-----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, JzrkLQC0CMprRX1/fdk9iKD1rh0SOZSHVB3ihPI5BcMu/EDvmlKeRS5Jknzypjrq B3vqKf6RVhisMiRGEFtuGg== 0001125282-05-002065.txt : 20050421 0001125282-05-002065.hdr.sgml : 20050421 20050421115917 ACCESSION NUMBER: 0001125282-05-002065 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050421 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050421 DATE AS OF CHANGE: 20050421 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: 05763752 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 b406156_8k.txt CURRENT REPORT 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): April 21, 2005 --------------- 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 -------------- Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition. Item 7.01 Regulation FD Disclosure. The following information is furnished to the Securities and Exchange Commission under both Item 2.02 and Item 7.01 of this Form 8-K. Item 9.01 Financial Statements and Exhibits. (a) Financial statements of businesses acquired. Not applicable. (b) Pro forma financial information. Not applicable. (c) Exhibits. Exhibit 99.1 Press Release dated April 21, 2005. I 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: April 21, 2005 EX-99.1 2 b406156_ex99-1.txt PRESS RELEASE Exhibit 99.1 [SOUTHWEST BANCORP, INC. LOGO] SOUTHWEST BANCORP, INC. REPORTS RECORD EARNINGS CONTACT: RICK GREEN, PRESIDENT & C.E.O. KERBY E. CROWELL, EXECUTIVE VICE PRESIDENT & C.F.O. TELEPHONE: (405) 372-2230 RELEASE DATE: APRIL 21, 2005 April 21, 2005, Stillwater, Oklahoma . . . . Southwest Bancorp, Inc. (Nasdaq National Market--OKSB, OKSBO), ("Southwest"), the Oklahoma-based parent company of the Stillwater National Bank and Trust Company ("Stillwater National") and SNB Bank of Wichita ("SNB Wichita"), today reported record net income for the first quarter of 2005 of $5.4 million, a 28% increase from the $4.2 million reported for the first quarter of 2004. Diluted earnings per share were $0.43 compared to $0.34 per share for the 2004 period, an increase of 26%. The first quarter of 2005 was also the seventh consecutive quarter of increased earnings. 2004 RESULTS AND FOCUS o Total assets of $2.0 billion; a 4% increase from the $1.9 billion reported at year-end 2004. o Total loans of $1.7 billion; a 3% increase from the $1.6 billion reported at year-end 2004. o Net Income: $5.4 million; a 28% increase from first quarter 2004. o Diluted earnings per share: $0.43; a 26% increase from first quarter 2004. o Dividends per share: $0.075; a 7% increase from first quarter 2004. o Return on average equity: 16.73% for the first quarter 2005. o GAAP-based efficiency ratio: 48.94% for the first quarter 2005. STRATEGIC PERSPECTIVE "At Southwest, we focus on converting our strategic vision into long-term shareholder value. This vision includes long term goals for increasing our earnings and banking assets from our operations in Oklahoma, Texas, and Kansas that specialize in serving medical, professional, business and commercial real estate customers and from our more traditional, banking operations," said Rick Green, President and Chief Executive Officer. "Southwest's earnings growth for the first quarter of 2005 is primarily the result of loan growth and our focus on increasing net interest income by careful management of interest margins and funding. Other initiatives also contributed, including continued emphasis on appropriately pricing loan renewals, commercial loan participation sales, and service charge increases." Page 1 of 11 ADDITIONAL FINANCIAL INFORMATION Net income for the first quarter of 2005 was $5.4 million, up $1.2 million, or 28%, from the same period in 2004. Basic earnings per share for 2005 were $0.44, up 26% from $0.35 in 2004. Diluted earnings per share of $0.43 increased 26% over 2004. Net interest income increased $5.5 million, or 35% from the first quarter of 2004. Noninterest income for the first quarter of 2005 increased $602,000 from the $3.1 million reported for the same period in 2004 due primarily to a $388,000 increase in gains on sale of student loans. Noninterest income also benefited from a $228,000 increase in service charges and fees on deposit accounts and a $128,000 increase in other noninterest income. These increases were partially offset by a $45,000 reduction in gains on sale of residential mortgage loans and a $96,000 reduction in gains on sale of other loans. The provision for loan losses of $4.3 million increased $2.7 million, or 161%, from 2004. Noninterest expense of $12.1 million increased $1.6 million, or 16%, from the $10.5 million reported for the first quarter of 2004, primarily as a result of a $1.1 million increase in personnel expense. Increases also occurred in occupancy expense ($115,000), FDIC and other insurance ($22,000), other real estate expense ($147,000), and general and administrative expense ($295,000). ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED LOAN COMMITMENTS At the beginning of 2005, Southwest established a reserve for unfunded loan commitments as a liability on Southwest's statement of financial condition. The reserve formerly was presented within the allowance for loan losses. At March 31, 2005, this reserve for unfunded loan commitments was $953,000, the same amount previously included in the allowance for loan losses at December 31, 2004. The amounts of the allowance for loan losses and other financial information for December 31, 2004 and March 31, 2004 presented in this release also reflect the reclassification of the reserve for unfunded loan commitments from the allowance for loan losses to a separate liability account. At March 31, 2005, the allowance for loan losses was $19.7 million, an increase of $669,000, or 4%, from the allowance for loan losses at year-end 2004. At March 31, 2005, the allowance for loan losses was 1.17% of total loans, unchanged from year-end 2004. 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. Page 2 of 11 NONPERFORMING ASSETS Nonaccrual loans totaled $12.7 million at March 31, 2005, compared to $22.2 million at December 31, 2004, $28.5 million at September 30, 2004 and $13.5 million at March 31, 2004. Total nonperforming loans of $13.9 million decreased $9.3 million, or 40%, from year-end 2004, and represented 0.83% of total loans, compared to 1.43% of total loans at year-end 2004. At March 31, 2005, $2.0 million, or 14%, 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. We reduced our total nonperforming loans by $9.3 million in the first quarter of 2005 and $7.8 million in the fourth quarter of 2004 through resolution, foreclosure, or charge-off. Other real estate at March 31, 2005, was $11.9 million, up $7.0 million from year-end 2004 and $9.4 million from September 30, 2004, due to the acquisition of property securing loans that had been classified as nonperforming. Total nonperforming assets at March 31, 2005, were $25.8 million, down $2.3 million, or 8%, from year-end 2004 and down $7.5 million, or 22%, from September 30, 2004. FINANCIAL CONDITION At March 31, 2005, total assets were $2.0 billion, an $80.8 million increase from the end of 2004. Total portfolio loans (loans other than those held for sale) at March 31, 2005 were $1.3 billion, up $4.3 million, or less than 1%, from year-end 2004. Loans held for sale, which are primarily guaranteed student loans, grew by $45.6 million during the first quarter of 2005. (See "Forward Looking Statements" below.) SECURITIES Southwest's common stock is traded on the NASDAQ National Market under the symbol OKSB. Market makers for Southwest's common stock include Stifel Nicolaus & Co., Goldman Sachs & Co., Keefe Bruyette & Woods Inc., Merrill Lynch, RBC Capital Markets Corp., UBS Capital Markets, L.P., Morgan Stanley & Co., Inc., Sandler O'Neill & Partners, FTN Midwest Securities Corp., Citigroup Global Markets, Inc., Jefferies & Company, Inc., and Lehman Brothers, Inc. Trust preferred securities of Southwest's subsidiary, SBI Capital Trust, trade on the NASDAQ National Market under the symbol OKSBO. Southwest intends to redeem these $25.0 million, 9.30%, cumulative trust preferred securities during 2005. SOUTHWEST BANCORP AND SUBSIDIARIES Southwest is the financial holding company for Stillwater National Bank and Trust Company, SNB Bank of Wichita, and Southwest's management consulting subsidiaries, Healthcare Strategic Support, Inc., and Business Consulting Group, Inc. Southwest is an independent company, not controlled by other organizations or individuals. Southwest pursues an established strategy of independent operation for the benefit of all of its shareholders. Page 3 of 11 A substantial portion of Southwest's current business and focus for the future are services for local businesses, their primary employees, healthcare facilities and professionals, 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, Austin and San Antonio, Texas; loan production offices in Kansas City, Kansas, and on the campuses of Oklahoma State University-Tulsa and the University of Oklahoma Health Sciences Center-Oklahoma City; and on the Internet. Southwest intends to focus its efforts on markets with characteristics that will allow it to capitalize on its strengths, and to continue establishing new offices in those markets. Southwest considers acquisitions of other financial institutions and other companies, from time to time, although it does not have any specific agreements or understandings for any such acquisition at present. Southwest also extends loans to borrowers in Oklahoma and neighboring states through participations with correspondent banks. 