Exhibit 99
[SOUTHWEST BANCORP, INC. LOGO]
SOUTHWEST BANCORP, INC. REPORTS EARNINGS
CONTACT: RICK GREEN, PRESIDENT & C.E.O.
KERBY E. CROWELL, EXECUTIVE VICE PRESIDENT & C.F.O.
TELEPHONE: (405) 372-2230
RELEASE DATE: JULY 25, 2005
July 25, 2005, Stillwater, Oklahoma . . . . Southwest Bancorp, Inc.
(Nasdaq National Market--OKSB, OKSBO), ("Southwest"), the Oklahoma-based parent
company of the Stillwater National Bank and Trust Company ("Stillwater
National"), SNB Bank of Wichita ("SNB Wichita"), Healthcare Strategic Support,
Inc., and Business Consulting Group, Inc. today reported net income for the
second quarter of 2005 of $5.2 million, a 14% increase from the $4.6 million
reported for the second quarter of 2004. Diluted earnings per share were $0.40
compared to $0.37 per share for the 2004 period, an increase of 8%. Net Income
for the first six months of 2005 was $10.6 million, a 21% increase from the $8.8
million reported for the first six months of 2004. Diluted earnings per share
were $0.83 compared to $0.71 per share for the 2004 period, an increase of 17%.
On June 24, 2005, Southwest's subsidiary, SBI Capital Trust, redeemed
its trust preferred securities, requiring Southwest to expense $970,000
($604,000 net after tax) in related unamortized issuance costs. This write-off
decreased diluted earnings per share by $0.05. The redemption is expected to
benefit net income in future periods as these borrowings are replaced at lower
interest rates.
Rick Green, President and Chief Executive Officer, stated, "Southwest's
earnings growth for the first six months of 2005 is primarily the result of loan
growth, improved loan yields, our continuing focus on increasing net interest
income by careful management of interest margins and funding, increased gains on
student loan sales, and greater service charge income."
FIRST HALF 2005 HIGHLIGHTS
o Completion of $42.5 million common stock offering to support planned growth
o Total assets of $2.0 billion; a 7% increase from the $1.9 billion reported at year-end 2004
o Total loans of $1.7 billion; a 5% increase from the $1.6 billion reported at year-end 2004
o Net income, year-to-date: $10.6 million; a 21% increase from the first six months of 2004
o Net income, for second quarter: $5.2 million; a 14% increase from second quarter 2004
o Diluted earnings per share, year-to-date: $0.83; a 17% increase from the first six months of 2004
o Diluted earnings per share, for second quarter: $0.40; an 8% increase from second quarter 2004
o Dividends per share: $0.075; a 7% increase from second quarter 2004
o Return on average equity: 15.79% for the first six months of 2005
14.92% for the second quarter 2005
o GAAP-based efficiency ratio: 51.98% for the first six months of 2005
54.98% for the second quarter 2005
Page 1 of 12
STRATEGIC PERSPECTIVE
"At Southwest, we focus on converting our strategic vision into
long-term shareholder value. This vision includes long term goals for increasing
our earnings and banking assets from our operations in Oklahoma, Texas, and
Kansas that specialize in serving medical, professional, business and commercial
real estate customers and from our more traditional, banking operations," Rick
Green continued. "Our successful common stock offering will provide capital
needed to support our strategic growth goals, which include growth from existing
and additional offices in carefully selected markets in Texas and other states
with concentrations of healthcare and health professionals, businesses, and
their managers and owners, and commercial and commercial real estate borrowers."
At June 30, 2005, Southwest's five Texas and two Kansas offices
accounted for $425.8 million in loans, excluding loan participations sold to
other financial institutions. Southwest also plans to continue the expansion of
its secondary market activities, in particular student lending. During fiscal
year 2004, Southwest was one of the top 40 student lenders in the nation by
dollar volume. Mr Green stated, "We also are dedicated to our consumer banking
operations, and may establish or acquire additional community banking offices in
selected markets." Southwest does not have any agreements to make any
acquisitions at this time, however.
