EX-99 31 oksb-20140121xex99.htm EX-99.1 ER_Q42013

 

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

For Immediate Release

Southwest Bancorp, Inc. Reports Fourth Quarter 2013 Results

and Announces Quarterly Dividend

January 21, 2014, Stillwater, Oklahoma . . . . Southwest Bancorp, Inc. (NASDAQ Global Select Market - OKSB), (“Southwest”), today reported net income available to common shareholders for the fourth quarter of 2013 of $6.8 million, or $0.34 per diluted share, compared to $3.8 million, or $0.19 per diluted share, for the third quarter of 2013.  Net income available to common shareholders for the year ended December 31, 2013 totaled $17.4 million, or $0.88 per diluted share, compared to $12.4 million, or $0.64 per diluted share, for the year ended December 31, 2012.

Southwest’s board of directors reinstated quarterly common stock dividends with their approval of a quarterly cash dividend of $0.04 per share.  The dividend is payable February 14, 2014 to shareholders of record as of February 3, 2014.

Mark Funke, President and CEO, stated, “We are pleased to report strong earnings for the fourth quarter and the year 2013.  Our net earnings were boosted by improved asset quality and loan recoveries combined with the impact of the redemption of our 10.5% Trust Preferred Securities, that was completed in the previous quarter. 

“Our balance sheet remains solid with good liquidity and exceptionally strong capital.  We reinstated common dividends and completed the rebranding on our subsidiary bank, Bank SNB, simultaneously with the successful charter consolidation of our two subsidiary banks.

“Subsequent to the end of fourth quarter, we announced an agreement to sell three community bank branches in Kansas in an effort to consolidate our geographic footprint and focus appropriately on our future strategic direction.  We remain committed to growing our Kansas franchise in the Wichita and Hutchinson markets.

This quarter’s positive results represent continue progress as we focus on future growth opportunities and on delivering the highest quality service and products to our customers.”

   

Financial Overview

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

Condition:    At December 31, 2013, total assets were $2.0 billion, up $9.1 million compared to September 30, 2013.  Cash and cash equivalents were $279.8 million, with $251.8 million in overnight funds, up $34.5 million when compared to September 30, 2013.  Total loans were $1.2 billion, down $33.2 million when compared to September 30, 2013, and total investment securities were $394.2 million as of December 31, 2013, an increase of $12.2 million compared September 30, 2013.

At December 31, 2013, the allowance for loan losses was $36.6 million, a decrease of $3.4 million when compared to September 30, 2013.  The allowance for loan losses to portfolio loans was 2.93% as of December 31,  

 

 

 

2013 and 3.12% as of September 30, 2013.  The allowance for loan losses to nonperforming loans was 196.67% as of December 31, 2013, compared to 137.03% as of September 30, 2013.

Nonperforming loans decreased by $10.6 million during the quarter.  Other real estate at December 31, 2013 was $0.6 million, flat when compared to September 30, 2013 and a decrease of $10.8 million from December 31, 2012.  Nonperforming assets were $19.2 million, or 1.53% of portfolio loans and other real estate, as of December 31, 2013,  a decrease of $10.7 million (36%) from $29.9 million, or 2.33% of portfolio loans and other real estate, as of September 30, 2013. 

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

The capital ratios of Southwest and its banking subsidiary, as of December 31,  2013,  exceeded the criteria for regulatory classification as “well-capitalized”.  Southwest’s total regulatory capital was $310.9 million, for a total risk-based capital ratio of 21.59%, and Tier 1 capital was $292.1 million, for a Tier 1 risk-based capital ratio of 20.28%.  Southwest’s capital exceeded the minimum to be classified as “well-capitalized” by $166.9 million.  Bank SNB, Southwest’s banking subsidiary, had total regulatory capital of $284.4 million, for a total risk-based capital ratio of 19.83%, and Tier 1 capital of $266.1 million, for a Tier 1 risk-based capital ratio of 18.56%.  Stillwater National Bank exceeded the minimum to be classified as “well-capitalized” by $141.0 million.  Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by Federal bank regulators.

 

Fourth Quarter Results:

Summary:    For the fourth quarter of 2013, net income available to common shareholders was $6.8 million, compared to $3.8 million for the third quarter of 2013, and $1.0 million for the fourth quarter of 2012.  The $3.0 million increase in net income available to common shareholders compared to the third quarter of 2013 is primarily due to improved asset quality and recoveries resulting in a negative provision for loan losses of $6.5 million.  Net interest income increased $1.4 million due in part to loan recoveries and lower interest expense driven by the redemption near the end of the third quarter of the 10.5% Trust Preferred Securities.  Noninterest income was down $0.5 million from third quarter, while noninterest expense was up $2.0 million due in part to the charter consolidation and rebranding of our subsidiary bank.  The effective tax rate was 38.68% in the fourth quarter of 2013 compared to 38.01% in the third quarter of 2013 and the increase is due to certain deferred tax adjustments.

The $5.9 million increase in our net income available to common shareholders compared to the fourth quarter of 2012 is again the result of improved asset quality and recoveries resulting in a $9.6 million decrease in the provision for loan losses.  Net interest income decreased $0.6 million compared to the fourth quarter of 2012 due to lower loan volumes and reduced yields.  Noninterest income decreased $1.8 million and noninterest expense decreased $2.6 million both as compared to the fourth quarter of 2012.     

   Net Interest Income:    Net interest income totaled $16.6 million for the fourth quarter of 2013, compared to $15.3 million for the third quarter of 2013, an increase of $1.4 million, or 9%, and to $17.3 million for the fourth quarter of 2012, a decrease of $0.6 million, or 4%.  The increase during the fourth quarter of 2013 includes the recognition of $0.9 million in interest from the recovery of a nonperforming loan and the reduction in interest expense due to the redemption of the 10.5% Trust Preferred Securities.  Net interest margin was 3.42% for the fourth quarter of 2013, compared to 3.11% for the third quarter of 2013 and 3.41% for the fourth quarter of 2012.  Noncovered loans (including loans held for sale) declined $33.2 million, or 3%, from September 30, 2013, and $98.6 million, or 7%, from December 31, 2012, primarily due to a decline in commercial real estate loans.

Provision for Loan Losses and Net Charge-offs:  The provision for loan losses is the amount that is required to maintain the allowance for losses at an appropriate level based upon the inherent risks in the loan portfolio after the effects of net charge-offs or net recoveries for the period.  The provision for loan losses was a credit (or negative provision) of $6.5 million for the fourth quarter of 2013, compared to a negative provision of $0.3 million for the third quarter of 2013 and a provision of $3.1 million for the fourth quarter of 2012.  During the fourth quarter of 2013,  recoveries totaled $5.8 million and charge-offs totaled $2.7 million, which had been substantially allowed for in the loan loss reserve.  Therefore the fourth quarter of 2013 net recoveries totaled $3.1 million, or (0.96%) 

 

 

 

 

(annualized) of average portfolio loans, compared to net recoveries of $0.1 million, or  (0.02%) (annualized) of average portfolio loans for the third quarter of 2013, and net charge-offs of $0.1 million, or 0.03% (annualized) of average portfolio loans for the fourth quarter of 2012. 

Noninterest Income:  Noninterest income totaled $3.1 million for the fourth quarter, compared to $3.5 million for the third quarter of 2013,  and compared to $4.9 million for the fourth quarter of 2012.    

The $0.5 million decrease from third quarter of 2013 is primarily due to the $0.3 million decline in other noninterest income, which included a legal settlement that was received in the third quarter of 2013, and the $0.2 million decline in gain on sale of loans.

The $1.8 million decrease from fourth quarter 2012 includes a $0.8 million decrease in gain on investment securities, a $0.5 million decrease in the gain on sales of loans,  a $0.3 million decrease in service charges and fees, and a $0.1 million decrease in other noninterest income. 

Noninterest Expense:    Noninterest expense totaled $15.1 million for the fourth quarter of 2013, compared to $13.0 million for the third quarter of 2013 and $17.7 million for the fourth quarter of 2012. 

The $2.0 million increase in noninterest expense from third quarter of 2013 primarily consists of a $1.4 million increase in general and administrative expense, which primarily consists of increased legal fees and increased marketing and other miscellaneous expenses associated with our recent charter consolidation and rebranding of our subsidiary bank.  Also included in the increase from third quarter of 2013 is a $0.7 million increase in other real estate expense and a $0.4 million increase in personnel expense, offset in part by a $0.6 million decrease in the provision for unfunded loan commitments.

