Southwest Bancorp, Inc. (NASDAQ:OKSB), (“Southwest”), today
reported net income for the second quarter of 2016 of $5.4 million,
or $0.28 per diluted share, compared to $4.2 million, or $0.22 per
diluted share, for the second quarter of 2015. Net income for the
six months ended June 30, 2016 totaled $7.3 million, or $0.38 per
diluted share, compared to $8.7 million, or $0.46 per diluted
share, for the six months ended June 30, 2015. Included in the
first six months of 2016 results is a first quarter $4.4 million
loan loss provision primarily driven by the impact of low energy
prices combined with deterioration in a few general business
credits.
Southwest announced that its board of directors
has approved a quarterly cash dividend of $0.08 per share payable
August 12, 2016 to shareholders of record as of July 29, 2016.
Mark Funke, President and CEO, stated, “We are
pleased with the improvement in earnings and efficiency. Loan
growth was good in the second quarter and asset quality improved.
Here are several highlights to take from this quarter.
- Total loans grew $39.5 million to $1.82 billion from first
quarter of 2016 and $371.9 million, or 26%, compared to the second
quarter of 2015. We funded $51.4 million in new loans during the
second quarter of 2016 making this our tenth consecutive quarter of
loan growth.
- The quarterly net interest margin was 3.48% at June 30, 2016,
compared to 3.54% at March 31, 2016 and 3.31% at June 30,
2015.
- Pre-tax, pre-provision income was $8.0 million in the second
quarter, an increase of 8% from $7.5 million in the first quarter
of 2016 and an increase of 51% from $5.3 million in the second
quarter of 2015.
- The efficiency ratio for the second quarter of 2016 improved to
65.70%, compared to 67.48% for the first quarter of 2016 and 71.83%
for the second quarter of 2015.
- On May 25, 2016 our board of directors authorized a fourth
consecutive share repurchase program of up to another 5.0%, or
approximately 921,000 shares of Southwest’s outstanding common
stock, which becomes effective as of the earlier of: (a) the
date Southwest completes its repurchase of all the shares of
Southwest’s common stock that it is authorized to purchase under
its current stock repurchase program that became effective as of
February 23, 2016; or (b) February 23, 2017, which is the original
expiration date of the current program. During the first six months
of 2016, Southwest repurchased 1,336,387 shares for a total of
$21.0 million, and since August 2014, Southwest has repurchased
2,457,945 shares under the share repurchase programs for a total of
$39.8 million.
“Diluted earnings per share of $0.28 was up 27%
from the same quarter a year ago. We will continue to focus our
company on producing consistent, conservative, and sustainable
earnings through the expansion of our revenue base while prudently
managing risk and expenses.”
Financial Overview
Condition: As of June 30,
2016, total assets were $2.4 billion, an increase of $41.4 million,
when compared to March 31, 2016. As of June 30, 2016, total loans
were $1.8 billion, an increase of $39.5 million from the prior
quarter end. As of June 30, 2016, investment securities were $422.3
million, a decrease of $0.7 million from the prior quarter end.
Cash and cash equivalents at June 30, 2016 were $68.1 million, an
increase of $0.7 million from March 31, 2016.
At June 30, 2016, the allowance for loan losses
was $26.9 million, a decrease of $0.3 million when compared to
March 31, 2016 and an increase of $0.7 million when compared to
June 30, 2015. The allowance for loan losses to portfolio loans was
1.48% as of June 30, 2016, down from 1.53% as of March 31, 2016,
and from 1.82% as of June 30, 2015. The allowance for loan losses
to nonperforming loans was 121.80% as of June 30, 2016, compared to
122.01% as of March 31, 2016 and 295.03% as of June 30, 2015. The
total allowance for loan losses combined with the purchase discount
on acquired loans represents 1.87% of gross loans as of June 30,
2016, compared to 1.96% as of March 31, 2016.
Nonperforming loans were $22.3 million at June
30, 2016, an increase of $0.1 million from March 31, 2016, and an
increase of $13.4 million from June 30, 2015. Other real estate at
June 30, 2016 was $2.1 million, which is down from $2.3 million at
March 31, 2016 and $2.4 million at June 30, 2015. Nonperforming
assets were $24.4 million, or 1.35% of portfolio loans and other
real estate, as of June 30, 2016, compared to $24.5 million, or
1.38% of portfolio loans and other real estate, as of March 31,
2016, and $11.3 million, or 0.78% of portfolio loans and other real
estate, as of June 30, 2015.
