Southwest Bancorp, Inc. (Nasdaq:OKSB) (Nasdaq:OKSBP),
("Southwest"), today reported net income available to common
shareholders for the second quarter of 2013 of $4.4 million, or
$0.22 per diluted share, up $2.0 million or 85% over the prior
quarter. Net income available to common shareholders was $2.4
million, or $0.12 per diluted share, for the first quarter of 2013
and $3.0 million, or $0.15 per diluted share, for the second
quarter of 2012. Net income available to common shareholders for
the six months ended June 30, 2013 totaled $6.8 million, or $0.34
per diluted share, compared to $7.1 million, or $0.37 per diluted
share, for the six months ended June 30, 2012.
Mark Funke, President and CEO, stated, "We are pleased with the
progress we have made through the first six months of this year.
Net income available to common shareholders has improved this
quarter compared to a year ago and nonperforming assets continue to
be reduced. We have added a number of talented new people to our
company and, together with our tenured bankers, are continuing to
maintain the highest level of service to our customers, while
attracting new relationships to our organization. I like the
momentum we are developing in our company and for our customers. As
we move into the second half of 2013, we will continue to focus
attention on improving asset quality, better operating efficiencies
and appropriate capital management as we position our company for
the future."
Joe Shockley, CFO, stated, "The Company's capital position and
liquidity remain strong. During the quarter, we repurchased the
common stock warrant issued to the US Treasury as part of the CPP
program and it is our intention to redeem our 10.5% Trust Preferred
Securities in mid-September 2013, subject to regulatory approval.
The redemption of the Trust Preferred Securities will improve our
net interest income by approximately $3.5 million annually. These
actions are continuing steps in restructuring the bank's balance
sheet."
Financial Overview
Unless otherwise indicated, the following discussion excludes
"covered" assets, which are subject to loss sharing agreements with
the FDIC. For information on covered versus noncovered assets,
please see the accompanying unaudited financial statement and
tables.
Condition: At June 30, 2013, total assets were
$2.0 billion, down $59.7 million compared to March 31, 2013,
primarily due to a decline in cash and cash equivalents. Total
loans were $1.3 billion, flat from March 31, 2013.
Investment securities of $372.4 million as of June 30, 2013
increased $6.8 million compared March 31, 2013, and $32.0 million
compared to a year ago. The investment portfolio is managed to
provide safety, liquidity, and collateral for public funds and
borrowings. The investment portfolio continues to be managed in
compliance with the current investment policy, including interest
rate and liquidity risk stress testing, and the average duration of
the portfolio not exceeding four years.
At June 30, 2013, the allowance for loan losses was $40.3
million, a decrease of 6% from March 31, 2013. The allowance for
loan losses to portfolio loans was 3.12% as of June 30, 2013,
compared to 3.29% as of March 31, 2013. The allowance for loan
losses to nonperforming loans was 136.44% as of June 30, 2013,
compared to 131.78% as of March 31, 2013.
Nonperforming assets were $29.7 million, or 2.30% of portfolio
loans and other real estate, as of June 30, 2013, a decrease of
$12.1 million (29%) from $41.8 million, or 3.20% of portfolio loans
and other real estate, as of March 31, 2013. The decrease in
nonperforming assets during the second quarter is primarily
attributable to the sale of other real estate properties totaling
$9.2 million. One of the transactions resulted in a $1.7 million
pre-tax gain during the second quarter. Other real estate at June
30, 2013 was $145,000 down from $9.4 million at March 31, 2013 and
$17.3 million a year ago. Nonperforming loans decreased by $2.8
million during the quarter.
Total core funding, which includes all non-brokered deposits and
sweep repurchase agreements, comprised 98% of total funding as of
June 30, 2013 and March 31, 2013. Wholesale funding, including FHLB
borrowings, federal funds purchased, and brokered deposits,
accounted for 2% of total funding at June 30, 2013 and March 31,
2013. Please see Table 7 for details on core funding and
non-brokered deposits, which are non-GAAP financial measures.
The capital ratios of Southwest and each of its banking
subsidiaries, as of June 30, 2013, exceeded the criteria for
regulatory classification as "well-capitalized". Southwest's total
regulatory capital was $345.7 million, for a total risk-based
capital ratio of 23.78%, and Tier 1 capital was $326.8 million, for
a Tier 1 risk-based capital ratio of 22.48%. Southwest's capital
exceeded the minimum to be classified as "well-capitalized" by
$200.3 million. Stillwater National Bank, Southwest's principal
banking subsidiary, had total regulatory capital of $278.4 million,
for a total risk-based capital ratio of 21.79%, and Tier 1 capital
of $247.1 million, for a Tier 1 risk-based capital ratio of 19.34%.
Stillwater National Bank exceeded the minimum to be classified as
"well-capitalized" by $150.7 million. Designation as a
well-capitalized institution under regulations does not constitute
a recommendation or endorsement by Federal bank regulators.
Second Quarter Results:
Summary: For the second quarter of 2013, net
income available to common shareholders was $4.4 million, compared
to $3.0 million for the second quarter of 2012, and $2.4 million
for the first quarter of 2013. The $1.4 million increase in our net
income available to common shareholders compared to the second
quarter of 2012 is the result of a $3.9 million decrease in
noninterest expense, a $1.1 million decrease primarily in dividends
on preferred stock due to the repurchase during 2012, a $0.9
million decrease in the provision for loan losses, and a $0.2
million decrease in income tax expense, offset in part by a $4.6
million decrease in net interest income and a $0.1 million decrease
in noninterest income.
The $2.0 million increase in net income available to common
shareholders compared to the first quarter of 2013 is the result of
a $1.5 million decrease in noninterest expense and a $1.4 million
decrease in the provision for loan losses, offset in part by a $0.5
million decrease in net interest income and a $0.4 million increase
in income taxes.
Net Interest Income: Net interest income
totaled $15.1 million for the second quarter of 2013, compared to
$19.7 million for the second quarter of 2012, a decrease of $4.6
million, or 23%, and to $15.6 million for the first quarter of
2013, a decrease of $0.5 million, or 3%. Net interest margin was
3.07% for the second quarter of 2013, compared to 3.71% for the
second quarter of 2012 and 3.16% for the first quarter of 2013.
With the rate environment remaining low in the short to mid-term,
earning assets are repricing at lower rates. Noncovered loans
declined $226.3 million, or 15%, from June 30, 2012 and $7.2
million, or 1%, from March 31, 2013 primarily due to a decline in
commercial real estate loans.
Provision for Loan Losses and Net Charge-offs:
The provision for loan losses is the amount that is required to
maintain the allowance for losses at an appropriate level based
upon the inherent risks in the loan portfolio after the effects of
net charge-offs or net recoveries for the period. The provision for
loan losses was a credit (or negative) of $0.9 million for the
second quarter of 2013, compared to a provision for loan losses of
$32,000 for second quarter of 2012 and a provision for loan losses
of $0.5 million for the first quarter of 2013. For the second
quarter of 2013, net charge-offs totaled $1.6 million, or 0.50%
(annualized) of average portfolio loans, compared to net
charge-offs of $1.2 million, or 0.31% (annualized) of average
portfolio loans for the second quarter of 2012, and net charge-offs
of $4.4 million, or 1.32% (annualized) of average portfolio loans
for the first quarter of 2013.
