Southwest Bancorp, Inc. (Nasdaq:OKSB), ("Southwest"), today
reported net income available to common shareholders for the fourth
quarter of 2013 of $6.8 million, or $0.34 per diluted share,
compared to $3.8 million, or $0.19 per diluted share, for the third
quarter of 2013. Net income available to common shareholders for
the year ended December 31, 2013 totaled $17.4 million, or $0.88
per diluted share, compared to $12.4 million, or $0.64 per diluted
share, for the year ended December 31, 2012.
Southwest's board of directors reinstated quarterly common stock
dividends with their approval of a quarterly cash dividend of $0.04
per share. The dividend is payable February 14, 2014 to
shareholders of record as of February 3, 2014.
Mark Funke, President and CEO, stated, "We are pleased to report
strong earnings for the fourth quarter and the year 2013. Our net
earnings were boosted by improved asset quality and loan recoveries
combined with the impact of the redemption of our 10.5% Trust
Preferred Securities, that was completed in the previous
quarter.
"Our balance sheet remains solid with good liquidity and
exceptionally strong capital. We reinstated common dividends and
completed the rebranding on our subsidiary bank, Bank SNB,
simultaneously with the successful charter consolidation of our two
subsidiary banks.
"Subsequent to the end of fourth quarter, we announced an
agreement to sell three community bank branches in Kansas in an
effort to consolidate our geographic footprint and focus
appropriately on our future strategic direction. We remain
committed to growing our Kansas franchise in the Wichita and
Hutchinson markets.
This quarter's positive results represent continued progress as
we focus on future growth opportunities and on delivering the
highest quality service and products to our customers."
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 December 31, 2013, total assets
were $2.0 billion, up $9.1 million compared to September 30, 2013.
Cash and cash equivalents were $279.8 million, with $251.8 million
in overnight funds, up $34.5 million when compared to September 30,
2013. Total loans were $1.2 billion, down $33.2 million when
compared to September 30, 2013, and total investment securities
were $394.2 million as of December 31, 2013, an increase of $12.2
million compared September 30, 2013.
At December 31, 2013, the allowance for loan losses was $36.6
million, a decrease of $3.4 million when compared to September 30,
2013. The allowance for loan losses to portfolio loans was 2.93% as
of December 31, 2013 and 3.12% as of September 30, 2013. The
allowance for loan losses to nonperforming loans was 196.67% as of
December 31, 2013, compared to 137.03% as of September 30,
2013.
Nonperforming loans decreased by $10.6 million during the
quarter. Other real estate at December 31, 2013 was $0.6 million,
flat when compared to September 30, 2013 and a decrease of $10.8
million from December 31, 2012. Nonperforming assets were $19.2
million, or 1.53% of portfolio loans and other real estate, as of
December 31, 2013, a decrease of $10.7 million (36%) from $29.9
million, or 2.33% of portfolio loans and other real estate, as of
September 30, 2013.
Total core funding, which includes all non-brokered deposits and
sweep repurchase agreements, comprised 98% of total funding as of
December 31, 2013 and September 30, 2013. Wholesale funding,
including FHLB borrowings, federal funds purchased, and brokered
deposits, accounted for 2% of total funding at December 31, 2013
and September 30, 2013. See Table 7 for details on core funding and
non-brokered deposits, which are non-GAAP financial measures.
The capital ratios of Southwest and its banking subsidiary, as
of December 31, 2013, exceeded the criteria for regulatory
classification as "well-capitalized". Southwest's total regulatory
capital was $310.9 million, for a total risk-based capital ratio of
21.59%, and Tier 1 capital was $292.1 million, for a Tier 1
risk-based capital ratio of 20.28%. Southwest's capital exceeded
the minimum to be classified as "well-capitalized" by $166.9
million. Bank SNB, Southwest's banking subsidiary, had total
regulatory capital of $284.4 million, for a total risk-based
capital ratio of 19.83%, and Tier 1 capital of $266.1 million, for
a Tier 1 risk-based capital ratio of 18.56%. Stillwater National
Bank exceeded the minimum to be classified as "well-capitalized" by
$141.0 million. Designation as a well-capitalized institution under
regulations does not constitute a recommendation or endorsement by
Federal bank regulators.
Fourth Quarter Results:
Summary: For the fourth quarter of 2013, net
income available to common shareholders was $6.8 million, compared
to $3.8 million for the third quarter of 2013, and $1.0 million for
the fourth quarter of 2012. The $3.0 million increase in net income
available to common shareholders compared to the third quarter of
2013 is primarily due to improved asset quality and recoveries
resulting in a negative provision for loan losses of $6.5 million.
Net interest income increased $1.4 million due in part to loan
recoveries and lower interest expense driven by the redemption near
the end of the third quarter of the 10.5% Trust Preferred
Securities. Noninterest income was down $0.5 million from third
quarter, while noninterest expense was up $2.0 million due in part
to the charter consolidation and rebranding of our subsidiary bank.
The effective tax rate was 38.68% in the fourth quarter of 2013
compared to 38.01% in the third quarter of 2013 and the increase is
due to certain deferred tax adjustments.
The $5.9 million increase in our net income available to common
shareholders compared to the fourth quarter of 2012 is again the
result of improved asset quality and recoveries resulting in a $9.6
million decrease in the provision for loan losses. Net interest
income decreased $0.6 million compared to the fourth quarter of
2012 due to lower loan volumes and reduced yields. Noninterest
income decreased $1.8 million and noninterest expense decreased
$2.6 million both as compared to the fourth quarter of 2012.
Net Interest Income: Net interest income
totaled $16.6 million for the fourth quarter of 2013, compared to
$15.3 million for the third quarter of 2013, an increase of $1.4
million, or 9%, and to $17.3 million for the fourth quarter of
2012, a decrease of $0.6 million, or 4%. The increase during
the fourth quarter of 2013 includes the recognition of $0.9 million
in interest from the recovery of a nonperforming loan and the
reduction in interest expense due to the redemption of the 10.5%
Trust Preferred Securities. Net interest margin was 3.42% for
the fourth quarter of 2013, compared to 3.11% for the third quarter
of 2013 and 3.41% for the fourth quarter of 2012. Noncovered
loans (including loans held for sale) declined $33.2 million, or
3%, from September 30, 2013, and $98.6 million, or 7%, from
December 31, 2012, primarily due to a decline in commercial real
estate loans.
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 $6.5 million for the fourth quarter of 2013,
compared to a negative provision of $0.3 million for the third
quarter of 2013 and a provision of $3.1 million for the fourth
quarter of 2012. During the fourth quarter of 2013, recoveries
totaled $5.8 million and charge-offs totaled $2.7 million, which
had been substantially allowed for in the loan loss
reserve. Therefore the fourth quarter of 2013 net recoveries
totaled $3.1 million, or (0.96%) (annualized) of average portfolio
loans, compared to net recoveries of $0.1 million, or (0.02%)
(annualized) of average portfolio loans for the third quarter of
2013, and net charge-offs of $0.1 million, or 0.03% (annualized) of
average portfolio loans for the fourth quarter of 2012.
