Exhibit 99
| | | |
|
| | | For additional information: |
For Immediate Release | | Rick Green
President & CEO
Laura Robertson
EVP & CFO
(405) 372-2230 |
Southwest Bancorp Inc. Reports Third Quarter 2011 Results
October 20, 2011, Stillwater, Oklahoma . . . . Southwest Bancorp, Inc. (NASDAQ Global Select Market — OKSB, OKSBP), (“Southwest”), today reported a net loss available to common shareholders of $10.6 million, or $0.54 per diluted share for the third quarter of 2011, compared to net income available to common shareholders of $2.8 million, or $0.15 per diluted share for the third quarter of 2010, and to a net loss available to common shareholders of $4.0 million, or $0.21 per diluted share for the second quarter of 2011. The net loss available to common shareholders for the nine months ended September 30, 2011 was $13.2 million, or $0.68 per diluted share, compared to net income available to common shareholders for the nine months ended September 30, 2010 of $9.5 million, or $0.55 per diluted share.
Rick Green, President and CEO, stated “Our losses were primarily the result of significantly increased provisions for loan losses and other problem loan related costs. These increases are generally due to continued weakness in the economy and commercial real estate values in particular.”
“We continue to focus on the identification and resolution of problem and potential problem credits, and we have taken important additional steps this year to improve our lending, banking, and credit functions: In July 2011, we named a new Chief Banking Officer who is responsible for the lending, deposit, and treasury services and a new Chief Credit Officer who has authority over the credit and work-out functions. Both of these new positions report directly to me. We have bolstered our credit analysis and work-out staff with additional experienced and aggressive officers.
“However, we are not satisfied with the pace of our resolution of problem and potential problem assets. Accordingly, we have undertaken a disciplined analysis of all alternatives available to accelerate the resolution process in the near-term. That analysis is continuing, while our enhanced work-out process proceeds.
“Our goals are vital and simple to state. They are to:
| | • | | “Promptly identify and resolve problem and potential problem assets, until we achieve and maintain acceptable levels; |
| | • | | “Focus on being a thriving, commercial bank serving our healthy, core markets in Oklahoma, Texas, and Kansas; |
| | • | | “Return to sustained profitability; |
| | • | | “Resume dividends on our trust preferred securities, preferred stock, and common stock; and |
| | • | | “Produce reliable and attractive returns for our shareholders.” |
Third Quarter 2011 Key Notes
Loans and Credit Quality:
| | • | | Noncovered loans decreased by $332.9 million, or 14%, from year-end and $414.1 million, or 17%, from September 30, 2010. This decrease included a reduction of the commercial real estate mortgage and construction concentration to $1.5 billion, or 75%, of noncovered loans at September 30, 2011. Healthcare credits at quarter-end totaled $624.1 million, or 31%, of noncovered loans, including $387.9 million of healthcare related commercial real estate mortgage and construction loans. |
NASDAQ: OKSB
OKSBP
Southwest Bancorp Inc. Reports Third Quarter 2011 Results
| | • | | Noncovered loans segmented by the market of the collateral location were as follows: $845.5 million in Texas, $770.3 million in Oklahoma, $252.3 million in Kansas, and $166.8 million in out of market states. The out of market loans consists of thirty-four states in the following categories: $100.4 million in commercial real estate, $39.3 million in construction & development, $21.1 million in commercial & industrial, $3.6 million in residential real estate, and $2.4 million in consumer. |
| | • | | Nonperforming assets increased to $203.5 million and 9.86% of noncovered portfolio loans and other real estate from $190.1 million and 8.66% of noncovered portfolio loans and other real estate at June 30, 2011 and from $144.8 million and 6.11% of noncovered portfolio loans and other real estate at December 31, 2010. In the first nine months of 2011 the migration of nonperforming assets consisted of: $154.1 million placed on nonaccrual, $14.4 million returned to accrual status, $47.6 million charged-off, $2.4 million of other real estate fair value impairments, $48.9 million transferred from nonperforming loans to other real estate, $18.0 million received in resolutions and payments on nonperforming loans, and $13.1 million received from sales of other real estate. Nonperforming healthcare assets were $15.7 million, or 8%, of total nonperforming assets. |
| | • | | Nonperforming loans consisted of $68.6 million in construction & development, $56.2 million in commercial real estate, $6.1 million in commercial & industrial, $1.7 million in residential real estate, and $0.1 million in consumer. Nonperforming loans by location were as follows: $95.2 million in Texas, $14.9 million in Oklahoma, $14.6 million in out of market states, and $8.0 million in Kansas. |
| | • | | Other real estate consisted of $38.9 million in construction & development, $24.4 million in commercial real estate, and $7.5 million in residential real estate. Other real estate by location was as follows: $35.3 million in Texas, $14.4 million in out of market states, $12.4 million in Kansas, and $8.7 million in Oklahoma. |
| | • | | Impaired loans had a carrying value of $204.5 million versus an unpaid principal value of $230.6 million. Impaired loans with a specific allowance allocation had a carrying value of $115.5 million versus an unpaid principal value of $125.0 million. |
| | • | | The allowance for loan losses was 3.25% of noncovered portfolio loans, compared to 2.80% at year-end 2010 and 3.00% at September 30, 2010. The allowance on specifically allocated impaired loans was 14.41% of carrying value and 13.31% of unpaid principal. |
| | • | | Quarterly net charge-offs totaled $14.5 million and consisted of $7.2 million in construction & development, $5.7 million in commercial real estate, $1.5 million in commercial & industrial, and $0.1 million in residential real estate & consumer. The net charge-offs were in the following locations: $7.4 million in Texas, $5.7 million in out of market states, $1.0 million in Oklahoma, and $0.4 million in Kansas. |
| | • | | Potential problem loans were $276.7 million, up $43.6 million, or 19%, from year-end, and $39.9 million, or 17%, from September 30, 2010. These loans consisted of $162.7 million in commercial real estate, $75.9 million in construction & development, $37.0 million in commercial & industrial, and $1.1 million in residential real estate. Potential problem loans by location were as follows: $164.0 million in Texas, $54.3 million in Oklahoma, $43.9 million in out of market states, and $14.5 million in Kansas. |
Capital Position and Liquidity:
| | • | | As of September 30, 2011, Southwest and each of its banking subsidiaries met the criteria for regulatory classification as “well-capitalized”. Southwest’s total regulatory capital was $461.9 million, for a total risk-based capital ratio of 20.81%, and Tier 1 capital was $433.6 million, for a Tier 1 risk-based capital ratio of 19.54%. Southwest’s capital exceeded the minimum to be classified as “well-capitalized” by $240.0 million. Stillwater National Bank, Southwest’s principal banking subsidiary, had total regulatory capital of $383.8 million, for a total risk-based capital ratio of 19.14%, and Tier 1 capital of $343.2 million, for a Tier 1 risk-based capital ratio of 17.12%. Stillwater National Bank exceeded the minimum to be classified as “well-capitalized” by $133.2 million. Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by Federal bank regulators. Stillwater National Bank’s leverage and total risk-based capital ratios also substantially exceeded the individual minimum ratios agreed to with the Comptroller of the Currency of 8.50% and 12.50%. |
| | • | | In July, we determined to defer future payments of interest on our debentures and dividends on related trust preferred securities and to defer payments of dividends on our Series B Preferred Securities issued under |
NASDAQ: OKSB
OKSBP
Southwest Bancorp Inc. Reports Third Quarter 2011 Results
| | | | the U.S. Treasury Department’s Capital Purchase Program. The terms of our debentures and trust preferred securities allow us to increase or decrease the deferral period without default or penalty. |
| | • | | As of September 30, 2011, the holding company has $29.2 million in cash. |
Financial Overview
Condition: Total assets were $2.6 billion and total loans were $2.1 billion at September 30, 2011, a decrease of 9% and 14%, respectively, from December 31, 2010.
At September 30, 2011 the allowance for loan losses was $64.7 million, a decrease of 11% and 1% from September 30, 2010 and December 31, 2010, respectively.
Total core funding, which includes all non-brokered time deposits and sweep repurchase agreements, comprised 91% of total funding, compared to 90% at June 30, 2011 and 86% at December 31, 2010. Wholesale funding, including FHLB borrowings, federal funds purchased, and brokered deposits, accounted for 9% of total funding compared to 10% at June 30, 2011 and 14% at December 31, 2010. Please see Table 7 for details on these non-GAAP financial measures.
Year-to-date Results:
Summary: The net loss available to common shareholders was $13.2 million as of September 30, 2011, compared to net income available to common shareholders of $9.5 million as of September 30, 2010. The $22.7 million decrease in our net income available to common shareholders from 2010 is the result of a $25.5 million increase in the provision for loan losses, a $5.9 million decrease in net interest income, a $4.0 million decrease in noninterest income, and a $1.5 million increase in noninterest expense, offset in part by a $14.3 million decrease in income tax expense.
On June 28, 2011, Southwest entered into a settlement agreement with the Oklahoma State Tax Commission (the “Commission”) with respect to certain claims by the Commission. Southwest had previously recorded reserves against these claims. As a result of the settlement agreement, Southwest paid the sum of $4.8 million to the Commission and recorded a gain of $2.6 million, net of tax effect, upon reversal of excess reserves. The year-to-date calculated effective tax rate is 41.80% and results in a tax benefit; however, when the discreet items are excluded, the effective tax rate year-to-date is 38.90%, also resulting in a tax benefit. Discreet items include the reversal of excess tax reserves in the second quarter and the provision to return adjustment in the third quarter.
Net Interest Income: Net interest income totaled $74.4 million for the first nine months of 2011, compared to $80.4 million for the first nine months of 2010, a decrease of $5.9 million, or 7%. Year-to-date net interest margin was 3.78%, compared to 3.63% in 2010. Included in 2011 year-to-date net interest income was a net reduction of $0.4 million resulting from interest reversals on nonaccrual loans offset by the year-to-date adjustments of the discount accretion on loans and the loss share receivable. Included in 2010 year-to-date net interest income was $0.5 million of net recoveries from the resolution of nonperforming loans and additional discount accretion on loans and loss share receivable, offset in part by interest reversals on nonaccrual loans. The net effects of these adjustments on net interest margin were a 2 basis point decrease and a 3 basis point increase, respectively.