Noninterest Income: Noninterest income totaled
$3.5 million for the second quarter of 2013, compared to $3.6
million for the second quarter of 2012, and $3.5 million for the
first quarter of 2013. The decrease from second quarter 2012
includes a $0.3 million decrease in service charges and fees,
offset in part by a $0.2 million increase in the gain on sales of
loans.
Noninterest Expense: Noninterest expense
totaled $12.8 million for the second quarter of 2013, compared to
$16.8 million for the second quarter of 2012 and $14.4 million for
the first quarter of 2013.
The $3.9 million decrease from second quarter of 2012 consists
primarily of a $3.5 million decrease in other real estate expense,
which includes $2.3 million recognized as gain on sale of other
real estate properties and a $0.7 million decrease in write-downs
of other real estate properties during the second quarter of 2013.
Also included in the decline from prior year is a $0.8 million
decrease in general and administrative expense, which is primarily
the result of decreased consulting fees, legal fees, and
miscellaneous expenses, a $0.3 million decrease in FDIC and other
insurance expense, and a $0.1 million decrease in provision for
unfunded loan commitments, offset in part by a $0.7 million
increase in personnel expense.
The $1.6 million decrease from first quarter of 2013 consists
primarily of a $1.7 million decrease in other real estate expense,
primarily due to the net gains on sales of other real estate
properties in the second quarter of this year and lower write-downs
of other real estate properties during the quarter.
Income Tax: Income tax expense totaled $2.2
million for the second quarter of 2013, compared to $2.4 million
for the second quarter of 2012 and $1.9 million for the first
quarter of 2013. The income tax expense fluctuates in relation to
pre-tax income levels. The second quarter 2013 effective tax rate
was 33.74%, due to a $0.2 million adjustment in reserve for tax
credits.
Year-to-date Results:
Summary: Net income available to common
shareholders was $6.8 million as of June 30, 2013, compared to $7.1
million as of June 30, 2012. The $0.3 million decrease in our net
income available to common shareholders from 2012 is the result of
a $9.9 million decrease in net interest income, offset in part by a
$2.1 million decrease in the provision for loan losses, a $3.9
million decrease in noninterest expense, a $1.4 million decrease in
income tax expense, and a $2.2 million decrease primarily in
dividends on preferred stock due to the repurchase during 2012.
Net Interest Income: Net interest income
totaled $30.7 million for the first six months of 2013, compared to
$40.6 million for the first six months of 2012, a decrease of $9.9
million, or 24%. Lower average loan volume was the primary cause of
this decrease. Year-to-date net interest margin was 3.12%, compared
to 3.77% for 2012. With the rate environment remaining low, earning
assets are repricing at lower rates.
Provision for Loan Losses and Net Charge-offs:
The provision for loan losses is the amount of expense that is
required to maintain the allowance for losses at an appropriate
level based upon the inherent risks in the loan portfolio after the
effects of net charge-offs for the period. The provision for loan
losses was a credit (or negative) of $0.4 million for the first six
months of 2013, compared to an expense of $1.7 million for the
first six months of 2012. Net charge-offs totaled $6.0 million, or
0.91% (annualized) of average portfolio loans year-to-date as of
June 30, 2013, compared to $2.5 million, or 0.32% (annualized) of
average portfolio loans for the same period 2012.
Noninterest Income: Noninterest income totaled
$7.0 million for the first six months of 2013, compared to $7.1
million for the first six months of 2012. The decrease consists of
a $0.6 million decline in service charges and fees, offset in part
by a $0.5 million increase in gains on sales of loans.
Noninterest Expense: Noninterest expense
totaled $27.2 million for the first six months of 2013, compared to
$31.1 million for the first six months of 2012. The decrease
consists of a $3.5 million decrease in other real estate expense,
which is primarily due to net gains recognized on the sale of other
real estate properties combined with decreased expenses associated
with other real estate properties. Also included in the decline
from prior year is a $1.3 million decrease in general and
administrative expense, which is primarily the result of lower
legal fees, consulting fees, other loan costs, and bank exam fees,
and a $0.6 million decrease in FDIC and other insurance expense,
offset in part by a $1.6 million increase in personnel expense.
Income Tax: Income tax expense totaled $4.1
million for the first six months of 2013, compared to $5.6 million
for the first six months of 2012. The income tax expense fluctuates
in relation to pre-tax income levels. The year-to-date effective
tax rate was 37.70% as of June 30, 2013.
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, commercial and consumer lending, deposit
and investment services, specialized cash management, and other
financial services are offered from offices in Oklahoma, Texas, and
Kansas. Stillwater National was chartered in 1894 and Southwest was
organized in 1981 as the holding company. At June 30, 2013,
Southwest had total assets of $2.0 billion, deposits of $1.6
billion, and shareholders' equity of $249.4 million.
Southwest's 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. The strategic focus on healthcare lending was
established in 1974. Southwest and its subsidiaries 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, 2013, approximately $429.4
million, or 33%, of noncovered loans were loans to individuals and
businesses in the healthcare industry. Regular market reviews
are conducted of current and potential healthcare lending business
and the appropriate concentrations within healthcare based upon
economic and regulatory conditions.
Additionally, Southwest also focuses on commercial real estate
mortgage and construction lending. As of June 30, 2013,
approximately $0.9 billion, or 73%, of noncovered loans were
commercial real estate mortgage and construction loans, including
$285.7 million of loans to individuals and businesses in the
healthcare industry.
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.
Caution About Forward-Looking
Statements
Southwest makes forward-looking statements in this news release
that are subject to risks and uncertainties. These statements
are intended to be covered by the safe harbor provision for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995.
These forward-looking statements include:
- Statements of Southwest's goals, intentions, and
expectations;
- Estimates of risks and of future costs and benefits;
- Expectations regarding Southwest's future financial performance
and the financial performance of its operating segments;
- Expectations regarding regulatory actions;
- Expectations regarding Southwest's ability to utilize tax loss
benefits;
- Assessments of loan quality, probable loan losses, and the
amount and timing of loan payoffs;
- Estimates of the value of assets held for sale or available for
sale; 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 timing of
future changes in interest rates, market behavior, and other
economic conditions; future laws, regulations, and accounting
principles; changes in regulatory standards and examination
policies, and a variety of other matters. These other matters
include, among other things, the direct and indirect effects of
economic conditions on interest rates, credit quality, loan demand,
liquidity, and monetary and supervisory policies of banking
regulators. 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 future
results. For other factors, risks, and uncertainties that
could cause actual results to differ materially from estimates and
projections contained in forward-looking statements, please read
Southwest's reports filed with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year
ended December 31, 2012. You are urged to carefully review and
consider the cautionary statements and other disclosures made in
those filings, specifically those under the heading "Risk
Factors".
The cautionary statements in this release also identify
important factors and possible events that involve risk and
uncertainties that could cause actual results to differ materially
from those contained in the forward-looking statements. These
forward-looking statements speak only as of the date on which the
statements were made. Southwest does not intend, and
undertakes no obligation, to update or revise any forward-looking
statements contained in this release, whether as a result of
differences in actual results, changes in assumptions, or changes
in other factors affecting such statements, except as required by
law.
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, 2013 through the date
its financial statements are filed with the Securities and Exchange
Commission. The June 30, 2013 financial statements included in
this release will be adjusted if necessary to properly reflect the
impact of subsequent events on estimates used to prepare those
statements.