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.banksnb.com and www.snbwichita.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. Southwest previously announced that the yields on new guaranteed private student loans will be substantially less than those made during 2004. This yield reduction is expected to reduce the profitability of student lending and Southwest's secondary market segment in 2005, but had no material effect on first quarter 2005 earnings and will not affect the profitability of Southwest's other operating segments. Southwest anticipates continued growth in guaranteed student lending in 2005. Page 4 of 11 SOUTHWEST BANCORP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
- ------------------------------------------------------------------------------------------------------------ MARCH 31, DECEMBER 31, (Dollars in thousands, except per share data) 2005 2004 - ------------------------------------------------------------------------------------------------------------ Assets Cash and due from banks $ 41,437 $ 24,097 Federal funds sold 6,400 - - ---------------------------------------------------------------------------------------------------------- Cash and cash equivalents 47,837 24,097 Investment securities: Held to maturity, fair value $2,485 (2005) and $2,509 (2004) 2,489 2,495 Available for sale, amortized cost $203,844 (2005) and $205,393 (2004) 199,418 204,092 Federal Reserve Bank and Federal Home Loan Bank Stock, at cost 13,587 13,464 Loans held for sale 400,179 354,557 Loans receivable, net of allowance for loan losses of $19,660 (2005) and $18,991 (2004) 1,253,939 1,250,327 Accrued interest receivable 16,614 15,091 Premises and equipment, net 19,876 19,860 Other assets 40,630 29,804 - ---------------------------------------------------------------------------------------------------------- Total assets $ 1,994,569 $ 1,913,787 ========================================================================================================== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Noninterest-bearing demand $ 198,821 $ 183,738 Interest-bearing demand 65,045 57,359 Money market accounts 365,835 379,818 Savings accounts 8,602 8,108 Time deposits of $100,000 or more 681,927 609,670 Other time deposits 308,704 261,365 - ---------------------------------------------------------------------------------------------------------- Total deposits 1,628,934 1,500,058 Accrued interest payable 6,270 4,911 Income tax payable 2,001 2,266 Other borrowings 147,908 200,065 Other liabilities 6,589 7,370 Reserve for unfunded loan commitments 953 953 Subordinated debentures 72,180 72,180 - ---------------------------------------------------------------------------------------------------------- Total liabilities 1,864,835 1,787,803 SHAREHOLDERS' EQUITY: Common stock - $1 par value; 20,000,000 shares authorized; 12,243,042 shares issued and outstanding 12,243 12,243 Paid in capital 8,347 7,993 Retained earnings 112,377 107,905 Accumulated other comprehensive loss (2,709) (797) Treasury stock, at cost; 49,915 (2005) and 138,189 (2004) shares (524) (1,360) - ---------------------------------------------------------------------------------------------------------- Total shareholders' equity 129,734 125,984 - ---------------------------------------------------------------------------------------------------------- Total liabilities & shareholders' equity $ 1,994,569 $ 1,913,787 ==========================================================================================================
Page 5 of 9 SOUTHWEST BANCORP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - -------------------------------------------------------------------------------- For the three months ended March 31, (Dollars in thousands) 2005 2004 - -------------------------------------------------------------------------------- INTEREST INCOME: Interest and fees on loans $29,923 $20,804 Investment securities 2,003 1,953 Other interest-bearing assets 20 1 - ------------------------------------------------------------------------------ Total interest income 31,946 22,758 INTEREST EXPENSE: Interest-bearing deposits 7,941 4,837 Other borrowings 1,668 1,222 Subordinated debentures 1,245 1,081 - ------------------------------------------------------------------------------ Total interest expense 10,854 7,140 - ------------------------------------------------------------------------------ Net interest income 21,092 15,618 Provision for loan losses 4,309 1,649 OTHER INCOME: Service charges and fees 2,495 2,267 Gain on sales of loans receivable 853 606 Gain (loss) on sales of investment securities - 1 Other noninterest income 372 244 - ------------------------------------------------------------------------------ Total other income 3,720 3,118 OTHER EXPENSE: Salaries and employee benefits 6,212 5,159 Occupancy 2,346 2,231 FDIC and other insurance 117 95 Other real estate 164 17 General and administrative 3,305 3,010 - ------------------------------------------------------------------------------ Total other expenses 12,144 10,512 - ------------------------------------------------------------------------------ Income before taxes 8,359 6,575 Taxes on income 2,973 2,373 - ------------------------------------------------------------------------------ Net income $ 5,386 $ 4,202 ============================================================================== Page 6 of 11 SOUTHWEST BANCORP, INC. UNAUDITED AVERAGE BALANCES, YIELDS AND RATES
- ---------------------------------------------------------------------------------------------------------------- For the three months ended (Dollars in thousands) March 31, 2005 - ---------------------------------------------------------------------------------------------------------------- Interest Average Income/ Average Balance Expense Yield/Rate ----------------------------------------- ASSETS Total loans and leases $1,713,666 $29,923 7.08% Investment securities 218,570 2,003 3.72 Other interest-earning assets 3,393 20 2.39 - --------------------------------------------------------------------------------------------------------------- Total interest-earning assets 1,935,629 31,946 6.69 Other assets 83,676 - ----------------------------------------------------------------------------------- Total assets $2,019,305 =================================================================================== LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing demand deposits $ 64,266 $ 76 0.48% Money market accounts 377,642 1,904 2.04 Savings accounts 8,539 5 0.24 Time deposits 943,008 5,956 2.56 - --------------------------------------------------------------------------------------------------------------- Total interest-bearing deposits 1,393,455 7,941 2.31 Other borrowings 222,330 1,668 3.04 Subordinated debentures 72,180 1,245 6.90 - --------------------------------------------------------------------------------------------------------------- Total interest-bearing liabilities 1,687,965 10,854 2.61 -------------------- Noninterest-bearing demand deposits 185,636 Other liabilities 15,126 Shareholders' equity 130,578 - ----------------------------------------------------------------------------------- Total liabilities and shareholders' equity $2,019,305 =================================================================================== Net interest income $21,092 =============================================================================================================== Interest rate spread 4.08% ================================================================================================================ Net interest margin (1) 4.42% ================================================================================================================ Ratio of average interest-earning assets to average interest-bearing liabilities 114.67% =================================================================================== Net interest income and margin (tax-equivalent basis) (2) $21,138 4.43% ===============================================================================================================
(1) Net interest margin = net interest income / total 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 11 SOUTHWEST BANCORP, INC. UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS
- ---------------------------------------------------------------------------------------- For the three months ended March 31, (Dollars in thousands, except per share data) 2005 2004 - ---------------------------------------------------------------------------------------- PER COMMON SHARE DATA: - ---------------------------------------------------------------------------------------- Basic Earnings $ 0.44 $ 0.35 Diluted Earnings 0.43 0.34 Book value (at period end) 10.64 9.55 Dividends declared 0.075 0.070 - ---------------------------------------------------------------------------------------- WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: - ---------------------------------------------------------------------------------------- Basic 