As of June 30, 2016, total deposits were $1.9
billion, an increase of $7.6 million, when compared to March 31,
2016. Total core funding, which includes all non-brokered deposits
and sweep repurchase agreements, comprised 83% and 87% of total
funding as of June 30, 2016 and March 31, 2016, respectively.
Wholesale funding, including Federal Home Loan Bank borrowings,
federal funds purchased, and brokered deposits, accounted for 17%
and 13% of total funding at June 30, 2016 and March 31, 2016,
respectively. See Table 7 for details on core funding and
non-brokered deposits, which are non-GAAP financial measures.
The capital ratios of Southwest and Bank SNB as
of June 30, 2016 exceeded the criteria for regulatory
classification as “well-capitalized”. Southwest’s total regulatory
capital was $339.6 million, for a total risk-based capital ratio of
15.56%, Common Equity Tier 1 capital was $266.9 million, for a
Common Equity Tier 1 ratio of 12.23%, and Tier 1 capital was $312.2
million, for a Tier 1 risk-based capital ratio of 14.31%. Bank SNB
had total regulatory capital of $321.7 million, for a total
risk-based capital ratio of 14.78% and Common Equity Tier 1 and
Tier 1 capital of $294.4 million, for a Common Equity Tier 1 and
Tier 1 risk-based capital ratio of 13.53%. Designation as a
well-capitalized institution under regulations does not constitute
a recommendation or endorsement by bank regulators.
Second Quarter Results:
Summary: For the second
quarter of 2016, net income was $5.4 million, compared to $1.9
million for the first quarter of 2016 and $4.2 million for the
second quarter of 2015. Pre-tax, pre-provision income for the
second quarter of 2016 was $8.0 million, compared to $7.5 million
for the first quarter of 2016 and $5.3 million for the second
quarter of 2015.
The $3.5 million increase in net income compared
to the first quarter of 2016 was primarily due to the $4.4 million
provision for loan losses recorded in the prior quarter. The
increase in net income also includes a $0.5 million increase in
noninterest income and a $0.7 million decrease in noninterest
expense, offset in part by a $0.1 million decrease in net interest
income, and a $1.9 million increase in income taxes.
The $1.3 million increase in net income compared
to the second quarter of 2015 was due to a $3.9 million increase in
net interest income and a $0.5 million increase in noninterest
income, offset in part by a $1.1 million increase in the provision
for loan losses, a $1.3 million increase in noninterest expense,
and a $0.7 million increase in income taxes. The increases in net
interest income, noninterest income, and noninterest expense are
due in part to the First Commercial Bancshares, Inc. acquisition
that occurred in the fourth quarter of 2015.
Net Interest
Income: Net interest income totaled
$19.7 million for the second quarter of 2016, compared to $19.8
million for the first quarter of 2016 and $15.8 million for the
second quarter of 2015. Net interest margin was 3.48% for the
second quarter of 2016, compared to 3.54% for the first quarter of
2016 and 3.31% for the second quarter of 2015. Included in interest
income for the second quarter of 2016, the first quarter of 2016,
and the second quarter of 2015 was $0.2 million, $0.3 million, and
$0.2 million of accelerated discount accretion, respectively. The
net effects of these adjustments on the net interest margins were a
3 basis point, a 5 basis point, and a 5 basis point increase,
respectively for each quarter. Average loans (including loans held
for sale) for the second quarter of 2016 increased $10.6 million
when compared to March 31, 2016, and $360.5 million when compared
to June 30, 2015. Loans acquired in the fourth quarter of 2015 were
$202.4 million.
Provision (Credit) for Loan Losses and
Net Charge-offs: The provision for loan losses is
the amount that is required to maintain the allowance for loan
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
provision of $10,000 for the second quarter of 2016, compared to a
provision of $4.4 million for the first quarter of 2016, and a
negative provision of $1.1 million for the second quarter of 2015.
The first quarter 2016 provision was driven primarily by the impact
of low energy prices combined with deterioration in a few general
business credits. During the second quarter of 2016, net
charge-offs totaled $0.3 million, or 0.07% (annualized) of average
portfolio loans, compared to net charge-offs of $3.3 million, or
0.75% (annualized) of average portfolio loans for the first quarter
of 2016 and net recoveries of $0.1 million, or (0.03%) (annualized)
of average portfolio loans for the second quarter of
2015.
Noninterest Income:
Noninterest income totaled $3.9 million for the second quarter of
2016, compared to $3.4 million for the first quarter of 2016 and
the second quarter of 2015.
