-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FB5STdRpLmRW5hvPxvCKIMO8Dy5OfWTAPlKQb9tkPpKIHEdbUldbqTnuuIovBDH0 splIwTl2ZXDur+Ksys89hw== 0000930413-04-003330.txt : 20040722 0000930413-04-003330.hdr.sgml : 20040722 20040722105318 ACCESSION NUMBER: 0000930413-04-003330 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040721 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040722 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHWEST BANCORP INC CENTRAL INDEX KEY: 0000914374 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 731136584 STATE OF INCORPORATION: OK FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23064 FILM NUMBER: 04925790 BUSINESS ADDRESS: STREET 1: 608 SOUTH MAIN STREET CITY: STILLWATER STATE: OK ZIP: 74074 BUSINESS PHONE: 4053722230 MAIL ADDRESS: STREET 1: 608 SOUTH MAIN STREET CITY: STILLWATER STATE: OK ZIP: 74074 8-K 1 c33040_8-k.txt Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 21, 2004 ------------- Southwest Bancorp, Inc. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Oklahoma 0-23064 73-1136584 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission file (IRS Employer of incorporation) number) Identification Number) 608 South Main Street, Stillwater, Oklahoma 74074 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (405) 372-2230 -------------- ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (a) Financial Statements. Not applicable. (b) Pro Forma Financial Information. Not applicable. (c) Exhibits. Exhibit 99--Press Release date July 21, 2004 ITEM 9. REGULATION FD DISCLOSURE. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. Southwest's press release dated July 21, 2004, included as Exhibit 99 is furnished to the Securities and Exchange Commission under both Item 9 and Item 12 of this Form 8-K. Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Southwest Bancorp, Inc. By /s/ Rick Green ---------------- Rick Green President and Chief Executive Officer Dated: July 21, 2004 EX-99 2 c33040_ex99.txt Exhibit 99 [OKLAHOMA'S SOUTHWEST BANCORP, INC. LETTERHEAD] SOUTHWEST BANCORP, INC. REPORTS EARNINGS CONTACT: RICK GREEN, PRESIDENT & C.E.O. KERBY E. CROWELL, EXECUTIVE VICE PRESIDENT & C.F.O. TELEPHONE: (405) 372-2230 RELEASE DATE: WEDNESDAY, JULY 21, 2004 July 21, 2004, Stillwater, Oklahoma . . . . Southwest Bancorp, Inc. (Nasdaq National Market--OKSB, OKSBO), the Oklahoma-based parent company of the Stillwater National Bank and Trust Company ("Stillwater National") and SNB Bank of Wichita ("SNB Wichita"), today reported net income for the second quarter of 2004 of $4.6 million, a 14% increase from the second quarter of 2003. Diluted earnings per share were $0.36 compared to $0.33 per share for the 2003 period, up 9%. Net income for the first six months of 2004 was $8.8 million, a 17% increase from the same period in 2003. Diluted earnings per share were $0.70 compared to $0.62 per share for the 2003 period, up 13%. 2004 RESULTS AND FOCUS o Total assets of $1.8 billion; a 13% increase from year-end 2003. o Portfolio loans of $1.2 billion; a 10% increase from year-end 2003. o Net Income: $4.6 million; a 14% increase from second quarter 2003. $8.8 million; a 17% increase from the first six months of 2003. o Diluted earnings per share: $0.36; a 9% increase from second quarter 2003. $0.70; a 13% increase from the first six months of 2003. o Dividends per share: $0.07; a 12% increase from second quarter 2003. $0.14; a 12% increase from the first six months of 2003. o Return on average equity: 15.98% for the second quarter 2004. 15.49% for the first six months of 2004. o GAAP-based efficiency ratio: 52.10% for the second quarter 2004. 