Provision for Loan Losses and Net Charge Offs: The provision for loan losses totaled $53.8 million for the first nine months of 2011, compared to $28.3 million for the first nine months of 2010. Net charge-offs totaled $54.3 million, or 3.24% (annualized) of average portfolio loans year-to-date as of September 30, 2011, compared to $18.3 million, or 0.95% (annualized) of average portfolio loans for the same period in the prior year.
As of September 30, 2011, sixteen relationships accounted for $45.5 million in charge-offs, of which $26.1 million were on six out of market relationships. At September 30, 2011, total out of market commercial real estate and construction loans was $139.7 million, of which $51.0 million were internally rated substandard or doubtful.
Noninterest Income: Noninterest income totaled $10.4 million for the first nine months of 2011, compared to $14.5 million for the first nine months of 2010. The decrease in noninterest income was primarily the result of a $2.6 million decline in gain on investment securities, a $1.0 million decline in gain on sale of loans, mainly from declined student loan sales, and a $0.3 million decline in other noninterest income.
NASDAQ: OKSB
OKSBP
Southwest Bancorp Inc. Reports Third Quarter 2011 Results
Noninterest Expense: Noninterest expense totaled $48.3 million for the first nine months of 2011, compared to $46.8 million for the first nine months of 2010. The increase consists of a $3.5 million increase in other real estate expense and a $1.6 million increase in provision for unfunded loan commitments due to increased loss ratios, offset in part by a $1.8 million decrease in other general and administrative expense, primarily from the settlement of Oklahoma state tax claims for less than the amount accrued, a $1.5 million decrease in FDIC and other insurance expense, and a $0.3 million decrease in occupancy expense.
Third Quarter Results:
Summary: For the third quarter of 2011, Southwest incurred a net loss available to common shareholders of $10.6 million, compared to net income available to common shareholders of $2.8 million in the third quarter of 2010 and a net loss available to common shareholders of $4.0 million in the second quarter of 2011. The decrease from the third quarter of 2010 was the result of a $12.6 million increase in the provision for loan losses, a $2.7 million decrease in noninterest income, a $2.4 million decrease in net interest income, and a $2.3 million increase in noninterest expense, offset in part by a $6.7 million decrease in income taxes. The decrease from the second quarter of 2011 was the result of a $4.5 million increase in the provision for loan losses, a $2.7 million increase in noninterest expense, and a $1.0 million decrease in net interest income, offset in part by a $1.6 million decrease in income taxes.
For the third quarter of 2011, the calculated effective tax rate is 35.23% and results in a tax benefit; however, when discreet items are excluded, the effective tax rate for the third quarter is 36.94%, also resulting in a tax benefit. Discreet items included the provision to return adjustment in the third quarter.
Net Interest Income: Net interest income totaled $24.0 million for the third quarter of 2011, compared to $26.5 million for the third quarter of 2010, a decrease of $2.4 million, or 9%, and $25.0 million for the second quarter of 2011, a decrease of $1.0 million, or 4%. Net interest margin was 3.77% for the third quarter of 2011, compared to 3.63% for the third quarter of 2010 and 3.79% for the second quarter of 2011. Included in the net interest margins were net reductions of $0.3 million, $0.3 million, and $0.2 million, respectively for each quarter, resulting from interest reversals on nonaccrual loans offset by the quarterly adjustments of the discount accretion on loans and the loss share receivable. The net effects of these adjustments on the net interest margins were a 5 basis point decrease, a 5 basis point decrease, and a 3 basis point decrease for each quarter, respectively.
Provision for Loan Losses and Net Charge-Offs: The provision for loan losses totaled $24.6 million for the third quarter of 2011, compared to $12.0 million for the third quarter of 2010 and $20.1 million for the second quarter of 2011. Net charge-offs totaled $14.5 million, or 2.70% (annualized) of average portfolio loans for the third quarter of 2011, compared to $6.6 million, or 1.05% (annualized) of average portfolio loans for the third quarter of 2010 and $26.9 million, or 4.76% (annualized) of average portfolio loans for the second quarter of 2011.
For the third quarter of 2011, eight relationships accounted for $12.9 million in charge-offs, of which $5.5 million were on four out of market relationships.
Noninterest Income: Noninterest income totaled $3.6 million for the third quarter of 2011, compared to $6.3 million for the third quarter of 2010 and $3.6 million for the second quarter of 2011. The decrease in noninterest income from the third quarter of 2010 was primarily the result of a $2.6 million decrease in gain on investment securities.
Noninterest Expense: Noninterest expense totaled $17.7 million for the third quarter of 2011, compared to $15.4 million for the third quarter of 2010 and $15.0 million for the second quarter of 2011. The increase from third quarter 2010 consisted of a $1.2 million increase in other real estate expense and a $0.6 million increase in provision for unfunded loan commitments, a $0.6 million increase in other general and administrative expense, and a $0.5 million increase in personnel expense, offset in part by a $0.5 million decrease in FDIC and other insurance expense. The increase from second quarter 2011 consisted of a $3.1 million increase in other general and administrative expense, primarily from the second quarter settlement of Oklahoma state tax claims for less than the amount accrued, and a $0.8 million increase in personnel expense, offset in part by a $1.2 million decrease in other real estate expense.
NASDAQ: OKSB
OKSBP
Southwest Bancorp Inc. Reports Third Quarter 2011 Results
Southwest Bancorp and Subsidiaries
Southwest is the bank holding company for Stillwater National Bank and Trust Company (“Stillwater National”) and Bank of Kansas. Through its subsidiaries, Southwest offers commercial and consumer lending, deposit and investment services, specialized cash management, and other financial services from offices in Oklahoma, Texas, and Kansas, and on the Internet, throughSNB DirectBanker®. We were organized in 1981 as the holding company for Stillwater National, which was chartered in 1894. At September 30, 2011 we had total assets of $2.6 billion, deposits of $2.0 billion, and shareholders’ equity of $367.0 million.
Our area of expertise focuses on the special financial needs of healthcare and health professionals, businesses and their managers and owners, and commercial and commercial real estate borrowers. We established a strategic focus on healthcare lending in 1974. We provide credit and other services, such as deposits, cash management, and document imaging for physicians and other healthcare practitioners to start or develop their practices and finance the development and purchase of medical offices, clinics, surgical care centers, hospitals, and similar facilities. As of September 30, 2011, approximately $624.1 million, or 31%, of our noncovered loans were loans to individuals and businesses in the healthcare industry. We conduct regular market reviews of our current and potential healthcare lending and the appropriate concentrations within healthcare based upon economic and regulatory conditions.
We also focus on commercial real estate mortgage and construction credits. We do not focus on one-to-four family residential development loans or “spec” residential property credits. Additionally, subprime residential lending has never been a part of our business strategy, and our exposure to subprime mortgage loans and subprime lenders is minimal. One-to-four family mortgages account for less than 5% of total noncovered loans. As of September 30, 2011 approximately $1.5 billion, or 75%, of our noncovered loans were commercial real estate mortgage and construction loans, including $387.9 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.
Forward-Looking Statements
This earnings 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, collateral values and the amount and timing of loan payoffs; liquidity, contractual obligations, off-balance sheet risk, and market or 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 timing of future changes in interest rates, market behavior, and other economic conditions; future laws, 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 our future results.
Southwest is required under generally accepted accounting principles to evaluate subsequent events and their impact, if any, on its financial statements as of September 30, 2011 through the date its financial statements are filed with the Securities and Exchange Commission. The September 30, 2011 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 Third Quarter 2011 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 Quarterly Summary Loan Data | | Table 6 |
| Unaudited Quarterly Summary Financial Data | | Table 7 |
| Unaudited Quarterly Supplemental Analytical Data | | Table 8 |
| | |
SOUTHWEST BANCORP, INC.
