Southwest Bancorp, Inc. (Nasdaq:OKSB), ("Southwest"), today
reported net income available to common shareholders for the third
quarter of 2013 of $3.8 million, or $0.19 per diluted share,
compared to $4.4 million, or $0.22 per diluted share, for the
second quarter of 2013. The second quarter's results included net
pre-tax gains of $1.4 million on the sale of other real estate. Net
income available to common shareholders for the nine months ended
September 30, 2013 totaled $10.6 million, or $0.54 per diluted
share, compared to $11.5 million, or $0.59 per diluted share, for
the nine months ended September 30, 2012.
Mark Funke, President and CEO, stated, "We are pleased to
announce solid core earnings, stabilized credit quality and a
continued strong balance sheet structure for the third quarter of
2013. The third quarter marked ongoing progress toward producing
consistent, conservative, and sustainable earnings growth for our
company. Additionally in the third quarter, we announced that we
will be consolidating our two bank charters and adopting the new
name of Bank SNB across our three state geographic footprint
effective November 16, 2013. These changes will unify our brand as
one bank under Southwest Bancorp, Inc. to better serve our clients
and prepares us for growth in the future."
Joe Shockley, CFO, stated, "During the quarter, we were pleased
to redeem our 10.5% Trust Preferred Securities with par value of
$34.5 million on September 16, 2013, which will improve our net
interest income by approximately $3.5 million annually. The
Company's capital and liquidity remain strong."
Financial Overview
Unless otherwise indicated, the following discussion excludes
"covered" assets, which are subject to loss sharing agreements with
the FDIC. For information on covered versus noncovered assets,
please see the accompanying unaudited financial statement and
tables.
Condition: At September 30, 2013, total assets
were $2.0 billion, down $59.6 million compared to June 30, 2013,
primarily due to a decline in cash and cash equivalents as a result
of the Trust Preferred Securities redemption. Total loans were $1.3
billion, flat when compared to June 30, 2013, and total investment
securities were $382.0 million as of September 30, 2013, an
increase of $9.6 million compared June 30, 2013.
At September 30, 2013, the allowance for loan losses was $40.0
million, flat when compared to June 30, 2013. The allowance for
loan losses to portfolio loans was 3.12% as of September 30, 2013
and June 30, 2013. The allowance for loan losses to nonperforming
loans was 137.03% as of September 30, 2013, compared to 136.44% as
of June 30, 2013.
Nonperforming loans decreased by $0.3 million during the
quarter. Other real estate at September 30, 2013 was $0.7 million,
an increase of $0.5 million from June 30, 2013 and a decrease of
$14.0 million from September 30, 2012. Nonperforming assets were
$29.9 million, or 2.33% of portfolio loans and other real estate,
as of September 30, 2013, an increase of $0.2 million (1%) from
$29.7 million, or 2.30% of portfolio loans and other real estate,
as of June 30, 2013.
Total core funding, which includes all non-brokered deposits and
sweep repurchase agreements, comprised 98% of total funding as of
September 30, 2013 and June 30, 2013. Wholesale funding, including
FHLB borrowings, federal funds purchased, and brokered deposits,
accounted for 2% of total funding at September 30, 2013 and June
30, 2013. Please see Table 7 for details on core funding and
non-brokered deposits, which are non-GAAP financial measures.
The capital ratios of Southwest and each of its banking
subsidiaries, as of September 30, 2013, exceeded the criteria for
regulatory classification as "well-capitalized". Southwest's total
regulatory capital was $315.6 million, for a total risk-based
capital ratio of 21.52%, and Tier 1 capital was $296.5 million, for
a Tier 1 risk-based capital ratio of 20.22%. Southwest's capital
exceeded the minimum to be classified as "well-capitalized" by
$168.9 million. Stillwater National Bank, Southwest's principal
banking subsidiary, had total regulatory capital of $249.2 million,
for a total risk-based capital ratio of 19.27%, and Tier 1 capital
of $232.7 million, for a Tier 1 risk-based capital ratio of 17.99%.
Stillwater National Bank exceeded the minimum to be classified as
"well-capitalized" by $119.9 million. Designation as a
well-capitalized institution under regulations does not constitute
a recommendation or endorsement by Federal bank regulators.
Third Quarter Results:
Summary: For the third quarter of 2013, net
income available to common shareholders was $3.8 million, compared
to $4.4 million for the second quarter of 2013, and $4.3 million
for the third quarter of 2012. The $0.6 million decrease in net
income available to common shareholders compared to the second
quarter of 2013 is primarily the result of a $0.2 million increase
in noninterest expense and a $0.5 million decrease in the negative
provision for loan losses, offset in part by a $0.1 million
increase in net interest income.
The $0.5 million decrease in our net income available to common
shareholders compared to the third quarter of 2012 is the result of
a $3.4 million decrease in net interest income, a $1.4 million
decrease in the negative provision for loan losses, and a $0.4
million decrease in noninterest income, offset in part by a $1.6
million decrease in noninterest expense, a $1.6 million decrease in
income tax expense, and a $1.5 million decrease primarily in
dividends on preferred stock due to the repurchase during 2012.
Net Interest Income: Net interest income
totaled $15.3 million for the third quarter of 2013, compared to
$15.1 million for the second quarter of 2013, an increase of $0.1
million, or 1%, and to $18.7 million for the third quarter of 2012,
a decrease of $3.4 million, or 18%. Net interest margin was 3.11%
for the third quarter of 2013, compared to 3.07% for the second
quarter of 2013 and 3.59% for the third quarter of 2012. With the
rate environment remaining low in the short to mid-term, earning
assets are repricing at lower rates. Noncovered loans (including
loans held for sale) declined $8.8 million, or 1%, from June 30,
2013, and $176.3 million, or 12%, from September 30, 2012,
primarily due to a decline in commercial real estate loans. On
September 16, 2013, we redeemed the 10.5% Trust Preferred
Securities with par value of $34.5 million.
Provision for Loan Losses and Net
Charge-offs: The provision for loan losses is the
amount that is required to maintain the allowance for losses at an
appropriate level based upon the inherent risks in the loan
portfolio after the effects of net charge-offs or net recoveries
for the period. The provision for loan losses was a credit (or
negative provision) of $0.3 million for the third quarter of 2013,
compared to a credit of $0.9 million for the second quarter of 2013
and a credit of $1.7 million for third quarter of 2012. For
the third quarter of 2013, net recoveries totaled $0.1 million, or
(0.02%) (annualized) of average portfolio loans, compared to net
charge-offs of $1.6 million, or 0.50% (annualized) of average
portfolio loans for the second quarter of 2013, and net recoveries
of $1.6 million, or (0.42%) (annualized) of average portfolio loans
for the third quarter of 2012.
Noninterest Income: Noninterest income
totaled $3.5 million for both the third quarter and second quarter
of 2013, compared to $4.0 million for the third quarter of
2012. The decrease from third quarter 2012 includes a $0.5
million decrease in the gain on sales of loans and a $0.1 million
decrease in service charges and fees, offset in part by a $0.2
million increase in other noninterest income. For the third
quarter 2013, the decrease in gain on sale of loans was offset by
the increase in other noninterest income due to a legal
settlement.
Noninterest Expense: Noninterest expense
totaled $13.0 million for the third quarter of 2013, compared to
$12.8 million for the second quarter of 2013 and $14.6 million for
the third quarter of 2012.
The $0.2 million increase in noninterest expense from second
quarter of 2013 primarily consists of a $1.0 million increase in
other real estate expense, due to decreased net gains on sales of
other real estate properties from those generated in the second
quarter of this year, offset in part by a $0.4 million decrease in
personnel expense, a $0.3 million decrease in general and
administrative expense, and a $0.2 million decrease in the
provision for unfunded loan commitments.
