Exhibit 99
| For additional information: | ||
| Rick Green | ||
| President & CEO | ||
| Kerby E. Crowell | ||
| EVP & CFO | ||
For Immediate Release | (405) 372-2230 |
Southwest Bancorp Reports Third Quarter 2009 Results
October 20, 2009, Stillwater, Oklahoma . . . . Southwest Bancorp, Inc. (NASDAQ Global Select Market—OKSB), (“Southwest”), today reported net income available to common shareholders of $1.1 million, or $0.07 per diluted share for the third quarter 2009, compared to $2.3 million, or $0.16 per diluted share for the third quarter of 2008. Net income available to common shareholders for the nine months ended September 30, 2009 was $6.3 million, or $0.43 per diluted share, compared to $11.7 million, or $0.80 per diluted share for the nine months ended September 30, 2008. At September 30, 2009, total assets were $3.0 billion.
Rick Green, Southwest Bancorp’s President and Chief Executive Officer, stated, “We continue to generate earnings from operations in a difficult banking environment and are taking steps designed to position ourselves to succeed when the economy improves. For now, we expect continuing weakness in our commercial real estate markets and are clearly focused on identification and resolution of problem credits. We are pleased to have been able to earn money, hold down operating expenses, and increase key capital ratios, while at the same time providing appropriate reserves for loan losses.”
Third Quarter 2009 Results:
| • | Increased Nonperforming Assets. Nonperforming assets increased to $133.5 million and 4.97% of portfolio loans and other real estate owned from $103.8 million and 3.83% of portfolio loans and other real estate owned at June 30, 2009 and from $70.1 million and 2.80% of portfolio loans and other real estate owned at December 31, 2008. | ||
| • | Increased Allowance and Provision for Loan Losses. The allowance for loan losses increased to $57.8 million and 2.16% of portfolio loans from $51.8 million and 1.91% of portfolio loans at June 30, 2009 and $39.8 million and 1.59% of portfolio loans at December 31, 2008. The provision for loan losses exceeded net charge-offs by $6.0 million for the third quarter, $18.0 million for the first nine months of 2009, and $22.0 million for the last four quarters. | ||
| • | Increased Regulatory Capital. As of September 30, 2009, total regulatory capital was $411.2 million for a total risk-based capital ratio of 14.31% and Tier 1 capital was $374.8 million for a Tier 1 risk-based capital ratio of 13.04%. The tangible common equity ratio was 7.79%. (The tangible common equity ratio is a non-GAAP measure used by Southwest and analysts based on shareholders’ equity as defined by generally accepted accounting principles minus goodwill and preferred stock. See Table 6.) | ||
| • | Increased Core Funding. Core deposits (total deposits less time deposits of $100,000 or more and brokered deposits) grew 2% from June 30, 2009 and 15% from December 31, 2008. Core funding, which includes all non-brokered time deposits and sweep repurchase agreements, grew 3% from June 30, 2009 and 20% from December 31, 2008. At September 30, 2009, total core funding comprised 85% of total funding, compared to 82% at June 30, 2009 and 76% at December 31, 2008. Wholesale funding, including FHLB borrowings, federal funds purchased, and brokered deposits, accounted for 15% of total funding compared to 18% at June 30, 2009 and 24% at December 31, 2008. Please see Table 7 for details on these non-GAAP financial measures. |
NASDAQ: OKSB
OKSBP
OKSBP
Southwest Bancorp Reports Third Quarter 2009 Results
| • | Increased Net Interest Income. Net interest income increased by $2.2 million, or 10%, for the third quarter of 2009 compared to the third quarter of 2008, and by $3.6 million, or 5%, for the first nine months of 2009 compared to the first nine months of 2008. | ||
| • | Decreased Human Resource Costs. Salaries and employee benefits decreased by $1.0 million, or 12%, from the third quarter of 2008 and $5.0 million, or 19%, from the first nine months of 2008. Total noninterest expenses declined $1.0 million, or 6%, from the third quarter 2008 and $3.9 million, or 8%, from the first nine months of 2008, despite substantial increases in FDIC insurance assessments. |
Please review the following “Financial Overview” and the accompanying tables for important additional information regarding our results and plans.
Financial Overview
Condition: Total assets were $3.0 billion at September 30, 2009, an increase of 5% from December 31, 2008. At September 30, 2009 total loans were $2.7 billion, which includes $117.1 million of loans acquired from First National Bank of Anthony (“FNBA”) in the second quarter and represents an increase of 6% from December 31, 2008.
At September 30, 2009, the allowance for loan losses was $57.8 million, up 61% from September 30, 2008 and up 45% from year-end 2008 and represented 2.16% of portfolio loans versus 1.47% at September 30, 2008 and 1.59% at December 31, 2008. The methodology used to determine the appropriate amount of the allowance for loan losses at a particular time includes consideration of risk factors related to Southwest and to our markets, including regular assessments of national and local economic conditions and trends. For the nine months ended September 30, 2009, the provision for loan losses increased by $16.3 million, or 132%, over the provision for the comparable period ended September 30, 2008.
Nonperforming assets to portfolio loans and other real estate owned was 4.97% at September 30, 2009 compared to 2.72% at September 30, 2008 and 2.80% at December 31, 2008. A breakdown of portfolio loans and nonperforming assets by type is shown in the following table:
| Percentage of | Percentage of | |||||||||||||||
| Portfolio | total portfolio | Nonperforming | nonperforming | |||||||||||||
| (dollars in thousands) | loans | loans | assets | assets | ||||||||||||
| Real estate construction | $ | 663,157 | 24.78 | % | $ | 62,723 | 46.98 | % | ||||||||
| Commercial real estate | 1,272,430 | 47.55 | 35,286 | 26.43 | ||||||||||||
| Commercial | 558,813 | 20.89 | 11,375 | 8.52 | ||||||||||||
| Other real estate owned | — | — | 8,987 | 6.73 | ||||||||||||
| Residential real estate mortgages | 138,122 | 5.16 | 14,884 | 11.15 | ||||||||||||
| Other consumer loans | 43,219 | 1.62 | 255 | 0.19 | ||||||||||||
| Total | $ | 2,675,741 | 100.00 | % | $ | 133,510 | 100.00 | % | ||||||||
Included above are $12.8 million of nonperforming assets acquired from FNBA, which are subject to protection under loss share agreements with the FDIC. The loss share agreements require the FDIC to cover 80% of net losses on covered loans and related assets up to $35.0 million, and 95% of net losses above $35.0 million. Nonaccrual loans were $109.4 million as of September 30, 2009, an increase of $26.6 million from June 30, 2009 and $50.1 million from December 31, 2008. These loans are carried at their estimated collectible amounts and no longer accrue interest. Loans 90 days or more past due, another component of nonperforming assets, were $15.1 million as of September 30, 2009 and increased $3.1 million from June 30, 2009 and $10.4 million from December 31, 2008. These loans are deemed to have sufficient collateral and are in the process of collection. Performing loans considered potential problem loans, which are not included in the past due or nonaccrual categories, but for which known information about possible credit problems cause management to be uncertain as to the continued ability of the borrowers to comply with the present loan repayment terms in future periods, amounted to $259.5 million at September 30, 2009, an increase of $75.4 million from June 30, 2009 and $128.0 million from December 31, 2008. Included are $4.4 million of potential problem loans acquired from FNBA, which are subject to protection under loss share agreements with the FDIC. Potential problem loans are subject to continuing management attention and are considered by management in determining the level of the allowance for loan losses.
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NASDAQ: OKSB
OKSBP
OKSBP
Southwest Bancorp Reports Third Quarter 2009 Results
Total deposits were $2.5 billion at September 30, 2009, up $293.0 million from December 31, 2008. At September 30, 2009, wholesale funding, including FHLB borrowings, federal funds purchased, and brokered deposits, accounted for 15% of total funding compared to 24% at December 31, 2008.