The $2.6 million decrease in noninterest expense from fourth quarter of 2012 consists of a $2.5 million decrease in other real estate expense due to decreased expenses and write-downs as a result of fewer other real estate properties.  Also included in the decline from fourth quarter of 2012 is a  $0.8 million decrease in provision for unfunded loan commitments, offset in part by a $0.6 million increase in general and administrative expense, which is primarily the result of increased legal fees,  and marketing expenses and miscellaneous expenses associated with our charter consolidation and rebranding of our subsidiary bank.

Income Tax:  Income tax expense totaled $4.3 million for the fourth quarter of 2013, compared to $2.3 million for the third quarter of 2013 and $0.4 million for the fourth quarter of 2012.  The income tax expense fluctuates in relation to pre-tax income levels.  The fourth quarter of 2013 effective tax rate was 38.68%.

 

Year-to-date Results:

Summary:    Net income available to common shareholders was $17.4 million for the year ended December 31, 2013, compared to $12.4 million for the year ended December 31, 2012.  The $5.0 million increase in our net income available to common shareholders from December 31, 2012 is primarily due to improved asset quality and recoveries resulting in a decrease in the provision of loan losses of $10.3 million and a reduction in noninterest expense of $8.0 million due largely to lower other real estate expenses.  These improvements were partially offset by the decline in net interest income due to lower loan volumes and lower noninterest income.    Southwest’s effective tax rate was 38.15% in 2013 versus 37.91% in 2012.  Southwest also paid dividends on its preferred stock of $3.7 million in 2012 before it was redeemed in August 2012.

Net Interest Income:    Net interest income totaled $62.7 million for 2013, compared to $76.6 million for 2012, a decrease of $13.9 million, or 18%.  Lower average loan volume was the primary cause of this decrease.  Year-to-date net interest margin was 3.19%, compared to 3.64% for 2012.  With the rate environment remaining low, earning assets are repricing at lower rates.

Provision for Loan Losses and Net Charge-offs:    The provision for loan losses is the amount of expense that is required to maintain the allowance for losses at an appropriate level based upon the inherent risks in the loan portfolio after the effects of net charge-offs for the period.  The provision for loan losses was a credit (or negative provision) of $7.2 million for 2013, compared to an expense of $3.1 million for 2012.  Net charge-offs totaled $2.8 million, or 0.22% (annualized) of average portfolio loans as of December 31, 2013, compared to $1.1 million, or 0.07% (annualized) of average portfolio loans as of December 31, 2012.  

 

 

 

 

Noninterest Income:  Noninterest income totaled $13.6 million for 2013, compared to $15.9 million for 2012.  The decrease consists of a $1.1 million decline in service charges and fees, a $0.8 million decline in gain on investment securities, and a $0.5 million decrease in gain on sale of loans.    

Noninterest Expense:    Noninterest expense totaled $55.3 million for 2013, compared to $63.3 million for 2012.  The decrease consists of a $7.7 million decrease in other real estate expense, which is primarily due to net gains recognized on the sale of other real estate properties combined with decreased expenses associated with other real estate properties.  Also included in the decline is a $1.0 million decrease in general and administrative expense, which is primarily the result of lower legal fees, consulting fees, other loan costs, and bank exam fees,  a $0.8 million decrease in FDIC and other insurance expense, and a  $0.7 million decrease in provision for unfunded loan commitments,  offset in part by a $2.0 million increase in personnel expense and a $0.2 million increase in occupancy expense, primarily increased data processing charges.

Income Tax:    Income tax expense totaled $10.8 million for 2013, compared to $9.9 million for 2012.  The income tax expense fluctuates in relation to pre-tax income levels.  The year-to-date effective tax rate was 38.15% as of December 31, 2013. 

 

Conference Call

Southwest will host a conference call to review these results on Wednesday, January 22, 2014 at 9:30 a.m. Eastern Time (8:30 a.m. Central Time).  Investors, news media, and others may access the call by telephone at 888-317-6016 (toll-free) or 412-317-6016 (international).  Participants are encouraged to dial into the call approximately 10 minutes prior to the start time.  The call and corresponding presentation slides will be webcast live on Southwest’s website at www.oksb.com or http://services.choruscall.com/links/oksb140122.html.  An audio replay will be available one hour after the call at 877-344-7529 (toll-free) or 412-317-0088 (international),  conference number 10038921.  Telephone replay access will be available until 9:00 a.m. Eastern Time on February 6, 2014.

 

Southwest Bancorp and Subsidiaries

Southwest is the bank holding company for Bank SNB, National Association (“Bank SNB”).  Through Bank SNB, commercial and consumer lending, deposit and investment services, specialized cash management, and other financial services are offered from offices in Oklahoma, Texas, and Kansas.  Bank SNB was chartered in 1894 and Southwest was organized in 1981 as the holding company.  At December 31, 2013,  Southwest had total assets of $2.0 billion, deposits of $1.6 billion, and shareholders’ equity of $259.2 million.

Southwest’s area of expertise focuses on the special financial needs of healthcare and health professionals, businesses and their managers and owners, commercial lending, energy banking, and commercial real estate borrowers.  The strategic focus on healthcare lending was established in 1974.  Southwest and its subsidiary provide credit and other services, such as deposits, cash management, and document imaging for physicians and other healthcare practitioners to start or develop their practices and finance the development and purchase of medical offices, clinics, surgical care centers, hospitals, and similar facilities.  As of December 31, 2013, approximately $417.4 million, or 33%, of noncovered loans were loans to individuals and businesses in the healthcare industry.  Regular market reviews are conducted of current and potential healthcare lending business and the appropriate concentrations within healthcare based upon economic and regulatory conditions.

Southwest’s common stock is traded on the NASDAQ Global Select Market under the symbol OKSB. 

 

Caution About Forward-Looking Statements

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

These forward-looking statements include: 

·

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

·

Estimates of risks and of future costs and benefits;

 

 

 

 

·

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

·

Expectations regarding regulatory actions;

·

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

·

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

·

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

·

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

 

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

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

Southwest is required under generally accepted accounting principles to evaluate subsequent events and their impact, if any, on its financial statements as of December 31, 2013 through the date its financial statements are filed with the Securities and Exchange Commission.  The December 31,  2013 financial statements included in this release will be adjusted if necessary to properly reflect the impact of subsequent events on estimates used to prepare those statements. 

 

 

 

 

Financial Tables

 

 

Unaudited Financial Highlights

Table 1

Unaudited Consolidated Statements of Financial Condition

Table 2

Unaudited Consolidated Statements of Operations

Table 3

Unaudited Average Balances, Yields, and Rates-Quarterly

Table 4

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

Table 5

Unaudited Quarterly Summary Loan Data

Table 6

Unaudited Quarterly Summary Financial Data

Table 7

Unaudited Quarterly Supplemental Analytical Data

Table 8

 

 

 

 

 

 

 

 

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

Table 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

Third Quarter

 

 

 

Fourth Quarter

 

 

QUARTERLY HIGHLIGHTS

 

2013

 

% Change

 

2012

 

% Change

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$
16,637 

 

$
15,273 

 
9% 

 

$
17,285 

 

(4)%

Provision for loan losses

 

 
(6,502)

 

 
(329)

 
1,876 

 

 
3,085 

 
(311)

Noninterest income

 

 
3,068 

 

 
3,547 

 
(14)

 

 
4,871 

 
(37)

Noninterest expense

 

 
15,065 

 

 
13,019 

 
16 

 

 
17,653 

 
(15)

Income before taxes

 

 
11,142 

 

 
6,130 

 
82 

 

 
1,418 

 
686 

Taxes on income

 

 
4,310 

 

 
2,330 

 
85 

 

 
446 

 
866 

Net income

 

 
6,832 

 

 
3,800 

 
80 

 

 
972 

 
603 

Net income available to common shareholders

 

 
6,832 

 

 
3,800 

 
80 

 

 
972 

 
603 

Diluted earnings per share

 

 
0.34 

 

 
0.19 

 
79 

 

 
0.05 

 
580 

Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 
1,981,423 

 

 
1,972,367 

 
0 

 

 
2,122,255 

 
(7)

Loans held for sale

 

 
3,060 

 

 
3,641 

 
(16)

 

 
31,682 

 
(90)

Noncovered portfolio loans

 

 
1,251,416 

 

 
1,284,004 

 
(3)

 

 
1,321,346 

 
(5)

Covered portfolio loans

 

 
16,427 

 

 
18,980 

 
(13)

 

 
25,707 

 
(36)

Total deposits

 

 
1,584,086 

 

 
1,583,791 

 
0 

 

 
1,709,578 

 
(7)

Total shareholders' equity

 

 
259,187 

 

 
252,802 

 
3 

 

 
246,056 

 
5 

Book value per common share

 

 
13.13 

 

 
12.83 

 
2 

 

 
12.60 

 
4 

Key Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin

 