The $1.6 million decrease in noninterest expense from third
quarter of 2012 consists of a $1.7 million decrease in other real
estate expense due to decreased expenses and write-downs as a
result of fewer other real estate properties. Also included in
the decline from third quarter of 2012 is a $0.3 million decrease
in general and administrative expense, which is primarily the
result of decreased consulting fees, legal fees, and miscellaneous
expenses, and a $0.1 million decrease in FDIC and other insurance
expense, offset in part by a $0.3 million increase in personnel
expense and a $0.2 million increase in provision for unfunded loan
commitments.
Income Tax: Income tax expense totaled
$2.3 million for the third quarter of 2013, compared to $2.2
million for the second quarter of 2013 and $3.9 million for the
third quarter of 2012. The income tax expense fluctuates in
relation to pre-tax income levels. The third quarter of 2013
effective tax rate was 38.01%.
Year-to-date Results:
Summary: Net income available to common
shareholders was $10.6 million as of September 30, 2013, compared
to $11.5 million as of September 30, 2012. The $0.9 million
decrease in our net income available to common shareholders from
September 30, 2012 is primarily the result of a $13.3 million
decrease in net interest income and a $0.5 million decrease in
noninterest income, offset in part by a $5.4 million decrease in
noninterest expense, a $3.7 million decrease primarily in dividends
on preferred stock due to the repurchase during 2012, a $3.0
million decrease in income tax expense, and a $0.7 million decrease
in the provision for loan losses.
Net Interest Income: Net
interest income totaled $46.0 million for the first nine months of
2013, compared to $59.3 million for the first nine months of 2012,
a decrease of $13.3 million, or 22%. Lower average loan volume
was the primary cause of this decrease. Year-to-date net
interest margin was 3.11%, compared to 3.71% for 2012. With
the rate environment remaining low, earning assets are repricing at
lower rates.
Provision for Loan Losses and Net
Charge-offs: The provision for loan losses is the
amount of expense that is required to maintain the allowance for
losses at an appropriate level based upon the inherent risks in the
loan portfolio after the effects of net charge-offs for the period.
The provision for loan losses was a credit (or negative
provision) of $0.7 million for the first nine months of 2013,
compared to an expense of $22,000 for the first nine months of
2012. Net charge-offs totaled $5.9 million, or 0.61%
(annualized) of average portfolio loans year-to-date as of
September 30, 2013, compared to $1.0 million, or 0.08% (annualized)
of average portfolio loans for the same period of 2012.
Noninterest Income: Noninterest income
totaled $10.6 million for the first nine months of 2013, compared
to $11.1 million for the first nine months of 2012. The
decrease consists of a $0.7 million decline in service charges and
fees, offset in part by a $0.2 million increase in other
noninterest income.
Noninterest Expense: Noninterest expense
totaled $40.2 million for the first nine months of 2013, compared
to $45.7 million for the first nine months of 2012. The
decrease consists of a $5.1 million decrease in other real estate
expense, which is primarily due to net gains recognized on the sale
of other real estate properties combined with decreased expenses
associated with other real estate properties. Also included in
the decline from the first nine months of 2012 is a $1.6 million
decrease in general and administrative expense, which is primarily
the result of lower legal fees, consulting fees, other loan costs,
and bank exam fees, and a $0.7 million decrease in FDIC and other
insurance expense, offset in part by a $1.9 million increase in
personnel expense.
Income Tax: Income tax expense totaled
$6.4 million for the first nine months of 2013, compared to $9.4
million for the first nine months of 2012. The income tax
expense fluctuates in relation to pre-tax income levels. The
year-to-date effective tax rate was 37.81% as of September 30,
2013.
Southwest Bancorp and
Subsidiaries
Southwest is the bank holding company for Stillwater National
Bank and Trust Company ("Stillwater National") and Bank of Kansas.
Through its subsidiaries, commercial and consumer lending,
deposit and investment services, specialized cash management, and
other financial services are offered from offices in Oklahoma,
Texas, and Kansas. Stillwater National was chartered in 1894
and Southwest was organized in 1981 as the holding company. At
September 30, 2013, Southwest had total assets of $2.0 billion,
deposits of $1.6 billion, and shareholders' equity of $252.8
million.
Southwest's area of expertise focuses on the special financial
needs of healthcare and health professionals, businesses and their
managers and owners, commercial lending, energy banking, and
commercial real estate borrowers. The strategic focus on
healthcare lending was established in 1974. Southwest and its
subsidiaries provide credit and other services, such as deposits,
cash management, and document imaging for physicians and other
healthcare practitioners to start or develop their practices and
finance the development and purchase of medical offices, clinics,
surgical care centers, hospitals, and similar facilities. As
of September 30, 2013, approximately $456.5 million, or 36%, of
noncovered loans were loans to individuals and businesses in the
healthcare industry. Regular market reviews are conducted of
current and potential healthcare lending business and the
appropriate concentrations within healthcare based upon economic
and regulatory conditions.
Southwest's common stock is traded on the NASDAQ Global Select
Market under the symbol OKSB.
Caution About Forward-Looking
Statements
Southwest makes forward-looking statements in this news release
that are subject to risks and uncertainties. These statements
are intended to be covered by the safe harbor provision for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995.
These forward-looking statements include:
- Statements of Southwest's goals, intentions, and
expectations;
- Estimates of risks and of future costs and benefits;
- Expectations regarding Southwest's future financial performance
and the financial performance of its operating segments;
- Expectations regarding regulatory actions;
- Expectations regarding Southwest's ability to utilize tax loss
benefits;
- Assessments of loan quality, probable loan losses, and the
amount and timing of loan payoffs;
- Estimates of the value of assets held for sale or available for
sale; and
- Statements of Southwest's ability to achieve financial and
other goals.
These forward-looking statements are subject to significant
uncertainties because they are based upon: the amount and timing of
future changes in interest rates, market behavior, and other
economic conditions; future laws, regulations, and accounting
principles; changes in regulatory standards and examination
policies, and a variety of other matters. These other matters
include, among other things, the direct and indirect effects of
economic conditions on interest rates, credit quality, loan demand,
liquidity, and monetary and supervisory policies of banking
regulators. Because of these uncertainties, the actual future
results may be materially different from the results indicated by
these forward-looking statements. In addition, Southwest's past
growth and performance do not necessarily indicate future
results. For other factors, risks, and uncertainties that
could cause actual results to differ materially from estimates and
projections contained in forward-looking statements, please read
Southwest's reports filed with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year
ended December 31, 2012. You are urged to carefully review and
consider the cautionary statements and other disclosures made in
those filings, specifically those under the heading "Risk
Factors".
The cautionary statements in this release also identify
important factors and possible events that involve risk and
uncertainties that could cause actual results to differ materially
from those contained in the forward-looking statements. These
forward-looking statements speak only as of the date on which the
statements were made. Southwest does not intend, and
undertakes no obligation, to update or revise any forward-looking
statements contained in this release, whether as a result of
differences in actual results, changes in assumptions, or changes
in other factors affecting such statements, except as required by
law.
Southwest is required under generally accepted accounting
principles to evaluate subsequent events and their impact, if any,
on its financial statements as of September 30, 2013 through the
date its financial statements are filed with the Securities and
Exchange Commission. The September 30, 2013 financial
statements included in this release will be adjusted if necessary
to properly reflect the impact of subsequent events on estimates
used to prepare those statements.
