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For additional information: |
For Immediate Release
Southwest Bancorp, Inc. Reports First Quarter 2013 Results
April 24, 2013, Stillwater, Oklahoma . . . . Southwest Bancorp, Inc. (NASDAQ Global Select Market - OKSB, OKSBP), (“Southwest”), today reported net income available to common shareholders for the first quarter of 2013 of $2.4 million, or $0.12 per diluted share, compared to $1.0 million, or $0.05 per diluted share, for the fourth quarter of 2012.
Mark Funke, President and CEO, stated, “We are reporting another quarter of earnings with $2.4 million in net income for the quarter, an increase from the $1.0 million in the fourth quarter of 2012.
“2013 will continue to be a positive rebuilding year for Southwest. During the first quarter several new talented bankers were added into key commercial lending, treasury management, and mortgage positions, building a base for future revenue generation and more diversification in the loan portfolio. We worked to identify weakness in certain segments of the loan portfolio and other real estate and took aggressive actions to address these issues. Improved asset quality and building a base of consistent, conservative, and sustainable earnings growth will remain key focus points in 2013. Southwest remains significantly well capitalized allowing us to focus on long term improvements in our company while continuing to serve and support our communities and loyal customer base.”
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 March 31, 2013, total assets were $2.1 billion, down $30.6 million, or 1%, from December 31, 2012, and total loans were $1.3 billion, down $51.5 million, or 4%, from December 31, 2012, primarily in commercial real estate loans.
Investment securities decreased $11.5 million, or 3%, to $365.6 million as of March 31, 2013, from $377.1 million as of December 31, 2012. 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 March 31, 2013, the allowance for loan losses was $42.6 million, a decrease of 8% from December 31, 2012. The allowance for loan losses to portfolio loans was 3.29% as of March 31, 2013 compared to 3.52% as of December 31, 2012. The allowance for loan losses to nonperforming loans was 131.78% as of March 31, 2013, compared to 121.10% as of December 31, 2012.
Nonperforming assets were $41.8 million, or 3.20% of portfolio loans and other real estate, as of March 31, 2013, a decrease of $7.9 million (16%) from $49.7 million, or 3.73% of portfolio loans and other real estate, as of December 31, 2012. The decrease in nonperforming assets during the first quarter is attributable to charge-offs of $4.6 million in nonperforming loans, primarily related to one commercial healthcare loan located out of market, $3.9 million in resolutions and payments on nonperforming loans, a $3.3 million decrease in loans ninety days past due,
NASDAQ: OKSB
OKSBP
Southwest Bancorp, Inc. Reports First Quarter 2013 Results
the return to accrual status of $2.6 million in nonaccrual loans, the recognition of impairments in other real estate assets of $1.4 million, and the receipt of $0.5 million from sales of other real estate, offset by placing $8.4 million in loans on nonaccrual. Subsequent to the end of the first quarter, Southwest was successful in the sale of an other real estate property. The commercial real estate property was included in first quarter other real estate in our Texas market at a value of $7.2 million and this sale will generate a pre-tax gain on sale of $1.7 million, which will be reflected in second quarter earnings.
Total core funding, which includes all non-brokered deposits and sweep repurchase agreements, comprised 98% of total funding as of March 31, 2013 and December 31, 2012. Wholesale funding, including FHLB borrowings, federal funds purchased, and brokered deposits, accounted for 2% of total funding at March 31, 2013 and December 31, 2012. Please see Table 6 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 March 31, 2013, exceeded the criteria for regulatory classification as “well-capitalized”. Southwest’s total regulatory capital was $343.6 million, for a total risk-based capital ratio of 23.54%, and Tier 1 capital was $324.7 million, for a Tier 1 risk-based capital ratio of 22.25%. Southwest’s capital exceeded the minimum to be classified as “well-capitalized” by $197.6 million. Stillwater National Bank, Southwest’s principal banking subsidiary, had total regulatory capital of $273.4 million, for a total risk-based capital ratio of 21.43%, and Tier 1 capital of $242.1 million, for a Tier 1 risk-based capital ratio of 18.98%. Stillwater National Bank exceeded the minimum to be classified as “well-capitalized” by $145.8 million. Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by Federal bank regulators.
First Quarter Results:
Summary: For the first quarter of 2013, net income available to common shareholders was $2.4 million, compared to $4.1 million for the first quarter of 2012, and $1.0 million for the fourth quarter of 2012. The $1.7 million decrease in our net income available to common shareholders from the first quarter of 2012 is the result of a $5.2 million decrease in net interest income, offset in part by a $1.3 million decrease in income tax expense, a $1.2 million decrease in the provision for loan losses, and the $1.1 million decrease primarily in dividends on preferred stock due to the repurchase during 2012. The increase in net income available to common shareholders from the fourth quarter of 2012 is the result of a $3.3 million decrease in noninterest expense and a $2.6 million decrease in the provision for loan losses, offset in part by a $1.7 million decrease in net interest income, a $1.4 million increase in income taxes, and a $1.3 million decrease in noninterest income.
Net Interest Income: Net interest income totaled $15.6 million for the first quarter of 2013, compared to $20.8 million for the first quarter of 2012, a decrease of $5.2 million, or 25%, and to $17.3 million for the fourth quarter of 2012, a decrease of $1.7 million, or 10%. Noncovered loans declined $49.4 million, or 4%, from December 31, 2012 primarily due to commercial real estate loans. Net interest margin was 3.16% for the first quarter of 2013, compared to 3.82% for the first quarter of 2012 and 3.41% for the fourth quarter of 2012. The decrease is primarily the result of the reduction in 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 of $0.5 million was recorded for the first quarter of 2013, compared to a provision for loan losses of $1.7 million for first quarter of 2012 and a provision for loan losses of $3.1 million for the fourth quarter of 2012. For the first quarter of 2013, net charge-offs totaled $4.4 million, or 1.32% (annualized) of average portfolio loans, compared to net charge-offs of $1.3 million, or 0.32% (annualized) of average portfolio loans for the first quarter of 2012, and net charge-offs of $0.1 million, or 0.03% (annualized) of average portfolio loans for the fourth quarter of 2012.
