Southwest Bancorp, Inc. (NASDAQ:OKSB), (“Southwest”), today
reported net income for the third quarter of 2015 of $4.1 million,
or $0.22 per diluted share, compared to $5.3 million, or $0.27 per
diluted share, for the third quarter of 2014, which included a
negative (credit) provision for loan losses of $2.9 million. Net
income for the nine months ended September 30, 2015 totaled $12.8
million, or $0.68 per diluted share, compared to $15.1 million, or
$0.77 per diluted share, for the nine months ended September 30,
2014. Included in the prior year’s results was a pre-tax net gain
on sale of bank branches of $4.4 million and a negative (credit)
provision for loan losses of $4.2 million, versus a negative
(credit) provision for loan losses of $3.0 million for the first
nine months of 2015.
Southwest also announced that its board of directors has
approved a quarterly cash dividend of $0.06 per share payable
November 13, 2015 to shareholders of record as of October 30,
2015.
Mark Funke, President and CEO, stated, “The third quarter was a
busy and successful quarter for Bank SNB. We received
regulatory approval to acquire First Commercial Bancshares, Inc.
and completed the acquisition in early October. This expands
our presence in the Oklahoma City metro area with five additional
branches, increasing our total to ten. It also adds Colorado to our
geographic footprint with three branches in Denver and one in
Colorado Springs.
“The financial results for the third quarter reflect solid
earnings, improved efficiency, and strong loan growth. Our
efforts produced several highlights:
- Received regulatory approval to acquire Edmond-based First
Commercial Bancshares, Inc. (“FCBI”) and closed the merger on
October 9, 2015.
- Loan growth was $98.7 million, or 7%, for the third quarter and
$148.1 million, or 11%, for the first nine months of 2015. We have
had seven consecutive quarters of loan growth.
- The quarterly net interest margin improved to 3.34% at
September 30, 2015 compared to 3.31% at June 30, 2015.
- The quarterly efficiency ratio improved to 68.25% for the third
quarter, reflecting management’s commitment to improved operating
performance.
“Our financial results and the strong loan growth for the third
quarter reflect the excellent work of our banking
associates. We will continue to focus our company on producing
consistent, conservative, and sustainable earnings through the
expansion of our revenue base while prudently managing our
expenses.”
Southwest’s share repurchase program, approved in August of
2014, authorized the repurchase of up to 5.0% or 990,000 shares of
its outstanding common stock, par value $1.00 per share. As
of September 30, 2015, Southwest had repurchased 867,310 shares for
a total of $14.3 million. During the third quarter of 2015,
no shares were repurchased due to trade restrictions pursuant to
the pending acquisition of FCBI. On August 14, 2015, this share
repurchase plan expired. On February 24, 2015, Southwest’s
board of directors authorized a second share repurchase program of
up to another 5.0% of its outstanding common stock, or
approximately 950,000 shares, which became effective on August 14,
2015, immediately following the expiration of the 2014 program.
Financial Overview
Condition: As of September 30, 2015,
total assets were $2.1 billion, an increase of $28.3 million from
June 30, 2015. As of September 30, 2015, total loans were
$1.5 billion and investment securities were $388.5 million, an
increase of $98.7 million and an increase of $15.3 million from the
prior quarter end, respectively. Consequently, cash and cash
equivalents at September 30, 2015 were $68.6 million, down $88.0
million from June 30, 2015.
At September 30, 2015, the allowance for loan losses was $26.6
million, an increase of $0.4 million when compared to June 30, 2015
and a decrease of $4.3 million when compared to September 30,
2014. The allowance for loan losses to portfolio loans was
1.73% as of September 30, 2015, compared to 1.82% as of June 30,
2015 and 2.27% as of September 30, 2014. The allowance for
loan losses to nonperforming loans was 176.38% as of September 30,
2015, compared to 295.03% as of June 30, 2015 and 205.29% as of
September 30, 2014.
Nonperforming loans were $15.1 million at September 30, 2015, an
increase of $6.2 million from June 30, 2015, and remained
relatively flat from September 30, 2014. Other real estate at
September 30, 2015 was $2.3 million, a decrease of $0.1 million
from June 30, 2015, and a decrease of $1.2 million when compared to
September 30, 2014. Nonperforming assets were $17.4 million,
or 1.12% of portfolio loans and other real estate, as of September
30, 2015, compared to $11.3 million, or 0.78% of portfolio loans
and other real estate, as of June 30, 2015, and $18.5 million, or
1.36% of portfolio loans and other real estate, as of September 30,
2014.
Total core funding, which includes all non-brokered deposits and
sweep repurchase agreements, comprised 89% and 92% of total funding
as of September 30, 2015 and June 30, 2015, respectively.
Wholesale funding, including Federal Home Loan Bank borrowings,
federal funds purchased, and brokered deposits, accounted for 11%
and 8% of total funding at September 30, 2015 and June 30, 2015,
respectively. See Table 7 for details on core funding and
non-brokered deposits, which are non-GAAP financial measures.
The capital ratios of Southwest and Bank SNB as of September 30,
2015 exceeded the criteria for regulatory classification as
“well-capitalized”. Southwest’s total regulatory capital was
$344.1 million, for a total risk-based capital ratio of 18.21%,
Common Equity Tier 1 capital was $275.4 million, for a Common
Equity Tier 1 ratio of 14.57%, and Tier 1 capital was $320.4
million, for a Tier 1 risk-based capital ratio of 16.95%.
Bank SNB had total regulatory capital of $296.9 million, for a
total risk-based capital ratio of 15.77% and Common Equity Tier 1
and Tier 1 capital of $273.2 million, for a Common Equity Tier 1
and Tier 1 ratio of 14.51%. Designation as a well-capitalized
institution under regulations does not constitute a recommendation
or endorsement by bank regulators.
Third Quarter Results:
Summary: For the third quarter of 2015,
net income was $4.1 million, compared to $4.2 million for the
second quarter of 2015 and $5.3 million for the third quarter of
2014.
The $0.04 million decrease in net income compared to the second
quarter of 2015 was primarily due to a small loan provision for
loan losses versus a negative provision for loan losses in the
previous quarter of $1.1 million, a $0.1 million increase in
noninterest expense, and an increase in taxes of $0.1 million,
offset in part by a $0.7 million increase in net interest income
and a $0.6 million increase of noninterest income.
The $1.2 million decrease in our net income compared to the
third quarter of 2014 was primarily the result of a small loan
provision for loan losses versus a negative provision for loan
losses in the previous quarter of $2.9 million and a $0.7 million
increase in noninterest expense, offset in part by a $0.7 million
increase in net interest income, a $0.9 million increase in
noninterest income, and a $0.9 million decrease in taxes.
Net Interest Income: Net
interest income totaled $16.5 million for the third quarter of
2015, compared to $15.8 million for the second quarter of 2015 and
the third quarter of 2014. Net interest margin was 3.34% for
the third quarter of 2015, compared to 3.31% for the second quarter
of 2015 and 3.44% for the third quarter of 2014. Loans (including
loans held for sale) for the third quarter of 2015 increased $98.7
million, or 7%, when compared to June 30, 2015, and $180.7 million,
or 13%, when compared to September 30, 2014.
Provision (Credit) 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 provision
of $0.02 million for the third quarter of 2015, compared to a
negative provision of $1.1 million for the second quarter of 2015,
and a negative provision of $2.9 million for the third quarter of
2014. The $98.7 million loan growth in the third quarter of 2015
accounts for $1.3 million of the excess provision for loan losses.
During the third quarter of 2015, net recoveries totaled $0.4
million, or (0.09%) (annualized) of average portfolio loans,
compared to net recoveries of $0.1 million, or (0.03%) (annualized)
of average portfolio loans for the second quarter of 2015 and net
recoveries of $0.7 million, or (0.21%) (annualized) of average
portfolio loans for the third quarter of 2014.
Noninterest Income: Noninterest income
totaled $4.0 million for the third quarter of 2015, compared to
$3.4 million for the second quarter of 2015 and $3.1 million for
the third quarter of 2014.
The $0.6 million increase from the second quarter of 2015 is
primarily the result of a $0.8 million increase in other
noninterest income, primarily from customer risk management
interest rate swap income, offset in part by a $0.1 million
decrease in gain on sale of mortgage loans, and a $0.1 million
decrease in gain on sale of securities.
The $0.9 million increase from the third quarter of 2014 is
primarily the result of a $0.2 million increase in the gain on sale
of mortgage loans and a $0.8 million increase in other noninterest
income, primarily from customer risk management interest rate swap
income and interest income on bank owned life insurance, offset in
part by a $0.1 million decrease in service charges and fees.
Noninterest Expense: Noninterest expense
totaled $14.1 million for the third quarter of 2015, compared to
$14.0 million for the second quarter of 2015 and $13.4 million for
the third quarter of 2014.
The $0.1 million increase in noninterest expense from the second
quarter of 2015 was primarily due to a $0.1 million increase in
each personnel expense, occupancy expense, and data processing,
offset in part by a $0.1 million decrease in other real estate, and
a $0.1 million decrease in general and administrative expense
primarily related to the decrease in provision for unfunded loan
commitments, and also included $0.3 million in FCBI acquisition
expenses and $0.1 million in swap fee consulting expense, offset in
part by the reversal of a prior accrual of a contingent
liability.
