Southwest Bancorp, Inc. (Nasdaq:OKSB) (Nasdaq:OKSBP),
("Southwest"), today reported net income available to common
shareholders of $1.4 million, or $0.07 per diluted share for the
first quarter of 2011, compared to $3.3 million, or $0.23 per
diluted share for the first quarter of 2010, and $3.3 million, or
$0.17 per diluted share for the fourth quarter of 2010.
Rick Green, Southwest Bancorp's President and Chief Executive
Officer, stated, "Our first quarter of the new year continued to be
profitable after a significant 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.
"Credits and Concentrations. 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. Our noncovered
nonperforming assets were slightly up from year-end, primarily due
to an increase in other real estate. The dollar amount of
nonperforming loans was essentially unchanged from year-end.
However, the composition has changed as our resolution process
continues. We placed $26.5 million on nonaccrual, but returned
$8.4 million to accrual status, charged-off $10.7 million, and
received $2.8 million in resolutions and payments on nonperforming
loans. At quarter-end our potential problem loans were $204.8
million, down $28.3 million, or 12%, from year-end, and $71.1
million, or 26%, from March 31, 2010. We believe that levels
of nonperforming loans and potential problem loans are likely to
fluctuate up and down as the process continues.
"Our noncovered loans decreased by $86.0 million, or 4%, from
year-end and $261.5 million, or 10%, from March 31, 2010.
This decrease allowed us to reduce our commercial real estate
mortgage and construction concentration to $1.7 billion, or 75%, of
noncovered loans at March 31, 2011. Our healthcare credits at
quarter-end totaled $684.7 million, or 30%, of noncovered loans,
including $414.3 million of healthcare related commercial real
estate mortgage and construction loans. Nonperforming
healthcare assets at quarter-end were $17.4 million, or 12%, of
total nonperforming assets. Approximately 80% of our
nonperforming assets are in Texas, Oklahoma, and Kansas.
"At March 31, 2011, the allowance for loan losses was 2.82% of
noncovered portfolio loans, compared to 2.80% at year-end 2010 and
2.59% at March 31, 2010.
"The economy has not yet recovered, but we are encouraged that
the economies of 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 healthcare
lending and carefully controlled real estate collateralized
credits.
"Capital Base. Southwest and its banking
subsidiaries have maintained capital levels that substantially
exceed the minimums for regulatory "well-capitalized"
status. At March 31, 2011, Southwest's total regulatory
capital was $478.7 million, for a total risk-based capital ratio of
19.77%, and Tier 1 capital was $447.8 million, for a Tier 1
risk-based capital ratio of 18.49%.
"Liquidity. During the first quarter, we
continued to reduce our use of brokered deposits and other non-core
funding.
"Earnings. Earnings for the first quarter
were driven by stable net interest income and controlled
noninterest expense, partially offset by an increase in the
provision for loan losses and a decrease in gain on sale of
loans. Our net interest margin of 3.78% for the quarter was
down slightly from the fourth quarter of 2010, but increased 19
basis points over the first quarter of 2010. The decrease in
net interest income from the fourth quarter of 2010 was a
combination of both rate and volume changes, primarily related to
loans, while the decrease from the first quarter of 2010 was due
mainly to lower loan volume.
"Our efficiency ratio for the first quarter remained strong at
54.50%, helped by stable salaries and employee benefits and
occupancy costs."
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 and
total loans were $2.3 billion at March 31, 2011, a decrease of 1%
and 4%, respectively, from December 31, 2010.
At March 31, 2011 the allowance for loan losses was $63.3
million, a decrease of 3% from December 31, 2010, and represented
2.82% of noncovered portfolio loans versus 2.80% at December 31,
2010. 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 $148.9 million and 6.52% of
portfolio loans and other real estate as of March 31, 2011, up $4.1
million from December 31, 2010. A breakdown of noncovered
portfolio loans and noncovered nonperforming assets at March 31,
2011 by type is shown in the following table:
| |
Noncovered |
Noncovered |
Percentage of |
| |
portfolio |
nonperforming |
total noncovered |
| (dollars in thousands) |
loans |
assets |
nonperforming assets |
| Real estate construction |
$ 416,868 |
$ 56,523 |
37.96% |
| Commercial real estate |
1,287,123 |
30,988 |
20.81 |
| Commercial |
417,812 |
17,622 |
11.83 |
| Residential real estate mortgages |
84,809 |
2,672 |
1.80 |
| Other consumer loans |
36,493 |
27 |
0.02 |
| Other real estate |
-- |
41,067 |
27.58 |
| Total |
$ 2,243,105 |
$ 148,899 |
100.00% |
| |
|
|
|
Excluding covered loans, nonaccrual loans were $107.3 million as
of March 31, 2011, an increase of $0.7 million, or less than 1%,
from December 31, 2010, and an increase of $9.4 million, or 10%,
from March 31, 2010. These loans are carried at their
estimated collectible amounts and no longer accrue
interest. Noncovered loans 90 days or more past due and still
accruing were $0.5 million as of March 31, 2011. 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 both
March 31, 2011 and December 31, 2010. Restructured
nonperforming loans were $7.1 million at March 31, 2011, compared
to $6.0 million at December 31, 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 $204.8 million at March 31,
2011, a decrease of $28.3 million from December 31, 2010 and $71.1
million from March 31, 2010. Potential problem loans are
subject to continuing management attention and are considered by
management in determining the level of the allowance for loan
losses.