 
3.42% 

 

 
3.11% 

 

 

 

 
3.41% 

 

 

Efficiency ratio

 

 
76.45 

 

 
69.18 

 

 

 

 
79.68 

 

 

Total capital to risk-weighted assets

 

 
21.59 

 

 
21.52 

 

 

 

 
21.56 

 

 

Nonperforming loans to portfolio loans - noncovered

 

 
1.49 

 

 
2.27 

 

 

 

 
2.91 

 

 

Shareholders' equity to total assets

 

 
13.08 

 

 
12.82 

 

 

 

 
11.59 

 

 

Tangible common equity to tangible assets*

 

 
13.03 

 

 
12.76 

 

 

 

 
11.54 

 

 

Return on average assets (annualized)

 

 
1.37 

 

 
0.75 

 

 

 

 
0.18 

 

 

Return on average common equity (annualized)

 

 
10.59 

 

 
5.99 

 

 

 

 
1.56 

 

 

Return on average tangible common equity (annualized)**

 

 
10.64 

 

 
6.02 

 

 

 

 
1.56 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

 

 

 

 

YEAR-TO-DATE  HIGHLIGHTS

 

2013

 

2012

 

% Change

 

 

 

 

 

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$
62,650 

 

$
76,563 

 

(18)%

 

 

 

 

 

Provision for loan losses

 

 
(7,209)

 

 
3,107 

 
(332)

 

 

 

 

 

Noninterest income

 

 
13,643 

 

 
15,936 

 
(14)

 

 

 

 

 

Noninterest expense

 

 
55,311 

 

 
63,322 

 
(13)

 

 

 

 

 

Income before taxes

 

 
28,191 

 

 
26,070 

 
8 

 

 

 

 

 

Taxes on income

 

 
10,756 

 

 
9,883 

 
9 

 

 

 

 

 

Net income

 

 
17,435 

 

 
16,187 

 
8 

 

 

 

 

 

Net income available to common shareholders

 

 
17,435 

 

 
12,446 

 
40 

 

 

 

 

 

Diluted earnings per share

 

 
0.88 

 

 
0.64 

 
38 

 

 

 

 

 

Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 
1,981,423 

 

 
2,122,255 

 
(7)

 

 

 

 

 

Loans held for sale

 

 
3,060 

 

 
31,682 

 
(90)

 

 

 

 

 

Noncovered portfolio loans

 

 
1,251,416 

 

 
1,321,346 

 
(5)

 

 

 

 

 

Covered portfolio loans

 

 
16,427 

 

 
25,707 

 
(36)

 

 

 

 

 

Total deposits

 

 
1,584,086 

 

 
1,709,578 

 
(7)

 

 

 

 

 

Total shareholders' equity

 

 
259,187 

 

 
246,056 

 
5 

 

 

 

 

 

Book value per common share

 

 
13.13 

 

 
12.60 

 
4 

 

 

 

 

 

Key Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin

 

 
3.19% 

 

 
3.64% 

 

 

 

 

 

 

 

Efficiency ratio (GAAP-based)

 

 
72.50 

 

 
68.46 

 

 

 

 

 

 

 

Total capital to risk-weighted assets

 

 
21.59 

 

 
21.56 

 

 

 

 

 

 

 

Nonperforming loans to portfolio loans - noncovered

 

 
1.49 

 

 
2.91 

 

 

 

 

 

 

 

Shareholders' equity to total assets

 

 
13.08 

 

 
11.59 

 

 

 

 

 

 

 

Tangible common equity to tangible assets*

 

 
13.03 

 

 
11.54 

 

 

 

 

 

 

 

Return on average assets (annualized)

 

 
0.86 

 

 
0.72 

 

 

 

 

 

 

 

Return on average common equity (annualized)

 

 
6.90 

 

 
5.14 

 

 

 

 

 

 

 

Return on average tangible common equity (annualized)**

 

 
6.94 

 

 
5.16 

 

 

 

 

 

 

 

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

 

 

 

 

 

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

Table 2

 

 

 

 

 

 

 

December 31,

 

December 31,

 

2013

 

2012

Assets

 

 

 

 

 

Cash and due from banks

$
28,062 

 

$
45,045 

Interest-bearing deposits

 
251,777 

 

 
243,034 

Cash and cash equivalents

 
279,839 

 

 
288,079 

Securities held to maturity (fair values of $12,115. and $13,659, respectively)

 
11,720 

 

 
12,797 

Securities available for sale (amortized cost of $385,423, and $358,317, respectively)

 
382,479 

 

 
364,315 

Loans held for sale

 
3,060 

 

 
31,682 

Noncovered loans receivable

 
1,251,416 

 

 
1,321,346 

Less: Allowance for loan losses

 
(36,607)

 

 
(46,494)

Net noncovered loans receivable

 
1,214,809 

 

 
1,274,852 

Covered loans receivable (includes loss share: $1,812 and $6,714, respectively)

 
16,427 

 

 
25,707 

Less: Allowance for loan losses

 
(56)

 

 
(224)

Net covered loans receivable

 
16,371 

 

 
25,483 

Net loans receivable

 
1,231,180 

 

 
1,300,335 

Accrued interest receivable

 
5,335 

 

 
6,365 

Income tax receivable

 

 -

 

 
24,525 

Premises and equipment, net

 
20,833 

 

 
21,691 

Noncovered other real estate

 
560 

 

 
11,315 

Covered other real estate

 
2,094 

 

 
3,643 

Goodwill

 
1,214 

 

 
1,214 

Other intangible assets, net

 
4,980 

 

 
4,864 

Other assets

 
38,129 

 

 
51,430 

Total assets

$
1,981,423 

 

$
2,122,255 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Deposits:

 

 

 

 

 

Noninterest-bearing demand

$
444,796 

 

$
424,008 

Interest-bearing demand

 
120,156 

 

 
112,012 

Money market accounts

 
439,981 

 

 
423,417 

Savings accounts

 
41,727 

 

 
37,693 

Time deposits of $100,000 or more

 
251,185 

 

 
351,273 

Other time deposits

 
286,241 

 

 
361,175 

Total deposits

 
1,584,086 

 

 
1,709,578 

Accrued interest payable

 
832 

 

 
1,116 

Income tax payable

 
78 

 

 

 -

Other liabilities

 
10,215 

 

 
13,180 

Other borrowings

 
80,632 

 

 
70,362 

Subordinated debentures

 
46,393 

 

 
81,963 

Total liabilities 

 
1,722,236 

 

 
1,876,199 

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

 

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

 

 

 

 

 

19,732,926, and 19,529,705, shares issued and outstanding, respectively

 
19,733 

 

 
19,530 

Additional paid-in capital

 
99,937 

 

 
99,705 

Retained earnings

 
142,528 

 

 
125,093 

Accumulated other comprehensive income (loss)

 
(3,011)

 

 
1,728 

Total shareholders' equity

 
259,187 

 

 
246,056 

Total liabilities and shareholders' equity

$
1,981,423 

 

$
2,122,255 

 

 

 

 

 

 

 

 

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

Table 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the year

 

December 31,

 

 

September 30,

 

December 31,

 

ended December 31,

 

2013

 

2013

 

2012

 

2013

 

2012

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

$
16,499 

 

$
16,242 

 

$
19,021 

 

$
66,162 

 

$
84,602 

Investment securities

 
1,747 

 

 
1,623 

 

 
1,796 

 

 
6,655 

 

 
7,814 

Other interest-earning assets

 
332 

 

 
270 

 

 
191 

 

 
1,097 

 

 
755 

Total interest income

 
18,578 

 

 
18,135 

 

 
21,008 

 

 
73,914 

 

 
93,171 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 
1,148 

 

 
1,317 

 

 
2,014 

 

 
5,559 

 

 
9,703 

Other borrowings

 
225 

 

 
225 

 

 
224 

 

 
892 

 

 
895 

Subordinated debentures

 
568 

 

 
1,320 

 

 
1,485 

 

 
4,813 

 

 
6,010 

Total interest expense

 
1,941 

 

 
2,862 

 

 
3,723 

 

 
11,264 

 

 
16,608 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 
16,637 

 

 
15,273 

 

 
17,285 

 

 
62,650 

 

 
76,563 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for loan losses

 
(6,502)

 

 
(329)

 

 
3,085 

 

 
(7,209)

 

 
3,107 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income after provision for loan losses

 
23,139 

 

 
15,602 

 

 
14,200 

 

 
69,859 

 

 
73,456 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges and fees

 
2,635 

 

 
2,589 

 

 
2,971 

 

 
10,491 

 

 
11,559 

Gain on sales of loans

 
385 

 

 
619 

 

 
910 

 

 
2,649 

 