The $0.7 million increase in noninterest expense from the third
quarter of 2014 consisted of a $0.6 million increase in personnel
expense, a $0.1 million increase in data processing, a $0.2 million
increase in other real estate, and a $0.3 million increase in the
provision for unfunded loan commitments, offset in part by a $0.6
million decrease in general and administrative expense, which
includes primarily legal, accounting, and marketing expenses.
Income Tax: Income tax expense totaled
$2.3 million for the third quarter of 2015, compared to $2.2
million for the second quarter of 2015 and $3.2 million for the
third quarter of 2014. The income tax expense fluctuates in
relation to pre-tax income levels. The third quarter of 2015
effective tax rate was 35.84%, compared to 34.51% for the second
quarter of 2015 and 37.49% for the third quarter of 2014. The
decline in the effective tax rate includes the impact of an
increase in tax exempt income, as a percentage of pre-tax
income.
Year-to-date Results:
Summary: Net income was $12.8 million for
the nine months ended September 30, 2015, compared to $15.1 million
for the nine months ended September 30, 2014. The $2.3
million decrease in net income from 2014 is the result of a $0.5
million decrease in net interest income, a $1.2 million decrease in
the negative provision for loan losses, and a $4.1 million decrease
in noninterest income, which is primarily the pre-tax net gain of
$4.4 million on the sales of community bank branches in the second
quarter of 2014, offset in part by a $1.7 million decrease in
noninterest expense, primarily due to decreased general and
administrative expense and other real estate expenses, and a $1.8
million decrease in income tax.
Net Interest Income: Net
interest income totaled $47.9 million for the first nine months of
2015, compared to $48.4 million for the first nine months of 2014,
a decrease of $0.5 million. Year-to-date net interest margin
was 3.30%, compared to 3.43% for 2014. Included in interest income
for the first nine months of 2014 was $0.8 million due to
accelerated discount accretion attributable to the sale of loans
covered by a loss share agreement and $0.6 million due to the
interest recognition resulting from loans returning to accrual
status. The net effect of these adjustments on the net
interest margin was a 9 basis point increase for the first nine
months of 2014. With the rate environment remaining low,
earning assets are repricing at lower rates.
Provision (Credit) 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 or net
recoveries for the period. The provision for loan losses was
a credit (or negative) of $3.0 million for the first nine months of
2015, compared to a negative provision of $4.2 million for the
first nine months of 2014. Net recoveries totaled $1.1 million, or
(0.11%) (annualized) of average portfolio loans year-to-date as of
September 30, 2015, compared to net charge-offs of $1.5 million, or
0.15% (annualized) of average portfolio loans for the same period
in 2014.
Noninterest Income: Noninterest income
totaled $10.3 million for the first nine months of 2015, compared
to $14.4 million for the first nine months of 2014. The
decrease consists of a $0.4 million decrease in service charges and
fees, the $4.4 million recognized as the pre-tax net gain on the
sales of the community bank branches in the second quarter of 2014,
and a $0.6 million decrease in the gain on sale of investment
securities, due to the gain on the sale of a stock investment that
was acquired in a prior year repossession in 2014, offset in part
by a $0.5 million increase in gains on sales of mortgage loans and
a $0.8 million increase in other noninterest income, which includes
customer risk management interest rate swap income and interest
income on bank owned life insurance.
Noninterest Expense: Noninterest expense
totaled $41.1 million for the first nine months of 2015, compared
to $42.8 million for the first nine months of 2014. The
decrease consists of a $0.2 million decrease in other real estate
expense and a $1.7 million decrease in other general and
administrative expenses, which primarily includes legal, marketing,
travel, consulting, and is offset by $0.5 million in FCBI
acquisition expenses. These decreases are offset in part by a $0.2
million increase in employee benefit expenses and a $0.1 million
increase in the provision for unfunded loan commitments.
Income Tax: Income tax expense totaled
$7.2 million for the first nine months of 2015, compared to $9.1
million for the first nine months of 2014. The income tax
expense fluctuates in relation to pre-tax income levels. The
year-to-date effective tax rate was 36.02% as of September 30,
2015, compared to 37.50% as of September 30, 2014. The decline in
the effective tax rate includes the impact of an increase in tax
exempt income, as a percentage of pre-tax income.
Conference Call
Southwest will host a conference call to review
these results on Wednesday, October 21, 2015 at 9:30 a.m. Eastern
Time (8:30 a.m. Central Time). Investors, news media, and
others may pre-register for the call using the following link to
receive a special dial-in number and PIN:
http://dpregister.com/10073037. Telephone participants who
are unable to pre-register may access the call by telephone at
866-218-2402 (toll-free) or 412-902-4190 (international).
Participants are encouraged to dial into the call approximately 10
minutes prior to the start time. The call and corresponding
presentation slides will be webcast live on Southwest’s website at
www.oksb.com or
http://services.choruscall.com/links/oksb151021.html. An
audio replay will be available one hour after the call at
877-344-7529 (toll-free) or 412-317-0088 (international),
conference number 10073037. Telephone replay access will be
available until 9:00 a.m. Eastern Time on November 21, 2015.
Southwest Bancorp and
Subsidiaries
Southwest is the holding company for Bank SNB, an Oklahoma state
banking corporation (“Bank SNB”). Bank SNB offers commercial
and consumer lending, deposit and investment services, specialized
cash management, and other financial services from offices in
Oklahoma, Texas, Kansas, and Colorado. Bank SNB was chartered
in 1894 and Southwest was organized in 1981 as the holding
company. At September 30, 2015, Southwest had total assets of
approximately $2.1 billion, deposits of $1.6 billion, and
shareholders’ equity of $277.3 million.
Southwest’s area of expertise focuses on the special financial
needs of healthcare and health professionals, businesses and their
managers and owners, commercial lending, energy banking, and
