Exhibit 99
For additional information:
| | | | | | | | |
| For Immediate Release | | | | | | Rick Green President & CEO Laura Robertson EVP & CFO (405) 372-2230 |
Southwest Bancorp Inc. Reports Fourth Quarter and 2011 Results
January 24, 2012, Stillwater, Oklahoma . . . . Southwest Bancorp, Inc. (NASDAQ Global Select Market - OKSB, OKSBP), (“Southwest”), today reported a net loss available to common shareholders of ($59.3) million, or ($3.05) per diluted share for the fourth quarter of 2011, compared to net income available to common shareholders of $3.3 million, or $0.17 per diluted share for the fourth quarter of 2010. Fourth quarter results in 2011 include the pretax loss of ($101.0) million resulting from the sale of nonperforming assets and potential problem loans.
The net loss available to common shareholders for the year ended December 31, 2011 was ($72.5) million, or ($3.73) per diluted share, compared to net income available to common shareholders for the year ended December 31, 2010 of $12.8 million, or $0.71 per diluted share.
“We ended the year with successful sales of approximately $300 million of loans and other real estate.” Rick Green, President and CEO, stated. “Approximately $170 million of the total were nonperforming assets. The remaining assets sold were classified worse than “pass” in our credit risk system or were pass assets related to other assets sold. These sales immediately and substantially reduced our nonperforming assets and potential problem loans. We believe this action is a major step toward achieving our goals.”
Background
“We began 2011 with continued high levels of nonperforming and potential problem assets. In the spring of 2011, we reorganized and strengthened our credit, loan review and workout functions. During the year, we had success in resolving credits, but downgrades and new problem assets, mainly driven by real estate appraisal decreases, kept our total levels of unresolved credits unsatisfactorily high. The levels significantly affected our earnings.
“Faced with these facts, management and the Board of Directors considered our alternatives for bringing nonperforming and potential problem assets to healthier levels:
Do we take action to eliminate the pool of higher risk loans by selling a substantial amount of nonperforming and potential problem loans to immediately reduce the risk and improve our future prospects?
or
Do we continue to “work out” these loans over some unknown period and with uncertain earnings impact?”
Decision
“Southwest’s Board of Directors carefully considered the potential costs and benefits to Southwest and its shareholders, in consultation with financial and legal advisors and management. The Board also considered the substantial regulatory capital cushions which made significant near-term sales possible. Based on their analysis, the Board concluded that sale of assets in the near-term was in the best interests of Southwest’s shareholders. The sales were completed in December 2011.”
NASDAQ: OKSB
OKSBP
Southwest Bancorp Inc. Reports Fourth Quarter and 2011 Results
Result
“Although the result was a loss for 2011, we start 2012 with significantly improved credit quality and regulatory capital ratios that exceed “well capitalized” standards.
“We are looking forward to 2012. With our improved balance sheet, we will continue to focus on our commercial banking operations serving our primary markets in Oklahoma, Texas, and Kansas. We have renewed strength in our credit and lending areas and plan to stabilize loan revenue by generating new loans prudently and profitably.
“Southwest is driven to return to sustained profitability, to resume payment of dividends on trust preferred securities, preferred stock, and common stock, and to once again produce reliable and attractive returns for our shareholders.”
Key items for the quarter were as follows:
Credit Quality (noncovered assets):
| | • | | During the fourth quarter, Southwest sold nonperforming loans, potential problem loans, other related loans and other real estate with an aggregate carrying value, before transfer to assets held for sale, of $301.6 million, of which $169.1 million were nonperforming assets. Southwest recognized $88.6 million in net charge-offs as a result of the sales transactions. The loan sales caused Southwest to increase the provision for loan losses in the quarter by $74.9 million. |
| | • | | Nonperforming loans were $13.5 million or 0.80% of portfolio loans as of December 31, 2011, a decrease of $119.2 million (90%) from $132.7 million at September 30, 2011. Excluding the loan sale, nonperforming loans would have decreased by $7.4 million in the fourth quarter of 2011. The allowance for loan losses to nonperforming loans was 326.47% as of December 31, 2011 compared to 48.75% as of September 30, 2011. Nonperforming assets were $33.4 million or 1.96% of portfolio loans and other real estate as of December 31, 2011, a decrease of $170.1 million (84%) from $203.5 million or 9.86% of portfolio loans and other real estate as of September 30, 2011. |
| | • | | Potential problem loans were $133.0 million as of December 31, 2011, a decrease of $143.7 million (52%) from $276.7 million as of September 30, 2011. Excluding the loan sale, potential problem loans would have decreased by $13.2 million in the fourth quarter of 2011. |
| | • | | The allowance for loan losses to portfolio loans was 2.62% as of December 31, 2011 compared to 3.25% as of September 30, 2011. The decrease was primarily due to the loan sale and the related reduction in nonperforming and potential problem loans discussed above. |
| | • | | The provision for loan losses was $77.8 million for the fourth quarter of 2011, while net charge-offs were $98.3 million. For the third quarter of 2011, the provision for loan losses and net charge-offs were $24.6 million and $14.5 million, respectively. Excluding the loan sale impact, the provision for loan losses and net charge-offs for the fourth quarter of 2011 would have been approximately $6.2 million and $9.7 million, respectively. |
Capital Position and Liquidity:
| | • | | As of December 31, 2011, Southwest and each of its banking subsidiaries met the criteria for regulatory classification as “well-capitalized”. Southwest’s total regulatory capital was $398.9 million, for a total risk-based capital ratio of 20.78%, and Tier 1 capital was $374.6 million, for a Tier 1 risk-based capital ratio of 19.51%. Southwest’s capital exceeded the minimum to be classified as “well-capitalized” by $206.9 million. Stillwater National Bank, Southwest’s principal banking subsidiary, had total regulatory capital of $323.4 million, for a total risk-based capital ratio of 18.83%, and Tier 1 capital of $286.7 million, for a Tier 1 risk-based capital ratio of 16.69%. Stillwater National Bank exceeded the minimum to be classified as “well-capitalized” by $108.8 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 exceeded the individual minimum ratios agreed to with the Comptroller of the Currency of 8.50% and 12.50%. |
| | • | | In July 2011, Southwest determined to defer future payments of interest on its debentures and dividends on related trust preferred securities and to defer payments of dividends on its Series B Preferred Securities issued under the U.S. Treasury Department’s Capital Purchase Program. The terms of the debentures and trust preferred securities allow Southwest to increase or decrease the deferral period without default or penalty. |
| | • | | As of December 31, 2011, the holding company has $29.0 million in available cash. |
NASDAQ: OKSB
OKSBP
Southwest Bancorp Inc. Reports Fourth Quarter and 2011 Results
Financial Overview
Condition: Total assets were $2.4 billion and total loans were $1.8 billion at December 31, 2011, a decrease of 16% and 27%, respectively, from December 31, 2010.
At December 31, 2011 the allowance for loan losses was $44.7 million, a decrease of 32% from December 31, 2010.
Total core funding, which includes all non-brokered time deposits and sweep repurchase agreements, comprised 94% of total funding, compared to 86% at December 31, 2010. Wholesale funding, including FHLB borrowings, federal funds purchased, and brokered deposits, accounted for 6% of total funding at December 31, 2011, compared to 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 ($72.5) million as of December 31, 2011, compared to net income available to common shareholders of $12.8 million as of December 31, 2010. The $85.3 million decrease in our net income available to common shareholders from 2010 is the result of a $96.5 million increase in the provision for loan losses, a $26.6 million increase in noninterest expense, an $11.0 million decrease in net interest income, and a $4.5 million decrease in noninterest income, offset in part by a $53.4 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 39.00% and results in a tax benefit.
Net Interest Income:Net interest income totaled $96.3 million for 2011, compared to $107.3 million for 2010, a decrease of $11.0 million, or 10%. Year-to-date net interest margin was 3.74%, compared to 3.67% for 2010. Included in 2011 year-to-date net interest income was a net reduction of $1.6 million resulting from interest reversals on nonaccrual loans, which includes reversals relating to the nonaccrual loans sold in the fourth quarter, 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 $1.0 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 6 basis point decrease and a 3 basis point increase, respectively.
Provision for Loan Losses and Net Charge Offs: The provision for loan losses totaled $132.1 million for 2011, compared to $35.6 million for 2010. Net charge-offs totaled $152.6 million, or 7.01% (annualized) of average portfolio loans year-to-date as of December 31, 2011, compared to $32.7 million, or 1.29% (annualized) of average portfolio loans as of December 31, 2010. Excluding the fourth quarter loan sales impact, the provision for loan losses and net charge-offs would have been approximately $60.0 million and $64.1 million, respectively.
Noninterest Income: Noninterest income totaled $14.0 million for 2011, compared to $18.6 million for 2010. The decrease in noninterest income was primarily the result of a $2.7 million decline in gain on investment securities, a $1.1 million decline in gain on sale of loans, mainly from declined student loan sales, a $0.5 million decline in other noninterest income, and a $0.3 million decline in service charges and fees.
Noninterest Expense:Noninterest expense totaled $90.2 million for 2011, compared to $63.6 million for 2010. The increase consists of a $28.6 million increase in other real estate expense, which includes the fair value adjustment for the assets sold in the fourth quarter, and a $0.3 million increase in general and administrative expense, offset in part by a $1.9 million decrease in FDIC and other insurance expense and a $0.4 million decrease in occupancy expense.