The $0.5 million increase from the first quarter
of 2016 is primarily the result of a $0.3 million increase in the
gain on sales of mortgage loans and a $0.1 million increase in
other noninterest income, which is primarily from customer risk
management interest rate swap income. Included in service charges
and fees was a $0.2 million and a $0.3 million impairment on
mortgage servicing rights for the second quarter of 2016 and the
first quarter of 2016, respectively.
The $0.5 million increase from the second
quarter of 2015 is the result of a $0.1 million increase in service
charges and fees, a $0.1 million increase in the gain on sales of
mortgage loans and a $0.2 million increase in other noninterest
income, which includes income on bank owned life insurance and
customer risk management interest rate swap income.
Noninterest Expense:
Noninterest expense totaled $15.3 million for the second quarter of
2016, compared to $16.0 million for the first quarter of 2016 and
$14.0 million for the second quarter of 2015.
The $0.7 million decrease in noninterest expense
from the first quarter of 2016 was primarily due to a $0.5 million
decrease in the provision for unfunded loan commitments and a $0.5
million decrease in general and administrative expense, which
includes a $0.2 million decrease in business development expenses
and a $0.2 million decrease in professional fees, offset in part by
a $0.2 million increase in personnel expense.
The $1.3 million increase in noninterest expense
from the second quarter of 2015 consisted of a $1.3 million
increase in personnel expense, a $0.5 million increase in
occupancy, and a $0.1 million increase in FDIC and other insurance,
offset in part by a $0.1 million decrease in other real estate
expense, a $0.4 million decrease in the provision for unfunded loan
commitments, and a $0.1 million decrease in general and
administrative expense, which includes a $0.1 million decrease in
business development expenses, a $0.1 million decrease in
professional fees, and a $0.1 million increase in intangible
amortization expense.
Income Tax: Income tax
expense totaled $2.9 million for the second quarter of 2016,
compared to $1.0 million for the first quarter of 2016 and $2.2
million for the second quarter of 2015. The income tax
expense fluctuates in relation to pre-tax income levels. The second
quarter of 2016 effective tax rate was 34.70%, compared to 35.19%
for the first quarter of 2016 and 34.51% for the second quarter of
2015. The decline in the effective tax rate includes the impact of
an increase in tax exempt income, as a percentage of pre-tax
income.
Year-to-Date Results:
Summary: Net income was
$7.3 million for the six months ended June 30, 2016, compared to
$8.7 million for the six months ended June 30, 2015. The $1.4
million decrease in net income from 2015 is the result of a $7.4
million increase in the provision for loan losses and a $4.2
million increase in noninterest expense due to increased personnel,
occupancy, and general and administrative expenses, offset in part
by an $8.1 million increase in net interest income, a $1.0 million
increase in noninterest income, and a $1.0 million decrease in
income taxes. The increases in noninterest expense, net interest
income, and noninterest income are due in part to the First
Commercial Bancshares, Inc. acquisition that occurred in the fourth
quarter of 2015.
Net Interest
Income: Net interest income totaled
$39.5 million for the first six months of 2016, compared to $31.4
million for the first six months of 2015, an increase of $8.1
million. Year-to-date net interest margin was 3.51%, compared to
3.28% for 2015. Included in interest income for the first six
months of 2016 and the first six months of 2015 was $0.5 million
and $0.3 million of accelerated discount accretion, respectively.
The net effect on the net interest margin was a 4 basis point and a
3 basis point increase, respectively for each six-month period.
Average loans (including loans held for sale) as of June 30, 2016
increased $365.1 million when compared to June 30, 2015. Loans
acquired in the fourth quarter of 2015 were $202.4 million.
Provision (Credit) 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 or net
recoveries for the period. The provision for loan losses was $4.4
million for the first six months of 2016, compared to a negative
provision of $3.0 million for the first six months of 2015. The
provision for loans losses for the first six months of 2016 was
driven primarily by the impact of low energy prices combined with
deterioration in a few general business credits that occurred in
the first quarter of 2016. Net charge-offs totaled $3.6 million, or
0.41% (annualized) of average portfolio loans year-to-date as of
June 30, 2016, compared to net recoveries of $0.8 million, or
(0.11%) (annualized) of average portfolio loans for the same period
in 2015.
Noninterest Income:
Noninterest income totaled $7.3 million for the first six months of
2016, compared to $6.2 million for the first six months of 2015.
The increase consists of a $0.2 million increase in service charges
and fees, which for the first six months of 2016 includes a $0.5
million impairment of mortgage servicing rights, a $0.2 million
increase in gains on sales of mortgage loans, a $0.1 million
increase in the gain on sale of investment securities and, a $0.5
million increase in other noninterest income, which includes income
on bank owned life insurance and customer risk management interest
rate swap income.