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) |
|
|
|
|
|
|
Third
Quarter |
Second Quarter |
|
Third Quarter |
|
QUARTERLY
HIGHLIGHTS |
2013 |
%
Change |
2012 |
%
Change |
Operations |
|
|
|
|
|
Net interest
income |
$15,273 |
$15,134 |
1 % |
$18,682 |
(18)% |
Provision for loan
losses |
(329) |
(876) |
(62) |
(1,726) |
(81) |
Noninterest
income |
3,547 |
3,491 |
2 |
3,950 |
(10) |
Noninterest
expense |
13,019 |
12,839 |
1 |
14,591 |
(11) |
Income before
taxes |
6,130 |
6,662 |
(8) |
9,767 |
(37) |
Taxes on
income |
2,330 |
2,248 |
4 |
3,880 |
(40) |
Net income |
3,800 |
4,414 |
(14) |
5,887 |
(35) |
Net income available to
common shareholders |
3,800 |
4,414 |
(14) |
4,344 |
(13) |
Diluted earnings per
share |
0.19 |
0.22 |
(14) |
0.22 |
(14) |
Balance
Sheet |
|
|
|
|
|
Total assets |
1,972,367 |
2,031,962 |
(3) |
2,151,153 |
(8) |
Loans held for
sale |
3,641 |
7,217 |
(50) |
34,749 |
(90) |
Noncovered portfolio
loans |
1,284,004 |
1,289,226 |
(0) |
1,429,165 |
(10) |
Covered portfolio
loans |
18,980 |
21,646 |
(12) |
28,197 |
(33) |
Total deposits |
1,583,791 |
1,615,961 |
(2) |
1,743,673 |
(9) |
Total shareholders'
equity |
252,802 |
249,420 |
1 |
244,821 |
3 |
Book value per common
share |
12.83 |
12.67 |
1 |
12.88 |
(0) |
Key Ratios |
|
|
|
|
|
Net interest
margin |
3.11% |
3.07% |
|
3.59% |
|
Efficiency
ratio |
69.18 |
68.93 |
|
64.47 |
|
Total capital to
risk-weighted assets |
21.52 |
23.78 |
|
20.64 |
|
Nonperforming loans to
portfolio loans - noncovered |
2.27 |
2.29 |
|
1.88 |
|
Shareholders' equity to
total assets |
12.82 |
12.27 |
|
11.61 |
|
Tangible common equity to
tangible assets* |
12.76 |
12.22 |
|
11.33 |
|
Return on average assets
(annualized) |
0.75 |
0.87 |
|
1.07 |
|
Return on average common
equity (annualized) |
5.99 |
7.00 |
|
7.11 |
|
Return on average
tangible common equity (annualized)** |
6.02 |
7.03 |
|
7.15 |
|
|
|
Nine Months |
|
|
YEAR-TO-DATE HIGHLIGHTS |
2013 |
2012 |
%
Change |
|
|
Operations |
|
|
|
|
|
Net interest
income |
$46,013 |
$59,278 |
(22)% |
|
|
Provision for loan
losses |
(707) |
22 |
(3,314) |
|
|
Noninterest
income |
10,575 |
11,065 |
(4) |
|
|
Noninterest
expense |
40,246 |
45,669 |
(12) |
|
|
Income before
taxes |
17,049 |
24,652 |
(31) |
|
|
Taxes on
income |
6,446 |
9,437 |
(32) |
|
|
Net income |
10,603 |
15,215 |
(30) |
|
|
Net income available to
common shareholders |
10,603 |
11,476 |
(8) |
|
|
Diluted earnings per
share |
0.54 |
0.59 |
(8) |
|
|
Balance
Sheet |
|
|
|
|
|
Total assets |
1,972,367 |
2,151,153 |
(8) |
|
|
Loans held for
sale |
3,641 |
34,749 |
(90) |
|
|
Noncovered portfolio
loans |
1,284,004 |
1,429,165 |
(10) |
|
|
Covered portfolio
loans |
18,980 |
28,197 |
(33) |
|
|
Total deposits |
1,583,791 |
1,743,673 |
(9) |
|
|
Total shareholders'
equity |
252,802 |
244,821 |
3 |
|
|
Book value per common
share |
12.83 |
12.88 |
(0) |
|
|
Key Ratios |
|
|
|
|
|
Net interest
margin |
3.11% |
3.71% |
|
|
|
Efficiency ratio
(GAAP-based) |
71.12 |
64.92 |
|
|
|
Total capital to
risk-weighted assets |
21.52 |
20.64 |
|
|
|
Nonperforming loans to
portfolio loans - noncovered |
2.27 |
1.88 |
|
|
|
Shareholders' equity to
total assets |
12.82 |
11.61 |
|
|
|
Tangible common equity to
tangible assets* |
12.76 |
11.33 |
|
|
|
Return on average assets
(annualized) |
0.69 |
0.89 |
|
|
|
Return on average common
equity (annualized) |
5.64 |
6.24 |
|
|
|
Return on average
tangible common equity (annualized)** |
5.67 |
6.41 |
|
|
|
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) |
|
|
|
|
|
|
|
|
September
30, |
December
31, |
September
30, |
|
2013 |
2012 |
2012 |
Assets |
|
|
|
Cash and due from banks |
$31,043 |
$45,045 |
$25,524 |
Interest-bearing deposits |
214,241 |
243,034 |
164,712 |
Cash and cash equivalents |
245,284 |
288,079 |
190,236 |
Securities held to maturity (fair values of
$12,177, $13,659, and $13,854, respectively) |
11,739 |
12,797 |
12,942 |
Securities available for sale (amortized cost
of $371,433, $358,317, and $361,379, respectively) |
370,262 |
364,315 |
368,557 |
Loans held for sale |
3,641 |
31,682 |
34,749 |
Noncovered loans receivable |
1,284,004 |
1,321,346 |
1,429,165 |
Less: Allowance for loan
losses |
(40,013) |
(46,494) |
(43,607) |
Net noncovered loans
receivable |
1,243,991 |
1,274,852 |
1,385,558 |
Covered loans receivable (includes loss
share: $4,282, $6,714, and $7,333, respectively) |
18,980 |
25,707 |
28,197 |
Less: Allowance for loan
losses |
(68) |
(224) |
(138) |
Net covered loans
receivable |
18,912 |
25,483 |
28,059 |
Net loans receivable |
1,262,903 |
1,300,335 |
1,413,617 |
Accrued interest receivable |
5,725 |
6,365 |
7,347 |
Income tax receivable |
1,807 |
24,525 |
24,549 |
Premises and equipment, net |
21,283 |
21,691 |
22,197 |
Noncovered other real estate |
676 |
11,315 |
14,683 |
Covered other real estate |
1,017 |
3,643 |
4,142 |
Goodwill |
1,214 |
1,214 |
1,214 |
Other intangible assets, net |
5,022 |
4,864 |
4,786 |
Other assets |
41,794 |
51,430 |
52,134 |
Total assets |
$1,972,367 |
$2,122,255 |
$2,151,153 |
|
|
|
|
Liabilities |
|
|
|
Deposits: |
|
|
|
Noninterest-bearing demand |
$436,904 |
$424,008 |
$429,407 |
Interest-bearing demand |
106,176 |
112,012 |
113,677 |
Money market accounts |
423,720 |
423,417 |
385,296 |
Savings accounts |
39,727 |
37,693 |
36,461 |
Time deposits of $100,000 or
more |
270,916 |
351,273 |
389,969 |
Other time deposits |
306,348 |
361,175 |
388,863 |
Total
deposits |
1,583,791 |
1,709,578 |
1,743,673 |
Accrued interest payable |
840 |
1,116 |
944 |
Other liabilities |
9,878 |
13,180 |
13,058 |
Other borrowings |
78,663 |
70,362 |
66,694 |
Subordinated debentures |
46,393 |
81,963 |
81,963 |
Total liabilities |
1,719,565 |
1,876,199 |
1,906,332 |
|
|
|
|
Shareholders' equity |
|
|
|
Common stock -- $1 par value; 40,000,000
shares authorized; |
|
|
|
19,703,313, 19,529,705, and 19,448,312 shares
issued and outstanding, respectively |
19,703 |
19,530 |
19,448 |
Additional paid-in capital |
99,488 |
99,705 |
98,903 |
Retained earnings |
135,696 |
125,093 |
124,123 |
Accumulated other comprehensive income
(loss) |
(2,085) |
1,728 |
2,347 |
Total shareholders' equity |
252,802 |
246,056 |
244,821 |
Total liabilities
and shareholders' equity |
$1,972,367 |
$2,122,255 |
$2,151,153 |
