Oklahoma (State or other jurisdiction of incorporation) |
000-23064 (Commission file number) |
73-1136584 (IRS Employer Identification No) |
(a) | Financial statements of businesses acquired. Not applicable. | |
(b) | Pro forma financial information. Not applicable. | |
(c) | Exhibits. Exhibit 99-Press Release dated April 19, 2011. |
SOUTHWEST BANCORP, INC. |
||||
By: | /s/ Rick Green | |||
Rick Green | ||||
President and Chief Executive Officer | ||||
For additional information: |
||
Rick Green | ||
President & CEO | ||
Laura Robertson | ||
EVP & CFO | ||
For Immediate Release
|
(405) 372-2230 |
Noncovered | Noncovered | Percentage of | ||||||||||
portfolio | nonperforming | total noncovered | ||||||||||
(dollars in thousands) | loans | assets | nonperforming assets | |||||||||
Real estate construction |
$ | 416,868 | $ | 56,523 | 37.96 | % | ||||||
Commercial real estate |
1,287,123 | 30,988 | 20.81 | |||||||||
Commercial |
417,812 | 17,622 | 11.83 | |||||||||
Residential real estate mortgages |
84,809 | 2,672 | 1.80 | |||||||||
Other consumer loans |
36,493 | 27 | 0.02 | |||||||||
Other real estate |
| 41,067 | 27.58 | |||||||||
Total |
$ | 2,243,105 | $ | 148,899 | 100.00 | % | ||||||
Unaudited Financial Highlights
|
Table 1 | |
Unaudited Consolidated Statements of Financial Condition
|
Table 2 | |
Unaudited Consolidated Statements of Operations
|
Table 3 | |
Unaudited Average Balances, Yields, and Rates-Quarterly
|
Table 4 | |
Unaudited Quarterly Summary Financial Data
|
Table 5 | |
Unaudited Quarterly Supplemental Analytical Data
|
Table 6 |
SOUTHWEST BANCORP, INC. | Table 1 | |
UNAUDITED FINANCIAL HIGHLIGHTS | ||
(Dollars in thousands, except per share) |
First Quarter | Fourth Quarter | |||||||||||||||||||
% | % | |||||||||||||||||||
QUARTERLY HIGHLIGHTS | 2011 | 2010 | Change | 2010 | Change | |||||||||||||||
Operations |
||||||||||||||||||||
Net interest income |
$ | 25,421 | $ | 26,801 | (5 | )% | $ | 26,970 | (6 | )% | ||||||||||
Provision for loan losses |
9,050 | 8,531 | 6 | 7,265 | 25 | |||||||||||||||
Noninterest income |
3,249 | 4,178 | (22 | ) | 4,089 | (21 | ) | |||||||||||||
Noninterest expense |
15,625 | 15,258 | 2 | 16,811 | (7 | ) | ||||||||||||||
Income before taxes |
3,995 | 7,190 | (44 | ) | 6,983 | (43 | ) | |||||||||||||
Taxes on income |
1,534 | 2,818 | (46 | ) | 2,675 | (43 | ) | |||||||||||||
Net income |
2,461 | 4,372 | (44 | ) | 4,308 | (43 | ) | |||||||||||||
Net income available to common
shareholders |
1,408 | 3,329 | (58 | ) | 3,257 | (57 | ) | |||||||||||||
Diluted earnings per share |
0.07 | 0.23 | (70 | ) | 0.17 | (59 | ) | |||||||||||||
Balance Sheet |
||||||||||||||||||||
Total assets |
2,778,833 | 3,074,923 | (10 | ) | 2,820,541 | (1 | ) | |||||||||||||
Loans held for sale |
37,348 | 25,586 | 46 | 35,194 | 6 | |||||||||||||||
Noncovered portfolio loans |
2,243,105 | 2,516,397 | (11 | ) | 2,331,293 | (4 | ) | |||||||||||||
Covered portfolio loans |
49,117 | 76,909 | (36 | ) | 53,628 | (8 | ) | |||||||||||||
Total deposits |
2,218,571 | 2,554,165 | (13 | ) | 2,252,728 | (2 | ) | |||||||||||||
Total shareholders equity |
379,668 | 315,341 | 20 | 377,812 | | |||||||||||||||
Book value per common share |
16.04 | 16.79 | (4 | ) | 15.97 | | ||||||||||||||
Key Ratios |
||||||||||||||||||||
Net interest margin |
3.78 | % | 3.59 | % | 3.82 | % | ||||||||||||||
Efficiency ratio |
54.50 | 49.25 | 54.13 | |||||||||||||||||
Total capital to risk-weighted assets |
19.77 | 15.28 | 19.06 | |||||||||||||||||