commercial real estate borrowers. The strategic focus on
healthcare lending was established in 1974. Southwest and its
banking subsidiary provide credit and other remittance 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 September 30, 2015, approximately $429.5
million, or 28%, of loans were loans to individuals and businesses
in the healthcare industry. Regular market reviews are
conducted of (i) current and potential healthcare lending business,
and (ii) the appropriate concentrations within healthcare based
upon economic and regulatory conditions.
Southwest’s common stock is traded on the NASDAQ Global Select
Market under the symbol OKSB.
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;
- Expectations regarding Southwest’s stock repurchase
program;
- Expectations regarding dividends;
- Expectations regarding acquisitions and divestitures;
- 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, 2014. 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 September 30, 2015 through the
date its financial statements are filed with the Securities and
Exchange Commission. The September 30, 2015 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.
The Southwest Bancorp, Inc. logo is available
at http://www.globenewswire.com/newsroom/prs/?pkgid=8074
The Bank SNB logo is available
at http://www.globenewswire.com/newsroom/prs/?pkgid=23106
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. |
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Table 1 |
UNAUDITED
FINANCIAL HIGHLIGHTS |
|
|
|
|
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|
|
|
|
|
|
|
|
(Dollars in thousands,
except per share) |
|
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|
|
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|
|
|
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|
Third Quarter |
Second Quarter |
|
|
Third Quarter |
QUARTERLY
HIGHLIGHTS |
|
2015 |
|
% Change |
|
2014 |
|
% Change |
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
|
16,496 |
|
|
$ |
|
15,791 |
|
|
|
4 |
% |
|
$ |
|
15,837 |
|
|
|
4 |
% |
Provision (credit) for loan
losses |
|
|
|
23 |
|
|
|
|
(1,136 |
) |
|
|
(102 |
) |
|
|
|
(2,897 |
) |
|
|
(101 |
) |
Noninterest income |
|
|
|
4,029 |
|
|
|
|
3,409 |
|
|
|
18 |
|
|
|
|
3,084 |
|
|
|
31 |
|
Noninterest expense |
|
|
|
14,077 |
|
|
|
|
13,982 |
|
|
|
1 |
|
|
|
|
13,358 |
|
|
|
5 |
|
Income before taxes |
|
|
|
6,425 |
|
|
|
|
6,354 |
|
|
|
1 |
|
|
|
|
8,460 |
|
|
|
(24 |
) |
Taxes on income |
|
|
|
2,303 |
|
|
|
|
2,193 |
|
|
|
5 |
|
|
|
|
3,172 |
|
|
|
(27 |
) |
Net income |
|
|
|
4,122 |
|
|
|
|
4,161 |
|
|
|
(1 |
) |
|
|
|
5,288 |
|
|
|
(22 |
) |
Diluted earnings per share |
|
|
|
0.22 |
|
|
|
|
0.22 |
|
|
|
- |
|
|
|
|
0.27 |
|
|
|
(19 |
) |
Balance
Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
2,059,899 |
|
|
|
|
2,031,581 |
|
|
|
1 |
|
|
|
|
1,900,948 |
|
|
|
8 |
|
Loans held for sale |
|
|
|
7,024 |
|
|
|
|
6,687 |
|
|
|
5 |
|
|
|
|
4,368 |
|
|
|
61 |
|
Portfolio loans |
|
|
|
1,541,070 |
|
|
|
|
1,442,743 |
|
|
|
7 |
|
|
|
|
1,363,020 |
|
|
|
13 |
|
Total deposits |
|
|
|
1,626,250 |
|
|
|
|
1,624,446 |
|
|
|
0 |
|
|
|
|
1,494,946 |
|
|
|
9 |
|
Total shareholders' equity |
|
|
|
277,344 |
|
|
|
|
273,681 |
|
|
|
1 |
|
|
|
|
271,966 |
|
|
|
2 |
|
Book value per common share |
|
|
|
14.57 |
|
|
|
|
14.38 |
|
|
|
1 |
|
|
|
|
13.90 |
|
|
|
5 |
|
Key
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
|
3.34 |
% |
|
|
|
3.31 |
% |
|
|
|
|
|
3.44 |
% |
|
|
Efficiency ratio |
|
|
|
68.25 |
|
|
|
|
72.43 |
|
|
|
|
|
|
70.60 |
|
|
|
Total capital to risk-weighted
assets |
|
|
|
18.21 |
|
|
|
|
19.09 |
|
|
|
|
|
|
21.34 |
|
|
|
Nonperforming loans to portfolio
loans |
|
|
|
0.98 |
|
|
|
|
0.62 |
|
|
|
|
|
|
1.10 |
|
|
|
Shareholders' equity to total
assets |
|
|
|
13.46 |
|
|
|
|
13.47 |
|
|
|
|
|
|
14.31 |
|
|
|
Tangible common equity to tangible
assets* |
|
|
|
13.40 |
|
|
|
|
13.40 |
|
|
|
|
|
|
14.23 |
|
|
|
Return on average assets
(annualized) |
|
|
|
0.81 |
|
|
|
|
0.85 |
|
|
|
|
|
|
1.12 |
|
|
|
Return on average common equity
(annualized) |
|
|
|
5.94 |
|
|
|
|
6.11 |
|
|
|
|
|
|
7.69 |
|
|
|
Return on average tangible common
equity (annualized)** |
|
|
|
5.97 |
|
|
|
|
6.14 |
|
|
|
|
|
|
7.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months |
|
|
|
|
|
YEAR-TO-DATE HIGHLIGHTS |
|
2015 |
|
2014 |
|
% Change |
|
|
|
|
|
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
|
47,897 |
|
|
$ |
|
48,412 |
|
|
|
(1 |
)% |
|
|
|
|
|
Provision (credit) for loan
losses |
|
|
|
(3,000 |
) |
|
|
|
(4,238 |
) |
|
|
(29 |
) |
|
|
|
|
|
Noninterest income |
|
|
|
10,278 |
|
|
|
|
14,355 |
|
|
|
(28 |
) |
|
|
|
|
|
Noninterest expense |
|
|
|
41,141 |
|
|
|
|
42,797 |
|
|
|
(4 |
) |
|
|
|
|
|
Income before taxes |
|
|
|
20,034 |
|
|
|
|
24,208 |
|
|
|
(17 |
) |
|
|
|
|
|
Taxes on income |
|
|
|
7,216 |
|
|
|
|
9,077 |
|
|
|
(21 |
) |
|
|
|
|
|
Net income |
|
|
|
12,818 |
|
|
|
|
15,131 |
|
|
|
(15 |
) |
|
|
|
|
|
Net income available to common
shareholders |
|
|
|
12,818 |
|
|
|
|
15,131 |
|
|
|
(15 |
) |
|
|
|
|
|
Diluted earnings per share |
|
|
|
0.68 |
|
|
|
|
0.77 |
|
|
|
(12 |
) |
|
|
|
|
|
Balance
Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
2,059,899 |
|
|
|
|
1,900,948 |
|
|
|
8 |
|
|
|
|
|
|
Loans held for sale |
|
|
|
7,024 |
|
|
|
|
4,368 |
|
|
|
61 |
|
|
|
|
|
|
Portfolio loans |
|
|
|
1,541,070 |
|
|
|
|
1,363,020 |
|
|
|
13 |
|
|
|
|
|
|
Total deposits |
|
|
|
1,626,250 |
|
|
|
|
1,494,946 |
|
|
|
9 |
|
|
|
|
|
|
Total shareholders' equity |
|
|
|
277,344 |
|
|
|
|
271,966 |
|
|
|
2 |
|
|
|
|
|
|
Book value per common share |
|
|
|
14.57 |
|
|
|
|
13.90 |
|
|
|
5 |
|
|
|
|
|
|
Key
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
|
3.30 |
% |
|
|
|
3.43 |
% |
|
|
|
|
|
|
|
Efficiency ratio |
|
|
|
70.33 |
|
|
|
|
68.18 |
|
|
|
|
|
|
|
|
Total capital to risk-weighted
assets |
|
|
|
18.21 |
|
|
|
|
21.34 |
|
|
|
|
|
|
|
|
Nonperforming loans to portfolio
loans |
|
|
|
0.98 |
|
|
|
|
1.10 |
|
|
|
|
|
|
|
|
Shareholders' equity to total
assets |
|
|
|
13.46 |
|
|
|
|
14.31 |
|
|
|
|
|
|
|
|
Tangible common equity to tangible
assets* |
|
|
|
13.40 |
|
|
|
|
14.23 |
|
|
|
|
|
|
|
|
Return on average assets
(annualized) |
|
|
|
0.86 |
|
|
|
|
1.04 |
|
|
|
|
|
|
|
|
Return on average common equity
(annualized) |
|
|
|
6.27 |
|
|
|
|
7.54 |
|
|
|
|
|
|
|
|
Return on average tangible common
equity (annualized)** |
|
|
|
6.31 |
|
|
|
|
7.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. |
SOUTHWEST BANCORP, INC. |
|
|
|
|
|
|
|
Table
2 |
UNAUDITED CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION |
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30, |
|
December
31, |
|
September
30, |
|
2015 |
|
2014 |
|
2014 |
Assets |
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
|
25,198 |
|
|
$ |
|
19,705 |
|
|
$ |
|
18,498 |
|
Interest-bearing deposits |
|
|
43,447 |
|
|
|
|
121,231 |
|
|
|
|
111,605 |
|
Cash and cash equivalents |
|
|
68,645 |
|
|
|
|
140,936 |
|
|
|
|
130,103 |
|
Securities held to maturity (fair values of
$13,462, $12,880 and $11,265, respectively) |
|
|
12,954 |
|
|
|
|
12,362 |
|
|
|
|
10,663 |
|
Securities available for sale (amortized cost of
$373,219, $352,275 and $359,042, respectively) |
|
|
375,589 |
|
|
|
|
353,231 |
|
|
|
|
359,944 |
|
Loans held for sale |
|
|
7,024 |
|
|
|
|
1,485 |
|
|
|
|
4,368 |
|
Loans receivable (includes loss share of $0 in
all periods) |
|
|
1,541,070 |
|
|
|
|
1,398,506 |
|
|
|
|
1,363,020 |
|
Less: Allowance for loan
losses |
|
|
(26,593 |
) |
|
|
|
(28,452 |
) |
|
|
|
(30,917 |
) |
Net loans receivable |
|
|
1,514,477 |
|
|
|
|
1,370,054 |
|
|
|
|
1,332,103 |
|
Accrued interest receivable |
|
|
4,872 |
|
|
|
|
4,723 |
|
|
|
|
4,952 |
|
Non-hedge derivative asset |
|
|
2,344 |
|
|
|
|
787 |
|
|
|
|
166 |
|
Premises and equipment, net |
|
|
18,180 |
|
|
|
|
18,588 |
|
|
|
|
18,986 |
|
Other real estate |
|
|
2,274 |
|
|
|
|
3,097 |
|
|
|
|
3,448 |
|
Goodwill |
|
|
1,214 |
|
|
|
|
1,214 |
|
|
|
|
1,214 |
|
Other intangible assets, net |
|
|
3,973 |
|
|
|
|
3,927 |
|
|
|
|
3,866 |
|
Other assets |
|
|
48,353 |
|
|
|
|
31,630 |
|
|
|
|
31,135 |
|
Total assets |
$ |
|
2,059,899 |
|
|
$ |
|
1,942,034 |
|
|
$ |
|
1,900,948 |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
$ |
|
526,159 |
|
|
$ |
|
496,128 |
|
|
$ |
|
445,148 |
|
Interest-bearing demand |
|
|
114,877 |
|
|
|
|
122,342 |
|
|
|
|
104,807 |
|
Money market accounts |
|
|
502,028 |
|
|
|
|
461,679 |
|
|
|
|
477,614 |
|
Savings accounts |
|
|
36,163 |
|
|
|
|
32,795 |
|
|
|
|
33,398 |
|
Time deposits of $100,000 or
more |
|
|
238,318 |
|
|
|
|
198,952 |
|
|
|
|
203,090 |
|
Other time deposits |
|
|
208,705 |
|
|
|
|
222,103 |
|
|
|
|
230,889 |
|
Total deposits |
|
|
1,626,250 |
|
|
|
|
1,533,999 |
|
|
|
|
1,494,946 |
|
Accrued interest payable |
|
|
778 |
|
|
|
|
769 |
|
|
|
|
771 |
|
Non-hedge derivative liability |
|
|
2,344 |
|
|
|
|
787 |
|
|
|
|
166 |
|
Other liabilities |
|
|
9,989 |
|
|
|
|
9,920 |
|
|
|
|
10,822 |
|
Other borrowings |
|
|
96,801 |
|
|
|
|
79,380 |
|
|
|
|
75,884 |
|
Subordinated debentures |
|
|
46,393 |
|
|
|
|
46,393 |
|
|
|
|
46,393 |
|
Total liabilities |
|
|
1,782,555 |
|
|
|
|
1,671,248 |
|
|
|
|
1,628,982 |
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
Common stock - $1 par value; 40,000,000 shares
authorized; |
|
|
|
|
|
|
|
|
19,901,336, 19,810,877, and
19,793,623 shares issued, respectively |
|
|
19,901 |
|
|
|
|
19,811 |
|
|
|
|
19,794 |
|
Additional paid-in capital |
|
|
101,611 |
|
|
|
|
101,245 |
|
|
|
|
100,971 |
|
Retained earnings |
|
|
169,825 |
|
|
|
|
160,427 |
|
|
|
|
155,290 |
|
Accumulated other comprehensive income
(loss) |
|
|
372 |
|
|
|
|
(395 |
) |
|
|
|
(411 |
) |
Treasury stock, at cost, 868,617, 617,818 and
223,005 shares, respectively |
|
|
(14,365 |
) |
|
|
|
(10,302 |
) |
|
|
|
(3,678 |
) |
Total shareholders' equity |
|
|
277,344 |
|
|
|
|
270,786 |
|
|
|
|
271,966 |
|
Total liabilities and shareholders'
equity |
$ |
|
2,059,899 |
|
|
$ |
|
1,942,034 |
|
|
$ |
|
1,900,948 |
|
SOUTHWEST BANCORP, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
3 |
UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three months ended |
|
For the nine
months |
|
September 30, |
|
June 30, |
|
September 30, |
|
ended September 30, |
|
2015 |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
16,510 |
|
$ |
|
15,839 |
|
|
$ |
|
15,683 |
|
|
$ |
|
47,919 |
|
|
$ |
|
47,801 |
|
Investment securities |
|
1,443 |
|
|
|
1,328 |
|
|
|
|
1,534 |
|
|
|
|
4,120 |
|
|
|
|
4,812 |
|
Other interest-earning assets |
|
267 |
|
|
|
288 |
|
|
|
|
274 |
|
|
|
|
860 |
|
|
|
|
963 |
|
Total interest income |
|
18,220 |
|
|
|
17,455 |
|
|
|
|
17,491 |
|
|
|
|
52,899 |
|
|
|
|
53,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
905 |
|
|
|
862 |
|
|
|
|
864 |
|
|
|
|
2,602 |
|
|
|
|
2,820 |
|
Other borrowings |
|
255 |
|
|
|
241 |
|
|
|
|
227 |
|
|
|
|
723 |
|
|
|
|
675 |
|
Subordinated debentures |
|
564 |
|
|
|
561 |
|
|
|
|
563 |
|
|
|
|
1,677 |
|
|
|
|
1,669 |
|
Total interest expense |
|
1,724 |
|
|
|
1,664 |
|
|
|
|
1,654 |
|
|
|
|
5,002 |
|
|
|
|
5,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
16,496 |
|
|
|
15,791 |
|
|
|
|
15,837 |
|
|
|
|
47,897 |
|
|
|
|
48,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (credit) for loan losses |
|
23 |
|
|
|
(1,136 |
) |
|
|
|
(2,897 |
) |
|
|
|
(3,000 |
) |
|
|
|
(4,238 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for loan
losses |
|
16,473 |
|
|
|
16,927 |
|
|
|
|
18,734 |
|
|
|
|
50,897 |
|
|
|
|
52,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
2,441 |
|
|
|
2,450 |
|
|
|
|
2,492 |
|
|
|
|
7,319 |
|
|
|
|
7,696 |
|
Gain on sale of branches, net |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
4,378 |
|
Gain on sales of mortgage
loans |
|
565 |
|
|
|
621 |
|
|
|
|
382 |
|
|
|
|
1,534 |
|
|
|
|
1,069 |
|
Gain on sale/call of investment
securities, net |
|
19 |
|
|
|
138 |
|
|
|
|
- |
|
|
|
|
162 |
|
|
|
|
764 |
|
Other noninterest income |
|
1,004 |
|
|
|
200 |
|
|
|
|
210 |
|
|
|
|
1,263 |
|
|
|
|
448 |
|
Total noninterest income |
|
4,029 |
|
|
|
3,409 |
|
|
|
|
3,084 |
|
|
|
|
10,278 |
|
|
|
|
14,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
8,374 |
|
|
|
8,289 |
|
|
|
|
7,804 |
|
|
|
|
24,577 |
|
|
|
|
24,402 |
|
Occupancy |
|
2,288 |
|
|
|
2,201 |
|
|
|
|
2,269 |
|
|
|
|
6,773 |
|
|
|
|
6,805 |
|
Data processing |
|
475 |
|
|
|
410 |
|
|
|
|
343 |
|
|
|
|
1,331 |
|
|
|
|
1,359 |
|
FDIC and other insurance |
|
341 |
|
|
|
316 |
|
|
|
|
299 |
|
|
|
|
969 |
|
|
|
|
1,010 |
|
Other real estate, net |
|
20 |
|
|
|
112 |
|
|
|
|
(220 |
) |
|
|
|
153 |
|
|
|
|
359 |
|
General and administrative |
|
2,579 |
|
|
|
2,654 |
|
|
|
|
2,863 |
|
|
|
|
7,338 |
|
|
|
|
8,862 |
|
Total noninterest expense |
|
14,077 |
|
|
|
13,982 |
|
|
|
|
13,358 |
|
|
|
|
41,141 |
|
|
|
|
42,797 |
|
Income before taxes |
|
6,425 |
|
|
|
6,354 |
|
|
|
|
8,460 |
|
|
|
|
20,034 |
|
|
|
|
24,208 |
|
Taxes on income |
|
2,303 |
|
|
|
2,193 |
|
|
|
|
3,172 |
|
|
|
|
7,216 |
|
|
|
|
9,077 |
|
Net income |
$ |
4,122 |
|
$ |
|
4,161 |
|
|
$ |
|
5,288 |
|
|
$ |
|
12,818 |
|
|
$ |
|
15,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
$ |
0.22 |
|
$ |
|