ADDITIONAL FINANCIAL INFORMATION FOR THE FIRST HALF OF 2005
Net income for the first six months of 2005 was $10.6 million, up $1.8
million, or 21%, from the same period in 2004. Basic earnings per share for 2005
were $0.86, up 18% from $0.73 in 2004. Diluted earnings per share of $0.83
increased 17% over 2004.
Net interest income increased $9.3 million, or 28% from the first six
months of 2004. Noninterest income for the first six months of 2005 increased
$1.5 million from the $6.4 million reported for the same period in 2004 due
primarily to a $687,000 increase in gains on sale of student loans. Noninterest
income also benefited from a $578,000 increase in service charges and fees on
deposit accounts and a $463,000 increase in other noninterest income. These
increases were partially offset by a $45,000 reduction in gains on sale of
residential mortgage loans and a $186,000 reduction in gains on sale of other
loans.
Page 2 of 12
The provision for loan losses of $7.3 million increased $3.1 million,
or 74%, from 2004. Noninterest expense of $25.9 million increased $4.8 million,
or 23%, from the $21.1 million reported for the first six months of 2004,
primarily as a result of a $2.2 million increase in personnel expense, a $1.9
million increase in general and administrative expense (which included the
$970,000 write-off associated with the redemption of trust preferred securities
and a $407,000 provision for unfunded loan commitments), a $499,000 increase in
other real estate expense, a $188,000 increase in occupancy expense and a
$45,000 increase in FDIC and other insurance. The increase in other real estate
expense occurred due to efforts to continue operations of certain acquired
properties until such time as they can be sold and to prepare other properties
for sale.
ADDITIONAL FINANCIAL INFORMATION FOR THE SECOND QUARTER OF 2005
Net income for the second quarter of 2005 was $5.2 million, up
$625,000, or 14%, from the same period in 2004. Basic earnings per share for
2005 were $0.42, up 11% from $0.38 in 2004. Diluted earnings per share of $0.40
increased 8% over 2004.
Net interest income increased $3.8 million, or 22% from the second
quarter of 2004. Noninterest income for the second quarter of 2005 increased
$894,000 from the $3.3 million reported for the same period in 2004 due
primarily to a $299,000 increase in gains on sale of student loans, a $350,000
increase in service charges and fees on deposit accounts and a $335,000 increase
in other noninterest income. These increases were partially offset by a $90,000
reduction in gains on sale of other loans.
The provision for loan losses of $3.0 million increased $435,000, or
17%, from 2004. Noninterest expense of $13.8 million increased $3.2 million, or
30%, from the $10.6 million reported for the second quarter of 2004, primarily
as a result of a $1.2 million increase in personnel expense, a $1.6 million
increase in general and administrative expense (which included the $970,000
write-off associated with the redemption of trust preferred securities and a
$407,000 provision for unfunded loan commitments), a $352,000 increase in other
real estate expense, a $73,000 increase in occupancy expense and a $23,000
increase in FDIC and other insurance.
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED LOAN COMMITMENTS
At the beginning of 2005, Southwest established a reserve for
unfunded loan commitments as a liability on Southwest's statement of financial
condition. The reserve formerly was presented within the allowance for loan
losses. At June 30, 2005, this reserve for unfunded loan commitments was $1.4
million, an increase of 43% from the amount previously included in the allowance
for loan losses at December 31, 2004. The amounts of the allowance for loan
losses and other financial information for December 31, 2004 and June 30, 2004
presented in this release also reflect the reclassification of the reserve for
unfunded loan commitments from the allowance for loan losses to a separate
liability account. At June 30, 2005, the allowance for loan losses was $20.8
million, an increase of $1.9 million, or 10%, from the allowance for loan losses
at year-end 2004. At June 30, 2005, the allowance for loan losses was 1.23% of
total loans, compared to 1.17% at year-end 2004. Management believes the amount
of the allowance is appropriate, given its systematic methodology for
calculating the allowance. That methodology is designed to estimate inherent
losses on total loans in the portfolio, including those on nonperforming loans.