UNAUDITED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share) | | Table 1 |
| | | | | | | | | | | | | | | | | | | | | |
| | | Third Quarter | | | | | | | Second Quarter | |
| | | | | | | | | | | % | | | | | | | % | |
| QUARTERLY HIGHLIGHTS | | 2011 | | | 2010 | | | Change | | | 2011 | | | Change | |
| | | |
Operations | | | | | | | | | | | | | | | | | | | | |
| Net interest income | | $ | 24,025 | | | $ | 26,452 | | | | (9 | )% | | $ | 24,985 | | | | (4 | )% |
| Provision for loan losses | | | 24,626 | | | | 11,988 | | | | 105 | | | | 20,140 | | | | 22 | |
| Noninterest income | | | 3,589 | | | | 6,335 | | | | (43 | ) | | | 3,604 | | | | — | |
| Noninterest expense | | | 17,693 | | | | 15,418 | | | | 15 | | | | 14,980 | | | | 18 | |
| Income (loss) before taxes | | | (14,705 | ) | | | 5,381 | | | | (373 | ) | | | (6,531 | ) | | | 125 | |
| Taxes on income | | | (5,180 | ) | | | 1,508 | | | | (444 | ) | | | (3,561 | ) | | | 45 | |
| Net income (loss) | | | (9,525 | ) | | | 3,873 | | | | (346 | ) | | | (2,970 | ) | | | 221 | |
| Net income (loss) available to common shareholders | | | (10,589 | ) | | | 2,825 | | | | (475 | ) | | | (4,027 | ) | | | 163 | |
| Diluted earnings per share | | | (0.54 | ) | | | 0.15 | | | | (460 | ) | | | (0.21 | ) | | | 157 | |
Balance Sheet | | | | | | | | | | | | | | | | | | | | |
| Total assets | | | 2,572,492 | | | | 2,905,275 | | | | (11 | ) | | | 2,660,495 | | | | (3 | ) |
| Loans held for sale | | | 39,902 | | | | 34,868 | | | | 14 | | | | 37,204 | | | | 7 | |
| Noncovered portfolio loans | | | 1,933,694 | | | | 2,412,796 | | | | (20 | ) | | | 2,156,096 | | | | (10 | ) |
| Covered portfolio loans | | | 41,209 | | | | 60,558 | | | | (32 | ) | | | 46,153 | | | | (11 | ) |
| Total deposits | | | 2,022,253 | | | | 2,345,648 | | | | (14 | ) | | | 2,094,236 | | | | (3 | ) |
| Total shareholders’ equity | | | 367,024 | | | | 376,576 | | | | (3 | ) | | | 376,930 | | | | (3 | ) |
| Book value per common share | | | 15.37 | | | | 15.93 | | | | (4 | ) | | | 15.89 | | | | (3 | ) |
Key Ratios | | | | | | | | | | | | | | | | | | | | |
| Net interest margin | | | 3.77 | % | | | 3.63 | % | | | | | | | 3.79 | % | | | | |
| Efficiency ratio | | | 64.07 | | | | 47.02 | | | | | | | | 52.40 | | | | | |
| Total capital to risk-weighted assets | | | 20.81 | | | | 18.45 | | | | | | | | 20.20 | | | | | |
| Nonperforming loans to portfolio loans — noncovered | | | 6.66 | | | | 5.62 | | | | | | | | 7.01 | | | | | |
| Shareholders’ equity to total assets | | | 14.27 | | | | 12.96 | | | | | | | | 14.17 | | | | | |
| Tangible common equity to tangible assets* | | | 11.38 | | | | 10.43 | | | | | | | | 11.38 | | | | | |
| Return on average assets (annualized) | | | (1.43 | ) | | | 0.52 | | | | | | | | (0.43 | ) | | | | |
| Return on average common equity (annualized) | | | (13.42 | ) | | | 3.57 | | | | | | | | (5.11 | ) | | | | |
| Return on average tangible common equity (annualized)** | | | (13.72 | ) | | | 3.65 | | | | | | | | (5.22 | ) | | | | |
| | | | | | | | | | | | | |
| | | Nine Month | |
| | | | | | | | | | | % | |
| YEAR-TO-DATE HIGHLIGHTS | | 2011 | | | 2010 | | | Change | |
| | | |
Operations | | | | | | | | | | | | |
| Net interest income | | $ | 74,431 | | | $ | 80,361 | | | | (7 | )% |
| Provision for loan losses | | | 53,816 | | | | 28,295 | | | | 90 | |
| Noninterest income | | | 10,442 | | | | 14,475 | | | | (28 | ) |
| Noninterest expense | | | 48,298 | | | | 46,822 | | | | 3 | |
| Income (loss) before taxes | | | (17,241 | ) | | | 19,719 | | | | (187 | ) |
| Taxes on income | | | (7,207 | ) | | | 7,063 | | | | (202 | ) |
| Net income (loss) | | | (10,034 | ) | | | 12,656 | | | | (179 | ) |
| Net income (loss) available to common | | | | | | | | | | | | |
| shareholders | | | (13,208 | ) | | | 9,520 | | | | (239 | ) |
| Diluted earnings per share | | | (0.68 | ) | | | 0.55 | | | | (224 | ) |
Balance Sheet | | | | | | | | | | | | |
| Total assets | | | 2,572,492 | | | | 2,905,275 | | | | (11 | ) |
| Loans held for sale | | | 39,902 | | | | 34,868 | | | | 14 | |
| Noncovered portfolio loans | | | 1,933,694 | | | | 2,412,796 | | | | (20 | ) |
| Covered portfolio loans | | | 41,209 | | | | 60,558 | | | | (32 | ) |
| Total deposits | | | 2,022,253 | | | | 2,345,648 | | | | (14 | ) |
| Total shareholders’ equity | | | 367,024 | | | | 376,576 | | | | (3 | ) |
| Book value per common share | | | 15.37 | | | | 15.93 | | | | (4 | ) |
Key Ratios | | | | | | | | | | | | |
| Net interest margin | | | 3.78 | % | | | 3.63 | % | | | | |
| Efficiency ratio (GAAP-based) | | | 56.91 | | | | 49.37 | | | | | |
| Total capital to risk-weighted assets | | | 20.81 | | | | 18.45 | | | | | |
| Nonperforming loans to portfolio loans — noncovered | | | 6.66 | | | | 5.62 | | | | | |
| Shareholders’ equity to total assets | | | 14.27 | | | | 12.96 | | | | | |
| Tangible common equity to tangible assets* | | | 11.38 | | | | 10.43 | | | | | |
| Return on average assets | | | (0.49 | ) | | | 0.56 | | | | | |
| Return on average common equity | | | (5.61 | ) | | | 4.47 | | | | | |
| Return on average tangible common equity** | | | (5.74 | ) | | | 4.58 | | | | | |
Balance sheet amounts and ratios are as of period end unless otherwise noted.
| | |
| * | | This is a Non-GAAP financial measure. Please see Table 8 for a reconciliation to the most directly comparable GAAP based measure. |
| |
| ** | | This is a Non-GAAP financial measure. |
Please see accompanying tables for additional financial information.
| | |
SOUTHWEST BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands, except per share) | | Table 2 |
| | | | | | | | | | | | | |
| | | September, 30 | | | December 31, | | | September, 30 | |
| | | 2011 | | | 2010 | | | 2010 | |
| | | |
Assets | | | | | | | | | | | | |
| Cash and due from banks | | $ | 27,501 | | | $ | 26,478 | | | $ | 22,851 | |
| Interest-bearing deposits | | | 89,099 | | | | 41,018 | | | | 66,607 | |
| | | |
| Cash and cash equivalents | | | 116,600 | | | | 67,496 | | | | 89,458 | |
| Securities held to maturity (fair values of $15,805, $14,029, $9,185, respectively) | | | 15,398 | | | | 14,304 | | | | 9,093 | |
| Securities available for sale (amortized cost of $247,094, $246,649, $226,323, respectively) | | | 254,201 | | | | 248,221 | | | | 231,751 | |
| Loans held for sale | | | 39,902 | | | | 35,194 | | | | 34,868 | |
| Noncovered loans receivable | | | 1,993,694 | | | | 2,331,293 | | | | 2,412,796 | |
| Less: Allowance for loan losses | | | (64,698 | ) | | | (65,229 | ) | | | (72,418 | ) |
| | | |
| Net noncovered loans receivable | | | 1,928,996 | | | | 2,266,064 | | | | 2,340,378 | |
| Covered loans receivable (includes loss share: $10,976, $14,370, and $17,922, respectively) | | | 41,209 | | | | 53,628 | | | | 60,558 | |
| | | |
| Net loans receivable | | | 1,970,205 | | | | 2,319,692 | | | | 2,400,936 | |
| Accrued interest receivable | | | 8,035 | | | | 8,590 | | | | 9,663 | |
| Income tax receivable | | | 12,509 | | | | — | | | | — | |
| Premises and equipment, net | | | 22,706 | | | | 23,772 | | | | 25,075 | |
| Noncovered other real estate | | | 70,785 | | | | 37,722 | | | | 35,723 | |
| Covered other real estate | | | 5,350 | | | | 4,187 | | | | 4,448 | |
| Goodwill | | | 6,811 | | | | 6,811 | | | | 6,811 | |
| Other intangible assets, net | | | 4,966 | | | | 5,371 | | | | 5,358 | |
| Other assets | | | 45,024 | | | | 49,181 | | | | 52,091 | |
| | | |
| Total assets | | $ | 2,572,492 | | | $ | 2,820,541 | | | $ | 2,905,275 | |
| | | |
| | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | |
| Noninterest-bearing demand | | $ | 388,365 | | | $ | 377,182 | | | $ | 329,655 | |
| Interest-bearing demand | | | 98,270 | | | | 92,584 | | | | 86,153 | |
| Money market accounts | | | 461,546 | | | | 495,253 | | | | 518,422 | |
| Savings accounts | | | 31,319 | | | | 26,665 | | | | 25,556 | |
| Time deposits of $100,000 or more | | | 551,914 | | | | 694,565 | | | | 795,303 | |
| Other time deposits | | | 490,839 | | | | 566,479 | | | | 590,559 | |
| | | |
| Total deposits | | | 2,022,253 | | | | 2,252,728 | | | | 2,345,648 | |
| Accrued interest payable | | | 2,507 | | | | 1,577 | | | | 2,457 | |
| Income tax payable | | | — | | | | 2,878 | | | | 6,603 | |
| Other liabilities | | | 12,162 | | | | 8,981 | | | | 9,522 | |
| Other borrowings | | | 86,583 | | | | 94,602 | | | | 82,506 | |
| Subordinated debentures | | | 81,963 | | | | 81,963 | | | | 81,963 | |
| | | |
| Total liabilities | | | 2,205,468 | | | | 2,442,729 | | | | 2,528,699 | |
| | | | | | | | | | | | | |
Shareholders’ equity | | | | | | | | | | | | |
| Serial preferred stock; 2,000,000 shares authorized; 70,000 shares issued and outstanding | | | 68,268 | | | | 67,724 | | | | 67,548 | |
| Common stock — $1 par value; 40,000,000 shares authorized; 19,441,577, 19,421,900, 19,395,675 shares issued and outstanding, respectively | | | 19,442 | | | | 19,422 | | | | 19,396 | |
| Additional paid-in capital | | | 98,981 | | | | 98,894 | | | | 98,750 | |
| Retained earnings | | | 177,584 | | | | 190,793 | | | | 187,535 | |
| Accumulated other comprehensive income | | | 2,749 | | | | 979 | | | | 3,347 | |
| | | |
| Total shareholders’ equity | | | 367,024 | | | | 377,812 | | | | 376,576 | |
| | | |
| Total liabilities and shareholders’ equity | | $ | 2,572,492 | | | $ | 2,820,541 | | | $ | 2,905,275 | |
| | | |
| | |
SOUTHWEST BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share) | | Table 3 |
| | | | | | | | | | | | | | | | | |
| | | For the three months | | | For the nine months | |
| | | ended September 30, | | | ended September 30, | |
| | | 2011 | | | 2010 | | | 2011 | | | 2010 | |
| | | |
Interest income | | | | | | | | | | | | | | | | |
| Loans | | $ | 27,873 | | | $ | 32,824 | | | $ | 87,890 | | | $ | 101,087 | |
| Investment securities | | | 1,779 | | | | 2,079 | | | | 5,389 | | | | 6,424 | |