0.22 |
|
|
$ |
|
0.27 |
|
|
$ |
|
0.67 |
|
|
$ |
|
0.77 |
|
Diluted earnings per common share |
|
0.22 |
|
|
|
0.22 |
|
|
|
|
0.27 |
|
|
|
|
0.68 |
|
|
|
|
0.77 |
|
Common dividends declared per share |
|
0.06 |
|
|
|
0.06 |
|
|
|
|
0.04 |
|
|
|
|
0.18 |
|
|
|
|
0.12 |
|
SOUTHWEST BANCORP, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
4 |
UNAUDITED AVERAGE BALANCES, YIELDS, AND
RATES – QUARTERLY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
September 30, 2015 |
|
June 30, 2015 |
|
September 30, 2014 |
|
Average |
|
Average |
|
Average |
|
Average |
|
Average |
|
Average |
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
|
1,473,297 |
|
|
|
4.45 |
% |
|
$ |
|
1,439,050 |
|
|
|
4.41 |
% |
|
$ |
|
1,356,729 |
|
|
4.59 |
% |
Investment securities |
|
|
387,194 |
|
|
|
1.48 |
|
|
|
|
369,677 |
|
|
|
1.44 |
|
|
|
|
378,924 |
|
|
1.61 |
|
Other interest-earning assets |
|
|
100,011 |
|
|
|
1.06 |
|
|
|
|
103,943 |
|
|
|
1.11 |
|
|
|
|
88,653 |
|
|
1.23 |
|
Total interest-earning assets |
|
|
1,960,502 |
|
|
|
3.69 |
|
|
|
|
1,912,670 |
|
|
|
3.66 |
|
|
|
|
1,824,306 |
|
|
3.80 |
|
Other assets |
|
|
65,459 |
|
|
|
|
|
|
58,267 |
|
|
|
|
|
|
43,339 |
|
|
|
Total assets |
$ |
|
2,025,961 |
|
|
|
|
$ |
|
1,970,937 |
|
|
|
|
$ |
|
1,867,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
$ |
|
123,829 |
|
|
|
0.12 |
% |
|
$ |
|
137,781 |
|
|
|
0.09 |
% |
|
$ |
|
109,245 |
|
|
0.12 |
% |
Money market accounts |
|
|
497,935 |
|
|
|
0.17 |
|
|
|
|
473,993 |
|
|
|
0.15 |
|
|
|
|
437,632 |
|
|
0.14 |
|
Savings accounts |
|
|
35,982 |
|
|
|
0.10 |
|
|
|
|
34,702 |
|
|
|
0.10 |
|
|
|
|
32,076 |
|
|
0.10 |
|
Time deposits |
|
|
446,464 |
|
|
|
0.57 |
|
|
|
|
448,175 |
|
|
|
0.57 |
|
|
|
|
440,317 |
|
|
0.60 |
|
Total interest-bearing
deposits |
|
|
1,104,210 |
|
|
|
0.33 |
|
|
|
|
1,094,651 |
|
|
|
0.32 |
|
|
|
|
1,019,270 |
|
|
0.34 |
|
Other borrowings |
|
|
76,799 |
|
|
|
1.32 |
|
|
|
|
60,568 |
|
|
|
1.60 |
|
|
|
|
85,423 |
|
|
1.05 |
|
Subordinated debentures |
|
|
46,393 |
|
|
|
4.86 |
|
|
|
|
46,393 |
|
|
|
4.84 |
|
|
|
|
46,393 |
|
|
4.85 |
|
Total interest-bearing
liabilities |
|
|
1,227,402 |
|
|
|
0.56 |
|
|
|
|
1,201,612 |
|
|
|
0.56 |
|
|
|
|
1,151,086 |
|
|
0.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
|
511,442 |
|
|
|
|
|
|
485,984 |
|
|
|
|
|
|
432,255 |
|
|
|
Other liabilities |
|
|
11,708 |
|
|
|
|
|
|
10,005 |
|
|
|
|
|
|
11,442 |
|
|
|
Shareholders' equity |
|
|
275,409 |
|
|
|
|
|
|
273,336 |
|
|
|
|
|
|
272,862 |
|
|
|
Total liabilities and shareholders'
equity |
$ |
|
2,025,961 |
|
|
|
|
$ |
|
1,970,937 |
|
|
|
|
$ |
|
1,867,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and spread |
|
|
|
|
3.13 |
% |
|
|
|
|
|
3.10 |
% |
|
|
|
|
3.23 |
% |
Net interest margin (1) |
|
|
|
|
3.34 |
% |
|
|
|
|
|
3.31 |
% |
|
|
|
|
3.44 |
% |
Average interest-earning
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to average interest-bearing
liabilities |
|
|
159.73 |
% |
|
|
|
|
|
159.18 |
% |
|
|
|
|
|
158.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 nine months ended September 30, |
|
2015 |
|
2014 |
|
Average |
|
Average |
|
Average |
|
Average |
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
Loans |
$ |
|
1,444,026 |
|
|
|
4.44 |
% |
|
$ |
|
1,322,351 |
|
|
|
4.83 |
% |
Investment securities |
|
|
374,987 |
|
|
|
1.47 |
|
|
|
|
383,950 |
|
|
|
1.68 |
|
Other interest-earning assets |
|
|
120,749 |
|
|
|
0.95 |
|
|
|
|
183,416 |
|
|
|
0.70 |
|
Total interest-earning assets |
|
|
1,939,762 |
|
|
|
3.65 |
|
|
|
|
1,889,717 |
|
|
|
3.79 |
|
Other assets |
|
|
57,787 |
|
|
|
|
|
|
47,780 |
|
|
|
Total assets |
$ |
|
1,997,549 |
|
|
|
|
$ |
|
1,937,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
$ |
|
133,447 |
|
|
|
0.10 |
% |
|
$ |
|
124,652 |
|
|
|
0.12 |
% |
Money market accounts |
|
|
485,571 |
|
|
|
0.16 |
|
|
|
|
431,802 |
|
|
|
0.14 |
|
Savings accounts |
|
|
34,688 |
|
|
|
0.10 |
|
|
|
|
39,941 |
|
|
|
0.10 |
|
Time deposits |
|
|
443,060 |
|
|
|
0.57 |
|
|
|
|
488,066 |
|
|
|
0.61 |
|
Total interest-bearing
deposits |
|
|
1,096,766 |
|
|
|
0.32 |
|
|
|
|
1,084,461 |
|
|
|
0.35 |
|
Other borrowings |
|
|
69,908 |
|
|
|
1.38 |
|
|
|
|
83,987 |
|
|
|
1.07 |
|
Subordinated debentures |
|
|
46,393 |
|
|
|
4.82 |
|
|
|
|
46,393 |
|
|
|
4.80 |
|
Total interest-bearing
liabilities |
|
|
1,213,067 |
|
|
|
0.55 |
|
|
|
|
1,214,841 |
|
|
|
0.57 |
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
|
500,263 |
|
|
|
|
|
|
443,520 |
|
|
|
Other liabilities |
|
|
10,879 |
|
|
|
|
|
|
10,898 |
|
|
|
Shareholders' equity |
|
|
273,340 |
|
|
|
|
|
|
268,238 |
|
|
|
Total liabilities and shareholders'
equity |
$ |
|
1,997,549 |
|
|
|
|
$ |
|
1,937,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and spread |
|
|
|
|
3.10 |
% |
|
|
|
|
|
3.22 |
% |
Net interest margin (1) |
|
|
|
|
3.30 |
% |
|
|
|
|
|
3.43 |
% |
Average interest-earning
assets |
|
|
|
|
|
|
|
|
|
to average interest-bearing
liabilities |
|
|
159.91 |
% |
|
|
|
|
|
155.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
2014 |
|
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
LOAN COMPOSITION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate mortgage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
|
869,250 |
|
|
$ |
|
759,406 |
|
|
$ |
|
759,676 |
|
|
$ |
|
752,971 |
|
|
$ |
|
757,878 |
|
|
$ |
|
769,021 |
|
|
$ |
|
766,178 |
|
One-to-four family residential |
|
|
95,906 |
|
|
|
|
85,338 |
|
|
|
|
86,343 |
|
|
|
|
77,531 |
|
|
|
|
78,985 |
|
|
|
|
79,542 |
|
|
|
|
84,619 |
|
Real estate construction: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
126,407 |
|
|
|
|
186,140 |
|
|
|
|
192,052 |
|
|
|
|
186,659 |
|
|
|
|
166,379 |
|
|
|
|
166,981 |
|
|
|
|
166,007 |
|
One-to-four family residential |
|
|
12,866 |
|
|
|
|
13,107 |
|
|
|
|
12,586 |
|
|
|
|
10,464 |
|
|
|
|
11,030 |
|
|
|
|
8,359 |
|
|
|
|
6,629 |
|
Commercial |
|
|
423,480 |
|
|
|
|
384,788 |
|
|
|
|
366,282 |
|
|
|
|
350,410 |
|
|
|
|
330,738 |
|
|
|
|
300,163 |
|
|
|
|
266,311 |
|
Installment and consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guaranteed student loans |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
37 |
|
|
|
|
127 |
|
|
|
|
4,282 |
|
|
|
|
4,318 |
|
Other |
|
|
20,185 |
|
|
|
|
20,651 |
|
|
|
|
21,306 |
|
|
|
|
21,919 |
|
|
|
|
22,251 |
|
|
|
|
23,352 |
|
|
|
|
26,060 |
|
Total loans, including held for sale |
|
|
1,548,094 |
|
|
|
|
1,449,430 |
|
|
|
|
1,438,245 |
|
|
|
|
1,399,991 |
|
|
|
|
1,367,388 |
|
|
|
|
1,351,700 |
|
|
|
|
1,320,122 |
|
Less allowance for loan losses |
|
|
(26,593 |
) |
|
|
|
(26,219 |
) |
|
|
|
(27,250 |
) |
|
|
|
(28,452 |
) |
|