Page 3 of 12
NONPERFORMING ASSETS
Nonaccrual loans totaled $10.0 million at June 30, 2005 compared to
$12.7 million at March 31, 2005, $22.2 million at December 31, 2004, $28.5
million at September 30, 2004 and $14.3 million at June 30, 2004. Total
nonperforming loans of $11.4 million decreased $11.8 million, or 51%, from
year-end 2004, and represented 0.67% of total loans, compared to 1.43% of total
loans at year-end 2004. At June 30, 2005, $1.7 million, or 15%, of loans
classified as nonperforming were guaranteed by United States agencies or U.S.
government sponsored entities.
Mr. Green said, "Much of our business is commercial lending. As a
result, weakness in one or a few large credits can have a significant impact on
our nonperforming loan totals. Through the years, however, we have demonstrated
the ability to resolve problem commercial loans. We reduced our total
nonperforming loans by $11.8 million in the first six months of 2005 and $7.6
million in the fourth quarter of 2004 through resolution, foreclosure, or
charge-off. Other real estate at June 30, 2005, was $9.8 million, a reduction of
$2.1 million from March 31, 2005. Total nonperforming assets at June 30, 2005,
were $21.1 million, down $7.0 million, or 25%, from year-end 2004 and down $12.1
million, or 36%, from September 30, 2004.
FINANCIAL CONDITION
At June 30, 2005, total assets were $2.0 billion, a $125.9 million
increase from the end of 2004. Total portfolio loans (loans other than those
held for sale) at June 30, 2005 were $1.3 billion, up $36.9 million, or 3%, from
year-end 2004. Loans held for sale, which are primarily guaranteed student
loans, grew by $36.5 million during the first six months of 2005. (See "Forward
Looking Statements" below.) Shareholders' equity at June 30, 2005 totaled $162.9
million, a $36.9 million, or 29%, increase from December 31, 2004. The increase
was the result of net proceeds of the common stock offering and earnings offset
in part by cash dividends and a $12.1 million purchase of shares of common stock
from a former director, announced in May 2005.
Page 4 of 12
SECURITIES
Southwest's common stock is traded on the NASDAQ National Market under
the symbol OKSB. In June, Southwest completed an offering of 2.4 million shares
of common stock at $17.60 per share resulting in net proceeds after underwriting
discounts and offering expenses of approximately $39.4 million. Stifel Nicolaus
& Co., Edward Jones & Co., Friedman Billings Ramsey, Keefe Bruyette & Woods and
SunTrust Robinson Humphrey served as the underwriters in the offering. Market
makers for Southwest's common stock include Stifel Nicolaus & Co., Goldman Sachs
& Co., Keefe Bruyette & Woods Inc., RBC Capital Markets Corp., UBS Capital
Markets, L.P., Morgan Stanley & Co., Inc., Sandler O'Neill & Partners, FTN
Midwest Securities Corp., Citigroup Global Markets, Inc., Lehman Brothers, Inc.,
SunTrust Capital Markets, Inc., and Friedman Billings Ramsey & Co.
SOUTHWEST BANCORP AND SUBSIDIARIES
Southwest Bancorp, Inc. is the financial holding company for Stillwater
National Bank and Trust Company, SNB Bank of Wichita, and two consulting
subsidiaries, Healthcare Strategic Support, Inc., and Business Consulting Group,
Inc. Southwest offers commercial and consumer lending, deposit, and investment
services, and specialized cash management, consulting, and other financial
services from twelve full-service offices in Stillwater, Oklahoma City, Tulsa
and Chickasha, Oklahoma; Dallas, Austin, and San Antonio, Texas; and Wichita,
Kansas; loan production offices in Kansas City, Kansas, and on the campuses of
the University of Oklahoma Health Sciences Center and Oklahoma State
University-Tulsa; and on the Internet, through SNB DirectBanker(R).
