Southwest Bancorp, Inc. (Nasdaq:OKSB) (Nasdaq:OKSBP),
("Southwest"), today reported 2010 annual net income available to
common shareholders of $12.8 million compared to $8.8 million for
the year ended December 31, 2009, an increase of 45%. On a per
share basis, 2010 annual net income available to common
shareholders was $0.71 per diluted share compared to $0.60 per
diluted share for the year 2009, an increase of 18%. Per share
earnings reflect additional shares issued in our $54.3 million
second quarter 2010 common stock offering. Total net income for
2010 was $17.0 million compared to $13.0 million for 2009, an
increase of 31%.
Net income available to common shareholders for the fourth
quarter 2010 was $3.3 million, or $0.17 per diluted share, compared
to $2.8 million, or $0.15 per diluted share, for the third quarter
of 2010 and $2.5 million, or $0.17 per diluted share, for the
fourth quarter of 2009.
Rick Green, Southwest Bancorp's President and Chief Executive
Officer, stated, "The 2010 results put us in a position to gain
momentum in 2011. Earnings for the fourth quarter were driven
by stable net interest income, controlled noninterest expense, and
a decrease in the required provision for loan losses.
The Board of Directors and management are dedicated to the
resolution of problem credits, the maintenance of capital and
liquidity, stability in net interest income, and control of
operating expenses. We continue to manage our loan portfolio
with our ongoing, disciplined workout process focused on addressing
the challenges of the commercial real estate construction and
commercial mortgage sectors. Noncovered nonperforming assets
at year-end were down $26.6 million, or 16%, from September 30,
2010. Our allowance for loan losses to noncovered
nonperforming loans ratio was 61% at year-end 2010, compared with
53% at September 30, 2010 and 59% at year-end 2009.
In the fourth quarter, we resolved, through pay-offs and
charge-offs, approximately $33.4 million in nonaccrual loans, sold
approximately $4.7 million of other real estate, moved
approximately $7.0 million into other real estate, and classified
an additional $14.8 million as nonaccrual.
Our noncovered potential problem loans decreased by $42.8
million, or 16%, from their historical quarterly high at March 31,
2010. This decrease reflects fourth quarter 2010 activity of
approximately $40.2 million in upgrades, a move of approximately
$13.4 million to nonaccrual status, and the addition of $52.8
million to the category. We are encouraged that the state
economic factors for our principal markets in Oklahoma, Texas, and
Kansas continue to outperform most of the nation and we continue to
make loans in each of our markets with an emphasis on health care
lending and carefully controlled real estate collateralized
credits.
Our second quarter common stock offering gave us new common
equity and we continue to build additional common equity from our
core earnings. Southwest and its banking subsidiaries have
maintained capital levels that substantially exceed the minimums
for regulatory "well-capitalized" status. At December 31, 2010
Southwest's total regulatory capital was $477.9 million for a total
risk-based capital ratio of 19.06%, and Tier 1 capital was $446.0
million for a Tier 1 risk-based capital ratio of 17.78%."
Please review the following discussion and the attached
financial tables for important additional information regarding our
financial condition and performance.
Financial Overview
Condition: Total assets were $2.8 billion at
December 31, 2010, a decrease of 9% from December 31, 2009. At
December 31, 2010 total loans were $2.4 billion, a decrease of 9%
from December 31, 2009.
At December 31, 2010 the allowance for loan losses was $65.2
million, an increase of 5% from December 31, 2009, and represented
2.80% of noncovered portfolio loans versus 2.46% at December 31,
2009. The methodology used to determine the appropriate amount
of the allowance for loan losses at a particular time includes
consideration of risk factors related to Southwest and to our
markets including regular assessments of national and local
economic conditions and trends. Provisions for loan losses are
recorded in the amount necessary to maintain the allowance at the
level management deems appropriate.
Excluding assets subject to loss sharing agreements with the
FDIC ("covered assets"), nonperforming assets, consisting of
nonaccrual loans, loans past due by 90 days or more and still
accruing, and other real estate, were $144.8 million and 6.11% of
portfolio loans and other real estate as of December 31, 2010, down
$26.6 million from September 30, 2010. A breakdown of
noncovered portfolio loans and noncovered nonperforming assets at
December 31, 2010 by type is shown in the following table:
| |
Noncovered |
Noncovered |
| |
portfolio |
nonperforming |
| (dollars in thousands) |
loans |
assets |
| Real estate construction |
$ 457,326 |
$ 67,571 |
| Commercial real estate |
1,295,114 |
30,510 |
| Commercial |
452,293 |
6,978 |
| Residential real estate mortgages |
87,500 |
1,983 |
| Other consumer loans |
39,060 |
41 |
| Other real estate |
-- |
37,722 |
| Total |
$ 2,331,293 |
$ 144,805 |
Excluding covered loans, nonaccrual loans were $106.6 million as
of December 31, 2010, a decrease of $28.6 million, or 21%, from
September 30, 2010, and an increase of $0.7 million, or 1%, from
December 31, 2009. These loans are carried at their estimated
collectible amounts and no longer accrue interest. Noncovered
loans 90 days or more past due were $0.5 million as of December 31,
2010. These loans are deemed to have sufficient collateral and
are in the process of collection.
Impaired loans, which include nonaccrual and restructured loans,
are evaluated on an individual basis using the discounted present
value of expected cash flows, the fair value of collateral, or the
market value of the loan, and a specific allowance is recorded to
reflect the appropriate net realizable value. Collateral
dependent loans are evaluated for impairment based upon the fair
value of the collateral. Charge-offs against the allowance for
impaired loans are made when and to the extent amounts are deemed
uncollectible.
Performing loans that have been restructured to provide a
reduction or deferral of interest or principal due to a weakening
in the financial position of the borrower were $2.2 million at
December 31, 2010, compared to $5.3 million at September 30,
2010.
Excluding covered loans, performing loans considered potential
problem loans, which are not included in the past due or nonaccrual
categories but for which known information about possible credit
problems cause management to be uncertain as to the continued
ability of the borrowers to comply with the present loan repayment
terms in future periods, amounted to $233.1 million at December 31,
2010, a decrease of $3.7 million from September 30, 2010 and $25.3
million from December 31, 2009. Potential problem loans are
subject to continuing management attention and are considered by
management in determining the level of the allowance for loan
losses.
Year-to-date Results:
Summary: The $4.0 million increase in our
net income available to common shareholders from 2009 was the
result of an $8.6 million increase in net interest income driven by
an improved net interest margin and a $3.6 million decrease in the
provision for loan losses, offset in part by a $3.4 million
decrease in noninterest income, a $2.8 million increase in
noninterest expense, and a $2.1 million increase in income tax
expense.
Net Interest Income: Net
interest income totaled $107.3 million for 2010, compared to $98.7
million for 2009, an increase of $8.6 million, or
9%. Year-to-date net interest margin was 3.67% for 2010,
compared to 3.38% for 2009. Included in 2010 year-to-date net
interest income was $1.0 million of net recoveries from the
resolution of nonperforming loans and additional discount accretion
on loans and the loss share receivable, offset in part by interest
reversals on nonaccrual loans. Included in 2009 year-to-date
net interest income was a recovery of $3.0 million in interest from
the successful resolution of a nonperforming loan and additional
discount accretion on loans and the loss share
receivable. These net recoveries increased year-to-date
interest margin by 3 basis points and 10 basis points for 2010 and
2009, respectively.
Provision for Loan Losses and Net
Charge-Offs: The provision for loan losses totaled
$35.6 million for 2010, compared to $39.2 million for
2009. Net charge-offs totaled $32.7 million, or 1.29% of
average portfolio loans as of December 31, 2010, compared to $16.5
million, or 0.63% of average portfolio loans as of December 31,
2009.
Noninterest Income: Noninterest income
totaled $18.6 million for 2010, compared to $21.9 million for
2009. The decrease in noninterest income was primarily the
result of a $3.3 million one-time gain on the FDIC-assisted
acquisition that was recorded in the prior year.
Noninterest Expense: Noninterest expense
totaled $63.6 million for 2010, compared to $60.9 million for 2009.
The increase consisted of a $2.1 million increase in other
real estate expense, a $1.7 million increase in other general and
administrative expense, and a $0.6 million increase in personnel
expense, offset in part by a $1.4 million decrease in provision for
unfunded loan commitments and a $0.5 million decrease in occupancy
expense.
Fourth Quarter Results:
Summary: Net income available to common
shareholders was $3.3 million in the fourth quarter of 2010,
compared to $2.8 million in the third quarter of 2010 and $2.5
million in the fourth quarter of 2009. The increase from the
third quarter of 2010 was the result of a $4.7 million decrease in
the provision for loan losses and a $0.5 million increase in net
interest income, offset in part by a $2.2 million decrease in
noninterest income, a $1.4 million increase in noninterest expense,
and a $1.2 million increase in income taxes. The increase from
the fourth quarter of 2009 was the result of a $3.4 million
decrease in the provision for loan losses, offset in part by a $0.8
million increase in noninterest expense, a $0.6 million increase in
income taxes, and a $0.4 million decrease in noninterest
income.
