EX-99.1 2 oksb-20130723ex991a35f21.htm EX-99.1 ER_Q22013

 

Description: swbc_logo Gold copy

 

 

For additional information:
           Mark W. Funke
           President & CEO
           Joe T. Shockley, Jr.
           EVP & CFO
           (405) 372-2230

For Immediate Release

Southwest Bancorp, Inc. Reports Second Quarter 2013 Results

 

July 23, 2013, Stillwater, Oklahoma . . . . Southwest Bancorp, Inc. (NASDAQ Global Select Market - OKSB, OKSBP), (“Southwest”), today reported net income available to common shareholders for the second quarter of 2013 of $4.4 million, or $0.22 per diluted share, up $2.0 million or 85% over the prior quarter.  Net income available to common shareholders was $2.4 million, or $0.12 per diluted share, for the first quarter of 2013 and $3.0 million, or $0.15 per diluted share, for the second quarter of 2012.  Net income available to common shareholders for the six months ended June 30, 2013 totaled $6.8 million, or $0.34 per diluted share, compared to $7.1 million, or $0.37 per diluted share, for the six months ended June 30, 2012.

Mark Funke, President and CEO, stated, “We are pleased with the progress we have made through the first six months of this year.  Net income available to common shareholders has improved this quarter compared to a year ago and nonperforming assets continue to be reduced.  We have added a number of talented new people to our company and, together with our tenured bankers, are continuing to maintain the highest level of service to our customers, while attracting new relationships to our organization.  I like the momentum we are developing in our company and for our customers.  As we move into the second half of 2013, we will continue to focus attention on improving asset quality, better operating efficiencies and appropriate capital management as we position our company for the future.”

Joe Shockley, CFO, stated, “The Company’s capital position and liquidity remain strong.  During the quarter, we repurchased the common stock warrant issued to the US Treasury as part of the CPP program and it is our intention to redeem our 10.5% Trust Preferred Securities in mid-September 2013, subject to regulatory approval.  The redemption of the Trust Preferred Securities will improve our net interest income by approximately $3.5 million annually.  These actions are continuing steps in restructuring the bank’s balance sheet.”

 

Financial Overview

Unless otherwise indicated, the following discussion excludes “covered” assets, which are subject to loss sharing agreements with the FDIC.  For information on covered versus noncovered assets, please see the accompanying unaudited financial statement and tables.

Condition:    At June 30, 2013, total assets were $2.0 billion, down $59.7 million compared to March 31, 2013,  primarily due to a decline in cash and cash equivalents.  Total loans were $1.3 billion, flat from March 31, 2013.

Investment securities of $372.4 million as of June 30, 2013 increased $6.8 million compared March 31, 2013, and $32.0 million compared to a year ago.    The investment portfolio is managed to provide safety, liquidity, and collateral for public funds and borrowings.  The investment portfolio continues to be managed in compliance with the current investment policy, including interest rate and liquidity risk stress testing, and the average duration of the portfolio not exceeding four years.

At June 30, 2013, the allowance for loan losses was $40.3 million, a decrease of 6% from March 31, 2013.  The allowance for loan losses to portfolio loans was 3.12% as of June 30, 2013, compared to 3.29% as of March 31,

 

 

 

 

2013.  The allowance for loan losses to nonperforming loans was 136.44% as of June 30, 2013, compared to 131.78% as of March 31, 2013.

Nonperforming assets were $29.7 million, or 2.30% of portfolio loans and other real estate, as of June 30, 2013,  a decrease of $12.1 million (29%) from $41.8 million, or 3.20% of portfolio loans and other real estate, as of March 31, 2013.  The decrease in nonperforming assets during the second quarter is primarily attributable to the sale of other real estate properties totaling $9.2 million.  One of the transactions resulted in a $1.7 million pre-tax gain during the second quarter.  Other real estate at June 30, 2013 was $145,000 down from $9.4 million at March 31, 2013 and $17.3 million a year ago.  Nonperforming loans decreased by $2.8 million during the quarter. 

Total core funding, which includes all non-brokered deposits and sweep repurchase agreements, comprised 98% of total funding as of June 30, 2013 and March 31, 2013.  Wholesale funding, including FHLB borrowings, federal funds purchased, and brokered deposits, accounted for 2% of total funding at June 30, 2013 and March 31, 2013.  Please see Table 7 for details on core funding and non-brokered deposits, which are non-GAAP financial measures.

The capital ratios of Southwest and each of its banking subsidiaries, as of June 30, 2013,  exceeded the criteria for regulatory classification as “well-capitalized”.  Southwest’s total regulatory capital was $345.7 million, for a total risk-based capital ratio of 23.78%, and Tier 1 capital was $326.8 million, for a Tier 1 risk-based capital ratio of 22.48%.  Southwest’s capital exceeded the minimum to be classified as “well-capitalized” by $200.3 million.  Stillwater National Bank, Southwest’s principal banking subsidiary, had total regulatory capital of $278.4 million, for a total risk-based capital ratio of 21.79%, and Tier 1 capital of $247.1 million, for a Tier 1 risk-based capital ratio of 19.34%.  Stillwater National Bank exceeded the minimum to be classified as “well-capitalized” by $150.7 million.  Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by Federal bank regulators.

 

Second Quarter Results:

Summary:  For the second quarter of 2013, net income available to common shareholders was $4.4 million, compared to $3.0 million for the second quarter of 2012, and $2.4 million for the first quarter of 2013.  The $1.4 million increase in our net income available to common shareholders compared to the second quarter of 2012 is the result of a $3.9 million decrease in noninterest expense, a $1.1 million decrease primarily in dividends on preferred stock due to the repurchase during 2012, a $0.9 million decrease in the provision for loan losses, and a $0.2 million decrease in income tax expense, offset in part by a $4.6 million decrease in net interest income and a $0.1 million decrease in noninterest income. 

The $2.0 million increase in net income available to common shareholders compared to the first quarter of 2013 is the result of a $1.5 million decrease in noninterest expense and a $1.4 million decrease in the provision for loan losses, offset in part by a $0.5 million decrease in net interest income and a $0.4 million increase in income taxes. 

Net Interest Income:    Net interest income totaled $15.1 million for the second quarter of 2013, compared to $19.7 million for the second quarter of 2012, a decrease of $4.6 million, or 23%, and to $15.6 million for the first quarter of 2013, a decrease of $0.5 million, or 3%.  Net interest margin was 3.07% for the second quarter of 2013, compared to 3.71% for the second quarter of 2012 and 3.16% for the first quarter of 2013.  With the rate environment remaining low in the short to mid-term, earning assets are repricing at lower rates.  Noncovered loans declined $226.3 million, or 15%, from June 30, 2012 and $7.2 million, or 1%, from March 31, 2013 primarily due to a decline in commercial real estate loans.

Provision for Loan Losses and Net Charge-offs:  The provision for loan losses is the amount that is required to maintain the allowance for losses at an appropriate level based upon the inherent risks in the loan portfolio after the effects of net charge-offs or net recoveries for the period.  The provision for loan losses was a credit (or negative) of $0.9 million for the second quarter of 2013, compared to a provision for loan losses of $32,000 for second quarter of 2012 and a provision for loan losses of $0.5 million for the first quarter of 2013.  For the second quarter of 2013, net charge-offs totaled $1.6 million, or 0.50% (annualized) of average portfolio loans, compared to net charge-offs of $1.2 million, or 0.31% (annualized) of average portfolio loans for the second quarter of 2012, and net charge-offs of $4.4 million, or 1.32% (annualized) of average portfolio loans for the first quarter of 2013. 

Noninterest Income:  Noninterest income totaled $3.5 million for the second quarter of 2013, compared to $3.6 million for the second  quarter of 2012, and $3.5 million for the first quarter of 2013.  The decrease from second

 

 

 

 

 

quarter 2012 includes a $0.3 million decrease in service charges and fees, offset in part by a $0.2 million increase in the gain on sales of loans. 

Noninterest Expense:    Noninterest expense totaled $12.8 million for the second quarter of 2013, compared to $16.8 million for the second quarter of 2012 and $14.4 million for the first quarter of 2013. 