NASDAQ: OKSB
OKSBP
Southwest Bancorp Inc. Reports Fourth Quarter and 2011 Results
Fourth Quarter Results:
Summary: For the fourth quarter of 2011, Southwest incurred a net loss available to common shareholders of ($59.3) million, compared to net income available to common shareholders of $3.3 million in the fourth quarter of 2010 and a net loss available to common shareholders of ($10.6) million in the third quarter of 2011. The decrease from the fourth quarter of 2010 was the result of a $71.0 million increase in the provision for loan losses, a $25.1 million increase in noninterest expense, a $5.1 million decrease in net interest income, and a $0.5 million decrease in noninterest income, offset in part by a $39.1 million decrease in income taxes. The decrease from the third quarter of 2011 was the result of a $53.7 million increase in the provision for loan losses, a $24.2 million increase in noninterest expense, and a $2.1 million decrease in net interest income, offset in part by a $31.3 million decrease in income taxes.
For the fourth quarter of 2011, the calculated effective tax rate is 38.49% and results in a tax benefit.
Net Interest Income:Net interest income totaled $21.9 million for the fourth quarter of 2011, compared to $27.0 million for the fourth quarter of 2010, a decrease of $5.1 million, or 19%, and $24.0 million for the third quarter of 2011, a decrease of $2.1 million, or 9%. Net interest margin was 3.62% for the fourth quarter of 2011, compared to 3.82% for the fourth quarter of 2010 and 3.77% for the third quarter of 2011. Included in the fourth quarter of 2011 net interest margin was a net reduction of $1.2 million, resulting from interest reversals on nonaccrual loans, primarily from the fourth quarter loan sale, offset by the quarterly adjustments of the discount accretion on loans and the loss share receivable. Included in the fourth quarter of 2010 was a net recovery of $0.5 million from the resolution of nonperforming loans and the quarterly adjustment of the discount accretion on loans and the loss share receivable. Included in the third quarter of 2011 was a net reduction of $0.3 million 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 19 basis point decrease, a 7 basis point increase, and a 5 basis point decrease for each quarter, respectively.
Provision for Loan Losses and Net Charge-Offs: The provision for loan losses totaled $78.3 million for the fourth quarter of 2011, compared to $7.3 million for the fourth quarter of 2010 and $24.6 million for the third quarter of 2011. Net charge-offs totaled $98.3 million, or 19.78% (annualized) of average portfolio loans for the fourth quarter of 2011, compared to $14.5 million, or 2.35% (annualized) of average portfolio loans for the fourth quarter of 2010 and $14.5 million, or 2.70% (annualized) of average portfolio loans for the third quarter of 2011. Excluding the fourth quarter loan sales impact, the provision for loan losses and net charge-offs would have been approximately $6.2 million and $9.7 million, respectively.
Noninterest Income: Noninterest income totaled $3.6 million for the fourth quarter of 2011, compared to $4.1 million for the fourth quarter of 2010 and $3.6 million for the third quarter of 2011. The decrease in noninterest income from the fourth quarter of 2010 was primarily the result of a $0.3 million decrease in service charges and fees.
Noninterest Expense:Noninterest expense totaled $41.9 million for the fourth quarter of 2011, compared to $16.8 million for the fourth quarter of 2010 and $17.7 million for the third quarter of 2011. The increase from fourth quarter 2010 consisted of a $25.1 million increase in other real estate expense, which includes the loss on assets sold during the quarter of $23.6 million, and a $0.4 million increase in general and administrative expense, offset in part by a $0.5 million decrease in FDIC and other insurance expense. The increase from third quarter 2011 consisted of a $24.9 million increase in other real estate expense, offset in part by a $0.6 million decrease in general and administrative expense.
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 December 31, 2011 we had total assets of $2.4 billion, deposits of $1.9 billion, and shareholders’ equity of $307.2 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
NASDAQ: OKSB
OKSBP
Southwest Bancorp Inc. Reports Fourth Quarter and 2011 Results
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 December 31, 2011, approximately $614.7 million, or 36%, 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 December 31, 2011 approximately $1.3 billion, or 73%, of our noncovered loans were commercial real estate mortgage and construction loans, including $381.1 million of loans to individuals and businesses in the healthcare industry.
Southwest’s common stock is traded on the NASDAQ Global Select Market under the symbol OKSB. Southwest’s public trust preferred securities are traded on the NASDAQ Global Select Market under the symbol OKSBP.
Caution About Forward-Looking Statements
We make forward-looking statements in this news release that are subject to risks and uncertainties. We intend these statements to be covered by the safe harbor provision for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include:
| | • | | Statements of Southwest’s goals, intentions, and expectations; |
| | • | | Estimates of risks and of future costs and benefits; |
| | • | | Expectations regarding our future financial performance and the financial performance of our operating segments; |
| | • | | Expectations regarding our ability to utilize tax loss benefits; |
| | • | | Assessments of loan quality, probable loan losses, and the amount and timing of loan payoffs; |
| | • | | Estimates of the value of assets held for sale or available for sale; and |
| | • | | Statements of our ability to achieve financial and other goals. |
These forward-looking statements are subject to significant uncertainties because they are based upon: the amount and timing of future changes in interest rates, market behavior, and other economic conditions; future laws, regulations, and accounting principles; changes in regulatory standards and examination policies, and a variety of other matters. These other matters include, among other things, the direct and indirect effects of economic conditions on interest rates, credit quality, loan demand, liquidity, and monetary and supervisory policies of banking regulators. Because of these uncertainties, the actual future results may be materially different from the results indicated by these forward-looking statements. In addition, Southwest’s past growth and performance do not necessarily indicate our future results. For other factors, risks, and uncertainties that could cause actual results to differ materially from estimates and projections contained in forward-looking statements, please read the “Risk Factors” contained in Southwest’s reports to the Securities and Exchange Commission.
The cautionary statements in this release also identify important factors and possible events that involve risk and uncertainties that could cause our actual results to differ materially from those contained in the forward-looking statements. These forward-looking statements speak only as of the date on which the statements were made. We do not intend, and undertake no obligation, to update or revise any forward-looking statements contained in this release, whether as a result of differences in actual results, changes in assumptions, or changes in other factors affecting such statements, except as required by law.
Southwest is required under generally accepted accounting principles to evaluate subsequent events and their impact, if any, on its financial statements as of December 31, 2011 through the date its financial statements are filed with the Securities and Exchange Commission. The December 31, 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 Fourth Quarter and 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. | | Table 1 |
| UNAUDITED FINANCIAL HIGHLIGHTS | | |
| (Dollars in thousands, except per share) | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Fourth Quarter | | | Third Quarter | |