At September 30, 2009, Southwest exceeded all applicable regulatory capital requirements. Southwest and each of its banking subsidiaries met the criteria for regulatory classification as “well-capitalized”. Southwest’s capital exceeded the minimum to be classified as “well-capitalized” by $123.8 million. Southwest’s ratio of tangible common equity to tangible assets was 7.79% as of September 30, 2009. Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by Federal bank regulators.
Year-to-date Results:
Summary: The $5.4 million decrease in our net income available to common shareholders from 2008 is the result of a $16.3 million increase in the provision for loan losses, a $3.0 million increase in FDIC insurance and other insurance expense, and $3.1 million in dividends on the preferred stock that we issued in December 2008, offset in part by a $5.0 million decrease in personnel costs, a $2.3 million decrease in general and administrative expenses, a $1.8 million decrease in income tax expense, a $3.6 million increase in net interest income, a $2.7 million increase in other noninterest income, and a $1.7 million increase in gain on sale of investment securities.
Net Interest Income: Net interest income totaled $70.9 million for the first nine month of 2009 compared to $67.3 million for the first nine months of 2008. Year-to-date net interest margin was 3.27% compared to 3.41% in 2008. Included in the second quarter net interest income is a one-time recovery of $1.9 million in interest from the successful resolution of a nonperforming loan. Net interest margin would have been 9 basis points lower without this recovery.
Provision for Loan Losses: The provision for loan losses totaled $28.5 million for the first nine months of 2009 compared to $12.3 million for the first nine months of 2008. Net charge offs totaled $10.5 million, or 0.54% (annualized) of average portfolio loans, year-to-date as of September 30, 2009, compared to $6.1 million, or 0.35% (annualized) of average portfolio loans, for the same period in the prior year.
Noninterest Income: For the first nine months of 2009, noninterest income totaled $17.4 million, compared to $12.7 million for 2008. The increase in noninterest income from 2008 was the result of a $1.7 million increase in gain on sale of investment securities and a $2.7 million increase in other noninterest income, which includes the $3.3 million gain on the FNBA acquisition that occurred in the second quarter.
Noninterest Expense: For the first nine months of 2009, noninterest expense totaled $44.8 million compared to $48.7 million for 2008. The decrease consists mainly of a $5.0 million reduction in personnel expense, a $1.7 million decrease in other general and administrative expenses, and a $627,000 decrease in provision for unfunded loan commitments, offset in part by a $3.0 million increase in FDIC and other insurance expense and a $450,000 increase in occupancy expense.
The efficiency ratio improved to 50.73% for the first nine months of 2009 from 60.86% for the first nine months of 2008.
Third Quarter Results:
Summary: The $1.2 million decrease in our net income available to common shareholders compared to the third quarter of 2008 was the result of a $3.3 million increase in the provision for loan losses and $1.0 million in quarterly dividends on the preferred stock that we issued in December 2008, offset in part by a $2.2 million increase in net interest income and a $1.0 million decrease in noninterest expenses.
Net Interest Income: Net interest income totaled $25.4 million for the third quarter of 2009 compared to $23.2 million for the third quarter of 2008. Net interest margin was 3.39% for the third quarter of 2009 and for the third quarter of 2008.
Provision for Loan Losses: The provision for loan losses totaled $10.2 million for the third quarter of 2009 compared to $6.9 million for the third quarter of 2008. Net charge offs totaled $4.2 million, or 0.61% (annualized) of average portfolio loans for the third quarter of 2009, compared to $2.4 million, or 0.39% (annualized) of average portfolio loans, for the third quarter of 2008.
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NASDAQ: OKSB
OKSBP
OKSBP
Southwest Bancorp Reports Third Quarter 2009 Results
Noninterest Income: Noninterest income totaled $3.7 million for the third quarter of 2009 compared to $4.1 million for the third quarter of 2008. The decrease was the result of a $340,000 decrease in other noninterest income and a $215,000 decrease in gains on sale of loans.
Noninterest Expense: Noninterest expense totaled $15.5 million for the third quarter of 2009, a $1.0 million decrease from the third quarter of 2008. The decrease consists primarily of a $1.0 million reduction in personnel expense and a $634,000 decrease in other general and administrative expenses, offset in part by a $665,000 increase in FDIC and other insurance expense.
The efficiency ratio for the third quarter of 2009 improved to 53.34% from 60.67% for the third quarter of 2008.
Southwest Bancorp and Subsidiaries
Southwest Bancorp is the $3 billion asset financial holding company for Stillwater National Bank and Trust Company, Bank of Kansas, SNB Capital Corporation, Healthcare Strategic Support, Inc., and Business Consulting Group, Inc. Through its subsidiaries, Southwest offers commercial and consumer lending, deposit, and investment services, and specialized cash management, consulting, and other financial services from offices in Oklahoma, Texas, and Kansas, and on the Internet, throughSNB DirectBanker®.
Southwest focuses on converting its strategic vision into long-term shareholder value. Our vision includes a commercial banking model and a community banking model focused on more traditional banking operations in our three-state market. Southwest’s strategic growth goals include prudent growth from existing and additional commercial banking offices in carefully selected markets and continued careful expansion of community banking operations. We expanded into Texas in 2002 and into Kansas in 2003. We operate seven offices in Texas, eleven offices in Oklahoma, and nine offices in Kansas. At September 30, 2009, our Texas segment accounted for $1.0 billion, or 39% of total portfolio loans, followed by $944.0 million, or 35%, from our Oklahoma segment, $400.7 million, or 15%, from our Kansas segment, and $288.7 million, or 11%, from our other states segment.
We plan to reduce the percentage of commercial real estate loans to total portfolio loans in view of current economic conditions. Our plan focuses on reductions in particular subcategories of commercial real estate loans that are identified in our regular real estate market reviews. In general, and with some exceptions regarding locations and particular types of facilities, we do not intend to decrease healthcare related commercial or mortgage lending or commercial mortgage lending on owner-occupied properties that otherwise meet our underwriting criteria.
Southwest’s common stock is traded on the NASDAQ Global Select Market under the symbol OKSB. Southwest’s trust preferred securities are traded on the NASDAQ Global Select Market under the symbol OKSBP.
Forward-Looking Statements
This Press Release includes forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include: statements of Southwest’s goals, intentions, and expectations; estimates of risks and of future costs and benefits; expectations regarding future financial performance of Southwest and its operating segments; assessments of loan quality, probable loan losses, and the amount and timing of loan payoffs; liquidity, contractual obligations, off-balance sheet risk and interest rate risk; estimates of value of acquired assets, deposits, and other liabilities; and statements of Southwest’s ability to achieve financial and other goals. These forward-looking statements are subject to significant uncertainties because they are based upon: the amount and time of future changes in interest rates, market behavior, and other economic conditions; future laws and regulations and accounting principles; and a variety of other matters. Because of these uncertainties, the actual future results may be materially different from the results indicated by these forward-looking statements. In addition, Southwest’s past growth and performance do not necessarily indicate its future results.