Noninterest Income: Noninterest income totaled $3.5 million for the first quarter of 2013, compared to $3.5 million for the first quarter of 2012, and $4.9 million for the fourth quarter of 2012. The decrease in noninterest income from the fourth quarter of 2012 is the result of a decline of $0.8 million in gain on sales of investment securities, a decline of $0.3 million in service charges and fees, a $0.1 million decline in gain on sale of loans, and a $0.1 million decline in other noninterest income.
NASDAQ: OKSB
OKSBP
Southwest Bancorp, Inc. Reports First Quarter 2013 Results
Noninterest Expense: Noninterest expense totaled $14.4 million for the first quarter of 2013, compared to $14.3 million for the first quarter of 2012 and $17.7 million for the fourth quarter of 2012.
The $3.3 million decrease from fourth quarter of 2012 consists primarily of a $2.5 million decrease in other real estate expense, which included a $1.4 million write-down of other real estate properties during the first quarter of 2013 partially offset by gains on sales of several properties. Also included in the decline between linked quarters is a $0.6 million decrease in general and administrative expense, which is primarily the result of decreased consulting fees, accounting fees, and miscellaneous expenses, a $0.2 million decrease in provision for unfunded loan commitments, and a $0.1 million decrease in occupancy expense, offset in part by a $0.2 million increase in personnel expense.
Income Tax: Income tax expense totaled $1.9 million for the first quarter of 2013, compared to $3.1 million for the first quarter of 2012 and $0.4 million for the fourth quarter of 2012. The income tax expense fluctuates in relation to pre-tax income levels. The first quarter 2013 effective tax rate was 43.88%, due to a $0.3 million reserve for tax credits.
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 March 31, 2013, Southwest had total assets of $2.1 billion, deposits of $1.7 billion, and shareholders’ equity of $250.5 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 March 31, 2013, approximately $474.8 million, or 36%, 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 March 31, 2013, approximately $1.0 billion, or 74%, of noncovered loans were commercial real estate mortgage and construction loans, including $328.4 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 |
NASDAQ: OKSB
OKSBP
Southwest Bancorp, Inc. Reports First Quarter 2013 Results
· | 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 March 31, 2013 through the date its financial statements are filed with the Securities and Exchange Commission. The March 31, 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.
NASDAQ: OKSB
OKSBP
Southwest Bancorp, Inc. Reports First Quarter 2013 Results
Financial Tables
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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 Quarterly Summary Loan Data | Table 5 |
Unaudited Quarterly Summary Financial Data | Table 6 |
Unaudited Quarterly Supplemental Analytical Data | Table 7 |
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SOUTHWEST BANCORP, INC. | Table 1 |
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| First Quarter |
| Fourth Quarter | |||||||||
QUARTERLY HIGHLIGHTS |
|
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|
|
|
| % |
|
|
|
| % |
|
| 2013 |
| 2012 |
| Change |
|
| 2012 |
| Change | ||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
| $ | 15,606 |
| $ | 20,849 |
| (25)% |
| $ | 17,285 |
| (10)% |
Provision for loan losses |
|
| 498 |
|
| 1,716 |
| (71) |
|
| 3,085 |
| (84) |
Noninterest income |
|
| 3,537 |
|
| 3,514 |
| 1 |
|
| 4,871 |
| (27) |
Noninterest expense |
|
| 14,388 |
|
| 14,309 |
| 1 |
|
| 17,653 |
| (18) |
Income before taxes |
|
| 4,257 |
|
| 8,338 |
| (49) |
|
| 1,418 |
| 200 |
Taxes on income |
|
| 1,868 |
|
| 3,127 |
| (40) |
|
| 446 |
| 319 |
Net income |
|
| 2,389 |
|
| 5,211 |
| (54) |
|
| 972 |
| 146 |
Net income available to common shareholders |
|
| 2,389 |
|
| 4,119 |
| (42) |
|
| 972 |
| 146 |
Diluted earnings per share |
|
| 0.12 |
|
| 0.21 |
| (43) |
|
| 0.05 |
| 140 |
Balance Sheet |
|
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|
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|
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|
|
Total assets |
|
| 2,091,694 |
|
| 2,268,264 |
| (8) |
|
| 2,122,255 |
| (1) |
Loans held for sale |
|
| 7,297 |
|
| 38,765 |
| (81) |
|
| 31,682 |
| (77) |
Noncovered portfolio loans |
|
| 1,296,317 |
|
| 1,570,866 |
| (17) |
|
| 1,321,346 |
| (2) |
Covered portfolio loans |
|
| 23,601 |
|
| 33,314 |
| (29) |
|
| 25,707 |
| (8) |
Total deposits |
|
| 1,677,668 |
|
| 1,806,780 |
| (7) |
|
| 1,709,578 |
| (2) |
Total shareholders' equity |
|
| 250,509 |
|
| 306,046 |
| (18) |
|
| 246,056 |
| 2 |
Book value per common share |
|
| 12.72 |
|
| 12.21 |
| 4 |
|
| 12.60 |
| 1 |
Key Ratios |
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|
|
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|
|
|
|
|
|
|
|
Net interest margin |
|
| 3.16% |
|
| 3.82% |
|
|
|
| 3.41% |
|
|
Efficiency ratio |
|
| 75.16 |
|
| 58.73 |
|
|
|
| 79.68 |
|
|
Total capital to risk-weighted assets |
|
| 22.67 |
|
| 22.49 |
|
|
|
| 21.56 |
|
|
Nonperforming loans to portfolio loans - noncovered |
|
| 2.50 |
|
| 0.92 |
|
|
|
| 2.91 |
|
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Shareholders' equity to total assets |
|
| 11.98 |
|
| 13.71 |
|
|
|
| 11.59 |
|
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Tangible common equity to tangible assets* |
|
| 11.93 |
|
| 10.42 |
|
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| 11.54 |
|
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Return on average assets (annualized) |
|
| 0.46 |
|
| 0.89 |
|
|
|
| 0.18 |
|
|
Return on average common equity (annualized) |
|
| 3.89 |
|
| 7.00 |
|
|
|
| 1.56 |
|
|
Return on average tangible common equity (annualized)** |
|
| 3.90 |
|
| 7.03 |
|
|
|
| 1.56 |
|
|
Balance sheet amounts and ratios are as of period end unless otherwise noted.