12,154,300 11,995,400 Diluted 12,628,862 12,463,367 - ---------------------------------------------------------------------------------------- KEY RATIOS: - ---------------------------------------------------------------------------------------- Return on average assets 1.08% 1.02% Return on average total shareholders' equity 16.73% 14.99% Efficiency ratio 48.94% 56.11% - ---------------------------------------------------------------------------------------- LOAN COMPOSITION AS OF PERIOD END: - ---------------------------------------------------------------------------------------- Real estate mortgage: Commercial $ 527,137 $ 431,240 One-to-four family residential 91,738 83,897 Real estate construction 244,491 225,727 Commercial 394,772 384,680 Installment and consumer: Guaranteed student loans 390,492 268,270 Other 25,148 25,468 ----------- ----------- Total loans, including loans held for sale $ 1,673,778 $ 1,419,282 Less: Allowance for loan losses (19,660) (15,444) ----------- ----------- Total loans, net $ 1,654,118 $ 1,403,838 =========== ===========
Page 8 of 11 SOUTHWEST BANCORP, INC. UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------------------------------ At At March 31, December 31, At March 31, (Dollars in thousands, except per share data) 2005 2004 2004 - ------------------------------------------------------------------------------------------------------------------------ ASSET QUALITY AS OF PERIOD END: - ------------------------------------------------------------------------------------------------------------------------ Nonaccrual loans (1) $ 12,737 $ 22,230 $ 13,497 Restructured loans - - - 90 day past due and accruing (2) 1,117 929 2,284 ---------- ---------- ---------- Total nonperforming loans (3) $ 13,854 $ 23,159 $ 15,781 ========== ========== ========== Other real estate owned $ 11,902 $ 4,937 $ 1,938 Allowance for loan losses as a percentage of total loans 1.17% 1.17% 1.09% Allowance for loan losses as a percentage of nonperforming loans 141.91% 82.00% 97.86% Nonperforming loans as a percentage of total loans 0.83% 1.43% 1.11% Nonperforming assets as a percentage of total loans and other real estate 1.53% 1.72% 1.25% Total charge-offs $ 3,858 $ 10,034 $ 1,449 Total recoveries 218 1,148 180 ---------- ---------- ---------- Net charge-offs $ 3,640 $ 8,886 $ 1,269 ========== ========== ========== Net charge-offs as a percentage of average loans 0.86% 0.58% 0.37% - ------------------------------------------------------------------------------------------------------------------------ CAPITAL RATIOS AS OF PERIOD END: - ------------------------------------------------------------------------------------------------------------------------ Leverage ratio 8.75% 8.61% 9.21% Tier I capital ratio 11.03% 10.88% 11.10% Total capital ratio 13.89% 13.92% 14.63% Tier I capital $ 176,397 $ 168,847 $ 151,818 Total capital 222,289 216,038 200,068 Total risk adjusted assets 1,599,780 1,552,326 1,367,881 - ------------------------------------------------------------------------------------------------------------------------ OTHER MISCELLANEOUS INFORMATION AS OF PERIOD END: - ------------------------------------------------------------------------------------------------------------------------ Goodwill $ 194 $ 194 $ 194 Mortgage Servicing Rights 1,217 1,213 1,137 Non-mortgage Servicing Rights 72 76 86 ---------- ---------- ---------- Total Intangible Assets $ 1,483 $ 1,483 $ 1,417 ========== ========== ========== 1-4 family mortgage loans serviced for others $ 126,202 $ 125,353 $ 122,751 Intangible amortization expense 86 327 79 FTE employees (at period end) 367 355 333 Number of ATMs 292 289 288 Number of branches (4) 13 11 9 Number of loan production offices 3 5 2
(1) The government-guaranteed portion of loans included in these totals were $2.0 million, $1.4 million, and $1.0 million, respectively. (2) The government-guaranteed portion of loans included in these totals were $27,000, $38,000, and $96,000, respectively. (3) The government-guaranteed portion of loans included in these totals were $2.0 million, $1.5 million, and $1.1 million, respectively. (4) Includes branches for which regulatory approval has been received, but which were not accepting deposits at March 31, 2005. Page 9 of 11 SOUTHWEST BANCORP, INC. UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS For the three months ended March 31, (Dollars in thousands, except per share data) 2005 2004 - ------------------------------------------------------------------------------- PER COMMON SHARE DATA: - ------------------------------------------------------------------------------- Basic