|
|
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC. |
|
|
|
|
Table 3 |
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
|
(Dollars in thousands, except per
share) |
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended |
For the nine
months |
|
September
30, |
June
30, |
September
30, |
ended September 30, |
|
2013 |
2013 |
2012 |
2013 |
2012 |
Interest
income |
|
|
|
|
|
Loans |
$ 16,242 |
$ 16,415 |
$ 20,496 |
$ 49,663 |
$ 65,581 |
Investment
securities |
1,623 |
1,594 |
1,934 |
4,908 |
6,019 |
Other interest-earning
assets |
270 |
255 |
186 |
765 |
563 |
Total
interest income |
18,135 |
18,264 |
22,616 |
55,336 |
72,163 |
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
Interest-bearing
deposits |
1,317 |
1,442 |
2,251 |
4,411 |
7,689 |
Other
borrowings |
225 |
222 |
225 |
667 |
671 |
Subordinated
debentures |
1,320 |
1,466 |
1,458 |
4,245 |
4,525 |
Total
interest expense |
2,862 |
3,130 |
3,934 |
9,323 |
12,885 |
|
|
|
|
|
|
Net interest income |
15,273 |
15,134 |
18,682 |
46,013 |
59,278 |
|
|
|
|
|
|
Provision for loan losses |
(329) |
(876) |
(1,726) |
(707) |
22 |
|
|
|
|
|
|
Net interest income after provision for
loan losses |
15,602 |
16,010 |
20,408 |
46,720 |
59,256 |
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
|
Service charges and
fees |
2,589 |
2,607 |
2,730 |
7,856 |
8,588 |
Gain on sales of
loans |
619 |
831 |
1,106 |
2,264 |
2,223 |
Gain on investment
securities |
-- |
-- |
-- |
-- |
35 |
Other noninterest
income |
339 |
53 |
114 |
455 |
219 |
Total noninterest income |
3,547 |
3,491 |
3,950 |
10,575 |
11,065 |
|
|
|
|
|
|
Noninterest
expense |
|
|
|
|
|
Salaries and employee
benefits |
7,645 |
8,039 |
7,362 |
23,820 |
21,963 |
Occupancy |
2,721 |
2,679 |
2,729 |
7,974 |
7,909 |
FDIC and other
insurance |
413 |
400 |
539 |
1,304 |
2,021 |
Other real estate,
net |
(387) |
(1,394) |
1,267 |
(1,428) |
3,698 |
General and
administrative |
2,627 |
3,115 |
2,694 |
8,576 |
10,078 |
Total
noninterest expense |
13,019 |
12,839 |
14,591 |
40,246 |
45,669 |
Income before taxes |
6,130 |
6,662 |
9,767 |
17,049 |
24,652 |
Taxes on
income |
2,330 |
2,248 |
3,880 |
6,446 |
9,437 |
Net income |
$ 3,800 |
$ 4,414 |
$ 5,887 |
$ 10,603 |
$ 15,215 |
Net income available to common
shareholders |
$ 3,800 |
$ 4,414 |
$ 4,344 |
$ 10,603 |
$ 11,476 |
|
|
|
|
|
|
Basic earnings per common
share |
$ 0.19 |
$ 0.22 |
$ 0.22 |
$ 0.53 |
$ 0.59 |
Diluted earnings per common
share |
0.19 |
0.22 |
0.22 |
0.54 |
0.59 |
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 |
|
September 30, 2013 |
June
30, 2013 |
|
Average |
|
Average |
Average |
|
Average |
|
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
Assets |
|
|
|
|
|
|
Noncovered loans |
$1,277,747 |
$15,837 |
4.92% |
$1,296,589 |
$16,018 |
4.96% |
Covered loans |
20,271 |
405 |
7.93 |
22,361 |
397 |
7.12 |
Investment securities |
364,746 |
1,623 |
1.76 |
374,353 |
1,594 |
1.71 |
Other interest-earning assets |
287,968 |
270 |
0.37 |
282,067 |
255 |
0.36 |
Total interest-earning
assets |
1,950,732 |
18,135 |
3.69 |
1,975,370 |
18,264 |
3.71 |
Other assets |
57,622 |
|
|
63,390 |
|
|
Total assets |
$2,008,354 |
|
|
$2,038,760 |
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
Interest-bearing demand deposits |
$117,124 |
$35 |
0.12% |
$126,250 |
$37 |
0.12% |
Money market accounts |
416,839 |
182 |
0.17 |
420,477 |
190 |
0.18 |
Savings accounts |
38,992 |
10 |
0.10 |
38,833 |
12 |
0.12 |
Time deposits |
600,321 |
1,090 |
0.72 |
633,647 |
1,203 |
0.76 |
Total interest-bearing
deposits |
1,173,276 |
1,317 |
0.45 |
1,219,207 |
1,442 |
0.47 |
Other borrowings |
75,822 |
225 |
1.18 |
71,857 |
222 |
1.24 |
Subordinated debentures |
75,004 |
1,320 |
7.04 |
81,963 |
1,466 |
7.15 |
Total interest-bearing
liabilities |
1,324,102 |
2,862 |
0.86 |
1,373,027 |
3,130 |
0.91 |
|
|
|
|
|
|
|
Noninterest-bearing demand
deposits |
422,203 |
|
|
402,224 |
|
|
Other liabilities |
10,319 |
|
|
10,561 |
|
|
Shareholders' equity |
251,730 |
|
|
252,948 |
|
|
Total liabilities
and shareholders' equity |
$2,008,354 |
|
|
$2,038,760 |
|
|
|
|
|
|
|
|
|
Net interest income and
spread |
|
$15,273 |
2.83% |
|
$15,134 |
2.80% |
Net interest margin (1) |
|
|
3.11% |
|
|
3.07% |
Average interest-earning assets
to average interest-bearing liabilities |
147.32% |
|
|
143.87% |
|
|
|
|
|
|
|
|
|
(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 nine months ended September 30, |
|
2013 |
2012 |
|
Average |
|
Average |
Average |
|
Average |
|
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
Assets |
|
|
|
|
|
|
Noncovered loans |
$1,301,446 |
$48,369 |
4.97% |
$1,574,095 |
$63,861 |
5.42% |
Covered loans |
22,492 |
1,294 |
7.69 |
32,490 |
1,720 |
7.07 |
Investment securities |
373,150 |
4,908 |
1.76 |
339,776 |
6,019 |
2.37 |
Other interest-earning assets |
279,549 |
765 |
0.37 |
188,264 |
563 |
0.40 |
Total interest-earning
assets |
1,976,637 |
55,336 |
3.74 |
2,134,625 |
72,163 |
4.52 |
Other assets |
69,423 |
|
|
149,193 |
|
|
Total assets |
$2,046,060 |
|
|
$2,283,818 |
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
Interest-bearing demand deposits |
$125,598 |
$117 |
0.12% |
$118,036 |
$178 |
0.20% |
Money market accounts |
418,973 |
608 |
0.19 |
375,634 |
750 |
0.27 |
Savings accounts |
38,850 |
34 |
0.12 |
35,237 |
39 |
0.15 |
Time deposits |
638,739 |
3,652 |
0.76 |
875,012 |
6,722 |
1.03 |
Total interest-bearing
deposits |
1,222,160 |
4,411 |
0.48 |
1,403,919 |
7,689 |
0.73 |
Other borrowings |
72,491 |
667 |
1.23 |
59,846 |
671 |
1.50 |
Subordinated debentures |
79,618 |
4,245 |
7.11 |
81,963 |
4,525 |
7.36 |
Total interest-bearing
liabilities |
1,374,269 |
9,323 |
0.91 |
1,545,728 |
12,885 |
1.11 |
|
|
|
|
|
|
|
Noninterest-bearing demand
deposits |
409,393 |
|
|
388,370 |
|
|
Other liabilities |
11,047 |
|
|
48,851 |
|
|
Shareholders' equity |
251,351 |
|
|
300,869 |
|
|
Total liabilities
and shareholders' equity |
$2,046,060 |
|
|
$2,283,818 |
|
|
|
|
|
|
|
|
|
Net interest income and
spread |
|
$46,013 |
2.83% |
|
$59,278 |
3.41% |
Net interest margin (1) |
|
|
3.11% |
|
|
3.71% |
Average interest-earning assets
to average interest-bearing liabilities |
143.83% |
|
|
138.10% |
|
|
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
2013 |
2012 |
|
Sep.