Net Interest Income: Net
interest income totaled $27.0 million for the fourth quarter of
2010, compared to $26.5 million for the third quarter of 2010, an
increase of $0.5 million, or 2%, and $27.8 million for the fourth
quarter of 2009, a decrease of $0.8 million, or 3%. Net
interest margin was 3.82% for the fourth quarter of 2010, compared
to 3.63% for the third quarter of 2010 and 3.71% for the fourth
quarter of 2009. Included in the fourth quarter of 2010 net
interest margin was a net recovery of $0.5 million from the
resolution of nonperforming loans and the quarterly adjustment of
the discount accretion on loans and the loss share
receivable. Included in the third quarter 2010 net interest
margin was a net reduction of $0.3 million from the interest
reversals on nonaccrual loans offset by the quarterly adjustment of
the discount accretion on loans and the loss share
receivable. Included in the fourth quarter 2009 net interest
margin was a $1.0 million net adjustment of the discount accretion
on loans and the loss share receivable. The net effects of
these adjustments on net interest margin were a 7 basis point
increase, a 5 basis point decrease, and a 13 basis point increase
for the each quarter,
respectively.
Provision for Loan Losses and Net
Charge-Offs: The provision for loan losses totaled
$7.3 million for the fourth quarter of 2010, compared to $12.0
million for the third quarter of 2010 and $10.6 million for the
fourth quarter of 2009. Net charge-offs totaled $14.5
million, or 2.35% (annualized) of average portfolio loans for the
fourth quarter of 2010, compared to $6.6 million, or 1.05%
(annualized) of average portfolio loans for the third quarter of
2010 and $6.0 million, or 0.89% (annualized) of average portfolio
loans for the fourth quarter of 2009.
Noninterest Income: Noninterest income
totaled $4.1 million for the fourth quarter of 2010, compared to
$6.3 million for the third quarter of 2010 and $4.5 million for the
fourth quarter of 2009. The decrease in noninterest income
from the third quarter of 2010 was primarily the result of a $2.5
million decrease in gain on sale of securities, and the decrease
from the fourth quarter of 2009 was primarily the result of a $0.3
million decrease in gain on sale of loans.
Noninterest Expense: Noninterest expense
totaled $16.8 million for the fourth quarter of 2010, compared to
$15.4 million for the third quarter of 2010 and $16.0 million for
the fourth quarter of 2009. The increase from third quarter
2010 consisted of a $1.0 million increase in other real estate
expense and a $0.3 million increase in personnel expense. The
increase from fourth quarter 2009 consisted of a $1.2 million
increase in other real estate expense, offset in part by a $0.5
million decrease in the provision for unfunded loan commitments and
$0.4 million decrease in occupancy expense.
Southwest Bancorp and
Subsidiaries
Southwest is the bank holding company for Stillwater National
Bank and Trust Company ("Stillwater National") and Bank of Kansas.
Through its subsidiaries, Southwest offers commercial and consumer
lending, deposit and investment services, specialized cash
management, and other financial services from offices in Oklahoma,
Texas, and Kansas, and on the Internet, through SNB
DirectBanker®. We were organized in 1981 as the holding
company for Stillwater National, which was chartered in
1894. At December 31, 2010 we had total assets of $2.8
billion, deposits of $2.3 billion, and shareholders' equity of
$377.8 million.
Our area of expertise focuses on the special financial needs of
healthcare and health professionals, businesses and their managers
and owners, and commercial and commercial real estate
borrowers. We established a strategic focus on healthcare
lending in 1974. We provide credit and other services, such as
deposits, cash management, and document imaging for physicians and
other healthcare practitioners to start or develop their practices
and finance the development and purchase of medical offices,
clinics, surgical care centers, hospitals, and similar
facilities. As of December 31, 2010, approximately $713.7
million, or 30%, of our noncovered loans were loans to individuals
and businesses in the healthcare industry.
We also focus on commercial real estate mortgage and
construction credits. We do not focus on one-to-four family
residential development loans or "spec" residential property
credits. Additionally, subprime lending has never been a part
of our business strategy, and our exposure to subprime loans and
subprime lenders is minimal. One-to-four family mortgages
account for less than 5% of total noncovered loans. As of
December 31, 2010 approximately $1.8 billion, or 74%, of our
noncovered loans were commercial real estate mortgage and
construction loans, including $412.6 million of loans to
individuals and businesses in the healthcare industry. Our
commercial real estate mortgage and construction and commercial
loans are concentrated in states that have experienced less adverse
effects from the recession than many others.
We operate six offices in Texas, eleven offices in Oklahoma, and
eight offices in Kansas. At December 31, 2010 our Texas
segment accounted for $982.8 million, or 41% of total portfolio
loans, followed by $871.4 million, or 37%, from our Oklahoma
segment, $289.6 million, or 12%, from our Kansas segment, and
$241.0 million, or 10%, from our other states segment.
Southwest's common stock is traded on the NASDAQ Global Select
Market under the symbol OKSB. Southwest's public trust
preferred securities are traded on the NASDAQ Global Select Market
under the symbol OKSBP.
The Southwest Bancorp, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8074
Forward-Looking
Statements
This earnings release includes forward-looking statements that
are subject to risks and uncertainties. These forward-looking
statements include: statements of Southwest's goals,
intentions, and expectations; estimates of risks and of future
costs and benefits; expectations regarding future financial
performance of Southwest and its operating segments; assessments of
loan quality, probable loan losses, and the amount and timing of
loan payoffs; liquidity, contractual obligations, off-balance sheet
risk, and interest rate risk; estimates of value of acquired
assets, deposits, and other liabilities; and statements of
Southwest's ability to achieve financial and other goals. These
forward-looking statements are subject to significant
uncertainties, because they are based upon: the amount and timing
of future changes in interest rates, market behavior, and other
economic conditions; future laws and regulations and accounting
principles; and a variety of other matters. Because of these
uncertainties, the actual future results may be materially
different from the results indicated by these forward-looking
statements. In addition, Southwest's past growth and performance do
not necessarily indicate our future results.