Noninterest Income: Noninterest income
totaled $3.1 million for the fourth quarter, compared to $3.5
million for the third quarter of 2013, and compared to $4.9 million
for the fourth quarter of 2012.
The $0.5 million decrease from third quarter of 2013 is
primarily due to the $0.3 million decline in other noninterest
income, which included a legal settlement that was received in the
third quarter of 2013, and the $0.2 million decline in gain on sale
of loans.
The $1.8 million decrease from fourth quarter 2012 includes a
$0.8 million decrease in gain on investment securities, a $0.5
million decrease in the gain on sales of loans, a $0.3 million
decrease in service charges and fees, and a $0.1 million decrease
in other noninterest income.
Noninterest Expense: Noninterest expense
totaled $15.1 million for the fourth quarter of 2013, compared to
$13.0 million for the third quarter of 2013 and $17.7 million for
the fourth quarter of 2012.
The $2.0 million increase in noninterest expense from third
quarter of 2013 primarily consists of a $1.4 million increase in
general and administrative expense, which primarily consists of
increased legal fees and increased marketing and other
miscellaneous expenses associated with our recent charter
consolidation and rebranding of our subsidiary bank. Also
included in the increase from third quarter of 2013 is a $0.7
million increase in other real estate expense and a $0.4 million
increase in personnel expense, offset in part by a $0.6 million
decrease in the provision for unfunded loan commitments.
The $2.6 million decrease in noninterest expense from fourth
quarter of 2012 consists of a $2.5 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 fourth quarter of 2012 is a $0.8 million decrease
in provision for unfunded loan commitments, offset in part by a
$0.6 million increase in general and administrative expense, which
is primarily the result of increased legal fees, and marketing
expenses and miscellaneous expenses associated with our charter
consolidation and rebranding of our subsidiary bank.
Income Tax: Income tax expense totaled
$4.3 million for the fourth quarter of 2013, compared to $2.3
million for the third quarter of 2013 and $0.4 million for the
fourth quarter of 2012. The income tax expense fluctuates in
relation to pre-tax income levels. The fourth quarter of 2013
effective tax rate was 38.68%.
Year-to-date Results:
Summary: Net income available to common
shareholders was $17.4 million for the year ended December 31,
2013, compared to $12.4 million for the year ended December 31,
2012. The $5.0 million increase in our net income available to
common shareholders from December 31, 2012 is primarily due to
improved asset quality and recoveries resulting in a decrease in
the provision of loan losses of $10.3 million and a reduction in
noninterest expense of $8.0 million due largely to lower other real
estate expenses. These improvements were partially offset by
the decline in net interest income due to lower loan volumes and
lower noninterest income. Southwest's effective tax rate was
38.15% in 2013 versus 37.91% in 2012. Southwest also paid
dividends on its preferred stock of $3.7 million in 2012 before it
was redeemed in August 2012.
Net Interest Income: Net
interest income totaled $62.7 million for 2013, compared to $76.6
million for 2012, a decrease of $13.9 million, or 18%. Lower
average loan volume was the primary cause of this
decrease. Year-to-date net interest margin was 3.19%, compared
to 3.64% 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 $7.2 million for 2013, compared to an expense of $3.1
million for 2012. Net charge-offs totaled $2.8 million, or
0.22% (annualized) of average portfolio loans as of December 31,
2013, compared to $1.1 million, or 0.07% (annualized) of average
portfolio loans as of December 31, 2012.
Noninterest Income: Noninterest income
totaled $13.6 million for 2013, compared to $15.9 million for
2012. The decrease consists of a $1.1 million decline in
service charges and fees, a $0.8 million decline in gain on
investment securities, and a $0.5 million decrease in gain on sale
of loans.
Noninterest Expense: Noninterest expense
totaled $55.3 million for 2013, compared to $63.3 million for
2012. The decrease consists of a $7.7 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 is a $1.0 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, a $0.8 million decrease in FDIC and other
insurance expense, and a $0.7 million decrease in provision for
unfunded loan commitments, offset in part by a $2.0 million
increase in personnel expense and a $0.2 million increase in
occupancy expense, primarily increased data processing charges.
Income Tax: Income tax expense totaled
$10.8 million for 2013, compared to $9.9 million for 2012. The
income tax expense fluctuates in relation to pre-tax income
levels. The year-to-date effective tax rate was 38.15% as of
December 31, 2013.
Conference Call
Southwest will host a conference call to review these results on
Wednesday, January 22, 2014 at 9:30 a.m. Eastern Time (8:30 a.m.
Central Time). Investors, news media, and others may access
the call by telephone at 888-317-6016 (toll-free) or 412-317-6016
(international). Participants are encouraged to dial into the
call approximately 10 minutes prior to the start time. The
call and corresponding presentation slides will be webcast live on
Southwest's website at www.oksb.com or
http://services.choruscall.com/links/oksb140122.html. An audio
replay will be available one hour after the call at 877-344-7529
(toll-free) or 412-317-0088 (international), conference number
10038921. Telephone replay access will be available until 9:00
a.m. Eastern Time on February 6, 2014.