| Other interest-earning assets | | | 131 | | | | 180 | | | | 401 | | | | 610 | |
| | | |
| Total interest income | | | 29,783 | | | | 35,083 | | | | 93,680 | | | | 108,121 | |
| | | | | | | | | | | | | | | | | |
Interest expense | | | | | | | | | | | | | | | | |
| Interest-bearing deposits | | | 3,811 | | | | 6,802 | | | | 13,475 | | | | 22,347 | |
| Other borrowings | | | 469 | | | | 524 | | | | 1,460 | | | | 1,565 | |
| Subordinated debentures | | | 1,478 | | | | 1,305 | | | | 4,314 | | | | 3,848 | |
| | | |
| Total interest expense | | | 5,758 | | | | 8,631 | | | | 19,249 | | | | 27,760 | |
| | | |
| | | | | | | | | | | | | | | | | |
| Net interest income | | | 24,025 | | | | 26,452 | | | | 74,431 | | | | 80,361 | |
| | | | | | | | | | | | | | | | | |
| Provision for loan losses | | | 24,626 | | | | 11,988 | | | | 53,816 | | | | 28,295 | |
| | | |
| | | | | | | | | | | | | | | | | |
| Net interest income (loss) after provision for loan losses | | | (601 | ) | | | 14,464 | | | | 20,615 | | | | 52,066 | |
| | | | | | | | | | | | | | | | | |
Noninterest income | | | | | | | | | | | | | | | | |
| Service charges and fees | | | 3,117 | | | | 2,994 | | | | 9,226 | | | | 9,260 | |
| Gain on sales of loans | | | 426 | | | | 653 | | | | 1,021 | | | | 2,054 | |
| Gain on investment securities | | | — | | | | 2,605 | | | | — | | | | 2,646 | |
| Other noninterest income | | | 46 | | | | 83 | | | | 195 | | | | 515 | |
| | | |
| Total noninterest income | | | 3,589 | | | | 6,335 | | | | 10,442 | | | | 14,475 | |
| | | | | | | | | | | | | | | | | |
Noninterest expense | | | | | | | | | | | | | | | | |
| Salaries and employee benefits | | | 7,734 | | | | 7,183 | | | | 22,223 | | | | 22,400 | |
| Occupancy | | | 2,694 | | | | 2,835 | | | | 8,201 | | | | 8,454 | |
| FDIC and other insurance | | | 824 | | | | 1,347 | | | | 3,004 | | | | 4,455 | |
| Other real estate, net | | | 1,445 | | | | 228 | | | | 4,483 | | | | 963 | |
| General and administrative | | | 4,996 | | | | 3,825 | | | | 10,387 | | | | 10,550 | |
| | | |
| Total noninterest expense | | | 17,693 | | | | 15,418 | | | | 48,298 | | | | 46,822 | |
| | | |
| Income (loss) before taxes | | | (14,705 | ) | | | 5,381 | | | | (17,241 | ) | | | 19,719 | |
| Taxes on income | | | (5,180 | ) | | | 1,508 | | | | (7,207 | ) | | | 7,063 | |
| | | |
| Net income (loss) | | $ | (9,525 | ) | | $ | 3,873 | | | $ | (10,034 | ) | | $ | 12,656 | |
| | | |
| Net income (loss) available to common shareholders | | $ | (10,589 | ) | | $ | 2,825 | | | $ | (13,208 | ) | | $ | 9,520 | |
| | | |
| Basic earnings per common share | | $ | (0.54 | ) | | $ | 0.15 | | | $ | (0.68 | ) | | $ | 0.55 | |
| Diluted earnings per common share | | | (0.54 | ) | | | 0.15 | | | | (0.68 | ) | | | 0.55 | |
| Common dividends declared per share | | | — | | | | — | | | | — | | | | — | |
| | |
SOUTHWEST BANCORP, INC.
UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES — QUARTERLY
(Dollars in thousands) | | Table 4 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the three months ended September 30, | |
| | | 2011 | | | 2010 | |
| | | Average | | | | | | | Average | | | Average | | | | | | | Average | |
| | | Balance | | | Interest | | | Yield/Rate | | | Balance | | | Interest | | | Yield/Rate | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | |
| Noncovered loans | | $ | 2,127,291 | | | $ | 27,160 | | | | 5.07 | % | | $ | 2,477,413 | | | $ | 31,791 | | | | 5.09 | % |
| Covered loans | | | 44,018 | | | | 713 | | | | 6.43 | | | | 65,999 | | | | 1,033 | | | | 6.21 | |
| Investment securities | | | 269,143 | | | | 1,779 | | | | 2.62 | | | | 246,838 | | | | 2,079 | | | | 3.34 | |
| Other interest-earning assets | | | 87,649 | | | | 131 | | | | 0.59 | | | | 99,500 | | | | 180 | | | | 0.72 | |
| | | | | | | | | | | | | | | | | | | | | |
| Total interest-earning assets | | | 2,528,101 | | | | 29,783 | | | | 4.67 | | | | 2,889,750 | | | | 35,083 | | | | 4.82 | |
| Other assets | | | 121,115 | | | | | | | | | | | | 76,570 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Total assets | | $ | 2,649,216 | | | | | | | | | | | $ | 2,966,320 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities and Shareholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest-bearing demand deposits | | $ | 111,805 | | | $ | 102 | | | | 0.36 | % | | $ | 93,481 | | | $ | 111 | | | | 0.47 | % |
| Money market accounts | | | 480,817 | | | | 507 | | | | 0.42 | | | | 515,754 | | | | 976 | | | | 0.75 | |
| Savings accounts | | | 30,467 | | | | 11 | | | | 0.14 | | | | 25,306 | | | | 15 | | | | 0.24 | |
| Time deposits | | | 1,065,019 | | | | 3,191 | | | | 1.19 | | | | 1,428,247 | | | | 5,700 | | | | 1.58 | |
| | | | | | | | | | | | | | | | | | | | | |
| Total interest-bearing deposits | | | 1,688,108 | | | | 3,811 | | | | 0.93 | | | | 2,062,788 | | | | 6,802 | | | | 1.31 | |
| Other borrowings | | | 89,964 | | | | 469 | | | | 2.07 | | | | 93,136 | | | | 524 | | | | 2.23 | |
| Subordinated debentures | | | 81,963 | | | | 1,478 | | | | 7.21 | | | | 81,963 | | | | 1,305 | | | | 6.37 | |
| | | | | | | | | | | | | | | | | | | | | |
| Total interest-bearing liabilities | | | 1,860,035 | | | | 5,758 | | | | 1.23 | | | | 2,237,887 | | | | 8,631 | | | | 1.53 | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Noninterest-bearing demand deposits | | | 375,465 | | | | | | | | | | | | 330,321 | | | | | | | | | |
| Other liabilities | | | 32,447 | | | | | | | | | | | | 16,960 | | | | | | | | | |
| Shareholders’ equity | | | 381,269 | | | | | | | | | | | | 381,152 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Total liabilities and shareholders’ equity | | $ | 2,649,216 | | | | | | | | | | | $ | 2,966,320 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net interest income and spread | | | | | | $ | 24,025 | | | | 3.44 | % | | | | | | $ | 26,452 | | | | 3.29 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Net interest margin (1) | | | | | | | | | | | 3.77 | % | | | | | | | | | | | 3.63 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
| Average interest-earning assets to average interest-bearing liabilities | | | 135.92 | % | | | | | | | | | | | 129.13 | % | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | |
| (1) | | Net interest margin = annualized net interest income / average interest-earning assets |
| | |
SOUTHWEST BANCORP, INC.
UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES — YEAR-TO-DATE
(Dollars in thousands) | | Table 5 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the nine months ended September 30, | |
| | | 2011 | | | 2010 | |
| | | Average | | | | | | | Average | | | Average | | | | | | | Average | |
| | | Balance | | | Interest | | | Yield/Rate | | | Balance | | | Interest | | | Yield/Rate | |
| | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | |
| Noncovered loans | | $ | 2,234,219 | | | $ | 85,366 | | | | 5.11 | % | | $ | 2,533,490 | | | $ | 97,381 | | | | 5.14 | % |
| Covered loans | | | 47,619 | | | | 2,524 | | | | 7.09 | | | | 72,676 | | | | 3,706 | | | | 6.82 | |
| Investment securities | | | 264,004 | | | | 5,389 | | | | 2.73 | | | | 242,629 | | | | 6,424 | | | | 3.54 | |
| Other interest-earning assets | | | 87,729 | | | | 401 | | | | 0.61 | | | | 114,629 | | | | 610 | | | | 0.71 | |
| | | | | | | | | | | | | | | | | | | | | |
| Total interest-earning assets | | | 2,633,571 | | | | 93,680 | | | | 4.76 | | | | 2,963,424 | | | | 108,121 | | | | 4.88 | |
| Other assets | | | 102,042 | | | | | | | | | | | | 74,199 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Total assets | | $ | 2,735,613 | | | | | | | | | | | $ | 3,037,623 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities and Shareholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest-bearing demand deposits | | $ | 112,394 | | | $ | 329 | | | | 0.39 | % | | $ | 102,843 | | | $ | 383 | | | | 0.50 | % |
| Money market accounts | | | 487,522 | | | | 1,766 | | | | 0.48 | | | | 508,742 | | | | 3,026 | | | | 0.80 | |
| Savings accounts | | | 29,131 | | | | 37 | | | | 0.17 | | | | 25,515 | | | | 47 | | | | 0.25 | |
| Time deposits | | | 1,158,922 | | | | 11,343 | | | | 1.31 | | | | 1,534,135 | | | | 18,891 | | | | 1.65 | |
| | | | | | | | | | | | | | | | | | | | | |
| Total interest-bearing deposits | | | 1,787,969 | | | | 13,475 | | | | 1.05 | | | | 2,171,235 | | | | 22,347 | | | | 1.38 | |
| Other borrowings | | | 89,384 | | | | 1,460 | | | | 2.18 | | | | 96,099 | | | | 1,565 | | | | 2.18 | |
| Subordinated debentures | | | 81,963 | | | | 4,314 | | | | 7.02 | | | | 81,963 | | | | 3,848 | | | | 6.26 | |
| | | | | | | | | | | | | | | | | | | | | |
| Total interest-bearing liabilities | | | 1,959,316 | | | | 19,249 | | | | 1.31 | | | | 2,349,297 | | | | 27,760 | | | | 1.58 | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Noninterest-bearing demand deposits | | | 370,145 | | | | | | | | | | | | 318,609 | | | | | | | | | |
| Other liabilities | | | 23,510 | | | | | | | | | | | | 17,629 | | | | | | | | | |
| Shareholders’ equity | | | 382,642 | | | | | | | | | | | | 352,088 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Total liabilities and shareholders’ equity | | $ | 2,735,613 | | | | | | | | | | | $ | 3,037,623 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net interest income and spread | | | | | | $ | 74,431 | | | | 3.45 | % | | | | | | $ | 80,361 | | | | 3.30 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Net interest margin (1) | | | | | | | | | | | 3.78 | % | | | | | | | | | | | 3.63 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
| Average interest-earning assets to average interest-bearing liabilities | | | 134.41 | % | | | | | | | | | | | 126.14 | % | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | |
| (1) | | Net interest margin = annualized net interest income / average interest-earning assets |
| | |
SOUTHWEST BANCORP, INC.