Southwest is required under generally accepted accounting
principles to evaluate subsequent events and their impact, if any,
on its financial statements as of December 31, 2010 through the
date its financial statements are filed with the Securities and
Exchange Commission. The December 31, 2010 financial
statements 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 Financial
Data |
Table 6 |
| Unaudited Quarterly Supplemental Analytical
Data |
Table 7 |
| |
|
|
|
|
|
| SOUTHWEST BANCORP,
INC. |
|
|
|
|
Table 1 |
| UNAUDITED FINANCIAL
HIGHLIGHTS |
|
|
|
|
|
| (Dollars in thousands except per
share) |
|
|
|
|
|
| |
Fourth
Quarter |
Third
Quarter |
| QUARTERLY
HIGHLIGHTS |
|
|
% |
|
% |
| |
2010 |
2009 |
Change |
2010 |
Change |
| Operations |
|
|
|
|
|
| Net interest
income |
$ 26,970 |
$ 27,797 |
(3)% |
$ 26,452 |
2 % |
| Provision for loan
losses |
7,265 |
10,640 |
(32) |
11,988 |
(39) |
| Noninterest
income |
4,089 |
4,488 |
(9) |
6,335 |
(35) |
| Noninterest
expense |
16,811 |
16,041 |
5 |
15,418 |
9 |
| Income before
taxes |
6,983 |
5,604 |
25 |
5,381 |
30 |
| Taxes on
income |
2,675 |
2,030 |
32 |
1,508 |
77 |
| Net income |
4,308 |
3,574 |
21 |
3,873 |
11 |
| Net income available to
common shareholders |
3,257 |
2,534 |
29 |
2,825 |
15 |
| Diluted earnings per
share |
0.17 |
0.17 |
-- |
0.15 |
13 |
| Balance
Sheet |
|
|
|
|
|
| Total assets |
2,820,541 |
3,108,291 |
(9) |
2,905,275 |
(3) |
| Loans held for
sale |
35,194 |
43,134 |
(18) |
34,868 |
1 |
| Noncovered portfolio
loans |
2,331,293 |
2,539,294 |
(8) |
2,412,796 |
(3) |
| Covered portfolio
loans |
53,628 |
85,405 |
(37) |
60,558 |
(11) |
| Total deposits |
2,252,728 |
2,592,730 |
(13) |
2,345,648 |
(4) |
| Total shareholders'
equity |
377,812 |
309,778 |
22 |
376,576 |
-- |
| Book value per common
share |
15.97 |
16.46 |
(3) |
15.93 |
-- |
| Key Ratios |
|
|
|
|
|
| Net interest
margin |
3.82 % |
3.71 % |
|
3.63 % |
|
| Efficiency
ratio |
54.13 |
46.69 |
|
47.02 |
|
| Total capital to
risk-weighted assets |
19.06 |
14.55 |
|
18.45 |
|
| Nonperforming loans to
portfolio loans - noncovered |
4.59 |
4.18 |
|
5.62 |
|
| Shareholders' equity to
total assets |
13.40 |
9.97 |
|
12.96 |
|
| Tangible common equity to
tangible assets* |
10.78 |
7.61 |
|
10.43 |
|
| Return on average assets
(annualized) |
0.59 |
0.46 |
|
0.52 |
|
| Return on average common
equity (annualized) |
4.11 |
4.06 |
|
3.57 |
|
| Return on average
tangible common equity (annualized)** |
4.21 |
4.17 |
|
3.65 |
|
| |
|
|
|
|
|
|
YEAR-TO-DATE HIGHLIGHTS |
Twelve
Months |
|
|
| |
|
|
% |
|
|
| |
2010 |
2009 |
Change |
|
|
| Operations |
|
|
|
|
|
| Net interest
income |
$ 107,331 |
$ 98,691 |
9 % |
|
|
| Provision for loan
losses |
35,560 |
39,176 |
(9) |
|
|
| Noninterest
income |
18,564 |
21,936 |
(15) |
|
|
| Noninterest
expense |
63,633 |
60,858 |
5 |
|
|
| Income before
taxes |
26,702 |
20,593 |
30 |
|
|
| Taxes on
income |
9,738 |
7,611 |
28 |
|
|
| Net income |
16,964 |
12,982 |
31 |
|
|
| Net income available to
common |
|
|
|
|
|
| shareholders |
12,777 |
8,837 |
45 |
|
|
| Diluted earnings per
share |
0.71 |
0.60 |
18 |
|
|
| Balance
Sheet |
|
|
|
|
|
| Total assets |
2,820,541 |
3,108,291 |
(9) |
|
|
| Loans held for
sale |
35,194 |
43,134 |
(18) |
|
|
| Noncovered portfolio
loans |
2,331,293 |
2,539,294 |
(8) |
|
|
| Covered portfolio
loans |
53,628 |
85,405 |
(37) |
|
|
| Total deposits |
2,252,728 |
2,592,730 |
(13) |
|
|
| Total shareholders'
equity |
377,812 |
309,778 |
22 |
|
|
| Book value per common
share |
15.97 |
16.46 |
(3) |
|
|
| Key Ratios |
|
|
|
|
|
| Net interest
margin |
3.67 % |
3.38 % |
|
|
|
| Efficiency ratio
(GAAP-based) |
50.54 |
50.45 |
|
|
|
| Total capital to
risk-weighted assets |
19.06 |
14.55 |
|
|
|
| Nonperforming loans to
portfolio loans - noncovered |
4.59 |
4.18 |
|
|
|
| Shareholders' equity to
total assets |
13.40 |
9.97 |
|
|
|
| Tangible common equity to
tangible assets* |
10.78 |
7.61 |
|
|
|
| Return on average
assets |
0.57 |
0.43 |
|
|
|
| Return on average common
equity |
4.37 |
3.65 |
|
|
|
| Return on average
tangible common equity** |
4.48 |
3.76 |
|
|
|
| |
|
|
|
|
|
| Balance sheet amounts and
ratios are as of period end unless otherwise noted. |
|
|
|
|
| * This is a Non-GAAP
financial measure. Please see Table 7 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. |
|
|
|
|
|
| |
|
|
| UNAUDITED
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
|
|
| (Dollars in thousands, except per
share) |
|
|
|
| |
|
|
|
| |
December 31, |
December 31, |
|
| |
2010 |
2009 |
|
| Assets |
|
|
|
| Cash and cash equivalents |
$ 67,496 |
$ 118,847 |
|
| Investment securities: |
|
|
|
| Held to maturity. Fair
value: $14,029, $6,754, respectively |
14,304 |
6,670 |
|
| Available for sale.
Amortized cost: $246,649, $236,199, respectively |
248,221 |
237,703 |
|
| Other investments, at
cost |
10,404 |
19,066 |
|
| Loans held for sale |
35,194 |
43,134 |
|
| Noncovered loans receivable |
2,331,293 |
2,539,294 |
|
| Less: Allowance for loan
losses |
(65,229) |
(62,413) |
|
| Net noncovered loans
receivable |
2,266,064 |
2,476,881 |
|
| Covered loans receivable (includes loss
share: $14.4 million, $23.9 million, respectively) |
53,628 |
85,405 |
|
| Net loans receivable |
2,319,692 |
2,562,286 |
|
| Accrued interest receivable |
8,590 |
10,806 |
|
| Premises and equipment, net |
23,772 |
26,536 |
|
| Noncovered other real estate |
37,722 |
18,432 |
|
| Covered other real estate |
4,187 |
4,748 |
|
| Goodwill |
6,811 |
6,811 |
|
| Other intangible assets, net |
5,371 |
5,779 |
|
| Other assets |
38,777 |
47,473 |
|
| Total assets |
$ 2,820,541 |
$ 3,108,291 |
|
| |
|
|
|
| Liabilities |
|
|
|
| Deposits: |
|
|
|
| Noninterest-bearing
demand |
$ 377,182 |
$ 324,829 |
|
| Interest-bearing
demand |
92,584 |
74,201 |
|
| Money market
accounts |
495,253 |
505,521 |
|
| Savings
accounts |
26,665 |
25,730 |
|
| Time deposits of $100,000
or more |
694,565 |
1,004,439 |
|
| Other time
deposits |
566,479 |
658,010 |
|
| Total deposits |
2,252,728 |
2,592,730 |
|
| Accrued interest payable |
1,577 |
3,191 |
|
| Income tax payable |
2,878 |
4,486 |
|
| Other liabilities |
8,981 |
13,121 |
|
| Other borrowings |
94,602 |
103,022 |
|
| Subordinated debentures |
81,963 |
81,963 |
|
| Total
liabilities |
2,442,729 |
2,798,513 |
|
| |
|
|
|
| Shareholders'
equity |
|
|
|
| Serial preferred stock; 2,000,000
shares authorized; |
|
|
|
| 70,000 shares issued and
outstanding |
67,724 |
67,037 |
|