| QUARTERLY HIGHLIGHTS | | 2011 | | | 2010 | | | %
Change | | | 2011 | | | %
Change | |
Operations | | | | | | | | | | | | | | | | | | | | |
Net interest income | | $ | 21,901 | | | $ | 26,970 | | | | (19 | )% | | $ | 24,025 | | | | (9 | )% |
Provision for loan losses | | | 78,285 | | | | 7,265 | | | | 978 | | | | 24,626 | | | | 218 | |
Noninterest income | | | 3,576 | | | | 4,089 | | | | (13 | ) | | | 3,589 | | | | — | |
Noninterest expense | | | 41,903 | | | | 16,811 | | | | 149 | | | | 17,693 | | | | 137 | |
Income (loss) before taxes | | | (94,711 | ) | | | 6,983 | | | | (1,456 | ) | | | (14,705 | ) | | | 544 | |
Taxes on income | | | (36,450 | ) | | | 2,675 | | | | (1,463 | ) | | | (5,180 | ) | | | 604 | |
Net income (loss) | | | (58,261 | ) | | | 4,308 | | | | (1,452 | ) | | | (9,525 | ) | | | 512 | |
Net income (loss) available to common shareholders | | | (59,340 | ) | | | 3,257 | | | | (1,922 | ) | | | (10,589 | ) | | | 460 | |
Diluted earnings per share | | | (3.05 | ) | | | 0.17 | | | | (1,894 | ) | | | (0.54 | ) | | | 465 | |
Balance Sheet | | | | | | | | | | | | | | | | | | | | |
Total assets | | | 2,382,873 | | | | 2,820,541 | | | | (16 | ) | | | 2,572,492 | | | | (7 | ) |
Loans held for sale | | | 38,695 | | | | 35,194 | | | | 10 | | | | 39,902 | | | | (3 | ) |
Noncovered portfolio loans | | | 1,687,178 | | | | 2,331,293 | | | | (28 | ) | | | 1,933,694 | | | | (13 | ) |
Covered portfolio loans | | | 37,615 | | | | 53,628 | | | | (30 | ) | | | 41,209 | | | | (9 | ) |
Total deposits | | | 1,921,382 | | | | 2,252,728 | | | | (15 | ) | | | 2,022,253 | | | | (5 | ) |
Total shareholders’ equity | | | 307,186 | | | | 377,812 | | | | (19 | ) | | | 367,024 | | | | (16 | ) |
Book value per common share | | | 12.28 | | | | 15.97 | | | | (23 | ) | | | 15.37 | | | | (20 | ) |
Key Ratios | | | | | | | | | | | | | | | | | | | | |
Net interest margin | | | 3.62 | % | | | 3.82 | % | | | | | | | 3.77 | % | | | | |
Efficiency ratio | | | 164.47 | | | | 54.13 | | | | | | | | 64.07 | | | | | |
Total capital to risk-weighted assets | | | 20.78 | | | | 19.06 | | | | | | | | 20.81 | | | | | |
Nonperforming loans to portfolio loans - noncovered | | | 0.80 | | | | 4.59 | | | | | | | | 6.66 | | | | | |
Shareholders’ equity to total assets | | | 12.89 | | | | 13.40 | | | | | | | | 14.27 | | | | | |
Tangible common equity to tangible assets* | | | 9.76 | | | | 10.78 | | | | | | | | 11.38 | | | | | |
Return on average assets (annualized) | | | (8.96 | ) | | | 0.59 | | | | | | | | (1.43 | ) | | | | |
Return on average common equity (annualized) | | | (79.48 | ) | | | 4.11 | | | | | | | | (13.42 | ) | | | | |
Return on average tangible common equity (annualized)** | | | (81.35 | ) | | | 4.21 | | | | | | | | (13.72 | ) | | | | |
| | | |
| YEAR-TO-DATE HIGHLIGHTS | | Twelve Months | | | | | | | |
| | | 2011 | | | 2010 | | | %
Change | | | | |
Operations | | | | | | | | | | | | | |
Net interest income | | $ | 96,332 | | | $ | 107,331 | | | | (10 | )% | |
Provision for loan losses | | | 132,101 | | | | 35,560 | | | | 271 | | |
Noninterest income | | | 14,018 | | | | 18,564 | | | | (24 | ) | |
Noninterest expense | | | 90,201 | | | | 63,633 | | | | 42 | | |
Income (loss) before taxes | | | (111,952 | ) | | | 26,702 | | | | (519 | ) | |
Taxes on income | | | (43,657 | ) | | | 9,738 | | | | (548 | ) | |
Net income (loss) | | | (68,295 | ) | | | 16,964 | | | | (503 | ) | |
Net income (loss) available to common shareholders | | | (72,548 | ) | | | 12,777 | | | | (668 | ) | |
Diluted earnings per share | | | (3.73 | ) | | | 0.71 | | | | (625 | ) | |
Balance Sheet | | | | | | | | | | | | | |
Total assets | | | 2,382,873 | | | | 2,820,541 | | | | (16 | ) | |
Loans held for sale | | | 38,695 | | | | 35,194 | | | | 10 | | |
Noncovered portfolio loans | | | 1,687,178 | | | | 2,331,293 | | | | (28 | ) | |
Covered portfolio loans | | | 37,615 | | | | 53,628 | | | | (30 | ) | |
Total deposits | | | 1,921,382 | | | | 2,252,728 | | | | (15 | ) | |
Total shareholders’ equity | | | 307,186 | | | | 377,812 | | | | (19 | ) | |
Book value per common share | | | 12.28 | | | | 15.97 | | | | (23 | ) | |
Key Ratios | | | | | | | | | | | | | |
Net interest margin | | | 3.74 | % | | | 3.67 | % | | | | | |
Efficiency ratio (GAAP-based) | | | 81.74 | | | | 50.54 | | | | | | |
Total capital to risk-weighted assets | | | 20.78 | | | | 19.06 | | | | | | |
Nonperforming loans to portfolio loans - noncovered | | | 0.80 | | | | 4.59 | | | | | | |
Shareholders’ equity to total assets | | | 12.89 | | | | 13.40 | | | | | | |
Tangible common equity to tangible assets* | | | 9.76 | | | | 10.78 | | | | | | |
Return on average assets | | | (2.53 | ) | | | 0.57 | | | | | | |
Return on average common equity | | | (23.40 | ) | | | 4.37 | | | | | | |
Return on average tangible common equity** | | | (23.93 | ) | | | 4.48 | | | | | | |
Balance sheet amounts and ratios are as of period end unless otherwise noted.
| * | This is a Non-GAAP financial measure. Please see Table 8 for a reconciliation to the most directly comparable GAAP based measure. |
| ** | This is a Non-GAAP financial measure. |
Please see accompanying tables for additional financial information.
| | |
| SOUTHWEST BANCORP, INC. | | Table 2 |
| UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
| (Dollars in thousands, except per share) | | |
| | | | | | | | |
| | | December 31,
2011 | | | December 31,
2010 | |
Assets | | | | | | | | |
Cash and due from banks | | $ | 30,247 | | | $ | 26,478 | |
Interest-bearing deposits | | | 199,642 | | | | 41,018 | |
| | | | | | | | |
Cash and cash equivalents | | | 229,889 | | | | 67,496 | |
Securities held to maturity (fair values of $15,885, $14,029, respectively) | | | 15,252 | | | | 14,304 | |
Securities available for sale (amortized cost of $253,869, $246,649, respectively) | | | 260,100 | | | | 248,221 | |
Loans held for sale | | | 38,695 | | | | 35,194 | |
Noncovered loans receivable | | | 1,687,178 | | | | 2,331,293 | |
Less: Allowance for loan losses | | | (44,233 | ) | | | (65,229 | ) |
| | | | | | | | |
Net noncovered loans receivable | | | 1,642,945 | | | | 2,266,064 | |
Covered loans receivable (includes loss share of $10,073, $14,370, respectively) | | | 37,615 | | | | 53,628 | |
Less: Allowance for loan losses | | | (451 | ) | | | — | |
| | | | | | | | |
Net covered loans receivable | | | 37,164 | | | | 53,628 | |
Net loans receivable | | | 1,680,109 | | | | 2,319,692 | |
Accrued interest receivable | | | 7,176 | | | | 8,590 | |
Income tax receivable | | | 28,666 | | | | — | |
Premises and equipment, net | | | 22,700 | | | | 23,772 | |
Noncovered other real estate | | | 19,844 | | | | 37,722 | |
Covered other real estate | | | 4,529 | | | | 4,187 | |
Goodwill | | | 6,811 | | | | 6,811 | |
Other intangible assets, net | | | 4,857 | | | | 5,371 | |
Other assets | | | 64,245 | | | | 49,181 | |
| | | | | | | | |
Total assets | | $ | 2,382,873 | | | $ | 2,820,541 | |
| | | | | | | | |
| | |
Liabilities | | | | | | | | |
Deposits: | | | | | | | | |
Noninterest-bearing demand | | $ | 400,985 | | | $ | 377,182 | |
Interest-bearing demand | | | 105,905 | | | | 92,584 | |
Money market accounts | | | 423,181 | | | | 495,253 | |
Savings accounts | | | 33,406 | | | | 26,665 | |
Time deposits of $100,000 or more | | | 487,907 | | | | 694,565 | |
Other time deposits | | | 469,998 | | | | 566,479 | |
| | | | | | | | |
Total deposits | | | 1,921,382 | | | | 2,252,728 | |
Accrued interest payable | | | 3,689 | | | | 1,577 | |
Income tax payable | | | — | | | | 2,878 | |
Other liabilities | | | 12,174 | | | | 8,981 | |
Other borrowings | | | 56,479 | | | | 94,602 | |
Subordinated debentures | | | 81,963 | | | | 81,963 | |
| | | | | | | | |
Total liabilities | | | 2,075,687 | | | | 2,442,729 | |
| | |
Shareholders’ equity | | | | | | | | |
Serial preferred stock; 2,000,000 shares authorized; 70,000 shares issued and outstanding | | | 68,455 | | | | 67,724 | |
Common stock - $1 par value; 40,000,000 shares authorized; 19,444,213, 19,421,900, shares issued and outstanding, respectively | | | 19,444 | | | | 19,422 | |
Additional paid-in capital | | | 98,932 | | | | 98,894 | |
Retained earnings | | | 118,244 | | | | 190,793 | |