UNAUDITED QUARTERLY SUMMARY LOAN DATA
(Dollars in thousands, except per share) | | Table 6 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2011 | | | 2010 |
| | | Sep. 30 | | | Jun. 30 | | | Mar. 31 | | | Dec. 31 | | | Sep. 30 | | | Jun. 30 | | | Mar. 31 | |
| | | |
LOAN COMPOSITION | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Noncovered | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Real estate mortgage: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Commercial | | $ | 1,169,010 | | | $ | 1,262,753 | | | $ | 1,302,164 | | | $ | 1,310,464 | | | $ | 1,271,278 | | | $ | 1,251,709 | | | $ | 1,230,009 | |
| One-to-four family residential | | | 85,272 | | | | 87,407 | | | | 87,286 | | | | 89,800 | | | | 109,980 | | | | 106,814 | | | | 111,185 | |
| Real estate construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Commercial | | | 348,053 | | | | 372,576 | | | | 403,635 | | | | 441,265 | | | | 527,773 | | | | 589,590 | | | | 630,472 | |
| One-to-four family residential | | | 25,527 | | | | 26,400 | | | | 26,758 | | | | 27,429 | | | | 30,527 | | | | 35,129 | | | | 34,996 | |
| Commercial | | | 367,241 | | | | 404,229 | | | | 416,392 | | | | 452,626 | | | | 463,132 | | | | 471,004 | | | | 487,074 | |
| Installment and consumer: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Guaranteed student loans | | | 5,547 | | | | 5,600 | | | | 5,700 | | | | 5,843 | | | | 5,960 | | | | 7,389 | | | | 10,199 | |
| Other | | | 32,946 | | | | 34,335 | | | | 36,493 | | | | 39,060 | | | | 39,014 | | | | 39,328 | | | | 38,048 | |
| | | |
| Total noncovered loans, including held for sale | | | 2,033,596 | | | | 2,193,300 | | | | 2,278,428 | | | | 2,366,487 | | | | 2,447,664 | | | | 2,500,963 | | | | 2,541,983 | |
| Less allowance for loan losses | | | (64,698 | ) | | | (54,575 | ) | | | (61,285 | ) | | | (65,229 | ) | | | (72,418 | ) | | | (67,055 | ) | | | (65,168 | ) |
| | | |
| Total noncovered loans, net | | $ | 1,968,898 | | | $ | 2,138,725 | | | $ | 2,217,143 | | | $ | 2,301,258 | | | $ | 2,375,246 | | | $ | 2,433,908 | | | $ | 2,476,815 | |
| | | |
| Covered | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Real estate mortgage: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Commercial | | $ | 23,201 | | | $ | 26,976 | | | $ | 28,929 | | | $ | 30,997 | | | $ | 33,428 | | | $ | 36,107 | | | $ | 37,487 | |
| One-to-four family residential | | | 7,378 | | | | 8,113 | | | | 8,192 | | | | 9,122 | | | | 10,071 | | | | 10,277 | | | | 10,843 | |
| Real estate construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Commercial | | | 5,987 | | | | 6,001 | | | | 6,144 | | | | 6,840 | | | | 7,464 | | | | 8,190 | | | | 11,173 | |
| One-to-four family residential | | | — | | | | 172 | | | | 281 | | | | 439 | | | | 1,823 | | | | 3,853 | | | | 5,273 | |
| Commercial | | | 4,286 | | | | 4,461 | | | | 5,021 | | | | 5,554 | | | | 6,816 | | | | 8,487 | | | | 10,807 | |
| Installment and consumer: | | | 357 | | | | 430 | | | | 550 | | | | 676 | | | | 956 | | | | 1,092 | | | | 1,326 | |
| | | |
| Total covered loans | | $ | 41,209 | | | $ | 46,153 | | | $ | 49,117 | | | $ | 53,628 | | | $ | 60,558 | | | $ | 68,006 | | | $ | 76,909 | |
| | | |
LOANS BY SEGMENT | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Oklahoma banking | | $ | 770,306 | | | $ | 834,189 | | | $ | 838,006 | | | $ | 871,393 | | | $ | 890,598 | | | $ | 914,004 | | | $ | 926,870 | |
| Texas banking | | | 845,485 | | | | 911,134 | | | | 953,123 | | | | 982,845 | | | | 1,024,863 | | | | 1,041,228 | | | | 1,063,511 | |
| Kansas banking | | | 252,302 | | | | 260,431 | | | | 272,685 | | | | 289,642 | | | | 309,240 | | | | 329,157 | | | | 342,596 | |
| Out of market | | | 166,810 | | | | 196,495 | | | | 226,383 | | | | 241,041 | | | | 248,653 | | | | 258,965 | | | | 260,329 | |
| | | |
| Subtotal | | | 2,034,903 | | | | 2,202,249 | | | | 2,290,197 | | | | 2,384,921 | | | | 2,473,354 | | | | 2,543,354 | | | | 2,593,306 | |
| Secondary market | | | 39,902 | | | | 37,204 | | | | 37,348 | | | | 35,194 | | | | 34,868 | | | | 25,615 | | | | 25,586 | |
| | | |
| Total loans | | $ | 2,074,805 | | | $ | 2,239,453 | | | $ | 2,327,545 | | | $ | 2,420,115 | | | $ | 2,508,222 | | | $ | 2,568,969 | | | $ | 2,618,892 | |
| | | |
NONPERFORMING LOANS BY TYPE | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Construction & development | | $ | 68,554 | | | $ | 73,487 | | | $ | 68,183 | | | $ | 67,571 | | | $ | 88,590 | | | $ | 75,079 | | | $ | 54,648 | |
| Commercial real estate | | | 56,234 | | | | 60,857 | | | | 47,986 | | | | 30,510 | | | | 34,448 | | | | 25,413 | | | | 28,520 | |
| Commercial | | | 6,080 | | | | 15,224 | | | | 16,633 | | | | 6,977 | | | | 6,180 | | | | 2,614 | | | | 4,100 | |
| One-to-four family residential | | | 1,706 | | | | 1,457 | | | | 2,634 | | | | 1,984 | | | | 6,401 | | | | 8,843 | | | | 10,552 | |
| Consumer | | | 152 | | | | 153 | | | | 27 | | | | 41 | | | | 42 | | | | 255 | | | | 42 | |
| | | |
| Total nonperforming loans — noncovered | | $ | 132,726 | | | $ | 151,178 | | | $ | 135,463 | | | $ | 107,083 | | | $ | 135,661 | | | $ | 112,204 | | | $ | 97,862 | |
| | | |
NONPERFORMING LOANS BY SEGMENT | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Oklahoma banking | | $ | 14,932 | | | $ | 18,870 | | | $ | 13,443 | | | $ | 9,726 | | | $ | 9,937 | | | $ | 6,041 | | | $ | 7,638 | |
| Texas banking | | | 95,191 | | | | 91,449 | | | | 87,122 | | | | 55,431 | | | | 74,581 | | | | 48,873 | | | | 41,303 | |
| Kansas banking | | | 7,976 | | | | 9,725 | | | | 7,924 | | | | 6,923 | | | | 14,126 | | | | 18,593 | | | | 15,603 | |
| Out of market | | | 14,627 | | | | 31,134 | | | | 26,974 | | | | 35,003 | | | | 37,017 | | | | 38,697 | | | | 33,318 | |
| | | |
| Total nonperforming loans — noncovered | | $ | 132,726 | | | $ | 151,178 | | | $ | 135,463 | | | $ | 107,083 | | | $ | 135,661 | | | $ | 112,204 | | | $ | 97,862 | |
| | | |
OTHER REAL ESTATE BY TYPE | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Construction & development | | $ | 38,927 | | | $ | 12,588 | | | $ | 6,304 | | | $ | 5,579 | | | $ | 9,349 | | | $ | 1,625 | | | $ | 1,441 | |
| Commercial real estate | | | 24,364 | | | | 16,300 | | | | 23,890 | | | | 20,750 | | | | 19,053 | | | | 19,444 | | | | 12,320 | |
| One-to-four family residential | | | 7,494 | | | | 10,068 | | | | 10,873 | | | | 11,393 | | | | 7,321 | | | | 6,565 | | | | 5,048 | |
| | | |
| Total other real estate — noncovered | | $ | 70,785 | | | $ | 38,956 | | | $ | 41,067 | | | $ | 37,722 | | | $ | 35,723 | | | $ | 27,634 | | | $ | 18,809 | |
| | | |
OTHER REAL ESTATE BY SEGMENT | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Oklahoma banking | | $ | 8,709 | | | $ | 2,613 | | | $ | 4,616 | | | $ | 4,814 | | | $ | 4,108 | | | $ | 3,547 | | | $ | 3,665 | |
| Texas banking | | | 35,270 | | | | 17,398 | | | | 18,652 | | | | 15,810 | | | | 14,651 | | | | 10,352 | | | | 4,376 | |
| Kansas banking | | | 12,390 | | | | 14,539 | | | | 12,848 | | | | 13,182 | | | | 12,218 | | | | 8,989 | | | | 9,198 | |
| Out of market | | | 14,416 | | | | 4,406 | | | | 4,951 | | | | 3,916 | | | | 4,746 | | | | 4,746 | | | | 1,570 | |
| | | |
| Total other real estate — noncovered | | $ | 70,785 | | | $ | 38,956 | | | $ | 41,067 | | | $ | 37,722 | | | $ | 35,723 | | | $ | 27,634 | | | $ | 18,809 | |
| | | |
POTENTIAL PROBLEM LOANS BY TYPE | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Construction & development | | $ | 75,867 | | | $ | 111,032 | | | $ | 111,204 | | | $ | 94,765 | | | $ | 111,401 | | | $ | 101,455 | | | $ | 132,546 | |
| Commercial real estate | | | 162,692 | | | | 140,079 | | | | 85,833 | | | | 101,629 | | | | 97,694 | | | | 107,538 | | | | 111,989 | |