Southwest Bancorp and
Subsidiaries
Southwest is the bank holding company for Bank SNB, National
Association ("Bank SNB"). Through Bank SNB, commercial and
consumer lending, deposit and investment services, specialized cash
management, and other financial services are offered from offices
in Oklahoma, Texas, and Kansas. Bank SNB was chartered in 1894
and Southwest was organized in 1981 as the holding company. At
December 31, 2013, Southwest had total assets of $2.0 billion,
deposits of $1.6 billion, and shareholders' equity of $259.2
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
subsidiary 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 December 31, 2013, approximately $417.4 million, or 33%, 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 December 31, 2013 through the
date its financial statements are filed with the Securities and
Exchange Commission. The December 31, 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) |
|
|
Fourth
Quarter |
Third
Quarter |
|
Fourth
Quarter |
|
QUARTERLY
HIGHLIGHTS |
2013 |
%
Change |
2012 |
%
Change |
Operations |
|
|
|
|
|
Net interest
income |
$ 16,637 |
$ 15,273 |
9 % |
$17,285 |
(4)% |
Provision for loan
losses |
(6,502) |
(329) |
1,876 |
3,085 |
(311) |
Noninterest
income |
3,068 |
3,547 |
(14) |
4,871 |
(37) |
Noninterest
expense |
15,065 |
13,019 |
16 |
17,653 |
(15) |
Income before
taxes |
11,142 |
6,130 |
82 |
1,418 |
686 |
Taxes on
income |
4,310 |
2,330 |
85 |
446 |
866 |
Net income |
6,832 |
3,800 |
80 |
972 |
603 |
Net income available to
common shareholders |
6,832 |
3,800 |
80 |
972 |
603 |
Diluted earnings per
share |
0.34 |
0.19 |
79 |
0.05 |
580 |
Balance
Sheet |
|
|
|
|
|
Total assets |
1,981,423 |
1,972,367 |
0 |
2,122,255 |
(7) |
Loans held for
sale |
3,060 |
3,641 |
(16) |
31,682 |
(90) |
Noncovered portfolio
loans |
1,251,416 |
1,284,004 |
(3) |
1,321,346 |
(5) |
Covered portfolio
loans |
16,427 |
18,980 |
(13) |
25,707 |
(36) |
Total deposits |
1,584,086 |
1,583,791 |
0 |
1,709,578 |
(7) |
Total shareholders'
equity |
259,187 |
252,802 |
3 |
246,056 |
5 |
Book value per common
share |
13.13 |
12.83 |
2 |
12.60 |
4 |
Key Ratios |
|
|
|
|
|
Net interest
margin |
3.42% |
3.11% |
|
3.41% |
|
Efficiency
ratio |
76.45 |
69.18 |
|
79.68 |
|
Total capital to
risk-weighted assets |
21.59 |
21.52 |
|
21.56 |
|
Nonperforming loans to
portfolio loans - noncovered |
1.49 |
2.27 |
|
2.91 |
|
Shareholders' equity to
total assets |
13.08 |
12.82 |
|
11.59 |
|
Tangible common equity to
tangible assets* |
13.03 |
12.76 |
|
11.54 |
|
Return on average assets
(annualized) |
1.37 |
0.75 |
|
0.18 |
|
Return on average common
equity (annualized) |
10.59 |
5.99 |
|
1.56 |
|
Return on average
tangible common equity (annualized)** |
10.64 |
6.02 |
|
1.56 |
|
|
|
Year |
|
|
YEAR-TO-DATE HIGHLIGHTS |
2013 |
2012 |
%
Change |
|
|
Operations |
|
|
|
|
|
Net interest
income |
$ 62,650 |
$ 76,563 |
(18)% |
|
|
Provision for loan
losses |
(7,209) |
3,107 |
(332) |
|
|
Noninterest
income |
13,643 |
15,936 |
(14) |
|
|
Noninterest
expense |
55,311 |
63,322 |
(13) |
|
|
Income before
taxes |
28,191 |
26,070 |
8 |
|
|
Taxes on
income |
10,756 |
9,883 |
9 |
|
|
Net income |
17,435 |
16,187 |
8 |
|
|
Net income available to
common shareholders |
17,435 |
12,446 |
40 |
|
|
Diluted earnings per
share |
0.88 |
0.64 |
38 |
|
|
Balance
Sheet |
|
|
|
|
|
Total assets |
1,981,423 |
2,122,255 |
(7) |
|
|
Loans held for
sale |
3,060 |
31,682 |
(90) |
|
|
Noncovered portfolio
loans |
1,251,416 |
1,321,346 |
(5) |
|
|
Covered portfolio
loans |
16,427 |
25,707 |
(36) |
|
|
Total deposits |
1,584,086 |
1,709,578 |
(7) |
|
|
Total shareholders'
equity |
259,187 |
246,056 |
5 |
|
|
Book value per common
share |
13.13 |
12.60 |
4 |
|
|
Key Ratios |
|
|
|
|
|
Net interest
margin |
3.19% |
3.64% |
|
|
|
Efficiency ratio
(GAAP-based) |
72.50 |
68.46 |
|
|
|
Total capital to
risk-weighted assets |
21.59 |
21.56 |
|
|
|
Nonperforming loans to
portfolio loans - noncovered |
1.49 |
2.91 |
|
|
|
Shareholders' equity to
total assets |
13.08 |
11.59 |
|
|
|
Tangible common equity to
tangible assets* |
13.03 |
11.54 |
|
|
|
Return on average assets
(annualized) |
0.86 |
0.72 |
|
|
|
Return on average common
equity (annualized) |
6.90 |
5.14 |
|
|
|
Return on average
tangible common equity (annualized)** |
6.94 |
5.16 |
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
December
31, |
December
31, |
|
2013 |
2012 |
Assets |
|
|
Cash and due from banks |
$ 28,062 |
$ 45,045 |
Interest-bearing deposits |
251,777 |
243,034 |
Cash and cash equivalents |
279,839 |
288,079 |
Securities held to maturity (fair values of
$12,115. and $13,659, respectively) |
11,720 |
12,797 |
Securities available for sale (amortized cost
of $385,423, and $358,317, respectively) |
382,479 |
364,315 |
Loans held for sale |
3,060 |
31,682 |
Noncovered loans receivable |
1,251,416 |
1,321,346 |
Less: Allowance for loan
losses |
(36,607) |
(46,494) |
Net noncovered
loans receivable |
1,214,809 |
1,274,852 |
Covered loans receivable (includes loss
share: $1,812 and $6,714, respectively) |
16,427 |
25,707 |
Less: Allowance for loan
losses |
(56) |
(224) |
Net covered loans
receivable |
16,371 |
25,483 |
Net loans
receivable |
1,231,180 |
1,300,335 |
Accrued interest receivable |
5,335 |
6,365 |
Income tax receivable |
-- |
24,525 |
Premises and equipment, net |
20,833 |
21,691 |
Noncovered other real estate |
560 |
11,315 |
Covered other real estate |
2,094 |
3,643 |
Goodwill |
1,214 |
1,214 |
Other intangible assets, net |
4,980 |
4,864 |
Other assets |
38,129 |
51,430 |
Total assets |
$ 1,981,423 |
$ 2,122,255 |
|
|
|
Liabilities |
|
|
Deposits: |
|
|
Noninterest-bearing demand |
$ 444,796 |
$ 424,008 |
Interest-bearing demand |
120,156 |
112,012 |
Money market accounts |
439,981 |
423,417 |
Savings accounts |
41,727 |
37,693 |
Time deposits of $100,000 or
more |
251,185 |
351,273 |
Other time deposits |
286,241 |
361,175 |
Total
deposits |
1,584,086 |
1,709,578 |
Accrued interest payable |
832 |
1,116 |
Income tax payable |
78 |
-- |
Other liabilities |
10,215 |
13,180 |
Other borrowings |
80,632 |
70,362 |
Subordinated debentures |
46,393 |
81,963 |
Total liabilities |
1,722,236 |
1,876,199 |
|
|
|
Shareholders' equity |
|
|
Common stock -- $1 par value; 40,000,000
shares authorized; 19,732,926, and 19,529,705, shares issued and
outstanding, respectively |
19,733 |
19,530 |
Additional paid-in capital |
99,937 |
99,705 |