Accumulated other comprehensive income | | | 2,111 | | | | 979 | |
| | | | | | | | |
Total shareholders’ equity | | | 307,186 | | | | 377,812 | |
| | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 2,382,873 | | | $ | 2,820,541 | |
| | | | | | | | |
| | |
| SOUTHWEST BANCORP, INC. | | Table 3 |
| UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (Dollars in thousands, except per share) | | |
| | | | | | | | | | | | | | | | |
| | | For the three months
ended December 31, | | | For the twelve months
ended December 31, | |
| | | 2011 | | | 2010 | | | 2011 | | | 2010 | |
Interest income | | | | | | | | | | | | | | | | |
Loans | | $ | 25,333 | | | $ | 32,831 | | | $ | 113,223 | | | $ | 133,918 | |
Investment securities | | | 1,584 | | | | 1,724 | | | | 6,973 | | | | 8,148 | |
Other interest-earning assets | | | 148 | | | | 131 | | | | 549 | | | | 741 | |
| | | | | | | | | | | | | | | | |
Total interest income | | | 27,065 | | | | 34,686 | | | | 120,745 | | | | 142,807 | |
| | | | |
Interest expense | | | | | | | | | | | | | | | | |
Interest-bearing deposits | | | 3,318 | | | | 5,920 | | | | 16,793 | | | | 28,267 | |
Other borrowings | | | 339 | | | | 514 | | | | 1,799 | | | | 2,079 | |
Subordinated debentures | | | 1,507 | | | | 1,282 | | | | 5,821 | | | | 5,130 | |
| | | | | | | | | | | | | | | | |
Total interest expense | | | 5,164 | | | | 7,716 | | | | 24,413 | | | | 35,476 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net interest income | | | 21,901 | | | | 26,970 | | | | 96,332 | | | | 107,331 | |
| | | | |
Provision for loan losses | | | 78,285 | | | | 7,265 | | | | 132,101 | | | | 35,560 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net interest income (loss) after provision for loan losses | | | (56,384 | ) | | | 19,705 | | | | (35,769 | ) | | | 71,771 | |
| | | | |
Noninterest income | | | | | | | | | | | | | | | | |
Service charges and fees | | | 2,849 | | | | 3,144 | | | | 12,075 | | | | 12,404 | |
Gain on sales of loans | | | 637 | | | | 682 | | | | 1,658 | | | | 2,736 | |
Gain on investment securities | | | — | | | | 15 | | | | — | | | | 2,661 | |
Other noninterest income | | | 90 | | | | 248 | | | | 285 | | | | 763 | |
| | | | | | | | | | | | | | | | |
Total noninterest income | | | 3,576 | | | | 4,089 | | | | 14,018 | | | | 18,564 | |
| | | | |
Noninterest expense | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | | 7,657 | | | | 7,516 | | | | 29,880 | | | | 29,916 | |
Occupancy | | | 2,614 | | | | 2,717 | | | | 10,815 | | | | 11,171 | |
FDIC and other insurance | | | 858 | | | | 1,333 | | | | 3,862 | | | | 5,788 | |
Other real estate, net | | | 26,369 | | | | 1,255 | | | | 30,852 | | | | 2,218 | |
General and administrative | | | 4,405 | | | | 3,990 | | | | 14,792 | | | | 14,540 | |
| | | | | | | | | | | | | | | | |
Total noninterest expense | | | 41,903 | | | | 16,811 | | | | 90,201 | | | | 63,633 | |
| | | | | | | | | | | | | | | | |
Income (loss) before taxes | | | (94,711 | ) | | | 6,983 | | | | (111,952 | ) | | | 26,702 | |
Taxes on income | | | (36,450 | ) | | | 2,675 | | | | (43,657 | ) | | | 9,738 | |
| | | | | | | | | | | | | | | | |
Net income (loss) | | $ | (58,261 | ) | | $ | 4,308 | | | $ | (68,295 | ) | | $ | 16,964 | |
| | | | | | | | | | | | | | | | |
Net income (loss) available to common shareholders | | $ | (59,340 | ) | | $ | 3,257 | | | $ | (72,548 | ) | | $ | 12,777 | |
| | | | | | | | | | | | | | | | |
| | | | |
Basic earnings per common share | | $ | (3.05 | ) | | $ | 0.17 | | | $ | (3.73 | ) | | $ | 0.71 | |
Diluted earnings per common share | | | (3.05 | ) | | | 0.17 | | | | (3.73 | ) | | | 0.71 | |
Common dividends declared per share | | | — | | | | — | | | | — | | | | — | |
| | |
| SOUTHWEST BANCORP, INC. | | Table 4 |
| UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES - QUARTERLY |
| (Dollars in thousands) | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the three months ended December 31, | |
| | | 2011 | | | 2010 | |
| | | Average
Balance | | | Interest | | | Average
Yield/Rate | | | Average
Balance | | | Interest | | | Average
Yield/Rate | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | |
Noncovered loans | | $ | 1,973,320 | | | $ | 24,473 | | | | 4.92 | % | | $ | 2,417,584 | | | $ | 31,933 | | | | 5.24 | % |
Covered loans | | | 39,010 | | | | 860 | | | | 8.75 | | | | 58,755 | | | | 898 | | | | 6.06 | |
Investment securities | | | 264,011 | | | | 1,584 | | | | 2.38 | | | | 253,664 | | | | 1,724 | | | | 2.70 | |
Other interest-earning assets | | | 123,532 | | | | 148 | | | | 0.48 | | | | 71,638 | | | | 131 | | | | 0.73 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-earning assets | | | 2,399,873 | | | | 27,065 | | | | 4.47 | | | | 2,801,641 | | | | 34,686 | | | | 4.91 | |
Other assets | | | 178,904 | | | | | | | | | | | | 81,735 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 2,578,777 | | | | | | | | | | | $ | 2,883,376 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Liabilities and Shareholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing demand deposits | | $ | 98,167 | | | $ | 53 | | | | 0.21 | % | | $ | 85,967 | | | $ | 85 | | | | 0.39 | % |
Money market accounts | | | 471,059 | | | | 388 | | | | 0.33 | | | | 508,110 | | | | 885 | | | | 0.69 | |
Savings accounts | | | 32,032 | | | | 12 | | | | 0.15 | | | | 25,885 | | | | 17 | | | | 0.26 | |
Time deposits | | | 994,519 | | | | 2,865 | | | | 1.14 | | | | 1,316,536 | | | | 4,933 | | | | 1.49 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | | 1,595,777 | | | | 3,318 | | | | 0.82 | | | | 1,936,498 | | | | 5,920 | | | | 1.21 | |
Other borrowings | | | 70,952 | | | | 339 | | | | 1.90 | | | | 96,267 | | | | 514 | | | | 2.12 | |
Subordinated debentures | | | 81,963 | | | | 1,507 | | | | 7.35 | | | | 81,963 | | | | 1,282 | | | | 6.26 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing liabilities | | | 1,748,692 | | | | 5,164 | | | | 1.17 | | | | 2,114,728 | | | | 7,716 | | | | 1.45 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Noninterest-bearing demand deposits | | | 400,435 | | | | | | | | | | | | 367,761 | | | | | | | | | |
Other liabilities | | | 65,093 | | | | | | | | | | | | 19,252 | | | | | | | | | |
Shareholders’ equity | | | 364,557 | | | | | | | | | | | | 381,635 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 2,578,777 | | | | | | | | | | | $ | 2,883,376 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net interest income and spread | | | | | | $ | 21,901 | | | | 3.30 | % | | | | | | $ | 26,970 | | | | 3.46 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net interest margin (1) | | | | | | | | | | | 3.62 | % | | | | | | | | | | | 3.82 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Average interest-earning assets to average interest-bearing liabilities | | | 137.24 | % | | | | | | | | | | | 132.48 | % | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Net interest margin = annualized net interest income / average interest-earning assets |
| | |
| SOUTHWEST BANCORP, INC. | | Table 5 |
| UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES - YEAR-TO-DATE |
| (Dollars in thousands) | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the twelve months ended December 31, | |
| | | 2011 | | | 2010 | |
| | | Average
Balance | | | Interest | | | Average
Yield/Rate | | | Average
Balance | | | Interest | | | Average
Yield/Rate | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | |
Noncovered loans | | $ | 2,168,458 | | | $ | 109,839 | | | | 5.07 | % | | $ | 2,504,684 | | | $ | 129,314 | | | | 5.16 | % |
Covered loans | | | 45,449 | | | | 3,384 | | | | 7.45 | | | | 68,758 | | | | 4,604 | | | | 6.70 | |
Investment securities | | | 264,006 | | | | 6,973 | | | | 2.64 | | | | 245,411 | | | | 8,148 | | | | 3.32 | |
Other interest-earning assets | | | 96,753 | | | | 549 | | | | 0.57 | | | | 103,792 | | | | 741 | | | | 0.71 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-earning assets | | | 2,574,666 | | | | 120,745 | | | | 4.69 | | | | 2,922,645 | | | | 142,807 | | | | 4.89 | |
Other assets | | | 121,416 | | | | | | | | | | | | 76,099 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 2,696,082 | | | | | | | | | | | $ | 2,998,744 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Liabilities and Shareholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing demand deposits | | $ | 108,808 | | | $ | 382 | | | | 0.35 | % | | $ | 98,589 | | | $ | 468 | | | | 0.47 | % |