Nonperforming loans to portfolio loans noncovered |
4.81 | 3.89 | 4.59 | |||||||||||||||||
Shareholders equity to total assets |
13.66 | 10.26 | 13.40 | |||||||||||||||||
Tangible common equity to tangible assets* |
11.00 | 7.87 | 10.78 | |||||||||||||||||
Return on average assets (annualized) |
0.35 | 0.57 | 0.59 | |||||||||||||||||
Return on average common equity (annualized) |
1.81 | 5.42 | 4.11 | |||||||||||||||||
Return on average tangible common equity (annualized)** |
1.85 | 5.58 | 4.21 |
Balance sheet amounts and ratios are as of period end unless otherwise noted. | ||
* | This is a Non-GAAP financial measure. Please see Table 7 for a reconciliation to the most directly comparable GAAP based measure. | |
** | This is a Non-GAAP financial measure. | |
Please see accompanying tables for additional financial information. |
SOUTHWEST BANCORP, INC. | Table 2 | |
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||
(Dollars in thousands, except per share) |
March 31, | December 31, | March 31, | ||||||||||
2011 | 2010 | 2010 | ||||||||||
Assets |
||||||||||||
Cash and due from banks |
$ | 28,034 | $ | 26,478 | $ | 22,196 | ||||||
Interest-bearing deposits |
89,529 | 41,018 | 124,129 | |||||||||
Cash and cash equivalents |
117,563 | 67,496 | 146,325 | |||||||||
Securities held to maturity (fair values of $12,903, $14,029, $6,750, respectively) |
13,042 | 14,304 | 6,670 | |||||||||
Securities available for sale (amortized cost of $243,556, $246,649, $230,522, respectively) |
245,394 | 248,221 | 235,023 | |||||||||
Loans held for sale |
37,348 | 35,194 | 25,586 | |||||||||
Noncovered loans receivable |
2,243,105 | 2,331,293 | 2,516,397 | |||||||||
Less: Allowance for loan losses |
(63,310 | ) | (65,229 | ) | (65,168 | ) | ||||||
Net noncovered loans receivable |
2,179,795 | 2,266,064 | 2,451,229 | |||||||||
Covered loans receivable (includes loss share: $12,617, $14,370, and $21,060, respectively) |
49,117 | 53,628 | 76,909 | |||||||||
Net loans receivable |
2,228,912 | 2,319,692 | 2,528,138 | |||||||||
Accrued interest receivable |
8,789 | 8,590 | 10,271 | |||||||||
Premises and equipment, net |
23,555 | 23,772 | 25,996 | |||||||||
Noncovered other real estate |
41,067 | 37,722 | 18,809 | |||||||||
Covered other real estate |
4,016 | 4,187 | 4,489 | |||||||||
Goodwill |
6,811 | 6,811 | 6,811 | |||||||||
Other intangible assets, net |
5,141 | 5,371 | 5,575 | |||||||||
Other assets |
47,195 | 49,181 | 61,230 | |||||||||
Total assets |
$ | 2,778,833 | $ | 2,820,541 | $ | 3,074,923 | ||||||
Liabilities |
||||||||||||
Deposits: |
||||||||||||
Noninterest-bearing demand |
$ | 369,013 | $ | 377,182 | $ | 317,896 | ||||||
Interest-bearing demand |
112,731 | 92,584 | 119,757 | |||||||||
Money market accounts |
486,770 | 495,253 | 506,659 | |||||||||
Savings accounts |
28,440 | 26,665 | 25,871 | |||||||||
Time deposits of $100,000 or more |
669,817 | 694,565 | 944,871 | |||||||||
Other time deposits |
551,800 | 566,479 | 639,111 | |||||||||
Total deposits |
2,218,571 | 2,252,728 | 2,554,165 | |||||||||
Accrued interest payable |
1,805 | 1,577 | 2,993 | |||||||||
Income tax payable |
3,510 | 2,878 | 6,761 | |||||||||
Other liabilities |
7,471 | 8,981 | 10,080 | |||||||||
Other borrowings |
85,332 | 94,602 | 103,620 | |||||||||
Subordinated debentures |
82,476 | 81,963 | 81,963 | |||||||||
Total liabilities |
2,399,165 | 2,442,729 | 2,759,582 | |||||||||
Shareholders equity |
||||||||||||
Serial preferred stock; 2,000,000 shares authorized;