30 |
Jun.
30 |
Mar.
31 |
Dec.
31 |
Sep.
30 |
Jun.
30 |
Mar.
31 |
LOAN COMPOSITION |
|
|
|
|
|
|
|
Noncovered: |
|
|
|
|
|
|
|
Real estate mortgage: |
|
|
|
|
|
|
|
Commercial |
$743,858 |
$786,686 |
$819,873 |
$870,977 |
$898,453 |
$931,239 |
$996,486 |
One-to-four family
residential |
80,561 |
77,445 |
73,911 |
70,952 |
74,081 |
74,390 |
76,287 |
Real estate construction: |
|
|
|
|
|
|
|
Commercial |
162,995 |
158,907 |
139,462 |
130,753 |
206,342 |
211,098 |
222,678 |
One-to-four family
residential |
4,464 |
5,241 |
5,015 |
3,656 |
3,438 |
4,184 |
3,814 |
Commercial |
263,598 |
235,667 |
232,224 |
240,498 |
244,018 |
263,085 |
273,324 |
Installment and consumer: |
|
|
|
|
|
|
|
Guaranteed student loans |
4,471 |
4,520 |
4,576 |
4,680 |
4,872 |
5,153 |
5,276 |
Other |
27,698 |
27,977 |
28,553 |
31,512 |
32,710 |
33,555 |
31,766 |
Total noncovered loans, including held for
sale |
1,287,645 |
1,296,443 |
1,303,614 |
1,353,028 |
1,463,914 |
1,522,704 |
1,609,631 |
Less allowance for loan losses |
(40,013) |
(40,270) |
(42,639) |
(46,494) |
(43,607) |
(43,807) |
(45,023) |
Total noncovered loans, net |
$1,247,632 |
$1,256,173 |
$1,260,975 |
$1,306,534 |
$1,420,307 |
$1,478,897 |
$1,564,608 |
Covered: |
|
|
|
|
|
|
|
Real estate mortgage: |
|
|
|
|
|
|
|
Commercial |
$13,577 |
$15,452 |
$16,970 |
$18,298 |
$20,664 |
$21,472 |
$22,607 |
One-to-four family
residential |
4,084 |
4,253 |
4,458 |
4,881 |
5,059 |
5,432 |
5,766 |
Real estate construction: |
|
|
|
|
|
|
|
Commercial |
312 |
320 |
367 |
382 |
419 |
1,627 |
2,344 |
Commercial |
967 |
1,554 |
1,715 |
2,037 |
1,937 |
2,033 |
2,401 |
Installment and consumer |
40 |
67 |
91 |
109 |
118 |
148 |
196 |
Total covered loans |
18,980 |
21,646 |
23,601 |
25,707 |
28,197 |
30,712 |
33,314 |
Less allowance for loan losses |
(68) |
(82) |
(214) |
(224) |
(138) |
(91) |
(60) |
Total covered loans, net |
$18,912 |
$21,564 |
$23,387 |
$25,483 |
$28,059 |
$30,621 |
$33,254 |
LOANS BY SEGMENT |
|
|
|
|
|
|
|
Oklahoma banking |
$681,749 |
$656,356 |
$628,747 |
$652,121 |
$704,916 |
$751,758 |
$810,217 |
Texas banking |
414,433 |
444,327 |
495,815 |
520,481 |
560,197 |
588,370 |
616,455 |
Kansas banking |
206,802 |
210,189 |
195,355 |
174,451 |
192,249 |
189,292 |
177,508 |
Subtotal |
1,302,984 |
1,310,872 |
1,319,917 |
1,347,053 |
1,457,362 |
1,529,420 |
1,604,180 |
Secondary market |
3,641 |
7,217 |
7,298 |
31,682 |
34,749 |
23,996 |
38,765 |
Total loans |
$1,306,625 |
$1,318,089 |
$1,327,215 |
$1,378,735 |
$1,492,111 |
$1,553,416 |
$1,642,945 |
NONPERFORMING LOANS BY
TYPE |
|
|
|
|
|
|
|
Construction & development |
$5,659 |
$5,989 |
$6,409 |
$3,355 |
$3,436 |
$3,608 |
$3,768 |
Commercial real estate |
12,203 |
12,325 |
13,362 |
18,337 |
20,576 |
4,932 |
6,821 |
Commercial |
10,887 |
10,719 |
11,861 |
15,232 |
1,791 |
10,878 |
2,209 |
One-to-four family residential |
396 |
418 |
651 |
1,310 |
949 |
1,125 |
1,508 |
Consumer |
55 |
64 |
73 |
160 |
131 |
176 |
118 |
Total nonperforming loans - noncovered |
$29,200 |
$29,515 |
$32,356 |
$38,394 |
$26,883 |
$20,719 |
$14,424 |
NONPERFORMING LOANS BY
SEGMENT |
|
|
|
|
|
|
|
Oklahoma banking |
$3,279 |
$1,678 |
$2,000 |
$2,956 |
$4,369 |
$2,979 |
$3,550 |
Texas banking |
24,963 |
26,294 |
28,817 |
33,756 |
19,940 |
14,894 |
5,703 |
Kansas banking |
958 |
1,543 |
1,539 |
1,682 |
2,574 |
2,846 |
5,171 |
Total nonperforming loans - noncovered |
$29,200 |
$29,515 |
$32,356 |
$38,394 |
$26,883 |
$20,719 |
$14,424 |
OTHER REAL ESTATE BY
TYPE |
|
|
|
|
|
|
|
Construction & development |
$676 |
$145 |
$215 |
$215 |
$445 |
$2,585 |
$3,542 |
Commercial real estate |
-- |
-- |
9,207 |
11,003 |
14,130 |
14,129 |
14,854 |
One-to-four family residential |
-- |
-- |
-- |
97 |
108 |
549 |
933 |
Total other real estate - noncovered |
$676 |
$145 |
$9,422 |
$11,315 |
$14,683 |
$17,263 |
$19,329 |
Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC. |
|
|
|
|
|
|
Table 6 |
UNAUDITED QUARTERLY
SUMMARY LOAN DATA |
|
|
|
|
|
Continued |
(Dollars in thousands, except per share) |
|
|
|
|
|
|
|
|
2013 |
2012 |
|
Sep.