54.02% for the first six months of 2004. Page 1 of 10 STRATEGIC PERSPECTIVE "Southwest Bancorp, Inc. ("Southwest") maintains an intense focus on specific performance goals designed to increase shareholder value. These goals include annual growth in diluted earnings per share and assets of 10% or more and geographic market share growth and expansion," said Rick Green, President and Chief Executive Officer. Southwest's earnings growth during the first six months of 2004 is primarily the result of significant loan growth and an increase in net interest income due to improved interest spread and margin. We are continuing to focus on increasing net interest income by prudent loan growth coupled with careful management of interest margins and funding. "We are pleased with the progress of our expansion strategy. For 2003 and the first six months of 2004, our Texas and Kansas operations contributed over 12% and 18% of consolidated net income, respectively. At June 30, 2004, loans from our Texas and Kansas operations accounted for $312.8 million, or 26%, of consolidated portfolio loans. We plan to continue our expansion into other markets outside of Oklahoma that meet our criteria for entry, including market concentrations of healthcare professionals and facilities, small businesses, and other niche markets that have proven successful for us. Southwest has received regulatory approval to expand further in Texas by opening a second branch office in the Dallas metropolitan area. The office is located in Preston Center at 5950 Berkshire Lane, Dallas, Texas where it is currently operating as a loan production office. The Preston Center location will begin operating as a full service branch late in the third quarter of 2004. "At the end of the second quarter of 2004, Southwest had total assets of $1.8 billion, loans of $1.5 billion, and deposits of $1.4 billion. At that date, regulatory capital ratios for Southwest, Stillwater National, and SNB Wichita continued to exceed regulatory requirements for a well-capitalized institution." ADDITIONAL FINANCIAL INFORMATION Net income for the first six months of 2004 was $8.8 million, up $1.3 million, or 17%, from the same period in 2003. Basic earnings per share for 2004 were $0.73, up 16% from $0.63 in 2003. Diluted earnings per share of $0.70 increased 13% over the first half of 2003. Net interest income increased 23% from 2003. Non-interest income for 2004 declined $678,000 from 2003 due primarily to an $860,000 reduction in gain on sales of mortgage loans which occurred due to the lower refinancing demand created by higher mortgage interest rates in 2004. The provision for loan losses of $4.2 million increased $478,000, or 13%, from 2003. Noninterest expense of $21.1 million increased $2.9 million, or 16%, primarily as a result of increases in compensation, general and Page 2 of 10 administrative, and occupancy expenses. Southwest recorded a one-time charge relating to executive retirement in the first quarter of 2004 of approximately $294,000 after related tax benefits. FINANCIAL CONDITION At June 30, 2004, total assets were $1.8 billion, a $206.4 million increase from the end of 2003. Total portfolio loans (loans other than those held for sale) at the end of the second quarter 2004 were $1.2 billion, up $110.4 million, or 10%, from year-end 2003, primarily as a result of growth in commercial and commercial real estate lending. ALLOWANCE FOR LOAN LOSSES AND NONPERFORMING LOANS Nonaccrual loans totaled $14.3 million at June 30, 2004, compared to $14.5 million at December 31, 2003. Total nonperforming loans of $18.0 million increased $2.0 million, or 13%, from year-end 2003, and represented 1.20% of total loans, compared to 1.22% of total loans at year-end 2003. At June 30, 2004, $1.6 million, or 9%, of loans classified as nonperforming were guaranteed by United States agencies or U.S. government sponsored entities. Mr. Green said, "Much of our business is commercial lending. As a result, weakness in one or a few large credits can have a significant impact on our nonperforming loan totals. Through the years, however, we have demonstrated the ability to resolve problem commercial loans. Three credit relationships accounted for approximately $11.6 million, or 64%, of total nonperforming loans at June 30, 2004. Management is actively managing these relationships with the goal of resolving them during 