The $3.9 million decrease from second quarter of 2012 consists primarily of a $3.5 million decrease in other real estate expense, which includes $2.3 million recognized as gain on sale of other real estate properties and a $0.7 million decrease in write-downs of other real estate properties during the second quarter of 2013.  Also included in the decline from prior year is a $0.8 million decrease in general and administrative expense, which is primarily the result of decreased consulting fees, legal fees, and miscellaneous expenses, a $0.3 million decrease in FDIC and other insurance expense, and a $0.1 million decrease in provision for unfunded loan commitments, offset in part by a $0.7 million increase in personnel expense.

The $1.6 million decrease from first quarter of 2013 consists primarily of a $1.7 million decrease in other real estate expense, primarily due to the net gains on sales of other real estate properties in the second quarter of this year and lower write-downs of other real estate properties during the quarter.

Income Tax:  Income tax expense totaled $2.2 million for the second quarter of 2013, compared to $2.4 million for the second quarter of 2012 and $1.9 million for the first quarter of 2013.  The income tax expense fluctuates in relation to pre-tax income levels.  The second quarter 2013 effective tax rate was 33.74%, due to a $0.2 million adjustment in reserve for tax credits.

 

Year-to-date Results:

Summary:  Net income available to common shareholders was $6.8 million as of June 30, 2013, compared to $7.1 million as of June 30, 2012.  The $0.3 million decrease in our net income available to common shareholders from 2012 is the result of a $9.9 million decrease in net interest income, offset in part by a $2.1 million decrease in the provision for loan losses,  a $3.9 million decrease in noninterest expense, a $1.4 million decrease in income tax expense, and a $2.2 million decrease primarily in dividends on preferred stock due to the repurchase during 2012.  

Net Interest Income:    Net interest income totaled $30.7 million for the first six months of 2013, compared to $40.6 million for the first six months of 2012, a decrease of $9.9 million, or 24%.  Lower average loan volume was the primary cause of this decrease.  Year-to-date net interest margin was 3.12%, compared to 3.77% for 2012.  With the rate environment remaining low, earning assets are repricing at lower rates.

Provision for Loan Losses and Net Charge-offs:    The provision for loan losses is the amount of expense that is required to maintain the allowance for losses at an appropriate level based upon the inherent risks in the loan portfolio after the effects of net charge-offs for the period.  The provision for loan losses was a credit (or negative) of $0.4 million for the first six months of 2013, compared to an expense of $1.7 million for the first six months of 2012.  Net charge-offs totaled $6.0 million, or 0.91% (annualized) of average portfolio loans year-to-date as of June 30, 2013, compared to $2.5 million, or 0.32% (annualized) of average portfolio loans for the same period 2012.  

Noninterest Income:  Noninterest income totaled $7.0 million for the first six months of 2013, compared to $7.1 million for the first six months of 2012.  The decrease consists of a $0.6 million decline in service charges and fees, offset in part by a $0.5 million increase in gains on sales of loans.    

Noninterest Expense:    Noninterest expense totaled $27.2 million for the first six months of 2013, compared to $31.1 million for the first six months of 2012.  The decrease consists of a $3.5 million decrease in other real estate expense, which is primarily due to net gains recognized on the sale of other real estate properties combined with decreased expenses associated with other real estate properties.  Also included in the decline from prior year is a $1.3 million decrease in general and administrative expense, which is primarily the result of lower legal fees, consulting fees, other loan costs, and bank exam fees, and a $0.6 million decrease in FDIC and other insurance expense, offset in part by a $1.6 million increase in personnel expense.

Income Tax:  Income tax expense totaled $4.1 million for the first six months of 2013, compared to $5.6 million for the first six months of 2012.  The income tax expense fluctuates in relation to pre-tax income levels.  The year-to-date effective tax rate was 37.70% as of June 30, 2013. 

 

 

 

 

 

 

Southwest Bancorp and Subsidiaries

Southwest is the bank holding company for Stillwater National Bank and Trust Company (“Stillwater National”) and Bank of Kansas. Through its subsidiaries, commercial and consumer lending, deposit and investment services, specialized cash management, and other financial services are offered from offices in Oklahoma, Texas, and Kansas.  Stillwater National was chartered in 1894 and Southwest was organized in 1981 as the holding company.  At June 30, 2013,  Southwest had total assets of $2.0 billion, deposits of $1.6 billion, and shareholders’ equity of $249.4 million.

Southwest’s 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.  The strategic focus on healthcare lending was established in 1974.  Southwest and its subsidiaries provide credit and other services, such as deposits, cash management, and document imaging for physicians and other healthcare practitioners to start or develop their practices and finance the development and purchase of medical offices, clinics, surgical care centers, hospitals, and similar facilities.  As of June 30, 2013, approximately $429.4 million, or 33%, of noncovered loans were loans to individuals and businesses in the healthcare industry.  Regular market reviews are conducted of current and potential healthcare lending business and the appropriate concentrations within healthcare based upon economic and regulatory conditions.

Additionally, Southwest also focuses on commercial real estate mortgage and construction lending.  As of June 30, 2013, approximately $0.9 billion, or 73%, of noncovered loans were commercial real estate mortgage and construction loans, including $285.7 million of loans to individuals and businesses in the healthcare industry. 

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.

 

Caution About Forward-Looking Statements

Southwest makes forward-looking statements in this news release that are subject to risks and uncertainties.  These statements are intended to be covered by the safe harbor provision for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

These forward-looking statements include: 

·

Statements of Southwest's goals, intentions, and expectations;

·

Estimates of risks and of future costs and benefits;

·

Expectations regarding Southwest’s future financial performance and the financial performance of its operating segments;

·

Expectations regarding regulatory actions;

·

Expectations regarding Southwest’s ability to utilize tax loss benefits;

·

Assessments of loan quality, probable loan losses, and the amount and timing of loan payoffs;

·

Estimates of the value of assets held for sale or available for sale; and

·

Statements of Southwest’s ability to achieve financial and other goals.

 

These forward-looking statements are subject to significant uncertainties because they are based upon: the amount and timing of future changes in interest rates, market behavior, and other economic conditions; future laws, regulations, and accounting principles; changes in regulatory standards and examination policies, and a variety of other matters. These other matters include, among other things, the direct and indirect effects of economic conditions on interest rates, credit quality, loan demand, liquidity, and monetary and supervisory policies of banking regulators.  Because of these uncertainties, the actual future results may be materially different from the results indicated by these forward-looking statements. In addition, Southwest's past growth and performance do not necessarily indicate future results.  For other factors, risks, and uncertainties that could cause actual results to differ materially from estimates and projections contained in forward-looking statements, please read Southwest’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2012.  You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors”.

 

 

 

 

 

The cautionary statements in this release also identify important factors and possible events that involve risk and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements.  These forward-looking statements speak only as of the date on which the statements were made.  Southwest does not intend, and undertakes no obligation, to update or revise any forward-looking statements contained in this release, whether as a result of differences in actual results, changes in assumptions, or changes in other factors affecting such statements, except as required by law.

Southwest is required under generally accepted accounting principles to evaluate subsequent events and their impact, if any, on its financial statements as of June 30, 2013 through the date its financial statements are filed with the Securities and Exchange Commission.  The June  30,  2013 financial statements included in this release will be adjusted if necessary to properly reflect the impact of subsequent events on estimates used to prepare those statements. 

