
|
|
0.33
|
|
0.02
|
|
Common dividends declared per
share
|
|
-
|
|
-
|
|
0.0238
|
|
0.0238
|
|
0.0238
|
|
0.0238
|
|
Book value per share
|
|
15.88
|
|
16.79
|
|
16.46
|
|
16.43
|
|
16.30
|
|
16.01
|
|
Tangible book value per
share*
|
|
15.53
|
|
16.33
|
|
15.99
|
|
15.96
|
|
15.84
|
|
15.52
|
|
COMMON STOCK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued
|
|
19,388,797
|
|
14,779,711
|
|
14,750,713
|
|
14,748,223
|
|
14,658,042
|
|
14,658,042
|
|
Less treasury shares
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(15,602)
|
|
(49,930)
|
|
Outstanding shares
|
|
19,388,797
|
|
14,779,711
|
|
14,750,713
|
|
14,748,223
|
|
14,642,440
|
|
14,608,112
|
|
OTHER FINANCIAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities
|
|
$
265,895
|
|
$
260,837
|
|
$
263,439
|
|
$
258,790
|
|
$
243,077
|
|
$
179,006
|
|
Loans held for sale
|
|
25,615
|
|
25,586
|
|
43,134
|
|
36,526
|
|
26,006
|
|
76,404
|
|
Noncovered portfolio
loans
|
|
2,475,348
|
|
2,516,397
|
|
2,539,294
|
|
2,572,111
|
|
2,587,230
|
|
2,526,293
|
|
Total noncovered
loans
|
|
2,500,963
|
|
2,541,983
|
|
2,582,428
|
|
2,608,637
|
|
2,613,236
|
|
2,602,697
|
|
Covered portfolio
loans
|
|
68,006
|
|
76,909
|
|
85,405
|
|
103,630
|
|
117,096
|
|
-
|
|
Total assets
|
|
3,010,835
|
|
3,074,923
|
|
3,108,291
|
|
3,029,347
|
|
3,038,985
|
|
2,928,133
|
|
Total deposits
|
|
2,444,939
|
|
2,554,165
|
|
2,592,730
|
|
2,473,162
|
|
2,452,295
|
|
2,330,089
|
|
Other borrowings
|
|
93,036
|
|
103,620
|
|
103,022
|
|
146,449
|
|
176,368
|
|
193,739
|
|
Subordinated
debentures
|
|
81,963
|
|
81,963
|
|
81,963
|
|
81,963
|
|
81,963
|
|
81,963
|
|
Total shareholders'
equity
|
|
375,319
|
|
315,341
|
|
309,778
|
|
309,118
|
|
305,416
|
|
300,406
|
|
Mortgage servicing
portfolio
|
|
249,632
|
|
241,224
|
|
237,459
|
|
223,226
|
|
209,425
|
|
179,959
|
|
INTANGIBLE ASSET
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
$
6,811
|
|
$
6,811
|
|
$
6,811
|
|
$
6,811
|
|
$
6,811
|
|
$
7,071
|
|
Core deposit
intangible
|
|
3,830
|
|
3,967
|
|
4,103
|
|
4,240
|
|
4,378
|
|
2,498
|
|
Mortgage servicing
rights
|
|
1,589
|
|
1,603
|
|
1,670
|
|
1,625
|
|
1,589
|
|
1,362
|
|
Nonmortgage servicing
rights
|
|
5
|
|
5
|
|
6
|
|
7
|
|
7
|
|
8
|
|
Total intangible
assets
|
|
$
12,235
|
|
$
12,386
|
|
$
12,590
|
|
$
12,683
|
|
$
12,785
|
|
$
10,939
|
|
Intangible amortization
expense
|
|
$
350
|
|
$
359
|
|
$
381
|
|
$
344
|
|
$
391
|
|
$
204
|
|
Continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*This is a Non-GAAP based
financial measure.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC.