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NASDAQ: OKSB
OKSBP
OKSBP
Southwest Bancorp Reports Third Quarter 2009 Results
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 Summary Financial Data by Quarter-2009 and 2008 | Table 6 | |
| Unaudited Supplemental Analytical Data by Quarter-2009 and 2008 | Table 7 |
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| SOUTHWEST BANCORP, INC. | Table 1 | |
| UNAUDITED FINANCIAL HIGHLIGHTS | ||
| (Dollars in thousands except per share) |
| Third Quarter | Second Quarter | |||||||||||||||||||
| % | % | |||||||||||||||||||
| 2009 | 2008 | Change | 2009 | Change | ||||||||||||||||
QUARTERLY HIGHLIGHTS | ||||||||||||||||||||
Operations | ||||||||||||||||||||
| Net interest income | $ | 25,400 | $ | 23,188 | 10 | % | $ | 24,456 | 4 | % | ||||||||||
| Provision for loan losses | 10,177 | 6,855 | 48 | 7,477 | 36 | |||||||||||||||
| Noninterest income | 3,710 | 4,062 | (9 | ) | 7,261 | (49 | ) | |||||||||||||
| Noninterest expense | 15,528 | 16,533 | (6 | ) | 14,690 | 6 | ||||||||||||||
| Income before taxes | 3,405 | 3,862 | (12 | ) | 9,550 | (64 | ) | |||||||||||||
| Taxes on income | 1,271 | 1,556 | (18 | ) | 3,605 | (65 | ) | |||||||||||||
| Net income | 2,134 | 2,306 | (7 | ) | 5,945 | (64 | ) | |||||||||||||
| Net income available to common shareholders | 1,097 | 2,306 | (52 | ) | 4,910 | (78 | ) | |||||||||||||
| Diluted earnings per share | 0.07 | 0.16 | (56 | ) | 0.33 | (79 | ) | |||||||||||||
Balance Sheet | ||||||||||||||||||||
| Total assets | 3,029,347 | 2,832,371 | 7 | 3,038,985 | (0 | ) | ||||||||||||||
| Loans held for sale | 36,526 | 72,248 | (49 | ) | 26,006 | 40 | ||||||||||||||
| Portfolio loans | 2,675,741 | 2,440,091 | 10 | 2,704,326 | (1 | ) | ||||||||||||||
| Total deposits | 2,473,162 | 2,198,719 | 12 | 2,452,295 | 1 | |||||||||||||||
| Total shareholders’ equity | 309,118 | 226,123 | 37 | 305,416 | 1 | |||||||||||||||
| Book value per share | 16.43 | 15.56 | 6 | 16.30 | 1 | |||||||||||||||
Key Ratios | ||||||||||||||||||||
| Net interest margin | 3.39 | % | 3.39 | % | 3.41 | % | ||||||||||||||
| Efficiency ratio (GAAP-based) | 53.34 | 60.67 | 46.32 | |||||||||||||||||
| Total capital to risk-weighted assets | 14.31 | 11.88 | 13.92 | |||||||||||||||||
| Nonperforming loans to portfolio loans | 4.65 | 2.62 | 3.51 | |||||||||||||||||
| Shareholders’ equity to total assets | 10.20 | 7.98 | 10.05 | |||||||||||||||||
| Tangible common equity to tangible assets | 7.79 | 7.75 | 7.65 | |||||||||||||||||
| Return on average assets (annualized) | 0.28 | 0.33 | 0.81 | |||||||||||||||||
| Return on average equity (annualized) | 2.72 | 3.97 | 7.82 | |||||||||||||||||
YEAR-TO-DATE HIGHLIGHTS
| Nine Months | ||||||||||||||||||||
| % | ||||||||||||||||||||
| 2009 | 2008 | Change | ||||||||||||||||||
Operations | ||||||||||||||||||||
| Net interest income | $ | 70,894 | $ | 67,305 | 5 | % | ||||||||||||||
| Provision for loan losses | 28,536 | 12,281 | 132 | |||||||||||||||||
| Noninterest income | 17,448 | 12,709 | 37 | |||||||||||||||||
| Noninterest expense | 44,817 | 48,695 | (8 | ) | ||||||||||||||||
| Income before taxes | 14,989 | 19,038 | (21 | ) | ||||||||||||||||
| Taxes on income | 5,581 | 7,362 | (24 | ) | ||||||||||||||||
| Net income | 9,408 | 11,676 | (19 | ) | ||||||||||||||||
| Net income available to common shareholders | 6,303 | 11,676 | (46 | ) | ||||||||||||||||
| Diluted earnings per share | 0.43 | 0.80 | (46 | ) | ||||||||||||||||
Balance Sheet | ||||||||||||||||||||
| Total assets | 3,029,347 | 2,832,371 | 7 | |||||||||||||||||
| Loans held for sale | 36,526 | 72,248 | (49 | ) | ||||||||||||||||
| Portfolio loans | 2,675,741 | 2,440,091 | 10 | |||||||||||||||||
| Total deposits | 2,473,162 | 2,198,719 | 12 | |||||||||||||||||
| Total shareholders’ equity | 309,118 | 226,123 | 37 | |||||||||||||||||
| Book value per share | 16.43 | 15.56 | 6 | |||||||||||||||||
Key Ratios | ||||||||||||||||||||
| Net interest margin | 3.27 | % | 3.41 | % | ||||||||||||||||
| Efficiency ratio (GAAP-based) | 50.73 | 60.86 | ||||||||||||||||||
| Total capital to risk-weighted assets | 14.31 | 11.88 | ||||||||||||||||||
| Nonperforming loans to portfolio loans | 4.65 | 2.62 | ||||||||||||||||||
| Shareholders’ equity to total assets | 10.20 | 7.98 | ||||||||||||||||||
| Tangible common equity to tangible assets | 7.79 | 7.75 | ||||||||||||||||||
| Return on average assets (annualized) | 0.42 | 0.58 | ||||||||||||||||||
| Return on average equity (annualized) | 4.10 | 6.88 | ||||||||||||||||||
Balance sheet amounts are as of period end unless otherwise noted.
Please see accompanying tables for additional financial information.
Please see accompanying tables for additional financial information.