 

 

 

 

 

Financial Tables

 

 

Unaudited Financial Highlights

Table 1

Unaudited Consolidated Statements of Financial Condition

Table 2

Unaudited Consolidated Statements of Operations

Table 3

Unaudited Average Balances, Yields, and Rates-Quarterly

Table 4

Unaudited Average Balances, Yields, and Rates-Year-to-date

Table 5

Unaudited Quarterly Summary Loan Data

Table 6

Unaudited Quarterly Summary Financial Data

Table 7

Unaudited Quarterly Supplemental Analytical Data

Table 8

 

 

 

 

 

 

 

 

SOUTHWEST BANCORP, INC.
UNAUDITED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share)

Table 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter

 

First Quarter

QUARTERLY HIGHLIGHTS

 

 

 

 

 

 

 

%

 

 

 

 

%

 

 

2013

 

2012

 

Change

 

 

2013

 

Change

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$
15,134 

 

$
19,747 

 

(23)%

 

$
15,606 

 

(3)%

Provision for loan losses

 

 
(876)

 

 
32 

 
(2,838)

 

 
498 

 
(276)

Noninterest income

 

 
3,491 

 

 
3,601 

 
(3)

 

 
3,537 

 
(1)

Noninterest expense

 

 
12,839 

 

 
16,769 

 
(23)

 

 
14,388 

 
(11)

Income before taxes

 

 
6,662 

 

 
6,547 

 
2 

 

 
4,257 

 
56 

Taxes on income

 

 
2,248 

 

 
2,430 

 
(7)

 

 
1,868 

 
20 

Net income

 

 
4,414 

 

 
4,117 

 
7 

 

 
2,389 

 
85 

Net income available to common shareholders

 

 
4,414 

 

 
3,011 

 
47 

 

 
2,389 

 
85 

Diluted earnings per share

 

 
0.22 

 

 
0.15 

 
47 

 

 
0.12 

 
83 

Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 
2,031,962 

 

 
2,264,123 

 
(10)

 

 
2,091,694 

 
(3)

Loans held for sale

 

 
7,217 

 

 
23,996 

 
(70)

 

 
7,297 

 
(1)

Noncovered portfolio loans

 

 
1,289,226 

 

 
1,498,708 

 
(14)

 

 
1,296,317 

 
(1)

Covered portfolio loans

 

 
21,646 

 

 
30,712 

 
(30)

 

 
23,601 

 
(8)

Total deposits

 

 
1,615,961 

 

 
1,788,379 

 
(10)

 

 
1,677,668 

 
(4)

Total shareholders' equity

 

 
249,420 

 

 
309,003 

 
(19)

 

 
250,509 

 
(0)

Book value per common share

 

 
12.67 

 

 
12.64 

 
0 

 

 
12.72 

 
(0)

Key Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin

 

 
3.07% 

 

 
3.71% 

 

 

 

 
3.16% 

 

 

Efficiency ratio

 

 
68.93 

 

 
71.82 

 

 

 

 
75.16 

 

 

Total capital to risk-weighted assets

 

 
23.78 

 

 
23.52 

 

 

 

 
23.54 

 

 

Nonperforming loans to portfolio loans - noncovered

 

 
2.29 

 

 
1.38 

 

 

 

 
2.50 

 

 

Shareholders' equity to total assets

 

 
12.27 

 

 
13.86 

 

 

 

 
11.98 

 

 

Tangible common equity to tangible assets*

 

 
12.22 

 

 
10.56 

 

 

 

 
11.93 

 

 

Return on average assets (annualized)

 

 
0.87 

 

 
0.72 

 

 

 

 
0.46 

 

 

Return on average common equity (annualized)

 

 
7.00 

 

 
4.92 

 

 

 

 
3.89 

 

 

Return on average tangible common equity (annualized)**

 

 
7.03 

 

 
5.06 

 

 

 

 
3.90 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YEAR-TO-DATE  HIGHLIGHTS

 

Six Months

 

 

 

 

 

 

 

 

 

 

 

 

 

%

 

 

 

 

 

 

 

2013

 

2012

 

Change

 

 

 

 

 

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$
30,740 

 

$
40,596 

 

(24)%

 

 

 

 

 

Provision for loan losses

 

 
(378)

 

 
1,748 

 
(122)

 

 

 

 

 

Noninterest income

 

 
7,028 

 

 
7,115 

 
(1)

 

 

 

 

 

Noninterest expense

 

 
27,227 

 

 
31,078 

 
(12)

 

 

 

 

 

Income before taxes

 

 
10,919 

 

 
14,885 

 
(27)

 

 

 

 

 

Taxes on income

 

 
4,116 

 

 
5,557 

 
(26)

 

 

 

 

 

Net income

 

 
6,803 

 

 
9,328 

 
(27)

 

 

 

 

 

Net income available to common

 

 

 

 

 

 

 

 

 

 

 

 

 

shareholders

 

 
6,803 

 

 
7,130 

 
(5)

 

 

 

 

 

Diluted earnings per share

 

 
0.34 

 

 
0.37 

 
(8)

 

 

 

 

 

Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 
2,031,962 

 

 
2,264,123 

 
(10)

 

 

 

 

 

Loans held for sale

 

 
7,217 

 

 
23,996 

 
(70)

 

 

 

 

 

Noncovered portfolio loans

 

 
1,289,226 

 

 
1,498,708 

 
(14)

 

 

 

 

 

Covered portfolio loans

 

 
21,646 

 

 
30,712 

 
(30)

 

 

 

 

 

Total deposits

 

 
1,615,961 

 

 
1,788,379 

 
(10)

 

 

 

 

 

Total shareholders' equity

 

 
249,420 

 

 
309,003 

 
(19)

 

 

 

 

 

Book value per common share

 

 
12.67 

 

 
12.64 

 
0 

 

 

 

 

 

Key Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin

 

 
3.12% 

 

 
3.77% 

 

 

 

 

 

 

 

Efficiency ratio (GAAP-based)

 

 
72.09 

 

 
65.14 

 

 

 

 

 

 

 

Total capital to risk-weighted assets

 

 
23.78 

 

 
23.52 

 

 

 

 

 

 

 

Nonperforming loans to portfolio loans - noncovered

 

 
2.29 

 

 
1.38 

 

 

 

 

 

 

 

Shareholders' equity to total assets

 

 
12.27 

 

 
13.86 

 

 

 

 

 

 

 

Tangible common equity to tangible assets*

 

 
12.22 

 

 
10.56 

 

 

 

 

 

 

 

Return on average assets (annualized)

 

 
0.66 

 

 
0.81 

 

 

 

 

 

 

 

Return on average common equity (annualized)

 

 
5.46 

 

 
5.87 

 

 

 

 

 

 

 

Return on average tangible common equity (annualized)**

 

 
5.49 

 

 
6.04 

 

 

 

 

 

 

 

Balance sheet amounts and ratios are as of period end unless otherwise noted.
* This is a Non-GAAP financial measure.  Please see Table 8 for a reconciliation to the most directly comparable GAAP based measure.
** This is a Non-GAAP financial measure.
Please see accompanying tables for additional financial information.

 

 

 

 

 

SOUTHWEST BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)

Table 2

 

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

 

 

June 30,

 

2013

 

2012

 

 

2012

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

$
32,137 

 

$
45,045 

 

$
39,539 

Interest-bearing deposits

 
266,835 

 

 
243,034 

 

 
236,336 

Cash and cash equivalents

 
298,972 

 

 
288,079 

 

 
275,875 

Securities held to maturity (fair values of $12,188, $13,659, and $13,735, respectively)

 
11,758 

 

 
12,797 

 

 
12,962 

Securities available for sale (amortized cost of $361,397, $358,317, and $320,929, respectively)

 
360,645 

 

 
364,315 

 

 
327,416 

Loans held for sale

 
7,217 

 

 
31,682 

 

 
23,996 

Noncovered loans receivable

 
1,289,226 

 

 
1,321,346 

 

 
1,498,708 

Less: Allowance for loan losses

 
(40,270)

 

 
(46,494)

 

 
(43,807)

Net noncovered loans receivable

 
1,248,956 

 

 
1,274,852 

 

 
1,454,901 

Covered loans receivable (includes loss share: $5,062, $6,714, and $8,096, respectively)

 
21,646 

 

 
25,707 

 

 
30,712 

Less: Allowance for loan losses

 
(82)

 

 
(224)

 

 
(91)

Net covered loans receivable

 
21,564 

 

 
25,483 

 

 
30,621 

Net loans receivable

 
1,270,520 

 

 
1,300,335 

 

 
1,485,522 

Accrued interest receivable

 
6,067 

 

 
6,365 

 

 
7,014 

Income tax receivable

 
1,839 

 

 
24,525 

 

 
24,974 

Premises and equipment, net

 
21,063 

 

 
21,691 

 

 
22,436 

Noncovered other real estate

 
145 

 

 
11,315 

 

 
17,263 

Covered other real estate

 
1,666 

 

 
3,643 

 

 
3,825 

Goodwill

 
1,214 

 