Money market accounts | | | 483,373 | | | | 2,154 | | | | 0.45 | | | | 508,583 | | | | 3,911 | | | | 0.77 | |
Savings accounts | | | 29,862 | | | | 49 | | | | 0.16 | | | | 25,609 | | | | 64 | | | | 0.25 | |
Time deposits | | | 1,117,483 | | | | 14,208 | | | | 1.27 | | | | 1,479,287 | | | | 23,824 | | | | 1.61 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | | 1,739,526 | | | | 16,793 | | | | 0.97 | | | | 2,112,068 | | | | 28,267 | | | | 1.34 | |
Other borrowings | | | 84,738 | | | | 1,799 | | | | 2.12 | | | | 96,141 | | | | 2,079 | | | | 2.16 | |
Subordinated debentures | | | 81,963 | | | | 5,821 | | | | 7.10 | | | | 81,963 | | | | 5,130 | | | | 6.26 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing liabilities | | | 1,906,227 | | | | 24,413 | | | | 1.28 | | | | 2,290,172 | | | | 35,476 | | | | 1.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Noninterest-bearing demand deposits | | | 377,780 | | | | | | | | | | | | 330,998 | | | | | | | | | |
Other liabilities | | | 33,991 | | | | | | | | | | | | 18,039 | | | | | | | | | |
Shareholders’ equity | | | 378,084 | | | | | | | | | | | | 359,535 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 2,696,082 | | | | | | | | | | | $ | 2,998,744 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net interest income and spread | | | | | | $ | 96,332 | | | | 3.41 | % | | | | | | $ | 107,331 | | | | 3.34 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net interest margin (1) | | | | | | | | | | | 3.74 | % | | | | | | | | | | | 3.67 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Average interest-earning assets to average interest-bearing liabilities | | | 135.07 | % | | | | | | | | | | | 127.62 | % | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Net interest margin = annualized net interest income / average interest-earning assets |
| | |
| SOUTHWEST BANCORP, INC. | | Table 6 |
| UNAUDITED QUARTERLY SUMMARY LOAN DATA |
| (Dollars in thousands, except per share) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2011 | | | 2010 | |
| | | Dec. 31 | | | Sep. 30 | | | Jun. 30 | | | Mar. 31 | | | Dec. 31 | | | Sep. 30 | | | Jun. 30 | | | Mar. 31 | |
LOAN COMPOSITION | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Noncovered: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate mortgage: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | $ | 1,028,561 | | | $ | 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 | | | 80,375 | | | | 85,272 | | | | 87,407 | | | | 87,286 | | | | 89,800 | | | | 109,980 | | | | 106,814 | | | | 111,185 | |
Real estate construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | 227,098 | | | | 348,053 | | | | 372,576 | | | | 403,635 | | | | 441,265 | | | | 527,773 | | | | 589,590 | | | | 630,472 | |
One-to-four family residential | | | 4,987 | | | | 25,527 | | | | 26,400 | | | | 26,758 | | | | 27,429 | | | | 30,527 | | | | 35,129 | | | | 34,996 | |
Commercial | | | 346,266 | | | | 367,241 | | | | 404,229 | | | | 416,392 | | | | 452,626 | | | | 463,132 | | | | 471,004 | | | | 487,074 | |
Installment and consumer: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Guaranteed student loans | | | 5,396 | | | | 5,547 | | | | 5,600 | | | | 5,700 | | | | 5,843 | | | | 5,960 | | | | 7,389 | | | | 10,199 | |
Other | | | 33,190 | | | | 32,946 | | | | 34,335 | | | | 36,493 | | | | 39,060 | | | | 39,014 | | | | 39,328 | | | | 38,048 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total noncovered loans, including held for sale | | | 1,725,873 | | | | 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 | | | (44,233 | ) | | | (64,698 | ) | | | (54,575 | ) | | | (61,285 | ) | | | (65,229 | ) | | | (72,418 | ) | | | (67,055 | ) | | | (65,168 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total noncovered loans, net | | $ | 1,681,640 | | | $ | 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 | | $ | 23,686 | | | $ | 23,201 | | | $ | 26,976 | | | $ | 28,929 | | | $ | 30,997 | | | $ | 33,428 | | | $ | 36,107 | | | $ | 37,487 | |
One-to-four family residential | | | 7,072 | | | | 7,378 | | | | 8,113 | | | | 8,192 | | | | 9,122 | | | | 10,071 | | | | 10,277 | | | | 10,843 | |
Real estate construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | 3,746 | | | | 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 | | | 2,841 | | | | 4,286 | | | | 4,461 | | | | 5,021 | | | | 5,554 | | | | 6,816 | | | | 8,487 | | | | 10,807 | |
Installment and consumer: | | | 270 | | | | 357 | | | | 430 | | | | 550 | | | | 676 | | | | 956 | | | | 1,092 | | | | 1,326 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total covered loans | | | 37,615 | | | | 41,209 | | | | 46,153 | | | | 49,117 | | | | 53,628 | | | | 60,558 | | | | 68,006 | | | | 76,909 | |
Less allowance for loan losses | | | (451 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total covered loans, net | | $ | 37,164 | | | $ | 41,209 | | | $ | 46,153 | | | $ | 49,117 | | | $ | 53,628 | | | $ | 60,558 | | | $ | 68,006 | | | $ | 76,909 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LOANS BY SEGMENT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Oklahoma banking | | $ | 688,592 | | | $ | 770,306 | | | $ | 834,189 | | | $ | 838,006 | | | $ | 871,393 | | | $ | 890,598 | | | $ | 914,004 | | | $ | 926,870 | |
Texas banking | | | 665,010 | | | | 845,485 | | | | 911,134 | | | | 953,123 | | | | 982,845 | | | | 1,024,863 | | | | 1,041,228 | | | | 1,063,511 | |
Kansas banking | | | 238,468 | | | | 252,302 | | | | 260,431 | | | | 272,685 | | | | 289,642 | | | | 309,240 | | | | 329,157 | | | | 342,596 | |
Out of market | | | 132,723 | | | | 166,810 | | | | 196,495 | | | | 226,383 | | | | 241,041 | | | | 248,653 | | | | 258,965 | | | | 260,329 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Subtotal | | | 1,724,793 | | | | 2,034,903 | | | | 2,202,249 | | | | 2,290,197 | | | | 2,384,921 | | | | 2,473,354 | | | | 2,543,354 | | | | 2,593,306 | |
Secondary market | | | 38,695 | | | | 39,902 | | | | 37,204 | | | | 37,348 | | | | 35,194 | | | | 34,868 | | | | 25,615 | | | | 25,586 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total loans | | $ | 1,763,488 | | | $ | 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 | | $ | 3,877 | | | $ | 68,554 | | | $ | 73,487 | | | $ | 68,183 | | | $ | 67,571 | | | $ | 88,590 | | | $ | 75,079 | | | $ | 54,648 | |
Commercial real estate | | | 4,667 | | | | 56,234 | | | | 60,857 | | | | 47,986 | | | | 30,510 | | | | 34,448 | | | | 25,413 | | | | 28,520 | |
Commercial | | | 3,374 | | | | 6,080 | | | | 15,224 | | | | 16,633 | | | | 6,977 | | | | 6,180 | | | | 2,614 | | | | 4,100 | |
One-to-four family residential | | | 1,491 | | | | 1,706 | | | | 1,457 | | | | 2,634 | | | | 1,984 | | | | 6,401 | | | | 8,843 | | | | 10,552 | |
Consumer | | | 140 | | | | 152 | | | | 153 | | | | 27 | | | | 41 | | | | 42 | | | | 255 | | | | 42 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total nonperforming loans - noncovered | | $ | 13,549 | | | $ | 132,726 | | | $ | 151,178 | | | $ | 135,463 | | | $ | 107,083 | | | $ | 135,661 | | | $ | 112,204 | | | $ | 97,862 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NONPERFORMING LOANS BY SEGMENT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Oklahoma banking | | $ | 3,699 | | | $ | 14,932 | | | $ | 18,870 | | | $ | 13,443 | | | $ | 9,726 | | | $ | 9,937 | | | $ | 6,041 | | | $ | 7,638 | |
Texas banking | | | 83 | | | | 95,191 | | | | 91,449 | | | | 87,122 | | | | 55,431 | | | | 74,581 | | | | 48,873 | | | | 41,303 | |
Kansas banking | | | 9,070 | | | | 7,976 | | | | 9,725 | | | | 7,924 | | | | 6,923 | | | | 14,126 | | | | 18,593 | | | | 15,603 | |
Out of market | | | 697 | | | | 14,627 | | | | 31,134 | | | | 26,974 | | | | 35,003 | | | | 37,017 | | | | 38,697 | | | | 33,318 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total nonperforming loans - noncovered | | $ | 13,549 | | | $ | 132,726 | | | $ | 151,178 | | | $ | 135,463 | | | $ | 107,083 | | | $ | 135,661 | | | $ | 112,204 | | | $ | 97,862 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OTHER REAL ESTATE BY TYPE | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction & development | | $ | 3,542 | | | $ | 38,927 | | | $ | 12,588 | | | $ | 6,304 | | | $ | 5,579 | | | $ | 9,349 | | | $ | 1,625 | | | $ | 1,441 | |