|
|
(30,917 |
) |
|
|
|
(33,083 |
) |
|
|
|
(34,925 |
) |
Total loans, net |
$ |
|
1,521,501 |
|
|
$ |
|
1,423,211 |
|
|
$ |
|
1,410,995 |
|
|
$ |
|
1,371,539 |
|
|
$ |
|
1,336,471 |
|
|
$ |
|
1,318,617 |
|
|
$ |
|
1,285,197 |
|
LOANS BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking |
$ |
|
832,282 |
|
|
$ |
|
810,367 |
|
|
$ |
|
814,949 |
|
|
$ |
|
793,268 |
|
|
$ |
|
800,201 |
|
|
$ |
|
798,067 |
|
|
$ |
|
777,384 |
|
Texas banking |
|
|
563,010 |
|
|
|
|
493,047 |
|
|
|
|
478,005 |
|
|
|
|
460,680 |
|
|
|
|
424,640 |
|
|
|
|
408,385 |
|
|
|
|
372,018 |
|
Kansas banking |
|
|
152,802 |
|
|
|
|
146,016 |
|
|
|
|
145,291 |
|
|
|
|
146,043 |
|
|
|
|
142,547 |
|
|
|
|
145,248 |
|
|
|
|
170,720 |
|
Total loans |
$ |
|
1,548,094 |
|
|
$ |
|
1,449,430 |
|
|
$ |
|
1,438,245 |
|
|
$ |
|
1,399,991 |
|
|
$ |
|
1,367,388 |
|
|
$ |
|
1,351,700 |
|
|
$ |
|
1,320,122 |
|
NONPERFORMING LOANS BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & development |
$ |
|
391 |
|
|
$ |
|
416 |
|
|
$ |
|
392 |
|
|
$ |
|
73 |
|
|
$ |
|
77 |
|
|
$ |
|
82 |
|
|
$ |
|
80 |
|
Commercial real estate |
|
|
1,795 |
|
|
|
|
2,141 |
|
|
|
|
2,247 |
|
|
|
|
2,195 |
|
|
|
|
7,504 |
|
|
|
|
7,613 |
|
|
|
|
7,541 |
|
Commercial |
|
|
11,727 |
|
|
|
|
5,114 |
|
|
|
|
5,447 |
|
|
|
|
6,044 |
|
|
|
|
6,149 |
|
|
|
|
7,484 |
|
|
|
|
7,992 |
|
One-to-four family residential |
|
|
1,016 |
|
|
|
|
1,216 |
|
|
|
|
1,065 |
|
|
|
|
1,100 |
|
|
|
|
1,274 |
|
|
|
|
1,180 |
|
|
|
|
470 |
|
Consumer |
|
|
148 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
1 |
|
|
|
|
55 |
|
|
|
|
119 |
|
|
|
|
2 |
|
Total nonperforming loans |
$ |
|
15,077 |
|
|
$ |
|
8,887 |
|
|
$ |
|
9,151 |
|
|
$ |
|
9,413 |
|
|
$ |
|
15,059 |
|
|
$ |
|
16,478 |
|
|
$ |
|
16,085 |
|
NONPERFORMING LOANS BY
SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking |
$ |
|
2,846 |
|
|
$ |
|
1,670 |
|
|
$ |
|
2,244 |
|
|
$ |
|
1,867 |
|
|
$ |
|
6,410 |
|
|
$ |
|
7,149 |
|
|
$ |
|
7,056 |
|
Texas banking |
|
|
11,025 |
|
|
|
|
5,353 |
|
|
|
|
5,264 |
|
|
|
|
5,699 |
|
|
|
|
5,777 |
|
|
|
|
5,636 |
|
|
|
|
5,793 |
|
Kansas banking |
|
|
1,206 |
|
|
|
|
1,864 |
|
|
|
|
1,643 |
|
|
|
|
1,847 |
|
|
|
|
2,872 |
|
|
|
|
3,693 |
|
|
|
|
3,236 |
|
Total nonperforming loans |
$ |
|
15,077 |
|
|
$ |
|
8,887 |
|
|
$ |
|
9,151 |
|
|
$ |
|
9,413 |
|
|
$ |
|
15,059 |
|
|
$ |
|
16,478 |
|
|
$ |
|
16,085 |
|
OTHER REAL ESTATE BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & development |
$ |
|
2,025 |
|
|
$ |
|
2,035 |
|
|
$ |
|
2,035 |
|
|
$ |
|
2,035 |
|
|
$ |
|
2,130 |
|
|
$ |
|
2,130 |
|
|
$ |
|
2,130 |
|
Commercial real estate |
|
|
249 |
|
|
|
|
358 |
|
|
|
|
220 |
|
|
|
|
1,062 |
|
|
|
|
1,318 |
|
|
|
|
2,155 |
|
|
|
|
2,524 |
|
Total other real estate |
$ |
|
2,274 |
|
|
$ |
|
2,393 |
|
|
$ |
|
2,255 |
|
|
$ |
|
3,097 |
|
|
$ |
|
3,448 |
|
|
$ |
|
4,285 |
|
|
$ |
|
4,654 |
|
OTHER REAL ESTATE BY
SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking |
$ |
|
200 |
|
|
$ |
|
200 |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
Texas banking |
|
|
2,025 |
|
|
|
|
2,000 |
|
|
|
|
2,000 |
|
|
|
|
2,000 |
|
|
|
|
2,000 |
|
|
|
|
2,000 |
|
|
|
|
2,000 |
|
Kansas banking |
|
|
49 |
|
|
|
|
193 |
|
|
|
|
255 |
|
|
|
|
1,097 |
|
|
|
|
1,448 |
|
|
|
|
2,285 |
|
|
|
|
2,654 |
|
Total other real estate |
$ |
|
2,274 |
|
|
$ |
|
2,393 |
|
|
$ |
|
2,255 |
|
|
$ |
|
3,097 |
|
|
$ |
|
3,448 |
|
|
$ |
|
4,285 |
|
|
$ |
|
4,654 |
|
Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
6 |
UNAUDITED QUARTERLY SUMMARY LOAN
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continued |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
2014 |
|
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
POTENTIAL PROBLEM LOANS BY
TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & development |
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
201 |
|
|
$ |
|
2,004 |
|
|
$ |
|
19,307 |
|
|
$ |
|
18,842 |
|
|
$ |
|
22,220 |
|
Commercial real estate |
|
|
22,362 |
|
|
|
|
20,375 |
|
|
|
|
24,672 |
|
|
|
|
26,108 |
|
|
|
|
40,623 |
|
|
|
|
60,559 |
|
|
|
|
64,257 |
|
Commercial |
|
|
7,366 |
|
|
|
|
14,519 |
|
|
|
|
14,016 |
|
|
|
|
5,842 |
|
|
|
|
4,090 |
|
|
|
|
4,299 |
|
|
|
|
4,807 |
|
One-to-four family residential |
|
|
79 |
|
|
|
|
80 |
|
|
|
|
81 |
|
|
|
|
83 |
|
|
|
|
355 |
|
|
|
|
475 |
|
|
|
|
481 |
|
Total potential problem loans |
$ |
|
29,807 |
|
|
$ |
|
34,974 |
|
|
$ |
|
38,970 |
|
|
$ |
|
34,037 |
|
|
$ |
|
64,375 |
|
|
$ |
|
84,175 |
|
|
$ |
|
91,765 |
|
POTENTIAL PROBLEM LOANS BY
SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking |
$ |
|
23,597 |
|
|
$ |
|
23,231 |
|
|
$ |
|
26,713 |
|
|
$ |
|
24,950 |
|
|
$ |
|
23,895 |
|
|
$ |
|
23,887 |
|
|
$ |
|
29,208 |
|
Texas banking |
|
|
4,086 |
|
|
|
|
9,180 |
|
|
|
|
9,541 |
|
|
|
|
6,283 |
|
|
|
|
38,586 |
|
|
|
|
57,044 |
|
|
|
|
58,361 |
|
Kansas banking |
|
|
2,124 |
|
|
|
|
2,563 |
|
|
|
|
2,716 |
|
|
|
|
2,804 |
|
|
|
|
1,894 |
|
|
|
|
3,244 |
|
|
|
|
4,196 |
|
Total potential problem loans |
$ |
|
29,807 |
|
|
$ |
|
34,974 |
|
|
$ |
|
38,970 |
|
|
$ |
|
34,037 |
|
|
$ |
|
64,375 |
|
|
$ |
|
84,175 |
|
|
$ |
|
91,765 |
|
ALLOWANCE ACTIVITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period |
$ |
|
26,219 |
|
|
$ |
|
27,250 |
|
|
$ |
|
28,452 |
|
|
$ |
|
30,917 |
|
|
$ |
|
33,083 |
|
|
$ |
|
34,925 |
|
|
$ |
|
36,663 |
|
Charge offs |
|
|
226 |
|
|
|
|
325 |
|
|
|
|
230 |
|
|
|
|
377 |
|
|
|
|
1,156 |
|
|
|
|
1,991 |
|
|
|
|
3,392 |
|
Recoveries |
|
|
577 |
|
|
|
|
430 |
|
|
|
|
915 |
|
|
|
|
298 |
|
|
|
|
1,887 |
|
|
|
|
504 |
|
|
|
|
2,640 |
|
Net charge offs (recoveries) |
|
|
(351 |
) |
|
|
|
(105 |
) |
|
|
|
(685 |
) |
|
|
|
79 |
|
|
|
|
(731 |
) |
|
|
|
1,487 |
|
|
|
|
752 |
|
Provision (credit) for
loan losses |
|
|
23 |
|
|
|
|
(1,136 |
) |
|
|
|
(1,887 |
) |
|
|
|
(2,386 |
) |
|
|
|
(2,897 |
) |
|
|
|
(355 |
) |
|
|
|
(986 |
) |
Balance, end of period |
$ |
|
26,593 |
|
|
$ |
|
26,219 |
|
|
$ |
|
27,250 |
|
|
$ |
|
28,452 |
|
|
$ |
|
30,917 |
|
|
$ |
|
33,083 |
|
|
$ |
|
34,925 |
|
NET CHARGE OFFS BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & development |
$ |
|
(16 |
) |
|
$ |
|
(15 |
) |
|
$ |
|
5 |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
655 |
|
Commercial real estate |
|
|
24 |
|
|
|
|
82 |
|
|
|
|
(118 |
) |
|
|
|
(34 |
) |
|
|
|
(640 |
) |
|
|
|
583 |
|
|
|
|
(2,243 |
) |
Commercial |
|
|
(325 |
) |
|
|
|
(52 |
) |
|
|
|
(188 |
) |
|
|
|
(45 |
) |
|
|
|
22 |
|
|
|
|
652 |
|
|
|
|
2,267 |
|
One-to-four family residential |
|
|
(68 |
) |
|
|
|
(91 |
) |
|
|
|
(331 |
) |
|
|
|
84 |
|
|
|
|
11 |
|
|
|
|
(2 |
) |
|
|
|
(18 |
) |
Consumer |
|
|
34 |