| SOUTHWEST BANCORP, INC. | Table 2 | |
| UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||
| (Dollars in thousands, except per share) |
| September 30, | December 31, | September 30, | ||||||||||
| 2009 | 2008 | 2008 | ||||||||||
Assets | ||||||||||||
| Cash and due from banks | $ | 32,094 | $ | 27,287 | $ | 36,503 | ||||||
| Investment securities: | ||||||||||||
| Held to maturity. Fair value: $6,907 $7,293, $7,262 | 6,795 | 7,343 | 7,342 | |||||||||
| Available for sale. Amortized cost: $228,723 $233,293, $218,974 | 233,009 | 238,037 | 217,198 | |||||||||
| Other investments, at cost | 18,986 | 18,786 | 17,188 | |||||||||
| Loans held for sale | 36,526 | 56,941 | 72,248 | |||||||||
| Loans receivable (1) | 2,675,741 | 2,494,506 | 2,440,091 | |||||||||
| Less: Allowance for loan losses | (57,777 | ) | (39,773 | ) | (35,807 | ) | ||||||
| Net loans receivable | 2,617,964 | 2,454,733 | 2,404,284 | |||||||||
| Accrued interest receivable | 10,794 | 11,512 | 12,530 | |||||||||
| Premises and equipment, net | 25,255 | 24,580 | 24,799 | |||||||||
| Other real estate owned (2) | 8,987 | 6,092 | 2,685 | |||||||||
| Goodwill | 6,811 | 7,071 | 7,071 | |||||||||
| Other intangible assets, net | 5,872 | 3,764 | 4,120 | |||||||||
| Other assets | 26,254 | 23,616 | 26,403 | |||||||||
| Total assets | $ | 3,029,347 | $ | 2,879,762 | $ | 2,832,371 | ||||||
Liabilities and shareholders’ equity | ||||||||||||
| Deposits: | ||||||||||||
| Noninterest-bearing demand | $ | 309,767 | $ | 261,940 | $ | 280,453 | ||||||
| Interest-bearing demand | 82,622 | 76,027 | 70,471 | |||||||||
| Money market accounts | 506,196 | 454,250 | 554,357 | |||||||||
| Savings accounts | 25,636 | 14,135 | 14,452 | |||||||||
| Time deposits of $100,000 or more | 888,814 | 802,244 | 731,773 | |||||||||
| Other time deposits | 660,127 | 571,526 | 547,213 | |||||||||
| Total deposits | 2,473,162 | 2,180,122 | 2,198,719 | |||||||||
| Accrued interest payable | 4,545 | 7,018 | 9,992 | |||||||||
| Income tax payable | 3,822 | 3,651 | 3,828 | |||||||||
| Other liabilities | 10,288 | 9,667 | 12,628 | |||||||||
| Other borrowings | 146,449 | 295,138 | 299,118 | |||||||||
| Subordinated debentures | 81,963 | 81,963 | 81,963 | |||||||||
| Total liabilities | 2,720,229 | 2,577,559 | 2,606,248 | |||||||||
Shareholders’ equity | ||||||||||||
| Preferred stock, Series B — $1,000 par value; 1,250,000 shares authorized; 70,000 shares issued | 66,872 | 66,392 | — | |||||||||
| Common stock — $1 par value; 20,000,000 shares authorized; 14,748,223 shares issued | 14,748 | 14,658 | 14,658 | |||||||||
| Paid in capital | 49,007 | 49,101 | 45,849 | |||||||||
| Retained earnings | 175,834 | 170,579 | 169,026 | |||||||||
| Accumulated other comprehensive income (loss) | 2,657 | 2,921 | (1,075 | ) | ||||||||
| Treasury stock, at cost, 0, 80,383, 129,586 shares | — | (1,448 | ) | (2,335 | ) | |||||||
| Total shareholders’ equity | 309,118 | 302,203 | 226,123 | |||||||||
| Total liabilities and shareholders’ equity | $ | 3,029,347 | $ | 2,879,762 | $ | 2,832,371 | ||||||
| (1) | Includes $70.0 million which is subject to FDIC support through the loss share agreement which provides for 80% recovery of net losses up to $35.0 million and 95% recovery for net losses exceeding this amount. | |
| (2) | Includes $2.9 million which is subject to FDIC support through the loss share agreement as discussed in (1). |
| SOUTHWEST BANCORP, INC. | Table 3 | |
| UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| (Dollars in thousands except per share) |
| For the three months | For the nine months | |||||||||||||||
| ended September 30, | ended September 30, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
Interest income | ||||||||||||||||
| Loans | $ | 35,607 | $ | 38,441 | $ | 104,884 | $ | 116,536 | ||||||||
| Investment securities | 2,122 | 2,531 | 6,713 | 7,293 | ||||||||||||
| Other interest-earning assets | 4 | 22 | 13 | 70 | ||||||||||||
| Total interest income | 37,733 | 40,994 | 111,610 | 123,899 | ||||||||||||
Interest expense | ||||||||||||||||
| Interest-bearing deposits | 10,097 | 14,398 | 33,229 | 47,759 | ||||||||||||
| Other borrowings | 960 | 1,839 | 3,424 | 5,755 | ||||||||||||
| Subordinated debentures | 1,276 | 1,569 | 4,063 | 3,080 | ||||||||||||
| Total interest expense | 12,333 | 17,806 | 40,716 | 56,594 | ||||||||||||
| Net interest income | 25,400 | 23,188 | 70,894 | 67,305 | ||||||||||||
| Provision for loan losses | 10,177 | 6,855 | 28,536 | 12,281 | ||||||||||||
| Net interest income after provision for loan losses | 15,223 | 16,333 | 42,358 | 55,024 | ||||||||||||
Noninterest income | ||||||||||||||||
| Service charges and fees | 2,992 | 2,849 | 8,409 | 8,118 | ||||||||||||
| Gain on acquisition | — | — | 3,281 | — | ||||||||||||
| Gain on sales of loans | 386 | 601 | 2,030 | 2,044 | ||||||||||||
| Gain (loss) on investment securities | 10 | (50 | ) | 2,922 | 1,198 | |||||||||||
| Other noninterest income | 322 | 662 | 806 | 1,349 | ||||||||||||
| Total noninterest income | 3,710 | 4,062 | 17,448 | 12,709 | ||||||||||||
Noninterest expense | ||||||||||||||||
| Salaries and employee benefits | 7,824 | 8,863 | 21,950 | 26,941 | ||||||||||||
| Occupancy | 2,958 | 2,968 | 8,478 | 8,028 | ||||||||||||
| FDIC and other insurance | 1,134 | 469 | 4,444 | 1,443 | ||||||||||||
| Other real estate, net | 90 | (92 | ) | 91 | 115 | |||||||||||
| General and administrative | 3,522 | 4,325 | 9,854 | 12,168 | ||||||||||||
| Total noninterest expense | 15,528 | 16,533 | 44,817 | 48,695 | ||||||||||||
| Income before taxes | 3,405 | 3,862 | 14,989 | 19,038 | ||||||||||||
| Taxes on income | 1,271 | 1,556 | 5,581 | 7,362 | ||||||||||||
| Net income | $ | 2,134 | $ | 2,306 | $ | 9,408 | $ | 11,676 | ||||||||
| Net income available to common shareholders | $ | 1,097 | $ | 2,306 | $ | 6,303 | $ | 11,676 | ||||||||