Retained earnings |
142,528 |
125,093 |
Accumulated other comprehensive income
(loss) |
(3,011) |
1,728 |
Total shareholders' equity |
259,187 |
246,056 |
Total liabilities
and shareholders' equity |
$ 1,981,423 |
$ 2,122,255 |
|
|
|
|
SOUTHWEST BANCORP,
INC. |
Table 3 |
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(Dollars in thousands,
except per share) |
|
|
|
|
|
|
|
For the three
months ended |
For the
year |
|
December
31, |
September
30, |
December
31, |
ended December 31, |
|
2013 |
2013 |
2012 |
2013 |
2012 |
Interest
income |
|
|
|
|
|
Loans |
$ 16,499 |
$ 16,242 |
$ 19,021 |
$ 66,162 |
$ 84,602 |
Investment
securities |
1,747 |
1,623 |
1,796 |
6,655 |
7,814 |
Other interest-earning
assets |
332 |
270 |
191 |
1,097 |
755 |
Total
interest income |
18,578 |
18,135 |
21,008 |
73,914 |
93,171 |
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
Interest-bearing
deposits |
1,148 |
1,317 |
2,014 |
5,559 |
9,703 |
Other
borrowings |
225 |
225 |
224 |
892 |
895 |
Subordinated
debentures |
568 |
1,320 |
1,485 |
4,813 |
6,010 |
Total
interest expense |
1,941 |
2,862 |
3,723 |
11,264 |
16,608 |
|
|
|
|
|
|
Net interest income |
16,637 |
15,273 |
17,285 |
62,650 |
76,563 |
|
|
|
|
|
|
Provision for loan losses |
(6,502) |
(329) |
3,085 |
(7,209) |
3,107 |
|
|
|
|
|
|
Net interest income after provision for
loan losses |
23,139 |
15,602 |
14,200 |
69,859 |
73,456 |
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
|
Service charges and
fees |
2,635 |
2,589 |
2,971 |
10,491 |
11,559 |
Gain on sales of
loans |
385 |
619 |
910 |
2,649 |
3,133 |
Gain on investment
securities |
-- |
-- |
802 |
-- |
837 |
Other noninterest
income |
48 |
339 |
188 |
503 |
407 |
Total
noninterest income |
3,068 |
3,547 |
4,871 |
13,643 |
15,936 |
|
|
|
|
|
|
Noninterest
expense |
|
|
|
|
|
Salaries and employee
benefits |
8,057 |
7,645 |
7,956 |
31,877 |
29,919 |
Occupancy |
2,805 |
2,721 |
2,672 |
10,779 |
10,581 |
FDIC and other
insurance |
460 |
413 |
510 |
1,764 |
2,531 |
Other real estate,
net |
330 |
(387) |
2,867 |
(1,098) |
6,565 |
General and
administrative |
3,413 |
2,627 |
3,648 |
11,989 |
13,726 |
Total
noninterest expense |
15,065 |
13,019 |
17,653 |
55,311 |
63,322 |
Income before taxes |
11,142 |
6,130 |
1,418 |
28,191 |
26,070 |
Taxes on
income |
4,310 |
2,330 |
446 |
10,756 |
9,883 |
Net income |
$ 6,832 |
$ 3,800 |
$ 972 |
$ 17,435 |
$ 16,187 |
Net income available to common
shareholders |
$ 6,832 |
$ 3,800 |
$ 972 |
$ 17,435 |
$ 12,446 |
|
|
|
|
|
|
Basic earnings per common
share |
$ 0.34 |
$ 0.19 |
$ 0.05 |
$ 0.88 |
$ 0.64 |
Diluted earnings per common
share |
0.34 |
0.19 |
0.05 |
0.88 |
0.64 |
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, 2013 |
September 30, 2013 |
|
Average |
|
Average |
Average |
|
Average |
|
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
Assets |
|
|
|
|
|
|
Noncovered loans |
$ 1,270,307 |
$16,186 |
5.06% |
$ 1,277,747 |
$15,837 |
4.92% |
Covered loans |
18,180 |
313 |
6.83 |
20,271 |
405 |
7.93 |
Investment securities |
390,160 |
1,747 |
1.78 |
364,746 |
1,623 |
1.76 |
Other interest-earning assets |
253,327 |
332 |
0.52 |
287,968 |
270 |
0.37 |
Total interest-earning
assets |
1,931,974 |
18,578 |
3.82 |
1,950,732 |
18,135 |
3.69 |
Other assets |
47,369 |
|
|
57,622 |
|
|
Total assets |
$ 1,979,343 |
|
|
$ 2,008,354 |
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
Interest-bearing demand deposits |
$ 111,744 |
$ 31 |
0.11% |
$ 117,124 |
$ 35 |
0.12% |
Money market accounts |
426,090 |
182 |
0.17 |
416,839 |
182 |
0.17 |
Savings accounts |
41,021 |
10 |
0.10 |
38,992 |
10 |
0.10 |
Time deposits |
555,762 |
925 |
0.66 |
600,321 |
1,090 |
0.72 |
Total interest-bearing
deposits |
1,134,617 |
1,148 |
0.40 |
1,173,276 |
1,317 |
0.45 |
Other borrowings |
78,933 |
225 |
1.13 |
75,822 |
225 |
1.18 |
Subordinated debentures |
46,393 |
568 |
4.90 |
75,004 |
1,320 |
7.04 |
Total interest-bearing
liabilities |
1,259,943 |
1,941 |
0.61 |
1,324,102 |
2,862 |
0.86 |
|
|
|
|
|
|
|
Noninterest-bearing demand
deposits |
452,849 |
|
|
422,203 |
|
|
Other liabilities |
10,564 |
|
|
10,319 |
|
|
Shareholders' equity |
255,987 |
|
|
251,730 |
|
|
Total liabilities
and shareholders' equity |
$ 1,979,343 |
|
|
$ 2,008,354 |
|
|
|
|
|
|
|
|
|
Net interest income and
spread |
|
$16,637 |
3.21% |
|
$15,273 |
2.83% |
Net interest margin (1) |
|
|
3.42% |
|
|
3.11% |
Average interest-earning assets
to average interest-bearing liabilities |
153.34% |
|
|
147.32% |
|
|
|
|
|
|
|
|
|
(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 year ended December 31, |
|
2013 |
2012 |
|
Average |
|
Average |
Average |
|
Average |
|
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
Assets |
|
|
|
|
|
|
Noncovered loans |
$ 1,293,596 |
$ 64,555 |
4.99% |
$ 1,536,494 |
$ 82,288 |
5.36% |
Covered loans |
21,405 |
1,607 |
7.51 |
30,824 |
2,314 |
7.51 |
Investment securities |
377,460 |
6,655 |
1.76 |
350,021 |
7,814 |
2.23 |
Other interest-earning assets |
272,940 |
1,097 |
0.40 |
187,478 |
755 |
0.40 |
Total interest-earning
assets |
1,965,401 |
73,914 |
3.76 |
2,104,817 |
93,171 |
4.43 |
Other assets |
63,865 |
|
|
138,929 |
|
|
Total assets |
$ 2,029,266 |
|
|
$ 2,243,746 |
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
Interest-bearing demand deposits |
$ 122,106 |
$ 148 |
0.12% |
$ 114,974 |
$ 219 |
0.19% |
Money market accounts |
420,767 |
790 |
0.19 |
381,292 |
1,077 |
0.28 |
Savings accounts |
39,397 |
44 |
0.11 |
35,741 |
53 |
0.15 |
Time deposits |
617,824 |
4,577 |
0.74 |
842,979 |
8,354 |
0.99 |
Total interest-bearing
deposits |
1,200,094 |
5,559 |
0.46 |
1,374,986 |
9,703 |
0.71 |
Other borrowings |
74,115 |
892 |
1.20 |
61,822 |
895 |
1.45 |
Subordinated debentures |
71,243 |
4,813 |
6.76 |
81,963 |
6,010 |
7.33 |
Total interest-bearing
liabilities |
1,345,452 |
11,264 |
0.84 |
1,518,771 |
16,608 |
1.09 |
|
|
|
|
|
|
|
Noninterest-bearing demand
deposits |
420,347 |
|
|
396,091 |
|
|
Other liabilities |
10,925 |
|
|
45,368 |
|
|
Shareholders' equity |
252,542 |
|
|
283,516 |
|
|
Total liabilities
and shareholders' equity |
$ 2,029,266 |
|
|
$ 2,243,746 |
|
|
|
|
|
|
|
|
|
Net interest income and
spread |
|
$ 62,650 |
2.92% |
|
$ 76,563 |
3.34% |
Net interest margin (1) |
|
|
3.19% |
|
|
3.64% |
Average interest-earning assets
to average interest-bearing liabilities |
146.08% |
|
|
138.59% |
|
|
|
|
|
|
|
|
|
(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 |
|
Dec.