| Common stock -- $1 par value;
40,000,000 shares authorized; |
|
|
|
| 19,421,900, 14,750,713 shares issued
and outstanding, respectively |
19,422 |
14,751 |
|
| Additional paid-in capital |
98,894 |
49,029 |
|
| Retained earnings |
190,793 |
178,016 |
|
| Accumulated other comprehensive
income |
979 |
945 |
|
| Total shareholders'
equity |
377,812 |
309,778 |
|
| Total liabilities and
shareholders' equity |
$ 2,820,541 |
$ 3,108,291 |
|
| |
|
|
|
| |
|
|
|
|
| SOUTHWEST BANCORP,
INC. |
|
|
|
Table 3 |
| UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
| (Dollars in thousands except per
share) |
|
|
|
|
| |
|
|
|
|
| |
For the three
months |
For the twelve
months |
| |
ended
December 31, |
ended
December 31, |
| |
2010 |
2009 |
2010 |
2009 |
| Interest
income |
|
|
|
|
| Loans |
$ 32,831 |
$ 36,355 |
$ 133,918 |
$ 141,239 |
| Investment
securities |
1,816 |
2,433 |
8,660 |
9,146 |
| Other interest-earning
assets |
39 |
1 |
229 |
14 |
| Total interest
income |
34,686 |
38,789 |
142,807 |
150,399 |
| |
|
|
|
|
| Interest
expense |
|
|
|
|
| Interest-bearing
deposits |
5,920 |
9,090 |
28,267 |
42,319 |
| Other
borrowings |
514 |
625 |
2,079 |
4,049 |
| Subordinated
debentures |
1,282 |
1,277 |
5,130 |
5,340 |
| Total interest
expense |
7,716 |
10,992 |
35,476 |
51,708 |
| |
|
|
|
|
| Net interest income |
26,970 |
27,797 |
107,331 |
98,691 |
| |
|
|
|
|
| Provision for loan losses |
7,265 |
10,640 |
35,560 |
39,176 |
| |
|
|
|
|
| Net interest income after provision for
loan losses |
19,705 |
17,157 |
71,771 |
59,515 |
| |
|
|
|
|
| Noninterest
income |
|
|
|
|
| Service charges and
fees |
3,144 |
3,295 |
12,404 |
11,704 |
| Gain on
acquisition |
-- |
-- |
-- |
3,281 |
| Gain on sales of
loans |
682 |
933 |
2,736 |
2,963 |
| Gain on investment
securities |
15 |
3 |
2,661 |
2,925 |
| Other noninterest
income |
248 |
257 |
763 |
1,063 |
| Total noninterest income |
4,089 |
4,488 |
18,564 |
21,936 |
| |
|
|
|
|
| Noninterest
expense |
|
|
|
|
| Salaries and employee
benefits |
7,516 |
7,349 |
29,916 |
29,299 |
| Occupancy |
2,717 |
3,159 |
11,171 |
11,637 |
| FDIC and other
insurance |
1,333 |
1,101 |
5,788 |
5,545 |
| Other real estate,
net |
1,255 |
39 |
2,218 |
130 |
| General and
administrative |
3,990 |
4,393 |
14,540 |
14,247 |
| Total noninterest
expense |
16,811 |
16,041 |
63,633 |
60,858 |
| Income before taxes |
6,983 |
5,604 |
26,702 |
20,593 |
| Taxes on
income |
2,675 |
2,030 |
9,738 |
7,611 |
| Net income |
$ 4,308 |
$ 3,574 |
$ 16,964 |
$ 12,982 |
| Net income available to common
shareholders |
$ 3,257 |
$ 2,534 |
$ 12,777 |
$ 8,837 |
| |
|
|
|
|
| Basic earnings per common
share |
$ 0.17 |
$ 0.17 |
$ 0.71 |
$ 0.60 |
| Diluted earnings per common
share |
0.17 |
0.17 |
0.71 |
0.60 |
| Common dividends declared per
share |
-- |
0.0238 |
-- |
0.0952 |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| SOUTHWEST BANCORP,
INC. |
|
|
|
|
|
Table 4 |
| UNAUDITED AVERAGE
BALANCES, YIELDS, AND RATES - QUARTERLY |
|
|
| (Dollars in thousands) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
For the three
months ended December 31, |
| |
2010 |
2009 |
| |
Average |
|
Average |
Average |
|
Average |
| |
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
| Assets |
|
|
|
|
|
|
| Noncovered loans |
$ 2,417,584 |
$ 31,933 |
5.24% |
$ 2,613,741 |
$ 34,881 |
5.29% |
| Covered loans |
58,755 |
898 |
6.06 |
91,459 |
1,474 |
6.39 |
| Investment securities |
264,053 |
1,816 |
2.73 |
264,216 |
2,433 |
3.65 |
| Other interest-earning assets |
61,249 |
39 |
0.25 |
5,624 |
1 |
0.07 |
| Total interest-earning
assets |
2,801,641 |
34,686 |
4.91 |
2,975,040 |
38,789 |
5.17 |
| Other assets |
81,735 |
|
|
74,889 |
|
|
| Total assets |
$ 2,883,376 |
|
|
$ 3,049,929 |
|
|
| |
|
|
|
|
|
|
| Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
| Interest-bearing demand deposits |
$ 85,967 |
$ 85 |
0.39% |
$ 75,614 |
$ 66 |
0.35% |
| Money market accounts |
508,110 |
885 |
0.69 |
502,247 |
1,170 |
0.92 |
| Savings accounts |
25,885 |
17 |
0.26 |
25,388 |
16 |
0.25 |
| Time deposits |
1,316,536 |
4,933 |
1.49 |
1,585,240 |
7,838 |
1.96 |
| Total interest-bearing
deposits |
1,936,498 |
5,920 |
1.21 |
2,188,489 |
9,090 |
1.65 |
| Other borrowings |
96,267 |
514 |
2.12 |
127,378 |
625 |
1.95 |
| Subordinated debentures |
81,963 |
1,282 |
6.26 |
81,963 |
1,277 |
6.23 |
| Total interest-bearing
liabilities |
2,114,728 |
7,716 |
1.45 |
2,397,830 |
10,992 |
1.82 |
| |
|
|
|
|
|
|
| Noninterest-bearing demand
deposits |
367,761 |
|
|
316,784 |
|
|
| Other liabilities |
19,252 |
|
|
20,751 |
|
|
| Shareholders' equity |
381,635 |
|
|
314,564 |
|
|
| Total liabilities and
shareholders' equity |
$ 2,883,376 |
|
|
$ 3,049,929 |
|
|
| |
|
|
|
|
|
|
| Net interest income and
spread |
|
$ 26,970 |
3.46% |
|
$ 27,797 |
3.35% |
| Net interest margin (1) |
|
|
3.82% |
|
|
3.71% |
| Average interest-earning assets
to average interest-bearing liabilities |
132.48% |
|
|
124.07% |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| (1) Net interest margin =
annualized net interest income / average interest-earning
assets |
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| SOUTHWEST BANCORP,
INC. |
|
|
|
|
|
Table 5 |
| UNAUDITED AVERAGE
BALANCES, YIELDS, AND RATES - YEAR-TO-DATE |
|
|
| (Dollars in thousands) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
For the twelve months
ended December 31, |
| |
2010 |
2009 |
| |
Average |
|
Average |
Average |
|
Average |
| |
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
| Assets |
|
|
|
|
|
|
| Loans (1) |
$ 2,573,442 |
$ 133,918 |
5.20% |
$ 2,667,771 |
$ 141,239 |
5.29% |
| Investment securities |
261,124 |
8,660 |
3.32 |
245,456 |
9,146 |
3.73 |
| Other interest-earning assets |
88,079 |
229 |
0.26 |
5,813 |
14 |
0.24 |
| Total interest-earning
assets |
2,922,645 |
142,807 |
4.89 |
2,919,040 |
150,399 |
5.15 |
| Other assets |
76,099 |
|
|
68,430 |
|
|
| Total assets |
$ 2,998,744 |
|
|
$ 2,987,470 |
|
|
| |
|
|
|
|
|
|
| Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
| Interest-bearing demand deposits |
$ 98,589 |
$ 468 |
0.47% |
$ 83,813 |
$ 476 |
0.57% |
| Money market accounts |
508,583 |
3,911 |
0.77 |
485,383 |
4,954 |
1.02 |
| Savings accounts |
25,609 |
64 |
0.25 |
21,010 |
78 |
0.37 |
| Time deposits |
1,479,287 |
23,824 |
1.61 |
1,518,638 |
36,811 |
2.42 |
| Total interest-bearing
deposits |
2,112,068 |
28,267 |
1.34 |
2,108,844 |
42,319 |
2.01 |
| Other borrowings |
96,141 |
2,079 |
2.16 |
181,682 |
4,049 |