| Basic earnings per common share | $ | 0.07 | $ | 0.16 | $ | 0.43 | $ | 0.81 | ||||||||
| Diluted earnings per common share | 0.07 | 0.16 | 0.43 | 0.80 | ||||||||||||
| Common dividends declared per share | 0.0238 | 0.0950 | 0.0714 | 0.2850 | ||||||||||||
| SOUTHWEST BANCORP, INC. | Table 4 | |
| UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES | ||
| (Dollars in thousands) |
| For the three months ended September 30, | ||||||||||||||||||||||||
| 2009 | 2008 | |||||||||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||||||||
| Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
| Loans | $ | 2,719,835 | $ | 35,607 | 5.19 | % | $ | 2,485,617 | $ | 38,441 | 6.15 | % | ||||||||||||
| Investment securities | 243,604 | 2,122 | 3.46 | 235,428 | 2,531 | 4.28 | ||||||||||||||||||
| Other interest-earning assets | 10,442 | 4 | 0.15 | 4,113 | 22 | 2.13 | ||||||||||||||||||
| Total interest-earning assets | 2,973,881 | 37,733 | 5.03 | 2,725,158 | 40,994 | 5.98 | ||||||||||||||||||
| Other assets | 62,160 | 72,624 | ||||||||||||||||||||||
| Total assets | $ | 3,036,041 | $ | 2,797,782 | ||||||||||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 84,031 | $ | 107 | 0.51 | % | $ | 75,436 | $ | 147 | 0.78 | % | ||||||||||||
| Money market accounts | 498,842 | 1,220 | 0.97 | 545,520 | 2,898 | 2.11 | ||||||||||||||||||
| Savings accounts | 26,101 | 39 | 0.59 | 14,285 | 17 | 0.47 | ||||||||||||||||||
| Time deposits | 1,547,192 | 8,731 | 2.24 | 1,272,097 | 11,336 | 3.55 | ||||||||||||||||||
| Total interest-bearing deposits | 2,156,166 | 10,097 | 1.86 | 1,907,338 | 14,398 | 3.00 | ||||||||||||||||||
| Other borrowings | 165,327 | 960 | 2.30 | 275,365 | 1,839 | 2.66 | ||||||||||||||||||
| Subordinated debentures | 81,963 | 1,276 | 6.23 | 81,122 | 1,569 | 7.74 | ||||||||||||||||||
| Total interest-bearing liabilities | 2,403,456 | 12,333 | 2.04 | 2,263,825 | 17,806 | 3.13 | ||||||||||||||||||
| Noninterest-bearing demand deposits | 299,235 | 278,565 | ||||||||||||||||||||||
| Other liabilities | 22,365 | 24,250 | ||||||||||||||||||||||
| Shareholders’ equity | 310,985 | 231,142 | ||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 3,036,041 | $ | 2,797,782 | ||||||||||||||||||||
| Net interest income and spread | $ | 25,400 | 2.99 | % | $ | 23,188 | 2.85 | % | ||||||||||||||||
| Net interest margin (1) | 3.39 | % | 3.39 | % | ||||||||||||||||||||
| Average interest-earning assets to average interest-bearing liabilities | 123.73 | % | 120.38 | % | ||||||||||||||||||||
| (1) | Net interest margin = annualized net interest income / average interest-earning assets |
| SOUTHWEST BANCORP, INC. UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES (Dollars in thousands) | Table 5 |
| For the nine months ended September 30, | ||||||||||||||||||||||||
| 2009 | 2008 | |||||||||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||||||||
| Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
| Loans | $ | 2,655,156 | $ | 104,884 | 5.28 | % | $ | 2,401,162 | $ | 116,536 | 6.48 | % | ||||||||||||
| Investment securities | 239,134 | 6,713 | 3.75 | 234,894 | 7,293 | 4.15 | ||||||||||||||||||
| Other interest-earning assets | 5,877 | 13 | 0.30 | 3,430 | 70 | 2.73 | ||||||||||||||||||
| Total interest-earning assets | 2,900,167 | 111,610 | 5.15 | 2,639,486 | 123,899 | 6.27 | ||||||||||||||||||
| Other assets | 66,254 | 72,084 | ||||||||||||||||||||||
| Total assets | $ | 2,966,421 | $ | 2,711,570 | ||||||||||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 86,576 | $ | 410 | 0.63 | % | $ | 75,813 | $ | 454 | 0.80 | % | ||||||||||||
| Money market accounts | 479,700 | 3,784 | 1.05 | 546,560 | 10,488 | 2.56 | ||||||||||||||||||
| Savings accounts | 19,535 | 62 | 0.42 | 13,780 | 58 | 0.56 | ||||||||||||||||||
| Time deposits | 1,496,193 | 28,973 | 2.59 | 1,237,196 | 36,759 | 3.97 | ||||||||||||||||||
| Total interest-bearing deposits | 2,082,004 | 33,229 | 2.13 | 1,873,349 | 47,759 | 3.41 | ||||||||||||||||||
| Other borrowings | 199,982 | 3,424 | 2.29 | 266,367 | 5,755 | 2.89 | ||||||||||||||||||
| Subordinated debentures | 81,963 | 4,063 | 6.61 | 58,054 | 3,080 | 7.07 | ||||||||||||||||||
| Total interest-bearing liabilities | 2,363,949 | 40,716 | 2.30 | 2,197,770 | 56,594 | 3.44 | ||||||||||||||||||
| Noninterest-bearing demand deposits | 274,535 | 265,245 | ||||||||||||||||||||||
| Other liabilities | 20,877 | 21,826 | ||||||||||||||||||||||
| Shareholders’ equity | 307,060 | 226,729 | ||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 2,966,421 | $ | 2,711,570 | ||||||||||||||||||||
| Net interest income and spread | $ | 70,894 | 2.85 | % | $ | 67,305 | 2.83 | % | ||||||||||||||||
| Net interest margin (1) | 3.27 | % | 3.41 | % | ||||||||||||||||||||
| Average interest-earning assets to average interest-bearing liabilities | 122.68 | % | 120.10 | % | ||||||||||||||||||||
| (1) | Net interest margin = annualized net interest income / average interest-earning assets |
| SOUTHWEST BANCORP, INC. UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA (Dollars in thousands except per share) | Table 6 |
| 2009 | 2008 | |||||||||||||||||||||||||||
| Sep. 30 | Jun. 30 | Mar. 31 | Dec. 31 | Sep. 30 | Jun. 30 | Mar. 31 | ||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||||
| Loans | $ | 35,607 | $ | 36,009 | $ | 33,268 | $ | 36,183 | $ | 38,441 | $ | 37,485 | $ | 40,610 | ||||||||||||||
| Investment securities | 2,122 | 2,079 | 2,512 | 2,693 | 2,531 | 2,426 | 2,336 | |||||||||||||||||||||
| Other interest-earning assets | 4 | 3 | 6 | 19 | 22 | 20 | 28 | |||||||||||||||||||||
| Total interest income | 37,733 | 38,091 | 35,786 | 38,895 | 40,994 | 39,931 | 42,974 | |||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||
| Interest bearing demand deposits | 107 | 150 | 153 | 130 | 147 | 166 | 141 | |||||||||||||||||||||
| Money market accounts | 1,220 | 1,211 | 1,353 | 2,132 | 2,898 | 3,062 | 4,528 | |||||||||||||||||||||