On February 11, 2011, Southwest entered into a seven year
interest rate swap agreement with the objective of converting the
variable interest rate on a $25.0 million subordinated debenture to
a fixed interest rate based upon our expectation of rising interest
rates over the swap term. The swap agreement requires
Southwest to pay a fixed rate of interest at 6.15% and receive a
variable rate of interest equal to the three-month LIBOR plus 285
basis points, or 3.16% at March 31, 2011.
First Quarter Results:
Summary: Net income available to common
shareholders was $1.4 million in the first quarter of 2011,
compared to $3.3 million in the fourth quarter of 2010 and $3.3
million in the first quarter of 2010. The decrease from the
fourth quarter of 2010 was the result of a $1.8 million increase in
the provision for loan losses, a $1.5 million decrease in net
interest income, and a $0.8 million decrease in noninterest income,
offset in part by a $1.2 million decrease in noninterest expense
and a $1.1 million decrease in income taxes. The decrease from
the first quarter of 2010 was the result of a $1.4 million decrease
in net interest income, a $0.9 million decrease in noninterest
income, a $0.5 million increase in the provision for loan losses,
and a $0.4 million increase in noninterest expense, offset in part
by a $1.3 million decrease in income taxes.
Net Interest Income: Net
interest income totaled $25.4 million for the first quarter of
2011, compared to $27.0 million for the fourth quarter of 2010, a
decrease of $1.5 million, or 6%, and $26.8 million for the first
quarter of 2010, a decrease of $1.4 million, or 5%. Net
interest margin was 3.78% for the first quarter of 2011, compared
to 3.82% for the fourth quarter of 2010 and 3.59% for the first
quarter of 2010. Included in the first quarter of 2011 net
interest margin was a net recovery of $0.1 million from the
quarterly adjustment of the discount accretion on loans and the
loss share receivable offset by interest reversals on nonaccrual
loans. Included in the fourth quarter 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 first quarter 2010 net interest margin was a net recovery of
$0.4 million from the resolution of a nonperforming loan and the
quarterly adjustment of the discount accretion on loans and the
loss share receivable, offset by interest reversals on nonaccrual
loans. The net effects of these adjustments on net interest
margin were a 1 basis point increase, a 7 basis point increase, and
a 5 basis point increase for each quarter,
respectively.
Provision for Loan Losses and Net
Charge-Offs: The provision for loan losses totaled
$9.1 million for the first quarter of 2011, compared to $7.3
million for the fourth quarter of 2010 and $8.5 million for the
first quarter of 2010. Net charge-offs totaled $11.0 million,
or 1.90% (annualized) of average portfolio loans for the first
quarter of 2011, compared to $14.5 million, or 2.35% (annualized)
of average portfolio loans for the fourth quarter of 2010 and $5.8
million, or 0.90% (annualized) of average portfolio loans for the
first quarter of 2010.
Noninterest Income: Noninterest income
totaled $3.2 million for the first quarter of 2011, compared to
$4.1 million for the fourth quarter of 2010 and $4.2 million for
the first quarter of 2010. The decrease in noninterest income
from the fourth quarter of 2010 was primarily the result of a $0.5
million decrease in gain on sale of loans, mainly from declined
mortgage loan sales, and a $0.3 million decrease in service charges
and fees. The decrease from the first quarter of 2010 was
primarily the result of a $0.8 million decrease in gain on sale of
loans, mainly from declined student loan sales, and a $0.2 million
decrease in service charges and fees.
Noninterest Expense: Noninterest expense
totaled $15.6 million for the first quarter of 2011, compared to
$16.8 million for the fourth quarter of 2010 and $15.3 million for
the first quarter of 2010. The decrease from fourth quarter
2010 consisted of a $0.8 million decrease in other real estate
expense and a $0.6 million decrease in other general and
administrative expense, primarily from decreased legal fees related
to other real estate and other loan costs. The increase from
first quarter 2010 consisted of a $0.3 million increase in other
real estate expense and a $0.4 million increase in the provision
for unfunded loan commitments, offset in part by a $0.3 million
decrease in FDIC and other insurance 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 March 31, 2011 we had total assets of $2.8 billion,
deposits of $2.2 billion, and shareholders' equity of $379.7
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 March 31, 2011, approximately $684.7
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
March 31, 2011 approximately $1.7 billion, or 75%, of our
noncovered loans were commercial real estate mortgage and
construction loans, including $414.3 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 March 31, 2011 our Texas segment
accounted for $954.6 million, or 42% of total portfolio loans,
followed by $838.5 million, or 36%, from our Oklahoma segment,
$272.7 million, or 12%, from our Kansas segment, and $226.5
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 March 31, 2011 through the date
its financial statements are filed with the Securities and Exchange
Commission. The March 31, 2011 financial statements included
in this release will be adjusted if necessary to properly reflect
the impact of subsequent events on estimates used to prepare those
statements.