|
Table 6
|
|
UNAUDITED QUARTERLY SUMMARY
FINANCIAL DATA
|
Continued
|
|
(Dollars in thousands except per
share)
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
Jun. 30
|
|
Mar. 31
|
|
Dec. 31
|
|
Sep. 30
|
|
Jun. 30
|
|
Mar. 31
|
|
LOAN COMPOSITION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
$
1,251,709
|
|
$
1,230,009
|
|
$
1,212,409
|
|
$
1,221,739
|
|
$
1,208,819
|
|
$
1,098,587
|
|
One-to-four family
residential
|
|
106,814
|
|
111,185
|
|
114,614
|
|
125,034
|
|
116,068
|
|
114,111
|
|
Real estate
construction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
589,590
|
|
630,472
|
|
618,078
|
|
612,905
|
|
622,298
|
|
640,132
|
|
One-to-four family
residential
|
|
35,129
|
|
34,996
|
|
41,109
|
|
39,009
|
|
51,292
|
|
79,309
|
|
Commercial
|
|
471,004
|
|
487,074
|
|
520,505
|
|
538,757
|
|
554,734
|
|
558,834
|
|
Installment and
consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guaranteed student
loans
|
|
7,389
|
|
10,199
|
|
36,163
|
|
30,949
|
|
18,477
|
|
69,792
|
|
Other
|
|
39,328
|
|
38,048
|
|
39,550
|
|
40,244
|
|
41,548
|
|
41,932
|
|
Total noncovered loans,
including held for sale
|
|
2,500,963
|
|
2,541,983
|
|
2,582,428
|
|
2,608,637
|
|
2,613,236
|
|
2,602,697
|
|
Less allowance for loan
losses
|
|
(67,055)
|
|
(65,168)
|
|
(62,413)
|
|
(57,777)
|
|
(51,753)
|
|
(46,262)
|
|
Total noncovered loans,
net
|
|
$
2,433,908
|
|
$
2,476,815
|
|
$
2,520,015
|
|
$
2,550,860
|
|
$
2,561,483
|
|
$
2,556,435
|
|
Covered
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
$
36,107
|
|
$
37,487
|
|
$
39,836
|
|
$
37,820
|
|
$
40,411
|
|
$
-
|
|
One-to-four family
residential
|
|
10,277
|
|
10,843
|
|
12,630
|
|
17,246
|
|
17,889
|
|
-
|
|
Real estate
construction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
8,190
|
|
11,173
|
|
12,515
|
|
14,178
|
|
14,277
|
|
-
|
|
One-to-four family
residential
|
|
3,853
|
|
5,273
|
|
5,324
|
|
9,936
|
|
13,647
|
|
-
|
|
Commercial
|
|
8,487
|
|
10,807
|
|
13,412
|
|
21,475
|
|
27,203
|
|
-
|
|
Installment and
consumer:
|
|
1,092
|
|
1,326
|
|
1,688
|
|
2,975
|
|
3,669
|
|
-
|
|
Total covered loans
|
|
$
68,006
|
|
$
76,909
|
|
$
85,405
|
|
$
103,630
|
|
$
117,096
|
|
$
-
|
|
DEPOSIT
COMPOSITION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
demand
|
|
$
326,721
|
|
$
317,896
|
|
$
324,829
|
|
$
309,767
|
|
$
291,014
|
|
$
274,175
|
|
Interest-bearing
demand
|
|
102,218
|
|
119,757
|
|
74,201
|
|
82,622
|
|
94,060
|
|
85,629
|
|
Money market accounts
|
|
510,549
|
|
506,659
|
|
505,521
|
|
506,196
|
|
483,162
|
|
467,924
|
|
Savings accounts
|
|
25,321
|
|
25,871
|
|
25,730
|
|
25,636
|
|
25,660
|
|
15,797
|
|
Time deposits of $100,000 or
more
|
|
861,110
|
|
944,871
|
|
1,004,439
|
|
888,814
|
|
905,202
|
|
849,814
|
|
Other time deposits
|
|
619,020
|
|
639,111
|
|
658,010
|
|
660,127
|
|
653,197
|
|
636,750
|
|
Total deposits
|
|
$
2,444,939
|
|
$
2,554,165
|
|
$
2,592,730
|
|
$
2,473,162
|
|
$
2,452,295
|
|
$
2,330,089
|
|
LOANS BY SEGMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking
|
|
$ 914,004
|
|
$ 926,870
|
|
$ 933,150
|
|
$ 943,982
|
|
$ 967,981
|
|
$ 949,454
|
|
Texas banking
|
|
1,041,228
|
|
1,063,511
|
|
1,054,404
|
|
1,042,369
|
|
1,037,694
|
|
990,135
|
|
Kansas banking
|
|
329,157
|
|
342,596
|
|
359,633
|
|
400,710
|
|
412,314
|
|
309,774
|
|
Other states banking
|
|
258,965
|
|
260,329
|
|
277,512
|
|
288,680
|
|
286,337
|
|
276,930
|
|
Subtotal
|
|
2,543,354
|
|
2,593,306
|
|
2,624,699
|
|
2,675,741
|
|
2,704,326