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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 Loan Data |
Table 6 |
Unaudited Quarterly Summary Financial
Data |
Table 7 |
Unaudited Quarterly Supplemental Analytical
Data |
Table 8 |
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SOUTHWEST BANCORP, INC. UNAUDITED
FINANCIAL HIGHLIGHTS (Dollars in thousands, except per
share) |
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Table 1 |
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|
|
|
Second
Quarter |
First
Quarter |
QUARTERLY HIGHLIGHTS |
|
|
% |
|
% |
|
2013 |
2012 |
Change |
2013 |
Change |
Operations |
|
|
|
|
|
Net interest income |
$ 15,134 |
$ 19,747 |
(23)% |
$ 15,606 |
(3)% |
Provision for loan losses |
(876) |
32 |
(2,838) |
498 |
(276) |
Noninterest income |
3,491 |
3,601 |
(3) |
3,537 |
(1) |
Noninterest expense |
12,839 |
16,769 |
(23) |
14,388 |
(11) |
Income before taxes |
6,662 |
6,547 |
2 |
4,257 |
56 |
Taxes on income |
2,248 |
2,430 |
(7) |
1,868 |
20 |
Net income |
4,414 |
4,117 |
7 |
2,389 |
85 |
Net income available to common
shareholders |
4,414 |
3,011 |
47 |
2,389 |
85 |
Diluted earnings per share |
0.22 |
0.15 |
47 |
0.12 |
83 |
Balance Sheet |
|
|
|
|
|
Total assets |
2,031,962 |
2,264,123 |
(10) |
2,091,694 |
(3) |
Loans held for sale |
7,217 |
23,996 |
(70) |
7,297 |
(1) |
Noncovered portfolio loans |
1,289,226 |
1,498,708 |
(14) |
1,296,317 |
(1) |
Covered portfolio loans |
21,646 |
30,712 |
(30) |
23,601 |
(8) |
Total deposits |
1,615,961 |
1,788,379 |
(10) |
1,677,668 |
(4) |
Total shareholders' equity |
249,420 |
309,003 |
(19) |
250,509 |
(0) |
Book value per common share |
12.67 |
12.64 |
0 |
12.72 |
(0) |
Key Ratios |
|
|
|
|
|
Net interest margin |
3.07% |
3.71% |
|
3.16% |
|
Efficiency ratio |
68.93 |
71.82 |
|
75.16 |
|
Total capital to risk-weighted
assets |
23.78 |
23.52 |
|
23.54 |
|
Nonperforming loans to portfolio loans -
noncovered |
2.29 |
1.38 |
|
2.50 |
|
Shareholders' equity to total assets |
12.27 |
13.86 |
|
11.98 |
|
Tangible common equity to tangible
assets* |
12.22 |
10.56 |
|
11.93 |
|
Return on average assets
(annualized) |
0.87 |
0.72 |
|
0.46 |
|
Return on average common equity
(annualized) |
7.00 |
4.92 |
|
3.89 |
|
Return on average tangible common equity
(annualized)** |
7.03 |
5.06 |
|
3.90 |
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YEAR-TO-DATE HIGHLIGHTS |
Six
Months |
|
|
|
|
|
% |
|
|
|
2013 |
2012 |
Change |
|
|
Operations |
|
|
|
|
|
Net interest income |
$ 30,740 |
$ 40,596 |
(24)% |
|
|
Provision for loan losses |
(378) |
1,748 |
(122) |
|
|
Noninterest income |
7,028 |
7,115 |
(1) |
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|
Noninterest expense |
27,227 |
31,078 |
(12) |
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|
Income before taxes |
10,919 |
14,885 |
(27) |
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|
Taxes on income |
4,116 |
5,557 |
(26) |
|
|
Net income |
6,803 |
9,328 |
(27) |
|
|
Net income available to common
shareholders |
6,803 |
7,130 |
(5) |
|
|
Diluted earnings per share |
0.34 |
0.37 |
(8) |
|
|
Balance Sheet |
|
|
|
|
|
Total assets |
2,031,962 |
2,264,123 |
(10) |
|
|
Loans held for sale |
7,217 |
23,996 |
(70) |
|
|
Noncovered portfolio loans |
1,289,226 |
1,498,708 |
(14) |
|
|
Covered portfolio loans |
21,646 |
30,712 |
(30) |
|
|
Total deposits |
1,615,961 |
1,788,379 |
(10) |
|
|
Total shareholders' equity |
249,420 |
309,003 |
(19) |
|
|
Book value per common share |
12.67 |
12.64 |
0 |
|
|
Key Ratios |
|
|
|
|
|
Net interest margin |
3.12% |
3.77% |
|
|
|
Efficiency ratio (GAAP-based) |
72.09 |
65.14 |
|
|
|
Total capital to risk-weighted
assets |
23.78 |
23.52 |
|
|
|
Nonperforming loans to portfolio loans -
noncovered |
2.29 |
1.38 |
|
|
|
Shareholders' equity to total assets |
12.27 |
13.86 |
|
|
|
Tangible common equity to tangible
assets* |
12.22 |
10.56 |
|
|
|
Return on average assets
(annualized) |
0.66 |
0.81 |
|
|
|
Return on average common equity
(annualized) |
5.46 |
5.87 |
|
|
|
Return on average tangible common equity
(annualized)** |
5.49 |
6.04 |
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Balance sheet amounts and ratios
are as of period end unless otherwise noted. |
* This is a Non-GAAP financial
measure. Please see Table 8 for a reconciliation to the most
directly comparable GAAP based measure. |
** This is a Non-GAAP financial
measure. |
Please see accompanying tables
for additional financial information. |
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SOUTHWEST BANCORP, INC. UNAUDITED
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollars in
thousands) |
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|
Table 2 |
|
|
|
|
|
June 30, |
December 31, |
June 30, |
|
2013 |
2012 |
2012 |
Assets |
|
|
|
Cash and due from banks |
$ 32,137 |
$ 45,045 |
$ 39,539 |
Interest-bearing deposits |
266,835 |
243,034 |
236,336 |
Cash and cash equivalents |
298,972 |
288,079 |
275,875 |
Securities held to maturity (fair values of
$12,188, $13,659, and $13,735, respectively) |
11,758 |
12,797 |
12,962 |
Securities available for sale (amortized cost