Noninterest Expense:
Noninterest expense totaled $31.3 million for the first six months
of 2016, compared to $27.1 million for the first six months of
2015. The increase consists of a $2.7 million increase in personnel
expense, a $0.9 million increase in occupancy, a $0.2 million
increase in FDIC and other insurance, a $0.1 million increase in
the provision for unfunded loan commitments, and a $0.5 million
increase in general and administrative expense, which includes a
$0.1 million increase in business development expense, a $0.1
million increase in telephone expense, and a $0.2 million increase
in intangible amortization expense, offset in part by a $0.1
million decrease in other real estate expense.
Income Tax: Income tax
expense totaled $3.9 million for the first six months of 2016,
compared to $4.9 million for the first six months of 2015. The
income tax expense fluctuates in relation to pre-tax income levels.
The year-to-date effective tax rate was 34.83% as of June 30, 2016,
compared to 36.10% as of June 30, 2015. The decline in the
effective tax rate includes the impact of an increase in tax exempt
income, as a percentage of pre-tax income.
Conference Call
Southwest will host a conference call to review
these results on Wednesday, July 20, 2016 at 11:00 a.m. Eastern
Time (10:00 a.m. Central Time). Investors, news media, and others
may pre-register for the call using the following link to receive a
special dial-in number and PIN:
http://dpregister.com/10088802. Telephone participants who are
unable to pre-register may access the call by telephone at
866-218-2402 (toll-free) or 412-902-4190 (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/oksb160720. An
audio replay will be available one hour after the call at
877-344-7529 (toll-free) or 412-317-0088 (international),
conference number 10088802. Telephone replay access will be
available until August 20, 2016.
Southwest Bancorp and
Subsidiaries
Southwest is the holding company for Bank SNB,
an Oklahoma state banking corporation (“Bank SNB”). Bank SNB offers
commercial and consumer lending, deposit and investment services,
specialized cash management, and other financial services from
offices in Oklahoma, Texas, Kansas, and Colorado. Bank SNB was
chartered in 1894 and Southwest was organized in 1981 as the
holding company. At June 30, 2016, Southwest had total assets of
approximately $2.4 billion, deposits of $1.9 billion, and
shareholders’ equity of $282.4 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 banking subsidiary provide credit and other remittance
services, such as deposits, cash management, and document imaging
for physicians and other healthcare practitioners to start or
develop their practices and finance the development and purchase of
medical offices, clinics, surgical care centers, hospitals, and
similar facilities. As of June 30, 2016, approximately $435.2
million, or 24%, of loans were loans to individuals and businesses
in the healthcare industry. Regular market reviews are conducted of
(i) current and potential healthcare lending business, and (ii) 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;
- Expectations regarding Southwest’s stock repurchase
program;
- Expectations regarding dividends;
- Expectations regarding acquisitions and divestitures;
- Assessments of loan quality, probable loan losses or negative
provisions, 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, 2015. You are urged to carefully review and
consider the cautionary statements and other disclosures made in
those filings, specifically those under the heading “Risk
Factors”.
The cautionary statements in this release also
identify important factors and possible events that involve risk
and uncertainties that could cause actual results to differ
materially from those contained in the forward-looking statements.
These forward-looking statements speak only as of the date on which
the statements were made. Southwest does not intend, and undertakes
no obligation, to update or revise any forward-looking statements
contained in this release, whether as a result of differences in
actual results, changes in assumptions, or changes in other factors
affecting such statements, except as required by law.
Southwest is required under generally accepted
accounting principles to evaluate subsequent events and their
impact, if any, on its financial statements as of June 30, 2016
through the date its financial statements are filed with the
Securities and Exchange Commission. The June 30, 2016 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.