 
1,214 

 

 
1,214 

Other intangible assets, net

 
4,981 

 

 
4,864 

 

 
4,760 

Other assets

 
45,875 

 

 
51,430 

 

 
56,866 

Total assets

$
2,031,962 

 

$
2,122,255 

 

$
2,264,123 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing demand

$
412,176 

 

$
424,008 

 

$
421,083 

Interest-bearing demand

 
138,502 

 

 
112,012 

 

 
119,929 

Money market accounts

 
408,145 

 

 
423,417 

 

 
361,839 

Savings accounts

 
38,611 

 

 
37,693 

 

 
35,610 

Time deposits of $100,000 or more

 
295,179 

 

 
351,273 

 

 
431,317 

Other time deposits

 
323,348 

 

 
361,175 

 

 
418,601 

Total deposits

 
1,615,961 

 

 
1,709,578 

 

 
1,788,379 

Accrued interest payable

 
1,020 

 

 
1,116 

 

 
831 

Other liabilities

 
9,264 

 

 
13,180 

 

 
15,470 

Other borrowings

 
74,334 

 

 
70,362 

 

 
68,477 

Subordinated debentures

 
81,963 

 

 
81,963 

 

 
81,963 

Total liabilities 

 
1,782,542 

 

 
1,876,199 

 

 
1,955,120 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

 

 

 

 

Serial preferred stock - $1,000 par value; 2,000,000 shares authorized;

 

 

 

 

 

 

 

 

0, 0, and 70,000 shares issued and outstanding, respectively

 

 -

 

 

 -

 

 
68,837 

Common stock - $1 par value; 40,000,000 shares authorized;

 

 

 

 

 

 

 

 

19,692,606, 19,529,705, and 19,447,202 shares issued and outstanding, respectively

 
19,693 

 

 
19,530 

 

 
19,447 

Additional paid-in capital

 
99,342 

 

 
99,705 

 

 
98,899 

Retained earnings

 
131,896 

 

 
125,093 

 

 
119,776 

Accumulated other comprehensive income (loss)

 
(1,511)

 

 
1,728 

 

 
2,044 

Total shareholders' equity

 
249,420 

 

 
246,056 

 

 
309,003 

Total liabilities and shareholders' equity

$
2,031,962 

 

$
2,122,255 

 

$
2,264,123 

 

 

 

 

 

 

 

SOUTHWEST BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands)

Table 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months

 

For the six months

 

ended June 30,

 

ended June 30,

 

2013

 

2012

 

2013

 

2012

Interest income

 

 

 

 

 

 

 

 

 

 

 

Loans

$
16,415 

 

$
21,708 

 

$
33,421 

 

$
45,085 

Investment securities

 
1,594 

 

 
2,139 

 

 
3,285 

 

 
4,085 

Other interest-earning assets

 
255 

 

 
193 

 

 
495 

 

 
377 

Total interest income

 
18,264 

 

 
24,040 

 

 
37,201 

 

 
49,547 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 
1,442 

 

 
2,542 

 

 
3,094 

 

 
5,438 

Other borrowings

 
222 

 

 
222 

 

 
442 

 

 
446 

Subordinated debentures

 
1,466 

 

 
1,529 

 

 
2,925 

 

 
3,067 

Total interest expense

 
3,130 

 

 
4,293 

 

 
6,461 

 

 
8,951 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 
15,134 

 

 
19,747 

 

 
30,740 

 

 
40,596 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for loan losses

 
(876)

 

 
32 

 

 
(378)

 

 
1,748 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income after provision for loan losses

 
16,010 

 

 
19,715 

 

 
31,118 

 

 
38,848 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

Service charges and fees

 
2,607 

 

 
2,931 

 

 
5,267 

 

 
5,858 

Gain on sales of loans

 
831 

 

 
582 

 

 
1,645 

 

 
1,117 

Gain on investment securities

 

 -

 

 
35 

 

 

 -

 

 
35 

Other noninterest income

 
53 

 

 
53 

 

 
116 

 

 
105 

Total noninterest income

 
3,491 

 

 
3,601 

 

 
7,028 

 

 
7,115 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 
8,039 

 

 
7,354 

 

 
16,175 

 

 
14,601 

Occupancy

 
2,679 

 

 
2,635 

 

 
5,253 

 

 
5,180 

FDIC and other insurance

 
400 

 

 
699 

 

 
891 

 

 
1,482 

Other real estate, net

 
(1,394)

 

 
2,059 

 

 
(1,041)

 

 
2,431 

General and administrative

 
3,115 

 

 
4,022 

 

 
5,949 

 

 
7,384 

Total noninterest expense

 
12,839 

 

 
16,769 

 

 
27,227 

 

 
31,078 

Income before taxes

 
6,662 

 

 
6,547 

 

 
10,919 

 

 
14,885 

Taxes on income

 
2,248 

 

 
2,430 

 

 
4,116 

 

 
5,557 

Net income

$
4,414 

 

$
4,117 

 

$
6,803 

 

$
9,328 

Net income available to common shareholders

$
4,414 

 

$
3,011 

 

$
6,803 

 

$
7,130 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$
0.22 

 

$
0.15 

 

$
0.34 

 

$
0.37 

Diluted earnings per common share

 
0.22 

 

 
0.15 

 

 
0.34 

 

 
0.37 

Common dividends declared per share

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 

 

 

 

 

SOUTHWEST BANCORP, INC.
UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES - QUARTERLY
(Dollars in thousands)

Table 4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

June 30, 2013

 

March 31, 2013

 

Average

 

 

 

 

Average

 

Average

 

 

 

 

Average

 

Balance

 

Interest

 

Yield/Rate

 

Balance

 

Interest

 

Yield/Rate

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncovered loans

$
1,296,589 

 

$
16,018 

 
4.96% 

 

$
1,330,578 

 

$
16,514 

 
5.03% 

Covered loans

 
22,361 

 

 
397 

 
7.12 

 

 
24,895 

 

 
492 

 
8.01 

Investment securities

 
374,353 

 

 
1,594 

 
1.71 

 

 
380,525 

 

 
1,691 

 
1.80 

Other interest-earning assets

 
282,067 

 

 
255 

 
0.36 

 

 
268,396 

 

 
240 

 
0.36 

Total interest-earning assets

 
1,975,370 

 

 
18,264 

 
3.71 

 

 
2,004,394 

 

 
18,937 

 
3.83 

Other assets

 
63,390 

 

 

 

 

 

 

 
87,592 

 

 

 

 

 

Total assets

$
2,038,760 

 

 

 

 

 

 

$
2,091,986 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand deposits

$
126,250 

 

$
37 

 
0.12% 

 

$
133,600 

 

$
45 

 
0.14% 

Money market accounts

 
420,477 

 

 
190 

 
0.18 

 

 
419,635 

 

 
236 

 
0.23 

Savings accounts

 
38,833 

 

 
12 

 
0.12 

 

 
38,721 

 

 
12 

 
0.13 

Time deposits

 
633,647 

 

 
1,203 

 
0.76 

 

 
683,159 

 

 
1,359 

 
0.81 

Total interest-bearing deposits

 
1,219,207 

 

 
1,442 

 
0.47 

 

 
1,275,115 

 

 
1,652 

 
0.53 

Other borrowings

 
71,857 

 

 
222 

 
1.24 

 

 
69,728 

 

 
220 

 
1.28 

Subordinated debentures

 
81,963 

 

 
1,466 

 
7.15 

 

 
81,963 

 

 
1,459 

 
7.12 

Total interest-bearing liabilities

 
1,373,027 

 

 
3,130 

 
0.91 

 

 
1,426,806 

 

 
3,331 

 
0.95 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand deposits

 
402,224 

 

 

 

 

 

 

 
403,547 

 

 

 

 

 

Other liabilities

 
10,561 

 

 

 

 

 

 

 
12,285 

 

 

 

 

 

Shareholders' equity

 
252,948 

 

 

 

 

 

 

 
249,348 

 

 

 

 

 

Total liabilities and shareholders' equity

$
2,038,760 

 

 

 

 

 

 

$
2,091,986 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income and spread

 

 

 

$
15,134 

 
2.80% 

 

 