| 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 Quarterly Summary Financial
Data |
Table 5 |
| Unaudited Quarterly Supplemental Analytical
Data |
Table 6 |
| |
|
| SOUTHWEST BANCORP,
INC. |
|
|
|
|
Table 1 |
| UNAUDITED FINANCIAL
HIGHLIGHTS |
|
|
|
|
|
| (Dollars in thousands, except per
share) |
|
|
|
|
|
| |
First
Quarter |
Fourth
Quarter |
| QUARTERLY
HIGHLIGHTS |
|
|
% |
|
% |
| |
2011 |
2010 |
Change |
2010 |
Change |
| Operations |
|
|
|
|
|
| Net interest income |
$ 25,421 |
$ 26,801 |
(5)% |
$ 26,970 |
(6)% |
| Provision for loan
losses |
9,050 |
8,531 |
6 |
7,265 |
25 |
| Noninterest income |
3,249 |
4,178 |
(22) |
4,089 |
(21) |
| Noninterest expense |
15,625 |
15,258 |
2 |
16,811 |
(7) |
| Income before taxes |
3,995 |
7,190 |
(44) |
6,983 |
(43) |
| Taxes on income |
1,534 |
2,818 |
(46) |
2,675 |
(43) |
| Net income |
2,461 |
4,372 |
(44) |
4,308 |
(43) |
| Net income available to
common |
|
|
|
|
|
| shareholders |
1,408 |
3,329 |
(58) |
3,257 |
(57) |
| Diluted earnings per
share |
0.07 |
0.23 |
(70) |
0.17 |
(59) |
| Balance
Sheet |
|
|
|
|
|
| Total assets |
2,778,833 |
3,074,923 |
(10) |
2,820,541 |
(1) |
| Loans held for sale |
37,348 |
25,586 |
46 |
35,194 |
6 |
| Noncovered portfolio
loans |
2,243,105 |
2,516,397 |
(11) |
2,331,293 |
(4) |
| Covered portfolio loans |
49,117 |
76,909 |
(36) |
53,628 |
(8) |
| Total deposits |
2,218,571 |
2,554,165 |
(13) |
2,252,728 |
(2) |
| Total shareholders'
equity |
379,668 |
315,341 |
20 |
377,812 |
-- |
| Book value per common
share |
16.04 |
16.79 |
(4) |
15.97 |
-- |
| Key Ratios |
|
|
|
|
|
| Net interest margin |
3.78% |
3.59% |
|
3.82% |
|
| Efficiency ratio |
54.50 |
49.25 |
|
54.13 |
|
| Total capital to risk-weighted
assets |
19.77 |
15.28 |
|
19.06 |
|
| Nonperforming loans to portfolio
loans - noncovered |
4.81 |
3.89 |
|
4.59 |
|
| Shareholders' equity to total
assets |
13.66 |
10.26 |
|
13.40 |
|
| Tangible common equity to tangible
assets* |
11.00 |
7.87 |
|
10.78 |
|
| Return on average assets
(annualized) |
0.35 |
0.57 |
|
0.59 |
|
| Return on average common equity
(annualized) |
1.81 |
5.42 |
|
4.11 |
|
| Return on average tangible common
equity (annualized)** |
1.85 |
5.58 |
|
4.21 |
|
| |
| 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. |
|
|
|
|
|
| |
|
|
|
| SOUTHWEST BANCORP,
INC. |
|
|
Table 2 |
| UNAUDITED
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
|
|
| (Dollars in thousands, except per
share) |
|
|
|
| |
|
|
|
| |
March 31, |
December 31, |
March 31, |
| |
2011 |
2010 |
2010 |
| Assets |
|
|
|
| Cash and due from banks |
$ 28,034 |
$ 26,478 |
$ 22,196 |
| Interest-bearing deposits |
89,529 |
41,018 |
124,129 |
| Cash and cash
equivalents |
117,563 |
67,496 |
146,325 |
| Securities held to maturity (fair
values of $12,903, $14,029, $6,750, respectively) |
13,042 |
14,304 |
6,670 |
| Securities available for sale
(amortized cost of $243,556, $246,649, $230,522,
respectively) |
245,394 |
248,221 |
235,023 |
| Loans held for sale |
37,348 |
35,194 |
25,586 |
| Noncovered loans receivable |
2,243,105 |
2,331,293 |
2,516,397 |
| Less: Allowance for loan
losses |
(63,310) |
(65,229) |
(65,168) |
| Net noncovered loans
receivable |
2,179,795 |
2,266,064 |
2,451,229 |
| Covered loans receivable (includes loss
share: $12,617, $14,370, and $21,060, respectively) |
49,117 |
53,628 |
76,909 |
| Net loans receivable |
2,228,912 |
2,319,692 |
2,528,138 |
| Accrued interest receivable |
8,789 |
8,590 |
10,271 |
| Premises and equipment, net |
23,555 |
23,772 |
25,996 |
| Noncovered other real estate |
41,067 |
37,722 |
18,809 |
| Covered other real estate |
4,016 |
4,187 |
4,489 |
| Goodwill |
6,811 |
6,811 |
6,811 |
| Other intangible assets, net |
5,141 |
5,371 |
5,575 |
| Other assets |
47,195 |
49,181 |
61,230 |