2.23 |
| Subordinated debentures |
81,963 |
5,130 |
6.26 |
81,963 |
5,340 |
6.52 |
| Total interest-bearing
liabilities |
2,290,172 |
35,476 |
1.55 |
2,372,489 |
51,708 |
2.18 |
| |
|
|
|
|
|
|
| Noninterest-bearing demand
deposits |
330,998 |
|
|
285,184 |
|
|
| Other liabilities |
18,039 |
|
|
20,845 |
|
|
| Shareholders' equity |
359,535 |
|
|
308,952 |
|
|
| Total liabilities and
shareholders' equity |
$ 2,998,744 |
|
|
$ 2,987,470 |
|
|
| |
|
|
|
|
|
|
| Net interest income and
spread |
|
$ 107,331 |
3.34% |
|
$ 98,691 |
2.97% |
| Net interest margin (2) |
|
|
3.67% |
|
|
3.38% |
| Average interest-earning assets
to average interest-bearing liabilities |
127.62% |
|
|
123.04% |
|
|
| |
|
|
|
|
|
|
| (1) Information regarding
noncovered and covered loans for the period shown is not readily
available. |
|
|
| (2) Net interest margin =
annualized net interest income / average interest-earning
assets |
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| SOUTHWEST BANCORP,
INC. |
|
|
|
Table 6 |
| UNAUDITED QUARTERLY
SUMMARY FINANCIAL DATA |
|
|
|
| (Dollars in thousands except per
share) |
|
|
|
|
| |
|
| |
2010 |
| |
Dec. 31 |
Sep. 30 |
Jun. 30 |
Mar. 31 |
| OPERATIONS |
|
|
|
|
| Interest
income: |
|
|
|
|
| Loans |
$ 32,831 |
$ 32,824 |
$ 33,891 |
$ 34,372 |
| Investment securities |
1,816 |
2,204 |
2,320 |
2,320 |
| Other interest-earning
assets |
39 |
55 |
68 |
67 |
| Total interest
income |
34,686 |
35,083 |
36,279 |
36,759 |
| Interest
expense: |
|
|
|
|
| Interest bearing demand
deposits |
85 |
111 |
140 |
132 |
| Money market accounts |
885 |
976 |
1,037 |
1,013 |
| Savings accounts |
17 |
15 |
16 |
16 |
| Time deposits of $100,000 or
more |
1,881 |
3,128 |
3,517 |
4,024 |
| Other time deposits |
3,052 |
2,572 |
2,661 |
2,989 |
| Total interest-bearing
deposits |
5,920 |
6,802 |
7,371 |
8,174 |
| Other borrowings |
514 |
524 |
524 |
517 |
| Subordinated debentures |
1,282 |
1,305 |
1,276 |
1,267 |
| Total interest
expense |
7,716 |
8,631 |
9,171 |
9,958 |
| Net interest income |
26,970 |
26,452 |
27,108 |
26,801 |
| Provision for loan losses |
7,265 |
11,988 |
7,776 |
8,531 |
| Noninterest
income: |
|
|
|
|
| Service charges and fees |
3,144 |
2,994 |
3,170 |
3,096 |
| Gain on sales of loans |
682 |
653 |
416 |
985 |
| Gain (loss) on investment
securities |
15 |
2,480 |
34 |
7 |
| Other noninterest income |
248 |
208 |
342 |
90 |
| Total noninterest
income |
4,089 |
6,335 |
3,962 |
4,178 |
| Noninterest
expense: |
|
|
|
|
| Salaries and employee
benefits |
7,516 |
7,183 |
7,637 |
7,580 |
| Occupancy |
2,717 |
2,835 |
2,836 |
2,783 |
| FDIC and other insurance |
1,333 |
1,347 |
1,521 |
1,587 |
| Other real estate, net |
1,255 |
228 |
629 |
106 |
| Provision for unfunded loan
commitments |
(332) |
(294) |
(512) |
(465) |
| Other general and
administrative |
4,322 |
4,119 |
4,035 |
3,667 |
| Total noninterest
expense |
16,811 |
15,418 |
16,146 |
15,258 |
| Income before taxes |
6,983 |
5,381 |
7,148 |
7,190 |
| Taxes on
income |
2,675 |
1,508 |
2,737 |
2,818 |
| Net income |
$ 4,308 |
$ 3,873 |
$ 4,411 |
$ 4,372 |
| Net income available to common
shareholders |
$ 3,257 |
$ 2,825 |
$ 3,366 |
$ 3,329 |
| PER SHARE
DATA |
|
|
|
|
| Basic earnings per common
share |
$ 0.17 |
$ 0.15 |
$ 0.19 |
$ 0.23 |
| Diluted earnings per common
share |
0.17 |
0.15 |
0.19 |
0.23 |
| Common dividends declared per
share |
-- |
-- |
-- |
-- |
| Book value per common share |
15.96 |
15.93 |
15.88 |
16.79 |
| Tangible book value per
share* |
15.61 |
15.58 |
15.53 |
16.33 |
| COMMON
STOCK |
|
|
|
|
| Shares issued |
19,421,900 |
19,395,675 |
19,388,797 |
14,779,711 |
| Less treasury shares |
-- |
-- |
-- |
-- |
| Outstanding
shares |
19,421,900 |
19,395,675 |
19,388,797 |
14,779,711 |
| OTHER FINANCIAL
DATA |
|
|
|
|
| Investment securities |
$ 272,929 |
$ 251,233 |
$ 265,895 |
$ 260,837 |
| Loans held for sale |
35,194 |
34,868 |
25,615 |
25,586 |
| Noncovered portfolio loans |
2,331,293 |
2,412,796 |
2,475,348 |
2,516,397 |
| Total noncovered loans |
2,366,487 |
2,447,664 |
2,500,963 |
2,541,983 |
| Covered portfolio loans |
53,628 |
60,558 |
68,006 |
76,909 |
| Total assets |
2,820,541 |
2,905,275 |
3,010,835 |
3,074,923 |
| Total deposits |
2,252,728 |
2,345,648 |
2,444,939 |
2,554,165 |
| Other borrowings |
94,602 |
82,506 |
93,036 |
103,620 |
| Subordinated debentures |
81,963 |
81,963 |
81,963 |
81,963 |
| Total shareholders' equity |
377,812 |
376,576 |
375,319 |
315,341 |
| Mortgage servicing portfolio |
278,146 |
261,266 |
249,632 |
241,224 |
| INTANGIBLE ASSET
DATA |
|
|
|
|
| Goodwill |
$ 6,811 |
$ 6,811 |
$ 6,811 |
$ 6,811 |
| Core deposit intangible |
3,557 |
3,693 |
3,830 |
3,967 |
| Mortgage servicing rights |
1,810 |
1,661 |
1,589 |
1,603 |
| Nonmortgage servicing rights |
4 |
4 |
5 |
5 |
| Total intangible
assets |
$ 12,182 |
$ 12,169 |
$ 12,235 |
$ 12,386 |
| Intangible amortization
expense |
$ 402 |
$ 392 |
$ 350 |
$ 359 |
| Continued |
|
|
|
|
| ____________________ |
|
|
|
|
| *This is a Non-GAAP based financial
measure. |
|
|
|
|
| |
|
|
|
|
| SOUTHWEST BANCORP,
INC. |
|
|
|
Table 6 |
| UNAUDITED QUARTERLY
SUMMARY FINANCIAL DATA |
|
|
Continued |
| (Dollars in thousands except per
share) |
|
|
|
|
| |
|
| |
2010 |
| |
Dec. 31 |
Sep. 30 |
Jun. 30 |
Mar. 31 |
| LOAN
COMPOSITION |
|
|
|
|
| Noncovered |
|
|
|
|
| Real estate mortgage: |
|
|
|
|
| Commercial |
$ 1,310,464 |
$ 1,271,278 |
$ 1,251,709 |
$ 1,230,009 |
| One-to-four family
residential |
89,800 |
109,980 |
106,814 |
111,185 |
| Real estate construction |
|
|
|
|
| Commercial |
441,265 |
527,773 |
589,590 |
630,472 |
| One-to-four family
residential |
27,429 |
30,527 |
35,129 |
34,996 |
| Commercial |
452,626 |
463,132 |
471,004 |
487,074 |
| Installment and consumer: |
|
|
|
|
| Guaranteed student
loans |
5,843 |
5,960 |
7,389 |
10,199 |
| Other |
39,060 |
39,014 |
39,328 |
38,048 |
| Total noncovered loans, including held
for sale |
2,366,487 |
2,447,664 |
2,500,963 |
2,541,983 |
| Less allowance for loan
losses |
(65,229) |
(72,418) |
(67,055) |
(65,168) |
| Total noncovered loans, net |
$ 2,301,258 |
$ 2,375,246 |
$ 2,433,908 |
$ 2,476,815 |
| Covered |
|
|
|
|
| Real estate mortgage: |
|
|
|
|
| Commercial |
$ 30,997 |
$ 33,428 |
$ 36,107 |
$ 37,487 |
| One-to-four family
residential |
9,122 |
10,071 |
10,277 |
10,843 |
| Real estate construction |
|
|
|
|
| Commercial |
6,840 |
7,464 |
8,190 |
11,173 |
| One-to-four family
residential |
439 |
1,823 |
3,853 |
5,273 |
| Commercial |