31 |
Sep.
30 |
Jun.
30 |
Mar.
31 |
Dec.
31 |
Sep.
30 |
Jun.
30 |
Mar.
31 |
LOAN COMPOSITION |
|
|
|
|
|
|
|
|
Noncovered: |
|
|
|
|
|
|
|
|
Real estate mortgage: |
|
|
|
|
|
|
|
|
Commercial |
$ 740,997 |
$ 743,858 |
$ 786,686 |
$ 819,873 |
$ 870,977 |
$ 898,453 |
$ 931,239 |
$ 996,486 |
One-to-four family
residential |
80,058 |
80,561 |
77,445 |
73,911 |
70,952 |
74,081 |
74,390 |
76,287 |
Real estate construction: |
|
|
|
|
|
|
|
|
Commercial |
143,650 |
162,995 |
158,907 |
139,462 |
130,753 |
206,342 |
211,098 |
222,678 |
One-to-four family
residential |
4,646 |
4,464 |
5,241 |
5,015 |
3,656 |
3,438 |
4,184 |
3,814 |
Commercial |
254,087 |
263,598 |
235,667 |
232,224 |
240,498 |
244,018 |
263,085 |
273,324 |
Installment and consumer: |
|
|
|
|
|
|
|
|
Guaranteed student loans |
4,394 |
4,471 |
4,520 |
4,576 |
4,680 |
4,872 |
5,153 |
5,276 |
Other |
26,644 |
27,698 |
27,977 |
28,553 |
31,512 |
32,710 |
33,555 |
31,766 |
Total noncovered loans, including held for
sale |
1,254,476 |
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 |
(36,607) |
(40,013) |
(40,270) |
(42,639) |
(46,494) |
(43,607) |
(43,807) |
(45,023) |
Total noncovered loans, net |
$ 1,217,869 |
$ 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 |
$ 11,282 |
$ 13,577 |
$ 15,452 |
$ 16,970 |
$ 18,298 |
$ 20,664 |
$ 21,472 |
$ 22,607 |
One-to-four family
residential |
3,930 |
4,084 |
4,253 |
4,458 |
4,881 |
5,059 |
5,432 |
5,766 |
Real estate construction: |
|
|
|
|
|
|
|
|
Commercial |
198 |
312 |
320 |
367 |
382 |
419 |
1,627 |
2,344 |
Commercial |
971 |
967 |
1,554 |
1,715 |
2,037 |
1,937 |
2,033 |
2,401 |
Installment and consumer |
46 |
40 |
67 |
91 |
109 |
118 |
148 |
196 |
Total covered loans |
16,427 |
18,980 |
21,646 |
23,601 |
25,707 |
28,197 |
30,712 |
33,314 |
Less allowance for loan losses |
(56) |
(68) |
(82) |
(214) |
(224) |
(138) |
(91) |
(60) |
Total covered loans, net |
$ 16,371 |
$ 18,912 |
$ 21,564 |
$ 23,387 |
$ 25,483 |
$ 28,059 |
$ 30,621 |
$ 33,254 |
LOANS BY SEGMENT |
|
|
|
|
|
|
|
|
Oklahoma banking |
$ 681,999 |
$ 681,749 |
$ 656,356 |
$ 628,747 |
$ 652,121 |
$ 704,916 |
$ 751,758 |
$ 810,217 |
Texas banking |
366,697 |
414,433 |
444,327 |
495,815 |
520,481 |
560,197 |
588,370 |
616,455 |
Kansas banking |
198,992 |
206,802 |
210,189 |
195,355 |
174,451 |
192,249 |
189,292 |
177,508 |
Subtotal |
1,247,688 |
1,302,984 |
1,310,872 |
1,319,917 |
1,347,053 |
1,457,362 |
1,529,420 |
1,604,180 |
Secondary market |
23,215 |
3,641 |
7,217 |
7,298 |
31,682 |
34,749 |
23,996 |
38,765 |
Total loans |
$ 1,270,903 |
$ 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 |
$ 2,721 |
$ 5,659 |
$ 5,989 |
$ 6,409 |
$ 3,355 |
$ 3,436 |
$ 3,608 |
$ 3,768 |
Commercial real estate |
6,564 |
12,203 |
12,325 |
13,362 |
18,337 |
20,576 |
4,932 |
6,821 |
Commercial |
8,819 |
10,887 |
10,719 |
11,861 |
15,232 |
1,791 |
10,878 |
2,209 |
One-to-four family residential |
456 |
396 |
418 |
651 |
1,310 |
949 |
1,125 |
1,508 |
Consumer |
53 |
55 |
64 |
73 |
160 |
131 |
176 |
118 |
Total nonperforming loans - noncovered |
$ 18,613 |
$ 29,200 |
$ 29,515 |
$ 32,356 |
$ 38,394 |
$ 26,883 |
$ 20,719 |
$ 14,424 |
NONPERFORMING LOANS BY
SEGMENT |
|
|
|
|
|
|
|
|
Oklahoma banking |
$ 5,547 |
$ 3,279 |
$ 1,678 |
$ 2,000 |
$ 2,956 |
$ 4,369 |
$ 2,979 |
$ 3,550 |
Texas banking |
11,902 |
24,963 |
26,294 |
28,817 |
33,756 |
19,940 |
14,894 |
5,703 |
Kansas banking |
1,164 |
958 |
1,543 |
1,539 |
1,682 |
2,574 |
2,846 |
5,171 |
Total nonperforming loans - noncovered |
$ 18,613 |
$ 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 |
560 |
-- |
-- |
9,207 |
11,003 |
14,130 |
14,129 |
14,854 |
One-to-four family residential |
-- |
-- |
-- |
-- |
97 |
108 |
549 |
933 |
Total other real estate - noncovered |
$ 560 |
$ 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 |
|
Dec.