30 |
Jun.
30 |
Mar.
31 |
Dec.
31 |
Sep.
30 |
Jun.
30 |
Mar.
31 |
OTHER REAL ESTATE BY
SEGMENT |
|
|
|
|
|
|
|
Oklahoma banking |
$-- |
$-- |
$1,980 |
$3,393 |
$6,178 |
$6,178 |
$6,273 |
Texas banking |
-- |
-- |
7,227 |
7,227 |
7,227 |
9,162 |
9,846 |
Kansas banking |
676 |
145 |
215 |
695 |
1,278 |
1,923 |
3,210 |
Total other real estate - noncovered |
$676 |
$145 |
$9,422 |
$11,315 |
$14,683 |
$17,263 |
$19,329 |
POTENTIAL PROBLEM LOANS BY
TYPE |
|
|
|
|
|
|
|
Construction & development |
22,222 |
20,745 |
19,968 |
22,077 |
22,565 |
25,563 |
33,907 |
Commercial real estate |
62,475 |
62,166 |
60,329 |
58,549 |
53,725 |
71,537 |
67,654 |
Commercial |
10,028 |
10,136 |
8,220 |
12,526 |
9,305 |
12,753 |
23,506 |
One-to-four family residential |
414 |
1,071 |
1,129 |
1,147 |
1,157 |
1,230 |
1,253 |
Consumer |
-- |
-- |
-- |
62 |
-- |
-- |
-- |
Total potential problem loans -
noncovered |
$95,139 |
$94,118 |
$89,646 |
$94,361 |
$86,752 |
$111,083 |
$126,320 |
POTENTIAL PROBLEM LOANS BY
SEGMENT |
|
|
|
|
|
|
|
Oklahoma banking |
$31,345 |
$31,495 |
$32,246 |
$30,875 |
$39,606 |
$48,038 |
$44,122 |
Texas banking |
59,561 |
58,710 |
51,978 |
58,377 |
43,313 |
59,368 |
79,735 |
Kansas banking |
4,233 |
3,913 |
5,422 |
5,109 |
3,833 |
3,677 |
2,463 |
Total potential problem loans -
noncovered |
$95,139 |
$94,118 |
$89,646 |
$94,361 |
$86,752 |
$111,083 |
$126,320 |
LOANS OUT OF MARKET |
|
|
|
|
|
|
|
Net balance of loans out of market: |
|
|
|
|
|
|
|
Arizona |
$30,516 |
$31,564 |
$33,017 |
$40,326 |
$41,255 |
$39,449 |
$34,749 |
Iowa |
22,438 |
22,537 |
22,659 |
22,826 |
22,958 |
23,022 |
23,130 |
Colorado |
12,358 |
8,586 |
3,067 |
3,110 |
3,119 |
3,111 |
3,104 |
North Carolina |
10,161 |
300 |
407 |
65 |
604 |
682 |
771 |
Kentucky |
10,088 |
11,860 |
10,144 |
8,691 |
7,517 |
9,455 |
517 |
California |
9,472 |
9,632 |
10,866 |
9,791 |
9,684 |
9,922 |
10,252 |
Mississippi |
8,929 |
9,233 |
9,170 |
9,239 |
9,842 |
-- |
-- |
South Carolina |
7,125 |
7,165 |
7,205 |
7,244 |
7,283 |
7,320 |
-- |
Florida |
6,314 |
6,346 |
6,333 |
6,254 |
6,204 |
6,240 |
6,269 |
Tennessee |
6,136 |
6,171 |
6,246 |
6,204 |
6,232 |
6,310 |
6,368 |
Other |
17,716 |
21,914 |
18,923 |
29,915 |
31,143 |
31,737 |
37,730 |
Total loans out of market |
$141,253 |
$135,308 |
$128,037 |
$143,665 |
$145,841 |
$137,248 |
$122,890 |
Nonperforming loans out of market: |
|
|
|
|
|
|
|
Arizona |
$11,205 |
$12,167 |
$13,419 |
$11,599 |
$250 |
$256 |
$261 |
New York |
1,033 |
1,048 |
-- |
-- |
-- |
-- |
-- |
Florida |
258 |
264 |
270 |
275 |
281 |
287 |
293 |
Colorado |
-- |
-- |
131 |
131 |
131 |
131 |
131 |
Other |
-- |
1 |
-- |
59 |
-- |
-- |
-- |
Total nonperforming out of market |
$12,496 |
$13,480 |
$13,820 |
$12,064 |
$662 |
$674 |
$685 |
Potential problem loans out of market: |
|
|
|
|
|
|
|
Iowa |
$11,645 |
$11,719 |
$11,792 |
$11,868 |
$11,941 |
$11,970 |
$12,035 |
New Jersey |
1,170 |
1,244 |
-- |
-- |
-- |
-- |
-- |
California |
499 |
512 |
524 |
536 |
548 |
559 |
570 |
Florida |
71 |
75 |
80 |
85 |
90 |
95 |
100 |
Arizona |
-- |
-- |
-- |
9,037 |
-- |
-- |
-- |
Total potential problem out of market |
$13,385 |
$13,550 |
$12,396 |
$21,526 |
$12,579 |
$12,624 |
$12,705 |
Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC. |
|
|
|
|
|
|
Table 6 |
UNAUDITED QUARTERLY
SUMMARY LOAN DATA |
|
|
|
|
|
Continued |
(Dollars in thousands, except per share) |
|
|
|
|
|
|
|
|
2013 |
2012 |
|
Sep.
30 |
Jun.
30 |
Mar.
31 |
Dec.
31 |
Sep.
30 |
Jun.
30 |
Mar.
31 |
ALLOWANCE ACTIVITY |
|
|
|
|
|
|
|
Balance, beginning of period |
$40,352 |
$42,853 |
$46,718 |
$43,745 |
$43,898 |
$45,083 |
$44,684 |
Charge offs |
600 |
2,072 |
4,651 |
722 |
2,653 |
2,229 |
1,936 |
Recoveries |
658 |
447 |
288 |
610 |
4,226 |
1,012 |
619 |
Net charge offs
(recoveries) |
(58) |
1,625 |
4,363 |
112 |
(1,573) |
1,217 |
1,317 |
Provision for loan losses |
(329) |
(876) |
498 |
3,085 |
(1,726) |
32 |
1,716 |
Balance, end of period |
$40,081 |
$40,352 |
$42,853 |
$46,718 |
$43,745 |
$43,898 |
$45,083 |
NET CHARGE OFFS BY TYPE |
|
|
|
|
|
|
|
Construction & development |
(20) |
111 |
(19) |
(22) |
(1,823) |
(85) |
(42) |
Commercial real estate |
274 |
7 |
416 |
(18) |
2,022 |
91 |
14 |
Commercial |
(169) |
1,085 |
3,751 |
239 |
(1,894) |
1,228 |
1,211 |
One-to-four family residential |
(165) |
363 |
167 |
(40) |
20 |
(105) |
123 |
Consumer |
22 |
59 |
48 |
(47) |
102 |
88 |
11 |
Total net charge offs (recoveries) by
type |
$(58) |
$1,625 |
$4,363 |
$112 |
$(1,573) |
$1,217 |
$1,317 |
NET CHARGE OFFS BY
SEGMENT |
|
|
|
|
|
|
|
Oklahoma banking |
$(203) |
$200 |
$589 |
$(261) |
$5 |
$(247) |
$1,150 |
Texas banking |
(80) |
1,356 |
3,241 |
305 |
857 |
1,139 |
227 |
Kansas banking |
225 |
69 |
533 |
68 |
(2,435) |
325 |
(60) |
Total net charge offs (recoveries) by
segment |
$(58) |
$1,625 |
$4,363 |
$112 |
$(1,573) |
$1,217 |
$1,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC. |
|
|
|
|
|
|
Table 7 |
UNAUDITED QUARTERLY
SUMMARY FINANCIAL DATA |
|
|
|
|
|
|
(Dollars in thousands, except per share) |
|
|
|
|
|
|
|
|
2013 |
2012 |
|
Sep.