of $361,397, $358,317, and $320,929, respectively) |
360,645 |
364,315 |
327,416 |
Loans held for sale |
7,217 |
31,682 |
23,996 |
Noncovered loans receivable |
1,289,226 |
1,321,346 |
1,498,708 |
Less: Allowance for loan losses |
(40,270) |
(46,494) |
(43,807) |
Net noncovered loans receivable |
1,248,956 |
1,274,852 |
1,454,901 |
Covered loans receivable (includes loss
share: $5,062, $6,714, and $8,096, respectively) |
21,646 |
25,707 |
30,712 |
Less: Allowance for loan losses |
(82) |
(224) |
(91) |
Net covered loans receivable |
21,564 |
25,483 |
30,621 |
Net loans receivable |
1,270,520 |
1,300,335 |
1,485,522 |
Accrued interest receivable |
6,067 |
6,365 |
7,014 |
Income tax receivable |
1,839 |
24,525 |
24,974 |
Premises and equipment, net |
21,063 |
21,691 |
22,436 |
Noncovered other real estate |
145 |
11,315 |
17,263 |
Covered other real estate |
1,666 |
3,643 |
3,825 |
Goodwill |
1,214 |
1,214 |
1,214 |
Other intangible assets, net |
4,981 |
4,864 |
4,760 |
Other assets |
45,875 |
51,430 |
56,866 |
Total assets |
$ 2,031,962 |
$ 2,122,255 |
$ 2,264,123 |
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Liabilities |
|
|
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Deposits: |
|
|
|
Noninterest-bearing demand |
$ 412,176 |
$ 424,008 |
$ 421,083 |
Interest-bearing demand |
138,502 |
112,012 |
119,929 |
Money market accounts |
408,145 |
423,417 |
361,839 |
Savings accounts |
38,611 |
37,693 |
35,610 |
Time deposits of $100,000 or more |
295,179 |
351,273 |
431,317 |
Other time deposits |
323,348 |
361,175 |
418,601 |
Total deposits |
1,615,961 |
1,709,578 |
1,788,379 |
Accrued interest payable |
1,020 |
1,116 |
831 |
Other liabilities |
9,264 |
13,180 |
15,470 |
Other borrowings |
74,334 |
70,362 |
68,477 |
Subordinated debentures |
81,963 |
81,963 |
81,963 |
Total liabilities |
1,782,542 |
1,876,199 |
1,955,120 |
|
|
|
|
Shareholders' equity |
|
|
|
Serial preferred stock -- $1,000 par value;
2,000,000 shares authorized; 0, 0, and 70,000 shares issued and
outstanding, respectively |
-- |
-- |
68,837 |
Common stock -- $1 par value; 40,000,000
shares authorized; 19,692,606, 19,529,705, and 19,447,202 shares
issued and outstanding, respectively |
19,693 |
19,530 |
19,447 |
Additional paid-in capital |
99,342 |
99,705 |
98,899 |
Retained earnings |
131,896 |
125,093 |
119,776 |
Accumulated other comprehensive income
(loss) |
(1,511) |
1,728 |
2,044 |
Total shareholders' equity |
249,420 |
246,056 |
309,003 |
Total liabilities and shareholders'
equity |
$ 2,031,962 |
$ 2,122,255 |
$ 2,264,123 |
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC. |
Table 3 |
UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS |
|
(Dollars in thousands) |
|
|
|
|
|
|
|
For the three
months |
For the six
months |
|
ended June
30, |
ended June
30, |
|
2013 |
2012 |
2013 |
2012 |
Interest income |
|
|
|
|
Loans |
$ 16,415 |
$ 21,708 |
$ 33,421 |
$ 45,085 |
Investment securities |
1,594 |
2,139 |
3,285 |
4,085 |
Other interest-earning assets |
255 |
193 |
495 |
377 |
Total interest income |
18,264 |
24,040 |
37,201 |
49,547 |
|
|
|
|
|
Interest expense |
|
|
|
|
Interest-bearing deposits |
1,442 |
2,542 |
3,094 |
5,438 |
Other borrowings |
222 |
222 |
442 |
446 |
Subordinated debentures |
1,466 |
1,529 |
2,925 |
3,067 |
Total interest expense |
3,130 |
4,293 |
6,461 |
8,951 |
|
|
|
|
|
Net interest income |
15,134 |
19,747 |
30,740 |
40,596 |
|
|
|
|
|
Provision for loan losses |
(876) |
32 |
(378) |
1,748 |
|
|
|
|
|
Net interest income after provision for loan
losses |
16,010 |
19,715 |
31,118 |
38,848 |
|
|
|
|
|
Noninterest income |
|
|
|
|
Service charges and fees |
2,607 |
2,931 |
5,267 |
5,858 |
Gain on sales of loans |
831 |
582 |
1,645 |
1,117 |
Gain on investment securities |
-- |
35 |
-- |
35 |
Other noninterest income |
53 |
53 |
116 |
105 |
Total noninterest income |
3,491 |
3,601 |
7,028 |
7,115 |
|
|
|
|
|
Noninterest expense |
|
|
|
|
Salaries and employee benefits |
8,039 |
7,354 |
16,175 |
14,601 |
Occupancy |
2,679 |
2,635 |
5,253 |
5,180 |
FDIC and other insurance |
400 |
699 |
891 |
1,482 |
Other real estate, net |
(1,394) |
2,059 |
(1,041) |
2,431 |
General and administrative |
3,115 |
4,022 |
5,949 |
7,384 |
Total noninterest expense |
12,839 |
16,769 |
27,227 |
31,078 |
Income before taxes |
6,662 |
6,547 |
10,919 |
14,885 |
Taxes on income |
2,248 |
2,430 |
4,116 |
5,557 |
Net income |
$ 4,414 |
$ 4,117 |
$ 6,803 |
$ 9,328 |
Net income available to common
shareholders |
$ 4,414 |
$ 3,011 |
$ 6,803 |
$ 7,130 |
|
|
|
|
|
Basic earnings per common share |
$ 0.22 |
$ 0.15 |
$ 0.34 |
$ 0.37 |
Diluted earnings per common share |
0.22 |
0.15 |
0.34 |
0.37 |
Common dividends declared per share |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC. |
Table 4 |
UNAUDITED AVERAGE
BALANCES, YIELDS, AND RATES - QUARTERLY |
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
For the three
months ended |
|
June 30,
2013 |
March 31,
2013 |
|
Average |
|
Average |
Average |
|
Average |
|
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
Assets |
|
|
|
|
|
|
Noncovered loans |
$ 1,296,589 |
$ 16,018 |
4.96% |