5,554 |
6,816 |
8,487 |
10,807 |
| Installment and consumer: |
676 |
956 |
1,092 |
1,326 |
| Total covered loans |
$ 53,628 |
$ 60,558 |
$ 68,006 |
$ 76,909 |
| DEPOSIT
COMPOSITION |
|
|
|
|
| Non-interest bearing demand |
$ 377,182 |
$ 329,655 |
$ 326,721 |
$ 317,896 |
| Interest-bearing demand |
92,584 |
86,153 |
102,218 |
119,757 |
| Money market accounts |
495,253 |
518,422 |
510,549 |
506,659 |
| Savings accounts |
26,665 |
25,556 |
25,321 |
25,871 |
| Time deposits of $100,000 or
more |
694,565 |
795,303 |
861,110 |
944,871 |
| Other time deposits |
566,479 |
590,559 |
619,020 |
639,111 |
| Total
deposits** |
$ 2,252,728 |
$ 2,345,648 |
$ 2,444,939 |
$ 2,554,165 |
| LOANS BY
SEGMENT |
|
|
|
|
| Oklahoma banking |
$ 871,393 |
$ 890,598 |
$ 914,004 |
$ 926,870 |
| Texas banking |
982,845 |
1,024,863 |
1,041,228 |
1,063,511 |
| Kansas banking |
289,642 |
309,240 |
329,157 |
342,596 |
| Other states banking |
241,041 |
248,653 |
258,965 |
260,329 |
| Subtotal |
2,384,921 |
2,473,354 |
2,543,354 |
2,593,306 |
| Secondary market |
35,194 |
34,868 |
25,615 |
25,586 |
| Total loans |
$ 2,420,115 |
$ 2,508,222 |
$ 2,568,969 |
$ 2,618,892 |
| NET INCOME BY
SEGMENT |
|
|
|
|
| Oklahoma banking |
$ 4,086 |
$ 3,624 |
$ 4,334 |
$ 2,820 |
| Texas banking |
3,939 |
(1,769) |
697 |
1,656 |
| Kansas banking |
481 |
(227) |
985 |
(355) |
| Other states banking |
(3,661) |
488 |
(507) |
1,722 |
| Subtotal |
4,845 |
2,116 |
5,509 |
5,843 |
| Secondary market |
362 |
219 |
72 |
327 |
| Other operations |
(899) |
1,538 |
(1,170) |
(1,798) |
| Net income |
$ 4,308 |
$ 3,873 |
$ 4,411 |
$ 4,372 |
| OFFICES AND
EMPLOYEES |
|
|
|
|
| FTE Employees |
432 |
440 |
447 |
455 |
| Branches |
23 |
23 |
23 |
24 |
| Loan production offices |
2 |
2 |
2 |
2 |
| Assets per employee |
$ 6,529 |
$ 6,603 |
$ 6,736 |
$ 6,758 |
| ____________________ |
|
|
|
|
| **Calculation of
Non-brokered Deposits and Core Funding (Non-GAAP Financial
Measures) |
|
| Total deposits |
$ 2,252,728 |
$ 2,345,648 |
$ 2,444,939 |
$ 2,554,165 |
| Less: |
|
|
|
|
| Brokered time
deposits |
145,240 |
226,238 |
279,027 |
359,571 |
| Other brokered
deposits |
117,532 |
129,096 |
126,643 |
124,969 |
| Non-brokered deposits |
$ 1,989,956 |
$ 1,990,314 |
$ 2,039,269 |
$ 2,069,625 |
| Plus: |
|
|
|
|
| Sweep repurchase
agreements |
26,492 |
22,211 |
22,700 |
33,192 |
| Core funding |
$ 2,016,448 |
$ 2,012,525 |
$ 2,061,969 |
$ 2,102,817 |
| |
|
|
|
|
| Balance sheet amounts are
as of period end unless otherwise noted. |
|
|
|
| |
|
|
|
|
| SOUTHWEST BANCORP,
INC. |
|
|
|
Table 6 |
| UNAUDITED QUARTERLY
SUMMARY FINANCIAL DATA |
|
|
|
| (Dollars in thousands except per
share) |
|
|
|
|
| |
|
| |
2009 |
| |
Dec. 31 |
Sep. 30 |
Jun. 30 |
Mar. 31 |
| OPERATIONS |
|
|
|
|
| Interest
income: |
|
|
|
|
| Loans |
$ 36,355 |
$ 35,607 |
$ 36,009 |
$ 33,268 |
| Investment securities |
2,433 |
2,122 |
2,079 |
2,512 |
| Other interest-earning
assets |
1 |
4 |
3 |
6 |
| Total interest
income |
38,789 |
37,733 |
38,091 |
35,786 |
| Interest
expense: |
|
|
|
|
| Interest bearing demand
deposits |
66 |
107 |
150 |
153 |
| Money market accounts |
1,170 |
1,220 |
1,211 |
1,353 |
| Savings accounts |
16 |
39 |
14 |
9 |
| Time deposits of $100,000 or
more |
4,340 |
4,822 |
5,552 |
5,980 |
| Other time deposits |
3,498 |
3,909 |
4,145 |
4,565 |
| Total interest-bearing
deposits |
9,090 |
10,097 |
11,072 |
12,060 |
| Other borrowings |
625 |
960 |
1,180 |
1,284 |
| Subordinated debentures |
1,277 |
1,276 |
1,383 |
1,404 |
| Total interest
expense |
10,992 |
12,333 |
13,635 |
14,748 |
| Net interest income |
27,797 |
25,400 |
24,456 |
21,038 |
| Provision for loan losses |
10,640 |
10,177 |
7,477 |
10,882 |
| Noninterest
income: |
|
|
|
|
| Service charges and fees |
3,295 |
2,992 |
2,817 |
2,600 |
| Gain on sales of loans |
933 |
386 |
926 |
718 |
| Gain (loss) on investment
securities |
3 |
10 |
(9) |
2,921 |
| Other noninterest income |
257 |
322 |
3,527 |
238 |
| Total noninterest
income |
4,488 |
3,710 |
7,261 |
6,477 |
| Noninterest
expense: |
|
|
|
|
| Salaries and employee
benefits |
7,349 |
7,824 |
6,887 |
7,239 |
| Occupancy |
3,159 |
2,958 |
2,789 |
2,731 |
| FDIC and other insurance |
1,101 |
1,134 |
2,319 |
991 |
| Other real estate, net |
39 |
90 |
103 |
(102) |
| Provision for unfunded loan
commitments |
147 |
(79) |
(388) |
90 |
| Other general and
administrative |
4,246 |
3,601 |
2,980 |
3,650 |
| Total noninterest
expense |
16,041 |
15,528 |
14,690 |
14,599 |
| Income before taxes |
5,604 |
3,405 |
9,550 |
2,034 |
| Taxes on
income |
2,030 |
1,271 |
3,605 |
705 |
| Net income |
$ 3,574 |
$ 2,134 |
$ 5,945 |
$ 1,329 |
| Net income available to common
shareholders |
$ 2,534 |
$ 1,097 |
$ 4,910 |
$ 296 |
| PER SHARE
DATA |
|
|
|
|
| Basic earnings per common
share |
$ 0.17 |
$ 0.07 |
$ 0.34 |
$ 0.02 |
| Diluted earnings per common
share |
0.17 |
0.07 |
0.33 |
0.02 |
| Common dividends declared per
share |
0.02 |
0.02 |
0.02 |
0.02 |
| Book value per common share |
16.46 |
16.43 |
16.30 |
16.01 |
| Tangible book value per
share* |
15.99 |
15.96 |
15.84 |
15.52 |
| COMMON
STOCK |
|
|
|
|
| Shares issued |
14,750,713 |
14,748,223 |
14,658,042 |
14,658,042 |
| Less treasury shares |
-- |
-- |
(15,602) |
(49,930) |
| Outstanding
shares |
14,750,713 |
14,748,223 |
14,642,440 |
14,608,112 |
| OTHER FINANCIAL
DATA |
|
|
|
|
| Investment securities |
$ 263,439 |
$ 258,790 |
$ 243,077 |
$ 179,006 |
| Loans held for sale |
43,134 |
36,526 |
26,006 |
76,404 |
| Noncovered portfolio loans |
2,539,294 |
2,572,111 |
2,587,230 |
2,526,293 |
| Total noncovered loans |
2,582,428 |
2,608,637 |
2,613,236 |
2,602,697 |
| Covered portfolio loans |
85,405 |
103,630 |
117,096 |
-- |
| Total assets |
3,108,291 |
3,029,347 |
3,038,985 |
2,928,133 |
| Total deposits |
2,592,730 |
2,473,162 |
2,452,295 |
2,330,089 |
| Other borrowings |
103,022 |
146,449 |
176,368 |
193,739 |
| Subordinated debentures |
81,963 |
81,963 |
81,963 |
81,963 |
| Total shareholders' equity |
309,778 |
309,118 |
305,416 |
300,406 |
| Mortgage servicing portfolio |
237,459 |
223,226 |
209,425 |
179,959 |
| INTANGIBLE ASSET
DATA |
|
|
|
|
| Goodwill |
$ 6,811 |
$ 6,811 |
$ 6,811 |
$ 7,071 |
| Core deposit intangible |
4,103 |
4,240 |
4,378 |
2,498 |
| Mortgage servicing rights |
1,670 |
1,625 |
1,589 |
1,362 |
| Nonmortgage servicing rights |
6 |
7 |
7 |
8 |
| Total intangible
assets |
$ 12,590 |
$ 12,683 |
$ 12,785 |
$ 10,939 |
| Intangible amortization
expense |
$ 381 |
$ 344 |