 
3,133 

Gain on investment securities

 

 -

 

 

 -

 

 
802 

 

 

 -

 

 
837 

Other noninterest income

 
48 

 

 
339 

 

 
188 

 

 
503 

 

 
407 

Total noninterest income

 
3,068 

 

 
3,547 

 

 
4,871 

 

 
13,643 

 

 
15,936 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 
8,057 

 

 
7,645 

 

 
7,956 

 

 
31,877 

 

 
29,919 

Occupancy

 
2,805 

 

 
2,721 

 

 
2,672 

 

 
10,779 

 

 
10,581 

FDIC and other insurance

 
460 

 

 
413 

 

 
510 

 

 
1,764 

 

 
2,531 

Other real estate, net

 
330 

 

 
(387)

 

 
2,867 

 

 
(1,098)

 

 
6,565 

General and administrative

 
3,413 

 

 
2,627 

 

 
3,648 

 

 
11,989 

 

 
13,726 

Total noninterest expense

 
15,065 

 

 
13,019 

 

 
17,653 

 

 
55,311 

 

 
63,322 

Income before taxes

 
11,142 

 

 
6,130 

 

 
1,418 

 

 
28,191 

 

 
26,070 

Taxes on income

 
4,310 

 

 
2,330 

 

 
446 

 

 
10,756 

 

 
9,883 

Net income

$
6,832 

 

$
3,800 

 

$
972 

 

$
17,435 

 

$
16,187 

Net income available to common shareholders

$
6,832 

 

$
3,800 

 

$
972 

 

$
17,435 

 

$
12,446 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$
0.34 

 

$
0.19 

 

 
0.05 

 

$
0.88 

 

$
0.64 

Diluted earnings per common share

 
0.34 

 

 
0.19 

 

 
0.05 

 

 
0.88 

 

 
0.64 

Common dividends declared per share

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 

 

 

 

 

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

Table 4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

December 31, 2013

 

September 30, 2013

 

Average

 

 

 

 

Average

 

Average

 

 

 

 

Average

 

Balance

 

Interest

 

Yield/Rate

 

Balance

 

Interest

 

Yield/Rate

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncovered loans

$
1,270,307 

 

$
16,186 

 
5.06% 

 

$
1,277,747 

 

$
15,837 

 
4.92% 

Covered loans

 
18,180 

 

 
313 

 
6.83 

 

 
20,271 

 

 
405 

 
7.93 

Investment securities

 
390,160 

 

 
1,747 

 
1.78 

 

 
364,746 

 

 
1,623 

 
1.76 

Other interest-earning assets

 
253,327 

 

 
332 

 
0.52 

 

 
287,968 

 

 
270 

 
0.37 

Total interest-earning assets

 
1,931,974 

 

 
18,578 

 
3.82 

 

 
1,950,732 

 

 
18,135 

 
3.69 

Other assets

 
47,369 

 

 

 

 

 

 

 
57,622 

 

 

 

 

 

Total assets

$
1,979,343 

 

 

 

 

 

 

$
2,008,354 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand deposits

$
111,744 

 

$
31 

 
0.11% 

 

$
117,124 

 

$
35 

 
0.12% 

Money market accounts

 
426,090 

 

 
182 

 
0.17 

 

 
416,839 

 

 
182 

 
0.17 

Savings accounts

 
41,021 

 

 
10 

 
0.10 

 

 
38,992 

 

 
10 

 
0.10 

Time deposits

 
555,762 

 

 
925 

 
0.66 

 

 
600,321 

 

 
1,090 

 
0.72 

Total interest-bearing deposits

 
1,134,617 

 

 
1,148 

 
0.40 

 

 
1,173,276 

 

 
1,317 

 
0.45 

Other borrowings

 
78,933 

 

 
225 

 
1.13 

 

 
75,822 

 

 
225 

 
1.18 

Subordinated debentures

 
46,393 

 

 
568 

 
4.90 

 

 
75,004 

 

 
1,320 

 
7.04 

Total interest-bearing liabilities

 
1,259,943 

 

 
1,941 

 
0.61 

 

 
1,324,102 

 

 
2,862 

 
0.86 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand deposits

 
452,849 

 

 

 

 

 

 

 
422,203 

 

 

 

 

 

Other liabilities

 
10,564 

 

 

 

 

 

 

 
10,319 

 

 

 

 

 

Shareholders' equity

 
255,987 

 

 

 

 

 

 

 
251,730 

 

 

 

 

 

Total liabilities and shareholders' equity

$
1,979,343 

 

 

 

 

 

 

$
2,008,354 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income and spread

 

 

 

$
16,637 

 
3.21% 

 

 

 

 

$
15,273 

 
2.83% 

Net interest margin (1)

 

 

 

 

 

 
3.42% 

 

 

 

 

 

 

 
3.11% 

Average interest-earning assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

to average interest-bearing liabilities

 
153.34% 

 

 

 

 

 

 

 
147.32% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Table 5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31,

 

2013

 

2012

 

Average

 

 

 

 

Average

 

Average

 

 

 

 

Average

 

Balance

 

Interest

 

Yield/Rate

 

Balance

 

Interest

 

Yield/Rate

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncovered loans

$
1,293,596 

 

$
64,555 

 
4.99% 

 

$
1,536,494 

 

$
82,288 

 
5.36% 

Covered loans

 
21,405 

 

 
1,607 

 
7.51 

 

 
30,824 

 

 
2,314 

 
7.51 

Investment securities

 
377,460 

 

 
6,655 

 
1.76 

 

 
350,021 

 

 
7,814 

 
2.23 

Other interest-earning assets

 
272,940 

 

 
1,097 

 
0.40 

 

 
187,478 

 

 
755 

 
0.40 

Total interest-earning assets

 
1,965,401 

 

 
73,914 

 
3.76 

 

 
2,104,817 

 

 
93,171 

 
4.43 

Other assets

 
63,865 

 

 

 

 

 

 

 
138,929 

 

 

 

 

 

Total assets

$
2,029,266 

 

 

 

 

 

 

$
2,243,746 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand deposits

$
122,106 

 

$
148 

 
0.12% 

 

$
114,974 

 

$
219 

 
0.19% 

Money market accounts

 
420,767 

 

 
790 

 
0.19 

 

 
381,292 

 

 
1,077 

 
0.28 

Savings accounts

 
39,397 

 

 
44 

 
0.11 

 

 
35,741 

 

 
53 

 
0.15 

Time deposits

 
617,824 

 

 
4,577 

 
0.74 

 

 
842,979 

 

 
8,354 

 
0.99 

Total interest-bearing deposits

 
1,200,094 

 

 
5,559 

 
0.46 

 

 
1,374,986 

 

 
9,703 

 
0.71 

Other borrowings

 
74,115 

 

 
892 

 
1.20 

 

 
61,822 

 

 
895 

 
1.45 

Subordinated debentures

 
71,243 

 

 
4,813 

 
6.76 

 

 
81,963 

 

 
6,010 

 
7.33 

Total interest-bearing liabilities

 
1,345,452 

 

 
11,264 

 
0.84 

 

 
1,518,771 

 

 
16,608 

 
1.09 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand deposits

 
420,347 

 

 

 

 

 

 

 
396,091 

 

 

 

 

 

Other liabilities

 
10,925 

 

 

 

 

 

 

 
45,368 

 

 

 

 

 

Shareholders' equity

 
252,542 

 

 

 

 

 

 

 
283,516 

 

 

 

 

 

Total liabilities and shareholders' equity

$
2,029,266 

 

 

 

 

 

 

$
2,243,746 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income and spread

 

 

 

$
62,650 

 
2.92% 

 

 

 

 

$
76,563 

 
3.34% 

Net interest margin (1)

 

 

 

 

 

 
3.19% 

 

 

 

 

 

 

 
3.64% 

Average interest-earning assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

to average interest-bearing liabilities

 
146.08% 

 

 

 

 

 

 

 
138.59% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Table 6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

 

Dec. 31

 

 

Sep. 30

 

 

Jun. 30

 

Mar. 31

 

Dec. 31

 

Sep. 30

 

Jun. 30

 

Mar. 31

LOAN COMPOSITION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncovered:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate mortgage:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

$
740,997 

 

$
743,858 

 

$
786,686 

 

$
819,873 

 

$
870,977 

 

$
898,453 

 

$
931,239 

 

$
996,486 

One-to-four family residential

 
80,058 

 

 
80,561 

 

 
77,445 

 

 
73,911 

 

 
70,952 

 

 
74,081 

 

 
74,390 

 

 
76,287 

Real estate construction:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 
143,650 

 

 
162,995 

 

 
158,907 

 

 
139,462 

 