$ 1,330,578 |
$ 16,514 |
5.03% |
Covered loans |
22,361 |
397 |
7.12 |
24,895 |
492 |
8.01 |
Investment securities |
374,353 |
1,594 |
1.71 |
380,525 |
1,691 |
1.80 |
Other interest-earning assets |
282,067 |
255 |
0.36 |
268,396 |
240 |
0.36 |
Total interest-earning assets |
1,975,370 |
18,264 |
3.71 |
2,004,394 |
18,937 |
3.83 |
Other assets |
63,390 |
|
|
87,592 |
|
|
Total assets |
$ 2,038,760 |
|
|
$ 2,091,986 |
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
Interest-bearing demand deposits |
$ 126,250 |
$ 37 |
0.12% |
$ 133,600 |
$ 45 |
0.14% |
Money market accounts |
420,477 |
190 |
0.18 |
419,635 |
236 |
0.23 |
Savings accounts |
38,833 |
12 |
0.12 |
38,721 |
12 |
0.13 |
Time deposits |
633,647 |
1,203 |
0.76 |
683,159 |
1,359 |
0.81 |
Total interest-bearing deposits |
1,219,207 |
1,442 |
0.47 |
1,275,115 |
1,652 |
0.53 |
Other borrowings |
71,857 |
222 |
1.24 |
69,728 |
220 |
1.28 |
Subordinated debentures |
81,963 |
1,466 |
7.15 |
81,963 |
1,459 |
7.12 |
Total interest-bearing liabilities |
1,373,027 |
3,130 |
0.91 |
1,426,806 |
3,331 |
0.95 |
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
402,224 |
|
|
403,547 |
|
|
Other liabilities |
10,561 |
|
|
12,285 |
|
|
Shareholders' equity |
252,948 |
|
|
249,348 |
|
|
Total liabilities and shareholders'
equity |
$ 2,038,760 |
|
|
$ 2,091,986 |
|
|
|
|
|
|
|
|
|
Net interest income and spread |
|
$ 15,134 |
2.80% |
|
$ 15,606 |
2.88% |
Net interest margin (1) |
|
|
3.07% |
|
|
3.16% |
Average interest-earning assets to
average interest-bearing liabilities |
143.87% |
|
|
140.48% |
|
|
|
|
|
|
|
|
|
(1) Net interest margin =
annualized net interest income / average interest-earning
assets |
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC. |
Table 5 |
UNAUDITED AVERAGE
BALANCES, YIELDS, AND RATES – YEAR-TO-DATE |
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
For the six
months ended June 30, |
|
2013 |
2012 |
|
Average |
|
Average |
Average |
|
Average |
|
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
Assets |
|
|
|
|
|
|
Noncovered loans |
$ 1,313,490 |
$ 32,532 |
4.99% |
$ 1,614,980 |
$ 43,848 |
5.46% |
Covered loans |
23,621 |
889 |
7.59 |
33,951 |
1,237 |
7.33 |
Investment securities |
377,422 |
3,285 |
1.76 |
327,180 |
4,085 |
2.51 |
Other interest-earning assets |
275,269 |
495 |
0.36 |
191,839 |
377 |
0.40 |
Total interest-earning assets |
1,989,802 |
37,201 |
3.77 |
2,167,950 |
49,547 |
4.60 |
Other assets |
75,423 |
|
|
153,370 |
|
|
Total assets |
$ 2,065,225 |
|
|
$ 2,321,320 |
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
Interest-bearing demand deposits |
$ 129,905 |
$ 82 |
0.13% |
$ 120,626 |
$ 129 |
0.22% |
Money market accounts |
420,058 |
426 |
0.20 |
375,289 |
520 |
0.28 |
Savings accounts |
38,777 |
24 |
0.12 |
34,609 |
26 |
0.15 |
Time deposits |
658,266 |
2,562 |
0.78 |
905,900 |
4,763 |
1.06 |
Total interest-bearing deposits |
1,247,006 |
3,094 |
0.50 |
1,436,424 |
5,438 |
0.76 |
Other borrowings |
70,798 |
442 |
1.26 |
57,301 |
446 |
1.57 |
Subordinated debentures |
81,963 |
2,925 |
7.14 |
81,963 |
3,067 |
7.48 |
Total interest-bearing liabilities |
1,399,767 |
6,461 |
0.93 |
1,575,688 |
8,951 |
1.14 |
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
402,882 |
|
|
383,008 |
|
|
Other liabilities |
11,418 |
|
|
49,692 |
|
|
Shareholders' equity |
251,158 |
|
|
312,932 |
|
|
Total liabilities and shareholders'
equity |
$ 2,065,225 |
|
|
$ 2,321,320 |
|
|
|
|
|
|
|
|
|
Net interest income and spread |
|
$ 30,740 |
2.84% |
|
$ 40,596 |
3.46% |
Net interest margin (1) |
|
|
3.12% |
|
|
3.77% |
Average interest-earning assets to
average interest-bearing liabilities |
142.15% |
|
|
137.59% |
|
|
|
|
|
|
|
|
|
(1) Net interest margin =
annualized net interest income / average interest-earning
assets |
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC. |
Table 6 |
UNAUDITED QUARTERLY
SUMMARY LOAN DATA |
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
2013 |
2012 |
|
Jun. 30 |
Mar. 31 |
Dec. 31 |
Sep. 30 |
Jun. 30 |
Mar. 31 |
LOAN COMPOSITION |
|
|
|
|
|
|
Noncovered: |
|
|
|
|
|
|
Real estate mortgage: |
|
|
|
|
|
|
Commercial |
$ 786,686 |
$ 819,873 |
$ 870,977 |
$ 898,453 |
$ 931,239 |
$ 996,486 |
One-to-four family residential |
77,445 |
73,911 |
70,952 |
74,081 |
74,390 |
76,287 |
Real estate construction: |
|
|
|
|
|
|
Commercial |
158,907 |
139,462 |
130,753 |
206,342 |
211,098 |
222,678 |
One-to-four family residential |
5,241 |
5,015 |
3,656 |
3,438 |
4,184 |
3,814 |
Commercial |
235,667 |
232,224 |
240,498 |
244,018 |
263,085 |
273,324 |
Installment and consumer: |
|
|
|
|
|
|
Guaranteed student loans |
4,520 |
4,576 |
4,680 |
4,872 |
5,153 |
5,276 |
Other |
27,977 |
28,553 |
31,512 |
32,710 |
33,555 |
31,766 |
Total noncovered loans, including held for
sale |
1,296,443 |
1,303,614 |
1,353,028 |
1,463,914 |
1,522,704 |
1,609,631 |
Less allowance for loan losses |
(40,270) |
(42,639) |
(46,494) |
(43,607) |
(43,807) |
(45,023) |
Total noncovered loans, net |
$ 1,256,173 |
$ 1,260,975 |
$ 1,306,534 |
$ 1,420,307 |
$ 1,478,897 |
$ 1,564,608 |
Covered: |
|
|
|
|
|
|
Real estate mortgage: |
|
|
|
|
|
|