31 |
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 |
560 |
676 |
145 |
215 |
695 |
1,278 |
1,923 |
3,210 |
Total other real estate - noncovered |
$ 560 |
$ 676 |
$ 145 |
$ 9,422 |
$ 11,315 |
$ 14,683 |
$ 17,263 |
$ 19,329 |
POTENTIAL PROBLEM LOANS BY
TYPE |
|
|
|
|
|
|
|
|
Construction & development |
21,501 |
22,222 |
20,745 |
19,968 |
22,077 |
22,565 |
25,563 |
33,907 |
Commercial real estate |
68,951 |
62,475 |
62,166 |
60,329 |
58,549 |
53,725 |
71,537 |
67,654 |
Commercial |
7,107 |
10,028 |
10,136 |
8,220 |
12,526 |
9,305 |
12,753 |
23,506 |
One-to-four family residential |
488 |
414 |
1,071 |
1,129 |
1,147 |
1,157 |
1,230 |
1,253 |
Consumer |
-- |
-- |
-- |
-- |
62 |
-- |
-- |
-- |
Total potential problem loans -
noncovered |
$ 98,047 |
$ 95,139 |
$ 94,118 |
$ 89,646 |
$ 94,361 |
$ 86,752 |
$ 111,083 |
$ 126,320 |
POTENTIAL PROBLEM LOANS BY
SEGMENT |
|
|
|
|
|
|
|
|
Oklahoma banking |
$ 29,005 |
$ 31,345 |
$ 31,495 |
$ 32,246 |
$ 30,875 |
$ 39,606 |
$ 48,038 |
$ 44,122 |
Texas banking |
65,079 |
59,561 |
58,710 |
51,978 |
58,377 |
43,313 |
59,368 |
79,735 |
Kansas banking |
3,963 |
4,233 |
3,913 |
5,422 |
5,109 |
3,833 |
3,677 |
2,463 |
Total potential problem loans -
noncovered |
$ 98,047 |
$ 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: |
|
|
|
|
|
|
|
|
Iowa |
$ 22,316 |
$ 22,438 |
$ 22,537 |
$ 22,659 |
$ 22,826 |
$ 22,958 |
$ 23,022 |
$ 23,130 |
Arizona |
19,458 |
30,516 |
31,564 |
33,017 |
40,326 |
41,255 |
39,449 |
34,749 |
North Carolina |
13,070 |
10,161 |
300 |
407 |
65 |
604 |
682 |
771 |
Colorado |
12,553 |
12,358 |
8,586 |
3,067 |
3,110 |
3,119 |
3,111 |
3,104 |
Kentucky |
12,404 |
10,088 |
11,860 |
10,144 |
8,691 |
7,517 |
9,455 |
517 |
California |
9,154 |
9,472 |
9,632 |
10,866 |
9,791 |
9,684 |
9,922 |
10,252 |
Mississippi |
8,823 |
8,929 |
9,233 |
9,170 |
9,239 |
9,842 |
-- |
-- |
Tennessee |
6,048 |
6,136 |
6,171 |
6,246 |
6,204 |
6,232 |
6,310 |
6,368 |
Ohio |
3,549 |
3,294 |
4,759 |
4,132 |
10,438 |
11,182 |
11,502 |
12,650 |
Pennsylvania |
3,109 |
3,299 |
3,441 |
44 |
-- |
-- |
-- |
-- |
Other |
12,171 |
24,562 |
27,225 |
28,285 |
32,975 |
33,448 |
33,795 |
31,349 |
Total loans out of market |
$ 122,655 |
$ 141,253 |
$ 135,308 |
$ 128,037 |
$ 143,665 |
$ 145,841 |
$ 137,248 |
$ 122,890 |
Nonperforming loans out of market: |
|
|
|
|
|
|
|
|
Arizona |
$ 9,302 |
$ 11,205 |
$ 12,167 |
$ 13,419 |
$ 11,599 |
$ 250 |
$ 256 |
$ 261 |
New York |
-- |
1,033 |
1,048 |
-- |
-- |
-- |
-- |
-- |
Florida |
252 |
258 |
264 |
270 |
275 |
281 |
287 |
293 |
Colorado |
-- |
-- |
-- |
131 |
131 |
131 |
131 |
131 |
Other |
-- |
-- |
1 |
-- |
59 |
-- |
-- |
-- |
Total nonperforming out of market |
$ 9,554 |
$ 12,496 |
$ 13,480 |
$ 13,820 |
$ 12,064 |
$ 662 |
$ 674 |
$ 685 |
Potential problem loans out of market: |
|
|
|
|
|
|
|
|
Iowa |
$ 11,568 |
$ 11,645 |
$ 11,719 |
$ 11,792 |
$ 11,868 |
$ 11,941 |
$ 11,970 |
$ 12,035 |
New Jersey |
1,094 |
1,170 |
1,244 |
-- |
-- |
-- |
-- |
-- |
California |
482 |
499 |
512 |
524 |
536 |
548 |
559 |
570 |
Florida |
66 |
71 |
75 |
80 |
85 |
90 |
95 |
100 |
Arizona |
-- |
-- |
-- |
-- |
9,037 |
-- |
-- |
-- |
Total potential problem out of market |
$ 13,210 |
$ 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 |
|
Dec.
31 |
Sep.
30 |
Jun.
30 |
Mar.
31 |
Dec.
31 |
Sep.
30 |
Jun.
30 |
Mar.
31 |
ALLOWANCE ACTIVITY |
|
|
|
|
|
|
|
|
Balance, beginning of period |
$ 40,081 |
$ 40,352 |
$ 42,853 |
$ 46,718 |
$ 43,745 |
$ 43,898 |
$ 45,083 |
$ 44,684 |
Charge offs |
2,681 |
600 |
2,072 |
4,651 |
722 |
2,653 |
2,229 |
1,936 |
Recoveries |
5,765 |
658 |
447 |
288 |
610 |
4,226 |
1,012 |
619 |
Net charge offs
(recoveries) |
(3,084) |
(58) |
1,625 |
4,363 |
112 |
(1,573) |
1,217 |
1,317 |
Provision for loan losses |
(6,502) |
(329) |
(876) |
498 |
3,085 |
(1,726) |
32 |
1,716 |
Balance, end of period |
$ 36,663 |
$ 40,081 |
$ 40,352 |
$ 42,853 |
$ 46,718 |
$ 43,745 |
$ 43,898 |
$ 45,083 |
NET CHARGE OFFS BY TYPE |
|
|
|
|
|
|
|
|
Construction & development |
(4,845) |
(20) |
111 |
(19) |
(22) |
(1,823) |
(85) |
(42) |
Commercial real estate |
(62) |
274 |
7 |
416 |
(18) |
2,022 |
91 |
14 |
Commercial |
1,883 |
(169) |
1,085 |
3,751 |
239 |
(1,894) |
1,228 |
1,211 |
One-to-four family residential |
(40) |
(165) |
363 |
167 |
(40) |
20 |
(105) |
123 |
Consumer |
(20) |
22 |
59 |
48 |
(47) |
102 |
88 |
11 |
Total net charge offs (recoveries) by
type |
$ (3,084) |
$ (58) |
$ 1,625 |
$ 4,363 |
$ 112 |
$ (1,573) |
$ 1,217 |
$ 1,317 |
NET CHARGE OFFS BY
SEGMENT |
|
|
|
|
|
|
|
|
Oklahoma banking |
$ (1,294) |
$ (203) |
$ 200 |
$ 589 |
$ (261) |
$ 5 |
$ (247) |
$ 1,150 |
Texas banking |
(2,314) |
(80) |
1,356 |
3,241 |
305 |
857 |
1,139 |
227 |
Kansas banking |
524 |
225 |
69 |
533 |
68 |
(2,435) |
325 |
(60) |
Total net charge offs (recoveries) by
segment |
$ (3,084) |
$ (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 |
|
Dec.