| Commercial | | | 37,027 | | | | 38,850 | | | | 19,940 | | | | 36,142 | | | | 27,119 | | | | 32,843 | | | | 30,582 | |
| One-to-four family residential | | | 1,108 | | | | 1,210 | | | | 429 | | | | 589 | | | | 608 | | | | 354 | | | | 764 | |
| Consumer | | | — | | | | — | | | | — | | | | 15 | | | | 22 | | | | 27 | | | | 31 | |
| | | |
| Total potential problem loans — noncovered | | $ | 276,694 | | | $ | 291,171 | | | $ | 217,406 | | | $ | 233,140 | | | $ | 236,844 | | | $ | 242,217 | | | $ | 275,912 | |
| | | |
POTENTIAL PROBLEM LOANS BY SEGMENT | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Oklahoma banking | | $ | 54,310 | | | $ | 42,565 | | | $ | 30,678 | | | $ | 36,170 | | | $ | 58,230 | | | $ | 47,686 | | | $ | 47,147 | |
| Texas banking | | | 163,973 | | | | 183,486 | | | | 114,506 | | | | 144,357 | | | | 116,049 | | | | 145,684 | | | | 168,717 | |
| Kansas banking | | | 14,530 | | | | 11,289 | | | | 19,472 | | | | 20,232 | | | | 19,737 | | | | 1,754 | | | | 5,175 | |
| Out of market | | | 43,881 | | | | 53,831 | | | | 52,750 | | | | 32,381 | | | | 42,828 | | | | 47,093 | | | | 54,873 | |
| | | |
| Total potential problem loans — noncovered | | $ | 276,694 | | | $ | 291,171 | | | $ | 217,406 | | | $ | 233,140 | | | $ | 236,844 | | | $ | 242,217 | | | $ | 275,912 | |
| | | |
Continued
| | |
| SOUTHWEST BANCORP, INC. | | Table 6 |
| UNAUDITED QUARTERLY SUMMARY LOAN DATA | | Continued |
| (Dollars in thousands, except per share) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2011 | | | 2010 | |
| | | Sep. 30 | | | Jun. 30 | | | Mar. 31 | | | Dec. 31 | | | Sep. 30 | | | Jun. 30 | | | Mar. 31 | |
| | | |
OUT OF MARKET LOANS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Balance | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Arizona | | $ | 35,978 | | | $ | 49,977 | | | $ | 57,657 | | | $ | 65,615 | | | $ | 68,887 | | | $ | 65,770 | | | $ | 66,428 | |
| Iowa | | | 26,626 | | | | 26,695 | | | | 26,759 | | | | 26,836 | | | | 28,953 | | | | 25,035 | | | | 25,108 | |
| Colorado | | | 23,234 | | | | 24,187 | | | | 28,422 | | | | 28,619 | | | | 30,160 | | | | 31,509 | | | | 32,793 | |
| New Mexico | | | 21,019 | | | | 21,092 | | | | 28,226 | | | | 28,710 | | | | 29,188 | | | | 29,514 | | | | 29,732 | |
| California | | | 10,737 | | | | 9,814 | | | | 9,984 | | | | 9,906 | | | | 10,169 | | | | 10,554 | | | | 10,560 | |
| Ohio | | | 9,367 | | | | 9,568 | | | | 9,963 | | | | 10,420 | | | | 10,666 | | | | 10,786 | | | | 10,293 | |
| Tennessee | | | 6,484 | | | | 6,550 | | | | 6,606 | | | | 6,784 | | | | 6,837 | | | | 6,898 | | | | 6,967 | |
| Florida | | | 6,374 | | | | 10,582 | | | | 7,600 | | | | 7,627 | | | | 7,622 | | | | 7,531 | | | | 7,635 | |
| Louisiana | | | 5,644 | | | | 5,963 | | | | 8,018 | | | | 8,651 | | | | 9,223 | | | | 9,788 | | | | 10,354 | |
| Alabama | | | 4,306 | | | | 4,443 | | | | 4,479 | | | | 4,520 | | | | 5,027 | | | | 5,065 | | | | 5,100 | |
| Other (24 states included) | | | 17,041 | | | | 27,624 | | | | 38,669 | | | | 43,353 | | | | 41,921 | | | | 56,515 | | | | 55,359 | |
| | | |
| Total out of market loans | | $ | 166,810 | | | $ | 196,495 | | | $ | 226,383 | | | $ | 241,041 | | | $ | 248,653 | | | $ | 258,965 | | | $ | 260,329 | |
| | | |
| Nonperforming out of market loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Arizona | | $ | 8,441 | | | $ | 16,745 | | | $ | 10,316 | | | $ | 17,061 | | | $ | 19,145 | | | $ | 19,576 | | | $ | 11,834 | |
| Colorado | | | 746 | | | | 4,909 | | | | 880 | | | | 1,235 | | | | 1,239 | | | | 1,255 | | | | 521 | |
| New Mexico | | | 5,135 | | | | 5,135 | | | | 11,827 | | | | 11,827 | | | | 11,827 | | | | 11,827 | | | | 11,827 | |
| Tennessee | | | — | | | | — | | | | — | | | | 30 | | | | 32 | | | | 33 | | | | 35 | |
| Florida | | | 305 | | | | 1,479 | | | | 1,479 | | | | 1,479 | | | | 1,479 | | | | 1,486 | | | | 1,486 | |
| Alabama | | | — | | | | 157 | | | | 172 | | | | 192 | | | | 192 | | | | 195 | | | | 195 | |
| Other (24 states included) | | | — | | | | 2,709 | | | | 2,300 | | | | 3,179 | | | | 3,103 | | | | 4,325 | | | | 7,420 | |
| | | |
| Total nonperforming out of market loans | | $ | 14,627 | | | $ | 31,134 | | | $ | 26,974 | | | $ | 35,003 | | | $ | 37,017 | | | $ | 38,697 | | | $ | 33,318 | |
| | | |
| Potential problem out of market loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Arizona | | $ | 10,287 | | | $ | 14,865 | | | $ | 25,242 | | | $ | 14,986 | | | $ | 15,608 | | | $ | 10,648 | | | $ | 18,428 | |
| Iowa | | | — | | | | — | | | | — | | | | — | | | | — | | | | 9,100 | | | | 9,100 | |
| Colorado | | | 17,034 | | | | 13,500 | | | | 17,933 | | | | 17,395 | | | | 17,395 | | | | 17,395 | | | | 17,395 | |
| New Mexico | | | 11,589 | | | | 11,635 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| California | | | 593 | | | | 9,423 | | | | 9,575 | | | | — | | | | 9,825 | | | | 9,950 | | | | 9,950 | |
| Florida | | | 108 | | | | 116 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Alabama | | | 4,270 | | | | 4,292 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | |
| Total potential problem out of market loans | | $ | 43,881 | | | $ | 53,831 | | | $ | 52,750 | | | $ | 32,381 | | | $ | 42,828 | | | $ | 47,093 | | | $ | 54,873 | |
| | | |
ALLOWANCE ACTIVITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Balance, beginning of period | | $ | 54,575 | | | $ | 61,285 | | | $ | 65,229 | | | $ | 72,418 | | | $ | 67,055 | | | $ | 65,168 | | | $ | 62,413 | |
| Charge offs | | | 16,067 | | | | 27,562 | | | | 13,392 | | | | 14,720 | | | | 7,006 | | | | 6,168 | | | | 6,545 | |
| Recoveries | | | 1,564 | | | | 712 | | | | 398 | | | | 266 | | | | 381 | | | | 279 | | | | 769 | |
| | | |
| Net charge offs | | | 14,503 | | | | 26,850 | | | | 12,994 | | | | 14,454 | | | | 6,625 | | | | 5,889 | | | | 5,776 | |
| Provision for loan losses | | | 24,626 | | | | 20,140 | | | | 9,050 | | | | 7,265 | | | | 11,988 | | | | 7,776 | | | | 8,531 | |
| | | |
| Balance, end of period | | $ | 64,698 | | | $ | 54,575 | | | $ | 61,285 | | | $ | 65,229 | | | $ | 72,418 | | | $ | 67,055 | | | $ | 65,168 | |
| | | |
NET CHARGE OFFS BY TYPE | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Construction & development | | $ | 7,177 | | | $ | 10,847 | | | $ | 1,012 | | | $ | 11,613 | | | $ | 1,641 | | | $ | 4,126 | | | $ | 2,920 | |
| Commercial real estate | | | 5,702 | | | | 7,593 | | | | 7,290 | | | | 1,351 | | | | 1,582 | | | | 515 | | | | 919 | |
| Commercial | | | 1,469 | | | | 7,999 | | | | 4,337 | | | | 1,214 | | | | 1,318 | | | | 1,081 | | | | 1,148 | |
| One-to-four family residential | | | 55 | | | | 165 | | | | 58 | | | | 149 | | | | 1,589 | | | | 119 | | | | 558 | |
| Consumer | | | 100 | | | | 246 | | | | 297 | | | | 127 | | | | 495 | | | | 48 | | | | 231 | |
| | | |
| Total net charge offs by type | | $ | 14,503 | | | $ | 26,850 | | | $ | 12,994 | | | $ | 14,454 | | | $ | 6,625 | | | $ | 5,889 | | | $ | 5,776 | |
| | | |
NET CHARGE OFFS BY SEGMENT | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Oklahoma banking | | $ | 1,058 | | | $ | 1,442 | | | $ | 1,593 | | | $ | 1,616 | | | $ | 1,960 | | | $ | 371 | | | $ | 1,815 | |
| Texas banking | | | 7,386 | | | | 9,163 | | | | 4,502 | | | | 10,485 | | | | 2,219 | | | | 4,726 | | | | 3,734 | |
| Kansas banking | | | 361 | | | | 1,791 | | | | 372 | | | | 64 | | | | 823 | | | | 482 | | | | 1,077 | |
| Out of market | | | 5,698 | | | | 14,454 | | | | 6,527 | | | | 2,289 | | | | 1,623 | | | | 310 | | | | (850 | ) |
| | | |
| Total net charge offs by segment | | $ | 14,503 | | | $ | 26,850 | | | $ | 12,994 | | | $ | 14,454 | | | $ | 6,625 | | | $ | 5,889 | | | $ | 5,776 | |