|
|
2,526,293
|
|
Secondary market
|
|
25,615
|
|
25,586
|
|
43,134
|
|
36,526
|
|
26,006
|
|
76,404
|
|
Total loans
|
|
$2,568,969
|
|
$2,618,892
|
|
$2,667,833
|
|
$2,712,267
|
|
$2,730,332
|
|
$2,602,697
|
|
NET INCOME BY
SEGMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking
|
|
$
4,334
|
|
$
2,820
|
|
$
3,807
|
|
$
2,529
|
|
$
3,284
|
|
$
3,210
|
|
Texas banking
|
|
697
|
|
1,656
|
|
3,591
|
|
2,686
|
|
3,662
|
|
1,119
|
|
Kansas banking
|
|
985
|
|
(355)
|
|
(2,328)
|
|
(1,180)
|
|
2,405
|
|
598
|
|
Other states banking
|
|
(507)
|
|
1,722
|
|
300
|
|
57
|
|
(78)
|
|
(1,974)
|
|
Subtotal
|
|
|
5,509
|
|
5,843
|
|
5,370
|
|
4,092
|
|
9,273
|
|
2,953
|
|
Secondary market
|
|
72
|
|
327
|
|
(3)
|
|
(201)
|
|
117
|
|
(61)
|
|
Other operations
|
|
(1,170)
|
|
(1,798)
|
|
(1,793)
|
|
(1,757)
|
|
(3,445)
|
|
(1,563)
|
|
Net income
|
|
$
4,411
|
|
$
4,372
|
|
$
3,574
|
|
$
2,134
|
|
$
5,945
|
|
$
1,329
|
|
OFFICES AND
EMPLOYEES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FTE Employees
|
|
447
|
|
455
|
|
466
|
|
471
|
|
478
|
|
425
|
|
Branches
|
|
23
|
|
24
|
|
24
|
|
24
|
|
24
|
|
18
|
|
Loan production
offices
|
|
2
|
|
2
|
|
3
|
|
3
|
|
3
|
|
3
|
|
Assets per employee
|
|
$
6,736
|
|
$
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 7
|
|
UNAUDITED QUARTERLY SUPPLEMENTAL
ANALYTICAL DATA
|
|
|
(Dollars in thousands except per
share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
Jun. 30
|
|
Mar. 31
|
|
Dec. 31
|
|
Sep. 30
|
|
Jun. 30
|
|
Mar. 31
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
(annualized)
|
|
0.58%
|
|
0.57%
|
|
0.46%
|
|
0.28%
|
|
0.81%
|
|
0.18%
|
|
Return on average common equity
(annualized)
|
|
4.64
|
|
5.42
|
|
4.06
|
|
1.78
|
|
8.26
|
|
0.50
|
|
Return on average tangible
equity (annualized)
|
|
5.45
|
|
5.84
|
|
4.78
|
|
2.87
|
|
8.12
|
|
1.83
|
|
Net interest margin
(annualized)
|
|
3.65
|
|
3.59
|
|
3.71
|
|
3.39
|
|
3.41
|
|
3.00
|
|
Total dividends declared to net
income
|
|
19.84
|
|
20.02
|
|
34.31
|
|
57.46
|
|
20.58
|
|
92.00
|
|
Effective tax rate
|
|
38.29
|
|
39.19
|
|
36.22
|
|
37.33
|
|
37.75
|
|
34.66
|
|
Efficiency ratio
|
|
51.97
|
|
49.25
|
|
49.69
|
|
53.34
|
|
46.32
|
|
53.06
|
|
NONPERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
|
$
111,871
|
|
$
97,858
|
|
$
105,887
|
|
$
94,715
|
|
$
74,205
|
|
$
73,383
|
|
90 days past due and accruing
|
|
333
|
|
4
|
|
310
|
|
10,578
|
|
8,409
|
|
10,552
|
|
Restructured
|
|
5,525
|
|
5,650
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total nonperforming
loans
|
|
117,729
|
|
103,512
|
|
106,197
|
|
105,293
|
|
82,614
|
|
83,935
|
|
Other real estate
|
|
27,634
|
|
18,809
|
|
18,432
|
|
6,389
|
|
6,003
|
|
5,351
|
|
Total nonperforming
assets
|
|
$
145,363
|
|
$
122,321
|
|
$
124,629
|
|
$
111,682
|
|
$
88,617
|
|
$
89,286
|
|
Potential problem
loans
|
|
$
242,217
|
|
$
275,912
|
|
$
258,399
|
|
$
255,051
|
|
$
178,081
|
|
$
133,810
|
|
Covered
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
|
$
14,504
|
|
$
16,192
|
|
$
12,322
|
|
$
14,686
|
|
$
8,607
|
|
$
-
|
|
90 days past due and accruing
|
|
130
|
|
356
|
|
1,136
|
|
4,544
|
|
3,658
|
|
-
|
|
Total nonperforming
loans
|
|
14,634
|
|
16,548
|
|
13,458
|
|
19,230
|
|
12,265
|
|
-
|
|
Other real estate
|
|
4,352
|
|
4,489
|
|
4,748
|
|
2,598
|
|
2,938
|
|
-
|
|
Total nonperforming
assets
|
|
$
18,986
|
|
$
21,037
|
|
$
18,206
|
|
$
21,828
|
|
$
15,203
|
|
$
-
|
|
Potential problem
loans
|
|
$
6,184
|
|
$
6,620
|
|
$
8,874
|
|
$
4,421