| Total assets |
$ 2,778,833 |
$ 2,820,541 |
$ 3,074,923 |
| |
|
|
|
| Liabilities |
|
|
|
| Deposits: |
|
|
|
| Noninterest-bearing
demand |
$ 369,013 |
$ 377,182 |
$ 317,896 |
| Interest-bearing demand |
112,731 |
92,584 |
119,757 |
| Money market accounts |
486,770 |
495,253 |
506,659 |
| Savings accounts |
28,440 |
26,665 |
25,871 |
| Time deposits of $100,000 or
more |
669,817 |
694,565 |
944,871 |
| Other time deposits |
551,800 |
566,479 |
639,111 |
| Total deposits |
2,218,571 |
2,252,728 |
2,554,165 |
| Accrued interest payable |
1,805 |
1,577 |
2,993 |
| Income tax payable |
3,510 |
2,878 |
6,761 |
| Other liabilities |
7,471 |
8,981 |
10,080 |
| Other borrowings |
85,332 |
94,602 |
103,620 |
| Subordinated debentures |
82,476 |
81,963 |
81,963 |
| Total liabilities |
2,399,165 |
2,442,729 |
2,759,582 |
| |
|
|
|
| Shareholders'
equity |
|
|
|
| Serial preferred stock; 2,000,000
shares authorized; |
|
|
|
| 70,000 shares issued and
outstanding |
67,902 |
67,724 |
67,205 |
| Common stock -- $1 par value;
40,000,000 shares authorized; |
|
|
|
| 19,438,290, 19,421,900, 14,779,711
shares issued and outstanding, respectively |
19,438 |
19,422 |
14,780 |
| Additional paid-in capital |
98,994 |
98,894 |
49,229 |
| Retained earnings |
192,200 |
190,793 |
181,344 |
| Accumulated other comprehensive
income |
1,134 |
979 |
2,783 |
| Total shareholders'
equity |
379,668 |
377,812 |
315,341 |
| Total liabilities and shareholders'
equity |
$ 2,778,833 |
$ 2,820,541 |
$ 3,074,923 |
| |
|
|
|
| SOUTHWEST BANCORP,
INC. |
|
Table 3 |
| UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS |
| (Dollars in thousands, except per
share) |
|
|
| |
|
|
| |
For the three
months |
| |
ended March
31, |
| |
2011 |
2010 |
| Interest
income |
|
|
| Loans |
$ 30,539 |
$ 34,372 |
| Investment securities |
1,746 |
2,170 |
| Other interest-earning
assets |
140 |
217 |
| Total interest income |
32,425 |
36,759 |
| |
|
|
| Interest
expense |
|
|
| Interest-bearing
deposits |
5,133 |
8,174 |
| Other borrowings |
497 |
517 |
| Subordinated debentures |
1,374 |
1,267 |
| Total interest expense |
7,004 |
9,958 |
| |
|
|
| Net interest income |
25,421 |
26,801 |
| |
|
|
| Provision for loan losses |
9,050 |
8,531 |
| |
|
|
| Net interest income after provision for
loan losses |
16,371 |
18,270 |
| |
|
|
| Noninterest
income |
|
|
| Service charges and fees |
2,878 |
3,096 |
| Gain on sales of loans |
194 |
985 |
| Gain on investment
securities |
-- |
7 |
| Other noninterest income |
177 |
90 |
| Total noninterest income |
3,249 |
4,178 |
| |
|
|
| Noninterest
expense |
|
|
| Salaries and employee
benefits |
7,515 |
7,580 |
| Occupancy |
2,804 |
2,783 |
| FDIC and other insurance |
1,243 |
1,587 |
| Other real estate, net |
436 |
106 |
| General and
administrative |
3,627 |
3,202 |
| Total noninterest
expense |
15,625 |
15,258 |
| Income before taxes |
3,995 |
7,190 |
| Taxes on income |
1,534 |
2,818 |
| Net income |
$ 2,461 |
$ 4,372 |
| Net income available to common
shareholders |
$ 1,408 |
$ 3,329 |
| |
|
|
| Basic earnings per common
share |
$ 0.07 |
$ 0.23 |
| Diluted earnings per common
share |
0.07 |
0.23 |
| 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 March 31, |
| |
2011 |
2010 |
| |
Average |
|
Average |
Average |
|
Average |
| |
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
| Assets |
|
|
|
|
|
|
| Noncovered loans |
$ 2,326,882 |
$ 29,655 |
5.17% |
$ 2,587,603 |
$ 32,981 |
5.17% |
| Covered loans |
51,494 |
884 |
6.96 |
82,043 |
1,391 |
6.88 |
| Investment securities |
256,384 |
1,746 |
2.76 |
241,276 |
2,170 |
3.65 |
| Other interest-earning assets |
92,692 |
140 |
0.61 |
115,374 |
217 |
0.76 |
| Total interest-earning assets |
2,727,452 |
32,425 |
4.82 |
3,026,296 |
36,759 |
4.93 |
| Other assets |
91,807 |
|
|
79,238 |
|