30 |
Jun.
30 |
Mar.
31 |
Dec.
31 |
Sep.
30 |
Jun.
30 |
Mar.
31 |
PER SHARE DATA |
|
|
|
|
|
|
|
Basic earnings per common share |
$0.19 |
$0.22 |
$0.12 |
$0.05 |
$0.22 |
$0.15 |
$0.21 |
Diluted earnings per common share |
0.19 |
0.22 |
0.12 |
0.05 |
0.22 |
0.15 |
0.21 |
Book value per common share |
12.83 |
12.67 |
12.72 |
12.60 |
12.59 |
12.35 |
12.21 |
Tangible book value per share* |
12.77 |
12.60 |
12.66 |
12.54 |
12.53 |
12.29 |
12.15 |
COMMON STOCK |
|
|
|
|
|
|
|
Shares issued and outstanding |
19,703,313 |
19,692,606 |
19,692,038 |
19,529,721 |
19,448,312 |
19,447,202 |
19,445,913 |
OTHER FINANCIAL DATA |
|
|
|
|
|
|
|
Investment securities |
$382,001 |
$372,403 |
$365,605 |
$377,112 |
$381,499 |
$340,378 |
$333,860 |
Loans held for sale |
3,641 |
7,217 |
7,297 |
31,682 |
34,749 |
23,996 |
38,765 |
Noncovered portfolio loans |
1,284,004 |
1,289,226 |
1,296,317 |
1,321,346 |
1,429,165 |
1,498,708 |
1,570,866 |
Total noncovered loans |
1,287,645 |
1,296,443 |
1,303,614 |
1,353,028 |
1,463,914 |
1,522,704 |
1,609,631 |
Covered portfolio loans |
18,980 |
21,646 |
23,601 |
25,707 |
28,197 |
30,712 |
33,314 |
Total assets |
1,972,367 |
2,031,962 |
2,091,694 |
2,122,255 |
2,151,153 |
2,264,123 |
2,268,264 |
Total deposits |
1,583,791 |
1,615,961 |
1,677,668 |
1,709,578 |
1,743,673 |
1,788,379 |
1,806,780 |
Other borrowings |
78,663 |
74,334 |
70,872 |
70,362 |
66,694 |
68,477 |
55,139 |
Subordinated debentures |
46,393 |
81,963 |
81,963 |
81,963 |
81,963 |
81,963 |
81,963 |
Total shareholders' equity |
252,802 |
249,420 |
250,509 |
246,056 |
244,821 |
309,003 |
306,046 |
Mortgage servicing portfolio |
383,400 |
368,825 |
356,032 |
343,397 |
329,184 |
305,465 |
301,378 |
INTANGIBLE ASSET DATA |
|
|
|
|
|
|
|
Goodwill |
$1,214 |
$1,214 |
$1,214 |
$1,214 |
$1,214 |
$1,214 |
$1,214 |
Core deposit intangible |
2,185 |
2,306 |
2,424 |
2,543 |
2,664 |
2,785 |
2,906 |
Mortgage servicing rights |
2,837 |
2,675 |
2,445 |
2,321 |
2,122 |
1,975 |
1,952 |
Total intangible assets |
$6,236 |
$6,195 |
$6,083 |
$6,078 |
$6,000 |
$5,974 |
$6,072 |
Intangible amortization expense |
$314 |
$313 |
$410 |
$283 |
$283 |
$282 |
$296 |
DEPOSIT COMPOSITION |
|
|
|
|
|
|
|
Non-interest bearing demand |
$436,904 |
$412,176 |
$416,979 |
$424,008 |
$429,407 |
$421,083 |
$395,141 |
Interest-bearing demand |
106,176 |
138,502 |
125,914 |
112,012 |
113,677 |
119,929 |
119,759 |
Money market accounts |
423,720 |
408,145 |
437,629 |
423,417 |
385,296 |
361,839 |
349,419 |
Savings accounts |
39,727 |
38,611 |
39,733 |
37,693 |
36,461 |
35,610 |
34,679 |
Time deposits of $100,000 or more |
270,916 |
295,179 |
317,270 |
351,273 |
389,969 |
431,317 |
464,876 |
Other time deposits |
306,348 |
323,348 |
340,143 |
361,175 |
388,863 |
418,601 |
442,906 |
Total deposits** |
$1,583,791 |
$1,615,961 |
$1,677,668 |
$1,709,578 |
$1,743,673 |
$1,788,379 |
$1,806,780 |
OFFICES AND EMPLOYEES |
|
|
|
|
|
|
|
FTE Employees |
407 |
408 |
412 |
422 |
429 |
430 |
435 |
Branches |
23 |
22 |
22 |
22 |
23 |
23 |
23 |
Loan production offices |
0 |
1 |
1 |
1 |
2 |
2 |
2 |
Assets per employee |
$4,846 |
$4,980 |
$5,077 |
$5,029 |
$5,014 |
$5,265 |
$5,214 |
|
|
|
|
|
|
|
|
*This is a Non-GAAP based
financial measure. |
**Calculation of Non-brokered
Deposits and Core Funding (Non-GAAP Financial Measures) |
Total deposits |
$1,583,791 |
$1,615,961 |
$1,677,668 |
$1,709,578 |
$1,743,673 |
$1,788,379 |
$1,806,780 |
Less: |
|
|
|
|
|
|
|
Brokered time
deposits |
1,343 |
4,904 |
5,760 |
9,865 |
10,197 |
12,238 |
13,307 |
Other brokered
deposits |
3,423 |
3,422 |
3,422 |
3,421 |
4,421 |
4,420 |
6,529 |
Non-brokered deposits |
$1,579,025 |
$1,607,635 |
$1,668,486 |
$1,696,292 |
$1,729,055 |
$1,771,721 |
$1,786,944 |
Plus: |
|
|
|
|
|
|
|
Sweep
repurchase agreements |
53,663 |
49,334 |
45,872 |
45,362 |
41,694 |
43,477 |
30,139 |
Core funding |
$1,632,688 |
$1,656,969 |
$1,714,358 |
$1,741,654 |
$1,770,749 |
$1,815,198 |
$1,817,083 |
|
|
|
|
|
|
|
|
Balance sheet amounts are as of
period end unless otherwise noted. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC. |
|
|
|
|
|
|
Table 8 |
UNAUDITED QUARTERLY
SUPPLEMENTAL ANALYTICAL DATA |
|
|
|
|
|
|
(Dollars in thousands, except per share) |
|
|
|
|
|
|
|
|
2013 |
2012 |
|
Sep.
30 |
Jun.
30 |
Mar.
31 |
Dec.
31 |
Sep.
30 |
Jun.
30 |
Mar.