31 |
Sep.
30 |
Jun.
30 |
Mar.
31 |
Dec.
31 |
Sep.
30 |
Jun.
30 |
Mar.
31 |
PER SHARE DATA |
|
|
|
|
|
|
|
|
Basic earnings per common share |
$ 0.34 |
$ 0.19 |
$ 0.22 |
$ 0.12 |
$ 0.05 |
$ 0.22 |
$ 0.15 |
$ 0.21 |
Diluted earnings per common share |
0.34 |
0.19 |
0.22 |
0.12 |
0.05 |
0.22 |
0.15 |
0.21 |
Book value per common share |
13.13 |
12.83 |
12.67 |
12.72 |
12.60 |
12.59 |
12.35 |
12.21 |
Tangible book value per share* |
13.07 |
12.77 |
12.60 |
12.66 |
12.54 |
12.53 |
12.29 |
12.15 |
COMMON STOCK |
|
|
|
|
|
|
|
|
Shares issued and outstanding |
19,732,926 |
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 |
$ 394,199 |
$ 382,001 |
$ 372,403 |
$ 365,605 |
$ 377,112 |
$ 381,499 |
$ 340,378 |
$ 333,860 |
Loans held for sale |
3,060 |
3,641 |
7,217 |
7,297 |
31,682 |
34,749 |
23,996 |
38,765 |
Noncovered portfolio loans |
1,251,416 |
1,284,004 |
1,289,226 |
1,296,317 |
1,321,346 |
1,429,165 |
1,498,708 |
1,570,866 |
Total noncovered loans |
1,254,476 |
1,287,645 |
1,296,443 |
1,303,614 |
1,353,028 |
1,463,914 |
1,522,704 |
1,609,631 |
Covered portfolio loans |
16,427 |
18,980 |
21,646 |
23,601 |
25,707 |
28,197 |
30,712 |
33,314 |
Total assets |
1,981,423 |
1,972,367 |
2,031,962 |
2,091,694 |
2,122,255 |
2,151,153 |
2,264,123 |
2,268,264 |
Total deposits |
1,584,086 |
1,583,791 |
1,615,961 |
1,677,668 |
1,709,578 |
1,743,673 |
1,788,379 |
1,806,780 |
Other borrowings |
80,632 |
78,663 |
74,334 |
70,872 |
70,362 |
66,694 |
68,477 |
55,139 |
Subordinated debentures |
46,393 |
46,393 |
81,963 |
81,963 |
81,963 |
81,963 |
81,963 |
81,963 |
Total shareholders' equity |
259,187 |
252,802 |
249,420 |
250,509 |
246,056 |
244,821 |
309,003 |
306,046 |
Mortgage servicing portfolio |
390,732 |
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 |
$ 1,214 |
Core deposit intangible |
2,058 |
2,185 |
2,306 |
2,424 |
2,543 |
2,664 |
2,785 |
2,906 |
Mortgage servicing rights |
2,922 |
2,837 |
2,675 |
2,445 |
2,321 |
2,122 |
1,975 |
1,952 |
Total intangible assets |
$ 6,194 |
$ 6,236 |
$ 6,195 |
$ 6,083 |
$ 6,078 |
$ 6,000 |
$ 5,974 |
$ 6,072 |
Intangible amortization expense |
$ 278 |
$ 314 |
$ 313 |
$ 410 |
$ 283 |
$ 283 |
$ 282 |
$ 296 |
DEPOSIT COMPOSITION |
|
|
|
|
|
|
|
|
Non-interest bearing demand |
$ 444,796 |
$ 436,904 |
$ 412,176 |
$ 416,979 |
$ 424,008 |
$ 429,407 |
$ 421,083 |
$ 395,141 |
Interest-bearing demand |
120,156 |
106,176 |
138,502 |
125,914 |
112,012 |
113,677 |
119,929 |
119,759 |
Money market accounts |
439,981 |
423,720 |
408,145 |
437,629 |
423,417 |
385,296 |
361,839 |
349,419 |
Savings accounts |
41,727 |
39,727 |
38,611 |
39,733 |
37,693 |
36,461 |
35,610 |
34,679 |
Time deposits of $100,000 or more |
251,185 |
270,916 |
295,179 |
317,270 |
351,273 |
389,969 |
431,317 |
464,876 |
Other time deposits |
286,241 |
306,348 |
323,348 |
340,143 |
361,175 |
388,863 |
418,601 |
442,906 |
Total deposits** |
$ 1,584,086 |
$ 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 |
402 |
407 |
408 |
412 |
422 |
429 |
430 |
435 |
Branches |
23 |
23 |
22 |
22 |
22 |
23 |
23 |
23 |
Loan production offices |
0 |
0 |
1 |
1 |
1 |
2 |
2 |
2 |
Assets per employee |
$ 4,929 |
$ 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 |
$ 1,584,086 |
$ 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 |
1,347 |
1,343 |
4,904 |
5,760 |
9,865 |
10,197 |
12,238 |
13,307 |
Other brokered
deposits |
3,423 |
3,423 |
3,422 |
3,422 |
3,421 |
4,421 |
4,420 |
6,529 |
Non-brokered deposits |
$ 1,579,316 |
$ 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 |
55,631 |
53,663 |
49,334 |
45,872 |
45,362 |
41,694 |
43,477 |
30,139 |
Core funding |
$ 1,634,947 |
$ 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 |
|
Dec.
31 |
Sep.
30 |
Jun.
30 |
Mar.
31 |
Dec.
31 |
Sep.
30 |
Jun.
30 |
Mar.