 

 

$
15,606 

 
2.88% 

Net interest margin (1)

 

 

 

 

 

 
3.07% 

 

 

 

 

 

 

 
3.16% 

Average interest-earning assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

to average interest-bearing liabilities

 
143.87% 

 

 

 

 

 

 

 
140.48% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Net interest margin = annualized net interest income / average interest-earning assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOUTHWEST BANCORP, INC.
UNAUDITED AVERAGE BLANCES, YIELDS, AND RATES – YEAR-TO-DATE
(Dollars in thousands)

Table 5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the six months ended June 30,

 

2013

 

2012

 

Average

 

 

 

 

Average

 

Average

 

 

 

 

Average

 

Balance

 

Interest

 

Yield/Rate

 

Balance

 

Interest

 

Yield/Rate

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncovered loans

$
1,313,490 

 

$
32,532 

 
4.99% 

 

$
1,614,980 

 

$
43,848 

 
5.46% 

Covered loans

 
23,621 

 

 
889 

 
7.59 

 

 
33,951 

 

 
1,237 

 
7.33 

Investment securities

 
377,422 

 

 
3,285 

 
1.76 

 

 
327,180 

 

 
4,085 

 
2.51 

Other interest-earning assets

 
275,269 

 

 
495 

 
0.36 

 

 
191,839 

 

 
377 

 
0.40 

Total interest-earning assets

 
1,989,802 

 

 
37,201 

 
3.77 

 

 
2,167,950 

 

 
49,547 

 
4.60 

Other assets

 
75,423 

 

 

 

 

 

 

 
153,370 

 

 

 

 

 

Total assets

$
2,065,225 

 

 

 

 

 

 

$
2,321,320 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand deposits

$
129,905 

 

$
82 

 
0.13% 

 

$
120,626 

 

$
129 

 
0.22% 

Money market accounts

 
420,058 

 

 
426 

 
0.20 

 

 
375,289 

 

 
520 

 
0.28 

Savings accounts

 
38,777 

 

 
24 

 
0.12 

 

 
34,609 

 

 
26 

 
0.15 

Time deposits

 
658,266 

 

 
2,562 

 
0.78 

 

 
905,900 

 

 
4,763 

 
1.06 

Total interest-bearing deposits

 
1,247,006 

 

 
3,094 

 
0.50 

 

 
1,436,424 

 

 
5,438 

 
0.76 

Other borrowings

 
70,798 

 

 
442 

 
1.26 

 

 
57,301 

 

 
446 

 
1.57 

Subordinated debentures

 
81,963 

 

 
2,925 

 
7.14 

 

 
81,963 

 

 
3,067 

 
7.48 

Total interest-bearing liabilities

 
1,399,767 

 

 
6,461 

 
0.93 

 

 
1,575,688 

 

 
8,951 

 
1.14 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand deposits

 
402,882 

 

 

 

 

 

 

 
383,008 

 

 

 

 

 

Other liabilities

 
11,418 

 

 

 

 

 

 

 
49,692 

 

 

 

 

 

Shareholders' equity

 
251,158 

 

 

 

 

 

 

 
312,932 

 

 

 

 

 

Total liabilities and shareholders' equity

$
2,065,225 

 

 

 

 

 

 

$
2,321,320 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income and spread

 

 

 

$
30,740 

 
2.84% 

 

 

 

 

$
40,596 

 
3.46% 

Net interest margin (1)

 

 

 

 

 

 
3.12% 

 

 

 

 

 

 

 
3.77% 

Average interest-earning assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

to average interest-bearing liabilities

 
142.15% 

 

 

 

 

 

 

 
137.59% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Net interest margin = annualized net interest income / average interest-earning assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOUTHWEST BANCORP, INC.
UNAUDITED QUARTERLY SUMMARY LOAN DATA
(Dollars in thousands)

Table 6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

 

Jun. 30

 

Mar. 31

 

Dec. 31

 

Sep. 30

 

Jun. 30

 

Mar. 31

LOAN COMPOSITION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncovered:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate mortgage:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

$
786,686 

 

$
819,873 

 

$
870,977 

 

$
898,453 

 

$
931,239 

 

$
996,486 

One-to-four family residential

 
77,445 

 

 
73,911 

 

 
70,952 

 

 
74,081 

 

 
74,390 

 

 
76,287 

Real estate construction:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 
158,907 

 

 
139,462 

 

 
130,753 

 

 
206,342 

 

 
211,098 

 

 
222,678 

One-to-four family residential

 
5,241 

 

 
5,015 

 

 
3,656 

 

 
3,438 

 

 
4,184 

 

 
3,814 

Commercial

 
235,667 

 

 
232,224 

 

 
240,498 

 

 
244,018 

 

 
263,085 

 

 
273,324 

Installment and consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guaranteed student loans

 
4,520 

 

 
4,576 

 

 
4,680 

 

 
4,872 

 

 
5,153 

 

 
5,276 

Other

 
27,977 

 

 
28,553 

 

 
31,512 

 

 
32,710 

 

 
33,555 

 

 
31,766 

Total noncovered loans, including held for sale

 
1,296,443 

 

 
1,303,614 

 

 
1,353,028 

 

 
1,463,914 

 

 
1,522,704 

 

 
1,609,631 

Less allowance for loan losses

 
(40,270)

 

 
(42,639)

 

 
(46,494)

 

 
(43,607)

 

 
(43,807)

 

 
(45,023)

Total noncovered loans, net

$
1,256,173 

 

$
1,260,975 

 

$
1,306,534 

 

$
1,420,307 

 

$
1,478,897 

 

$
1,564,608 

Covered:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate mortgage:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

$
15,452 

 

$
16,970 

 

$
18,298 

 

$
20,664 

 

$
21,472 

 

$
22,607 

One-to-four family residential

 
4,253 

 

 
4,458 

 

 
4,881 

 

 
5,059 

 

 
5,432 

 

 
5,766 

Real estate construction:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 
320 

 

 
367 

 

 
382 

 

 
419 

 

 
1,627 

 

 
2,344 

Commercial

 
1,554 

 

 
1,715 

 

 
2,037 

 

 
1,937 

 

 
2,033 

 

 
2,401 

Installment and consumer

 
67 

 

 
91 

 

 
109 

 

 
118 

 

 
148 

 

 
196 

Total covered loans

 
21,646 

 

 
23,601 

 

 
25,707 

 

 
28,197 

 

 
30,712 

 

 
33,314 

Less allowance for loan losses

 
(82)

 

 
(214)

 

 
(224)

 

 
(138)

 

 
(91)

 

 
(60)

Total covered loans, net

$
21,564 

 

$
23,387 

 

$
25,483 

 

$
28,059 

 

$
30,621 

 

$
33,254 

LOANS BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oklahoma banking

$
656,356 

 

$
628,747 

 

$
652,121 

 

$
704,916 

 

$
751,758 

 

$
810,217 

Texas banking

 
444,327 

 

 
495,815 

 

 
520,481 

 

 
560,197 

 

 
588,370 

 

 
616,455 

Kansas banking

 
210,189 

 

 
195,355 

 

 
174,451 

 

 
192,249 

 

 
189,292 

 

 
177,508 

Subtotal

 
1,310,872 

 

 
1,319,917 

 

 
1,347,053 

 

 
1,457,362 

 

 
1,529,420 

 

 
1,604,180 

Secondary market

 
7,217 

 

 
7,298 

 

 
31,682 

 

 
34,749 

 

 
23,996 

 

 
38,765 

Total loans

$
1,318,089 

 

$
1,327,215 

 

$
1,378,735 

 

$
1,492,111 

 

$
1,553,416 

 

$
1,642,945 

NONPERFORMING LOANS BY TYPE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction & development

$
5,989 

 

$
6,409 

 

$
3,355 

 

$
3,436 

 

$
3,608 

 

$
3,768 

Commercial real estate

 
12,325 

 

 
13,362 

 

 
18,337 

 

 
20,576 

 

 
4,932 

 

 
6,821 

Commercial

 
10,719 

 

 
11,861 

 

 
15,232 

 

 
1,791 

 

 
10,878 

 

 
2,209 

One-to-four family residential

 
418 

 