| | | |
| | |
| SOUTHWEST BANCORP, INC. | | Table 7 |
| UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA | | |
| (Dollars in thousands, except per share) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2011 | | | 2010 | |
| | | Sep. 30 | | | Jun. 30 | | | Mar. 31 | | | Dec. 31 | | | Sep. 30 | | | Jun. 30 | | | Mar. 31 | |
| | | |
NET INCOME (LOSS) BY SEGMENT | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Oklahoma banking | | $ | 7 | | | $ | 5,290 | | | $ | 3,435 | | | $ | 4,205 | | | $ | 3,399 | | | $ | 4,387 | | | $ | 2,857 | |
| Texas banking | | | (6,455 | ) | | | 1,575 | | | | 1,079 | | | | 4,001 | | | | (1,801 | ) | | | 757 | | | | 1,685 | |
| Kansas banking | | | (612 | ) | | | 971 | | | | 131 | | | | 293 | | | | (306 | ) | | | 940 | | | | (322 | ) |
| Out of market | | | (1,947 | ) | | | (9,039 | ) | | | (924 | ) | | | (3,674 | ) | | | 494 | | | | (477 | ) | | | 1,750 | |
| | | |
| Subtotal | | | (9,007 | ) | | | (1,203 | ) | | | 3,721 | | | | 4,825 | | | | 1,786 | | | | 5,607 | | | | 5,970 | |
| Secondary market | | | 90 | | | | 127 | | | | (13 | ) | | | 444 | | | | 173 | | | | 83 | | | | 310 | |
| Other operations | | | (608 | ) | | | (1,894 | ) | | | (1,247 | ) | | | (961 | ) | | | 1,914 | | | | (1,279 | ) | | | (1,908 | ) |
| | | |
| Net income (loss) | | $ | (9,525 | ) | | $ | (2,970 | ) | | $ | 2,461 | | | $ | 4,308 | | | $ | 3,873 | | | $ | 4,411 | | | $ | 4,372 | |
| | | |
PER SHARE DATA | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Basic earnings per common share | | $ | (0.54 | ) | | $ | (0.21 | ) | | $ | 0.07 | | | $ | 0.17 | | | $ | 0.15 | | | $ | 0.19 | | | $ | 0.23 | |
| Diluted earnings per common share | | | (0.54 | ) | | | (0.21 | ) | | | 0.07 | | | | 0.17 | | | | 0.15 | | | | 0.19 | | | | 0.23 | |
| Book value per common share | | | 15.37 | | | | 15.89 | | | | 16.02 | | | | 15.97 | | | | 15.93 | | | | 15.88 | | | | 16.79 | |
| Tangible book value per share* | | | 15.02 | | | | 15.54 | | | | 15.67 | | | | 15.62 | | | | 15.58 | | | | 15.53 | | | | 16.33 | |
COMMON STOCK | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares issued and outstanding | | | 19,441,577 | | | | 19,439,167 | | | | 19,438,290 | | | | 19,421,900 | | | | 19,395,675 | | | | 19,388,797 | | | | 14,779,711 | |
OTHER FINANCIAL DATA | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment securities | | $ | 269,599 | | | $ | 268,153 | | | $ | 258,436 | | | $ | 262,525 | | | $ | 240,844 | | | $ | 247,108 | | | $ | 241,693 | |
| Loans held for sale | | | 39,902 | | | | 37,204 | | | | 37,348 | | | | 35,194 | | | | 34,868 | | | | 25,615 | | | | 25,586 | |
| Noncovered portfolio loans | | | 1,993,694 | | | | 2,156,096 | | | | 2,241,080 | | | | 2,331,293 | | | | 2,412,796 | | | | 2,475,348 | | | | 2,516,397 | |
| Total noncovered loans | | | 2,033,596 | | | | 2,193,300 | | | | 2,278,428 | | | | 2,366,487 | | | | 2,447,664 | | | | 2,500,963 | | | | 2,541,983 | |
| Covered portfolio loans | | | 41,209 | | | | 46,153 | | | | 49,117 | | | | 53,628 | | | | 60,558 | | | | 68,006 | | | | 76,909 | |
| Total assets | | | 2,572,492 | | | | 2,660,495 | | | | 2,779,028 | | | | 2,820,541 | | | | 2,905,275 | | | | 3,010,835 | | | | 3,074,923 | |
| Total deposits | | | 2,022,253 | | | | 2,094,236 | | | | 2,218,571 | | | | 2,252,728 | | | | 2,345,648 | | | | 2,444,939 | | | | 2,554,165 | |
| Other borrowings | | | 86,583 | | | | 96,682 | | | | 85,332 | | | | 94,602 | | | | 82,506 | | | | 93,036 | | | | 103,620 | |
| Subordinated debentures | | | 81,963 | | | | 81,963 | | | | 81,963 | | | | 81,963 | | | | 81,963 | | | | 81,963 | | | | 81,963 | |
| Total shareholders’ equity | | | 367,024 | | | | 376,930 | | | | 379,350 | | | | 377,812 | | | | 376,576 | | | | 375,319 | | | | 315,341 | |
| Mortgage servicing portfolio | | | 285,886 | | | | 283,083 | | | | 281,271 | | | | 278,146 | | | | 261,266 | | | | 249,632 | | | | 241,224 | |
INTANGIBLE ASSET DATA | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Goodwill | | $ | 6,811 | | | $ | 6,811 | | | $ | 6,811 | | | $ | 6,811 | | | $ | 6,811 | | | $ | 6,811 | | | $ | 6,811 | |
| Core deposit intangible | | | 3,155 | | | | 3,285 | | | | 3,420 | | | | 3,557 | | | | 3,693 | | | | 3,830 | | | | 3,967 | |
| Mortgage servicing rights | | | 1,808 | | | | 1,781 | | | | 1,718 | | | | 1,810 | | | | 1,661 | | | | 1,589 | | | | 1,603 | |
| Nonmortgage servicing rights | | | 3 | | | | 3 | | | | 3 | | | | 4 | | | | 4 | | | | 5 | | | | 5 | |
| | | |
| Total intangible assets | | $ | 11,777 | | | $ | 11,880 | | | $ | 11,952 | | | $ | 12,182 | | | $ | 12,169 | | | $ | 12,235 | | | $ | 12,386 | |
| | | |
| Intangible amortization expense | | $ | 226 | | | $ | 222 | | | $ | 361 | | | $ | 402 | | | $ | 392 | | | $ | 350 | | | $ | 359 | |
| | | |
DEPOSIT COMPOSITION | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Non-interest bearing demand | | $ | 388,365 | | | $ | 389,027 | | | $ | 369,013 | | | $ | 377,182 | | | $ | 329,655 | | | $ | 326,721 | | | $ | 317,896 | |
| Interest-bearing demand | | | 98,270 | | | | 124,346 | | | | 112,731 | | | | 92,584 | | | | 86,153 | | | | 102,218 | | | | 119,757 | |
| Money market accounts | | | 461,546 | | | | 465,269 | | | | 486,770 | | | | 495,253 | | | | 518,422 | | | | 510,549 | | | | 506,659 | |
| Savings accounts | | | 31,319 | | | | 29,586 | | | | 28,440 | | | | 26,665 | | | | 25,556 | | | | 25,321 | | | | 25,871 | |
| Time deposits of $100,000 or more | | | 551,914 | | | | 570,116 | | | | 669,817 | | | | 694,565 | | | | 795,303 | | | | 861,110 | | | | 944,871 | |
| Other time deposits | | | 490,839 | | | | 515,892 | | | | 551,800 | | | | 566,479 | | | | 590,559 | | | | 619,020 | | | | 639,111 | |
| | | |
| Total deposits** | | $ | 2,022,253 | | | $ | 2,094,236 | | | $ | 2,218,571 | | | $ | 2,252,728 | | | $ | 2,345,648 | | | $ | 2,444,939 | | | $ | 2,554,165 | |
| | | |
OFFICES AND EMPLOYEES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| FTE Employees | | | 437 | | | | 437 | | | | 424 | | | | 432 | | | | 440 | | | | 447 | | | | 455 | |
| Branches | | | 23 | | | | 23 | | | | 23 | | | | 23 | | | | 23 | | | | 23 | | | | 24 | |
| Loan production offices | | | 2 | | | | 2 | | | | 2 | | | | 2 | | | | 2 | | | | 2 | | | | 2 | |
| Assets per employee | | $ | 5,887 | | | $ | 6,088 | | | $ | 6,554 | | | $ | 6,529 | | | $ | 6,603 | | | $ | 6,736 | | | $ | 6,758 | |
| |
| * This is a Non-GAAP based financial measure. |
| ** Calculation of Non-brokered Deposits and Core Funding (Non-GAAP Financial Measures) |
| |
Total deposits | | $ | 2,022,253 | | | $ | 2,094,236 | | | $ | 2,218,571 | | | $ | 2,252,728 | | | $ | 2,345,648 | | | $ | 2,444,939 | | | $ | 2,554,165 | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Brokered time deposits | | | 46,838 | | | | 52,407 | | | | 122,124 | | | | 145,240 | | | | 226,238 | | | | 279,027 | | | | 359,571 | |
Other brokered deposits | | | 105,483 | | | | 105,392 | | | | 112,033 | | | | 117,532 | | | | 129,096 | | | | 126,643 | | | | 124,969 | |
| | | |
Non-brokered deposits | | $ | 1,869,932 | | | $ | 1,936,437 | | | $ | 1,984,414 | | | $ | 1,989,956 | | | $ | 1,990,314 | | | $ | 2,039,269 | | | $ | 2,069,625 | |
| | | |
Plus: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sweep repurchase agreements | | | 40,305 | | | | 30,636 | | | | 27,214 | | | | 26,492 | | | | 22,211 | | | | 22,700 | | | | 33,192 | |
| | | |
Core funding | | $ | 1,910,237 | | | $ | 1,967,073 | | | $ | 2,011,628 | | | $ | 2,016,448 | | | $ | 2,012,525 | | | $ | 2,061,969 | | | $ | 2,102,817 | |
| | | |
Balance sheet amounts are as of period end unless otherwise noted.