Earnings $ 0.44 $ 0.35 Diluted Earnings 0.43 0.34 Book value (at period end) 10.64 9.55 Dividends declared 0.075 0.070 - ------------------------------------------------------------------------------- WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: - ------------------------------------------------------------------------------- Basic 12,154,300 11,995,400 Diluted 12,628,862 12,463,367 - ------------------------------------------------------------------------------- KEY RATIOS: - ------------------------------------------------------------------------------- Return on average assets 1.08% 1.02% Return on average total shareholders' equity 16.73% 14.99% Efficiency ratio 48.94% 56.11% - ------------------------------------------------------------------------------- LOAN COMPOSITION AS OF PERIOD END: - ------------------------------------------------------------------------------- Real estate mortgage: Commercial $ 527,137 $ 431,240 One-to-four family residential 91,738 83,897 Real estate construction 244,491 225,727 Commercial 394,772 384,680 Installment and consumer: Guaranteed student loans 390,492 268,270 Other 25,148 25,468 ----------- ----------- Total loans, including loans held for sale $ 1,673,778 $ 1,419,282 Less: Allowance for loan losses (19,660) (15,444) ----------- ----------- Total loans, net $ 1,654,118 $ 1,403,838 =========== =========== Page 10 of 11 SOUTHWEST BANCORP, INC. UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS
At At March 31, December 31, At March 31, (Dollars in thousands, except per share data) 2005 2004 2004 - ---------------------------------------------------------------------------------------------------------------------------------- ASSET QUALITY AS OF PERIOD END: - ---------------------------------------------------------------------------------------------------------------------------------- Nonaccrual loans (1) $ 12,737 $ 22,230 $ 13,497 Restructured loans - - - 90 day past due and accruing (2) 1,117 929 2,284 ---------- ---------- ---------- Total nonperforming loans (3) $ 13,854 $ 23,159 $ 15,781 ========== ========== ========== Other real estate owned $ 11,902 $ 4,937 $ 1,938 Allowance for loan losses as a percentage of total loans 1.17% 1.17% 1.09% Allowance for loan losses as a percentage of nonperforming loans 141.91% 82.00% 97.86% Nonperforming loans as a percentage of total loans 0.83% 1.43% 1.11% Nonperforming assets as a percentage of total loans and other real estate 1.53% 1.72% 1.25% Total charge-offs $ 3,858 $ 10,034 $ 1,449 Total recoveries 218 1,148 180 ---------- ---------- ---------- Net charge-offs $ 3,640 $ 8,886 $ 1,269 ========== ========== ========== Net charge-offs as a percentage of average loans 0.86% 0.58% 0.37% - ---------------------------------------------------------------------------------------------------------------------------------- CAPITAL RATIOS AS OF PERIOD END: - ---------------------------------------------------------------------------------------------------------------------------------- Leverage ratio 8.75% 8.61% 9.21% Tier I capital ratio 11.03% 10.88% 11.10% Total capital ratio 13.89% 13.92% 14.63% Tier I capital $ 176,397 $ 168,847 $ 151,818 Total capital 222,289 216,038 200,068 Total risk adjusted assets 1,599,780 1,552,326 1,367,881 - ---------------------------------------------------------------------------------------------------------------------------------- OTHER MISCELLANEOUS INFORMATION AS OF PERIOD END: - ---------------------------------------------------------------------------------------------------------------------------------- Goodwill $ 194 $ 194 $ 194 Mortgage Servicing Rights 1,217 1,213 1,137 Non-mortgage Servicing Rights 72 76 86 ---------- ---------- ---------- Total Intangible Assets $ 1,483 $ 1,483 $ 1,417 ========== ========== ========== 1-4 family mortgage loans serviced for others $ 126,202 $ 125,353 $ 122,751 Intangible amortization expense 86 327 79 FTE employees (at period end) 367 355 333 Number of ATMs 292 289 288 Number of branches (4) 13 11 9 Number of loan production offices 3 5 2
(1) The government-guaranteed portion of loans included in these totals were $2.0 million, $1.4 million, and $1.0 million, respectively. (2) The government-guaranteed portion of loans included in these totals were $27,000, $38,000, and $96,000, respectively. (3) The government-guaranteed portion of loans included in these totals were $2.0 million, $1.5 million, and $1.1 million, respectively. (4) Includes branches for which regulatory approval has been received, but which were not accepting deposits at March 31, 2005. Page 11 of 11 -----END PRIVACY-ENHANCED MESSAGE-----