 
130,753 

 

 
206,342 

 

 
211,098 

 

 
222,678 

One-to-four family residential

 
4,646 

 

 
4,464 

 

 
5,241 

 

 
5,015 

 

 
3,656 

 

 
3,438 

 

 
4,184 

 

 
3,814 

Commercial

 
254,087 

 

 
263,598 

 

 
235,667 

 

 
232,224 

 

 
240,498 

 

 
244,018 

 

 
263,085 

 

 
273,324 

Installment and consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guaranteed student loans

 
4,394 

 

 
4,471 

 

 
4,520 

 

 
4,576 

 

 
4,680 

 

 
4,872 

 

 
5,153 

 

 
5,276 

Other

 
26,644 

 

 
27,698 

 

 
27,977 

 

 
28,553 

 

 
31,512 

 

 
32,710 

 

 
33,555 

 

 
31,766 

Total noncovered loans, including held for sale

 
1,254,476 

 

 
1,287,645 

 

 
1,296,443 

 

 
1,303,614 

 

 
1,353,028 

 

 
1,463,914 

 

 
1,522,704 

 

 
1,609,631 

Less allowance for loan losses

 
(36,607)

 

 
(40,013)

 

 
(40,270)

 

 
(42,639)

 

 
(46,494)

 

 
(43,607)

 

 
(43,807)

 

 
(45,023)

Total noncovered loans, net

$
1,217,869 

 

$
1,247,632 

 

$
1,256,173 

 

$
1,260,975 

 

$
1,306,534 

 

$
1,420,307 

 

$
1,478,897 

 

$
1,564,608 

Covered:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate mortgage:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

$
11,282 

 

$
13,577 

 

$
15,452 

 

$
16,970 

 

$
18,298 

 

$
20,664 

 

$
21,472 

 

$
22,607 

One-to-four family residential

 
3,930 

 

 
4,084 

 

 
4,253 

 

 
4,458 

 

 
4,881 

 

 
5,059 

 

 
5,432 

 

 
5,766 

Real estate construction:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 
198 

 

 
312 

 

 
320 

 

 
367 

 

 
382 

 

 
419 

 

 
1,627 

 

 
2,344 

Commercial

 
971 

 

 
967 

 

 
1,554 

 

 
1,715 

 

 
2,037 

 

 
1,937 

 

 
2,033 

 

 
2,401 

Installment and consumer

 
46 

 

 
40 

 

 
67 

 

 
91 

 

 
109 

 

 
118 

 

 
148 

 

 
196 

Total covered loans

 
16,427 

 

 
18,980 

 

 
21,646 

 

 
23,601 

 

 
25,707 

 

 
28,197 

 

 
30,712 

 

 
33,314 

Less allowance for loan losses

 
(56)

 

 
(68)

 

 
(82)

 

 
(214)

 

 
(224)

 

 
(138)

 

 
(91)

 

 
(60)

Total covered loans, net

$
16,371 

 

$
18,912 

 

$
21,564 

 

$
23,387 

 

$
25,483 

 

$
28,059 

 

$
30,621 

 

$
33,254 

LOANS BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oklahoma banking

$
681,999 

 

$
681,749 

 

$
656,356 

 

$
628,747 

 

$
652,121 

 

$
704,916 

 

$
751,758 

 

$
810,217 

Texas banking

 
366,697 

 

 
414,433 

 

 
444,327 

 

 
495,815 

 

 
520,481 

 

 
560,197 

 

 
588,370 

 

 
616,455 

Kansas banking

 
198,992 

 

 
206,802 

 

 
210,189 

 

 
195,355 

 

 
174,451 

 

 
192,249 

 

 
189,292 

 

 
177,508 

Subtotal

 
1,247,688 

 

 
1,302,984 

 

 
1,310,872 

 

 
1,319,917 

 

 
1,347,053 

 

 
1,457,362 

 

 
1,529,420 

 

 
1,604,180 

Secondary market

 
23,215 

 

 
3,641 

 

 
7,217 

 

 
7,298 

 

 
31,682 

 

 
34,749 

 

 
23,996 

 

 
38,765 

Total loans

$
1,270,903 

 

$
1,306,625 

 

$
1,318,089 

 

$
1,327,215 

 

$
1,378,735 

 

$
1,492,111 

 

$
1,553,416 

 

$
1,642,945 

NONPERFORMING LOANS BY TYPE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction & development

$
2,721 

 

$
5,659 

 

$
5,989 

 

$
6,409 

 

$
3,355 

 

$
3,436 

 

$
3,608 

 

$
3,768 

Commercial real estate

 
6,564 

 

 
12,203 

 

 
12,325 

 

 
13,362 

 

 
18,337 

 

 
20,576 

 

 
4,932 

 

 
6,821 

Commercial

 
8,819 

 

 
10,887 

 

 
10,719 

 

 
11,861 

 

 
15,232 

 

 
1,791 

 

 
10,878 

 

 
2,209 

One-to-four family residential

 
456 

 

 
396 

 

 
418 

 

 
651 

 

 
1,310 

 

 
949 

 

 
1,125 

 

 
1,508 

Consumer

 
53 

 

 
55 

 

 
64 

 

 
73 

 

 
160 

 

 
131 

 

 
176 

 

 
118 

Total nonperforming loans - noncovered

$
18,613 

 

$
29,200 

 

$
29,515 

 

$
32,356 

 

$
38,394 

 

$
26,883 

 

$
20,719 

 

$
14,424 

NONPERFORMING LOANS BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oklahoma banking

$
5,547 

 

$
3,279 

 

$
1,678 

 

$
2,000 

 

$
2,956 

 

$
4,369 

 

$
2,979 

 

$
3,550 

Texas banking

 
11,902 

 

 
24,963 

 

 
26,294 

 

 
28,817 

 

 
33,756 

 

 
19,940 

 

 
14,894 

 

 
5,703 

Kansas banking

 
1,164 

 

 
958 

 

 
1,543 

 

 
1,539 

 

 
1,682 

 

 
2,574 

 

 
2,846 

 

 
5,171 

Total nonperforming loans - noncovered

$
18,613 

 

$
29,200 

 

$
29,515 

 

$
32,356 

 

$
38,394 

 

$
26,883 

 

$
20,719 

 

$
14,424 

OTHER REAL ESTATE BY TYPE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction & development

$

 -

 

$
676 

 

$
145 

 

$
215 

 

$
215 

 

$
445 

 

$
2,585 

 

$
3,542 

Commercial real estate

 
560 

 

 

 -

 

 

 -

 

 
9,207 

 

 
11,003 

 

 
14,130 

 

 
14,129 

 

 
14,854 

One-to-four family residential

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 
97 

 

 
108 

 

 
549 

 

 
933 

Total other real estate - noncovered

$
560 

 

$
676 

 

$
145 

 

$
9,422 

 

$
11,315 

 

$
14,683 

 

$
17,263 

 

$
19,329 

Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Table 6
Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

2012

 

 

Dec. 31

 

 

Sep. 30

 

 

Jun. 30

 

Mar. 31

 

Dec. 31

 

Sep. 30

 

Jun. 30

 

Mar. 31

OTHER REAL ESTATE BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oklahoma banking

$

 -

 

$

 -

 

$

 -

 

$
1,980 

 

$
3,393 

 

$
6,178 

 

$
6,178 

 

$
6,273 

Texas banking

 

 -

 

 

 -

 

 

 -

 

 
7,227 

 

 
7,227 

 

 
7,227 

 

 
9,162 

 

 
9,846 

Kansas banking

 
560 

 

 
676 

 

 
145 

 

 
215 

 

 
695 

 

 
1,278 

 

 
1,923 

 

 
3,210 

Total other real estate - noncovered

$
560 

 

$
676 

 

$
145 

 

$
9,422 

 

$
11,315 

 

$
14,683 

 

$
17,263 

 

$
19,329 

POTENTIAL PROBLEM LOANS BY TYPE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction & development

 
21,501 

 

 
22,222 

 

$
20,745 

 

$
19,968 

 

$
22,077 

 

$
22,565 

 

$
25,563 

 

$
33,907 

Commercial real estate

 
68,951 

 

 
62,475 

 

 
62,166 

 

 
60,329 

 

 
58,549 

 

 
53,725 

 

 
71,537 

 

 
67,654 

Commercial

 
7,107 

 

 
10,028 

 

 
10,136 

 

 
8,220 

 

 
12,526 

 

 
9,305 

 

 
12,753 

 

 
23,506 

One-to-four family residential

 
488 

 

 
414 

 

 
1,071 

 

 
1,129 

 

 
1,147 

 

 
1,157 

 

 
1,230 

 

 
1,253 

Consumer

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 
62 

 