|
| Total assets |
$ 2,819,259 |
|
|
$ 3,105,534 |
|
|
| |
|
|
|
|
|
|
| Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
| Interest-bearing demand deposits |
$ 112,441 |
$ 124 |
0.45% |
$ 107,510 |
$ 132 |
0.50% |
| Money market accounts |
491,306 |
677 |
0.56 |
504,486 |
1,013 |
0.81 |
| Savings accounts |
27,741 |
16 |
0.23 |
25,628 |
16 |
0.25 |
| Time deposits |
1,248,152 |
4,316 |
1.40 |
1,649,888 |
7,013 |
1.72 |
| Total interest-bearing deposits |
1,879,640 |
5,133 |
1.11 |
2,287,512 |
8,174 |
1.45 |
| Other borrowings |
90,198 |
497 |
2.23 |
97,297 |
517 |
2.15 |
| Subordinated debentures |
81,969 |
1,374 |
6.70 |
81,963 |
1,267 |
6.18 |
| Total interest-bearing liabilities |
2,051,807 |
7,004 |
1.38 |
2,466,772 |
9,958 |
1.64 |
| |
|
|
|
|
|
|
| Noninterest-bearing demand deposits |
365,161 |
|
|
303,684 |
|
|
| Other liabilities |
19,789 |
|
|
19,032 |
|
|
| Shareholders' equity |
382,502 |
|
|
316,046 |
|
|
| Total liabilities and shareholders'
equity |
$ 2,819,259 |
|
|
$ 3,105,534 |
|
|
| |
|
|
|
|
|
|
| Net interest income and spread |
|
$ 25,421 |
3.44% |
|
$ 26,801 |
3.29% |
| Net interest margin (1) |
|
|
3.78% |
|
|
3.59% |
| Average interest-earning assets |
|
|
|
|
|
|
| to average interest-bearing
liabilities |
132.93% |
|
|
122.68% |
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| (1) Net interest margin =
annualized net interest income / average interest-earning
assets |
|
|
| |
|
|
|
|
|
|
| SOUTHWEST BANCORP,
INC. |
|
|
|
Table 5 |
| UNAUDITED QUARTERLY
SUMMARY FINANCIAL DATA |
|
|
|
|
| (Dollars in thousands, except per
share) |
|
|
|
|
|
| |
|
| |
2011 |
2010 |
| |
Mar. 31 |
Dec. 31 |
Sep. 30 |
Jun. 30 |
Mar. 31 |
| OPERATIONS |
|
|
|
|
|
| Interest
income: |
|
|
|
|
|
| Loans |
$ 30,539 |
$ 32,831 |
$ 32,824 |
$ 33,891 |
$ 34,372 |
| Investment securities |
1,746 |
1,724 |
2,079 |
2,175 |
2,170 |
| Other interest-earning
assets |
140 |
131 |
180 |
213 |
217 |
| Total interest income |
32,425 |
34,686 |
35,083 |
36,279 |
36,759 |
| Interest
expense: |
|
|
|
|
|
| Interest bearing demand
deposits |
124 |
85 |
111 |
140 |
132 |
| Money market accounts |
677 |
885 |
976 |
1,037 |
1,013 |
| Savings accounts |
16 |
17 |
15 |
16 |
16 |
| Time deposits of $100,000 or
more |
2,349 |
2,703 |
3,128 |
3,517 |
4,024 |
| Other time deposits |
1,967 |
2,230 |
2,572 |
2,661 |
2,989 |
| Total interest-bearing
deposits |
5,133 |
5,920 |
6,802 |
7,371 |
8,174 |
| Other borrowings |
497 |
514 |
524 |
524 |
517 |
| Subordinated debentures |
1,374 |
1,282 |
1,305 |
1,276 |
1,267 |
| Total interest expense |
7,004 |
7,716 |
8,631 |
9,171 |
9,958 |
| Net interest income |
25,421 |
26,970 |
26,452 |
27,108 |
26,801 |
| Provision for loan losses |
9,050 |
7,265 |
11,988 |
7,776 |
8,531 |
| Noninterest
income: |
|
|
|
|
|
| Service charges and fees |
2,878 |
3,144 |
2,994 |
3,170 |
3,096 |
| Gain on sales of loans |
194 |
682 |
653 |
416 |
985 |
| Gain on investment
securities |
-- |
15 |
2,605 |
34 |
7 |
| Other noninterest income |
177 |
248 |
83 |
342 |
90 |
| Total noninterest income |
3,249 |
4,089 |
6,335 |
3,962 |
4,178 |
| Noninterest
expense: |
|
|
|
|
|
| Salaries and employee
benefits |
7,515 |
7,516 |
7,183 |
7,637 |
7,580 |
| Occupancy |
2,804 |
2,717 |
2,835 |
2,836 |
2,783 |
| FDIC and other insurance |
1,243 |
1,333 |
1,347 |
1,521 |
1,587 |
| Other real estate, net |
436 |
1,255 |
228 |
629 |
106 |
| Provision for unfunded loan
commitments |
(55) |
(332) |
(294) |
(512) |
(465) |
| Other general and
administrative |
3,682 |
4,322 |
4,119 |
4,035 |
3,667 |
| Total noninterest
expense |
15,625 |
16,811 |
15,418 |
16,146 |
15,258 |
| Income before taxes |
3,995 |
6,983 |
5,381 |
7,148 |
7,190 |
| Taxes on
income |
1,534 |
2,675 |
1,508 |
2,737 |
2,818 |
| Net income |
$ 2,461 |
$ 4,308 |
$ 3,873 |