The Southwest Bancorp, Inc. logo is available
at http://www.globenewswire.com/newsroom/prs/?pkgid=8074
The Bank SNB logo is available
at http://www.globenewswire.com/newsroom/prs/?pkgid=23106
|
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-YTD |
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. |
|
|
|
Table 1 |
|
UNAUDITED FINANCIAL HIGHLIGHTS |
(Dollars
in thousands, except per share) |
|
|
|
Second Quarter |
|
First Quarter |
|
QUARTERLY
HIGHLIGHTS |
|
2016 |
|
2015 |
|
% Change |
|
2016 |
|
% Change |
|
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
|
19,695 |
|
|
$ |
|
15,791 |
|
|
|
25 |
% |
|
$ |
|
19,840 |
|
|
|
(1 |
)% |
|
Provision (credit) for loan
losses |
|
|
|
10 |
|
|
|
|
(1,136 |
) |
|
|
(101 |
) |
|
|
|
4,375 |
|
|
|
(100 |
) |
|
Noninterest income |
|
|
|
3,871 |
|
|
|
|
3,409 |
|
|
|
14 |
|
|
|
|
3,415 |
|
|
|
13 |
|
|
Noninterest expense |
|
|
|
15,268 |
|
|
|
|
13,982 |
|
|
|
9 |
|
|
|
|
15,996 |
|
|
|
(5 |
) |
|
Income before taxes |
|
|
|
8,288 |
|
|
|
|
6,354 |
|
|
|
30 |
|
|
|
|
2,884 |
|
|
|
187 |
|
|
Taxes on income |
|
|
|
2,876 |
|
|
|
|
2,193 |
|
|
|
31 |
|
|
|
|
1,015 |
|
|
|
183 |
|
|
Net income |
|
|
|
5,412 |
|
|
|
|
4,161 |
|
|
|
30 |
|
|
|
|
1,869 |
|
|
|
190 |
|
|
Diluted earnings per share |
|
|
|
0.28 |
|
|
|
|
0.22 |
|
|
|
27 |
|
|
|
|
0.10 |
|
|
|
193 |
|
|
Balance
Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
2,402,262 |
|
|
|
|
2,031,581 |
|
|
|
18 |
|
|
|
|
2,360,819 |
|
|
|
2 |
|
|
Loans held for sale |
|
|
|
7,090 |
|
|
|
|
6,687 |
|
|
|
6 |
|
|
|
|
1,803 |
|
|
|
293 |
|
|
Portfolio loans |
|
|
|
1,814,287 |
|
|
|
|
1,442,743 |
|
|
|
26 |
|
|
|
|
1,780,081 |
|
|
|
2 |
|
|
Total deposits |
|
|
|
1,902,865 |
|
|
|
|
1,624,446 |
|
|
|
17 |
|
|
|
|
1,895,248 |
|
|
|
0 |
|
|
Total shareholders' equity |
|
|
|
282,360 |
|
|
|
|
273,681 |
|
|
|
3 |
|
|
|
|
285,661 |
|
|
|
(1 |
) |
|
Book value per common share |
|
|
|
15.06 |
|
|
|
|
14.38 |
|
|
|
5 |
|
|
|
|
14.81 |
|
|
|
2 |
|
|
Key
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
|
3.48 |
% |
|
|
|
3.31 |
% |
|
|
|
|
|
3.54 |
% |
|
|
|
Efficiency ratio |
|
|
|
65.70 |
|
|
|
|
71.83 |
|
|
|
|
|
|
67.48 |
|
|
|
|
Total capital to risk-weighted
assets |
|
|
|
15.48 |
|
|
|
|
19.09 |
|
|
|
|
|
|
15.39 |
|
|
|
|
Nonperforming loans to portfolio
loans |
|
|
|
1.23 |
|
|
|
|
0.62 |
|
|
|
|
|
|
1.25 |
|
|
|
|
Shareholders' equity to total
assets |
|
|
|
11.75 |
|
|
|
|
13.47 |
|
|
|
|
|
|
12.10 |
|
|
|
|
Tangible common equity to tangible
assets* |
|
|
|
11.16 |
|
|
|
|
13.40 |
|
|
|
|
|
|
11.49 |
|
|
|
|
Return on average assets
(annualized) |
|
|
|
0.91 |
|
|
|
|
0.85 |
|
|
|
|
|
|
0.32 |
|
|
|
|
Return on average common equity
(annualized) |
|
|
|
7.67 |
|
|
|
|
6.11 |
|
|
|
|
|
|
2.56 |
|
|
|
|
Return on average tangible common
equity (annualized)** |
|
|
|
8.13 |
|
|
|
|
6.14 |
|
|
|
|
|
|
2.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months |
|
|
|
|
|
|
YEAR-TO-DATE HIGHLIGHTS |
|
2016 |
|
2015 |
|
% Change |
|
|
|
|
|
|