 

 -

 

 

 -

 

 

 -

Total potential problem loans  - noncovered

$
98,047 

 

$
95,139 

 

$
94,118 

 

$
89,646 

 

$
94,361 

 

$
86,752 

 

$
111,083 

 

$
126,320 

POTENTIAL PROBLEM LOANS BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oklahoma banking

$
29,005 

 

$
31,345 

 

$
31,495 

 

$
32,246 

 

$
30,875 

 

$
39,606 

 

$
48,038 

 

$
44,122 

Texas banking

 
65,079 

 

 
59,561 

 

 
58,710 

 

 
51,978 

 

 
58,377 

 

 
43,313 

 

 
59,368 

 

 
79,735 

Kansas banking

 
3,963 

 

 
4,233 

 

 
3,913 

 

 
5,422 

 

 
5,109 

 

 
3,833 

 

 
3,677 

 

 
2,463 

Total potential problem loans  - noncovered

$
98,047 

 

$
95,139 

 

$
94,118 

 

$
89,646 

 

$
94,361 

 

$
86,752 

 

$
111,083 

 

$
126,320 

LOANS OUT OF MARKET

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net balance of loans out of market:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iowa

$
22,316 

 

$
22,438 

 

$
22,537 

 

$
22,659 

 

$
22,826 

 

$
22,958 

 

$
23,022 

 

$
23,130 

Arizona

 
19,458 

 

 
30,516 

 

 
31,564 

 

 
33,017 

 

 
40,326 

 

 
41,255 

 

 
39,449 

 

 
34,749 

North Carolina

 
13,070 

 

 
10,161 

 

 
300 

 

 
407 

 

 
65 

 

 
604 

 

 
682 

 

 
771 

Colorado

 
12,553 

 

 
12,358 

 

 
8,586 

 

 
3,067 

 

 
3,110 

 

 
3,119 

 

 
3,111 

 

 
3,104 

Kentucky

 
12,404 

 

 
10,088 

 

 
11,860 

 

 
10,144 

 

 
8,691 

 

 
7,517 

 

 
9,455 

 

 
517 

California

 
9,154 

 

 
9,472 

 

 
9,632 

 

 
10,866 

 

 
9,791 

 

 
9,684 

 

 
9,922 

 

 
10,252 

Mississippi

 
8,823 

 

 
8,929 

 

 
9,233 

 

 
9,170 

 

 
9,239 

 

 
9,842 

 

 

 -

 

 

 -

Tennessee

 
6,048 

 

 
6,136 

 

 
6,171 

 

 
6,246 

 

 
6,204 

 

 
6,232 

 

 
6,310 

 

 
6,368 

Ohio

 
3,549 

 

 
3,294 

 

 
4,759 

 

 
4,132 

 

 
10,438 

 

 
11,182 

 

 
11,502 

 

 
12,650 

Pennsylvania

 
3,109 

 

 
3,299 

 

 
3,441 

 

 
44 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Other

 
12,171 

 

 
24,562 

 

 
27,225 

 

 
28,285 

 

 
32,975 

 

 
33,448 

 

 
33,795 

 

 
31,349 

Total loans out of market

$
122,655 

 

$
141,253 

 

$
135,308 

 

$
128,037 

 

$
143,665 

 

$
145,841 

 

$
137,248 

 

$
122,890 

Nonperforming loans out of market:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arizona

$
9,302 

 

$
11,205 

 

$
12,167 

 

$
13,419 

 

$
11,599 

 

$
250 

 

$
256 

 

$
261 

New York

 

 -

 

 
1,033 

 

 
1,048 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Florida

 
252 

 

 
258 

 

 
264 

 

 
270 

 

 
275 

 

 
281 

 

 
287 

 

 
293 

Colorado

 

 -

 

 

 -

 

 

 -

 

 
131 

 

 
131 

 

 
131 

 

 
131 

 

 
131 

Other

 

 -

 

 

 -

 

 
1 

 

 

 -

 

 
59 

 

 

 -

 

 

 -

 

 

 -

Total nonperforming out of market

$
9,554 

 

$
12,496 

 

$
13,480 

 

$
13,820 

 

$
12,064 

 

$
662 

 

$
674 

 

$
685 

Potential problem loans out of market:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iowa

$
11,568 

 

$
11,645 

 

$
11,719 

 

$
11,792 

 

$
11,868 

 

$
11,941 

 

$
11,970 

 

$
12,035 

New Jersey

 
1,094 

 

 
1,170 

 

 
1,244 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

California

 
482 

 

 
499 

 

 
512 

 

 
524 

 

 
536 

 

 
548 

 

 
559 

 

 
570 

Florida

 
66 

 

 
71 

 

 
75 

 

 
80 

 

 
85 

 

 
90 

 

 
95 

 

 
100 

Arizona

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 
9,037 

 

 

 -

 

 

 -

 

 

 -

Total potential problem out of market

$
13,210 

 

$
13,385 

 

$
13,550 

 

$
12,396 

 

$
21,526 

 

$
12,579 

 

$
12,624 

 

$
12,705 

Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Table 6
Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

 

Dec. 31

 

 

Sep. 30

 

 

Jun. 30

 

Mar. 31

 

Dec. 31

 

Sep. 30

 

Jun. 30

 

Mar. 31

ALLOWANCE ACTIVITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

$
40,081 

 

$
40,352 

 

$
42,853 

 

$
46,718 

 

$
43,745 

 

$
43,898 

 

$
45,083 

 

$
44,684 

Charge offs

 
2,681 

 

 
600 

 

 
2,072 

 

 
4,651 

 

 
722 

 

 
2,653 

 

 
2,229 

 

 
1,936 

Recoveries

 
5,765 

 

 
658 

 

 
447 

 

 
288 

 

 
610 

 

 
4,226 

 

 
1,012 

 

 
619 

Net charge offs (recoveries)

 
(3,084)

 

 
(58)

 

 
1,625 

 

 
4,363 

 

 
112 

 

 
(1,573)

 

 
1,217 

 

 
1,317 

Provision for loan losses

 
(6,502)

 

 
(329)

 

 
(876)

 

 
498 

 

 
3,085 

 

 
(1,726)

 

 
32 

 

 
1,716 

Balance, end of period

$
36,663 

 

$
40,081 

 

$
40,352 

 

$
42,853 

 

$
46,718 

 

$
43,745 

 

$
43,898 

 

$
45,083 

NET CHARGE OFFS BY TYPE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction & development

 
(4,845)

 

 
(20)

 

$
111 

 

$
(19)

 

$
(22)

 

$
(1,823)

 

$
(85)

 

$
(42)

Commercial real estate

 
(62)

 

 
274 

 

 
7 

 

 
416 

 

 
(18)

 

 
2,022 

 

 
91 

 

 
14 

Commercial

 
1,883 

 

 
(169)

 

 
1,085 

 

 
3,751 

 

 
239 

 

 
(1,894)

 

 
1,228 

 

 
1,211 

One-to-four family residential

 
(40)

 

 
(165)

 

 
363 

 

 
167 

 

 
(40)

 

 
20 

 

 
(105)

 

 
123 

Consumer

 
(20)

 

 
22 

 

 
59 

 

 
48 

 

 
(47)

 

 
102 

 

 
88 

 

 
11 

Total net charge offs (recoveries) by type

$
(3,084)

 

$
(58)

 

$
1,625 

 

$
4,363 

 

$
112 

 

$
(1,573)

 

$
1,217 

 

$
1,317 

NET CHARGE OFFS BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oklahoma banking

$
(1,294)

 

$
(203)

 

$
200 

 

$
589 

 

$
(261)

 

$
5 

 

$
(247)

 

$
1,150 

Texas banking

 
(2,314)

 

 
(80)

 

 
1,356 

 

 
3,241 

 

 
305 

 

 
857 

 

 
1,139 

 

 
227 

Kansas banking

 
524 

 

 
225 

 

 
69 

 

 
533 

 

 
68 

 

 
(2,435)

 

 
325 

 

 
(60)

Total net charge offs (recoveries) by segment

$
(3,084)

 

$
(58)

 

$
1,625 

 

$
4,363 

 

$
112 

 

$
(1,573)

 

$
1,217 

 

$
1,317 

 

 

 

 

 

 

 

 

 

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

Table 7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

 

Dec. 31

 

 

Sep. 30

 

 

Jun. 30

 

Mar. 31

 

Dec. 31

 

Sep. 30

 

Jun. 30

 

Mar. 31

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$
0.34 

 

$
0.19 

 

$
0.22 

 

$
0.12 

 

$
0.05 

 

$
0.22 

 

$
0.15 

 

$
0.21 

Diluted earnings per common share

 
0.34 

 