* This is a Non-GAAP financial measure. Please see Table 7 for a reconciliation to the most directly comparable GAAP based measure.
** This is a Non-GAAP financial measure.
Please see accompanying tables for additional financial information
.
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SOUTHWEST BANCORP, INC. | Table 2 |
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| March 31, |
| December 31, |
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| March 31, | ||
| 2013 |
| 2012 |
|
| 2012 | ||
Assets |
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Cash and due from banks | $ | 26,677 |
| $ | 45,045 |
| $ | 24,458 |
Interest-bearing deposits |
| 317,513 |
|
| 243,034 |
|
| 167,005 |
Cash and cash equivalents |
| 344,190 |
|
| 288,079 |
|
| 191,463 |
Securities held to maturity (fair values of $12,539, $13,659, and $13,564, respectively) |
| 11,777 |
|
| 12,797 |
|
| 12,981 |
Securities available for sale (amortized cost of $348,099, $358,317, and $314,534, respectively) |
| 353,828 |
|
| 364,315 |
|
| 320,879 |
Loans held for sale |
| 7,297 |
|
| 31,682 |
|
| 38,765 |
Noncovered loans receivable |
| 1,296,317 |
|
| 1,321,346 |
|
| 1,570,866 |
Less: Allowance for loan losses |
| (42,639) |
|
| (46,494) |
|
| (45,023) |
Net noncovered loans receivable |
| 1,253,678 |
|
| 1,274,852 |
|
| 1,525,843 |
Covered loans receivable (includes loss share: $5,612, $6,714, and $8,638, respectively) |
| 23,601 |
|
| 25,707 |
|
| 33,314 |
Less: Allowance for loan losses |
| (214) |
|
| (224) |
|
| (60) |
Net covered loans receivable |
| 23,387 |
|
| 25,483 |
|
| 33,254 |
Net loans receivable |
| 1,277,065 |
|
| 1,300,335 |
|
| 1,559,097 |
Accrued interest receivable |
| 6,346 |
|
| 6,365 |
|
| 7,408 |
Income tax receivable |
| 1,665 |
|
| 24,525 |
|
| 24,544 |
Premises and equipment, net |
| 21,395 |
|
| 21,691 |
|
| 22,587 |
Noncovered other real estate |
| 9,422 |
|
| 11,315 |
|
| 19,329 |
Covered other real estate |
| 2,243 |
|
| 3,643 |
|
| 4,694 |
Goodwill |
| 1,214 |
|
| 1,214 |
|
| 1,214 |
Other intangible assets, net |
| 4,869 |
|
| 4,864 |
|
| 4,858 |
Other assets |
| 50,383 |
|
| 51,430 |
|
| 60,445 |
Total assets | $ | 2,091,694 |
| $ | 2,122,255 |
| $ | 2,268,264 |
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Liabilities |
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Deposits: |
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Noninterest-bearing demand | $ | 416,979 |
| $ | 424,008 |
| $ | 395,141 |
Interest-bearing demand |
| 125,914 |
|
| 112,012 |
|
| 119,759 |
Money market accounts |
| 437,629 |
|
| 423,417 |
|
| 349,419 |
Savings accounts |
| 39,733 |
|
| 37,693 |
|
| 34,679 |
Time deposits of $100,000 or more |
| 317,270 |
|
| 351,273 |
|
| 464,876 |
Other time deposits |
| 340,143 |
|
| 361,175 |
|
| 442,906 |
Total deposits |
| 1,677,668 |
|
| 1,709,578 |
|
| 1,806,780 |
Accrued interest payable |
| 1,064 |
|
| 1,116 |
|
| 5,016 |
Other liabilities |
| 9,618 |
|
| 13,180 |
|
| 13,320 |
Other borrowings |
| 70,872 |
|
| 70,362 |
|
| 55,139 |
Subordinated debentures |
| 81,963 |
|
| 81,963 |
|
| 81,963 |
Total liabilities |
| 1,841,185 |
|
| 1,876,199 |
|
| 1,962,218 |
|
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|
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Shareholders' equity |
|
|
|
|
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|
|
Serial preferred stock - $1,000 par value; 2,000,000 shares authorized; |
|
|
|
|
|
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|
|
0, 0, and 70,000 shares issued and outstanding, respectively |
| - |
|
| - |
|
| 68,644 |
Common stock - $1 par value; 40,000,000 shares authorized; |
|
|
|
|
|
|
|
|
19,692,038, 19,529,705, and 19,445,913 shares issued and outstanding, respectively |
| 19,692 |
|
| 19,530 |
|
| 19,446 |
Additional paid-in capital |
| 101,622 |
|
| 99,705 |
|
| 98,895 |
Retained earnings |
| 127,483 |
|
| 125,093 |
|
| 116,765 |
Accumulated other comprehensive income |
| 1,712 |
|
| 1,728 |
|
| 2,296 |
Total shareholders' equity |
| 250,509 |
|
| 246,056 |
|
| 306,046 |
Total liabilities and shareholders' equity | $ | 2,091,694 |
| $ | 2,122,255 |
| $ | 2,268,264 |
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SOUTHWEST BANCORP, INC. | Table 3 |
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| For the three months | ||||
| ended March 31, | ||||
| 2013 |
| 2012 | ||
Interest income |
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|
|
Loans | $ | 17,006 |
| $ | 23,377 |
Investment securities |
| 1,691 |
|
| 1,946 |
Other interest-earning assets |
| 240 |