|
|
|
|
(29 |
) |
|
|
|
(53 |
) |
|
|
|
74 |
|
|
|
|
(124 |
) |
|
|
|
254 |
|
|
|
|
91 |
|
Total net charge offs (recoveries) by type |
$ |
|
(351 |
) |
|
$ |
|
(105 |
) |
|
$ |
|
(685 |
) |
|
$ |
|
79 |
|
|
$ |
|
(731 |
) |
|
$ |
|
1,487 |
|
|
$ |
|
752 |
|
NET CHARGE OFFS BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking |
$ |
|
(86 |
) |
|
$ |
|
25 |
|
|
$ |
|
(309 |
) |
|
$ |
|
248 |
|
|
$ |
|
67 |
|
|
$ |
|
763 |
|
|
$ |
|
229 |
|
Texas banking |
|
|
(103 |
) |
|
|
|
(72 |
) |
|
|
|
(114 |
) |
|
|
|
(36 |
) |
|
|
|
(611 |
) |
|
|
|
244 |
|
|
|
|
(1,586 |
) |
Kansas banking |
|
|
(162 |
) |
|
|
|
(58 |
) |
|
|
|
(262 |
) |
|
|
|
(133 |
) |
|
|
|
(187 |
) |
|
|
|
480 |
|
|
|
|
2,109 |
|
Total net charge offs (recoveries) by
segment |
$ |
|
(351 |
) |
|
$ |
|
(105 |
) |
|
$ |
|
(685 |
) |
|
$ |
|
79 |
|
|
$ |
|
(731 |
) |
|
$ |
|
1,487 |
|
|
$ |
|
752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 7 |
UNAUDITED QUARTERLY SUMMARY FINANCIAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
2014 |
|
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
$ |
0.22 |
|
$ |
0.22 |
|
$ |
0.24 |
|
$ |
0.30 |
|
$ |
0.27 |
|
$ |
0.31 |
|
$ |
0.19 |
Diluted earnings per common share |
|
0.22 |
|
|
0.22 |
|
|
0.24 |
|
|
0.30 |
|
|
0.27 |
|
|
0.31 |
|
|
0.19 |
Common dividends declared per share |
|
0.06 |
|
|
0.06 |
|
|
0.06 |
|
|
0.04 |
|
|
0.04 |
|
|
0.04 |
|
|
0.04 |
Book value per common share |
|
14.57 |
|
|
14.38 |
|
|
14.26 |
|
|
14.11 |
|
|
13.90 |
|
|
13.71 |
|
|
13.37 |
Tangible book value per share* |
|
14.49 |
|
|
14.29 |
|
|
14.17 |
|
|
14.02 |
|
|
13.80 |
|
|
13.61 |
|
|
13.21 |
COMMON STOCK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
19,901,336 |
|
|
19,900,855 |
|
|
19,900,350 |
|
|
19,810,877 |
|
|
19,793,623 |
|
|
19,793,123 |
|
|
19,786,206 |
Less treasury shares |
|
868,617 |
|
|
867,310 |
|
|
867,310 |
|
|
617,818 |
|
|
223,005 |
|
|
- |
|
|
- |
Outstanding shares |
|
19,032,719 |
|
|
19,033,545 |
|
|
19,033,040 |
|
|
19,193,059 |
|
|
19,570,618 |
|
|
19,793,123 |
|
|
19,786,206 |
OTHER FINANCIAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities |
$ |
388,543 |
|
$ |
373,260 |
|
$ |
377,545 |
|
$ |
365,593 |
|
$ |
370,607 |
|
$ |
385,873 |
|
$ |
386,987 |
Loans held for sale |
|
7,024 |
|
|
6,687 |
|
|
9,106 |
|
|
1,485 |
|
|
4,368 |
|
|
6,803 |
|
|
5,741 |
Portfolio loans |
|
1,541,070 |
|
|
1,442,743 |
|
|
1,429,139 |
|
|
1,398,506 |
|
|
1,363,020 |
|
|
1,344,897 |
|
|
1,314,381 |
Total loans |
|
1,548,094 |
|
|
1,449,430 |
|
|
1,438,245 |
|
|
1,399,991 |
|
|
1,367,388 |
|
|
1,351,700 |
|
|
1,320,122 |
Total assets |
|
2,059,899 |
|
|
2,031,581 |
|
|
2,003,079 |
|
|
1,942,034 |
|
|
1,900,948 |
|
|
1,885,158 |
|
|
2,012,053 |
Total deposits |
|
1,626,250 |
|
|
1,624,446 |
|
|
1,616,454 |
|
|
1,533,999 |
|
|
1,494,946 |
|
|
1,463,855 |
|
|
1,605,906 |
Other borrowings |
|
96,801 |
|
|
75,839 |
|
|
58,578 |
|
|
79,380 |
|
|
75,884 |
|
|
90,760 |
|
|
85,692 |
Subordinated debentures |
|
46,393 |
|
|
46,393 |
|
|
46,393 |
|
|
46,393 |
|
|
46,393 |
|
|
46,393 |
|
|
46,393 |
Total shareholders' equity |
|
277,344 |
|
|
273,681 |
|
|
271,444 |
|
|
270,786 |
|
|
271,966 |
|
|
271,351 |
|
|
264,586 |
Mortgage servicing portfolio |
|
422,845 |
|
|
415,961 |
|
|
407,903 |
|
|
410,315 |
|
|
401,756 |
|
|
397,339 |
|
|
391,303 |
INTANGIBLE ASSET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
$ |
1,214 |
|
$ |
1,214 |
|
$ |
1,214 |
|
$ |
1,214 |
|
$ |
1,214 |
|
$ |
1,214 |
|
$ |
1,214 |
Core deposit intangible |
|
342 |
|
|
405 |
|
|
467 |
|
|
530 |
|
|
597 |
|
|
667 |
|
|
1,925 |
Mortgage servicing rights |
|
3,631 |
|
|
3,518 |
|
|
3,399 |
|
|
3,397 |
|
|
3,269 |
|
|
3,182 |
|
|
3,006 |
Total intangible assets |
$ |
5,187 |
|
$ |
5,137 |
|
$ |
5,080 |
|
$ |
5,141 |
|
$ |
5,080 |
|
$ |
5,063 |
|
$ |
6,145 |
Intangible amortization expense |
$ |
243 |
|
$ |
243 |
|
$ |
168 |
|
$ |
193 |
|
$ |
195 |
|
$ |
210 |
|
$ |
183 |
DEPOSIT COMPOSITION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand |
$ |
526,159 |
|
$ |
515,156 |
|
$ |
506,952 |
|
$ |
496,128 |
|
$ |
445,148 |
|
$ |
427,431 |
|
$ |
471,568 |
Interest-bearing demand |
|
114,877 |
|
|
131,547 |
|
|
140,659 |
|
|
122,342 |
|
|
104,807 |
|
|
124,712 |
|
|
132,622 |
Money market accounts |
|
502,028 |
|
|
496,178 |
|
|
488,569 |
|
|
461,679 |
|
|
477,614 |
|
|
430,296 |
|
|
440,875 |
Savings accounts |
|
36,163 |
|
|
35,647 |
|
|
34,413 |
|
|
32,795 |
|
|
33,398 |
|
|
31,187 |
|
|
47,532 |
Time deposits of $100,000 or more |
|
238,318 |
|
|
233,105 |
|
|
227,426 |
|
|
198,952 |
|
|
203,090 |
|
|
209,059 |
|
|
236,035 |
Other time deposits |
|
208,705 |
|
|
212,813 |
|
|
218,435 |
|
|
222,103 |
|
|
230,889 |
|
|
241,170 |
|
|
277,274 |
Total deposits** |
$ |
1,626,250 |
|
$ |
1,624,446 |
|
$ |
1,616,454 |
|
$ |
1,533,999 |
|
$ |
1,494,946 |
|
$ |
1,463,855 |
|
$ |
1,605,906 |
OFFICES AND EMPLOYEES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FTE Employees |
|
358 |
|
|
361 |
|
|
360 |
|
|
359 |
|
|
351 |
|
|
364 |
|
|
397 |
Branches |
|
23 |
|
|
23 |
|
|
22 |
|
|
21 |
|
|
21 |
|
|
21 |
|
|
24 |
Assets per employee |
$ |
5,754 |
|
$ |
5,628 |
|
$ |
5,564 |
|
$ |
5,410 |
|
$ |
5,416 |
|
$ |
5,179 |
|
$ |
5,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*This is a Non-GAAP based financial
measure. |
**Calculation of Non-brokered
Deposits and Core Funding (Non-GAAP Financial Measures) |
Total deposits |
$ |
1,626,250 |
|
$ |
1,624,446 |
|
$ |
1,616,454 |
|
$ |
1,533,999 |
|
$ |
1,494,946 |
|
$ |
1,463,855 |
|
$ |
1,605,906 |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokered time deposits |
|
10,086 |
|
|
7,683 |
|
|
7,694 |
|
|
3,373 |
|
|
2,952 |
|
|
1,348 |
|
|
1,347 |
Other brokered deposits |
|
133,025 |
|
|
103,025 |
|
|
83,025 |
|
|
73,425 |
|
|
98,425 |
|
|
48,424 |
|
|
3,424 |
Non-brokered deposits |
$ |
1,483,139 |
|
$ |
1,513,738 |
|
$ |
1,525,735 |
|
$ |
1,457,201 |
|
$ |
1,393,569 |
|
$ |
1,414,083 |
|
$ |
1,601,135 |
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweep repurchase agreements |
|
50,801 |
|
|
50,839 |
|
|
33,578 |
|
|
54,380 |
|
|
50,884 |
|
|
65,760 |
|
|
60,692 |
Core funding |
$ |
1,533,940 |
|
$ |
1,564,577 |
|
$ |
1,559,313 |
|
$ |
1,511,581 |
|
$ |
1,444,453 |
|
$ |
1,479,843 |
|
$ |
1,661,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
sheet amounts are as of period end unless otherwise noted. |
SOUTHWEST BANCORP, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
8 |
UNAUDITED QUARTERLY SUPPLEMENTAL
ANALYTICAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
2014 |
|
|
Sep. 30 |
|
|
Jun. 30 |
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (annualized) |