$ 4,411 |
$ 4,372 |
| Net income available to common
shareholders |
$ 1,408 |
$ 3,257 |
$ 2,825 |
$ 3,366 |
$ 3,329 |
| PER SHARE
DATA |
|
|
|
|
|
| Basic earnings per common
share |
$ 0.07 |
$ 0.17 |
$ 0.15 |
$ 0.19 |
$ 0.23 |
| Diluted earnings per common
share |
0.07 |
0.17 |
0.15 |
0.19 |
0.23 |
| Book value per common share |
16.04 |
15.97 |
15.93 |
15.88 |
16.79 |
| Tangible book value per
share* |
15.69 |
15.62 |
15.58 |
15.53 |
16.33 |
| COMMON
STOCK |
|
|
|
|
|
| Shares issued and
outstanding |
19,438,290 |
19,421,900 |
19,395,675 |
19,388,797 |
14,779,711 |
| OTHER FINANCIAL
DATA |
|
|
|
|
|
| Investment securities |
$ 258,436 |
$ 262,525 |
$ 240,844 |
$ 247,108 |
$ 241,693 |
| Loans held for sale |
37,348 |
35,194 |
34,868 |
25,615 |
25,586 |
| Noncovered portfolio loans |
2,243,105 |
2,331,293 |
2,412,796 |
2,475,348 |
2,516,397 |
| Total noncovered loans |
2,280,453 |
2,366,487 |
2,447,664 |
2,500,963 |
2,541,983 |
| Covered portfolio loans |
49,117 |
53,628 |
60,558 |
68,006 |
76,909 |
| Total assets |
2,778,833 |
2,820,541 |
2,905,275 |
3,010,835 |
3,074,923 |
| Total deposits |
2,218,571 |
2,252,728 |
2,345,648 |
2,444,939 |
2,554,165 |
| Other borrowings |
85,332 |
94,602 |
82,506 |
93,036 |
103,620 |
| Subordinated debentures |
82,476 |
81,963 |
81,963 |
81,963 |
81,963 |
| Total shareholders' equity |
379,668 |
377,812 |
376,576 |
375,319 |
315,341 |
| Mortgage servicing portfolio |
281,271 |
278,146 |
261,266 |
249,632 |
241,224 |
| INTANGIBLE ASSET
DATA |
|
|
|
|
|
| Goodwill |
$ 6,811 |
$ 6,811 |
$ 6,811 |
$ 6,811 |
$ 6,811 |
| Core deposit intangible |
3,420 |
3,557 |
3,693 |
3,830 |
3,967 |
| Mortgage servicing rights |
1,718 |
1,810 |
1,661 |
1,589 |
1,603 |
| Nonmortgage servicing rights |
3 |
4 |
4 |
5 |
5 |
| Total intangible assets |
$ 11,952 |
$ 12,182 |
$ 12,169 |
$ 12,235 |
$ 12,386 |
| Intangible amortization
expense |
$ 361 |
$ 402 |
$ 392 |
$ 350 |
$ 359 |
| Continued |
|
|
|
|
|
| ____________________ |
|
|
|
|
|
| *This is a Non-GAAP based financial
measure. |
|
|
|
|
|
| |
|
|
|
|
| SOUTHWEST BANCORP,
INC. |
|
|
|
Table 5 |
| UNAUDITED QUARTERLY
SUMMARY FINANCIAL DATA |
Continued |
| (Dollars in thousands, except per
share) |
|
|
|
|
|
| |
|
| |
2011 |
2010 |
| |
Mar. 31 |
Dec. 31 |
Sep. 30 |
Jun. 30 |
Mar. 31 |
| LOAN
COMPOSITION |
|
|
|
|
|
| Noncovered |
|
|
|
|
|
| Real estate mortgage: |
|
|
|
|
|
| Commercial |
$ 1,302,254 |
$ 1,310,464 |
$ 1,271,278 |
$ 1,251,709 |
$ 1,230,009 |
| One-to-four family
residential |
87,324 |
89,800 |
109,980 |
106,814 |
111,185 |
| Real estate construction |
|
|
|
|
|
| Commercial |
403,954 |
441,265 |
527,773 |
589,590 |
630,472 |
| One-to-four family
residential |
26,758 |
27,429 |
30,527 |
35,129 |
34,996 |
| Commercial |
417,970 |
452,626 |
463,132 |
471,004 |
487,074 |
| Installment and consumer: |
|
|
|
|
|
| Guaranteed student loans |
5,700 |
5,843 |
5,960 |
7,389 |
10,199 |
| Other |
36,493 |
39,060 |
39,014 |
39,328 |
38,048 |
| Total noncovered loans, including held
for sale |
2,280,453 |
2,366,487 |
2,447,664 |
2,500,963 |
2,541,983 |
| Less allowance for loan
losses |
(63,310) |
(65,229) |
(72,418) |
(67,055) |
(65,168) |
| Total noncovered loans, net |
$ 2,217,143 |
$ 2,301,258 |
$ 2,375,246 |
$ 2,433,908 |
$ 2,476,815 |
| Covered |
|
|
|
|
|
| Real estate mortgage: |
|
|
|
|
|
| Commercial |
$ 28,929 |
$ 30,997 |
$ 33,428 |
$ 36,107 |
$ 37,487 |
| One-to-four family
residential |
8,192 |
9,122 |
10,071 |
10,277 |
10,843 |
| Real estate construction |
|
|
|
|
|
| Commercial |
6,144 |
6,840 |
7,464 |
8,190 |
11,173 |
| One-to-four family
residential |
281 |
439 |
1,823 |
3,853 |
5,273 |
| Commercial |
5,021 |
5,554 |
6,816 |
8,487 |
10,807 |
| Installment and consumer: |
550 |
676 |
956 |
1,092 |
1,326 |
| Total covered loans |