2004." The allowance for loan losses of $17.8 million increased $1.9 million, or 12%, from year-end 2003, due primarily to the $186.2 million growth in loans that occurred during the first six months of 2004. At second quarter-end 2004, the allowance for loan losses was 1.19% of total loans, compared to 1.21% of total loans at year-end 2003. Management believes the amount of the allowance is appropriate, given its systematic methodology for calculating the allowance. That methodology is designed to estimate inherent losses on total loans in the portfolio, including those on nonperforming loans. SECURITIES Southwest's common stock is traded on the Nasdaq National Market under the symbol OKSB. Trust preferred securities of Southwest's subsidiary, SBI Capital Trust, trade on the Nasdaq National market under the symbol OKSBO. Market makers for Southwest's common stock include Stifel Nicolaus & Co., Goldman Sachs & Co., Keefe Bruyette & Woods Inc., Merrill Lynch, RBC Dain Rauscher, Inc., Schwab Capital Markets, Morgan Stanley & Company, Sandler O'Neill & Partners and FTN Financial Securities Corp. SOUTHWEST BANCORP AND SUBSIDIARIES Southwest is the financial holding company for Stillwater National Bank and Trust Company, SNB Bank of Wichita, Healthcare Strategic Support, Inc., and Business Consulting Group, Inc. Southwest is an independent company, not Page 3 of 10 controlled by other organizations or individuals and pursues an established strategy of independent operation for the benefit of all of its shareholders. A substantial portion of Southwest's current business and focus for the future are services for local businesses, their primary employees, and other managers and professionals. Southwest seeks to be the premier financial services company for its selected markets. Information regarding Southwest can be retrieved via the Internet, at WWW.OKSB.COM. Southwest, Stillwater National, and SNB Wichita offer commercial and consumer lending, deposit, and investment services, and specialized cash management, consulting and other financial services from offices in Stillwater, Tulsa, Oklahoma City, and Chickasha, Oklahoma, Wichita, Kansas and metropolitan Dallas, Texas; loan production offices on the campuses of the University of Oklahoma Health Sciences Center and Oklahoma State University-Tulsa; a marketing presence in the Student Union at Oklahoma State University-Stillwater; and on the Internet. Information regarding products and services of Stillwater National and SNB Wichita, including SNB DIRECTBANKER(R), Southwest's online banking product, can be retrieved via the Internet, at WWW.OKSB.COM. The Stillwater National and SNB Wichita web sites and online banking technology are frequently updated in response to the changing needs of the large base of Internet banking customers. FORWARD-LOOKING STATEMENTS This Press Release includes forward-looking statements, such as: statements of Southwest's goals, intentions, and expectations; estimates of risks and of future costs and benefits; assessments of the amount and timing of problem loan payoffs and loan losses; off-balance sheet risk and market risk; 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: future interest rates, market behavior, and other economic conditions; future laws and regulations; and a variety of other matters. Because of these uncertainties, the actual future results may be materially different from the results indicated by these forward-looking statements. In addition, Southwest's past growth and performance do not necessarily indicate its future results. Page 4 of 10 SOUTHWEST BANCORP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) JUNE 30, DECEMBER 31, 2004 2003 ---------- ---------- ASSETS: Cash and cash equivalents $ 28,614 $ 33,981 Investment securities: Held to maturity, fair value $7,476 (2004) and $16,144 (2003) 7,435 15,916 Available for sale, amortized cost $205,158 (2004) and $176,470 (2003) 202,593 177,074 Federal Reserve Bank and Federal Home Loan Bank Stock, at cost 12,153 11,276 