 
651 

 

 
1,310 

 

 
949 

 

 
1,125 

 

 
1,508 

Consumer

 
64 

 

 
73 

 

 
160 

 

 
131 

 

 
176 

 

 
118 

Total nonperforming loans - noncovered

$
29,515 

 

$
32,356 

 

$
38,394 

 

$
26,883 

 

$
20,719 

 

$
14,424 

NONPERFORMING LOANS BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oklahoma banking

$
1,678 

 

$
2,000 

 

$
2,956 

 

$
4,369 

 

$
2,979 

 

$
3,550 

Texas banking

 
26,294 

 

 
28,817 

 

 
33,756 

 

 
19,940 

 

 
14,894 

 

 
5,703 

Kansas banking

 
1,543 

 

 
1,539 

 

 
1,682 

 

 
2,574 

 

 
2,846 

 

 
5,171 

Total nonperforming loans - noncovered

$
29,515 

 

$
32,356 

 

$
38,394 

 

$
26,883 

 

$
20,719 

 

$
14,424 

OTHER REAL ESTATE BY TYPE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction & development

$
145 

 

$
215 

 

$
215 

 

$
445 

 

$
2,585 

 

$
3,542 

Commercial real estate

 

 -

 

 
9,207 

 

 
11,003 

 

 
14,130 

 

 
14,129 

 

 
14,854 

One-to-four family residential

 

 -

 

 

 -

 

 
97 

 

 
108 

 

 
549 

 

 
933 

Total other real estate - noncovered

$
145 

 

$
9,422 

 

$
11,315 

 

$
14,683 

 

$
17,263 

 

$
19,329 

Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOUTHWEST BANCORP, INC.
UNAUDITED QUARTERLY SUMMARY LOAN DATA
(Dollars in thousands)

Table 6
Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

2012

 

 

Jun. 30

 

Mar. 31

 

Dec. 31

 

Sep. 30

 

Jun. 30

 

Mar. 31

OTHER REAL ESTATE BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oklahoma banking

$

 -

 

$
1,980 

 

$
3,393 

 

$
6,178 

 

$
6,178 

 

$
6,273 

Texas banking

 

 -

 

 
7,227 

 

 
7,227 

 

 
7,227 

 

 
9,162 

 

 
9,846 

Kansas banking

 
145 

 

 
215 

 

 
695 

 

 
1,278 

 

 
1,923 

 

 
3,210 

Total other real estate - noncovered

$
145 

 

$
9,422 

 

$
11,315 

 

$
14,683 

 

$
17,263 

 

$
19,329 

POTENTIAL PROBLEM LOANS BY TYPE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction & development

$
20,745 

 

$
19,968 

 

$
22,077 

 

$
22,565 

 

$
25,563 

 

$
33,907 

Commercial real estate

 
62,166 

 

 
60,329 

 

 
58,549 

 

 
53,725 

 

 
71,537 

 

 
67,654 

Commercial

 
10,136 

 

 
8,220 

 

 
12,526 

 

 
9,305 

 

 
12,753 

 

 
23,506 

One-to-four family residential

 
1,071 

 

 
1,129 

 

 
1,147 

 

 
1,157 

 

 
1,230 

 

 
1,253 

Consumer

 

 -

 

 

 -

 

 
62 

 

 

 -

 

 

 -

 

 

 -

Total potential problem loans  - noncovered

$
94,118 

 

$
89,646 

 

$
94,361 

 

$
86,752 

 

$
111,083 

 

$
126,320 

POTENTIAL PROBLEM LOANS BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oklahoma banking

$
31,495 

 

$
32,246 

 

$
30,875 

 

$
39,606 

 

$
48,038 

 

$
44,122 

Texas banking

 
58,710 

 

 
51,978 

 

 
58,377 

 

 
43,313 

 

 
59,368 

 

 
79,735 

Kansas banking

 
3,913 

 

 
5,422 

 

 
5,109 

 

 
3,833 

 

 
3,677 

 

 
2,463 

Total potential problem loans  - noncovered

$
94,118 

 

$
89,646 

 

$
94,361 

 

$
86,752 

 

$
111,083 

 

$
126,320 

LOANS OUT OF MARKET

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net balance of loans out of market:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arizona

$
31,564 

 

$
33,017 

 

$
40,326 

 

$
41,255 

 

$
39,449 

 

$
34,749 

Iowa

 
22,537 

 

 
22,659 

 

 
22,826 

 

 
22,958 

 

 
23,022 

 

 
23,130 

Kentucky

 
11,860 

 

 
10,144 

 

 
8,691 

 

 
7,517 

 

 
9,455 

 

 
517 

California

 
9,632 

 

 
10,866 

 

 
9,791 

 

 
9,684 

 

 
9,922 

 

 
10,252 

Mississippi

 
9,233 

 

 
9,170 

 

 
9,239 

 

 
9,842 

 

 

 -

 

 

 -

Colorado

 
8,586 

 

 
3,067 

 

 
3,110 

 

 
3,119 

 

 
3,111 

 

 
3,104 

South Carolina

 
7,165 

 

 
7,205 

 

 
7,244 

 

 
7,283 

 

 
7,320 

 

 

 -

Florida

 
6,346 

 

 
6,333 

 

 
6,254 

 

 
6,204 

 

 
6,240 

 

 
6,269 

Tennessee

 
6,171 

 

 
6,246 

 

 
6,204 

 

 
6,232 

 

 
6,310 

 

 
6,368 

Ohio

 
4,759 

 

 
4,132 

 

 
10,438 

 

 
11,182 

 

 
11,502 

 

 
12,650 

Other

 
17,455 

 

 
15,198 

 

 
19,542 

 

 
20,565 

 

 
20,917 

 

 
25,851 

Total loans out of market

$
135,308 

 

$
128,037 

 

$
143,665 

 

$
145,841 

 

$
137,248 

 

$
122,890 

Nonperforming loans out of market:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arizona

$
12,167 

 

$
13,419 

 

$
11,599 

 

$
250 

 

$
256 

 

$
261 

New York

 
1,048 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Florida

 
264 

 

 
270 

 

 
275 

 

 
281 

 

 
287 

 

 
293 

Colorado

 

 -

 

 
131 

 

 
131 

 

 
131 

 

 
131 

 

 
131 

Other

 
1 

 

 

 -

 

 
59 

 

 

 -

 

 

 -

 

 

 -

Total nonperforming out of market

$
13,480 

 

$
13,820 

 

$
12,064 

 

$
662 

 

$
674 

 

$
685 

Potential problem loans out of market:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iowa

$
11,719 

 

$
11,792 

 

$
11,868 

 

$
11,941 

 

$
11,970 

 

$
12,035 

New Jersey

 
1,244 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

California

 
512 

 

 
524 

 

 
536 

 

 
548 

 

 
559 

 

 
570 

Florida

 
75 

 

 
80 

 

 
85 

 

 
90 

 

 
95 

 

 
100 

Arizona

 

 -

 

 

 -

 

 
9,037 

 

 

 -

 

 

 -

 

 

 -

Total potential problem out of market

$
13,550 

 

$
12,396 

 

$
21,526 

 

$
12,579 

 

$
12,624 

 

$
12,705 

Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOUTHWEST BANCORP, INC.
UNAUDITED QUARTERLY SUMMARY LOAN DATA 
(Dollars in thousands)

Table 6
Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

 

Jun. 30

 

Mar. 31

 

Dec. 31

 

Sep. 30

 

Jun. 30

 

Mar. 31

ALLOWANCE ACTIVITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

$
42,853 

 

$
46,718 

 

$
43,745 

 

$
43,898 

 

$
45,083 

 

$
44,684 

Charge offs

 
2,072 

 

 
4,651 

 

 
722 

 

 
2,653 

 

 
2,229 

 

 
1,936 

Recoveries

 
447 

 

 
288 

 

 
610 

 

 
4,226 

 

 
1,012 

 

 
619 

Net charge offs (recoveries)

 
1,625 

 

 
4,363 

 

 
112 

 

 
(1,573)

 

 
1,217 

 

 
1,317 

Provision for loan losses

 
(876)

 

 
498 

 

 
3,085 

 

 
(1,726)