$ 49,117 |
$ 53,628 |
$ 60,558 |
$ 68,006 |
$ 76,909 |
| DEPOSIT
COMPOSITION |
|
|
|
|
|
| Non-interest bearing demand |
$ 369,013 |
$ 377,182 |
$ 329,655 |
$ 326,721 |
$ 317,896 |
| Interest-bearing demand |
112,731 |
92,584 |
86,153 |
102,218 |
119,757 |
| Money market accounts |
486,770 |
495,253 |
518,422 |
510,549 |
506,659 |
| Savings accounts |
28,440 |
26,665 |
25,556 |
25,321 |
25,871 |
| Time deposits of $100,000 or
more |
669,817 |
694,565 |
795,303 |
861,110 |
944,871 |
| Other time deposits |
551,800 |
566,479 |
590,559 |
619,020 |
639,111 |
| Total deposits** |
$ 2,218,571 |
$ 2,252,728 |
$ 2,345,648 |
$ 2,444,939 |
$ 2,554,165 |
| LOANS BY
SEGMENT |
|
|
|
|
|
| Oklahoma banking |
$ 838,464 |
$ 871,393 |
$ 890,598 |
$ 914,004 |
$ 926,870 |
| Texas banking |
954,584 |
982,845 |
1,024,863 |
1,041,228 |
1,063,511 |
| Kansas banking |
272,685 |
289,642 |
309,240 |
329,157 |
342,596 |
| Other states banking |
226,489 |
241,041 |
248,653 |
258,965 |
260,329 |
| Subtotal |
2,292,222 |
2,384,921 |
2,473,354 |
2,543,354 |
2,593,306 |
| Secondary market |
37,348 |
35,194 |
34,868 |
25,615 |
25,586 |
| Total loans |
$ 2,329,570 |
$ 2,420,115 |
$ 2,508,222 |
$ 2,568,969 |
$ 2,618,892 |
| NET INCOME BY
SEGMENT |
|
|
|
|
|
| Oklahoma banking |
$ 3,435 |
$ 4,205 |
$ 3,399 |
$ 4,387 |
$ 2,857 |
| Texas banking |
1,079 |
4,001 |
(1,801) |
757 |
1,685 |
| Kansas banking |
131 |
293 |
(306) |
940 |
(322) |
| Other states banking |
(924) |
(3,674) |
494 |
(477) |
1,750 |
| Subtotal |
3,721 |
4,825 |
1,786 |
5,607 |
5,970 |
| Secondary market |
(13) |
444 |
173 |
83 |
310 |
| Other operations |
(1,247) |
(961) |
1,914 |
(1,279) |
(1,908) |
| Net income |
$ 2,461 |
$ 4,308 |
$ 3,873 |
$ 4,411 |
$ 4,372 |
| OFFICES AND
EMPLOYEES |
|
|
|
|
|
| FTE Employees |
424 |
432 |
440 |
447 |
455 |
| Branches |
23 |
23 |
23 |
23 |
24 |
| Loan production offices |
2 |
2 |
2 |
2 |
2 |
| Assets per employee |
$ 6,554 |
$ 6,529 |
$ 6,603 |
$ 6,736 |
$ 6,758 |
| ____________________ |
|
|
|
|
|
| **Calculation of
Non-brokered Deposits and Core Funding (Non-GAAP Financial
Measures) |
|
|
| Total deposits |
$ 2,218,571 |
$ 2,252,728 |
$ 2,345,648 |
$ 2,444,939 |
$ 2,554,165 |
| Less: |
|
|
|
|
|
| Brokered time deposits |
122,124 |
145,240 |
226,238 |
279,027 |
359,571 |
| Other brokered deposits |
112,033 |
117,532 |
129,096 |
126,643 |
124,969 |
| Non-brokered deposits |
$ 1,984,414 |
$ 1,989,956 |
$ 1,990,314 |
$ 2,039,269 |
$ 2,069,625 |
| Plus: |
|
|
|
|
|
| Sweep repurchase
agreements |
27,214 |
26,492 |
22,211 |
22,700 |
33,192 |
| Core funding |
$ 2,011,628 |
$ 2,016,448 |
$ 2,012,525 |
$ 2,061,969 |
$ 2,102,817 |
| |
|
|
|
|
|
| Balance sheet amounts are
as of period end unless otherwise noted. |
|
| |
|
|
|
|
| SOUTHWEST BANCORP,
INC. |
|
|
|
Table 6 |
| UNAUDITED QUARTERLY
SUPPLEMENTAL ANALYTICAL DATA |
|
|
|
| (Dollars in thousands, except per
share) |
|
|
|
|
|
| |
|
| |
2011 |
2010 |
| |
Mar. 31 |
Dec. 31 |
Sep. 30 |
Jun. 30 |
Mar. 31 |
| PERFORMANCE
RATIOS |
|
|
|
|
|
| Return on average assets
(annualized) |
0.35% |
0.59% |
0.52% |
0.58% |
0.57% |
| Return on average common equity
(annualized) |
1.81 |
4.11 |
3.57 |
4.64 |
5.42 |
| Return on average tangible common
equity |
|
|
|
|
|
| (annualized)* |
1.85 |
4.21 |
3.65 |
4.75 |
5.58 |
| Net interest margin
(annualized) |
3.78 |
3.82 |
3.63 |
3.65 |
3.59 |
| Total dividends declared to net
income |
35.56 |
20.31 |
22.59 |
19.84 |
20.02 |
| Effective tax rate |
38.40 |
38.31 |
28.02 |
38.29 |
39.19 |
| Efficiency ratio |
54.50 |
54.13 |
47.02 |
51.97 |
49.25 |
| NONPERFORMING
ASSETS |
|
|
|
|
|
| Noncovered |
|
|
|
|
|
| Nonaccrual loans |
$ 107,303 |
$ 106,566 |
$ 135,209 |
$ 111,871 |
$ 97,858 |
| 90 days past due and
accruing |
529 |
517 |
452 |
333 |
4 |
| Total nonperforming