Southwest was organized in 1981 as the holding company for Stillwater
National, which was chartered in 1894. At June 30, 2005, Southwest had total
assets of $2.0 billion, deposits of $1.7 billion, and shareholders' equity of
$162.9 million. Southwest became a public company in late 1993 with assets of
approximately $434.0 million. Southwest's growth to date has been accomplished
without banking acquisitions, however acquisitions of other financial
institutions and other companies have been considered from time to time, and
will be considered in the future, although there are no specific agreements or
understandings for any such acquisitions at the present time.
Southwest's banking philosophy is to provide a high level of customer
service, a wide range of financial services, and products responsive to customer
needs with a focus on serving healthcare and health professionals, businesses
and their managers and owners, and commercial and commercial real estate
borrowers. Southwest now serves over 2,000 practicing physicians and dentists in
seven states, with concentrations in the Southwest and Midwest.
Southwest's banking philosophy has led to the development of a line of
deposit, lending, and other financial products that respond to professional and
commercial customer needs for speed, efficiency, and information, and complement
the more traditional banking products. Such specialized financial services
include integrated document imaging and cash management services designed to
help our customers in the healthcare industry and other record-intensive
enterprises operate more efficiently. Southwest plans to roll out a new website
on September 1, 2005, designed to provide even more efficient, interactive
service for healthcare and business professionals.
Page 5 of 12
Southwest seeks to build close relationships with businesses,
professionals and their principals and to service their banking needs throughout
their business development and professional lives.
Southwest's two management consulting subsidiaries complement its
banking services and help differentiate Southwest from competitors. Healthcare
Strategic Support, Inc. provides management consulting services for physicians,
hospitals, and healthcare groups. Business Consulting Group, Inc. provides
marketing, strategic, logistics, and operations consulting for both small and
large commercial enterprises.
FORWARD-LOOKING STATEMENTS
This Press Release includes forward-looking statements, such as:
statements of Southwest's goals, intentions, and expectations; estimates of
risks and of future costs and benefits; assessments of the amount and timing of
problem loan payoffs and loan losses; off-balance sheet risk and market risk;
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: future interest rates, market behavior, and other
economic conditions; future laws and regulations; and a variety of other
matters. Because of these uncertainties, the actual future results may be
materially different from the results indicated by these forward-looking
statements. In addition, Southwest's past growth and performance do not
necessarily indicate its future results.
Southwest previously announced that the yields on guaranteed private
student loans originated in 2005 will be substantially less than those made
during 2004. This yield reduction is expected to reduce the profitability of
student lending and Southwest's secondary market segment for the year 2005, but
had no material effect on first and second quarter 2005 earnings and will not
affect the profitability of Southwest's other operating segments. Southwest
anticipates continued growth in guaranteed student lending in 2005.