| Savings accounts | 39 | 14 | 9 | 11 | 17 | 19 | 22 | |||||||||||||||||||||
| Time deposits of $100,000 or more | 4,822 | 5,552 | 5,980 | 6,419 | 6,879 | 7,051 | 7,865 | |||||||||||||||||||||
| Other time deposits | 3,909 | 4,145 | 4,565 | 4,571 | 4,457 | 4,809 | 5,698 | |||||||||||||||||||||
| Total interest-bearing deposits | 10,097 | 11,072 | 12,060 | 13,263 | 14,398 | 15,107 | 18,254 | |||||||||||||||||||||
| Other borrowings | 960 | 1,180 | 1,284 | 1,487 | 1,839 | 1,887 | 2,029 | |||||||||||||||||||||
| Subordinated debentures | 1,276 | 1,383 | 1,404 | 1,731 | 1,569 | 653 | 858 | |||||||||||||||||||||
| Total interest expense | 12,333 | 13,635 | 14,748 | 16,481 | 17,806 | 17,647 | 21,141 | |||||||||||||||||||||
| Net interest income | 25,400 | 24,456 | 21,038 | 22,414 | 23,188 | 22,284 | 21,833 | |||||||||||||||||||||
| Provision for loan losses | 10,177 | 7,477 | 10,882 | 6,698 | 6,855 | 3,190 | 2,236 | |||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||||
| Service charges and fees | 2,992 | 2,817 | 2,600 | 2,908 | 2,849 | 2,812 | 2,457 | |||||||||||||||||||||
| Gain on sales of loans | 386 | 926 | 718 | 620 | 601 | 603 | 840 | |||||||||||||||||||||
| Gain (loss) on investment securities | 10 | (9 | ) | 2,921 | (296 | ) | (50 | ) | 3 | 1,245 | ||||||||||||||||||
| Other noninterest income | 322 | 3,527 | 238 | 197 | 662 | 541 | 146 | |||||||||||||||||||||
| Total noninterest income | 3,710 | 7,261 | 6,477 | 3,429 | 4,062 | 3,959 | 4,688 | |||||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||||
| Salaries and employee benefits | 7,824 | 6,887 | 7,239 | 6,389 | 8,863 | 8,856 | 9,222 | |||||||||||||||||||||
| Occupancy | 2,958 | 2,789 | 2,731 | 2,844 | 2,968 | 2,602 | 2,458 | |||||||||||||||||||||
| FDIC and other insurance | 1,134 | 2,319 | 991 | 645 | 469 | 521 | 453 | |||||||||||||||||||||
| Other real estate, net | 90 | 103 | (102 | ) | 31 | (92 | ) | 197 | 10 | |||||||||||||||||||
| Provision for unfunded loan commitments | (79 | ) | (388 | ) | 90 | 385 | 90 | 15 | 145 | |||||||||||||||||||
| Other general and administrative | 3,601 | 2,980 | 3,650 | 3,499 | 4,235 | 4,141 | 3,542 | |||||||||||||||||||||
| Total noninterest expenses | 15,528 | 14,690 | 14,599 | 13,793 | 16,533 | 16,332 | 15,830 | |||||||||||||||||||||
| Income before taxes | 3,405 | 9,550 | 2,034 | 5,352 | 3,862 | 6,721 | 8,455 | |||||||||||||||||||||
| Taxes on income | 1,271 | 3,605 | 705 | 2,127 | 1,556 | 2,559 | 3,247 | |||||||||||||||||||||
| Net income | $ | 2,134 | $ | 5,945 | $ | 1,329 | $ | 3,225 | $ | 2,306 | $ | 4,162 | $ | 5,208 | ||||||||||||||
| Net income available to common shareholders | $ | 1,097 | $ | 4,910 | $ | 296 | $ | 2,982 | $ | 2,306 | $ | 4,162 | $ | 5,208 | ||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||
| Basic earnings per common share | $ | 0.07 | $ | 0.34 | $ | 0.02 | $ | 0.21 | $ | 0.16 | $ | 0.29 | $ | 0.36 | ||||||||||||||
| Diluted earnings per common share | 0.07 | 0.33 | 0.02 | 0.20 | 0.16 | 0.28 | 0.36 | |||||||||||||||||||||
| Common dividends declared per share | 0.0238 | 0.0238 | 0.0238 | 0.0950 | 0.0950 | 0.0950 | 0.0950 | |||||||||||||||||||||
| Book value per share | 16.43 | 16.30 | 16.01 | 16.18 | 15.56 | 15.49 | 15.43 | |||||||||||||||||||||
| Tangible book value per share | 15.96 | 15.84 | 15.52 | 15.69 | 15.08 | 15.00 | 14.95 | |||||||||||||||||||||
COMMON STOCK | ||||||||||||||||||||||||||||
| Issued | 14,748,223 | 14,658,042 | 14,658,042 | 14,658,042 | 14,658,042 | 14,658,042 | 14,658,042 | |||||||||||||||||||||
| Less treasury shares | — | (15,602 | ) | (49,930 | ) | (80,383 | ) | (129,586 | ) | (131,566 | ) | (133,605 | ) | |||||||||||||||
| Outstanding shares | 14,748,223 | 14,642,440 | 14,608,112 | 14,577,659 | 14,528,456 | 14,526,476 | 14,524,437 | |||||||||||||||||||||
OTHER FINANCIAL DATA | ||||||||||||||||||||||||||||
| Investment securities | $ | 258,790 | $ | 243,077 | $ | 179,006 | $ | 264,166 | $ | 241,728 | $ | 234,429 | $ | 236,059 | ||||||||||||||
| Loans held for sale | 36,526 | 26,006 | 76,404 | 56,941 | 72,248 | 62,892 | 66,364 | |||||||||||||||||||||
| Portfolio loans | 2,675,741 | 2,704,326 | 2,526,293 | 2,494,506 | 2,440,091 | 2,381,893 | 2,287,606 | |||||||||||||||||||||
| Total loans | 2,712,267 | 2,730,332 | 2,602,697 | 2,551,447 | 2,512,339 | 2,444,785 | 2,353,970 | |||||||||||||||||||||
| Total assets | 3,029,347 | 3,038,985 | 2,928,133 | 2,879,762 | 2,832,371 | 2,773,013 | 2,670,580 | |||||||||||||||||||||
| Total deposits | 2,473,162 | 2,452,295 | 2,330,089 | 2,180,122 | 2,198,719 | 2,211,001 | 2,094,927 | |||||||||||||||||||||
| Other borrowings | 146,449 | 176,368 | 193,739 | 295,138 | 299,118 | 265,614 | 282,513 | |||||||||||||||||||||
| Subordinated debentures | 81,963 | 81,963 | 81,963 | 81,963 | 81,963 | 46,393 | 46,393 | |||||||||||||||||||||
| Total shareholders’ equity | 309,118 | 305,416 | 300,406 | 302,203 | 226,123 | 224,949 | 224,155 | |||||||||||||||||||||
| Mortgage servicing portfolio | 223,226 | 209,425 | 179,959 | 158,143 | 153,250 | 147,672 | 145,028 | |||||||||||||||||||||
INTANGIBLE ASSET DATA | ||||||||||||||||||||||||||||
| Goodwill | $ | 6,811 | $ | 6,811 | $ | 7,071 | $ | 7,071 | $ | 7,071 | $ | 7,071 | $ | 7,071 | ||||||||||||||
| Core deposit intangible | 4,240 | 4,378 | 2,498 | 2,596 | 2,693 | 2,792 | 2,893 | |||||||||||||||||||||
| Mortgage servicing rights | 1,625 | 1,589 | 1,362 | 1,159 | 1,417 | 1,354 | 1,299 | |||||||||||||||||||||
| Nonmortgage servicing rights | 7 | 7 | 8 | 9 | 10 | 11 | 13 | |||||||||||||||||||||
| Total intangible assets | $ | 12,683 | $ | 12,785 | $ | 10,939 | $ | 10,835 | $ | 11,191 | $ | 11,228 | $ | 11,276 | ||||||||||||||
| Intangible amortization expense | $ | 344 | $ | 391 | $ | 204 | $ | 214 | $ | 212 | $ | 215 | $ | 257 | ||||||||||||||