$ 391 |
$ 204 |
| Continued |
|
|
|
|
| ____________________ |
|
|
|
|
| *This is a Non-GAAP based financial
measure. |
|
|
|
|
| SOUTHWEST BANCORP,
INC. |
|
|
|
Table 6
Continued |
| UNAUDITED QUARTERLY
SUMMARY FINANCIAL DATA |
|
|
|
| (Dollars in thousands except per
share) |
|
|
|
|
| |
|
| |
2009 |
| |
Dec. 31 |
Sep. 30 |
Jun. 30 |
Mar. 31 |
| LOAN
COMPOSITION |
|
|
|
|
| Noncovered |
|
|
|
|
| Real estate mortgage: |
|
|
|
|
| Commercial |
$ 1,212,409 |
$ 1,221,739 |
$ 1,208,819 |
$ 1,098,587 |
| One-to-four family
residential |
114,614 |
125,034 |
116,068 |
114,111 |
| Real estate construction |
|
|
|
|
| Commercial |
618,078 |
612,905 |
622,298 |
640,132 |
| One-to-four family
residential |
41,109 |
39,009 |
51,292 |
79,309 |
| Commercial |
520,505 |
538,757 |
554,734 |
558,834 |
| Installment and consumer: |
|
|
|
|
| Guaranteed student
loans |
36,163 |
30,949 |
18,477 |
69,792 |
| Other |
39,550 |
40,244 |
41,548 |
41,932 |
| Total noncovered loans, including held
for sale |
2,582,428 |
2,608,637 |
2,613,236 |
2,602,697 |
| Less allowance for loan
losses |
(62,413) |
(57,777) |
(51,753) |
(46,262) |
| Total noncovered loans, net |
$ 2,520,015 |
$ 2,550,860 |
$ 2,561,483 |
$ 2,556,435 |
| Covered |
|
|
|
|
| Real estate mortgage: |
|
|
|
|
| Commercial |
$ 39,836 |
$ 37,820 |
$ 40,411 |
$ -- |
| One-to-four family
residential |
12,630 |
17,246 |
17,889 |
-- |
| Real estate construction |
|
|
|
|
| Commercial |
12,515 |
14,178 |
14,277 |
-- |
| One-to-four family
residential |
5,324 |
9,936 |
13,647 |
-- |
| Commercial |
13,412 |
21,475 |
27,203 |
-- |
| Installment and consumer: |
1,688 |
2,975 |
3,669 |
-- |
| Total covered loans |
$ 85,405 |
$ 103,630 |
$ 117,096 |
$ -- |
| DEPOSIT
COMPOSITION |
|
|
|
|
| Non-interest bearing demand |
$ 324,829 |
$ 309,767 |
$ 291,014 |
$ 274,175 |
| Interest-bearing demand |
74,201 |
82,622 |
94,060 |
85,629 |
| Money market accounts |
505,521 |
506,196 |
483,162 |
467,924 |
| Savings accounts |
25,730 |
25,636 |
25,660 |
15,797 |
| Time deposits of $100,000 or
more |
1,004,439 |
888,814 |
905,202 |
849,814 |
| Other time deposits |
658,010 |
660,127 |
653,197 |
636,750 |
| Total
deposits** |
$ 2,592,730 |
$ 2,473,162 |
$ 2,452,295 |
$ 2,330,089 |
| LOANS BY
SEGMENT |
|
|
|
|
| Oklahoma banking |
$ 933,150 |
$ 943,982 |
$ 967,981 |
$ 949,454 |
| Texas banking |
1,054,404 |
1,042,369 |
1,037,694 |
990,135 |
| Kansas banking |
359,633 |
400,710 |
412,314 |
309,774 |
| Other states banking |
277,512 |
288,680 |
286,337 |
276,930 |
| Subtotal |
2,624,699 |
2,675,741 |
2,704,326 |
2,526,293 |
| Secondary market |
43,134 |
36,526 |
26,006 |
76,404 |
| Total loans |
$ 2,667,833 |
$ 2,712,267 |
$ 2,730,332 |
$ 2,602,697 |
| NET INCOME BY
SEGMENT |
|
|
|
|
| Oklahoma banking |
$ 3,137 |
$ 2,529 |
$ 3,284 |
$ 3,210 |
| Texas banking |
3,255 |
2,686 |
3,662 |
1,119 |
| Kansas banking |
(1,399) |
(1,180) |
2,405 |
598 |
| Other states banking |
377 |
57 |
(78) |
(1,974) |
| Subtotal |
5,370 |
4,092 |
9,273 |
2,953 |
| Secondary market |
(3) |
(201) |
117 |
(61) |
| Other operations |
(1,793) |
(1,757) |
(3,445) |
(1,563) |
| Net income |
$ 3,574 |
$ 2,134 |
$ 5,945 |
$ 1,329 |
| OFFICES AND
EMPLOYEES |
|
|
|
|
| FTE Employees |
466 |
471 |
478 |
425 |
| Branches |
24 |
24 |
24 |
18 |
| Loan production offices |
3 |
3 |
3 |
3 |
| Assets per employee |
$ 6,670 |
$ 6,432 |
$ 6,358 |
$ 6,890 |
| ____________________ |
|
|
|
|
| **Calculation of
Non-brokered Deposits and Core Funding (Non-GAAP Financial
Measures) |
|
| Total deposits |
$ 2,592,730 |
$ 2,473,162 |
$ 2,452,295 |
$ 2,330,089 |
| Less: |
|
|
|
|
| Brokered time
deposits |
417,419 |
327,951 |
395,196 |
454,435 |
| Other brokered
deposits |
127,320 |
125,737 |
125,666 |
124,674 |
| Non-brokered deposits |
$ 2,047,991 |
$ 2,019,474 |
$ 1,931,433 |
$ 1,750,980 |
| Plus: |
|
|
|
|
| Sweep repurchase
agreements |
23,259 |
26,500 |
35,708 |
24,963 |
| Core funding |
$ 2,071,250 |
$ 2,045,974 |
$ 1,967,141 |
$ 1,775,943 |
| |
|
|
|
|
| Balance sheet amounts are
as of period end unless otherwise noted. |
|
|
|
| |
| SOUTHWEST
BANCORP, INC. |
| UNAUDITED
QUARTERLY SUPPLEMENTAL ANALYTICAL DATA |
|
|
| (Dollars in thousands
except per share) |
|
|
|
|
| |
|
|
|
|
| |
2010 |
| |
Dec. 31 |
Sep. 30 |
Jun. 30 |
Mar. 31 |
| PERFORMANCE
RATIOS |
|
|
|
|
| Return on average assets
(annualized) |
0.59% |
0.52% |
0.58% |
0.57% |
| Return on average common equity
(annualized) |
4.11 |
3.57 |
4.64 |
5.42 |
| Return on average tangible common
equity |
|
|
|
|
| (annualized)* |
4.21 |
3.65 |
4.75 |
5.58 |
| Net interest margin
(annualized) |
3.82 |
3.63 |
3.65 |
3.59 |
| Total dividends declared to net
income |
20.31 |
22.59 |
19.84 |
20.02 |
| Effective tax rate |
38.31 |
28.02 |
38.29 |
39.19 |
| Efficiency ratio |
54.13 |
47.02 |
51.97 |
49.25 |
| NONPERFORMING
ASSETS |
|
|
|
|
| Noncovered |
|
|
|
|
| Nonaccrual loans |
$ 106,566 |
$ 135,209 |
$ 111,871 |
$ 97,858 |
| 90 days past due and
accruing |
517 |
452 |
333 |
4 |
| Total nonperforming
loans |
107,083 |
135,661 |
112,204 |
97,862 |
| Other real estate |
37,722 |
35,723 |
27,634 |
18,809 |
| Total nonperforming
assets |
$ 144,805 |
$ 171,384 |
$ 139,838 |
$ 116,671 |
| Performing restructured |
$ 2,177 |
$ 5,334 |
$ 5,525 |
$ 5,650 |
| Potential problem loans |
$ 233,140 |
$ 236,844 |
$ 242,217 |
$ 275,912 |
| Covered |
|
|
|
|
| Nonaccrual loans |
$ 10,806 |
$ 7,906 |
$ 14,504 |
$ 16,192 |
| 90 days past due and
accruing |
-- |
1,871 |
130 |
356 |
| Total nonperforming
loans |
10,806 |
9,777 |
14,634 |
16,548 |
| Other real estate |
4,187 |
4,448 |
4,352 |
4,489 |
| Total nonperforming
assets |
$ 14,993 |
$ 14,225 |
$ 18,986 |
$ 21,037 |
| Potential problem loans |
$ 3,495 |
$ 6,413 |
$ 6,184 |
$ 6,620 |
| ALLOWANCE
ACTIVITY |
|
|
|
|
| Balance, beginning of period |
$ 72,418 |
$ 67,055 |
$ 65,168 |
$ 62,413 |
| Charge offs |
14,720 |
7,006 |
6,168 |
6,545 |
| Recoveries |
266 |
381 |
279 |
769 |
| Net charge
offs |
14,454 |
6,625 |
5,889 |
5,776 |
| Provision for loan losses |
7,265 |
11,988 |
7,776 |
8,531 |
| Balance, end of
period |
$ 65,229 |
$ 72,418 |
$ 67,055 |
$ 65,168 |
| ASSET QUALITY
RATIOS |
|
|
|
|
| Net loan charge-offs to average
portfolio |
|
|
|
|
| loans (annualized) |
2.35% |
1.05% |
0.92% |
0.90% |
| Noncovered |
|
|
|
|
| Nonperforming assets to portfolio loans
and |
|
|
|
|
| other real estate |
6.11% |
7.00% |
5.59% |
4.60% |
| Nonperforming loans to portfolio
loans |
4.59 |
5.62 |
4.53 |
3.89 |