Commercial real estate | | | 15,464 | | | | 24,364 | | | | 16,300 | | | | 23,890 | | | | 20,750 | | | | 19,053 | | | | 19,444 | | | | 12,320 | |
One-to-four family residential | | | 838 | | | | 7,494 | | | | 10,068 | | | | 10,873 | | | | 11,393 | | | | 7,321 | | | | 6,565 | | | | 5,048 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total other real estate - noncovered | | $ | 19,844 | | | $ | 70,785 | | | $ | 38,956 | | | $ | 41,067 | | | $ | 37,722 | | | $ | 35,723 | | | $ | 27,634 | | | $ | 18,809 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OTHER REAL ESTATE BY SEGMENT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Oklahoma banking | | $ | 6,178 | | | $ | 8,709 | | | $ | 2,613 | | | $ | 4,616 | | | $ | 4,814 | | | $ | 4,108 | | | $ | 3,547 | | | $ | 3,665 | |
Texas banking | | | 9,846 | | | | 35,270 | | | | 17,398 | | | | 18,652 | | | | 15,810 | | | | 14,651 | | | | 10,352 | | | | 4,376 | |
Kansas banking | | | 3,210 | | | | 12,390 | | | | 14,539 | | | | 12,848 | | | | 13,182 | | | | 12,218 | | | | 8,989 | | | | 9,198 | |
Out of market | | | 610 | | | | 14,416 | | | | 4,406 | | | | 4,951 | | | | 3,916 | | | | 4,746 | | | | 4,746 | | | | 1,570 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total other real estate - noncovered | | $ | 19,844 | | | $ | 70,785 | | | $ | 38,956 | | | $ | 41,067 | | | $ | 37,722 | | | $ | 35,723 | | | $ | 27,634 | | | $ | 18,809 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
POTENTIAL PROBLEM LOANS BY TYPE | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction & development | | $ | 43,607 | | | $ | 75,867 | | | $ | 111,032 | | | $ | 111,204 | | | $ | 94,765 | | | $ | 111,401 | | | $ | 101,455 | | | $ | 132,546 | |
Commercial real estate | | | 55,873 | | | | 162,692 | | | | 140,079 | | | | 85,833 | | | | 101,629 | | | | 97,694 | | | | 107,538 | | | | 111,989 | |
Commercial | | | 32,477 | | | | 37,027 | | | | 38,850 | | | | 19,940 | | | | 36,142 | | | | 27,119 | | | | 32,843 | | | | 30,582 | |
One-to-four family residential | | | 1,082 | | | | 1,108 | | | | 1,210 | | | | 429 | | | | 589 | | | | 608 | | | | 354 | | | | 764 | |
Consumer | | | — | | | | — | | | | — | | | | — | | | | 15 | | | | 22 | | | | 27 | | | | 31 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total potential problem loans - noncovered | | $ | 133,039 | | | $ | 276,694 | | | $ | 291,171 | | | $ | 217,406 | | | $ | 233,140 | | | $ | 236,844 | | | $ | 242,217 | | | $ | 275,912 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
POTENTIAL PROBLEM LOANS BY SEGMENT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Oklahoma banking | | $ | 27,481 | | | $ | 54,310 | | | $ | 42,565 | | | $ | 30,678 | | | $ | 36,170 | | | $ | 58,230 | | | $ | 47,686 | | | $ | 47,147 | |
Texas banking | | | 83,035 | | | | 163,973 | | | | 183,486 | | | | 114,506 | | | | 144,357 | | | | 116,049 | | | | 145,684 | | | | 168,717 | |
Kansas banking | | | 836 | | | | 14,530 | | | | 11,289 | | | | 19,472 | | | | 20,232 | | | | 19,737 | | | | 1,754 | | | | 5,175 | |
Out of market | | | 21,687 | | | | 43,881 | | | | 53,831 | | | | 52,750 | | | | 32,381 | | | | 42,828 | | | | 47,093 | | | | 54,873 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total potential problem loans - noncovered | | $ | 133,039 | | | $ | 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 | |
| | | Dec. 31 | | | Sep. 30 | | | Jun. 30 | | | Mar. 31 | | | Dec. 31 | | | Sep. 30 | | | Jun. 30 | | | Mar. 31 | |
OUT OF MARKET LOANS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net balance out of market loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Iowa | | $ | 26,494 | | | $ | 26,626 | | | $ | 26,695 | | | $ | 26,759 | | | $ | 26,836 | | | $ | 28,953 | | | $ | 25,035 | | | $ | 25,108 | |
Arizona | | | 26,372 | | | | 35,978 | | | | 49,977 | | | | 57,657 | | | | 65,615 | | | | 68,887 | | | | 65,770 | | | | 66,428 | |
New Mexico | | | 15,215 | | | | 21,019 | | | | 21,092 | | | | 28,226 | | | | 28,710 | | | | 29,188 | | | | 29,514 | | | | 29,732 | |
Ohio | | | 12,741 | | | | 9,367 | | | | 9,568 | | | | 9,963 | | | | 10,420 | | | | 10,666 | | | | 10,786 | | | | 10,293 | |
California | | | 10,530 | | | | 10,737 | | | | 9,814 | | | | 9,984 | | | | 9,906 | | | | 10,169 | | | | 10,554 | | | | 10,560 | |
Tennessee | | | 6,427 | | | | 6,484 | | | | 6,550 | | | | 6,606 | | | | 6,784 | | | | 6,837 | | | | 6,898 | | | | 6,967 | |
Florida | | | 6,421 | | | | 6,374 | | | | 10,582 | | | | 7,600 | | | | 7,627 | | | | 7,622 | | | | 7,531 | | | | 7,635 | |
Louisiana | | | 5,336 | | | | 5,644 | | | | 5,963 | | | | 8,018 | | | | 8,651 | | | | 9,223 | | | | 9,788 | | | | 10,354 | |
Arkansas | | | 5,192 | | | | 3,848 | | | | 2,549 | | | | 1,502 | | | | 3,162 | | | | 3,283 | | | | 9,218 | | | | 9,409 | |
Colorado | | | 5,162 | | | | 23,234 | | | | 24,187 | | | | 28,422 | | | | 28,619 | | | | 30,160 | | | | 31,509 | | | | 32,793 | |
Other (16 states included) | | | 12,833 | | | | 17,499 | | | | 29,518 | | | | 41,646 | | | | 44,711 | | | | 43,665 | | | | 52,362 | | | | 51,050 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total out of market loans | | $ | 132,723 | | | $ | 166,810 | | | $ | 196,495 | | | $ | 226,383 | | | $ | 241,041 | | | $ | 248,653 | | | $ | 258,965 | | | $ | 260,329 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nonperforming out of market loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Florida | | $ | 299 | | | $ | 305 | | | $ | 1,479 | | | $ | 1,479 | | | $ | 1,479 | | | $ | 1,479 | | | $ | 1,486 | | | $ | 1,486 | |
Arizona | | | 267 | | | | 8,441 | | | | 16,745 | | | | 10,316 | | | | 17,061 | | | | 19,145 | | | | 19,576 | | | | 11,834 | |
Colorado | | | 131 | | | | 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 | |
Alabama | | | — | | | | — | | | | 157 | | | | 172 | | | | 192 | | | | 192 | | | | 195 | | | | 195 | |
Other | | | — | | | | — | | | | 2,709 | | | | 2,300 | | | | 3,179 | | | | 3,103 | | | | 4,325 | | | | 7,420 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total nonperforming out of market loans | | $ | 697 | | | $ | 14,627 | | | $ | 31,134 | | | $ | 26,974 | | | $ | 35,003 | | | $ | 37,017 | | | $ | 38,697 | | | $ | 33,318 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Potential problem out of market loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
New Mexico | | $ | 11,542 | | | $ | 11,589 | | | $ | 11,635 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Arizona | | | 9,463 | | | | 10,287 | | | | 14,865 | | | | 25,242 | | | | 14,986 | | | | 15,608 | | | | 10,648 | | | | 18,428 | |
California | | | 578 | | | | 593 | | | | 9,423 | | | | 9,575 | | | | — | | | | 9,825 | | | | 9,950 | | | | 9,950 | |
Florida | | | 104 | | | | 108 | | | | 116 | | | | — | | | | — | | | | — | | | | — | | | | — | |
Iowa | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 9,100 | | | | 9,100 | |
Colorado | | | — | | | | 17,034 | | | | 13,500 | | | | 17,933 | | | | 17,395 | | | | 17,395 | | | | 17,395 | | | | 17,395 | |
Alabama | | | — | | | | 4,270 | | | | 4,292 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total potential problem out of market loans | | $ | 21,687 | | | $ | 43,881 | | | $ | 53,831 | | | $ | 52,750 | | | $ | 32,381 | | | $ | 42,828 | | | $ | 47,093 | | | $ | 54,873 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ALLOWANCE ACTIVITY, Noncovered | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, beginning of period | | $ | 64,698 | | | $ | 54,575 | | | $ | 61,285 | | | $ | 65,229 | | | $ | 72,418 | | | $ | 67,055 | | | $ | 65,168 | | | $ | 62,413 | |
Charge offs | | | 99,604 | | | | 16,067 | | | | 27,562 | | | | 13,392 | | | | 14,720 | | | | 7,006 | | | | 6,168 | | | | 6,545 | |
Recoveries | | | 1,305 | | | | 1,564 | | | | 712 | | | | 398 | | | | 266 | | | | 381 | | | | 279 | | | | 769 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net charge offs | | | 98,299 | | | | 14,503 | | | | 26,850 | | | | 12,994 | | | | 14,454 | | | | 6,625 | | | | 5,889 | | | | 5,776 | |