 
0.19 

 

 
0.22 

 

 
0.12 

 

 
0.05 

 

 
0.22 

 

 
0.15 

 

 
0.21 

Book value per common share

 
13.13 

 

 
12.83 

 

 
12.67 

 

 
12.72 

 

 
12.60 

 

 
12.59 

 

 
12.35 

 

 
12.21 

Tangible book value per share*

 
13.07 

 

 
12.77 

 

 
12.60 

 

 
12.66 

 

 
12.54 

 

 
12.53 

 

 
12.29 

 

 
12.15 

COMMON STOCK

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued and outstanding

 
19,732,926 

 

 
19,703,313 

 

 
19,692,606 

 

 
19,692,038 

 

 
19,529,721 

 

 
19,448,312 

 

 
19,447,202 

 

 
19,445,913 

OTHER FINANCIAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities

$
394,199 

 

$
382,001 

 

$
372,403 

 

$
365,605 

 

$
377,112 

 

$
381,499 

 

$
340,378 

 

$
333,860 

Loans held for sale

 
3,060 

 

 
3,641 

 

 
7,217 

 

 
7,297 

 

 
31,682 

 

 
34,749 

 

 
23,996 

 

 
38,765 

Noncovered portfolio loans

 
1,251,416 

 

 
1,284,004 

 

 
1,289,226 

 

 
1,296,317 

 

 
1,321,346 

 

 
1,429,165 

 

 
1,498,708 

 

 
1,570,866 

Total noncovered loans

 
1,254,476 

 

 
1,287,645 

 

 
1,296,443 

 

 
1,303,614 

 

 
1,353,028 

 

 
1,463,914 

 

 
1,522,704 

 

 
1,609,631 

Covered portfolio loans

 
16,427 

 

 
18,980 

 

 
21,646 

 

 
23,601 

 

 
25,707 

 

 
28,197 

 

 
30,712 

 

 
33,314 

Total assets

 
1,981,423 

 

 
1,972,367 

 

 
2,031,962 

 

 
2,091,694 

 

 
2,122,255 

 

 
2,151,153 

 

 
2,264,123 

 

 
2,268,264 

Total deposits

 
1,584,086 

 

 
1,583,791 

 

 
1,615,961 

 

 
1,677,668 

 

 
1,709,578 

 

 
1,743,673 

 

 
1,788,379 

 

 
1,806,780 

Other borrowings

 
80,632 

 

 
78,663 

 

 
74,334 

 

 
70,872 

 

 
70,362 

 

 
66,694 

 

 
68,477 

 

 
55,139 

Subordinated debentures

 
46,393 

 

 
46,393 

 

 
81,963 

 

 
81,963 

 

 
81,963 

 

 
81,963 

 

 
81,963 

 

 
81,963 

Total shareholders' equity

 
259,187 

 

 
252,802 

 

 
249,420 

 

 
250,509 

 

 
246,056 

 

 
244,821 

 

 
309,003 

 

 
306,046 

Mortgage servicing portfolio

 
390,732 

 

 
383,400 

 

 
368,825 

 

 
356,032 

 

 
343,397 

 

 
329,184 

 

 
305,465 

 

 
301,378 

INTANGIBLE ASSET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

$
1,214 

 

$
1,214 

 

$
1,214 

 

$
1,214 

 

$
1,214 

 

$
1,214 

 

$
1,214 

 

$
1,214 

Core deposit intangible

 
2,058 

 

 
2,185 

 

 
2,306 

 

 
2,424 

 

 
2,543 

 

 
2,664 

 

 
2,785 

 

 
2,906 

Mortgage servicing rights

 
2,922 

 

 
2,837 

 

 
2,675 

 

 
2,445 

 

 
2,321 

 

 
2,122 

 

 
1,975 

 

 
1,952 

Total intangible assets

$
6,194 

 

$
6,236 

 

$
6,195 

 

$
6,083 

 

$
6,078 

 

$
6,000 

 

$
5,974 

 

$
6,072 

Intangible amortization expense

$
278 

 

$
314 

 

$
313 

 

$
410 

 

$
283 

 

$
283 

 

$
282 

 

$
296 

DEPOSIT COMPOSITION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest bearing demand

$
444,796 

 

$
436,904 

 

$
412,176 

 

$
416,979 

 

$
424,008 

 

$
429,407 

 

$
421,083 

 

$
395,141 

Interest-bearing demand

 
120,156 

 

 
106,176 

 

 
138,502 

 

 
125,914 

 

 
112,012 

 

 
113,677 

 

 
119,929 

 

 
119,759 

Money market accounts

 
439,981 

 

 
423,720 

 

 
408,145 

 

 
437,629 

 

 
423,417 

 

 
385,296 

 

 
361,839 

 

 
349,419 

Savings accounts

 
41,727 

 

 
39,727 

 

 
38,611 

 

 
39,733 

 

 
37,693 

 

 
36,461 

 

 
35,610 

 

 
34,679 

Time deposits of $100,000 or more

 
251,185 

 

 
270,916 

 

 
295,179 

 

 
317,270 

 

 
351,273 

 

 
389,969 

 

 
431,317 

 

 
464,876 

Other time deposits

 
286,241 

 

 
306,348 

 

 
323,348 

 

 
340,143 

 

 
361,175 

 

 
388,863 

 

 
418,601 

 

 
442,906 

Total deposits**

$
1,584,086 

 

$
1,583,791 

 

$
1,615,961 

 

$
1,677,668 

 

$
1,709,578 

 

$
1,743,673 

 

$
1,788,379 

 

$
1,806,780 

OFFICES AND EMPLOYEES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FTE Employees

 
402 

 

 
407 

 

 
408 

 

 
412 

 

 
422 

 

 
429 

 

 
430 

 

 
435 

Branches

 
23 

 

 
23 

 

 
22 

 

 
22 

 

 
22 

 

 
23 

 

 
23 

 

 
23 

Loan production offices

 
0 

 

 
0 

 

 
1 

 

 
1 

 

 
1 

 

 
2 

 

 
2 

 

 
2 

Assets per employee

$
4,929 

 

$
4,846 

 

$
4,980 

 

$
5,077 

 

$
5,029 

 

$
5,014 

 

$
5,265 

 

$
5,214 

____________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*This is a Non-GAAP based financial measure.

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

Total deposits

$
1,584,086 

 

$
1,583,791 

 

$
1,615,961 

 

$
1,677,668 

 

$
1,709,578 

 

$
1,743,673 

 

$
1,788,379 

 

$
1,806,780 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brokered time deposits

 
1,347 

 

 
1,343 

 

 
4,904 

 

 
5,760 

 

 
9,865 

 

 
10,197 

 

 
12,238 

 

 
13,307 

Other brokered deposits

 
3,423 

 

 
3,423 

 

 
3,422 

 

 
3,422 

 

 
3,421 

 

 
4,421 

 

 
4,420 

 

 
6,529 

Non-brokered deposits

$
1,579,316 

 

$
1,579,025 

 

$
1,607,635 

 

$
1,668,486 

 

$
1,696,292 

 

$
1,729,055 

 

$
1,771,721 

 

$
1,786,944 

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sweep repurchase agreements

 
55,631 

 

 
53,663 

 

 
49,334 

 

 
45,872 

 

 
45,362 

 

 
41,694 

 

 
43,477 

 

 
30,139 

Core funding

$
1,634,947 

 

$
1,632,688 

 

$
1,656,969 

 

$
1,714,358 

 

$
1,741,654 

 

$
1,770,749 

 

$
1,815,198 

 

$
1,817,083 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

Table 8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

 

Dec. 31

 

 

Sep. 30

 

 

Jun. 30

 

Mar. 31

 

Dec. 31

 

Sep. 30

 

Jun. 30

 

Mar. 31

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (annualized)

 
1.37% 

 

 
0.75% 

 

 
0.87% 

 

 
0.46% 

 

 
0.18% 

 

 
1.06% 

 

 
0.73% 

 

 
0.89% 

Return on average common equity (annualized)

 
10.59 

 

 
5.99 

 

 
7.00 

 

 
3.89 

 

 
1.56 

 

 
7.11 

 

 
5.03 

 

 
7.00 

Return on average tangible common equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(annualized)*

 
10.64 

 

 
6.02 

 

 
7.03 

 

 
3.90 

 

 
1.56 

 

 
7.15 

 

 
5.06 

 

 
7.03 

Net interest margin (annualized)

 
3.42 

 

 
3.11 

 

 
3.07 

 

 
3.16 

 

 
3.41 

 

 
3.59 

 

 
3.71 

 

 
3.82 

Effective tax rate

 
38.68 

 

 
38.01 

 