Loans held for sale 297,928 218,422 Loans receivable, net of allowance for loan losses of $17,790 (2004) and $15,848 (2003) 1,183,043 1,074,566 Accrued interest receivable 12,778 11,321 Premises and equipment, net 19,509 19,818 Other assets 23,111 18,351 ---------- ---------- Total assets $1,787,164 $1,580,725 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY: Deposits: Noninterest-bearing demand $ 179,032 $ 167,332 Interest-bearing demand 59,699 53,955 Money market accounts 440,432 376,016 Savings accounts 7,849 6,903 Time deposits of $100,000 or more 431,314 358,130 Other time deposits 237,574 241,789 ---------- ---------- Total deposits 1,355,900 1,204,125 Other borrowings 227,483 183,850 Accrued interest payable 2,668 3,375 Income tax payable 6,788 2,850 Other liabilities 5,393 4,410 Subordinated Debentures 72,180 72,180 ---------- ---------- Total liabilities 1,670,412 1,470,790 Shareholders' equity: Common stock - $1 par value; 20,000,000 shares authorized; 12,243,042 shares issued and outstanding 12,243 12,243 Capital surplus 7,819 6,997 Retained earnings 99,775 92,657 Accumulated other comprehensive income/(loss) (1,521) 360 Treasury stock, at cost; 163,395 (2004) and 287,410 (2003) shares (1,564) (2,322) ---------- ---------- Total shareholders' equity 116,752 109,935 ---------- ---------- Total liabilities & shareholders' equity $1,787,164 $1,580,725 ========== ========== Page 5 of 10 SOUTHWEST BANCORP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (DOLLARS IN THOUSANDS) FOR THE THREE MONTHS FOR THE SIX MONTHS ENDED JUNE 30, ENDED JUNE 30, 2004 2003 2004 2003 ------- ------- ------- ------- Interest income: Interest and fees on loans $22,419 $19,299 $43,223 $37,021 Investment securities 2,002 2,012 3,955 4,085 Other interest-bearing assets 2 2 3 6 ------- ------- ------- ------- Total interest income 24,423 21,313 47,181 41,112 Interest expense: Interest-bearing deposits 4,961 5,442 9,798 10,769 Other borrowings 1,318 1,253 2,540 2,548 Subordinated Debentures 1,079 613 2,160 1,213 ------- ------- ------- ------- Total interest expense 7,358 7,308 14,498 14,530 ------- ------- ------- ------- Net interest income 17,065 14,005 32,683 26,582 Provision for loan losses 2,551 2,000 4,200 3,722 Other income: Service charges and fees 2,418 2,225 4,685 4,476 Gain on sales of loans receivable 707 1,062 1,313 1,999 Gain on sales of investment securities -- 25 1 27 Other noninterest income 159 286 403 578 ------- ------- ------- ------- Total other income 3,284 3,598 6,402 7,080 Other expenses: Salaries and employee benefits 5,171 4,921 10,330 9,233 Occupancy 2,265 1,938 4,496 3,860 FDIC and other insurance 96 78 191 156 Other real estate 24 9 41 170 General and administrative 3,046 2,347 6,056 4,768 ------- ------- ------- ------- Total other expenses 10,602 9,293 21,114 18,187 ------- ------- ------- ------- Income before taxes 7,196 6,310 13,771 11,753 Taxes on income 2,592 2,277 4,965 4,207 ------- ------- ------- ------- Net income $ 4,604 $ 4,033 $ 8,806 $ 7,546 ======= ======= ======= ======= Page 6 of 10 SOUTHWEST BANCORP, INC. AVERAGE BALANCES, YIELDS AND RATES (DOLLARS IN THOUSANDS) FOR THE THREE MONTHS ENDED JUNE 30, 2004 --------------------------------- INTEREST AVERAGE AVERAGE INCOME/ YIELD/ BALANCE EXPENSE RATE ---------- -------- -------- ASSETS: Loans receivable $1,473,538 $ 22,419 6.12% Investment securities 218,987 2,002 3.68 Other interest-earning assets 1,436 2 0.56 ---------- -------- -------- Total interest-earning assets 1,693,961 24,423 5.80 Noninterest-earning assets 65,489 ---------- Total assets $1,759,450 ========== LIABILITIES AND SHAREHOLDERS' EQUITY: Interest-bearing demand $ 61,757 $ 91 0.59% Money market accounts 414,304 1,450 1.41 Savings accounts 7,629 4 0.21 Time deposits 662,647 3,416 2.07 ---------- -------- -------- Total interest-bearing deposits 1,146,337 4,961 1.74 Other borrowings 243,138 1,318 2.18 Subordinated Debentures 72,180 1,079 5.98 ---------- -------- -------- Total interest-bearing liabilities 1,461,655 