| Allowance for loan losses to portfolio
loans |
2.80 |
3.00 |
2.71 |
2.59 |
| Allowance for loan losses to |
|
|
|
|
| nonperforming loans |
60.91 |
53.38 |
59.76 |
66.59 |
| Covered |
|
|
|
|
| Nonperforming assets to portfolio loans
and |
|
|
|
|
| other real estate |
25.93% |
21.88% |
26.24% |
25.84% |
| Nonperforming loans to portfolio
loans |
20.15 |
16.14 |
21.52 |
21.52 |
| CAPITAL
RATIOS |
|
|
|
|
| Average total shareholders' equity
to |
|
|
|
|
| average assets |
13.24% |
12.85% |
11.78% |
10.18% |
| Leverage ratio |
15.55 |
14.96 |
14.48 |
12.32 |
| Tier 1 capital to risk-weighted
assets |
17.78 |
17.17 |
16.50 |
14.00 |
| Total capital to risk-weighted
assets |
19.06 |
18.45 |
17.78 |
15.28 |
| Tangible common equity to tangible
assets*** |
10.78 |
10.43 |
10.02 |
7.87 |
| REGULATORY CAPITAL
DATA |
|
|
|
|
| Tier I capital |
$ 445,966 |
$ 442,188 |
$ 438,973 |
$ 381,280 |
| Total capital |
477,930 |
475,040 |
472,971 |
415,955 |
| Total risk adjusted assets |
2,507,867 |
2,574,746 |
2,659,886 |
2,722,628 |
| Average total assets |
2,867,114 |
2,955,779 |
3,032,328 |
3,094,756 |
| ____________________ |
|
|
|
|
| ***Calculation of Tangible
Capital to Tangible Assets (Non-GAAP Financial Measure) |
|
|
| Total shareholders' equity |
$ 377,812 |
$ 376,576 |
$ 375,319 |
$ 315,341 |
| Less: |
|
|
|
|
| Goodwill |
6,811 |
6,811 |
6,811 |
6,811 |
| Preferred
stock |
67,724 |
67,548 |
67,375 |
67,205 |
| Tangible common equity |
$ 303,277 |
$ 302,217 |
$ 301,133 |
$ 241,325 |
| Total assets |
$ 2,820,541 |
$ 2,905,275 |
$ 3,010,835 |
$ 3,074,923 |
| Less goodwill |
6,811 |
6,811 |
6,811 |
6,811 |
| Tangible assets |
$ 2,813,730 |
$ 2,898,464 |
$ 3,004,024 |
$ 3,068,112 |
| Tangible common equity to tangible
assets |
10.78% |
10.43% |
10.02% |
7.87% |
| |
|
|
|
|
| Balance sheet amounts and
ratios are as of period end unless otherwise noted. |
|
|
|
UNAUDITED QUARTERLY SUPPLEMENTAL ANALYTICAL
DATA
|
|
|
| (Dollars in thousands except per
share) |
|
|
|
|
| |
|
|
|
|
| |
2009 |
| |
Dec. 31 |
Sep. 30 |
Jun. 30 |
Mar. 31 |
| PERFORMANCE
RATIOS |
|
|
|
|
| Return on average assets
(annualized) |
0.46% |
0.28% |
0.81% |
0.18% |
| Return on average common equity
(annualized) |
4.06 |
1.78 |
8.26 |
0.50 |
| Return on average tangible common
equity |
|
|
|
|
| (annualized)* |
4.17 |
1.83 |
8.51 |
0.52 |
| Net interest margin
(annualized) |
3.71 |
3.39 |
3.41 |
3.00 |
| Total dividends declared to net
income |
34.31 |
57.46 |
20.58 |
92.00 |
| Effective tax rate |
36.22 |
37.33 |
37.75 |
34.66 |
| Efficiency ratio |
49.69 |
53.34 |
46.32 |
53.06 |
| NONPERFORMING
ASSETS |
|
|
|
|
| Noncovered |
|
|
|
|
| Nonaccrual loans |
$ 105,887 |
$ 94,715 |
$ 74,205 |
$ 73,383 |
| 90 days past due and
accruing |
310 |
10,578 |
8,409 |
10,552 |
| Total nonperforming
loans |
106,197 |
105,293 |
82,614 |
83,935 |
| Other real estate |
18,432 |
6,389 |
6,003 |
5,351 |
| Total nonperforming
assets |
$ 124,629 |
$ 111,682 |
$ 88,617 |
$ 89,286 |
| Performing restructured |
$ -- |
$ -- |
$ -- |
$ -- |
| Potential problem loans |
$ 258,399 |
$ 255,051 |
$ 178,081 |
$ 133,810 |
| Covered |
|
|
|
|
| Nonaccrual loans |
$ 12,322 |
$ 14,686 |
$ 8,607 |
$ -- |
| 90 days past due and
accruing |
1,136 |
4,544 |
3,658 |
-- |
| Total nonperforming
loans |
13,458 |
19,230 |
12,265 |
-- |
| Other real estate |
4,748 |
2,598 |
2,938 |
-- |
| Total nonperforming
assets |
$ 18,206 |
$ 21,828 |
$ 15,203 |
$ -- |
| Potential problem loans |
$ 8,874 |
$ 4,421 |
$ 5,977 |
$ -- |
| ALLOWANCE
ACTIVITY |
|
|
|
|
| Balance, beginning of period |
$ 57,777 |
$ 51,753 |
$ 46,262 |
$ 39,773 |
| Charge offs |
6,756 |
4,372 |
2,975 |
4,810 |
| Recoveries |
752 |
219 |
989 |
417 |
| Net charge
offs |
6,004 |
4,153 |
1,986 |
4,393 |
| Provision for loan losses |
10,640 |
10,177 |
7,477 |
10,882 |
| Balance, end of
period |
$ 62,413 |
$ 57,777 |
$ 51,753 |
$ 46,262 |
| ASSET QUALITY
RATIOS |
|
|
|
|
| Net loan charge-offs to average
portfolio |
|
|
|
|
| loans (annualized) |
0.89% |
0.61% |
0.31% |
0.71% |
| Noncovered |
|
|
|
|
| Nonperforming assets to portfolio loans
and |
|
|
|
|
| other real estate |
4.87% |
4.33% |
3.41% |
3.53% |
| Nonperforming loans to portfolio
loans |
4.18 |
4.09 |
3.19 |
3.32 |
| Allowance for loan losses to portfolio
loans |
2.46 |
2.25 |
2.00 |
1.83 |
| Allowance for loan losses to |
|
|
|
|
| nonperforming loans |
58.77 |
54.87 |
62.64 |
55.12 |
| Covered |
|
|
|
|
| Nonperforming assets to portfolio loans
and |
|
|
|
|
| other real estate |
20.19% |
20.55% |
12.67% |
0.00% |
| Nonperforming loans to portfolio
loans |
15.76 |
18.56 |
10.47 |
-- |
| CAPITAL
RATIOS |
|
|
|
|
| Average total shareholders' equity
to |
|
|
|
|
| average assets |
10.31% |
10.24% |
10.35% |
10.47% |
| Leverage ratio |
12.42 |
12.39 |
12.70 |
12.72 |
| Tier 1 capital to risk-weighted
assets |
13.28 |
13.04 |
12.67 |
12.85 |
| Total capital to risk-weighted
assets |
14.55 |
14.31 |
13.92 |
14.11 |
| Tangible common equity to tangible
assets*** |
7.61 |
7.79 |
7.65 |
7.76 |
| REGULATORY CAPITAL
DATA |
|
|
|
|
| Tier I capital |
$ 377,418 |
$ 374,805 |
$ 372,713 |
$ 369,482 |
| Total capital |
413,438 |
411,201 |
409,764 |
405,613 |
| Total risk adjusted assets |
2,841,476 |
2,873,558 |
2,942,821 |
2,875,290 |
| Average total assets |
3,039,014 |
3,024,885 |
2,935,189 |
2,905,653 |
| ____________________ |
|
|
|
|
| ***Calculation of Tangible
Capital to Tangible Assets (Non-GAAP Financial Measure) |
|
|
| Total shareholders' equity |
$ 309,778 |
$ 309,118 |
$ 305,416 |
$ 300,406 |
| Less: |
|
|
|
|
| Goodwill |
6,811 |
6,811 |
6,811 |
7,071 |
| Preferred
stock |
67,037 |
66,872 |
66,710 |
66,549 |
| Tangible common equity |
$ 235,930 |
$ 235,435 |
$ 231,895 |
$ 226,786 |
| Total assets |
$ 3,108,291 |
$ 3,029,347 |
$ 3,038,985 |
$ 2,928,133 |
| Less goodwill |
6,811 |
6,811 |
6,811 |
7,071 |
| Tangible assets |
$ 3,101,480 |
$ 3,022,536 |
$ 3,032,174 |
$ 2,921,062 |
| Tangible common equity to tangible
assets |
7.61% |
7.79% |
7.65% |
7.76% |
| |
|
|
|
|
| Balance sheet amounts and
ratios are as of period end unless otherwise noted. |
|
|
CONTACT: Rick Green
President & CEO
Laura Robertson
EVP & CFO
(405) 372-2230
Southwest Bancorp - Southwest Capital Trust Ii- Trust Preferred Securities (MM) (NASDAQ:OKSBP)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Southwest Bancorp - Southwest Capital Trust Ii- Trust Preferred Securities (MM) (NASDAQ:OKSBP)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