70,000 shares issued and outstanding |
67,902 | 67,724 | 67,205 | |||||||||
Common stock $1 par value; 40,000,000 shares authorized;
19,438,290, 19,421,900, 14,779,711 shares issued and outstanding, respectively |
19,438 | 19,422 | 14,780 | |||||||||
Additional paid-in capital |
98,994 | 98,894 | 49,229 | |||||||||
Retained earnings |
192,200 | 190,793 | 181,344 | |||||||||
Accumulated other comprehensive income |
1,134 | 979 | 2,783 | |||||||||
Total shareholders equity |
379,668 | 377,812 | 315,341 | |||||||||
Total liabilities and shareholders equity |
$ | 2,778,833 | $ | 2,820,541 | $ | 3,074,923 | ||||||
SOUTHWEST BANCORP, INC. | Table 3 | |
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
(Dollars in thousands, except per share) |
For the three months | ||||||||
ended March 31, | ||||||||
2011 | 2010 | |||||||
Interest income |
||||||||
Loans |
$ | 30,539 | $ | 34,372 | ||||
Investment securities |
1,746 | 2,170 | ||||||
Other interest-earning assets |
140 | 217 | ||||||
Total interest income |
32,425 | 36,759 | ||||||
Interest expense |
||||||||
Interest-bearing deposits |
5,133 | 8,174 | ||||||
Other borrowings |
497 | 517 | ||||||
Subordinated debentures |
1,374 | 1,267 | ||||||
Total interest expense |
7,004 | 9,958 | ||||||
Net interest income |
25,421 | 26,801 | ||||||
Provision for loan losses |
9,050 | 8,531 | ||||||
Net interest income after provision for loan losses |
16,371 | 18,270 | ||||||
Noninterest income |
||||||||
Service charges and fees |
2,878 | 3,096 | ||||||
Gain on sales of loans |
194 | 985 | ||||||
Gain on investment securities |
| 7 | ||||||
Other noninterest income |
177 | 90 | ||||||
Total noninterest income |
3,249 | 4,178 | ||||||
Noninterest expense |
||||||||
Salaries and employee benefits |
7,515 | 7,580 | ||||||
Occupancy |
2,804 | 2,783 | ||||||
FDIC and other insurance |
1,243 | 1,587 | ||||||
Other real estate, net |
436 | 106 | ||||||
General and administrative |
3,627 | 3,202 | ||||||
Total noninterest expense |
15,625 | 15,258 | ||||||
Income before taxes |
3,995 | 7,190 | ||||||
Taxes on income |
1,534 | 2,818 | ||||||
Net income |
$ | 2,461 | $ | 4,372 | ||||
Net income available to common shareholders |
$ | 1,408 | $ | 3,329 | ||||
Basic earnings per common share |
$ | 0.07 | $ | 0.23 | ||||
Diluted earnings per common share |
0.07 | 0.23 | ||||||
Common dividends declared per share |
| |
SOUTHWEST BANCORP, INC. | Table 4 | |
UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES QUARTERLY | ||
(Dollars in thousands) |
For the three months ended March 31, | ||||||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||||||
Average | Average | Average | Average | |||||||||||||||||||||
Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||
Assets |
||||||||||||||||||||||||
Noncovered loans |
$ | 2,326,882 | $ | 29,655 | 5.17 | % | $ | 2,587,603 | $ | 32,981 | 5.17 | % | ||||||||||||
Covered loans |
51,494 | 884 | 6.96 | 82,043 | 1,391 | 6.88 | ||||||||||||||||||
Investment securities |
256,384 | 1,746 | 2.76 | 241,276 | 2,170 | 3.65 | ||||||||||||||||||
Other interest-earning assets |
92,692 | 140 | 0.61 | 115,374 | 217 | 0.76 | ||||||||||||||||||
Total interest-earning assets |
2,727,452 | 32,425 | 4.82 | 3,026,296 | 36,759 | 4.93 | ||||||||||||||||||
Other assets |
91,807 | 79,238 | ||||||||||||||||||||||
Total assets |
$ | 2,819,259 | $ | 3,105,534 | ||||||||||||||||||||
Liabilities and Shareholders Equity |
||||||||||||||||||||||||