7,358 2.02 -------- -------- Noninterest-bearing demand 171,977 Other noninterest-bearing liabilities 9,931 Shareholders' equity 115,887 ---------- Total liabilities and shareholders' equity $1,759,450 ========== Net interest income $ 17,065 ======== Interest rate spread 3.78% ========= Net interest margin (1) 4.05% ========= Ratio of average interest-earning assets to average interest-bearing liabilities 115.89% ========== Net interest income and margin (tax-equivalent basis) (2) $ 17,147 4.07% ======== ========= (1) The net interest margin is equal to annualized net interest income divided by average interest-earning assets. (2) In order to make pretax income and resultant yields on tax-exempt investments and loans comparable to those on taxable investments and loans, a tax-equivalent on taxable investments and loans, a tax equivalent adjustment is made equally to interest income and income tax expense with no effect on after tax income. The tax equivalent adjustment has been computed using a federal income tax rate of 35%. Page 7 of 10 SOUTHWEST BANCORP, INC. AVERAGE BALANCES, YIELDS AND RATES (DOLLARS IN THOUSANDS) FOR THE SIX MONTHS ENDED JUNE 30, 2004 -------------------------------- INTEREST AVERAGE AVERAGE INCOME/ YIELD/ BALANCE EXPENSE RATE ---------- -------- -------- ASSETS: Loans receivable $1,426,632 $ 43,223 6.09% Investment securities 212,910 3,955 3.74 Other interest-earning assets 1,054 3 0.57 ---------- -------- -------- Total interest-earning assets 1,640,596 47,181 5.78 Noninterest-earning assets 64,121 ---------- Total assets $1,704,717 ========== LIABILITIES AND SHAREHOLDERS' EQUITY: Interest-bearing demand $ 60,686 $ 177 0.59% Money market accounts 400,096 2,804 1.41 Savings accounts 7,478 9 0.24 Time deposits 647,182 6,808 2.12 ---------- -------- -------- Total interest-bearing deposits 1,115,442 9,798 1.77 Other borrowings 227,728 2,540 2.24 Subordinated Debentures 72,180 2,160 5.99 ---------- -------- -------- Total interest-bearing liabilities 1,415,350 14,498 2.06 -------- -------- Noninterest-bearing demand 165,231 Other noninterest-bearing liabilities 9,835 Shareholders' equity 114,301 ---------- Total liabilities and shareholders' equity $1,704,717 ========== Net interest income $ 32,683 ======== Interest rate spread 3.72% ======== Net interest margin (1) 4.01% ======== Ratio of average interest-earning assets to average interest-bearing liabilities 115.91% ========== Net interest income and margin (tax-equivalent basis) (2) $ 32,500 4.03% ======== ========= (1) The net interest margin is equal to annualized net interest income divided by average interest-earning assets. (2) In order to make pretax income and resultant yields on tax-exempt investments and loans comparable to those on taxable investments and loans, a tax-equivalent on taxable investments and loans, a tax equivalent adjustment is made equally to interest income and income tax expense with no effect on after tax income. The tax equivalent adjustment has been computed using a federal income tax rate of 35%. Page 8 of 10 SOUTHWEST BANCORP, INC. UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
FOR THE THREE MONTHS FOR THE SIX MONTHS ENDED JUNE 30, ENDED JUNE 30, 2004 2003 2004 2003 - ------------------------------------------------------------------------------------------------------------------------------------ PER COMMON SHARE DATA: - ------------------------------------------------------------------------------------------------------------------------------------ Basic Earnings $ 0.38 $ 0.33 $ 0.73 $ 0.63 Diluted Earnings 0.36 0.33 0.70 0.62 Dividends declared 0.07 0.06 0.14 0.13 Book value (at period end) 9.67 8.80 - ------------------------------------------------------------------------------------------------------------------------------------ WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: - ------------------------------------------------------------------------------------------------------------------------------------ Basic 12,074,336 11,792,068 