Commercial |
$ 15,452 |
$ 16,970 |
$ 18,298 |
$ 20,664 |
$ 21,472 |
$ 22,607 |
One-to-four family residential |
4,253 |
4,458 |
4,881 |
5,059 |
5,432 |
5,766 |
Real estate construction: |
|
|
|
|
|
|
Commercial |
320 |
367 |
382 |
419 |
1,627 |
2,344 |
Commercial |
1,554 |
1,715 |
2,037 |
1,937 |
2,033 |
2,401 |
Installment and consumer |
67 |
91 |
109 |
118 |
148 |
196 |
Total covered loans |
21,646 |
23,601 |
25,707 |
28,197 |
30,712 |
33,314 |
Less allowance for loan losses |
(82) |
(214) |
(224) |
(138) |
(91) |
(60) |
Total covered loans, net |
$ 21,564 |
$ 23,387 |
$ 25,483 |
$ 28,059 |
$ 30,621 |
$ 33,254 |
LOANS BY SEGMENT |
|
|
|
|
|
|
Oklahoma banking |
$ 656,356 |
$ 628,747 |
$ 652,121 |
$ 704,916 |
$ 751,758 |
$ 810,217 |
Texas banking |
444,327 |
495,815 |
520,481 |
560,197 |
588,370 |
616,455 |
Kansas banking |
210,189 |
195,355 |
174,451 |
192,249 |
189,292 |
177,508 |
Subtotal |
1,310,872 |
1,319,917 |
1,347,053 |
1,457,362 |
1,529,420 |
1,604,180 |
Secondary market |
7,217 |
7,298 |
31,682 |
34,749 |
23,996 |
38,765 |
Total loans |
$ 1,318,089 |
$ 1,327,215 |
$ 1,378,735 |
$ 1,492,111 |
$ 1,553,416 |
$ 1,642,945 |
NONPERFORMING LOANS BY
TYPE |
|
|
|
|
|
|
Construction & development |
$ 5,989 |
$ 6,409 |
$ 3,355 |
$ 3,436 |
$ 3,608 |
$ 3,768 |
Commercial real estate |
12,325 |
13,362 |
18,337 |
20,576 |
4,932 |
6,821 |
Commercial |
10,719 |
11,861 |
15,232 |
1,791 |
10,878 |
2,209 |
One-to-four family residential |
418 |
651 |
1,310 |
949 |
1,125 |
1,508 |
Consumer |
64 |
73 |
160 |
131 |
176 |
118 |
Total nonperforming loans - noncovered |
$ 29,515 |
$ 32,356 |
$ 38,394 |
$ 26,883 |
$ 20,719 |
$ 14,424 |
NONPERFORMING LOANS BY
SEGMENT |
|
|
|
|
|
|
Oklahoma banking |
$ 1,678 |
$ 2,000 |
$ 2,956 |
$ 4,369 |
$ 2,979 |
$ 3,550 |
Texas banking |
26,294 |
28,817 |
33,756 |
19,940 |
14,894 |
5,703 |
Kansas banking |
1,543 |
1,539 |
1,682 |
2,574 |
2,846 |
5,171 |
Total nonperforming loans - noncovered |
$ 29,515 |
$ 32,356 |
$ 38,394 |
$ 26,883 |
$ 20,719 |
$ 14,424 |
OTHER REAL ESTATE BY
TYPE |
|
|
|
|
|
|
Construction & development |
$ 145 |
$ 215 |
$ 215 |
$ 445 |
$ 2,585 |
$ 3,542 |
Commercial real estate |
-- |
9,207 |
11,003 |
14,130 |
14,129 |
14,854 |
One-to-four family residential |
-- |
-- |
97 |
108 |
549 |
933 |
Total other real estate - noncovered |
$ 145 |
$ 9,422 |
$ 11,315 |
$ 14,683 |
$ 17,263 |
$ 19,329 |
OTHER REAL ESTATE BY
SEGMENT |
|
|
|
|
|
|
Oklahoma banking |
$ -- |
$ 1,980 |
$ 3,393 |
$ 6,178 |
$ 6,178 |
$ 6,273 |
Texas banking |
-- |
7,227 |
7,227 |
7,227 |
9,162 |
9,846 |
Kansas banking |
145 |
215 |
695 |
1,278 |
1,923 |
3,210 |
Total other real estate - noncovered |
$ 145 |
$ 9,422 |
$ 11,315 |
$ 14,683 |
$ 17,263 |
$ 19,329 |
POTENTIAL PROBLEM LOANS BY
TYPE |
|
|
|
|
|
|
Construction & development |
$ 20,745 |
$ 19,968 |
$ 22,077 |
$ 22,565 |
$ 25,563 |
$ 33,907 |
Commercial real estate |
62,166 |
60,329 |
58,549 |
53,725 |
71,537 |
67,654 |
Commercial |
10,136 |
8,220 |
12,526 |
9,305 |
12,753 |
23,506 |
One-to-four family residential |
1,071 |
1,129 |
1,147 |
1,157 |
1,230 |
1,253 |
Consumer |
-- |
-- |
62 |
-- |
-- |
-- |
Total potential problem loans -
noncovered |
$ 94,118 |
$ 89,646 |
$ 94,361 |
$ 86,752 |
$ 111,083 |
$ 126,320 |
POTENTIAL PROBLEM LOANS BY
SEGMENT |
|
|
|
|
|
|
Oklahoma banking |
$ 31,495 |
$ 32,246 |
$ 30,875 |
$ 39,606 |
$ 48,038 |
$ 44,122 |
Texas banking |
58,710 |
51,978 |
58,377 |
43,313 |
59,368 |
79,735 |
Kansas banking |
3,913 |
5,422 |
5,109 |
3,833 |
3,677 |
2,463 |
Total potential problem loans -
noncovered |
$ 94,118 |
$ 89,646 |
$ 94,361 |
$ 86,752 |
$ 111,083 |
$ 126,320 |
LOANS OUT OF MARKET |
|
|
|
|
|
|
Net balance of loans out of market: |
|
|
|
|
|
|
Arizona |
$ 31,564 |
$ 33,017 |
$ 40,326 |
$ 41,255 |
$ 39,449 |
$ 34,749 |
Iowa |
22,537 |
22,659 |
22,826 |
22,958 |
23,022 |
23,130 |
Kentucky |
11,860 |
10,144 |
8,691 |
7,517 |
9,455 |
517 |
California |
9,632 |
10,866 |
9,791 |
9,684 |
9,922 |
10,252 |
Mississippi |
9,233 |
9,170 |
9,239 |
9,842 |
-- |
-- |
Colorado |
8,586 |
3,067 |
3,110 |
3,119 |
3,111 |
3,104 |
South Carolina |
7,165 |
7,205 |
7,244 |
7,283 |
7,320 |
-- |
Florida |
6,346 |
6,333 |
6,254 |
6,204 |
6,240 |
6,269 |
Tennessee |
6,171 |
6,246 |
6,204 |
6,232 |
6,310 |
6,368 |
Ohio |
4,759 |
4,132 |
10,438 |
11,182 |
11,502 |
12,650 |
Other |
17,455 |
15,198 |
19,542 |
20,565 |
20,917 |
25,851 |
Total loans out of market |
$ 135,308 |
$ 128,037 |
$ 143,665 |
$ 145,841 |
$ 137,248 |
$ 122,890 |
Nonperforming loans out of market: |
|
|
|
|
|
|
Arizona |
$ 12,167 |
$ 13,419 |
$ 11,599 |
$ 250 |
$ 256 |
$ 261 |
New York |
1,048 |
-- |
-- |
-- |
-- |
-- |
Florida |
264 |
270 |
275 |
281 |
287 |
293 |
Colorado |
-- |
131 |
131 |
131 |
131 |
131 |
Other |
1 |
-- |
59 |
-- |
-- |
-- |
Total nonperforming out of market |
$ 13,480 |
$ 13,820 |
$ 12,064 |
$ 662 |
$ 674 |
$ 685 |
Potential problem loans out of market: |
|
|
|
|
|
|
Iowa |
$ 11,719 |
$ 11,792 |
$ 11,868 |
$ 11,941 |
$ 11,970 |
$ 12,035 |
New Jersey |
1,244 |
-- |
-- |
-- |
-- |
-- |
California |
512 |
524 |
536 |
548 |
559 |
570 |
Florida |
75 |
80 |
85 |
90 |
95 |
100 |
Arizona |