| SOUTHWEST BANCORP, INC. UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA (Dollars in thousands except per share) | Table 6 Continued |
| 2009 | 2008 | |||||||||||||||||||||||||||
| Sep. 30 | Jun. 30 | Mar. 31 | Dec. 31 | Sep. 30 | Jun. 30 | Mar. 31 | ||||||||||||||||||||||
PERFORMANCE RATIOS | ||||||||||||||||||||||||||||
| Return on average assets (annualized) | 0.28 | % | 0.81 | % | 0.18 | % | 0.45 | % | 0.33 | % | 0.62 | % | 0.80 | % | ||||||||||||||
| Return on average common equity (annualized) | 1.78 | 8.26 | 1.77 | 5.15 | 3.97 | 7.38 | 9.43 | |||||||||||||||||||||
| Return on average tangible equity (annualized) | 2.87 | 8.12 | 1.83 | 5.79 | 4.26 | 7.86 | 9.94 | |||||||||||||||||||||
| Net interest margin | 3.39 | 3.41 | 3.00 | 3.22 | 3.39 | 3.38 | 3.45 | |||||||||||||||||||||
| Total dividends declared to net income | 57.46 | 20.58 | 92.00 | 50.49 | 59.85 | 33.16 | 26.37 | |||||||||||||||||||||
| Effective tax rate | 37.33 | 37.75 | 34.66 | 39.74 | 40.29 | 38.07 | 38.40 | |||||||||||||||||||||
| Efficiency ratio | 53.34 | 46.32 | 53.06 | 53.37 | 60.67 | 62.23 | 59.69 | |||||||||||||||||||||
ASSET QUALITY RATIOS | ||||||||||||||||||||||||||||
| Nonperforming assets to portfolio loans and other real estate owned | 4.97 | % | 3.83 | % | 3.53 | % | 2.80 | % | 2.72 | % | 1.45 | % | 1.41 | % | ||||||||||||||
| Nonperforming loans to portfolio loans | 4.65 | 3.51 | 3.32 | 2.56 | 2.62 | 1.35 | 1.27 | |||||||||||||||||||||
| Net loan charge-offs to average portfolio loans (annualized) | 0.61 | 0.31 | 0.71 | 0.44 | 0.39 | 0.31 | 0.34 | |||||||||||||||||||||
| Allowance for loan losses to total loans | 2.13 | 1.90 | 1.78 | 1.56 | 1.43 | 1.28 | 1.27 | |||||||||||||||||||||
| Allowance for loan losses to portfolio loans | 2.16 | 1.91 | 1.83 | 1.59 | 1.47 | 1.32 | 1.31 | |||||||||||||||||||||
| Allowance for loan losses to nonperforming loans | 46.40 | 54.55 | 55.12 | 62.16 | 56.07 | 97.62 | 103.49 | |||||||||||||||||||||
CAPITAL RATIOS | ||||||||||||||||||||||||||||
| Average total shareholders’ equity to average assets | 10.24 | % | 10.35 | % | 10.47 | % | 8.85 | % | 8.26 | % | 8.35 | % | 8.49 | % | ||||||||||||||
| Leverage ratio | 12.39 | 12.70 | 12.72 | 13.06 | 10.51 | 9.66 | 9.91 | |||||||||||||||||||||
| Tier 1 capital to risk-weighted assets | 13.04 | 12.67 | 12.85 | 13.01 | 10.49 | 9.40 | 9.47 | |||||||||||||||||||||
| Total capital to risk-weighted assets | 14.31 | 13.92 | 14.11 | 14.26 | 11.88 | 10.65 | 10.69 | |||||||||||||||||||||
| Tangible common equity to tangible assets* | 7.79 | 7.65 | 7.76 | 7.96 | 7.75 | 7.88 | 8.15 | |||||||||||||||||||||
LOANS BY SEGMENT | ||||||||||||||||||||||||||||
| Oklahoma banking | $ | 943,982 | $ | 967,981 | $ | 949,454 | $ | 966,243 | $ | 962,611 | $ | 965,952 | $ | 943,331 | ||||||||||||||
| Texas banking | 1,042,369 | 1,037,694 | 990,135 | 947,603 | 892,998 | 857,160 | 797,700 | |||||||||||||||||||||
| Kansas banking | 400,710 | 412,314 | 309,774 | 304,855 | 288,268 | 277,887 | 287,339 | |||||||||||||||||||||
| Other states banking | 288,680 | 286,337 | 276,930 | 275,805 | 296,214 | 280,894 | 259,236 | |||||||||||||||||||||
| Subtotal | 2,675,741 | 2,704,326 | 2,526,293 | 2,494,506 | 2,440,091 | 2,381,893 | 2,287,606 | |||||||||||||||||||||
| Secondary market | 36,526 | 26,006 | 76,404 | 56,941 | 72,248 | 62,892 | 66,364 | |||||||||||||||||||||
| Total loans | $ | 2,712,267 | $ | 2,730,332 | $ | 2,602,697 | $ | 2,551,447 | $ | 2,512,339 | $ | 2,444,785 | $ | 2,353,970 | ||||||||||||||
NET INCOME BY SEGMENT | ||||||||||||||||||||||||||||
| Oklahoma banking | $ | 2,529 | $ | 3,284 | $ | 3,210 | $ | 3,783 | $ | 3,295 | $ | 2,923 | $ | 2,503 | ||||||||||||||
| Texas banking | 2,686 | 3,662 | 1,119 | 2,036 | 1,332 | 1,777 | 2,406 | |||||||||||||||||||||
| Kansas banking | (1,180 | ) | 548 | 598 | (204 | ) | (1,336 | ) | (40 | ) | 458 | |||||||||||||||||
| Other states banking | 57 | (78 | ) | (1,974 | ) | (89 | ) | 848 | 1,028 | 969 | ||||||||||||||||||
| Subtotal | 4,092 | 7,416 | 2,953 | 5,526 | 4,139 | 5,688 | 6,336 | |||||||||||||||||||||
| Secondary market | (201 | ) | 117 | (61 | ) | 139 | (149 | ) | 40 | (174 | ) | |||||||||||||||||
| Other operations | (1,757 | ) | (1,588 | ) | (1,563 | ) | (2,440 | ) | (1,684 | ) | (1,566 | ) | (954 | ) | ||||||||||||||
| Net income | $ | 2,134 | $ | 5,945 | $ | 1,329 | $ | 3,225 | $ | 2,306 | $ | 4,162 | $ | 5,208 | ||||||||||||||
OFFICES AND EMPLOYEES | ||||||||||||||||||||||||||||
| FTE Employees | 471 | 478 | 425 | 442 | 458 | 463 | 467 | |||||||||||||||||||||
| ATM’s | 44 | 44 | 40 | 41 | 41 | 40 | 40 | |||||||||||||||||||||
| Branches | 24 | 24 | 18 | 18 | 18 | 17 | 17 | |||||||||||||||||||||
| Loan production offices | 3 | 3 | 3 | 3 | 3 | 3 | 3 | |||||||||||||||||||||
| Assets per employee | $ | 6,432 | $ | 6,358 | $ | 6,890 | $ | 6,515 | $ | 6,184 | $ | 5,989 | $ | 5,719 | ||||||||||||||
Total shareholders’ equity | $ | 309,118 | $ | 305,416 | $ | 300,406 | $ | 302,203 | $ | 226,123 | $ | 224,949 | $ | 224,155 | ||||||||||||||
Less: | ||||||||||||||||||||||||||||
Goodwill | 6,811 | 6,811 | 7,071 | 7,071 | 7,071 | 7,071 | 7,071 | |||||||||||||||||||||
Preferred stock | 66,872 | 66,710 | 66,549 | 66,392 | — | — | — | |||||||||||||||||||||
Tangible common equity | $ | 235,435 | $ | 231,895 | $ | 226,786 | $ | 228,740 | $ | 219,052 | $ | 217,878 | $ | 217,084 | ||||||||||||||
Total assets | $ | 3,029,347 | $ | 3,038,985 | $ | 2,928,133 | $ | 2,879,762 | $ | 2,832,371 | $ | 2,773,013 | $ | 2,670,580 | ||||||||||||||
Less goodwill | 6,811 | 6,811 | 7,071 | 7,071 | 7,071 | 7,071 | 7,071 | |||||||||||||||||||||
Tangible assets | $ | 3,022,536 | $ | 3,032,174 | $ | 2,921,062 | $ | 2,872,691 | $ | 2,825,300 | $ | 2,765,942 | $ | 2,663,509 | ||||||||||||||
Tangible common equity to tangible assets | 7.79 | % | 7.65 | % | 7.76 | % | 7.96 | % | 7.75 | % | 7.88 | % | 8.15 | % | ||||||||||||||
Balance sheet amounts are as of period end unless otherwise noted.