loans |
107,832 |
107,083 |
135,661 |
112,204 |
97,862 |
| Other real estate |
41,067 |
37,722 |
35,723 |
27,634 |
18,809 |
| Total nonperforming
assets |
$ 148,899 |
$ 144,805 |
$ 171,384 |
$ 139,838 |
$ 116,671 |
| Performing restructured |
$ 2,166 |
$ 2,177 |
$ 5,334 |
$ 5,525 |
$ 5,650 |
| Potential problem loans |
$ 204,834 |
$ 233,140 |
$ 236,844 |
$ 242,217 |
$ 275,912 |
| Covered |
|
|
|
|
|
| Nonaccrual loans |
$ 9,809 |
$ 10,806 |
$ 7,906 |
$ 14,504 |
$ 16,192 |
| 90 days past due and
accruing |
-- |
-- |
1,871 |
130 |
356 |
| Total nonperforming
loans |
9,809 |
10,806 |
9,777 |
14,634 |
16,548 |
| Other real estate |
4,016 |
4,187 |
4,448 |
4,352 |
4,489 |
| Total nonperforming
assets |
$ 13,825 |
$ 14,993 |
$ 14,225 |
$ 18,986 |
$ 21,037 |
| Potential problem loans |
$ 3,444 |
$ 3,495 |
$ 6,413 |
$ 6,184 |
$ 6,620 |
| ALLOWANCE
ACTIVITY |
|
|
|
|
|
| Balance, beginning of period |
$ 65,229 |
$ 72,418 |
$ 67,055 |
$ 65,168 |
$ 62,413 |
| Charge offs |
11,367 |
14,720 |
7,006 |
6,168 |
6,545 |
| Recoveries |
398 |
266 |
381 |
279 |
769 |
| Net charge offs |
10,969 |
14,454 |
6,625 |
5,889 |
5,776 |
| Provision for loan losses |
9,050 |
7,265 |
11,988 |
7,776 |
8,531 |
| Balance, end of period |
$ 63,310 |
$ 65,229 |
$ 72,418 |
$ 67,055 |
$ 65,168 |
| ASSET QUALITY
RATIOS |
|
|
|
|
|
| Net loan charge-offs to average
portfolio |
|
|
|
|
|
| loans (annualized) |
1.90% |
2.35% |
1.05% |
0.92% |
0.90% |
| Noncovered |
|
|
|
|
|
| Nonperforming assets to portfolio loans
and |
|
|
|
|
|
| other real estate |
6.52% |
6.11% |
7.00% |
5.59% |
4.60% |
| Nonperforming loans to portfolio
loans |
4.81 |
4.59 |
5.62 |
4.53 |
3.89 |
| Allowance for loan losses to portfolio
loans |
2.82 |
2.80 |
3.00 |
2.71 |
2.59 |
| Allowance for loan losses to |
|
|
|
|
|
| nonperforming loans |
58.71 |
60.91 |
53.38 |
59.76 |
66.59 |
| Covered |
|
|
|
|
|
| Nonperforming assets to portfolio loans
and |
|
|
|
|
|
| other real estate |
26.02% |
25.93% |
21.88% |
26.24% |
25.84% |
| Nonperforming loans to portfolio
loans |
19.97 |
20.15 |
16.14 |
21.52 |
21.52 |
| CAPITAL
RATIOS |
|
|
|
|
|
| Average total shareholders' equity
to |
|
|
|
|
|
| average assets |
13.57% |
13.24% |
12.85% |
11.78% |
10.18% |
| Leverage ratio |
15.95 |
15.55 |
14.96 |
14.48 |
12.32 |
| Tier 1 capital to risk-weighted
assets |
18.49 |
17.78 |
17.17 |
16.50 |
14.00 |
| Total capital to risk-weighted
assets |
19.77 |
19.06 |
18.45 |
17.78 |
15.28 |
| Tangible common equity to tangible
assets*** |
11.00 |
10.78 |
10.43 |
10.02 |
7.87 |
| REGULATORY CAPITAL
DATA |
|
|
|
|
|
| Tier I capital |
$ 447,803 |
$ 445,966 |
$ 442,188 |
$ 438,973 |
$ 381,280 |
| Total capital |
478,736 |
477,930 |
475,040 |
472,971 |
415,955 |
| Total risk adjusted assets |
2,421,580 |
2,507,867 |
2,574,746 |
2,659,886 |
2,722,628 |
| Average total assets |
2,807,518 |
2,867,114 |
2,955,779 |
3,032,328 |
3,094,756 |
| ____________________ |
|
|
|
|
|
| *This is a Non-GAAP based financial
measure. |
|
|
|
|
|
| ***Calculation of Tangible
Capital to Tangible Assets (Non-GAAP Financial Measure) |
|
|
|
| Total shareholders'
equity |
$ 379,668 |
$ 377,812 |
$ 376,576 |
$ 375,319 |
$ 315,341 |
| Less: |
|
|
|
|
|
| Goodwill |
6,811 |
6,811 |
6,811 |
6,811 |
6,811 |
| Preferred stock |
67,902 |
67,724 |
67,548 |
67,375 |
67,205 |
| Tangible common equity |
$ 304,955 |
$ 303,277 |
$ 302,217 |
$ 301,133 |
$ 241,325 |
| Total assets |
$ 2,778,833 |
$ 2,820,541 |
$ 2,905,275 |
$ 3,010,835 |
$ 3,074,923 |
| Less goodwill |
6,811 |
6,811 |
6,811 |
6,811 |
6,811 |
| Tangible assets |
$ 2,772,022 |
$ 2,813,730 |
$ 2,898,464 |
$ 3,004,024 |
$ 3,068,112 |
| Tangible common equity to tangible
assets |
11.00% |
10.78% |
10.43% |
10.02% |
7.87% |
| |
|
|
|
|
|
| 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