Interest-bearing demand deposits |
$ | 112,441 | $ | 124 | 0.45 | % | $ | 107,510 | $ | 132 | 0.50 | % | ||||||||||||
Money market accounts |
491,306 | 677 | 0.56 | 504,486 | 1,013 | 0.81 | ||||||||||||||||||
Savings accounts |
27,741 | 16 | 0.23 | 25,628 | 16 | 0.25 | ||||||||||||||||||
Time deposits |
1,248,152 | 4,316 | 1.40 | 1,649,888 | 7,013 | 1.72 | ||||||||||||||||||
Total interest-bearing deposits |
1,879,640 | 5,133 | 1.11 | 2,287,512 | 8,174 | 1.45 | ||||||||||||||||||
Other borrowings |
90,198 | 497 | 2.23 | 97,297 | 517 | 2.15 | ||||||||||||||||||
Subordinated debentures |
81,969 | 1,374 | 6.70 | 81,963 | 1,267 | 6.18 | ||||||||||||||||||
Total interest-bearing liabilities |
2,051,807 | 7,004 | 1.38 | 2,466,772 | 9,958 | 1.64 | ||||||||||||||||||
Noninterest-bearing demand deposits |
365,161 | 303,684 | ||||||||||||||||||||||
Other liabilities |
19,789 | 19,032 | ||||||||||||||||||||||
Shareholders equity |
382,502 | 316,046 | ||||||||||||||||||||||
Total liabilities and shareholders
equity |
$ | 2,819,259 | $ | 3,105,534 | ||||||||||||||||||||
Net interest income and spread |
$ | 25,421 | 3.44 | % | $ | 26,801 | 3.29 | % | ||||||||||||||||
Net interest margin (1) |
3.78 | % | 3.59 | % | ||||||||||||||||||||
Average interest-earning assets
to average interest-bearing liabilities |
132.93 | % | 122.68 | % | ||||||||||||||||||||
(1) | Net interest margin = annualized net interest income / average interest-earning assets |
SOUTHWEST BANCORP, INC. | Table 5 | |
UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA | ||
(Dollars in thousands, except per share) |
2011 | 2010 | |||||||||||||||||||
Mar. 31 | Dec. 31 | Sep. 30 | Jun. 30 | Mar. 31 | ||||||||||||||||
OPERATIONS |
||||||||||||||||||||
Interest income: |
||||||||||||||||||||
Loans |
$ | 30,539 | $ | 32,831 | $ | 32,824 | $ | 33,891 | $ | 34,372 | ||||||||||
Investment securities |
1,746 | 1,724 | 2,079 | 2,175 | 2,170 | |||||||||||||||
Other interest-earning assets |
140 | 131 | 180 | 213 | 217 | |||||||||||||||
Total interest income |
32,425 | 34,686 | 35,083 | 36,279 | 36,759 | |||||||||||||||
Interest expense: |
||||||||||||||||||||
Interest bearing demand deposits |
124 | 85 | 111 | 140 | 132 | |||||||||||||||
Money market accounts |
677 | 885 | 976 | 1,037 | 1,013 | |||||||||||||||
Savings accounts |
16 | 17 | 15 | 16 | 16 | |||||||||||||||
Time deposits of $100,000 or more |
2,349 | 2,703 | 3,128 | 3,517 | 4,024 | |||||||||||||||
Other time deposits |
1,967 | 2,230 | 2,572 | 2,661 | 2,989 | |||||||||||||||
Total interest-bearing deposits |
5,133 | 5,920 | 6,802 | 7,371 | 8,174 | |||||||||||||||
Other borrowings |
497 | 514 | 524 | 524 | 517 | |||||||||||||||
Subordinated debentures |
1,374 | 1,282 | 1,305 | 1,276 | 1,267 | |||||||||||||||
Total interest expense |
7,004 | 7,716 | 8,631 | 9,171 | 9,958 | |||||||||||||||
Net interest income |
25,421 | 26,970 | 26,452 | 27,108 | 26,801 | |||||||||||||||
Provision for loan losses |
9,050 | 7,265 | 11,988 | 7,776 | 8,531 | |||||||||||||||
Noninterest income: |
||||||||||||||||||||
Service charges and fees |
2,878 | 3,144 | 2,994 | 3,170 | 3,096 | |||||||||||||||
Gain on sales of loans |
194 | 682 | 653 | 416 | 985 | |||||||||||||||
Gain on investment securities |
| 15 | 2,605 | 34 | 7 | |||||||||||||||
Other noninterest income |
177 | 248 | 83 | 342 | 90 | |||||||||||||||
Total noninterest income |
3,249 | 4,089 | 6,335 | 3,962 | 4,178 | |||||||||||||||
Noninterest expense: |
||||||||||||||||||||
Salaries and employee benefits |