-- |
-- |
9,037 |
-- |
-- |
-- |
Total potential problem out of market |
$ 13,550 |
$ 12,396 |
$ 21,526 |
$ 12,579 |
$ 12,624 |
$ 12,705 |
ALLOWANCE ACTIVITY |
|
|
|
|
|
|
Balance, beginning of period |
$ 42,853 |
$ 46,718 |
$ 43,745 |
$ 43,898 |
$ 45,083 |
$ 44,684 |
Charge offs |
2,072 |
4,651 |
722 |
2,653 |
2,229 |
1,936 |
Recoveries |
447 |
288 |
610 |
4,226 |
1,012 |
619 |
Net charge offs (recoveries) |
1,625 |
4,363 |
112 |
(1,573) |
1,217 |
1,317 |
Provision for loan losses |
(876) |
498 |
3,085 |
(1,726) |
32 |
1,716 |
Balance, end of period |
$ 40,352 |
$ 42,853 |
$ 46,718 |
$ 43,745 |
$ 43,898 |
$ 45,083 |
NET CHARGE OFFS BY TYPE |
|
|
|
|
|
|
Construction & development |
$ 111 |
$ (19) |
$ (22) |
$ (1,823) |
$ (85) |
$ (42) |
Commercial real estate |
7 |
416 |
(18) |
2,022 |
91 |
14 |
Commercial |
1,085 |
3,751 |
239 |
(1,894) |
1,228 |
1,211 |
One-to-four family residential |
363 |
167 |
(40) |
20 |
(105) |
123 |
Consumer |
59 |
48 |
(47) |
102 |
88 |
11 |
Total net charge offs (recoveries) by
type |
$ 1,625 |
$ 4,363 |
$ 112 |
$ (1,573) |
$ 1,217 |
$ 1,317 |
NET CHARGE OFFS BY
SEGMENT |
|
|
|
|
|
|
Oklahoma banking |
$ 200 |
$ 589 |
$ (261) |
$ 5 |
$ (247) |
$ 1,150 |
Texas banking |
1,356 |
3,241 |
305 |
857 |
1,139 |
227 |
Kansas banking |
69 |
533 |
68 |
(2,435) |
325 |
(60) |
Total net charge offs (recoveries) by
segment |
$ 1,625 |
$ 4,363 |
$ 112 |
$ (1,573) |
$ 1,217 |
$ 1,317 |
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC. |
Table 7 |
UNAUDITED QUARTERLY
SUMMARY FINANCIAL DATA |
|
(Dollars in thousands, except per
share data) |
|
|
|
|
|
|
|
|
|
2013 |
2012 |
|
Jun. 30 |
Mar. 31 |
Dec. 31 |
Sep. 30 |
Jun. 30 |
Mar. 31 |
PER SHARE DATA |
|
|
|
|
|
|
Basic earnings per common share |
$ 0.22 |
$ 0.12 |
$ 0.05 |
$ 0.22 |
$ 0.15 |
$ 0.21 |
Diluted earnings per common share |
0.22 |
0.12 |
0.05 |
0.22 |
0.15 |
0.21 |
Book value per common share |
12.67 |
12.72 |
12.60 |
12.59 |
12.35 |
12.21 |
Tangible book value per share* |
12.60 |
12.66 |
12.54 |
12.53 |
12.29 |
12.15 |
COMMON STOCK |
|
|
|
|
|
|
Shares issued and outstanding |
19,692,606 |
19,692,038 |
19,529,721 |
19,448,312 |
19,447,202 |
19,445,913 |
OTHER FINANCIAL DATA |
|
|
|
|
|
|
Investment securities |
$ 372,403 |
$ 365,605 |
$ 377,112 |
$ 381,499 |
$ 340,378 |
$ 333,860 |
Loans held for sale |
7,217 |
7,297 |
31,682 |
34,749 |
23,996 |
38,765 |
Noncovered portfolio loans |
1,289,226 |
1,296,317 |
1,321,346 |
1,429,165 |
1,498,708 |
1,570,866 |
Total noncovered loans |
1,296,443 |
1,303,614 |
1,353,028 |
1,463,914 |
1,522,704 |
1,609,631 |
Covered portfolio loans |
21,646 |
23,601 |
25,707 |
28,197 |
30,712 |
33,314 |
Total assets |
2,031,962 |
2,091,694 |
2,122,255 |
2,151,153 |
2,264,123 |
2,268,264 |
Total deposits |
1,615,961 |
1,677,668 |
1,709,578 |
1,743,673 |
1,788,379 |
1,806,780 |
Other borrowings |
74,334 |
70,872 |
70,362 |
66,694 |
68,477 |
55,139 |
Subordinated debentures |
81,963 |
81,963 |
81,963 |
81,963 |
81,963 |
81,963 |
Total shareholders' equity |
249,420 |
250,509 |
246,056 |
244,821 |
309,003 |
306,046 |
Mortgage servicing portfolio |
368,825 |
356,032 |
343,397 |
329,184 |
305,465 |
301,378 |
INTANGIBLE ASSET DATA |
|
|
|
|
|
|
Goodwill |
$ 1,214 |
$ 1,214 |
$ 1,214 |
$ 1,214 |
$ 1,214 |
$ 1,214 |
Core deposit intangible |
2,306 |
2,424 |
2,543 |
2,664 |
2,785 |
2,906 |
Mortgage servicing rights |
2,675 |
2,445 |
2,321 |
2,122 |
1,975 |
1,952 |
Total intangible assets |
$ 6,195 |
$ 6,083 |
$ 6,078 |
$ 6,000 |
$ 5,974 |
$ 6,072 |
Intangible amortization expense |
$ 313 |
$ 410 |
$ 283 |
$ 283 |
$ 282 |
$ 296 |
DEPOSIT COMPOSITION |
|
|
|
|
|
|
Non-interest bearing demand |
$ 412,176 |
$ 416,979 |
$ 424,008 |
$ 429,407 |
$ 421,083 |
$ 395,141 |
Interest-bearing demand |
138,502 |
125,914 |
112,012 |
113,677 |
119,929 |
119,759 |
Money market accounts |
408,145 |
437,629 |
423,417 |
385,296 |
361,839 |
349,419 |
Savings accounts |
38,611 |
39,733 |
37,693 |
36,461 |
35,610 |
34,679 |
Time deposits of $100,000 or more |
295,179 |
317,270 |
351,273 |
389,969 |
431,317 |
464,876 |
Other time deposits |
323,348 |
340,143 |
361,175 |
388,863 |
418,601 |
442,906 |
Total deposits** |
$ 1,615,961 |
$ 1,677,668 |
$ 1,709,578 |
$ 1,743,673 |
$ 1,788,379 |
$ 1,806,780 |
OFFICES AND EMPLOYEES |
|
|
|
|
|
|
FTE Employees |
408 |
412 |
422 |
429 |
430 |
435 |
Branches |
22 |
22 |
22 |
23 |
23 |
23 |
Loan production offices |
1 |
1 |
1 |
2 |
2 |
2 |
Assets per employee |
$ 4,980 |
$ 5,077 |
$ 5,029 |
$ 5,014 |
$ 5,265 |
$ 5,214 |
|
|
|
|
|
|
|
*This is a Non-GAAP based financial
measure. |
|
|
|
|
|
|
**Calculation of Non-brokered
Deposits and Core Funding (Non-GAAP Financial Measures) |
Total deposits |
$ 1,615,961 |
$ 1,677,668 |
$ 1,709,578 |
$ 1,743,673 |
$ 1,788,379 |
$ 1,806,780 |
Less: |
|
|
|
|
|
|
Brokered time deposits |
4,904 |
5,760 |
9,865 |
10,197 |
12,238 |
13,307 |
Other brokered deposits |
3,422 |
3,422 |
3,421 |
4,421 |
4,420 |
6,529 |
Non-brokered deposits |
$ 1,607,635 |
$ 1,668,486 |
$ 1,696,292 |
$ 1,729,055 |
$ 1,771,721 |
$ 1,786,944 |
Plus: |
|
|
|
|
|
|
Sweep repurchase agreements |
49,334 |
45,872 |
45,362 |