|
| 184 |
Total interest income |
| 18,937 |
|
| 25,507 |
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
Interest-bearing deposits |
| 1,652 |
|
| 2,896 |
Other borrowings |
| 220 |
|
| 224 |
Subordinated debentures |
| 1,459 |
|
| 1,538 |
Total interest expense |
| 3,331 |
|
| 4,658 |
|
|
|
|
|
|
Net interest income |
| 15,606 |
|
| 20,849 |
|
|
|
|
|
|
Provision for loan losses |
| 498 |
|
| 1,716 |
|
|
|
|
|
|
Net interest income after provision for loan losses |
| 15,108 |
|
| 19,133 |
|
|
|
|
|
|
Noninterest income |
|
|
|
|
|
Service charges and fees |
| 2,660 |
|
| 2,927 |
Gain on sales of loans |
| 814 |
|
| 535 |
Other noninterest income |
| 63 |
|
| 52 |
Total noninterest income |
| 3,537 |
|
| 3,514 |
|
|
|
|
|
|
Noninterest expense |
|
|
|
|
|
Salaries and employee benefits |
| 8,136 |
|
| 7,247 |
Occupancy |
| 2,574 |
|
| 2,545 |
FDIC and other insurance |
| 491 |
|
| 783 |
Other real estate, net |
| 353 |
|
| 372 |
General and administrative |
| 2,834 |
|
| 3,362 |
Total noninterest expense |
| 14,388 |
|
| 14,309 |
Income before taxes |
| 4,257 |
|
| 8,338 |
Taxes on income |
| 1,868 |
|
| 3,127 |
Net income | $ | 2,389 |
| $ | 5,211 |
Net income available to common shareholders | $ | 2,389 |
| $ | 4,119 |
|
|
|
|
|
|
Basic earnings per common share | $ | $ 0.12 |
| $ | 0.21 |
Diluted earnings per common share |
| $ 0.12 |
|
| 0.21 |
Common dividends declared per share |
| - |
|
| - |
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SOUTHWEST BANCORP, INC. | Table 4 |
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| For the three months ended | ||||||||||||||
| March 31, 2013 |
| December 31, 2012 | ||||||||||||
| Average |
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| Average |
| Average |
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| Average | ||
| Balance |
| Interest |
| Yield/Rate |
| Balance |
| Interest |
| Yield/Rate | ||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered loans | $ | 1,330,578 |
| $ | 16,514 |
| 5.03% |
| $ | 1,424,512 |
| $ | 18,427 |
| 5.15% |
Covered loans |
| 24,895 |
|
| 492 |
| 8.01 |
|
| 25,860 |
|
| 594 |
| 9.14 |
Investment securities |
| 380,525 |
|
| 1,691 |
| 1.80 |
|
| 380,531 |
|
| 1,796 |
| 1.88 |
Other interest-earning assets |
| 268,396 |
|
| 240 |
| 0.36 |
|
| 185,136 |
|
| 191 |
| 0.41 |
Total interest-earning assets |
| 2,004,394 |
|
| 18,937 |
| 3.83 |
|
| 2,016,039 |
|
| 21,008 |
| 4.15 |
Other assets |
| 87,592 |
|
|
|
|
|
|
| 125,027 |
|
|
|
|
|
Total assets | $ | 2,091,986 |
|
|
|
|
|
| $ | 2,141,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits | $ | 133,600 |
| $ | 45 |
| 0.14% |
| $ | 105,854 |
| $ | 41 |
| 0.15% |
Money market accounts |
| 419,635 |
|
| 236 |
| 0.23 |
|
| 398,143 |
|
| 327 |
| 0.33 |
Savings accounts |
| 38,721 |
|
| 12 |
| 0.13 |
|
| 37,242 |
|
| 14 |
| 0.15 |
Time deposits |
| 683,159 |
|
| 1,359 |
| 0.81 |
|
| 747,579 |
|
| 1,632 |
| 0.87 |
Total interest-bearing deposits |
| 1,275,115 |
|
| 1,652 |
| 0.53 |
|
| 1,288,818 |
|
| 2,014 |
| 0.62 |
Other borrowings |
| 69,728 |
|
| 220 |
| 1.28 |
|
| 67,709 |
|
| 224 |
| 1.32 |
Subordinated debentures |
| 81,963 |
|
| 1,459 |
| 7.12 |
|
| 81,963 |
|
| 1,485 |
| 7.25 |
Total interest-bearing liabilities |
| 1,426,806 |
|
| 3,331 |
| 0.95 |
|
| 1,438,490 |
|
| 3,723 |
| 1.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
| 403,547 |
|
|
|
|
|
|
| 419,086 |
|
|
|
|
|
Other liabilities |
| 12,285 |
|
|
|
|
|
|
| 34,990 |
|
|
|
|
|
Shareholders' equity |
| 249,348 |
|
|
|
|
|
|
| 248,500 |
|
|
|
|
|
Total liabilities and shareholders' equity | $ | 2,091,986 |
|
|
|
|
|
| $ | 2,141,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and spread |
|
|
| $ | 15,606 |
| 2.88% |
|
|
|
| $ | 17,285 |
| 3.12% |
Net interest margin (1) |
|
|
|
|
|
| 3.16% |
|
|
|
|
|
|
| 3.41% |
Average interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to average interest-bearing liabilities |
| 140.48% |
|
|
|
|
|
|
| 140.15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net interest margin = annualized net interest income / average interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP, INC. | Table 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2013 |
| 2012 | |||||||||||
| Mar. 31 |
| Dec. 31 |
| Sep. 30 |
| Jun. 30 |
| Mar. 31 | |||||
LOAN COMPOSITION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate mortgage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial | $ | 819,873 |
| $ | 870,977 |
| $ | 898,453 |
| $ | 931,239 |
| $ | 996,486 |
One-to-four family residential |
| 73,911 |
|
| 70,952 |
|
| 74,081 |