|
|
0.81 |
% |
|
|
|
0.85 |
% |
|
|
|
0.92 |
% |
|
|
|
1.22 |
% |
|
|
|
1.12 |
% |
|
|
|
1.27 |
% |
|
|
|
0.75 |
% |
Return on average common equity (annualized) |
|
|
5.94 |
|
|
|
|
6.11 |
|
|
|
|
6.78 |
|
|
|
|
8.62 |
|
|
|
|
7.69 |
|
|
|
|
9.19 |
|
|
|
|
5.68 |
|
Return on average tangible common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(annualized)* |
|
|
5.97 |
|
|
|
|
6.14 |
|
|
|
|
6.82 |
|
|
|
|
8.67 |
|
|
|
|
7.74 |
|
|
|
|
9.30 |
|
|
|
|
5.75 |
|
Net interest margin (annualized) |
|
|
3.34 |
|
|
|
|
3.31 |
|
|
|
|
3.25 |
|
|
|
|
3.52 |
|
|
|
|
3.44 |
|
|
|
|
3.50 |
|
|
|
|
3.33 |
|
Total dividends declared to net income |
|
|
27.53 |
|
|
|
|
27.45 |
|
|
|
|
25.19 |
|
|
|
|
12.93 |
|
|
|
|
14.88 |
|
|
|
|
12.86 |
|
|
|
|
21.40 |
|
Effective tax rate |
|
|
35.84 |
|
|
|
|
34.51 |
|
|
|
|
37.49 |
|
|
|
|
37.50 |
|
|
|
|
37.49 |
|
|
|
|
37.50 |
|
|
|
|
37.49 |
|
Efficiency ratio |
|
|
68.25 |
|
|
|
|
72.43 |
|
|
|
|
70.47 |
|
|
|
|
68.90 |
|
|
|
|
71.39 |
|
|
|
|
74.25 |
|
|
|
|
73.61 |
|
NONPERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
|
15,076 |
|
|
$ |
|
8,887 |
|
|
$ |
|
9,151 |
|
|
$ |
|
9,276 |
|
|
$ |
|
15,059 |
|
|
$ |
|
16,478 |
|
|
$ |
|
16,085 |
|
90 days past due and accruing |
|
|
1 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
137 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
Total nonperforming loans |
|
|
15,077 |
|
|
|
|
8,887 |
|
|
|
|
9,151 |
|
|
|
|
9,413 |
|
|
|
|
15,059 |
|
|
|
|
16,478 |
|
|
|
|
16,085 |
|
Other real estate |
|
|
2,274 |
|
|
|
|
2,393 |
|
|
|
|
2,255 |
|
|
|
|
3,097 |
|
|
|
|
3,448 |
|
|
|
|
4,285 |
|
|
|
|
4,654 |
|
Total nonperforming assets |
$ |
|
17,351 |
|
|
$ |
|
11,280 |
|
|
$ |
|
11,406 |
|
|
$ |
|
12,510 |
|
|
$ |
|
18,507 |
|
|
$ |
|
20,763 |
|
|
$ |
|
20,739 |
|
Potential problem loans |
$ |
|
29,807 |
|
|
$ |
|
34,974 |
|
|
$ |
|
38,970 |
|
|
$ |
|
34,037 |
|
|
$ |
|
64,375 |
|
|
$ |
|
84,175 |
|
|
$ |
|
91,765 |
|
ASSET QUALITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to portfolio loans and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other real estate |
|
|
1.12 |
% |
|
|
|
0.78 |
% |
|
|
|
0.80 |
% |
|
|
|
0.89 |
% |
|
|
|
1.36 |
% |
|
|
|
1.54 |
% |
|
|
|
1.57 |
% |
Nonperforming loans to portfolio loans |
|
|
0.98 |
|
|
|
|
0.62 |
|
|
|
|
0.64 |
|
|
|
|
0.67 |
|
|
|
|
1.10 |
|
|
|
|
1.23 |
|
|
|
|
1.22 |
|
Allowance for loan losses to portfolio loans |
|
|
1.73 |
|
|
|
|
1.82 |
|
|
|
|
1.91 |
|
|
|
|
2.03 |
|
|
|
|
2.27 |
|
|
|
|
2.46 |
|
|
|
|
2.66 |
|
Allowance for loan losses to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nonperforming loans |
|
|
176.38 |
|
|
|
|
295.03 |
|
|
|
|
297.78 |
|
|
|
|
302.26 |
|
|
|
|
205.29 |
|
|
|
|
200.77 |
|
|
|
|
217.13 |
|
Net loan charge-offs to average portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loans (annualized) |
|
|
(0.09 |
) |
|
|
|
(0.03 |
) |
|
|
|
(0.20 |
) |
|
|
|
0.02 |
|
|
|
|
(0.21 |
) |
|
|
|
0.45 |
|
|
|
|
0.24 |
|
CAPITAL RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total shareholders' equity to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average assets |
|
|
13.59 |
% |
|
|
|
13.87 |
% |
|
|
|
13.59 |
% |
|
|
|
14.19 |
% |
|
|
|
14.61 |
% |
|
|
|
13.77 |
% |
|
|
|
13.18 |
% |
Leverage ratio |
|
|
15.84 |
|
|
|
|
16.12 |
|
|
|
|
15.75 |
|
|
|
|
16.45 |
|
|
|
|
16.86 |
|
|
|
|
15.95 |
|
|
|
|
15.09 |
|
Common equity tier 1 capital |
|
|
14.57 |
|
|
|
|
15.30 |
|
|
|
|
15.51 |
|
|
|
|
n/a |
|
|
|
|
n/a |
|
|
|
|
n/a |
|
|
|
|
n/a |
|
Tier 1 capital to risk-weighted assets |
|
|
16.95 |
|
|
|
|
17.84 |
|
|
|
|
18.10 |
|
|
|
|
19.70 |
|
|
|
|
20.05 |
|
|
|
|
20.13 |
|
|
|
|
19.98 |
|
Total capital to risk-weighted assets |
|
|
18.21 |
|
|
|
|
19.09 |
|
|
|
|
19.36 |
|
|
|
|
20.96 |
|
|
|
|
21.34 |
|
|
|
|
21.43 |
|
|
|
|
21.29 |
|
Tangible common equity to tangible assets*** |
|
|
13.40 |
|
|
|
|
13.40 |
|
|
|
|
13.48 |
|
|
|
|
13.87 |
|
|
|
|
14.23 |
|
|
|
|
14.31 |
|
|
|
|
13.01 |
|
REGULATORY CAPITAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 capital |
$ |
|
275,350 |
|
|
$ |
|
272,048 |
|
|
$ |
|
269,007 |
|
|
$ |
|
n/a |
|
|
$ |
|
n/a |
|
|
$ |
|
n/a |
|
|
$ |
|
n/a |
|
Tier I capital |
|
|
320,350 |
|
|
|
|
317,048 |
|
|
|
|
314,007 |
|
|
|
|
314,216 |
|
|
|
|
314,120 |
|
|
|
|
309,600 |
|
|
|
|
299,938 |
|
Total capital |
|
|
344,095 |
|
|
|
|
339,412 |
|
|
|
|
335,734 |
|
|
|
|
334,348 |
|
|
|
|
334,456 |
|
|
|
|
329,586 |
|
|
|
|
319,516 |
|
Total risk adjusted assets |
|
|
1,889,892 |
|
|
|
|
1,777,618 |
|
|
|
|
1,734,401 |
|
|
|
|
1,595,032 |
|
|
|
|
1,566,996 |
|
|
|
|
1,537,903 |
|
|
|
|
1,500,957 |
|
Average total assets |
|
|
2,022,972 |
|
|
|
|
1,966,577 |
|
|
|
|
1,993,446 |
|
|
|
|
1,910,688 |
|
|
|
|
1,863,127 |
|
|
|
|
1,941,064 |
|
|
|
|
1,987,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*This is a Non-GAAP based financial
measure. |
***Calculation of Tangible Common
Equity to Tangible Assets (Non-GAAP Financial Measure) |
Total shareholders' equity |
$ |
|
277,344 |
|
|
$ |
|
273,681 |
|
|
$ |
|
271,444 |
|
|
$ |
|
270,786 |
|
|
$ |
|
271,966 |
|
|
$ |
|
271,351 |
|
|
$ |
|
264,586 |
|
Less goodwill and core deposit
intangible |
|
|
1,556 |
|
|
|
|
1,619 |
|
|
|
|
1,681 |
|
|
|
|
1,744 |
|
|
|
|
1,811 |
|
|
|
|
1,881 |
|
|
|
|
3,139 |
|
Tangible common equity |
$ |
|
275,788 |
|
|
$ |
|
272,062 |
|
|
$ |
|
269,763 |
|
|
$ |
|
269,042 |
|
|
$ |
|
270,155 |
|
|
$ |
|
269,470 |
|
|
$ |
|
261,447 |
|
Total assets |
$ |
|
2,059,899 |
|
|
$ |
|
2,031,581 |
|
|
$ |
|
2,003,079 |
|
|
$ |
|
1,942,034 |
|
|
$ |
|
1,900,948 |
|
|
$ |
|
1,885,158 |
|
|
$ |
|
2,012,053 |
|
Less goodwill and core deposit
intangible |
|
|
1,556 |
|
|
|
|
1,619 |
|
|
|
|
1,681 |
|
|
|
|
1,744 |
|
|
|
|
1,811 |
|
|
|
|
1,881 |
|
|
|
|
3,139 |
|
Tangible assets |
$ |
|
2,058,343 |
|
|
$ |
|
2,029,962 |
|
|
$ |
|
2,001,398 |
|
|
$ |
|
1,940,290 |
|
|
$ |
|
1,899,137 |
|
|
$ |
|
1,883,277 |
|
|
$ |
|
2,008,914 |
|
Total shareholders' equity to total
assets |
|
|
13.46 |
% |
|
|
|
13.47 |
% |
|
|
|
13.55 |
% |
|
|
|
13.94 |
% |
|
|
|
14.31 |
% |
|
|
|
14.39 |
% |
|
|
|
13.15 |
% |
Tangible common equity to tangible
assets |
|
|
13.40 |
% |
|
|
|
13.40 |
% |
|
|
|
13.48 |
% |
|
|
|
13.87 |
% |
|
|
|
14.23 |
% |
|
|
|
14.31 |
% |
|
|
|
13.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
sheet amounts and ratios are as of period end unless otherwise
noted. |
For additional information:
Mark W. Funke
President & CEO
Joe T. Shockley, Jr.
EVP & CFO
(405) 372-2230
Southwest Bancorp, Inc. (NASDAQ:OKSB)
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