 

 
32 

 

 
1,716 

Balance, end of period

$
40,352 

 

$
42,853 

 

$
46,718 

 

$
43,745 

 

$
43,898 

 

$
45,083 

NET CHARGE OFFS BY TYPE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction & development

$
111 

 

$
(19)

 

$
(22)

 

$
(1,823)

 

$
(85)

 

$
(42)

Commercial real estate

 
7 

 

 
416 

 

 
(18)

 

 
2,022 

 

 
91 

 

 
14 

Commercial

 
1,085 

 

 
3,751 

 

 
239 

 

 
(1,894)

 

 
1,228 

 

 
1,211 

One-to-four family residential

 
363 

 

 
167 

 

 
(40)

 

 
20 

 

 
(105)

 

 
123 

Consumer

 
59 

 

 
48 

 

 
(47)

 

 
102 

 

 
88 

 

 
11 

Total net charge offs (recoveries) by type

$
1,625 

 

$
4,363 

 

$
112 

 

$
(1,573)

 

$
1,217 

 

$
1,317 

NET CHARGE OFFS BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oklahoma banking

$
200 

 

$
589 

 

$
(261)

 

$
5 

 

$
(247)

 

$
1,150 

Texas banking

 
1,356 

 

 
3,241 

 

 
305 

 

 
857 

 

 
1,139 

 

 
227 

Kansas banking

 
69 

 

 
533 

 

 
68 

 

 
(2,435)

 

 
325 

 

 
(60)

Total net charge offs (recoveries) by segment

$
1,625 

 

$
4,363 

 

$
112 

 

$
(1,573)

 

$
1,217 

 

$
1,317 

 

 

 

 

 

 

 

 

 

 

 

SOUTHWEST BANCORP, INC.
UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA
(Dollars in thousands, except per share data)

Table 7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

 

Jun. 30

 

Mar. 31

 

Dec. 31

 

Sep. 30

 

Jun. 30

 

Mar. 31

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$
0.22 

 

$
0.12 

 

$
0.05 

 

$
0.22 

 

$
0.15 

 

$
0.21 

Diluted earnings per common share

 
0.22 

 

 
0.12 

 

 
0.05 

 

 
0.22 

 

 
0.15 

 

 
0.21 

Book value per common share

 
12.67 

 

 
12.72 

 

 
12.60 

 

 
12.59 

 

 
12.35 

 

 
12.21 

Tangible book value per share*

 
12.60 

 

 
12.66 

 

 
12.54 

 

 
12.53 

 

 
12.29 

 

 
12.15 

COMMON STOCK

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued and outstanding

 
19,692,606 

 

 
19,692,038 

 

 
19,529,721 

 

 
19,448,312 

 

 
19,447,202 

 

 
19,445,913 

OTHER FINANCIAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities

$
372,403 

 

$
365,605 

 

$
377,112 

 

$
381,499 

 

$
340,378 

 

$
333,860 

Loans held for sale

 
7,217 

 

 
7,297 

 

 
31,682 

 

 
34,749 

 

 
23,996 

 

 
38,765 

Noncovered portfolio loans

 
1,289,226 

 

 
1,296,317 

 

 
1,321,346 

 

 
1,429,165 

 

 
1,498,708 

 

 
1,570,866 

Total noncovered loans

 
1,296,443 

 

 
1,303,614 

 

 
1,353,028 

 

 
1,463,914 

 

 
1,522,704 

 

 
1,609,631 

Covered portfolio loans

 
21,646 

 

 
23,601 

 

 
25,707 

 

 
28,197 

 

 
30,712 

 

 
33,314 

Total assets

 
2,031,962 

 

 
2,091,694 

 

 
2,122,255 

 

 
2,151,153 

 

 
2,264,123 

 

 
2,268,264 

Total deposits

 
1,615,961 

 

 
1,677,668 

 

 
1,709,578 

 

 
1,743,673 

 

 
1,788,379 

 

 
1,806,780 

Other borrowings

 
74,334 

 

 
70,872 

 

 
70,362 

 

 
66,694 

 

 
68,477 

 

 
55,139 

Subordinated debentures

 
81,963 

 

 
81,963 

 

 
81,963 

 

 
81,963 

 

 
81,963 

 

 
81,963 

Total shareholders' equity

 
249,420 

 

 
250,509 

 

 
246,056 

 

 
244,821 

 

 
309,003 

 

 
306,046 

Mortgage servicing portfolio

 
368,825 

 

 
356,032 

 

 
343,397 

 

 
329,184 

 

 
305,465 

 

 
301,378 

INTANGIBLE ASSET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

$
1,214 

 

$
1,214 

 

$
1,214 

 

$
1,214 

 

$
1,214 

 

$
1,214 

Core deposit intangible

 
2,306 

 

 
2,424 

 

 
2,543 

 

 
2,664 

 

 
2,785 

 

 
2,906 

Mortgage servicing rights

 
2,675 

 

 
2,445 

 

 
2,321 

 

 
2,122 

 

 
1,975 

 

 
1,952 

Total intangible assets

$
6,195 

 

$
6,083 

 

$
6,078 

 

$
6,000 

 

$
5,974 

 

$
6,072 

Intangible amortization expense

$
313 

 

$
410 

 

$
283 

 

$
283 

 

$
282 

 

$
296 

DEPOSIT COMPOSITION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest bearing demand

$
412,176 

 

$
416,979 

 

$
424,008 

 

$
429,407 

 

$
421,083 

 

$
395,141 

Interest-bearing demand

 
138,502 

 

 
125,914 

 

 
112,012 

 

 
113,677 

 

 
119,929 

 

 
119,759 

Money market accounts

 
408,145 

 

 
437,629 

 

 
423,417 

 

 
385,296 

 

 
361,839 

 

 
349,419 

Savings accounts

 
38,611 

 

 
39,733 

 

 
37,693 

 

 
36,461 

 

 
35,610 

 

 
34,679 

Time deposits of $100,000 or more

 
295,179 

 

 
317,270 

 

 
351,273 

 

 
389,969 

 

 
431,317 

 

 
464,876 

Other time deposits

 
323,348 

 

 
340,143 

 

 
361,175 

 

 
388,863 

 

 
418,601 

 

 
442,906 

Total deposits**

$
1,615,961 

 

$
1,677,668 

 

$
1,709,578 

 

$
1,743,673 

 

$
1,788,379 

 

$
1,806,780 

OFFICES AND EMPLOYEES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FTE Employees

 
408 

 

 
412 

 

 
422 

 

 
429 

 

 
430 

 

 
435 

Branches

 
22 

 

 
22 

 

 
22 

 

 
23 

 

 
23 

 

 
23 

Loan production offices

 
1 

 

 
1 

 

 
1 

 

 
2 

 

 
2 

 

 
2 

Assets per employee

$
4,980 

 

$
5,077 

 

$
5,029 

 

$
5,014 

 

$
5,265 

 

$
5,214 

____________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*This is a Non-GAAP based financial measure.

**Calculation of Non-brokered Deposits and Core Funding (Non-GAAP Financial Measures)

Total deposits

$
1,615,961 

 

$
1,677,668 

 

$
1,709,578 

 

$
1,743,673 

 

$
1,788,379 

 

$
1,806,780 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brokered time deposits

 
4,904 

 

 
5,760 

 

 
9,865 

 

 
10,197 

 

 
12,238 

 

 
13,307 

Other brokered deposits

 
3,422 

 

 
3,422 

 

 
3,421 

 

 
4,421 

 

 
4,420 

 

 
6,529 

Non-brokered deposits

$
1,607,635 

 

$
1,668,486 

 

$
1,696,292 

 

$
1,729,055 

 

$
1,771,721 

 

$
1,786,944 

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sweep repurchase agreements

 
49,334 

 

 
45,872 

 

 
45,362 

 

 
41,694 

 

 
43,477 

 

 
30,139 

Core funding

$
1,656,969 

 

$
1,714,358 

 

$
1,741,654 

 

$
1,770,749 

 

$
1,815,198 

 

$
1,817,083 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance sheet amounts are as of period end unless otherwise noted.