 
33.74 

 

 
43.88 

 

 
31.45 

 

 
39.73 

 

 
37.12 

 

 
37.50 

Efficiency ratio

 
76.45 

 

 
69.18 

 

 
68.93 

 

 
75.16 

 

 
79.68 

 

 
64.47 

 

 
71.82 

 

 
58.73 

NONPERFORMING ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncovered:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans

$
18,560 

 

$
29,198 

 

$
29,513 

 

$
32,356 

 

$
35,104 

 

$
26,493 

 

$
20,474 

 

$
14,324 

90 days past due and accruing

 
53 

 

 
2 

 

 
2 

 

 

 -

 

 
3,290 

 

 
390 

 

 
245 

 

 
100 

Total nonperforming loans

 
18,613 

 

 
29,200 

 

 
29,515 

 

 
32,356 

 

 
38,394 

 

 
26,883 

 

 
20,719 

 

 
14,424 

Other real estate

 
560 

 

 
676 

 

 
145 

 

 
9,422 

 

 
11,315 

 

 
14,683 

 

 
17,263 

 

 
19,329 

Total nonperforming assets

$
19,173 

 

$
29,876 

 

$
29,660 

 

$
41,778 

 

$
49,709 

 

$
41,566 

 

$
37,982 

 

$
33,753 

Performing restructured

$
28 

 

$
527 

 

$
993 

 

$
512 

 

$
290 

 

$
281 

 

$
328 

 

$
1,700 

Potential problem loans

$
98,047 

 

$
95,139 

 

$
94,118 

 

$
89,646 

 

$
94,361 

 

$
86,752 

 

$
111,083 

 

$
126,320 

Covered:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans

$
1,259 

 

$
3,480 

 

$
3,062 

 

$
2,873 

 

$
3,595 

 

$
4,809 

 

$
6,067 

 

$
7,015 

90 days past due and accruing

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 
353 

 

 

 -

 

 

 -

Total nonperforming loans

 
1,259 

 

 
3,480 

 

 
3,062 

 

 
2,873 

 

 
3,595 

 

 
5,162 

 

 
6,067 

 

 
7,015 

Other real estate

 
2,094 

 

 
1,017 

 

 
1,666 

 

 
2,243 

 

 
3,643 

 

 
4,142 

 

 
3,825 

 

 
4,694 

Total nonperforming assets

$
3,353 

 

$
4,497 

 

$
4,728 

 

$
5,116 

 

$
7,238 

 

$
9,304 

 

$
9,892 

 

$
11,709 

Performing restructured

$
1,600 

 

$
1,733 

 

$
1,800 

 

$
1,854 

 

$
2,523 

 

$
2,548 

 

$
1,701 

 

$

 -

Potential problem loans

$
1,703 

 

$
2,030 

 

$
3,352 

 

$
3,986 

 

$
3,155 

 

$
1,621 

 

$
1,573 

 

$
553 

ASSET QUALITY RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loan charge-offs to average portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

loans (annualized)

 

(0.96)%

 

 

(0.02)%

 

 
0.50% 

 

 
1.32% 

 

 
0.03% 

 

 

(0.42)%

 

 
0.31% 

 

 
0.32% 

Noncovered:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming assets to portfolio loans and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

other real estate

 
1.53% 

 

 
2.33% 

 

 
2.30% 

 

 
3.20% 

 

 
3.73% 

 

 
2.88% 

 

 
2.51% 

 

 
2.12% 

Nonperforming loans to portfolio loans

 
1.49 

 

 
2.27 

 

 
2.29 

 

 
2.50 

 

 
2.91 

 

 
1.88 

 

 
1.38 

 

 
0.92 

Allowance for loan losses to portfolio loans

 
2.93 

 

 
3.12 

 

 
3.12 

 

 
3.29 

 

 
3.52 

 

 
3.05 

 

 
2.92 

 

 
2.87 

Allowance for loan losses to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

nonperforming loans

 
196.67 

 

 
137.03 

 

 
136.44 

 

 
131.78 

 

 
121.10 

 

 
162.21 

 

 
211.43 

 

 
312.14 

Covered:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming assets to portfolio loans and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

other real estate

 
18.10% 

 

 
22.49% 

 

 
20.28% 

 

 
19.80% 

 

 
24.66% 

 

 
28.77% 

 

 
28.64% 

 

 
30.81% 

Nonperforming loans to portfolio loans

 
7.66 

 

 
18.34 

 

 
14.15 

 

 
12.17 

 

 
13.98 

 

 
18.31 

 

 
19.75 

 

 
21.06 

Allowance for loan losses to portfolio loans

 
0.34 

 

 
0.36 

 

 
0.38 

 

 
0.91 

 

 
0.87 

 

 
0.49 

 

 
0.30 

 

 
0.18 

Allowance for loan losses to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

nonperforming loans

 
4.45 

 

 
1.95 

 

 
2.68 

 

 
7.45 

 

 
6.23 

 

 
2.67 

 

 
1.50 

 

 
0.86 

CAPITAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total shareholders' equity to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

average assets

 
12.93% 

 

 
12.53% 

 

 
12.41% 

 

 
11.92% 

 

 
11.61% 

 

 
12.31% 

 

 
13.56% 

 

 
12.99% 

Leverage ratio

 
14.86 

 

 
14.78 

 

 
16.10 

 

 
15.59 

 

 
15.01 

 

 
14.49 

 

 
16.84 

 

 
16.20 

Tier 1 capital to risk-weighted assets

 
20.28 

 

 
20.22 

 

 
22.48 

 

 
22.25 

 

 
20.28 

 

 
19.36 

 

 
22.24 

 

 
21.21 

Total capital to risk-weighted assets

 
21.59 

 

 
21.52 

 

 
23.78 

 

 
23.54 

 

 
21.56 

 

 
20.64 

 

 
23.52 

 

 
22.49 

Tangible common equity to tangible assets***

 
13.03 

 

 
12.76 

 

 
12.22 

 

 
11.93 

 

 
11.54 

 

 
11.33 

 

 
10.56 

 

 
10.42 

Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Table 8
Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

 

Dec. 31

 

 

Sep. 30

 

 

Jun. 30

 

Mar. 31

 

Dec. 31

 

Sep. 30

 

Jun. 30

 

Mar. 31

REGULATORY CAPITAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier I capital

$
292,051 

 

$
296,488 

 

$
326,831 

 

$
324,659 

 

$
319,665 

 

$
317,665 

 

$
382,263 

 

$
378,949 

Total capital

 
310,867 

 

 
315,570 

 

 
345,717 

 

 
343,562 

 

 
339,964 

 

 
338,739 

 

 
404,252 

 

 
401,808 

Total risk adjusted assets

 
1,439,934 

 

 
1,466,672 

 

 
1,453,878 

 

 
1,459,465 

 

 
1,576,521 

 

 
1,641,121 

 

 
1,719,058 

 

 
1,786,282 

Average total assets

 
1,964,920 

 

 
2,006,525 

 

 
2,030,064 

 

 
2,082,789 

 

 
2,130,035 

 

 
2,192,579 

 

 
2,269,640 

 

 
2,339,784 

____________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*This is a Non-GAAP based financial measure.

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

Total shareholders' equity

$
259,187 

 

$
252,802 

 

$
249,420 

 

$
250,509 

 

$
246,056 

 

$
244,821 

 

$
309,003 

 

$
306,046 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 
1,214 

 

 
1,214 

 

 
1,214 

 

 
1,214 

 

 
1,214 

 

 
1,214 

 

 
1,214 

 

 
1,214 

Preferred stock

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 
68,837 

 

 
68,644 

Tangible common equity

$
257,973 

 

$
251,588 

 

$
248,206 

 

$
249,295 

 

$
244,842 

 

$
243,607 

 

$
238,952 

 

$
236,188 

Total assets

$
1,981,423 

 

$
1,972,367 

 

$
2,031,962 

 

$
2,091,694 

 

$
2,122,255 

 

$
2,151,153 

 

$
2,264,123 

 

$
2,268,264 

Less goodwill

 
1,214 

 

 
1,214 

 

 
1,214 

 

 
1,214 

 

 
1,214 

 

 
1,214 

 

 
1,214 

 

 
1,214 

Tangible assets

$
1,980,209 

 

$
1,971,153 

 

$
2,030,748 

 

$
2,090,480 

 

$
2,121,041 

 

$
2,149,939 

 

$
2,262,909 

 

$
2,267,050 

Tangible common equity to tangible assets

 
13.03% 

 

 
12.76% 

 

 
12.22% 

 

 
11.93% 

 

 
11.54% 

 

 
11.33% 

 

 
10.56% 

 

 
10.42% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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