Provision for loan losses | | | 77,834 | | | | 24,626 | | | | 20,140 | | | | 9,050 | | | | 7,265 | | | | 11,988 | | | | 7,776 | | | | 8,531 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, end of period | | $ | 44,233 | | | $ | 64,698 | | | $ | 54,575 | | | $ | 61,285 | | | $ | 65,229 | | | $ | 72,418 | | | $ | 67,055 | | | $ | 65,168 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NET CHARGE OFFS BY TYPE | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction & development | | $ | 41,513 | | | $ | 7,177 | | | $ | 10,847 | | | $ | 1,012 | | | $ | 11,613 | | | $ | 1,641 | | | $ | 4,126 | | | $ | 2,920 | |
Commercial real estate | | | 50,070 | | | | 5,702 | | | | 7,593 | | | | 7,290 | | | | 1,351 | | | | 1,582 | | | | 515 | | | | 919 | |
Commercial | | | 6,434 | | | | 1,469 | | | | 7,999 | | | | 4,337 | | | | 1,214 | | | | 1,318 | | | | 1,081 | | | | 1,148 | |
One-to-four family residential | | | 1 | | | | 55 | | | | 165 | | | | 58 | | | | 149 | | | | 1,589 | | | | 119 | | | | 558 | |
Consumer | | | 281 | | | | 100 | | | | 246 | | | | 297 | | | | 127 | | | | 495 | | | | 48 | | | | 231 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total net charge offs by type | | $ | 98,299 | | | $ | 14,503 | | | $ | 26,850 | | | $ | 12,994 | | | $ | 14,454 | | | $ | 6,625 | | | $ | 5,889 | | | $ | 5,776 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NET CHARGE OFFS BY SEGMENT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Oklahoma banking | | $ | 13,210 | | | $ | 1,058 | | | $ | 1,442 | | | $ | 1,593 | | | $ | 1,616 | | | $ | 1,960 | | | $ | 371 | | | $ | 1,815 | |
Texas banking | | | 64,370 | | | | 7,386 | | | | 9,163 | | | | 4,502 | | | | 10,485 | | | | 2,219 | | | | 4,726 | | | | 3,734 | |
Kansas banking | | | 8,872 | | | | 361 | | | | 1,791 | | | | 372 | | | | 64 | | | | 823 | | | | 482 | | | | 1,077 | |
Out of market | | | 11,847 | | | | 5,698 | | | | 14,454 | | | | 6,527 | | | | 2,289 | | | | 1,623 | | | | 310 | | | | (850 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total net charge offs by segment | | $ | 98,299 | | | $ | 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) | | |
| | | $2,218,571 | | | | $2,218,571 | | | | $2,218,571 | | | | $2,218,571 | | | | $2,218,571 | | | | $2,218,571 | | | | $2,218,571 | | | | $2,218,571 | |
| | | 2011 | | | 2010 | |
| | | Dec. 31 | | | Sep. 30 | | | Jun. 30 | | | Mar. 31 | | | Dec. 31 | | | Sep. 30 | | | Jun. 30 | | | Mar. 31 | |
NET INCOME (LOSS) BY SEGMENT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Oklahoma banking | | $ | (5,586 | ) | | $ | 7 | | | $ | 5,290 | | | $ | 3,435 | | | $ | 4,205 | | | $ | 3,399 | | | $ | 4,387 | | | $ | 2,857 | |
Texas banking | | | (35,435 | ) | | | (6,455 | ) | | | 1,575 | | | | 1,079 | | | | 4,001 | | | | (1,801 | ) | | | 757 | | | | 1,685 | |
Kansas banking | | | (7,533 | ) | | | (612 | ) | | | 971 | | | | 131 | | | | 293 | | | | (306 | ) | | | 940 | | | | (322 | ) |
Out of market | | | (7,857 | ) | | | (1,947 | ) | | | (9,039 | ) | | | (924 | ) | | | (3,674 | ) | | | 494 | | | | (477 | ) | | | 1,750 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Subtotal | | | (56,411 | ) | | | (9,007 | ) | | | (1,203 | ) | | | 3,721 | | | | 4,825 | | | | 1,786 | | | | 5,607 | | | | 5,970 | |
Secondary market | | | 144 | | | | 90 | | | | 127 | | | | (13 | ) | | | 444 | | | | 173 | | | | 83 | | | | 310 | |
Other operations | | | (1,994 | ) | | | (608 | ) | | | (1,894 | ) | | | (1,247 | ) | | | (961 | ) | | | 1,914 | | | | (1,279 | ) | | | (1,908 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | (58,261 | ) | | $ | (9,525 | ) | | $ | (2,970 | ) | | $ | 2,461 | | | $ | 4,308 | | | $ | 3,873 | | | $ | 4,411 | | | $ | 4,372 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PER SHARE DATA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic earnings per common share | | $ | (3.05 | ) | | $ | (0.54 | ) | | $ | (0.21 | ) | | $ | 0.07 | | | $ | 0.17 | | | $ | 0.15 | | | $ | 0.19 | | | $ | 0.23 | |
Diluted earnings per common share | | | (3.05 | ) | | | (0.54 | ) | | | (0.21 | ) | | | 0.07 | | | | 0.17 | | | | 0.15 | | | | 0.19 | | | | 0.23 | |
Book value per common share | | | 12.28 | | | | 15.37 | | | | 15.89 | | | | 16.02 | | | | 15.97 | | | | 15.93 | | | | 15.88 | | | | 16.79 | |
Tangible book value per share* | | | 11.93 | | | | 15.02 | | | | 15.54 | | | | 15.67 | | | | 15.62 | | | | 15.58 | | | | 15.53 | | | | 16.33 | |
COMMON STOCK | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares issued and outstanding | | | 19,444,213 | | | | 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 | | $ | 275,352 | | | $ | 269,599 | | | $ | 268,153 | | | $ | 258,436 | | | $ | 262,525 | | | $ | 240,844 | | | $ | 247,108 | | | $ | 241,693 | |
Loans held for sale | | | 38,695 | | | | 39,902 | | | | 37,204 | | | | 37,348 | | | | 35,194 | | | | 34,868 | | | | 25,615 | | | | 25,586 | |
Noncovered portfolio loans | | | 1,687,178 | | | | 1,993,694 | | | | 2,156,096 | | | | 2,241,080 | | | | 2,331,293 | | | | 2,412,796 | | | | 2,475,348 | | | | 2,516,397 | |
Total noncovered loans | | | 1,725,873 | | | | 2,033,596 | | | | 2,193,300 | | | | 2,278,428 | | | | 2,366,487 | | | | 2,447,664 | | | | 2,500,963 | | | | 2,541,983 | |
Covered portfolio loans | | | 37,615 | | | | 41,209 | | | | 46,153 | | | | 49,117 | | | | 53,628 | | | | 60,558 | | | | 68,006 | | | | 76,909 | |
Total assets | | | 2,382,873 | | | | 2,572,492 | | | | 2,660,495 | | | | 2,779,028 | | | | 2,820,541 | | | | 2,905,275 | | | | 3,010,835 | | | | 3,074,923 | |
Total deposits | | | 1,921,382 | | | | 2,022,253 | | | | 2,094,236 | | | | 2,218,571 | | | | 2,252,728 | | | | 2,345,648 | | | | 2,444,939 | | | | 2,554,165 | |
Other borrowings | | | 56,479 | | | | 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 | | | | 81,963 | |
Total shareholders’ equity | | | 307,186 | | | | 367,024 | | | | 376,930 | | | | 379,350 | | | | 377,812 | | | | 376,576 | | | | 375,319 | | | | 315,341 | |
Mortgage servicing portfolio | | | 295,492 | | | | 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 | | | $ | 6,811 | |
Core deposit intangible | | | 3,030 | | | | 3,155 | | | | 3,285 | | | | 3,420 | | | | 3,557 | | | | 3,693 | | | | 3,830 | | | | 3,967 | |
Mortgage servicing rights | | | 1,825 | | | | 1,808 | | | | 1,781 | | | | 1,718 | | | | 1,810 | | | | 1,661 | | | | 1,589 | | | | 1,603 | |
Nonmortgage servicing rights | | | 2 | | | | 3 | | | | 3 | | | | 3 | | | | 4 | | | | 4 | | | | 5 | | | | 5 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total intangible assets | | $ | 11,668 | | | $ | 11,777 | | | $ | 11,880 | | | $ | 11,952 | | | $ | 12,182 | | | $ | 12,169 | | | $ | 12,235 | | | $ | 12,386 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Intangible amortization expense | | $ | 252 | | | $ | 226 | | | $ | 222 | | | $ | 361 | | | $ | 402 | | | $ | 392 | | | $ | 350 | | | $ | 359 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
DEPOSIT COMPOSITION | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-interest bearing demand | | $ | 400,985 | | | $ | 388,365 | | | $ | 389,027 | | | $ | 369,013 | | | $ | 377,182 | | | $ | 329,655 | | | $ | 326,721 | | | $ | 317,896 | |
Interest-bearing demand | | | 105,905 | | | | 98,270 | | | | 124,346 | | | | 112,731 | | | | 92,584 | | | | 86,153 | | | | 102,218 | | | | 119,757 | |
Money market accounts | | | 423,181 | | | | 461,546 | | | | 465,269 | | | | 486,770 | | | | 495,253 | | | | 518,422 | | | | 510,549 | | | | 506,659 | |
Savings accounts | | | 33,406 | | | | 31,319 | | | | 29,586 | | | | 28,440 | | | | 26,665 | | | | 25,556 | | | | 25,321 | | | | 25,871 | |
Time deposits of $100,000 or more | | | 487,907 | | | | 551,914 | | | | 570,116 | | | | 669,817 | | | | 694,565 | | | | 795,303 | | | | 861,110 | | | | 944,871 | |
Other time deposits | | | 469,998 | | | | 490,839 | | | | 515,892 | | | | 551,800 | | | | 566,479 | | | | 590,559 | | | | 619,020 | | | | 639,111 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total deposits** | | $ | 1,921,382 | | | $ | 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 | | | 435 | | | | 437 | | | | 437 | | | | 424 | | | | 432 | | | | 440 | | | | 447 | | | | 455 | |
Branches | | | 23 | | | | 23 | | | | 23 | | | | 23 | | | | 23 | | | | 23 | | | | 23 | | | | 24 | |