7,515 | 7,516 | 7,183 | 7,637 | 7,580 | |||||||||||||||
Occupancy |
2,804 | 2,717 | 2,835 | 2,836 | 2,783 | |||||||||||||||
FDIC and other insurance |
1,243 | 1,333 | 1,347 | 1,521 | 1,587 | |||||||||||||||
Other real estate, net |
436 | 1,255 | 228 | 629 | 106 | |||||||||||||||
Provision for unfunded loan
commitments |
(55 | ) | (332 | ) | (294 | ) | (512 | ) | (465 | ) | ||||||||||
Other general and administrative |
3,682 | 4,322 | 4,119 | 4,035 | 3,667 | |||||||||||||||
Total noninterest expense |
15,625 | 16,811 | 15,418 | 16,146 | 15,258 | |||||||||||||||
Income before taxes |
3,995 | 6,983 | 5,381 | 7,148 | 7,190 | |||||||||||||||
Taxes on income |
1,534 | 2,675 | 1,508 | 2,737 | 2,818 | |||||||||||||||
Net income |
$ | 2,461 | $ | 4,308 | $ | 3,873 | $ | 4,411 | $ | 4,372 | ||||||||||
Net income available to common
shareholders |
$ | 1,408 | $ | 3,257 | $ | 2,825 | $ | 3,366 | $ | 3,329 | ||||||||||
PER SHARE DATA |
||||||||||||||||||||
Basic earnings per common share |
$ | 0.07 | $ | 0.17 | $ | 0.15 | $ | 0.19 | $ | 0.23 | ||||||||||
Diluted earnings per common share |
0.07 | 0.17 | 0.15 | 0.19 | 0.23 | |||||||||||||||
Book value per common share |
16.04 | 15.97 | 15.93 | 15.88 | 16.79 | |||||||||||||||
Tangible book value per share* |
15.69 | 15.62 | 15.58 | 15.53 | 16.33 | |||||||||||||||
COMMON STOCK |
||||||||||||||||||||
Shares issued and outstanding |
19,438,290 | 19,421,900 | 19,395,675 | 19,388,797 | 14,779,711 | |||||||||||||||
OTHER FINANCIAL DATA |
||||||||||||||||||||
Investment securities |
$ | 258,436 | $ | 262,525 | $ | 240,844 | $ | 247,108 | $ | 241,693 | ||||||||||
Loans held for sale |
37,348 | 35,194 | 34,868 | 25,615 | 25,586 | |||||||||||||||
Noncovered portfolio loans |
2,243,105 | 2,331,293 | 2,412,796 | 2,475,348 | 2,516,397 | |||||||||||||||
Total noncovered loans |
2,280,453 | 2,366,487 | 2,447,664 | 2,500,963 | 2,541,983 | |||||||||||||||
Covered portfolio loans |
49,117 | 53,628 | 60,558 | 68,006 | 76,909 | |||||||||||||||
Total assets |
2,778,833 | 2,820,541 | 2,905,275 | 3,010,835 | 3,074,923 | |||||||||||||||
Total deposits |
2,218,571 | 2,252,728 | 2,345,648 | 2,444,939 | 2,554,165 | |||||||||||||||
Other borrowings |
85,332 | 94,602 | 82,506 | 93,036 | 103,620 | |||||||||||||||
Subordinated debentures |
82,476 | 81,963 | 81,963 | 81,963 | 81,963 | |||||||||||||||
Total shareholders equity |
379,668 | 377,812 | 376,576 | 375,319 | 315,341 | |||||||||||||||
Mortgage servicing portfolio |
281,271 | 278,146 | 261,266 | 249,632 | 241,224 | |||||||||||||||
INTANGIBLE ASSET DATA |
||||||||||||||||||||
Goodwill |
$ | 6,811 | $ | 6,811 | $ | 6,811 | $ | 6,811 | $ | 6,811 | ||||||||||
Core deposit intangible |
3,420 | 3,557 | 3,693 | 3,830 | 3,967 | |||||||||||||||
Mortgage servicing rights |
1,718 | 1,810 | 1,661 | 1,589 | 1,603 | |||||||||||||||
Nonmortgage servicing rights |
3 | 4 | 4 | 5 | 5 | |||||||||||||||
Total intangible assets |
$ | 11,952 | $ | 12,182 | $ | 12,169 | $ | 12,235 | $ | 12,386 | ||||||||||
Intangible amortization expense |
$ | 361 | $ | 402 | $ | 392 | $ | 350 | $ | 359 | ||||||||||
* | This is a Non-GAAP based financial measure. |
SOUTHWEST BANCORP, INC. | Table 5 | |
UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA | Continued | |
(Dollars in thousands, except per share) |
2011 | 2010 | |||||||||||||||||||
Mar. 31 | Dec. 31 | Sep. 30 | Jun. 30 | Mar. 31 | ||||||||||||||||
LOAN COMPOSITION |
||||||||||||||||||||
Noncovered |
||||||||||||||||||||