|
| 74,390 |
|
| 76,287 |
Real estate construction: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
| 139,462 |
|
| 130,753 |
|
| 206,342 |
|
| 211,098 |
|
| 222,678 |
One-to-four family residential |
| 5,015 |
|
| 3,656 |
|
| 3,438 |
|
| 4,184 |
|
| 3,814 |
Commercial |
| 232,224 |
|
| 240,498 |
|
| 244,018 |
|
| 263,085 |
|
| 273,324 |
Installment and consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guaranteed student loans |
| 4,576 |
|
| 4,680 |
|
| 4,872 |
|
| 5,153 |
|
| 5,276 |
Other |
| 28,553 |
|
| 31,512 |
|
| 32,710 |
|
| 33,555 |
|
| 31,766 |
Total noncovered loans, including held for sale |
| 1,303,614 |
|
| 1,353,028 |
|
| 1,463,914 |
|
| 1,522,704 |
|
| 1,609,631 |
Less allowance for loan losses |
| (42,639) |
|
| (46,494) |
|
| (43,607) |
|
| (43,807) |
|
| (45,023) |
Total noncovered loans, net | $ | 1,260,975 |
| $ | 1,306,534 |
| $ | 1,420,307 |
| $ | 1,478,897 |
| $ | 1,564,608 |
Covered: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate mortgage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial | $ | 16,970 |
| $ | 18,298 |
| $ | 20,664 |
| $ | 21,472 |
| $ | 22,607 |
One-to-four family residential |
| 4,458 |
|
| 4,881 |
|
| 5,059 |
|
| 5,432 |
|
| 5,766 |
Real estate construction: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
| 367 |
|
| 382 |
|
| 419 |
|
| 1,627 |
|
| 2,344 |
Commercial |
| 1,715 |
|
| 2,037 |
|
| 1,937 |
|
| 2,033 |
|
| 2,401 |
Installment and consumer |
| 91 |
|
| 109 |
|
| 118 |
|
| 148 |
|
| 196 |
Total covered loans |
| 23,601 |
|
| 25,707 |
|
| 28,197 |
|
| 30,712 |
|
| 33,314 |
Less allowance for loan losses |
| (214) |
|
| (224) |
|
| (138) |
|
| (91) |
|
| (60) |
Total covered loans, net | $ | 23,387 |
| $ | 25,483 |
| $ | 28,059 |
| $ | 30,621 |
| $ | 33,254 |
LOANS BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking | $ | 628,747 |
| $ | 652,121 |
| $ | 704,916 |
| $ | 751,758 |
| $ | 810,217 |
Texas banking |
| 495,815 |
|
| 520,481 |
|
| 560,197 |
|
| 588,370 |
|
| 616,455 |
Kansas banking |
| 195,355 |
|
| 174,451 |
|
| 192,249 |
|
| 189,292 |
|
| 177,508 |
Subtotal |
| 1,319,917 |
|
| 1,347,053 |
|
| 1,457,362 |
|
| 1,529,420 |
|
| 1,604,180 |
Secondary market |
| 7,298 |
|
| 31,682 |
|
| 34,749 |
|
| 23,996 |
|
| 38,765 |
Total loans | $ | 1,327,215 |
| $ | 1,378,735 |
| $ | 1,492,111 |
| $ | 1,553,416 |
| $ | 1,642,945 |
NONPERFORMING LOANS BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & development | $ | 6,409 |
| $ | 3,355 |
| $ | 3,436 |
| $ | 3,608 |
| $ | 3,768 |
Commercial real estate |
| 13,362 |
|
| 18,337 |
|
| 20,576 |
|
| 4,932 |
|
| 6,821 |
Commercial |
| 11,861 |
|
| 15,232 |
|
| 1,791 |
|
| 10,878 |
|
| 2,209 |
One-to-four family residential |
| 651 |
|
| 1,310 |
|
| 949 |
|
| 1,125 |
|
| 1,508 |
Consumer |
| 73 |
|
| 160 |
|
| 131 |
|
| 176 |
|
| 118 |
Total nonperforming loans - noncovered | $ | 32,356 |
| $ | 38,394 |
| $ | 26,883 |
| $ | 20,719 |
| $ | 14,424 |
NONPERFORMING LOANS BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking | $ | 2,000 |
| $ | 2,956 |
| $ | 4,369 |
| $ | 2,979 |
| $ | 3,550 |
Texas banking |
| 28,817 |
|
| 33,756 |
|
| 19,940 |
|
| 14,894 |
|
| 5,703 |
Kansas banking |
| 1,539 |
|
| 1,682 |
|
| 2,574 |
|
| 2,846 |
|
| 5,171 |
Total nonperforming loans - noncovered | $ | 32,356 |
| $ | 38,394 |
| $ | 26,883 |
| $ | 20,719 |
| $ | 14,424 |
OTHER REAL ESTATE BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & development | $ | 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 | $ | 9,422 |
| $ | 11,315 |
| $ | 14,683 |
| $ | 17,263 |
| $ | 19,329 |
Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP, INC. | Table 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2013 |
|
| 2012 | ||||||||||
| Mar. 31 |
| Dec. 31 |
| Sep. 30 |
| Jun. 30 |
| Mar. 31 | |||||
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 |
| 215 |
|
| 695 |
|
| 1,278 |
|
| 1,923 |
|
| 3,210 |
Total other real estate - noncovered | $ | 9,422 |
| $ | 11,315 |
| $ | 14,683 |
| $ | 17,263 |
| $ | 19,329 |
POTENTIAL PROBLEM LOANS BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & development | $ | 19,968 |
| $ | 22,077 |
| $ | 22,565 |
| $ | 25,563 |
| $ | 33,907 |
Commercial real estate |
| 60,329 |
|
| 58,549 |
|
| 53,725 |
|
| 71,537 |
|
| 67,654 |
Commercial |
| 8,220 |
|
| 12,526 |
|
| 9,305 |
|
| 12,753 |
|
| 23,506 |
One-to-four family residential |
| 1,129 |
|
| 1,147 |
|
| 1,157 |
|
| 1,230 |
|
| 1,253 |
Consumer |
| - |
|
| 62 |
|
| - |
|
| - |
|
| - |
Total potential problem loans - noncovered | $ | 89,646 |
| $ | 94,361 |
| $ | 86,752 |
| $ | 111,083 |