|
|
$
5,977
|
|
$
-
|
|
ALLOWANCE
ACTIVITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
|
$
65,168
|
|
$
62,413
|
|
$
57,777
|
|
$
51,753
|
|
$
46,262
|
|
$
39,773
|
|
Charge offs
|
|
6,168
|
|
6,545
|
|
6,756
|
|
4,372
|
|
2,975
|
|
4,810
|
|
Recoveries
|
|
279
|
|
769
|
|
752
|
|
219
|
|
989
|
|
417
|
|
Net charge offs
|
|
5,889
|
|
5,776
|
|
6,004
|
|
4,153
|
|
1,986
|
|
4,393
|
|
Provision for loan
losses
|
|
7,776
|
|
8,531
|
|
10,640
|
|
10,177
|
|
7,477
|
|
10,882
|
|
Balance, end of
period
|
|
$
67,055
|
|
$
65,168
|
|
$
62,413
|
|
$
57,777
|
|
$
51,753
|
|
$
46,262
|
|
ASSET QUALITY
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to
portfolio loans and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other real estate
|
|
5.81%
|
|
4.82%
|
|
4.87%
|
|
4.33%
|
|
3.41%
|
|
3.53%
|
|
Nonperforming loans to portfolio
loans
|
|
4.76
|
|
4.11
|
|
4.18
|
|
4.09
|
|
3.19
|
|
3.32
|
|
Net loan charge-offs to average
portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loans (annualized)
|
|
0.94
|
|
0.93
|
|
0.95
|
|
0.62
|
|
0.31
|
|
0.71
|
|
Allowance for loan losses to
portfolio loans
|
|
2.71
|
|
2.59
|
|
2.46
|
|
2.25
|
|
2.00
|
|
1.83
|
|
Allowance for loan losses
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nonperforming loans
|
|
56.96
|
|
62.96
|
|
58.77
|
|
54.87
|
|
62.64
|
|
55.12
|
|
Covered
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to
portfolio loans and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other real estate
|
|
26.24%
|
|
25.84%
|
|
20.19%
|
|
20.55%
|
|
12.67%
|
|
-
|
|
Nonperforming loans to portfolio
loans
|
|
21.52
|
|
21.52
|
|
15.76
|
|
18.56
|
|
10.47
|
|
-
|
|
CAPITAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total shareholders'
equity to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average assets
|
|
11.78%
|
|
10.18%
|
|
10.31%
|
|
10.24%
|
|
10.35%
|
|
10.47%
|
|
Leverage ratio
|
|
14.48
|
|
12.32
|
|
12.42
|
|
12.39
|
|
12.70
|
|
12.72
|
|
Tier 1 capital to risk-weighted
assets
|
|
16.50
|
|
14.00
|
|
13.28
|
|
13.04
|
|
12.67
|
|
12.85
|
|
Total capital to risk-weighted
assets
|
|
17.78
|
|
15.28
|
|
14.55
|
|
14.31
|
|
13.92
|
|
14.11
|
|
Tangible common equity to
tangible assets**
|
|
10.02
|
|
7.87
|
|
7.61
|
|
7.79
|
|
7.65
|
|
7.76
|
|
REGULATORY CAPITAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I capital
|
|
$
438,973
|
|
$
381,280
|
|
$
377,418
|
|
$
374,805
|
|
$
372,713
|
|
$
369,482
|
|
Total capital
|
|
472,971
|
|
415,955
|
|
413,438
|
|
411,201
|
|
409,764
|
|
405,613
|
|
Total risk adjusted
assets
|
|
2,659,886
|
|
2,722,628
|
|
2,841,476
|
|
2,873,558
|
|
2,942,821
|
|
2,875,290
|
|
Average total assets
|
|
3,032,328
|
|
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
|
|
$
375,319
|
|
$
315,341
|
|
$
309,778
|
|
$
309,118
|
|
$
305,416
|
|
$
300,406
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
6,811
|
|
6,811
|
|
6,811
|
|
6,811
|
|
6,811
|
|
7,071
|
|
|
Preferred
stock
|
|
67,375
|
|
67,205
|
|
67,037
|
|
66,872
|
|
66,710
|
|
66,549
|
|
|
Tangible common
equity
|
|
$
301,133
|
|
$
241,325
|
|
$
235,930
|
|
$
235,435
|
|
$
231,895
|
|
$
226,786
|
|
|
Total assets
|
|
$
3,010,835
|
|
$
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
|
|
6,811
|
|
7,071
|
|
|
Tangible assets
|
|
$
3,004,024
|
|
$
3,068,112
|
|
$
3,101,480
|
|
$
3,022,536
|
|
$
3,032,174
|
|
$
2,921,062
|
|
|
Tangible common equity to
tangible assets
|
|
10.02%
|
|
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.