Real estate mortgage: |
||||||||||||||||||||
Commercial |
$ | 1,302,254 | $ | 1,310,464 | $ | 1,271,278 | $ | 1,251,709 | $ | 1,230,009 | ||||||||||
One-to-four family residential |
87,324 | 89,800 | 109,980 | 106,814 | 111,185 | |||||||||||||||
Real estate construction |
||||||||||||||||||||
Commercial |
403,954 | 441,265 | 527,773 | 589,590 | 630,472 | |||||||||||||||
One-to-four family residential |
26,758 | 27,429 | 30,527 | 35,129 | 34,996 | |||||||||||||||
Commercial |
417,970 | 452,626 | 463,132 | 471,004 | 487,074 | |||||||||||||||
Installment and consumer: |
||||||||||||||||||||
Guaranteed student loans |
5,700 | 5,843 | 5,960 | 7,389 | 10,199 | |||||||||||||||
Other |
36,493 | 39,060 | 39,014 | 39,328 | 38,048 | |||||||||||||||
Total noncovered loans, including held for
sale |
2,280,453 | 2,366,487 | 2,447,664 | 2,500,963 | 2,541,983 | |||||||||||||||
Less allowance for loan losses |
(63,310 | ) | (65,229 | ) | (72,418 | ) | (67,055 | ) | (65,168 | ) | ||||||||||
Total noncovered loans, net |
$ | 2,217,143 | $ | 2,301,258 | $ | 2,375,246 | $ | 2,433,908 | $ | 2,476,815 | ||||||||||
Covered |
||||||||||||||||||||
Real estate mortgage: |
||||||||||||||||||||
Commercial |
$ | 28,929 | $ | 30,997 | $ | 33,428 | $ | 36,107 | $ | 37,487 | ||||||||||
One-to-four family residential |
8,192 | 9,122 | 10,071 | 10,277 | 10,843 | |||||||||||||||
Real estate construction |
||||||||||||||||||||
Commercial |
6,144 | 6,840 | 7,464 | 8,190 | 11,173 | |||||||||||||||
One-to-four family residential |
281 | 439 | 1,823 | 3,853 | 5,273 | |||||||||||||||
Commercial |
5,021 | 5,554 | 6,816 | 8,487 | 10,807 | |||||||||||||||
Installment and consumer: |
550 | 676 | 956 | 1,092 | 1,326 | |||||||||||||||
Total covered loans |
$ | 49,117 | $ | 53,628 | $ | 60,558 | $ | 68,006 | $ | 76,909 | ||||||||||
DEPOSIT COMPOSITION |
||||||||||||||||||||
Non-interest bearing demand |
$ | 369,013 | $ | 377,182 | $ | 329,655 | $ | 326,721 | $ | 317,896 | ||||||||||
Interest-bearing demand |
112,731 | 92,584 | 86,153 | 102,218 | 119,757 | |||||||||||||||
Money market accounts |
486,770 | 495,253 | 518,422 | 510,549 | 506,659 | |||||||||||||||
Savings accounts |
28,440 | 26,665 | 25,556 | 25,321 | 25,871 | |||||||||||||||
Time deposits of $100,000 or more |
669,817 | 694,565 | 795,303 | 861,110 | 944,871 | |||||||||||||||
Other time deposits |
551,800 | 566,479 | 590,559 | 619,020 | 639,111 | |||||||||||||||
Total deposits** |
$ | 2,218,571 | $ | 2,252,728 | $ | 2,345,648 | $ | 2,444,939 | $ | 2,554,165 | ||||||||||
LOANS BY SEGMENT |
||||||||||||||||||||
Oklahoma banking |
$ | 838,464 | $ | 871,393 | $ | 890,598 | $ | 914,004 | $ | 926,870 | ||||||||||
Texas banking |
954,584 | 982,845 | 1,024,863 | 1,041,228 | 1,063,511 | |||||||||||||||
Kansas banking |
272,685 | 289,642 | 309,240 | 329,157 | 342,596 | |||||||||||||||
Other states banking |
226,489 | 241,041 | 248,653 | 258,965 | 260,329 | |||||||||||||||
Subtotal |
2,292,222 | 2,384,921 | 2,473,354 | 2,543,354 | 2,593,306 | |||||||||||||||
Secondary market |
37,348 | 35,194 | 34,868 | 25,615 | 25,586 | |||||||||||||||
Total loans |
$ | 2,329,570 | $ | 2,420,115 | $ | 2,508,222 | $ | 2,568,969 | $ | 2,618,892 | ||||||||||
NET INCOME BY SEGMENT |
||||||||||||||||||||
Oklahoma banking |
$ | 3,435 | $ | 4,205 | $ | 3,399 | $ | 4,387 | $ | 2,857 | ||||||||||
Texas banking |
1,079 | 4,001 | (1,801 | ) | 757 | 1,685 | ||||||||||||||
Kansas banking |
131 | 293 | (306 | ) | 940 | (322 | ) | |||||||||||||