| $ | 126,320 |
POTENTIAL PROBLEM LOANS BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking | $ | 32,246 |
| $ | 30,875 |
| $ | 39,606 |
| $ | 48,038 |
| $ | 44,122 |
Texas banking |
| 51,978 |
|
| 58,377 |
|
| 43,313 |
|
| 59,368 |
|
| 79,735 |
Kansas banking |
| 5,422 |
|
| 5,109 |
|
| 3,833 |
|
| 3,677 |
|
| 2,463 |
Total potential problem loans - noncovered | $ | 89,646 |
| $ | 94,361 |
| $ | 86,752 |
| $ | 111,083 |
| $ | 126,320 |
LOANS OUT OF MARKET |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net balance of loans out of market: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona | $ | 33,017 |
| $ | 40,326 |
| $ | 41,255 |
| $ | 39,449 |
| $ | 34,749 |
Iowa |
| 22,659 |
|
| 22,826 |
|
| 22,958 |
|
| 23,022 |
|
| 23,130 |
California |
| 10,866 |
|
| 9,791 |
|
| 9,684 |
|
| 9,922 |
|
| 10,252 |
Kentucky |
| 10,144 |
|
| 8,691 |
|
| 7,517 |
|
| 9,455 |
|
| 517 |
Mississippi |
| 9,170 |
|
| 9,239 |
|
| 9,842 |
|
| - |
|
| - |
South Carolina |
| 7,205 |
|
| 7,244 |
|
| 7,283 |
|
| 7,320 |
|
| - |
Tennessee |
| 6,246 |
|
| 6,204 |
|
| 6,232 |
|
| 6,310 |
|
| 6,368 |
Florida |
| 6,333 |
|
| 6,254 |
|
| 6,204 |
|
| 6,240 |
|
| 6,269 |
Ohio |
| 4,132 |
|
| 10,438 |
|
| 11,182 |
|
| 11,502 |
|
| 12,650 |
New Mexico |
| 4,129 |
|
| 3,696 |
|
| 3,696 |
|
| 3,714 |
|
| 3,715 |
Other |
| 14,136 |
|
| 18,956 |
|
| 19,988 |
|
| 20,314 |
|
| 25,240 |
Total loans out of market | $ | 128,037 |
| $ | 143,665 |
| $ | 145,841 |
| $ | 137,248 |
| $ | 122,890 |
Nonperforming loans out of market: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona | $ | 13,419 |
| $ | 11,599 |
| $ | 250 |
| $ | 256 |
| $ | 261 |
Florida |
| 270 |
|
| 275 |
|
| 281 |
|
| 287 |
|
| 293 |
Colorado |
| 131 |
|
| 131 |
|
| 131 |
|
| 131 |
|
| 131 |
Other |
| - |
|
| 59 |
|
| - |
|
| - |
|
| - |
Total nonperforming out of market | $ | 13,820 |
| $ | 12,064 |
| $ | 662 |
| $ | 674 |
| $ | 685 |
Potential problem loans out of market: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Iowa | $ | 11,792 |
| $ | 11,868 |
| $ | 11,941 |
| $ | 11,970 |
| $ | 12,035 |
California |
| 524 |
|
| 536 |
|
| 548 |
|
| 559 |
|
| 570 |
Florida |
| 80 |
|
| 85 |
|
| 90 |
|
| 95 |
|
| 100 |
Arizona |
| - |
|
| 9,037 |
|
| - |
|
| - |
|
| - |
Total potential problem out of market | $ | 12,396 |
| $ | 21,526 |
| $ | 12,579 |
| $ | 12,624 |
| $ | 12,705 |
Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP, INC. | Table 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2013 |
| 2012 | |||||||||||
| Mar. 31 |
| Dec. 31 |
| Sep. 30 |
| Jun. 30 |
| Mar. 31 | |||||
ALLOWANCE ACTIVITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period | $ | 46,718 |
| $ | 43,745 |
| $ | 43,898 |
| $ | 45,083 |
| $ | 44,684 |
Charge offs |
| 4,651 |
|
| 722 |
|
| 2,653 |
|
| 2,229 |
|
| 1,936 |
Recoveries |
| 288 |
|
| 610 |
|
| 4,226 |
|
| 1,012 |
|
| 619 |
Net charge offs (recoveries) |
| 4,363 |
|
| 112 |
|
| (1,573) |
|
| 1,217 |
|
| 1,317 |
Provision for loan losses |
| 498 |
|
| 3,085 |
|
| (1,726) |
|
| 32 |
|
| 1,716 |
Balance, end of period | $ | 42,853 |
| $ | 46,718 |
| $ | 43,745 |
| $ | 43,898 |
| $ | 45,083 |
NET CHARGE OFFS BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & development | $ | (19) |
| $ | (22) |
| $ | (1,823) |
| $ | (85) |
| $ | (42) |
Commercial real estate |
| 416 |
|
| (18) |
|
| 2,022 |
|
| 91 |
|
| 14 |
Commercial |
| 3,751 |
|
| 239 |
|
| (1,894) |
|
| 1,228 |
|
| 1,211 |
One-to-four family residential |
| 167 |
|
| (40) |
|
| 20 |
|
| (105) |
|
| 123 |
Consumer |
| 48 |
|
| (47) |
|
| 102 |
|
| 88 |
|
| 11 |
Total net charge offs (recoveries) by type | $ | 4,363 |
| $ | 112 |
| $ | (1,573) |
| $ | 1,217 |
| $ | 1,317 |
NET CHARGE OFFS BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking | $ | 589 |
| $ | (261) |
| $ | 5 |
| $ | (247) |
| $ | 1,150 |
Texas banking |
| 3,241 |
|
| 305 |
|
| 857 |
|
| 1,139 |
|
| 227 |
Kansas banking |
| 533 |
|
| 68 |
|
| (2,435) |
|
| 325 |
|
| (60) |
Total net charge offs (recoveries) by segment | $ | 4,363 |
| $ | 112 |
| $ | (1,573) |
| $ | 1,217 |
| $ | 1,317 |
|
|
|
|
|
|
SOUTHWEST BANCORP, INC. | Table 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2013 |
| 2012 | |||||||||||
| Mar. 31 |
| Dec. 31 |
| Sep. 30 |
| Jun. 30 |
| Mar. 31 | |||||
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share | $ | 0.12 |
| $ | 0.05 |
| $ | 0.22 |
| $ | 0.15 |
| $ | 0.21 |
Diluted earnings per common share |
| 0.12 |
|
| 0.05 |
|
| 0.22 |
|
| 0.15 |
|
| 0.21 |
Book value per common share |
| 12.72 |
|
| 12.60 |
|
| 12.59 |
|
| 12.35 |
|
| 12.21 |
Tangible book value per share* |