| SOUTHWEST BANCORP, INC. UNAUDITED QUARTERLY SUPPLEMENTAL ANALYTICAL DATA (Dollars in thousands except per share) | Table 7 |
| 2009 | 2008 | |||||||||||||||||||||||||||
| Sep. 30 | Jun. 30 | Mar. 31 | Dec. 31 | Sep. 30 | Jun. 30 | Mar. 31 | ||||||||||||||||||||||
LOAN COMPOSITION | ||||||||||||||||||||||||||||
| Real estate mortgage: | ||||||||||||||||||||||||||||
| Commercial | $ | 1,259,559 | $ | 1,249,230 | $ | 1,098,587 | $ | 1,118,828 | $ | 1,077,601 | $ | 991,679 | $ | 846,757 | ||||||||||||||
| One-to-four family residential | 142,280 | 133,957 | 114,111 | 113,665 | 116,270 | 118,056 | 110,938 | |||||||||||||||||||||
| Real estate construction | ||||||||||||||||||||||||||||
| Commercial | 627,083 | 636,575 | 640,132 | 579,795 | 554,496 | 583,784 | 654,039 | |||||||||||||||||||||
| One-to-four family residential | 48,945 | 64,939 | 79,309 | 79,565 | 79,843 | 82,972 | 90,051 | |||||||||||||||||||||
| Commercial | 560,232 | 581,937 | 558,834 | 564,670 | 574,087 | 566,830 | 544,183 | |||||||||||||||||||||
| Installment and consumer: | ||||||||||||||||||||||||||||
| Guaranteed student loans | 30,949 | 18,477 | 69,792 | 54,057 | 67,610 | 57,413 | 63,706 | |||||||||||||||||||||
| Other | 43,219 | 45,217 | 41,932 | 40,867 | 42,432 | 44,051 | 44,296 | |||||||||||||||||||||
| Total loans, including held for sale | 2,712,267 | 2,730,332 | 2,602,697 | 2,551,447 | 2,512,339 | 2,444,785 | 2,353,970 | |||||||||||||||||||||
| Less allowance for loan losses | (57,777 | ) | (51,753 | ) | (46,262 | ) | (39,773 | ) | (35,807 | ) | (31,341 | ) | (29,950 | ) | ||||||||||||||
| Total loans, net | $ | 2,654,490 | $ | 2,678,579 | $ | 2,556,435 | $ | 2,511,674 | $ | 2,476,532 | $ | 2,413,444 | $ | 2,324,020 | ||||||||||||||
| By statement of condition category: | ||||||||||||||||||||||||||||
| Loans held for sale: | ||||||||||||||||||||||||||||
| Student loans | $ | 30,949 | $ | 18,477 | $ | 69,792 | $ | 54,057 | $ | 67,610 | $ | 57,413 | $ | 63,706 | ||||||||||||||
| One-to-four family residential | 4,158 | 6,599 | 5,563 | 1,790 | 3,500 | 4,283 | 1,417 | |||||||||||||||||||||
| Other | 1,419 | 930 | 1,049 | 1,094 | 1,138 | 1,196 | 1,241 | |||||||||||||||||||||
| Total loans held for sale | 36,526 | 26,006 | 76,404 | 56,941 | 72,248 | 62,892 | 66,364 | |||||||||||||||||||||
| Portfolio loans | 2,675,741 | 2,704,326 | 2,526,293 | 2,494,506 | 2,440,091 | 2,381,893 | 2,287,606 | |||||||||||||||||||||
| Total loans before allowance | $ | 2,712,267 | $ | 2,730,332 | $ | 2,602,697 | $ | 2,551,447 | $ | 2,512,339 | $ | 2,444,785 | $ | 2,353,970 | ||||||||||||||
DEPOSIT COMPOSITION | ||||||||||||||||||||||||||||
| Non-interest bearing demand | $ | 309,767 | $ | 291,014 | $ | 274,175 | $ | 261,940 | $ | 280,453 | $ | 299,699 | $ | 248,315 | ||||||||||||||
| Interest-bearing demand | 82,622 | 94,060 | 85,629 | 76,027 | 70,471 | 81,415 | 71,450 | |||||||||||||||||||||
| Money market accounts | 506,196 | 483,162 | 467,924 | 454,250 | 554,357 | 548,099 | 553,850 | |||||||||||||||||||||
| Savings accounts | 25,636 | 25,660 | 15,797 | 14,135 | 14,452 | 13,809 | 13,808 | |||||||||||||||||||||
| Time deposits of $100,000 or more | 888,814 | 905,202 | 849,814 | 802,244 | 731,773 | 740,174 | 690,421 | |||||||||||||||||||||
| Other time deposits | 660,127 | 653,197 | 636,750 | 571,526 | 547,213 | 527,805 | 517,083 | |||||||||||||||||||||
| Total deposits** | $ | 2,473,162 | $ | 2,452,295 | $ | 2,330,089 | $ | 2,180,122 | $ | 2,198,719 | $ | 2,211,001 | $ | 2,094,927 | ||||||||||||||
NONPERFORMING ASSETS | ||||||||||||||||||||||||||||
| Nonaccrual loans | $ | 109,401 | $ | 82,812 | $ | 73,383 | $ | 59,310 | $ | 61,557 | $ | 30,861 | $ | 26,134 | ||||||||||||||
| 90 days past due and accruing | 15,122 | 12,067 | 10,552 | 4,673 | 2,299 | 1,242 | 2,807 | |||||||||||||||||||||
| Total nonperforming loans | 124,523 | 94,879 | 83,935 | 63,983 | 63,856 | 32,103 | 28,941 | |||||||||||||||||||||
| Other real estate owned | 8,987 | 8,941 | 5,351 | 6,092 | 2,685 | 2,523 | 3,328 | |||||||||||||||||||||
| Total nonperforming assets | $ | 133,510 | $ | 103,820 | $ | 89,286 | $ | 70,075 | $ | 66,541 | $ | 34,626 | $ | 32,269 | ||||||||||||||
| Potential problem loans | $ | 259,472 | $ | 184,058 | $ | 133,810 | $ | 131,516 | $ | 86,070 | $ | 71,070 | $ | 69,588 | ||||||||||||||
ALLOWANCE ACTIVITY | ||||||||||||||||||||||||||||
| Balance, beginning of period | $ | 51,753 | $ | 46,262 | $ | 39,773 | $ | 35,807 | $ | 31,341 | $ | 29,950 | $ | 29,584 | ||||||||||||||
| Charge offs | 4,372 | 2,975 | 4,810 | 3,254 | 2,752 | 1,892 | 2,044 | |||||||||||||||||||||
| Recoveries | 219 | 989 | 417 | 522 | 363 | 93 | 174 | |||||||||||||||||||||
| Net charge offs | 4,153 | 1,986 | 4,393 | 2,732 | 2,389 | 1,799 | 1,870 | |||||||||||||||||||||
| Provision for loan losses | 10,177 | 7,477 | 10,882 | 6,698 | 6,855 | 3,190 | 2,236 | |||||||||||||||||||||
| Balance, end of period | $ | 57,777 | $ | 51,753 | $ | 46,262 | $ | 39,773 | $ | 35,807 | $ | 31,341 | $ | 29,950 | ||||||||||||||
REGULATORY CAPITAL DATA | ||||||||||||||||||||||||||||
| Tier I capital | $ | 374,805 | $ | 372,713 | $ | 369,482 | $ | 369,049 | $ | 293,141 | $ | 261,354 | $ | 258,272 | ||||||||||||||
| Total capital | 411,201 | 409,764 | 405,613 | 404,695 | 332,012 | 296,166 | 291,638 | |||||||||||||||||||||
| Total risk adjusted assets | 2,873,558 | 2,942,821 | 2,875,290 | 2,837,473 | 2,793,843 | 2,780,538 | 2,727,853 | |||||||||||||||||||||
Total deposits | $ | 2,473,162 | $ | 2,452,295 | $ | 2,330,089 | $ | 2,180,122 | $ | 2,198,719 | $ | 2,211,001 | $ | 2,094,927 | ||||||||||||||
Less: | ||||||||||||||||||||||||||||
Brokered and capital market time deposits | 274,870 | 334,880 | 374,003 | 359,793 | 338,667 | 369,580 | 337,330 | |||||||||||||||||||||
Other time deposits of $100,000 or more | 614,143 | 570,617 | 515,463 | 445,896 | 398,337 | 381,349 | 365,875 | |||||||||||||||||||||
Core deposits | $ | 1,584,149 | $ | 1,546,798 | $ | 1,440,623 | $ | 1,374,433 | $ | 1,461,715 | $ | 1,460,072 | $ | 1,391,722 | ||||||||||||||
Plus: | ||||||||||||||||||||||||||||
Other time deposits of $100,000 or more | 614,143 | 570,617 | 515,463 | 445,896 | 398,337 | 381,349 | 365,875 | |||||||||||||||||||||
Sweep repurchase agreements | 26,500 | 35,708 | 24,963 | 38,034 | 47,955 | 41,203 | 35,087 | |||||||||||||||||||||
Core funding | $ | 2,224,792 | $ | 2,153,123 | $ | 1,981,049 | $ | 1,858,363 | $ | 1,908,007 | $ | 1,882,624 | $ | 1,792,684 | ||||||||||||||
Balance sheet amounts are as of period end unless otherwise noted.