Other states banking |
(924 | ) | (3,674 | ) | 494 | (477 | ) | 1,750 | ||||||||||||
Subtotal |
3,721 | 4,825 | 1,786 | 5,607 | 5,970 | |||||||||||||||
Secondary market |
(13 | ) | 444 | 173 | 83 | 310 | ||||||||||||||
Other operations |
(1,247 | ) | (961 | ) | 1,914 | (1,279 | ) | (1,908 | ) | |||||||||||
Net income |
$ | 2,461 | $ | 4,308 | $ | 3,873 | $ | 4,411 | $ | 4,372 | ||||||||||
OFFICES AND EMPLOYEES |
||||||||||||||||||||
FTE Employees |
424 | 432 | 440 | 447 | 455 | |||||||||||||||
Branches |
23 | 23 | 23 | 23 | 24 | |||||||||||||||
Loan production offices |
2 | 2 | 2 | 2 | 2 | |||||||||||||||
Assets per employee |
$ | 6,554 | $ | 6,529 | $ | 6,603 | $ | 6,736 | $ | 6,758 |
** | Calculation of Non-brokered Deposits and Core Funding (Non-GAAP Financial Measures) |
Total deposits |
$ | 2,218,571 | $ | 2,252,728 | $ | 2,345,648 | $ | 2,444,939 | $ | 2,554,165 | ||||||||||
Less: |
||||||||||||||||||||
Brokered time deposits |
122,124 | 145,240 | 226,238 | 279,027 | 359,571 | |||||||||||||||
Other brokered deposits |
112,033 | 117,532 | 129,096 | 126,643 | 124,969 | |||||||||||||||
Non-brokered deposits |
$ | 1,984,414 | $ | 1,989,956 | $ | 1,990,314 | $ | 2,039,269 | $ | 2,069,625 | ||||||||||
Plus: |
||||||||||||||||||||
Sweep repurchase agreements |
27,214 | 26,492 | 22,211 | 22,700 | 33,192 | |||||||||||||||
Core funding |
$ | 2,011,628 | $ | 2,016,448 | $ | 2,012,525 | $ | 2,061,969 | $ | 2,102,817 | ||||||||||
SOUTHWEST BANCORP, INC. | Table 6 | |
UNAUDITED QUARTERLY SUPPLEMENTAL ANALYTICAL DATA | ||
(Dollars in thousands, except per share) |
2011 | 2010 | |||||||||||||||||||
Mar. 31 | Dec. 31 | Sep. 30 | Jun. 30 | Mar. 31 | ||||||||||||||||
PERFORMANCE RATIOS |
||||||||||||||||||||
Return on average assets (annualized) |
0.35 | % | 0.59 | % | 0.52 | % | 0.58 | % | 0.57 | % | ||||||||||
Return on average common equity (annualized) |
1.81 | 4.11 | 3.57 | 4.64 | 5.42 | |||||||||||||||
Return on average tangible common equity
(annualized)* |
1.85 | 4.21 | 3.65 | 4.75 | 5.58 | |||||||||||||||
Net interest margin (annualized) |
3.78 | 3.82 | 3.63 | 3.65 | 3.59 | |||||||||||||||
Total dividends declared to net income |
35.56 | 20.31 | 22.59 | 19.84 | 20.02 | |||||||||||||||
Effective tax rate |
38.40 | 38.31 | 28.02 | 38.29 | 39.19 | |||||||||||||||
Efficiency ratio |
54.50 | 54.13 | 47.02 | 51.97 | 49.25 | |||||||||||||||
NONPERFORMING ASSETS |
||||||||||||||||||||
Noncovered |
||||||||||||||||||||
Nonaccrual loans |
$ | 107,303 | $ | 106,566 | $ | 135,209 | $ | 111,871 | $ | 97,858 | ||||||||||
90 days past due and accruing |
529 | 517 | 452 | 333 | 4 | |||||||||||||||
Total nonperforming loans |
107,832 | 107,083 | 135,661 | 112,204 | 97,862 | |||||||||||||||
Other real estate |
41,067 | 37,722 | 35,723 | 27,634 | 18,809 | |||||||||||||||
Total nonperforming assets |
$ | 148,899 | $ | 144,805 | $ | 171,384 | $ | 139,838 | $ | 116,671 | ||||||||||
Performing restructured |
$ | 2,166 | $ | 2,177 | $ | 5,334 | $ | 5,525 | $ | 5,650 | ||||||||||
Potential problem loans |
$ | 204,834 | $ | 233,140 | $ | 236,844 | $ | 242,217 | $ | 275,912 | ||||||||||
Covered |
||||||||||||||||||||
Nonaccrual loans |
$ | 9,809 | $ | 10,806 | $ | 7,906 | $ | 14,504 | $ | 16,192 | ||||||||||
90 days past due and accruing |
| | 1,871 | 130 | 356 | |||||||||||||||
Total nonperforming loans |
9,809 | 10,806 | 9,777 | 14,634 | 16,548 | |||||||||||||||
Other real estate |
4,016 | 4,187 | 4,448 | 4,352 | 4,489 | |||||||||||||||
Total nonperforming assets |