| 12.66 |
|
| 12.54 |
|
| 12.53 |
|
| 12.29 |
|
| 12.15 |
COMMON STOCK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued and outstanding |
| 19,692,038 |
|
| 19,529,721 |
|
| 19,448,312 |
|
| 19,447,202 |
|
| 19,445,913 |
OTHER FINANCIAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities | $ | 365,605 |
| $ | 377,112 |
| $ | 381,499 |
| $ | 340,378 |
| $ | 333,860 |
Loans held for sale |
| 7,297 |
|
| 31,682 |
|
| 34,749 |
|
| 23,996 |
|
| 38,765 |
Noncovered portfolio loans |
| 1,296,317 |
|
| 1,321,346 |
|
| 1,429,165 |
|
| 1,498,708 |
|
| 1,570,866 |
Total noncovered loans |
| 1,303,614 |
|
| 1,353,028 |
|
| 1,463,914 |
|
| 1,522,704 |
|
| 1,609,631 |
Covered portfolio loans |
| 23,601 |
|
| 25,707 |
|
| 28,197 |
|
| 30,712 |
|
| 33,314 |
Total assets |
| 2,091,694 |
|
| 2,122,255 |
|
| 2,151,153 |
|
| 2,264,123 |
|
| 2,268,264 |
Total deposits |
| 1,677,668 |
|
| 1,709,578 |
|
| 1,743,673 |
|
| 1,788,379 |
|
| 1,806,780 |
Other borrowings |
| 70,872 |
|
| 70,362 |
|
| 66,694 |
|
| 68,477 |
|
| 55,139 |
Subordinated debentures |
| 81,963 |
|
| 81,963 |
|
| 81,963 |
|
| 81,963 |
|
| 81,963 |
Total shareholders' equity |
| 250,509 |
|
| 246,056 |
|
| 244,821 |
|
| 309,003 |
|
| 306,046 |
Mortgage servicing portfolio |
| 356,032 |
|
| 343,397 |
|
| 329,184 |
|
| 305,465 |
|
| 301,378 |
INTANGIBLE ASSET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill | $ | 1,214 |
| $ | 1,214 |
| $ | 1,214 |
| $ | 1,214 |
| $ | 1,214 |
Core deposit intangible |
| 2,424 |
|
| 2,543 |
|
| 2,664 |
|
| 2,785 |
|
| 2,906 |
Mortgage servicing rights |
| 2,445 |
|
| 2,321 |
|
| 2,122 |
|
| 1,975 |
|
| 1,952 |
Total intangible assets | $ | 6,083 |
| $ | 6,078 |
| $ | 6,000 |
| $ | 5,974 |
| $ | 6,072 |
Intangible amortization expense | $ | 410 |
| $ | 283 |
| $ | 283 |
| $ | 282 |
| $ | 296 |
DEPOSIT COMPOSITION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand | $ | 416,979 |
| $ | 424,008 |
| $ | 429,407 |
| $ | 421,083 |
| $ | 395,141 |
Interest-bearing demand |
| 125,914 |
|
| 112,012 |
|
| 113,677 |
|
| 119,929 |
|
| 119,759 |
Money market accounts |
| 437,629 |
|
| 423,417 |
|
| 385,296 |
|
| 361,839 |
|
| 349,419 |
Savings accounts |
| 39,733 |
|
| 37,693 |
|
| 36,461 |
|
| 35,610 |
|
| 34,679 |
Time deposits of $100,000 or more |
| 317,270 |
|
| 351,273 |
|
| 389,969 |
|
| 431,317 |
|
| 464,876 |
Other time deposits |
| 340,143 |
|
| 361,175 |
|
| 388,863 |
|
| 418,601 |
|
| 442,906 |
Total deposits** | $ | 1,677,668 |
| $ | 1,709,578 |
| $ | 1,743,673 |
| $ | 1,788,379 |
| $ | 1,806,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OFFICES AND EMPLOYEES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FTE Employees |
| 412 |
|
| 422 |
|
| 429 |
|
| 430 |
|
| 435 |
Branches |
| 22 |
|
| 22 |
|
| 23 |
|
| 23 |
|
| 23 |
Loan production offices |
| 1 |
|
| 1 |
|
| 2 |
|
| 2 |
|
| 2 |
Assets per employee | $ | 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 | $ | 1,677,668 |
| $ | 1,709,578 |
| $ | 1,743,673 |
| $ | 1,788,379 |
| $ | 1,806,780 |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokered time deposits |
| 5,760 |
|
| 9,865 |
|
| 10,197 |
|
| 12,238 |
|
| 13,307 |
Other brokered deposits |
| 3,422 |
|
| 3,421 |
|
| 4,421 |
|
| 4,420 |
|
| 6,529 |
Non-brokered deposits | $ | 1,668,486 |
| $ | 1,696,292 |
| $ | 1,729,055 |
| $ | 1,771,721 |
| $ | 1,786,944 |
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweep repurchase agreements |
| 45,872 |
|
| 45,362 |
|
| 41,694 |
|
| 43,477 |
|
| 30,139 |
Core funding | $ | 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. | ||||||||||||||
a
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP, INC. | Table 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2013 |
| 2012 | |||||||||||
| Mar. 31 |
| Dec. 31 |
| Sep. 30 |
| Jun. 30 |
| Mar. 31 | |||||
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (annualized) |
| 0.46% |
|
| 0.18% |
|
| 1.06% |
|
| 0.73% |
|
| 0.89% |
Return on average common equity (annualized) |
| 3.89 |
|
| 1.56 |
|
| 7.11 |
|
| 5.03 |
|
| 7.00 |
Return on average tangible common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(annualized)* |
| 3.90 |
|
| 1.56 |
|
| 7.15 |
|
| 5.06 |
|
| 7.03 |
Net interest margin (annualized) |
| 3.16 |
|
| 3.41 |
|
| 3.59 |
|
| 3.71 |
|
| 3.82 |
Effective tax rate |
| 43.88 |
|
| 31.45 |
|
| 39.73 |
|
| 37.12 |
|
| 37.50 |
Efficiency ratio |
| 75.16 |
|
| 79.68 |
|
| 64.47 |
|
| 71.82 |
|
| 58.73 |
NONPERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans | $ | 32,356 |
| $ | 35,104 |
| $ | 26,493 |
| $ | 20,474 |
| $ | 14,324 |