| | |
| SOUTHWEST BANCORP, INC. | | Table 8 |
| UNAUDITED QUARTERLY SUPPLEMENTAL ANALYTICAL DATA | | |
| (Dollars in thousands, except per share) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2011 | | | 2010 | |
| | | Sep. 30 | | | Jun. 30 | | | Mar. 31 | | | Dec. 31 | | | Sep. 30 | | | Jun. 30 | | | Mar. 31 | |
| | | |
PERFORMANCE RATIOS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Return on average assets (annualized) | | | (1.43 | )% | | | (0.43 | )% | | | 0.35 | % | | | 0.59 | % | | | 0.52 | % | | | 0.58 | % | | | 0.57 | % |
| Return on average common equity (annualized) | | | (13.42 | ) | | | (5.11 | ) | | | 1.81 | | | | 4.11 | | | | 3.57 | | | | 4.64 | | | | 5.42 | |
| Return on average tangible common equity (annualized)* | | | (13.72 | ) | | | (5.22 | ) | | | 1.85 | | | | 4.21 | | | | 3.65 | | | | 4.75 | | | | 5.58 | |
| Net interest margin (annualized) | | | 3.77 | | | | 3.79 | | | | 3.78 | | | | 3.82 | | | | 3.63 | | | | 3.65 | | | | 3.59 | |
| Total dividends declared to net income | | | (9.24 | ) | | | (29.46 | ) | | | 35.56 | | | | 20.31 | | | | 22.59 | | | | 19.84 | | | | 20.02 | |
| Effective tax rate | | | 35.23 | | | | 54.53 | | | | 38.40 | | | | 38.31 | | | | 28.02 | | | | 38.29 | | | | 39.19 | |
| Efficiency ratio | | | 64.07 | | | | 52.40 | | | | 54.50 | | | | 54.13 | | | | 47.02 | | | | 51.97 | | | | 49.25 | |
NONPERFORMING ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Noncovered | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nonaccrual loans | | $ | 132,268 | | | $ | 151,135 | | | $ | 134,934 | | | $ | 106,566 | | | $ | 135,209 | | | $ | 111,871 | | | $ | 97,858 | |
| | | |
| 90 days past due and accruing | | | 458 | | | | 43 | | | | 529 | | | | 517 | | | | 452 | | | | 333 | | | | 4 | |
| | | |
| Total nonperforming loans | | | 132,726 | | | | 151,178 | | | | 135,463 | | | | 107,083 | | | | 135,661 | | | | 112,204 | | | | 97,862 | |
| Other real estate | | | 70,785 | | | | 38,956 | | | | 41,067 | | | | 37,722 | | | | 35,723 | | | | 27,634 | | | | 18,809 | |
| | | |
| Total nonperforming assets | | $ | 203,511 | | | $ | 190,134 | | | $ | 176,530 | | | $ | 144,805 | | | $ | 171,384 | | | $ | 139,838 | | | $ | 116,671 | |
| | | |
| Performing restructured | | $ | 1,026 | | | $ | 3,191 | | | $ | 2,166 | | | $ | 2,177 | | | $ | 5,334 | | | $ | 5,525 | | | $ | 5,650 | |
| | | |
| Potential problem loans | | $ | 276,694 | | | $ | 291,171 | | | $ | 217,406 | | | $ | 233,140 | | | $ | 236,844 | | | $ | 242,217 | | | $ | 275,912 | |
| | | |
| Covered | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nonaccrual loans | | $ | 7,065 | | | $ | 9,800 | | | $ | 9,809 | | | $ | 10,806 | | | $ | 7,906 | | | $ | 14,504 | | | $ | 16,192 | |
| 90 days past due and accruing | | | 610 | | | | — | | | | — | | | | — | | | | 1,871 | | | | 130 | | | | 356 | |
| | | |
| Total nonperforming loans | | | 7,675 | | | | 9,800 | | | | 9,809 | | | | 10,806 | | | | 9,777 | | | | 14,634 | | | | 16,548 | |
| Other real estate | | | 5,350 | | | | 3,806 | | | | 4,016 | | | | 4,187 | | | | 4,448 | | | | 4,352 | | | | 4,489 | |
| | | |
| Total nonperforming assets | | $ | 13,025 | | | $ | 13,606 | | | $ | 13,825 | | | $ | 14,993 | | | $ | 14,225 | | | $ | 18,986 | | | $ | 21,037 | |
| | | |
| Potential problem loans | | $ | 2,015 | | | $ | 2,731 | | | $ | 3,444 | | | $ | 3,495 | | | $ | 6,413 | | | $ | 6,184 | | | $ | 6,620 | |
| | | |
ASSET QUALITY RATIOS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net loan charge-offs to average portfolio loans (annualized) | | | 2.70 | % | | | 4.76 | % | | | 2.25 | % | | | 2.35 | % | | | 1.05 | % | | | 0.92 | % | | | 0.90 | % |
| Noncovered | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nonperforming assets to portfolio loans and other real estate | | | 9.86 | % | | | 8.66 | % | | | 7.74 | % | | | 6.11 | % | | | 7.00 | % | | | 5.59 | % | | | 4.60 | % |
| Nonperforming loans to portfolio loans | | | 6.66 | | | | 7.01 | | | | 6.04 | | | | 4.59 | | | | 5.62 | | | | 4.53 | | | | 3.89 | |
| Allowance for loan losses to portfolio loans | | | 3.25 | | | | 2.53 | | | | 2.73 | | | | 2.80 | | | | 3.00 | | | | 2.71 | | | | 2.59 | |
| Allowance for loan losses to nonperforming loans | | | 48.75 | | | | 36.10 | | | | 45.24 | | | | 60.91 | | | | 53.38 | | | | 59.76 | | | | 66.59 | |
| Covered | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nonperforming assets to portfolio loans and other real estate | | | 27.98 | % | | | 27.23 | % | | | 26.02 | % | | | 25.93 | % | | | 21.88 | % | | | 26.24 | % | | | 25.84 | % |
| Nonperforming loans to portfolio loans | | | 18.62 | | | | 21.23 | | | | 19.97 | | | | 20.15 | | | | 16.14 | | | | 21.52 | | | | 21.52 | |
CAPITAL RATIOS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average total shareholders’ equity to average assets | | | 14.39 | % | | | 13.98 | % | | | 13.57 | % | | | 13.24 | % | | | 12.85 | % | | | 11.78 | % | | | 10.18 | % |
| Leverage ratio | | | 16.47 | | | | 16.25 | | | | 15.95 | | | | 15.55 | | | | 14.96 | | | | 14.48 | | | | 12.32 | |
| Tier 1 capital to risk-weighted assets | | | 19.54 | | | | 18.93 | | | | 18.49 | | | | 17.78 | | | | 17.17 | | | | 16.50 | | | | 14.00 | |
| Total capital to risk-weighted assets | | | 20.81 | | | | 20.20 | | | | 19.77 | | | | 19.06 | | | | 18.45 | | | | 17.78 | | | | 15.28 | |
| Tangible common equity to tangible assets*** | | | 11.38 | | | | 11.38 | | | | 10.99 | | | | 10.78 | | | | 10.43 | | | | 10.02 | | | | 7.87 | |
REGULATORY CAPITAL DATA | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Tier I capital | | $ | 433,628 | | | $ | 444,106 | | | $ | 447,803 | | | $ | 445,966 | | | $ | 442,188 | | | $ | 438,973 | | | $ | 381,280 | |
| Total capital | | | 461,929 | | | | 473,950 | | | | 478,713 | | | | 477,930 | | | | 475,040 | | | | 472,971 | | | | 415,955 | |
| Total risk adjusted assets | | | 2,219,271 | | | | 2,346,596 | | | | 2,421,752 | | | | 2,507,867 | | | | 2,574,746 | | | | 2,659,886 | | | | 2,722,628 | |
| Average total assets | | | 2,633,000 | | | | 2,733,561 | | | | 2,807,518 | | | | 2,867,114 | | | | 2,955,779 | | | | 3,032,328 | | | | 3,094,756 | |
| |
| * This is a Non-GAAP based financial measure. |
| *** Calculation of Tangible Capital to Tangible Assets (Non-GAAP Financial Measure) |
| |
Total shareholders’ equity | | $ | 367,024 | | | $ | 376,930 | | | $ | 379,350 | | | $ | 377,812 | | | $ | 376,576 | | | $ | 375,319 | | | $ | 315,341 | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill | | | 6,811 | | | | 6,811 | | | | 6,811 | | | | 6,811 | | | | 6,811 | | | | 6,811 | | | | 6,811 | |
Preferred stock | | | 68,268 | | | | 68,084 | | | | 67,902 | | | | 67,724 | | | | 67,548 | | | | 67,375 | | | | 67,205 | |
| | | |
Tangible common equity | | $ | 291,945 | | | $ | 302,035 | | | $ | 304,637 | | | $ | 303,277 | | | $ | 302,217 | | | $ | 301,133 | | | $ | 241,325 | |
| | | |
Total assets | | $ | 2,572,492 | | | $ | 2,660,495 | | | $ | 2,779,028 | | | $ | 2,820,541 | | | $ | 2,905,275 | | | $ | 3,010,835 | | | $ | 3,074,923 | |
Less goodwill | | | 6,811 | | | | 6,811 | | | | 6,811 | | | | 6,811 | | | | 6,811 | | | | 6,811 | | | | 6,811 | |
| | | |
Tangible assets | | $ | 2,565,681 | | | $ | 2,653,684 | | | $ | 2,772,217 | | | $ | 2,813,730 | | | $ | 2,898,464 | | | $ | 3,004,024 | | | $ | 3,068,112 | |
| | | |
Tangible common equity to tangible assets | | | 11.38 | % | | | 11.38 | % | | | 10.99 | % | | | 10.78 | % | | | 10.43 | % | | | 10.02 | % | | | 7.87 | % |
Balance sheet amounts and ratios are as of period end unless otherwise noted.