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SOUTHWEST BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
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JUNE 30, DECEMBER 31,
(Dollars in thousands, except per share data) 2005 2004
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ASSETS
Cash and due from banks $ 30,581 $ 24,097
Federal funds sold 500 -
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Cash and cash equivalents 31,081 24,097
Investment securities:
Held to maturity, fair value $1,581 (2005) and $2,509 (2004) 1,589 2,495
Available for sale, amortized cost $245,364 (2005) and $205,393 (2004) 243,367 204,092
Federal Reserve Bank and Federal Home Loan Bank Stock, at cost 13,793 13,464
Loans held for sale 391,074 354,557
Loans receivable, net of allowance for loan losses
of $20,841 (2005) and $18,991 (2004) 1,285,365 1,250,327
Accrued interest receivable 15,456 15,091
Premises and equipment, net 20,291 19,860
Other assets 37,630 29,804
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Total assets $2,039,646 $1,913,787
=================================================================================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand $ 221,067 $ 183,738
Interest-bearing demand 56,925 57,359
Money market accounts 385,516 379,818
Savings accounts 8,304 8,108
Time deposits of $100,000 or more 665,697 609,670
Other time deposits 328,969 261,365
- ---------------------------------------------------------------------------------------------------------------------------------
Total deposits 1,666,478 1,500,058
Accrued interest payable 7,353 4,911
Income tax payable 2,720 2,266
Other borrowings 145,932 200,065
Other liabilities 6,522 7,370
Reserve for unfunded loan commitments 1,360 953
Subordinated debentures 46,393 72,180
- ---------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,876,758 1,787,803
SHAREHOLDERS' EQUITY:
Common stock - $1 par value; 20,000,000 shares authorized;
14,658,042 (2005) and 12,243,042 (2004) shares issued and outstanding 14,658 12,243
Paid in capital 45,421 7,993
Retained earnings 116,583 107,905
Accumulated other comprehensive loss (1,222) (797)
Treasury stock, at cost; 715,056 (2005) and 138,189 (2004) shares (12,552) (1,360)
- ---------------------------------------------------------------------------------------------------------------------------------
Total shareholders' equity 162,888 125,984
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Total liabilities & shareholders' equity $2,039,646 $1,913,787
=================================================================================================================================
Page 7 of 12
SOUTHWEST BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
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For the three months For the six months
ended June 30, ended June 30,
(Dollars in thousands) 2005 2004 2005 2004
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INTEREST INCOME:
Interest and fees on loans $31,105 $22,419 $61,028 $43,223
Investment securities 2,122 2,002 4,125 3,955
Other interest-bearing assets 18 2 38 3
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Total interest income 33,245 24,423 65,191 47,181
INTEREST EXPENSE:
Interest-bearing deposits 9,664 4,961 17,605 9,798
Other borrowings 1,454 1,318 3,122 2,540
Subordinated debentures 1,235 1,079 2,480 2,160
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Total interest expense 12,353 7,358 23,207 14,498
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Net interest income 20,892 17,065 41,984 32,683
Provision for loan losses 2,986 2,551 7,295 4,200
OTHER INCOME:
Service charges and fees 2,768 2,418 5,263 4,685
Gain on sales of loans receivable 916 707 1,769 1,313
Gain (loss) on sales of investment securities -- -- -- 1
Other noninterest income 494 159 866 403
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Total other income 4,178 3,284 7,898 6,402
OTHER EXPENSE:
Salaries and employee benefits 6,339 5,171 12,551 10,330
Occupancy 2,338 2,265 4,684 4,496
FDIC and other insurance 119 96 236 191
Other real estate 376 24 540 41
General and administrative 4,612 3,046 7,917 6,056
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Total other expenses 13,784 10,602 25,928 21,114
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Income before taxes 8,300 7,196 16,659 13,771
Taxes on income 3,071 2,592 6,044 4,965
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Net income $ 5,229 $ 4,604 $10,615 $ 8,806
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SOUTHWEST BANCORP, INC.