Loan production offices | | | 2 | | | | 2 | | | | 2 | | | | 2 | | | | 2 | | | | 2 | | | | 2 | | | | 2 | |
Assets per employee | | $ | 5,478 | | | $ | 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 | | $ | 1,921,382 | | | $ | 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 | | | 14,974 | | | | 46,838 | | | | 52,407 | | | | 122,124 | | | | 145,240 | | | | 226,238 | | | | 279,027 | | | | 359,571 | |
Other brokered deposits | | | 78,236 | | | | 105,483 | | | | 105,392 | | | | 112,033 | | | | 117,532 | | | | 129,096 | | | | 126,643 | | | | 124,969 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-brokered deposits | | $ | 1,828,172 | | | $ | 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 | | | 31,482 | | | | 40,305 | | | | 30,636 | | | | 27,214 | | | | 26,492 | | | | 22,211 | | | | 22,700 | | | | 33,192 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Core funding | | $ | 1,859,654 | | | $ | 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 | |
| | | Dec. 31 | | | Sep. 30 | | | Jun. 30 | | | Mar. 31 | | | Dec. 31 | | | Sep. 30 | | | Jun. 30 | | | Mar. 31 | |
PERFORMANCE RATIOS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets (annualized) | | | (8.96 | )% | | | (1.43 | )% | | | (0.43 | )% | | | 0.35 | % | | | 0.59 | % | | | 0.52 | % | | | 0.58 | % | | | 0.57 | % |
Return on average common equity (annualized) | | | (79.48 | ) | | | (13.42 | ) | | | (5.11 | ) | | | 1.81 | | | | 4.11 | | | | 3.57 | | | | 4.64 | | | | 5.42 | |
Return on average tangible common equity (annualized)* | | | (81.35 | ) | | | (13.72 | ) | | | (5.22 | ) | | | 1.85 | | | | 4.21 | | | | 3.65 | | | | 4.75 | | | | 5.58 | |
Net interest margin (annualized) | | | 3.62 | | | | 3.77 | | | | 3.79 | | | | 3.78 | | | | 3.82 | | | | 3.63 | | | | 3.65 | | | | 3.59 | |
Total dividends declared to net income | | | (0.92 | ) | | | (9.24 | ) | | | (29.46 | ) | | | 35.56 | | | | 20.31 | | | | 22.59 | | | | 19.84 | | | | 20.02 | |
Effective tax rate | | | 38.49 | | | | 35.23 | | | | 54.53 | | | | 38.40 | | | | 38.31 | | | | 28.02 | | | | 38.29 | | | | 39.19 | |
Efficiency ratio | | | 164.47 | | | | 64.07 | | | | 52.40 | | | | 54.50 | | | | 54.13 | | | | 47.02 | | | | 51.97 | | | | 49.25 | |
NONPERFORMING ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Noncovered: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nonaccrual loans | | $ | 13,506 | | | $ | 132,268 | | | $ | 151,135 | | | $ | 134,934 | | | $ | 106,566 | | | $ | 135,209 | | | $ | 111,871 | | | $ | 97,858 | |
90 days past due and accruing | | | 43 | | | | 458 | | | | 43 | | | | 529 | | | | 517 | | | | 452 | | | | 333 | | | | 4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total nonperforming loans | | | 13,549 | | | | 132,726 | | | | 151,178 | | | | 135,463 | | | | 107,083 | | | | 135,661 | | | | 112,204 | | | | 97,862 | |
Other real estate | | | 19,844 | | | | 70,785 | | | | 38,956 | | | | 41,067 | | | | 37,722 | | | | 35,723 | | | | 27,634 | | | | 18,809 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total nonperforming assets | | $ | 33,393 | | | $ | 203,511 | | | $ | 190,134 | | | $ | 176,530 | | | $ | 144,805 | | | $ | 171,384 | | | $ | 139,838 | | | $ | 116,671 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Performing restructured | | $ | 1,017 | | | $ | 1,026 | | | $ | 3,191 | | | $ | 2,166 | | | $ | 2,177 | | | $ | 5,334 | | | $ | 5,525 | | | $ | 5,650 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Potential problem loans | | $ | 133,039 | | | $ | 276,694 | | | $ | 291,171 | | | $ | 217,406 | | | $ | 233,140 | | | $ | 236,844 | | | $ | 242,217 | | | $ | 275,912 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Covered: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nonaccrual loans | | $ | 7,128 | | | $ | 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 | | | 7,128 | | | | 7,675 | | | | 9,800 | | | | 9,809 | | | | 10,806 | | | | 9,777 | | | | 14,634 | | | �� | 16,548 | |
Other real estate | | | 4,529 | | | | 5,350 | | | | 3,806 | | | | 4,016 | | | | 4,187 | | | | 4,448 | | | | 4,352 | | | | 4,489 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total nonperforming assets | | $ | 11,657 | | | $ | 13,025 | | | $ | 13,606 | | | $ | 13,825 | | | $ | 14,993 | | | $ | 14,225 | | | $ | 18,986 | | | $ | 21,037 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Potential problem loans | | $ | 912 | | | $ | 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) | | | 19.78 | % | | | 2.70 | % | | | 4.76 | % | | | 2.25 | % | | | 2.35 | % | | | 1.05 | % | | | 0.92 | % | | | 0.90 | % |
Noncovered: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nonperforming assets to portfolio loans and other real estate | | | 1.96 | % | | | 9.86 | % | | | 8.66 | % | | | 7.74 | % | | | 6.11 | % | | | 7.00 | % | | | 5.59 | % | | | 4.60 | % |
Nonperforming loans to portfolio loans | | | 0.80 | | | | 6.66 | | | | 7.01 | | | | 6.04 | | | | 4.59 | | | | 5.62 | | | | 4.53 | | | | 3.89 | |
Allowance for loan losses to portfolio loans | | | 2.62 | | | | 3.25 | | | | 2.53 | | | | 2.73 | | | | 2.80 | | | | 3.00 | | | | 2.71 | | | | 2.59 | |
Allowance for loan losses to nonperforming loans | | | 326.47 | | | | 48.75 | | | | 36.10 | | | | 45.24 | | | | 60.91 | | | | 53.38 | | | | 59.76 | | | | 66.59 | |
Covered: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nonperforming assets to portfolio loans and other real estate | | | 27.66 | % | | | 27.98 | % | | | 27.23 | % | | | 26.02 | % | | | 25.93 | % | | | 21.88 | % | | | 26.24 | % | | | 25.84 | % |
Nonperforming loans to portfolio loans | | | 18.95 | | | | 18.62 | | | | 21.23 | | | | 19.97 | | | | 20.15 | | | | 16.14 | | | | 21.52 | | | | 21.52 | |
Allowance for loan losses to portfolio loans | | | 1.64 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Allowance for loan losses to nonperforming loans | | | 6.33 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
CAPITAL RATIOS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average total shareholders’ equity to average assets | | | 14.14 | % | | | 14.39 | % | | | 13.98 | % | | | 13.57 | % | | | 13.24 | % | | | 12.85 | % | | | 11.78 | % | | | 10.18 | % |
Leverage ratio | | | 14.62 | | | | 16.47 | | | | 16.25 | | | | 15.95 | | | | 15.55 | | | | 14.96 | | | | 14.48 | | | | 12.32 | |
Tier 1 capital to risk-weighted assets | | | 19.51 | | | | 19.54 | | | | 18.93 | | | | 18.49 | | | | 17.78 | | | | 17.17 | | | | 16.50 | | | | 14.00 | |
Total capital to risk-weighted assets | | | 20.78 | | | | 20.81 | | | | 20.20 | | | | 19.77 | | | | 19.06 | | | | 18.45 | | | | 17.78 | | | | 15.28 | |
Tangible common equity to tangible assets*** | | | 9.76 | | | | 11.38 | | | | 11.38 | | | | 10.99 | | | | 10.78 | | | | 10.43 | | | | 10.02 | | | | 7.87 | |
REGULATORY CAPITAL DATA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tier I capital | | $ | 374,552 | | | $ | 433,628 | | | $ | 444,106 | | | $ | 447,803 | | | $ | 445,966 | | | $ | 442,188 | | | $ | 438,973 | | | $ | 381,280 | |
Total capital | | | 398,945 | | | | 461,929 | | | | 473,950 | | | | 478,713 | | | | 477,930 | | | | 475,040 | | | | 472,971 | | | | 415,955 | |
Total risk adjusted assets | | | 1,920,075 | | | | 2,219,271 | | | | 2,346,596 | | | | 2,421,752 | | | | 2,507,867 | | | | 2,574,746 | | | | 2,659,886 | | | | 2,722,628 | |
Average total assets | | | 2,562,094 | | | | 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 | | $ | 307,186 | | | $ | 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 | | | | 6,811 | |
Preferred stock | | | 68,455 | | | | 68,268 | | | | 68,084 | | | | 67,902 | | | | 67,724 | | | | 67,548 | | | | 67,375 | | | | 67,205 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tangible common equity | | $ | 231,920 | | | $ | 291,945 | | | $ | 302,035 | | | $ | 304,637 | | | $ | 303,277 | | | $ | 302,217 | | | $ | 301,133 | | | $ | 241,325 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 2,382,873 | | | $ | 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 | | | | 6,811 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tangible assets | | $ | 2,376,062 | | | $ | 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 | | | 9.76 | % | | | 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.