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
|
39,535 |
|
|
$ |
|
31,401 |
|
|
|
26 |
% |
|
|
|
|
|
|
Provision (credit) for loan
losses |
|
|
|
4,385 |
|
|
|
|
(3,023 |
) |
|
|
(245 |
) |
|
|
|
|
|
|
Noninterest income |
|
|
|
7,286 |
|
|
|
|
6,249 |
|
|
|
17 |
|
|
|
|
|
|
|
Noninterest expense |
|
|
|
31,264 |
|
|
|
|
27,064 |
|
|
|
16 |
|
|
|
|
|
|
|
Income before taxes |
|
|
|
11,172 |
|
|
|
|
13,609 |
|
|
|
(18 |
) |
|
|
|
|
|
|
Taxes on income |
|
|
|
3,891 |
|
|
|
|
4,913 |
|
|
|
(21 |
) |
|
|
|
|
|
|
Net income |
|
|
|
7,281 |
|
|
|
|
8,696 |
|
|
|
(16 |
) |
|
|
|
|
|
|
Diluted earnings per share |
|
|
|
0.38 |
|
|
|
|
0.46 |
|
|
|
(17 |
) |
|
|
|
|
|
|
Balance
Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
2,402,262 |
|
|
|
|
2,031,581 |
|
|
|
18 |
|
|
|
|
|
|
|
Loans held for sale |
|
|
|
7,090 |
|
|
|
|
6,687 |
|
|
|
6 |
|
|
|
|
|
|
|
Portfolio loans |
|
|
|
1,814,287 |
|
|
|
|
1,442,743 |
|
|
|
26 |
|
|
|
|
|
|
|
Total deposits |
|
|
|
1,902,865 |
|
|
|
|
1,624,446 |
|
|
|
17 |
|
|
|
|
|
|
|
Total shareholders' equity |
|
|
|
282,360 |
|
|
|
|
273,681 |
|
|
|
3 |
|
|
|
|
|
|
|
Book value per common share |
|
|
|
15.06 |
|
|
|
|
14.38 |
|
|
|
5 |
|
|
|
|
|
|
|
Key
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
|
3.51 |
% |
|
|
|
3.28 |
% |
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
|
66.58 |
|
|
|
|
71.76 |
|
|
|
|
|
|
|
|
|
Total capital to risk-weighted
assets |
|
|
|
15.48 |
|
|
|
|
19.09 |
|
|
|
|
|
|
|
|
|
Nonperforming loans to portfolio
loans |
|
|
|
1.23 |
|
|
|
|
0.62 |
|
|
|
|
|
|
|
|
|
Shareholders' equity to total
assets |
|
|
|
11.75 |
|
|
|
|
13.47 |
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible
assets* |
|
|
|
11.16 |
|
|
|
|
13.40 |
|
|
|
|
|
|
|
|
|
Return on average assets
(annualized) |
|
|
|
0.62 |
|
|
|
|
0.88 |
|
|
|
|
|
|
|
|
|
Return on average common equity
(annualized) |
|
|
|
5.07 |
|
|
|
|
6.44 |
|
|
|
|
|
|
|
|
|
Return on average tangible common
equity (annualized)** |
|
|
|
5.38 |
|
|
|
|
6.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
June
30, |
|
December
31, |
|
June
30, |
|
2016 |
|
2015 |
|
2015 |
Assets |
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
|
35,822 |
|
|
$ |
|
24,971 |
|
|
$ |
|
22,923 |
|
Interest-bearing deposits |
|
|
32,266 |
|
|
|
|
53,158 |
|
|
|
|
133,765 |
|
Cash and cash equivalents |
|
|
68,088 |
|
|
|
|
78,129 |
|
|
|
|
156,688 |
|
Securities held to maturity (fair values of
$12,660, $12,282, and $11,818 respectively) |
|
|
12,161 |
|
|
|
|
11,797 |
|
|
|
|
11,364 |
|
Securities available for sale (amortized cost of
$406,427, $401,136 and $360,609, respectively) |
|
|
410,135 |
|
|
|
|
400,331 |
|
|
|
|
361,896 |
|
Loans held for sale |
|
|
7,090 |
|
|
|
|
7,453 |
|
|
|
|
6,687 |
|
Loans receivable |
|
|
1,814,287 |
|
|
|
|
1,771,975 |
|
|
|
|
1,442,743 |
|
Less: Allowance for loan
losses |
|
|
(26,876 |
) |
|
|
|
(26,106 |
) |
|
|
|
(26,219 |
) |
Net loans receivable |
|
|
1,787,411 |
|
|
|
|
1,745,869 |
|
|
|
|
1,416,524 |
|
Accrued interest receivable |