12,034,868 11,723,912 Diluted 12,546,687 12,199,100 12,521,389 12,161,674 - ------------------------------------------------------------------------------------------------------------------------------------ KEY RATIOS: - ------------------------------------------------------------------------------------------------------------------------------------ Return on average assets 1.05% 1.07% 1.04% 1.04% Return on average total shareholders' equity 15.98% 16.04% 15.49% 15.33% Efficiency ratio 52.10% 52.79% 54.02% 54.03% - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL RATIOS AS OF PERIOD END: - ------------------------------------------------------------------------------------------------------------------------------------ Leverage ratio 8.96% 9.04% Tier I capital ratio 10.69% 10.74% Total capital ratio 13.98% 12.69% Tier I capital $ 157,502 $ 136,462 Total capital 205,909 161,200 Total risk adjusted assets 1,473,396 1,270,050 - ------------------------------------------------------------------------------------------------------------------------------------ LOAN COMPOSITION AS OF PERIOD END: - ------------------------------------------------------------------------------------------------------------------------------------ Real estate mortgage: Commercial $ 461,435 $ 383,570 One-to-four family residential 84,633 95,185 Real estate construction 254,982 200,809 Commercial 377,322 392,084 Installment and consumer: Government-guaranteed student loans 292,858 162,812 Other 27,531 24,855 ---------- ---------- Total loans, including loans held for sale $1,498,761 $1,259,315 Less: Allowance for loan losses (17,790) (13,877) ---------- ---------- Total loans, net $1,480,971 $1,245,438 ========== ==========
Page 9 of 10 SOUTHWEST BANCORP, INC. UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS (CONTINUED) (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
FOR THE SIX MONTHS ENDED JUNE 30, 2004 2003 - ------------------------------------------------------------------------------------------------------------------------------------ ASSET QUALITY AS OF PERIOD END: - ------------------------------------------------------------------------------------------------------------------------------------ Nonaccrual loans (1) $14,301 $ 10,337 Restructured loans - - 90 day past due and accruing (2) 3,663 2,009 ------- -------- Total nonperforming loans (3) $17,964 $ 12,346 ======= ======== Other real estate owned $ 2,087 $ 551 Allowance for loan losses as a percentage of total loans 1.19% 1.10% Allowance for loan losses as a percentage of nonperforming loans 99.03% 112.40% Nonperforming loans as a percentage of total loans 1.20% 0.98% Nonperforming assets as a percentage of total loans and other real estate 1.34% 1.02% Total charge-offs $ 2,522 $ 1,979 Total recoveries 264 246 ------- -------- Net charge-offs $ 2,258 $ 1,733 ======= ======== Net charge-offs as a percentage of average loans 0.32% 0.28% - ------------------------------------------------------------------------------------------------------------------------------------ OTHER MISCELLANEOUS INFORMATION AS OF PERIOD END: - ------------------------------------------------------------------------------------------------------------------------------------ Goodwill $ 194 $ 194 Mortgage Servicing Rights 1,159 1,008 Non-mortgage Servicing Rights 86 110 -------- -------- Total Intangible Assets $ 1,439 $ 1,312 ======== ======== 1-4 family mortgage loans serviced for others $122,705 $119,061 Intangible amortization expense 159 236 FTE employees (at period end) 331 326 Number of ATMs 285 338 Number of branches 0 0
(1) The government-guaranteed portion of loans included in these totals were $1.4 million (2004) and $1.1 million (2003). (2) The government-guaranteed portion of loans included in these totals were $215,000 (2004) and $0 (2003). (3) The government-guaranteed portion of loans included in these totals were $1.6 million (2004) and $1.1 million (2003). Page 10 of 10 -----END PRIVACY-ENHANCED MESSAGE-----