90 days past due and accruing |
| - |
|
| 3,290 |
|
| 390 |
|
| 245 |
|
| 100 |
Total nonperforming loans |
| 32,356 |
|
| 38,394 |
|
| 26,883 |
|
| 20,719 |
|
| 14,424 |
Other real estate |
| 9,422 |
|
| 11,315 |
|
| 14,683 |
|
| 17,263 |
|
| 19,329 |
Total nonperforming assets | $ | 41,778 |
| $ | 49,709 |
| $ | 41,566 |
| $ | 37,982 |
| $ | 33,753 |
Performing restructured | $ | 512 |
| $ | 290 |
| $ | 281 |
| $ | 328 |
| $ | 1,700 |
Potential problem loans | $ | 89,646 |
| $ | 94,361 |
| $ | 86,752 |
| $ | 111,083 |
| $ | 126,320 |
Covered: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans | $ | 2,873 |
| $ | 3,595 |
| $ | 4,809 |
| $ | 6,067 |
| $ | 7,015 |
90 days past due and accruing |
| - |
|
| - |
|
| 353 |
|
| - |
|
| - |
Total nonperforming loans |
| 2,873 |
|
| 3,595 |
|
| 5,162 |
|
| 6,067 |
|
| 7,015 |
Other real estate |
| 2,243 |
|
| 3,643 |
|
| 4,142 |
|
| 3,825 |
|
| 4,694 |
Total nonperforming assets | $ | 5,116 |
| $ | 7,238 |
| $ | 9,304 |
| $ | 9,892 |
| $ | 11,709 |
Performing restructured | $ | 1,854 |
| $ | 2,523 |
| $ | 2,548 |
| $ | 1,701 |
| $ | - |
Potential problem loans | $ | 3,986 |
| $ | 3,155 |
| $ | 1,621 |
| $ | 1,573 |
| $ | 553 |
ASSET QUALITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs to average portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loans (annualized) |
| 1.32% |
|
| 0.03% |
|
| (0.42)% |
|
| 0.31% |
|
| 0.32% |
Noncovered: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to portfolio loans and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other real estate |
| 3.20% |
|
| 3.73% |
|
| 2.88% |
|
| 2.51% |
|
| 2.12% |
Nonperforming loans to portfolio loans |
| 2.50 |
|
| 2.91 |
|
| 1.88 |
|
| 1.38 |
|
| 0.92 |
Allowance for loan losses to portfolio loans |
| 3.29 |
|
| 3.52 |
|
| 3.05 |
|
| 2.92 |
|
| 2.87 |
Allowance for loan losses to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nonperforming loans |
| 131.78 |
|
| 121.10 |
|
| 162.21 |
|
| 211.43 |
|
| 312.14 |
Covered: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to portfolio loans and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other real estate |
| 19.80% |
|
| 24.66% |
|
| 28.77% |
|
| 28.64% |
|
| 30.81% |
Nonperforming loans to portfolio loans |
| 12.17 |
|
| 13.98 |
|
| 18.31 |
|
| 19.75 |
|
| 21.06 |
Allowance for loan losses to portfolio loans |
| 0.91 |
|
| 0.87 |
|
| 0.49 |
|
| 0.30 |
|
| 0.18 |
Allowance for loan losses to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nonperforming loans |
| 7.45 |
|
| 6.23 |
|
| 2.67 |
|
| 1.50 |
|
| 0.86 |
CAPITAL RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total shareholders' equity to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average assets |
| 11.92% |
|
| 11.61% |
|
| 12.31% |
|
| 13.56% |
|
| 12.99% |
Leverage ratio |
| 15.59 |
|
| 15.01 |
|
| 14.49 |
|
| 16.84 |
|
| 16.20 |
Tier 1 capital to risk-weighted assets |
| 22.25 |
|
| 20.28 |
|
| 19.36 |
|
| 22.24 |
|
| 21.21 |
Total capital to risk-weighted assets |
| 23.54 |
|
| 21.56 |
|
| 20.64 |
|
| 23.52 |
|
| 22.49 |
Tangible common equity to tangible assets*** |
| 11.93 |
|
| 11.54 |
|
| 11.33 |
|
| 10.56 |
|
| 10.42 |
Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP, INC. | Table 7 Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2013 |
| 2012 | |||||||||||
| Mar. 31 |
| Dec. 31 |
| Sep. 30 |
| Jun. 30 |
| Mar. 31 | |||||
REGULATORY CAPITAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I capital | $ | 324,659 |
| $ | 319,665 |
| $ | 317,665 |
| $ | 382,263 |
| $ | 378,949 |
Total capital |
| 343,562 |
|
| 339,964 |
|
| 338,739 |
|
| 404,252 |
|
| 401,808 |
Total risk adjusted assets |
| 1,459,465 |
|
| 1,576,521 |
|
| 1,641,121 |
|
| 1,719,058 |
|
| 1,786,282 |
Average total assets |
| 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 | $ | 250,509 |
| $ | 246,056 |
| $ | 244,821 |
| $ | 309,003 |
| $ | 306,046 |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
| 1,214 |
|
| 1,214 |
|
| 1,214 |
|
| 1,214 |
|
| 1,214 |
Preferred stock |
| - |
|
| - |
|
| - |
|
| 68,837 |
|
| 68,644 |
Tangible common equity | $ | 249,295 |
| $ | 244,842 |
| $ | 243,607 |
| $ | 238,952 |
| $ | 236,188 |
Total assets | $ | 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 |
Tangible assets | $ | 2,090,480 |
| $ | 2,121,041 |
| $ | 2,149,939 |
| $ | 2,262,909 |
| $ | 2,267,050 |
Tangible common equity to tangible assets |
| 11.93% |
|
| 11.54% |
|
| 11.33% |
|
| 10.56% |
|
| 10.42% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet amounts and ratios are as of period end unless otherwise noted. | ||||||||||||||