|
|
5,730 |
|
|
|
|
5,767 |
|
|
|
|
4,281 |
|
Non-hedge derivative asset |
|
|
5,163 |
|
|
|
|
1,793 |
|
|
|
|
701 |
|
Premises and equipment, net |
|
|
22,971 |
|
|
|
|
23,819 |
|
|
|
|
18,251 |
|
Other real estate |
|
|
2,122 |
|
|
|
|
2,274 |
|
|
|
|
2,393 |
|
Goodwill |
|
|
13,467 |
|
|
|
|
13,467 |
|
|
|
|
1,214 |
|
Other intangible assets, net |
|
|
5,934 |
|
|
|
|
6,615 |
|
|
|
|
3,923 |
|
Other assets |
|
|
61,990 |
|
|
|
|
59,708 |
|
|
|
|
47,659 |
|
Total assets |
$ |
|
2,402,262 |
|
|
$ |
|
2,357,022 |
|
|
$ |
|
2,031,581 |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
$ |
|
545,421 |
|
|
$ |
|
596,494 |
|
|
$ |
|
515,156 |
|
Interest-bearing demand |
|
|
160,886 |
|
|
|
|
151,015 |
|
|
|
|
131,547 |
|
Money market accounts |
|
|
547,415 |
|
|
|
|
534,357 |
|
|
|
|
496,178 |
|
Savings accounts |
|
|
55,209 |
|
|
|
|
56,333 |
|
|
|
|
35,647 |
|
Time deposits of $100,000 or
more |
|
|
323,137 |
|
|
|
|
311,538 |
|
|
|
|
233,105 |
|
Other time deposits |
|
|
270,797 |
|
|
|
|
234,368 |
|
|
|
|
212,813 |
|
Total deposits |
|
|
1,902,865 |
|
|
|
|
1,884,105 |
|
|
|
|
1,624,446 |
|
Accrued interest payable |
|
|
931 |
|
|
|
|
867 |
|
|
|
|
774 |
|
Non-hedge derivative liability |
|
|
5,163 |
|
|
|
|
1,793 |
|
|
|
|
701 |
|
Other liabilities |
|
|
10,982 |
|
|
|
|
11,684 |
|
|
|
|
9,747 |
|
Other borrowings |
|
|
153,568 |
|
|
|
|
110,927 |
|
|
|
|
75,839 |
|
Subordinated debentures |
|
|
46,393 |
|
|
|
|
51,548 |
|
|
|
|
46,393 |
|
Total liabilities |
|
|
2,119,902 |
|
|
|
|
2,060,924 |
|
|
|
|
1,757,900 |
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
Common stock - $1 par value; 40,000,000 shares
authorized; |
|
|
|
|
|
|
|
|
21,223,613, 21,138,028 and 19,900,855 shares
issued, respectively |
|
|
21,224 |
|
|
|
|
21,138 |
|
|
|
|
19,901 |
|
Additional paid-in capital |
|
|
122,293 |
|
|
|
|
121,966 |
|
|
|
|
101,518 |
|
Retained earnings |
|
|
177,373 |
|
|
|
|
173,210 |
|
|
|
|
166,837 |
|
Accumulated other comprehensive income
(loss) |
|
|
1,503 |
|
|
|
|
(1,290 |
) |
|
|
|
(233 |
) |
Treasury stock, at cost, 2,472,830, 1,131,226 and
867,310 shares, respectively |
|
|
(40,033 |
) |
|
|
|
(18,926 |
) |
|
|
|
(14,342 |
) |
Total shareholders' equity |
|
|
282,360 |
|
|
|
|
296,098 |
|
|
|
|
273,681 |
|
Total liabilities and shareholders'
equity |
$ |
|
2,402,262 |
|
|
$ |
|
2,357,022 |
|
|
$ |
|
2,031,581 |
|
SOUTHWEST BANCORP,
INC. |
Table
3 |
UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS |
|
(Dollars in thousands) |
|
|
|
|
For the
three months ended |
|
For the six
months |
|
June 30, |
|
March 31, |
|
June 30, |
|
ended June 30, |
|
2016 |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
|
20,031 |
|
|
$ |
20,030 |
|
$ |
|
15,839 |
|
|
$ |
|
40,061 |
|
|
$ |
|
31,409 |
|
Investment securities |
|
|
1,962 |
|
|
|
1,965 |
|
|
|
1,549 |
|
|
|
|
3,927 |
|
|
|
|
3,102 |
|
Other interest-earning assets |
|
|
51 |
|
|
|
53 |
|
|
|
67 |
|
|
|
|
104 |
|
|
|
|
168 |
|
Total interest income |
|
|
22,044 |
|
|
|
22,048 |
|
|
|
17,455 |