31 |
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
Return on average assets (annualized) |
0.75% |
0.87% |
0.46% |
0.18% |
1.06% |
0.73% |
0.89% |
Return on average common equity
(annualized) |
5.99 |
7.00 |
3.89 |
1.56 |
7.11 |
5.03 |
7.00 |
Return on average tangible common equity
(annualized)* |
6.02 |
7.03 |
3.90 |
1.56 |
7.15 |
5.06 |
7.03 |
Net interest margin (annualized) |
3.11 |
3.07 |
3.16 |
3.41 |
3.59 |
3.71 |
3.82 |
Effective tax rate |
38.01 |
33.74 |
43.88 |
31.45 |
39.73 |
37.12 |
37.50 |
Efficiency ratio |
69.18 |
68.93 |
75.16 |
79.68 |
64.47 |
71.82 |
58.73 |
NONPERFORMING ASSETS |
|
|
|
|
|
|
|
Noncovered: |
|
|
|
|
|
|
|
Nonaccrual loans |
$29,198 |
$29,513 |
$32,356 |
$35,104 |
$26,493 |
$20,474 |
$14,324 |
90 days past due and accruing |
2 |
2 |
-- |
3,290 |
390 |
245 |
100 |
Total nonperforming loans |
29,200 |
29,515 |
32,356 |
38,394 |
26,883 |
20,719 |
14,424 |
Other real estate |
676 |
145 |
9,422 |
11,315 |
14,683 |
17,263 |
19,329 |
Total nonperforming assets |
$29,876 |
$29,660 |
$41,778 |
$49,709 |
$41,566 |
$37,982 |
$33,753 |
Performing restructured |
$527 |
$993 |
$512 |
$290 |
$281 |
$328 |
$1,700 |
Potential problem loans |
$95,139 |
$94,118 |
$89,646 |
$94,361 |
$86,752 |
$111,083 |
$126,320 |
Covered: |
|
|
|
|
|
|
|
Nonaccrual loans |
$3,480 |
$3,062 |
$2,873 |
$3,595 |
$4,809 |
$6,067 |
$7,015 |
90 days past due and accruing |
-- |
-- |
-- |
-- |
353 |
-- |
-- |
Total nonperforming loans |
3,480 |
3,062 |
2,873 |
3,595 |
5,162 |
6,067 |
7,015 |
Other real estate |
1,017 |
1,666 |
2,243 |
3,643 |
4,142 |
3,825 |
4,694 |
Total nonperforming assets |
$4,497 |
$4,728 |
$5,116 |
$7,238 |
$9,304 |
$9,892 |
$11,709 |
Performing restructured |
$1,733 |
$1,800 |
$1,854 |
$2,523 |
$2,548 |
$1,701 |
$-- |
Potential problem loans |
$2,030 |
$3,352 |
$3,986 |
$3,155 |
$1,621 |
$1,573 |
$553 |
ASSET QUALITY RATIOS |
|
|
|
|
|
|
|
Net loan charge-offs to average portfolio
loans (annualized) |
(0.02)% |
0.50% |
1.32% |
0.03% |
(0.42)% |
0.31% |
0.32% |
Noncovered: |
|
|
|
|
|
|
|
Nonperforming assets to portfolio loans and
other real estate |
2.33% |
2.30% |
3.20% |
3.73% |
2.88% |
2.51% |
2.12% |
Nonperforming loans to portfolio loans |
2.27 |
2.29 |
2.50 |
2.91 |
1.88 |
1.38 |
0.92 |
Allowance for loan losses to portfolio
loans |
3.12 |
3.12 |
3.29 |
3.52 |
3.05 |
2.92 |
2.87 |
Allowance for loan losses to nonperforming
loans |
137.03 |
136.44 |
131.78 |
121.10 |
162.21 |
211.43 |
312.14 |
Covered: |
|
|
|
|
|
|
|
Nonperforming assets to portfolio loans and
other real estate |
22.49% |
20.28% |
19.80% |
24.66% |
28.77% |
28.64% |
30.81% |
Nonperforming loans to portfolio loans |
18.34 |
14.15 |
12.17 |
13.98 |
18.31 |
19.75 |
21.06 |
Allowance for loan losses to portfolio
loans |
0.36 |
0.38 |
0.91 |
0.87 |
0.49 |
0.30 |
0.18 |
Allowance for loan losses to nonperforming
loans |
1.95 |
2.68 |
7.45 |
6.23 |
2.67 |
1.50 |
0.86 |
CAPITAL RATIOS |
|
|
|
|
|
|
|
Average total shareholders' equity to average
assets |
12.53% |
12.41% |
11.92% |
11.61% |
12.31% |
13.56% |
12.99% |
Leverage ratio |
14.78 |
16.10 |
15.59 |
15.01 |
14.49 |
16.84 |
16.20 |
Tier 1 capital to risk-weighted assets |
20.22 |
22.48 |
22.25 |
20.28 |
19.36 |
22.24 |
21.21 |
Total capital to risk-weighted assets |
21.52 |
23.78 |
23.54 |
21.56 |
20.64 |
23.52 |
22.49 |
Tangible common equity to tangible
assets*** |
12.76 |
12.22 |
11.93 |
11.54 |
11.33 |
10.56 |
10.42 |
Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC. |
|
|
|
|
|
|
Table 8 |
UNAUDITED QUARTERLY
SUPPLEMENTAL ANALYTICAL DATA |
|
|
|
|
|
Continued |
(Dollars in thousands, except per share) |
|
|
|
|
|
|
|
|
2013 |
2012 |
|
Sep.
30 |
Jun.
30 |
Mar.
31 |
Dec.
31 |
Sep.
30 |
Jun.
30 |
Mar.
31 |
REGULATORY CAPITAL DATA |
|
|
|
|
|
|
|
Tier I capital |
$296,488 |
$326,831 |
$324,659 |
$319,665 |
$317,665 |
$382,263 |
$378,949 |
Total capital |
315,570 |
345,717 |
343,562 |
339,964 |
338,739 |
404,252 |
401,808 |
Total risk adjusted assets |
1,466,672 |
1,453,878 |
1,459,465 |
1,576,521 |
1,641,121 |
1,719,058 |
1,786,282 |
Average total assets |
2,006,525 |
2,030,064 |
2,082,789 |
2,130,035 |
2,192,579 |
2,269,640 |
2,339,784 |
____________________ |
|
|
|
|
|
|
|
*This is a Non-GAAP based financial
measure. |
|
|
|
|
|
|
|
***Calculation of Tangible
Capital to Tangible Assets (Non-GAAP Financial Measure) |
|
|
|
|
|
Total shareholders' equity |
$252,802 |
$249,420 |
$250,509 |
$246,056 |
$244,821 |
$309,003 |
$306,046 |
Less: |
|
|
|
|
|
|
|
Goodwill |
1,214 |
1,214 |
1,214 |
1,214 |
1,214 |
1,214 |
1,214 |
Preferred
stock |
-- |
-- |
-- |
-- |
-- |
68,837 |
68,644 |
Tangible common equity |
$251,588 |
$248,206 |
$249,295 |
$244,842 |
$243,607 |
$238,952 |
$236,188 |
Total assets |
$1,972,367 |
$2,031,962 |
$2,091,694 |
$2,122,255 |
$2,151,153 |
$2,264,123 |
$2,268,264 |
Less goodwill |
1,214 |
1,214 |
1,214 |
1,214 |
1,214 |
1,214 |
1,214 |
Tangible assets |
$1,971,153 |
$2,030,748 |
$2,090,480 |
$2,121,041 |
$2,149,939 |
$2,262,909 |
$2,267,050 |
Tangible common equity to
tangible assets |
12.76% |
12.22% |
11.93% |
11.54% |
11.33% |
10.56% |
10.42% |
|
|
|
|
|
|
|
|
Balance sheet amounts and ratios
are as of period end unless otherwise noted. |
|
|
|
|
|
CONTACT: For additional information:
Mark W. Funke
President & CEO
Joe T. Shockley, Jr.
EVP & CFO
(405) 372-2230
Southwest Bancorp, Inc. (NASDAQ:OKSB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Southwest Bancorp, Inc. (NASDAQ:OKSB)
Historical Stock Chart
From Jul 2023 to Jul 2024