 

 

 

 

 

 

 

 

 

 

 

 

 

SOUTHWEST BANCORP, INC.
UNAUDITED QUARTERLY SUPPLEMENTAL ANALYTICAL DATA
(Dollars in thousands)

Table 8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

 

Jun. 30

 

Mar. 31

 

Dec. 31

 

Sep. 30

 

Jun. 30

 

Mar. 31

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (annualized)

 
0.87% 

 

 
0.46% 

 

 
0.18% 

 

 
1.06% 

 

 
0.73% 

 

 
0.89% 

Return on average common equity (annualized)

 
7.00 

 

 
3.89 

 

 
1.56 

 

 
7.11 

 

 
5.03 

 

 
7.00 

Return on average tangible common equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(annualized)*

 
7.03 

 

 
3.90 

 

 
1.56 

 

 
7.15 

 

 
5.06 

 

 
7.03 

Net interest margin (annualized)

 
3.07 

 

 
3.16 

 

 
3.41 

 

 
3.59 

 

 
3.71 

 

 
3.82 

Effective tax rate

 
33.74 

 

 
43.88 

 

 
31.45 

 

 
39.73 

 

 
37.12 

 

 
37.50 

Efficiency ratio

 
68.93 

 

 
75.16 

 

 
79.68 

 

 
64.47 

 

 
71.82 

 

 
58.73 

NONPERFORMING ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncovered:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans

$
29,513 

 

$
32,356 

 

$
35,104 

 

$
26,493 

 

$
20,474 

 

$
14,324 

90 days past due and accruing

 
2 

 

 

 -

 

 
3,290 

 

 
390 

 

 
245 

 

 
100 

Total nonperforming loans

 
29,515 

 

 
32,356 

 

 
38,394 

 

 
26,883 

 

 
20,719 

 

 
14,424 

Other real estate

 
145 

 

 
9,422 

 

 
11,315 

 

 
14,683 

 

 
17,263 

 

 
19,329 

Total nonperforming assets

$
29,660 

 

$
41,778 

 

$
49,709 

 

$
41,566 

 

$
37,982 

 

$
33,753 

Performing restructured

$
993 

 

$
512 

 

$
290 

 

$
281 

 

$
328 

 

$
1,700 

Potential problem loans

$
94,118 

 

$
89,646 

 

$
94,361 

 

$
86,752 

 

$
111,083 

 

$
126,320 

Covered:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans

$
3,062 

 

$
2,873 

 

$
3,595 

 

$
4,809 

 

$
6,067 

 

$
7,015 

90 days past due and accruing

 

 -

 

 

 -

 

 

 -

 

 
353 

 

 

 -

 

 

 -

Total nonperforming loans

 
3,062 

 

 
2,873 

 

 
3,595 

 

 
5,162 

 

 
6,067 

 

 
7,015 

Other real estate

 
1,666 

 

 
2,243 

 

 
3,643 

 

 
4,142 

 

 
3,825 

 

 
4,694 

Total nonperforming assets

$
4,728 

 

$
5,116 

 

$
7,238 

 

$
9,304 

 

$
9,892 

 

$
11,709 

Performing restructured

$
1,800 

 

$
1,854 

 

$
2,523 

 

$
2,548 

 

$
1,701 

 

$

 -

Potential problem loans

$
3,352 

 

$
3,986 

 

$
3,155 

 

$
1,621 

 

$
1,573 

 

$
553 

ASSET QUALITY RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loan charge-offs to average portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

loans (annualized)

 
0.50% 

 

 
1.32% 

 

 
0.03% 

 

 

(0.42)%

 

 
0.31% 

 

 
0.32% 

Noncovered:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming assets to portfolio loans and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

other real estate

 
2.30% 

 

 
3.20% 

 

 
3.73% 

 

 
2.88% 

 

 
2.51% 

 

 
2.12% 

Nonperforming loans to portfolio loans

 
2.29 

 

 
2.50 

 

 
2.91 

 

 
1.88 

 

 
1.38 

 

 
0.92 

Allowance for loan losses to portfolio loans

 
3.12 

 

 
3.29 

 

 
3.52 

 

 
3.05 

 

 
2.92 

 

 
2.87 

Allowance for loan losses to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

nonperforming loans

 
136.44 

 

 
131.78 

 

 
121.10 

 

 
162.21 

 

 
211.43 

 

 
312.14 

Covered:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming assets to portfolio loans and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

other real estate

 
20.28% 

 

 
19.80% 

 

 
24.66% 

 

 
28.77% 

 

 
28.64% 

 

 
30.81% 

Nonperforming loans to portfolio loans

 
14.15 

 

 
12.17 

 

 
13.98 

 

 
18.31 

 

 
19.75 

 

 
21.06 

Allowance for loan losses to portfolio loans

 
0.38 

 

 
0.91 

 

 
0.87 

 

 
0.49 

 

 
0.30 

 

 
0.18 

Allowance for loan losses to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

nonperforming loans

 
2.68 

 

 
7.45 

 

 
6.23 

 

 
2.67 

 

 
1.50 

 

 
0.86 

CAPITAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total shareholders' equity to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

average assets

 
12.41% 

 

 
11.92% 

 

 
11.61% 

 

 
12.31% 

 

 
13.56% 

 

 
12.99% 

Leverage ratio

 
16.10 

 

 
15.59 

 

 
15.01 

 

 
14.49 

 

 
16.84 

 

 
16.20 

Tier 1 capital to risk-weighted assets

 
22.48 

 

 
22.25 

 

 
20.28 

 

 
19.36 

 

 
22.24 

 

 
21.21 

Total capital to risk-weighted assets

 
23.78 

 

 
23.54 

 

 
21.56 

 

 
20.64 

 

 
23.52 

 

 
22.49 

Tangible common equity to tangible assets***

 
12.22 

 

 
11.93 

 

 
11.54 

 

 
11.33 

 

 
10.56 

 

 
10.42 

Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOUTHWEST BANCORP, INC.
UNAUDITED QUARTERLY SUPPLEMENTAL ANALYTICAL DATA
(Dollars in thousands)

Table 8

Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

 

Jun. 30

 

Mar. 31

 

Dec. 31

 

Sep. 30

 

Jun. 30

 

Mar. 31

REGULATORY CAPITAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier I capital

$
326,831 

 

$
324,659 

 

$
319,665 

 

$
317,665 

 

$
382,263 

 

$
378,949 

Total capital

 
345,717 

 

 
343,562 

 

 
339,964 

 

 
338,739 

 

 
404,252 

 

 
401,808 

Total risk adjusted assets

 
1,453,878 

 

 
1,459,465 

 

 
1,576,521 

 

 
1,641,121 

 

 
1,719,058 

 

 
1,786,282 

Average total assets

 
2,030,064 

 

 
2,082,789 

 

 
2,130,035 

 

 
2,192,579 

 

 
2,269,640 

 

 
2,339,784 

____________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*This is a Non-GAAP based financial measure.

***Calculation of Tangible Capital to Tangible Assets (Non-GAAP Financial Measure)

Total shareholders' equity

$
249,420 

 

$
250,509 

 

$
246,056 

 

$
244,821 

 

$
309,003 

 

$
306,046 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 
1,214 

 

 
1,214 

 

 
1,214 

 

 
1,214 

 

 
1,214 

 

 
1,214 

Preferred stock

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 
68,837 

 

 
68,644 

Tangible common equity

$
248,206 

 

$
249,295 

 

$
244,842 

 

$
243,607 

 

$
238,952 

 

$
236,188 

Total assets

$
2,031,962 

 

$
2,091,694 

 

$
2,122,255 

 

$
2,151,153 

 

$
2,264,123 

 

$
2,268,264 

Less goodwill

 
1,214 

 

 
1,214 

 

 
1,214 

 

 
1,214 

 

 
1,214 

 

 
1,214 

Tangible assets

$
2,030,748 

 

$
2,090,480 

 

$
2,121,041 

 

$
2,149,939 

 

$
2,262,909 

 

$
2,267,050 

Tangible common equity to tangible assets

 
12.22% 

 

 
11.93% 

 

 
11.54% 

 

 
11.33% 

 

 
10.56% 

 

 
10.42% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance sheet amounts and ratios are as of period end unless otherwise noted.