$ | 13,825 | $ | 14,993 | $ | 14,225 | $ | 18,986 | $ | 21,037 | ||||||||||
Potential problem loans |
$ | 3,444 | $ | 3,495 | $ | 6,413 | $ | 6,184 | $ | 6,620 | ||||||||||
ALLOWANCE ACTIVITY |
||||||||||||||||||||
Balance, beginning of period |
$ | 65,229 | $ | 72,418 | $ | 67,055 | $ | 65,168 | $ | 62,413 | ||||||||||
Charge offs |
11,367 | 14,720 | 7,006 | 6,168 | 6,545 | |||||||||||||||
Recoveries |
398 | 266 | 381 | 279 | 769 | |||||||||||||||
Net charge offs |
10,969 | 14,454 | 6,625 | 5,889 | 5,776 | |||||||||||||||
Provision for loan losses |
9,050 | 7,265 | 11,988 | 7,776 | 8,531 | |||||||||||||||
Balance, end of period |
$ | 63,310 | $ | 65,229 | $ | 72,418 | $ | 67,055 | $ | 65,168 | ||||||||||
ASSET QUALITY RATIOS |
||||||||||||||||||||
Net loan charge-offs to average portfolio
loans (annualized) |
1.90 | % | 2.35 | % | 1.05 | % | 0.92 | % | 0.90 | % | ||||||||||
Noncovered |
||||||||||||||||||||
Nonperforming assets to portfolio loans and
other real estate |
6.52 | % | 6.11 | % | 7.00 | % | 5.59 | % | 4.60 | % | ||||||||||
Nonperforming loans to portfolio loans |
4.81 | 4.59 | 5.62 | 4.53 | 3.89 | |||||||||||||||
Allowance for loan losses to portfolio loans |
2.82 | 2.80 | 3.00 | 2.71 | 2.59 | |||||||||||||||
Allowance for loan losses to
nonperforming loans |
58.71 | 60.91 | 53.38 | 59.76 | 66.59 | |||||||||||||||
Covered |
||||||||||||||||||||
Nonperforming assets to portfolio loans and
other real estate |
26.02 | % | 25.93 | % | 21.88 | % | 26.24 | % | 25.84 | % | ||||||||||
Nonperforming loans to portfolio loans |
19.97 | 20.15 | 16.14 | 21.52 | 21.52 | |||||||||||||||
CAPITAL RATIOS |
||||||||||||||||||||
Average total shareholders equity to
average assets |
13.57 | % | 13.24 | % | 12.85 | % | 11.78 | % | 10.18 | % | ||||||||||
Leverage ratio |
15.95 | 15.55 | 14.96 | 14.48 | 12.32 | |||||||||||||||
Tier 1 capital to risk-weighted assets |
18.49 | 17.78 | 17.17 | 16.50 | 14.00 | |||||||||||||||
Total capital to risk-weighted assets |
19.77 | 19.06 | 18.45 | 17.78 | 15.28 | |||||||||||||||
Tangible common equity to tangible assets*** |
11.00 | 10.78 | 10.43 | 10.02 | 7.87 | |||||||||||||||
REGULATORY CAPITAL DATA |
||||||||||||||||||||
Tier I capital |
$ | 447,803 | $ | 445,966 | $ | 442,188 | $ | 438,973 | $ | 381,280 | ||||||||||
Total capital |
478,736 | 477,930 | 475,040 | 472,971 | 415,955 | |||||||||||||||
Total risk adjusted assets |
2,421,580 | 2,507,867 | 2,574,746 | 2,659,886 | 2,722,628 | |||||||||||||||
Average total assets |
2,807,518 | 2,867,114 | 2,955,779 | 3,032,328 | 3,094,756 |
* | This is a Non-GAAP based financial measure. | |
*** | Calculation of Tangible Capital to Tangible Assets (Non-GAAP Financial Measure) |
Total shareholders equity |
$ | 379,668 | $ | 377,812 | $ | 376,576 | $ | 375,319 | $ | 315,341 | ||||||||||
Less: |
||||||||||||||||||||
Goodwill |
6,811 | 6,811 | 6,811 | 6,811 | 6,811 | |||||||||||||||
Preferred stock |
67,902 | 67,724 | 67,548 | 67,375 | 67,205 | |||||||||||||||
Tangible common equity |
$ | 304,955 | $ | 303,277 | $ | 302,217 | $ | 301,133 | $ | 241,325 | ||||||||||
Total assets |
$ | 2,778,833 | $ | 2,820,541 | $ | 2,905,275 | $ | 3,010,835 | $ | 3,074,923 | ||||||||||
Less goodwill |
6,811 | 6,811 | 6,811 | 6,811 | 6,811 | |||||||||||||||
Tangible assets |
$ | 2,772,022 | $ | 2,813,730 | $ | 2,898,464 | $ | 3,004,024 | $ | 3,068,112 | ||||||||||
Tangible common equity to tangible assets |
11.00 | % | 10.78 | % | 10.43 | % | 10.02 | % | 7.87 | % |