UNAUDITED AVERAGE BALANCES, YIELDS AND RATES
- -------------------------------------------------------------------------------------------------------------------------
For the three months ended
(Dollars in thousands) June 30, 2005
- -------------------------------------------------------------------------------------------------------------------------
Interest
Average Income/ Average
Balance Expense Yield/Rate
---------------------------------------------
ASSETS
Total loans and leases $1,726,037 $31,105 7.23%
Investment securities 229,692 2,122 3.71
Other interest-earning assets 2,565 18 2.81
- -------------------------------------------------------------------------------------------------------------------------
Total interest-earning assets 1,958,294 33,245 6.81
Other assets 94,347
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Total assets $2,052,641
=============================================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand deposits $ 66,671 $ 89 0.54%
Money market accounts 380,347 2,383 2.51
Savings accounts 8,524 5 0.24
Time deposits 998,651 7,187 2.89
- -------------------------------------------------------------------------------------------------------------------------
Total interest-bearing deposits 1,454,193 9,664 2.67
Other borrowings 172,872 1,454 3.37
Subordinated debentures 70,196 1,235 6.96
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Total interest-bearing liabilities 1,697,261 12,353 2.92
--------------------------
Noninterest-bearing demand deposits 198,823
Other liabilities 16,009
Shareholders' equity 140,548
- ---------------------------------------------------------------------------------------------
Total liabilities and shareholders' equity $2,052,641
=============================================================================================
Net interest income $20,892
=========================================================================================================================
Interest rate spread 3.89%
=========================================================================================================================
Net interest margin (1) 4.28%
=========================================================================================================================
Ratio of average interest-earning assets
to average interest-bearing liabilities 115.38%
=============================================================================================
Net interest income and margin
(tax-equivalent basis) (2) $20,935 4.29%
=========================================================================================================================
(1) Net interest margin = net interest income / total interest-earning assets
(2) In order to make pretax income and resultant yields on tax-exempt
investments and loans comparable to those on taxable investments and
loans, a tax equivalent adjustment is made equally to interest income and
income tax expense with no effect on after tax income. The tax equivalent
adjustment has been computed using a federal income tax rate of 35%.
Page 9 of 12
SOUTHWEST BANCORP, INC.
UNAUDITED AVERAGE BALANCES, YIELDS AND RATES
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For the six months ended
(Dollars in thousands) June 30, 2005
- -------------------------------------------------------------------------------------------------------------------------
Interest
Average Income/ Average
Balance Expense Yield/Rate
---------------------------------------------
ASSETS
Total loans and leases $1,719,874 $61,028 7.16%
Investment securities 224,162 4,125 3.71
Other interest-earning assets 2,976 38 2.57
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Total interest-earning assets 1,947,012 65,191 6.75
Other assets 89,149
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Total assets $2,036,161
=============================================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand deposits $ 65,475 $ 165 0.51%
Money market accounts 379,029 4,287 2.28
Savings accounts 8,531 10 0.24
Time deposits 970,984 13,143 2.73
- -------------------------------------------------------------------------------------------------------------------------
Total interest-bearing deposits 1,424,019 17,605 2.49
Other borrowings 197,464 3,122 3.19
Subordinated debentures 71,182 2,480 6.93
- -------------------------------------------------------------------------------------------------------------------------
Total interest-bearing liabilities 1,692,665 23,207 2.76
--------------------------
Noninterest-bearing demand deposits 192,266
Other liabilities 15,639
Shareholders' equity 135,591
- ---------------------------------------------------------------------------------------------
Total liabilities and shareholders' equity $2,036,161
=============================================================================================
Net interest income $41,984
============================================================================================================
Interest rate spread 3.99%
=========================================================================================================================
Net interest margin (1) 4.35%
=========================================================================================================================
Ratio of average interest-earning assets
to average interest-bearing liabilities 115.03%
=============================================================================================
Net interest income and margin
(tax-equivalent basis) (2) $42,073 4.36%
=========================================================================================================================
(1) Net interest margin = net interest income / total interest-earning assets
(2) In order to make pretax income and resultant yields on tax-exempt
investments and loans comparable to those on taxable investments and
loans, a tax equivalent adjustment is made equally to interest income and
income tax expense with no effect on after tax income. The tax equivalent
adjustment has been computed using a federal income tax rate of 35%.
Page 10 of 12
SOUTHWEST BANCORP, INC.
UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS
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For the three months For the six months
ended June 30, ended June 30,
(Dollars in thousands, except per share data) 2005 2004 2005 2004
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PER COMMON SHARE DATA:
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Basic Earnings $ 0.42 $ 0.38 $ 0.86 $ 0.73
Diluted Earnings 0.40 0.37 0.83 0.71
Book value (at period end) 11.68 9.67 11.68 9.67
Dividends declared 0.075 0.070 0.075 0.070
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WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
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Basic 12,533,323 12,074,336 12,344,858 12,034,868
Diluted 12,894,426 12,504,682 12,801,220 12,484,025
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KEY RATIOS:
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Return on average assets 1.02% 1.05% 1.05% 1.04%
Return on average total shareholders' equity 14.92% 15.98% 15.79% 15.49%
Efficiency ratio 54.98% 52.10% 51.98% 54.02%
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LOAN COMPOSITION AT PERIOD END:
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Real estate mortgage:
Commercial $ 525,638 $ 461,435
One-to-four family residential 96,211 84,633
Real estate construction 274,822 254,982
Commercial 392,892 377,322
Installment and consumer:
Guaranteed student loans 383,585 292,858
Other 24,132 27,531
---------------- ----------------
Total loans, including loans held for sale $1,697,280 $1,498,761
Less: Allowance for loan losses (20,841) (17,155)
---------------- ----------------
Total loans, net $1,676,439 $1,481,606
================ ================
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SOUTHWEST BANCORP, INC.
UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS
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June 30, December 31, June 30,
(Dollars in thousands, except per share data) 2005 2004 2004
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ASSET QUALITY AT PERIOD END:
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Nonaccrual loans (1) $ 9,955 $ 22,230 $ 14,301
Restructured loans -- -- --
90 day past due and accruing (2) 1,427 929 3,663
----------------- ----------------- -----------------
Total nonperforming loans (3) $ 11,382 $ 23,159 $ 17,964
================= ================= =================
Other real estate owned $9,761 $4,937 $ 2,087
Allowance for loan losses as a percentage of total loans 1.23% 1.17% 1.14%
Allowance for loan losses as a percentage of nonperforming
loans 183.10% 82.00% 95.50%
Nonperforming loans as a percentage of total loans 0.67% 1.43% 1.20%
Nonperforming assets as a percentage of total loans and other
real estate 1.24% 1.72% 1.34%
Total charge-offs $ 6,078 $ 10,034 $ 2,522
Total recoveries 633 1,148 264
----------------- ----------------- -----------------
Net charge-offs $ 5,445 $ 8,886 $ 2,258
================= ================= =================
Net charge-offs as a percentage of average loans 0.64% 0.58% 0.32%
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CAPITAL RATIOS AT PERIOD END:
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Leverage ratio 10.20% 8.61% 8.96%
Tier I capital ratio 12.67% 10.88% 10.69%
Total capital ratio 13.92% 13.92% 13.98%
Tier I capital $ 209,085 $ 168,847 $ 157,502
Total capital 229,745 216,038 205,909
Total risk adjusted assets 1,650,154 1,552,326 1,473,396
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OTHER MISCELLANEOUS INFORMATION AT PERIOD END:
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Goodwill $ 194 $ 194 $ 194
Mortgage Servicing Rights 1,271 1,213 1,159
Non-mortgage Servicing Rights 67 76 86
----------------- ----------------- -----------------
Total Intangible Assets $ 1,532 $ 1,483 $ 1,439
================= ================= =================
1-4 family mortgage loans serviced for others $ 130,699 $ 125,353 $ 122,705
Intangible amortization expense 193 327 159
FTE employees 365 355 331
Number of ATMs 291 289 285
Number of branches (4) 13 11 9
Number of loan production offices 3 5 2
(1) The government-guaranteed portion of loans included in these totals were
$1.7 million, $1.4 million, and $1.4 million, respectively.
(2) The government-guaranteed portion of loans included in these totals were
$9,000, $38,000, and $215,000, respectively.
(3) The government-guaranteed portion of loans included in these totals were
$1.7 million, $1.5 million, and $1.6 million, respectively.
(4) Includes branches for which regulatory approval has been received, but
which were not accepting deposits at June 30, 2005.
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