41,694 |
43,477 |
30,139 |
Core funding |
$ 1,656,969 |
$ 1,714,358 |
$ 1,741,654 |
$ 1,770,749 |
$ 1,815,198 |
$ 1,817,083 |
|
|
|
|
|
|
|
Balance sheet amounts are as of
period end unless otherwise noted. |
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC. |
Table 8 |
UNAUDITED QUARTERLY
SUPPLEMENTAL ANALYTICAL DATA |
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
2013 |
2012 |
|
Jun. 30 |
Mar. 31 |
Dec. 31 |
Sep. 30 |
Jun. 30 |
Mar. 31 |
PERFORMANCE RATIOS |
|
|
|
|
|
|
Return on average assets (annualized) |
0.87% |
0.46% |
0.18% |
1.06% |
0.73% |
0.89% |
Return on average common equity
(annualized) |
7.00 |
3.89 |
1.56 |
7.11 |
5.03 |
7.00 |
Return on average tangible common equity
(annualized)* |
7.03 |
3.90 |
1.56 |
7.15 |
5.06 |
7.03 |
Net interest margin (annualized) |
3.07 |
3.16 |
3.41 |
3.59 |
3.71 |
3.82 |
Effective tax rate |
33.74 |
43.88 |
31.45 |
39.73 |
37.12 |
37.50 |
Efficiency ratio |
68.93 |
75.16 |
79.68 |
64.47 |
71.82 |
58.73 |
NONPERFORMING ASSETS |
|
|
|
|
|
|
Noncovered: |
|
|
|
|
|
|
Nonaccrual loans |
$ 29,513 |
$ 32,356 |
$ 35,104 |
$ 26,493 |
$ 20,474 |
$ 14,324 |
90 days past due and accruing |
2 |
-- |
3,290 |
390 |
245 |
100 |
Total nonperforming loans |
29,515 |
32,356 |
38,394 |
26,883 |
20,719 |
14,424 |
Other real estate |
145 |
9,422 |
11,315 |
14,683 |
17,263 |
19,329 |
Total nonperforming assets |
$ 29,660 |
$ 41,778 |
$ 49,709 |
$ 41,566 |
$ 37,982 |
$ 33,753 |
Performing restructured |
$ 993 |
$ 512 |
$ 290 |
$ 281 |
$ 328 |
$ 1,700 |
Potential problem loans |
$ 94,118 |
$ 89,646 |
$ 94,361 |
$ 86,752 |
$ 111,083 |
$ 126,320 |
Covered: |
|
|
|
|
|
|
Nonaccrual loans |
$ 3,062 |
$ 2,873 |
$ 3,595 |
$ 4,809 |
$ 6,067 |
$ 7,015 |
90 days past due and accruing |
-- |
-- |
-- |
353 |
-- |
-- |
Total nonperforming loans |
3,062 |
2,873 |
3,595 |
5,162 |
6,067 |
7,015 |
Other real estate |
1,666 |
2,243 |
3,643 |
4,142 |
3,825 |
4,694 |
Total nonperforming assets |
$ 4,728 |
$ 5,116 |
$ 7,238 |
$ 9,304 |
$ 9,892 |
$ 11,709 |
Performing restructured |
$ 1,800 |
$ 1,854 |
$ 2,523 |
$ 2,548 |
$ 1,701 |
$ -- |
Potential problem loans |
$ 3,352 |
$ 3,986 |
$ 3,155 |
$ 1,621 |
$ 1,573 |
$ 553 |
ASSET QUALITY RATIOS |
|
|
|
|
|
|
Net loan charge-offs to average portfolio
loans (annualized) |
0.50% |
1.32% |
0.03% |
(0.42)% |
0.31% |
0.32% |
Noncovered: |
|
|
|
|
|
|
Nonperforming assets to portfolio loans and
other real estate |
2.30% |
3.20% |
3.73% |
2.88% |
2.51% |
2.12% |
Nonperforming loans to portfolio loans |
2.29 |
2.50 |
2.91 |
1.88 |
1.38 |
0.92 |
Allowance for loan losses to portfolio
loans |
3.12 |
3.29 |
3.52 |
3.05 |
2.92 |
2.87 |
Allowance for loan losses to nonperforming
loans |
136.44 |
131.78 |
121.10 |
162.21 |
211.43 |
312.14 |
Covered: |
|
|
|
|
|
|
Nonperforming assets to portfolio loans and
other real estate |
20.28% |
19.80% |
24.66% |
28.77% |
28.64% |
30.81% |
Nonperforming loans to portfolio loans |
14.15 |
12.17 |
13.98 |
18.31 |
19.75 |
21.06 |
Allowance for loan losses to portfolio
loans |
0.38 |
0.91 |
0.87 |
0.49 |
0.30 |
0.18 |
Allowance for loan losses to nonperforming
loans |
2.68 |
7.45 |
6.23 |
2.67 |
1.50 |
0.86 |
CAPITAL RATIOS |
|
|
|
|
|
|
Average total shareholders' equity to average
assets |
12.41% |
11.92% |
11.61% |
12.31% |
13.56% |
12.99% |
Leverage ratio |
16.10 |
15.59 |
15.01 |
14.49 |
16.84 |
16.20 |
Tier 1 capital to risk-weighted assets |
22.48 |
22.25 |
20.28 |
19.36 |
22.24 |
21.21 |
Total capital to risk-weighted assets |
23.78 |
23.54 |
21.56 |
20.64 |
23.52 |
22.49 |
Tangible common equity to tangible
assets*** |
12.22 |
11.93 |
11.54 |
11.33 |
10.56 |
10.42 |
REGULATORY CAPITAL DATA |
|
|
|
|
|
|
Tier I capital |
$ 326,831 |
$ 324,659 |
$ 319,665 |
$ 317,665 |
$ 382,263 |
$ 378,949 |
Total capital |
345,717 |
343,562 |
339,964 |
338,739 |
404,252 |
401,808 |
Total risk adjusted assets |
1,453,878 |
1,459,465 |
1,576,521 |
1,641,121 |
1,719,058 |
1,786,282 |
Average total assets |
2,030,064 |
2,082,789 |
2,130,035 |
2,192,579 |
2,269,640 |
2,339,784 |
____________________ |
|
|
|
|
|
|
*This is a Non-GAAP based financial
measure. |
|
|
|
|
|
|
***Calculation of Tangible
Capital to Tangible Assets (Non-GAAP Financial Measure) |
Total shareholders' equity |
$ 249,420 |
$ 250,509 |
$ 246,056 |
$ 244,821 |
$ 309,003 |
$ 306,046 |
Less: |
|
|
|
|
|
|
Goodwill |
1,214 |
1,214 |
1,214 |
1,214 |
1,214 |
1,214 |
Preferred stock |
-- |
-- |
-- |
-- |
68,837 |
68,644 |
Tangible common equity |
$ 248,206 |
$ 249,295 |
$ 244,842 |
$ 243,607 |
$ 238,952 |
$ 236,188 |
Total assets |
$ 2,031,962 |
$ 2,091,694 |
$ 2,122,255 |
$ 2,151,153 |
$ 2,264,123 |
$ 2,268,264 |
Less goodwill |
1,214 |
1,214 |
1,214 |
1,214 |
1,214 |
1,214 |
Tangible assets |
$ 2,030,748 |
$ 2,090,480 |
$ 2,121,041 |
$ 2,149,939 |
$ 2,262,909 |
$ 2,267,050 |
Tangible common equity to tangible
assets |
12.22% |
11.93% |
11.54% |
11.33% |
10.56% |
10.42% |
|
|
|
|
|
|
|
Balance sheet amounts and ratios
are as of period end unless otherwise noted. |
CONTACT: Mark W. Funke
President & CEO
Joe T. Shockley, Jr.
EVP & CFO
(405) 372-2230
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