31 |
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
Return on average assets (annualized) |
1.37 % |
0.75% |
0.87% |
0.46% |
0.18% |
1.06% |
0.73% |
0.89% |
Return on average common equity
(annualized) |
10.59 |
5.99 |
7.00 |
3.89 |
1.56 |
7.11 |
5.03 |
7.00 |
Return on average tangible common equity
(annualized)* |
10.64 |
6.02 |
7.03 |
3.90 |
1.56 |
7.15 |
5.06 |
7.03 |
Net interest margin (annualized) |
3.42 |
3.11 |
3.07 |
3.16 |
3.41 |
3.59 |
3.71 |
3.82 |
Effective tax rate |
38.68 |
38.01 |
33.74 |
43.88 |
31.45 |
39.73 |
37.12 |
37.50 |
Efficiency ratio |
76.45 |
69.18 |
68.93 |
75.16 |
79.68 |
64.47 |
71.82 |
58.73 |
NONPERFORMING ASSETS |
|
|
|
|
|
|
|
|
Noncovered: |
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ 18,560 |
$ 29,198 |
$ 29,513 |
$ 32,356 |
$ 35,104 |
$ 26,493 |
$ 20,474 |
$ 14,324 |
90 days past due and accruing |
53 |
2 |
2 |
-- |
3,290 |
390 |
245 |
100 |
Total nonperforming loans |
18,613 |
29,200 |
29,515 |
32,356 |
38,394 |
26,883 |
20,719 |
14,424 |
Other real estate |
560 |
676 |
145 |
9,422 |
11,315 |
14,683 |
17,263 |
19,329 |
Total nonperforming assets |
$ 19,173 |
$ 29,876 |
$ 29,660 |
$ 41,778 |
$ 49,709 |
$ 41,566 |
$ 37,982 |
$ 33,753 |
Performing restructured |
$ 28 |
$ 527 |
$ 993 |
$ 512 |
$ 290 |
$ 281 |
$ 328 |
$ 1,700 |
Potential problem loans |
$ 98,047 |
$ 95,139 |
$ 94,118 |
$ 89,646 |
$ 94,361 |
$ 86,752 |
$ 111,083 |
$ 126,320 |
Covered: |
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ 1,259 |
$ 3,480 |
$ 3,062 |
$ 2,873 |
$ 3,595 |
$ 4,809 |
$ 6,067 |
$ 7,015 |
90 days past due and accruing |
-- |
-- |
-- |
-- |
-- |
353 |
-- |
-- |
Total nonperforming loans |
1,259 |
3,480 |
3,062 |
2,873 |
3,595 |
5,162 |
6,067 |
7,015 |
Other real estate |
2,094 |
1,017 |
1,666 |
2,243 |
3,643 |
4,142 |
3,825 |
4,694 |
Total nonperforming assets |
$ 3,353 |
$ 4,497 |
$ 4,728 |
$ 5,116 |
$ 7,238 |
$ 9,304 |
$ 9,892 |
$ 11,709 |
Performing restructured |
$ 1,600 |
$ 1,733 |
$ 1,800 |
$ 1,854 |
$ 2,523 |
$ 2,548 |
$ 1,701 |
$ -- |
Potential problem loans |
$ 1,703 |
$ 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) |
(0.96)% |
(0.02)% |
0.50% |
1.32% |
0.03% |
(0.42)% |
0.31% |
0.32% |
Noncovered: |
|
|
|
|
|
|
|
|
Nonperforming assets to portfolio loans and
other real estate |
1.53% |
2.33% |
2.30% |
3.20% |
3.73% |
2.88% |
2.51% |
2.12% |
Nonperforming loans to portfolio loans |
1.49 |
2.27 |
2.29 |
2.50 |
2.91 |
1.88 |
1.38 |
0.92 |
Allowance for loan losses to portfolio
loans |
2.93 |
3.12 |
3.12 |
3.29 |
3.52 |
3.05 |
2.92 |
2.87 |
Allowance for loan losses to nonperforming
loans |
196.67 |
137.03 |
136.44 |
131.78 |
121.10 |
162.21 |
211.43 |
312.14 |
Covered: |
|
|
|
|
|
|
|
|
Nonperforming assets to portfolio loans and
other real estate |
18.10% |
22.49% |
20.28% |
19.80% |
24.66% |
28.77% |
28.64% |
30.81% |
Nonperforming loans to portfolio loans |
7.66 |
18.34 |
14.15 |
12.17 |
13.98 |
18.31 |
19.75 |
21.06 |
Allowance for loan losses to portfolio
loans |
0.34 |
0.36 |
0.38 |
0.91 |
0.87 |
0.49 |
0.30 |
0.18 |
Allowance for loan losses to nonperforming
loans |
4.45 |
1.95 |
2.68 |
7.45 |
6.23 |
2.67 |
1.50 |
0.86 |
CAPITAL RATIOS |
|
|
|
|
|
|
|
|
Average total shareholders' equity to average
assets |
12.93% |
12.53% |
12.41% |
11.92% |
11.61% |
12.31% |
13.56% |
12.99% |
Leverage ratio |
14.86 |
14.78 |
16.10 |
15.59 |
15.01 |
14.49 |
16.84 |
16.20 |
Tier 1 capital to risk-weighted assets |
20.28 |
20.22 |
22.48 |
22.25 |
20.28 |
19.36 |
22.24 |
21.21 |
Total capital to risk-weighted assets |
21.59 |
21.52 |
23.78 |
23.54 |
21.56 |
20.64 |
23.52 |
22.49 |
Tangible common equity to tangible
assets*** |
13.03 |
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 |
|
Dec.
31 |
Sep.
30 |
Jun.
30 |
Mar.
31 |
Dec.
31 |
Sep.
30 |
Jun.
30 |
Mar.
31 |
REGULATORY CAPITAL DATA |
|
|
|
|
|
|
|
|
Tier I capital |
$ 292,051 |
$ 296,488 |
$ 326,831 |
$ 324,659 |
$ 319,665 |
$ 317,665 |
$ 382,263 |
$ 378,949 |
Total capital |
310,867 |
315,570 |
345,717 |
343,562 |
339,964 |
338,739 |
404,252 |
401,808 |
Total risk adjusted assets |
1,439,934 |
1,466,672 |
1,453,878 |
1,459,465 |
1,576,521 |
1,641,121 |
1,719,058 |
1,786,282 |
Average total assets |
1,964,920 |
2,006,525 |
2,030,064 |
2,082,789 |
2,130,035 |
2,192,579 |
2,269,640 |
2,339,784 |
____________________ |
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|
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|
*This is a Non-GAAP based financial
measure. |
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***Calculation of Tangible
Capital to Tangible Assets (Non-GAAP Financial Measure) |
Total shareholders' equity |
$ 259,187 |
$ 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 |
1,214 |
Preferred
stock |
-- |
-- |
-- |
-- |
-- |
-- |
68,837 |
68,644 |
Tangible common equity |
$ 257,973 |
$ 251,588 |
$ 248,206 |
$ 249,295 |
$ 244,842 |
$ 243,607 |
$ 238,952 |
$ 236,188 |
Total assets |
$ 1,981,423 |
$ 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 |
1,214 |
Tangible assets |
$ 1,980,209 |
$ 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 |
13.03% |
12.76% |
12.22% |
11.93% |
11.54% |
11.33% |
10.56% |
10.42% |
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Balance sheet amounts and ratios
are as of period end unless otherwise noted. |
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CONTACT: For additional information:
Mark W. Funke
President & CEO
Joe T. Shockley, Jr.
EVP & CFO
(405) 372-2230
Southwest Bancorp, Inc. (NASDAQ:OKSB)
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