|
|
|
|
44,092 |
|
|
|
|
34,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
1,428 |
|
|
|
1,307 |
|
|
|
862 |
|
|
|
|
2,735 |
|
|
|
|
1,697 |
|
Other borrowings |
|
|
342 |
|
|
|
309 |
|
|
|
241 |
|
|
|
|
651 |
|
|
|
|
468 |
|
Subordinated debentures |
|
|
579 |
|
|
|
592 |
|
|
|
561 |
|
|
|
|
1,171 |
|
|
|
|
1,113 |
|
Total interest expense |
|
|
2,349 |
|
|
|
2,208 |
|
|
|
1,664 |
|
|
|
|
4,557 |
|
|
|
|
3,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
19,695 |
|
|
|
19,840 |
|
|
|
15,791 |
|
|
|
|
39,535 |
|
|
|
|
31,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (credit) for loan losses |
|
|
10 |
|
|
|
4,375 |
|
|
|
(1,136 |
) |
|
|
|
4,385 |
|
|
|
|
(3,023 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for loan
losses |
|
|
19,685 |
|
|
|
15,465 |
|
|
|
16,927 |
|
|
|
|
35,150 |
|
|
|
|
34,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
|
2,556 |
|
|
|
2,549 |
|
|
|
2,450 |
|
|
|
|
5,105 |
|
|
|
|
4,878 |
|
Gain on sales of mortgage
loans |
|
|
722 |
|
|
|
401 |
|
|
|
621 |
|
|
|
|
1,123 |
|
|
|
|
969 |
|
Gain on sale/call of investment
securities, net |
|
|
165 |
|
|
|
126 |
|
|
|
138 |
|
|
|
|
291 |
|
|
|
|
143 |
|
Other noninterest income |
|
|
428 |
|
|
|
339 |
|
|
|
200 |
|
|
|
|
767 |
|
|
|
|
259 |
|
Total noninterest income |
|
|
3,871 |
|
|
|
3,415 |
|
|
|
3,409 |
|
|
|
|
7,286 |
|
|
|
|
6,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
9,587 |
|
|
|
9,342 |
|
|
|
8,289 |
|
|
|
|
18,929 |
|
|
|
|
16,203 |
|
Occupancy |
|
|
2,669 |
|
|
|
2,671 |
|
|
|
2,201 |
|
|
|
|
5,340 |
|
|
|
|
4,485 |
|
Data processing |
|
|
430 |
|
|
|
470 |
|
|
|
410 |
|
|
|
|
900 |
|
|
|
|
856 |
|
FDIC and other insurance |
|
|
432 |
|
|
|
368 |
|
|
|
316 |
|
|
|
|
800 |
|
|
|
|
628 |
|
Other real estate, net |
|
|
8 |
|
|
|
13 |
|
|
|
112 |
|
|
|
|
21 |
|
|
|
|
133 |
|
Provision for unfunded loan
commitments |
|
|
(263 |
) |
|
|
215 |
|
|
|
115 |
|
|
|
|
(48 |
) |
|
|
|
(110 |
) |
General and administrative |
|
|
2,405 |
|
|
|
2,917 |
|
|
|
2,539 |
|
|
|
|
5,322 |
|
|
|
|
4,869 |
|
Total noninterest expense |
|
|
15,268 |
|
|
|
15,996 |
|
|
|
13,982 |
|
|
|
|
31,264 |
|
|
|
|
27,064 |
|
Income before taxes |
|
|
8,288 |
|
|
|
2,884 |
|
|
|
6,354 |
|
|
|
|
11,172 |
|
|
|
|
13,609 |
|
Taxes on income |
|
|
2,876 |
|
|
|
1,015 |
|
|
|
2,193 |
|
|
|
|
3,891 |
|
|
|
|
4,913 |
|
Net income |
$ |
|
5,412 |
|
|
$ |
1,869 |
|
$ |
|
4,161 |
|
|
$ |
|
7,281 |
|
|
$ |
|
8,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision income* |
$ |
|
8,035 |
|
|
$ |
7,474 |
|
$ |
|
5,333 |
|
|
$ |
|
15,509 |
|
|
$ |
|
10,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
$ |
|
0.29 |
|
|
$ |
0.10 |
|
$ |
|
0.22 |
|
|
$ |
|
0.38 |
|
|
$ |
|
0.46 |
|
Diluted earnings per common share |
|
|
0.28 |
|
|
|
0.10 |
|
|
|
0.22 |
|
|
|
|
0.38 |
|
|
|
|
0.46 |
|
Common dividends declared per share |
|
|
0.08 |
|
|
|
0.08 |
|
|
|
0.06 |
|
|
|
|
0.16 |
|
|
|
|
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*This is a Non-GAAP based financial
measure. Pre-tax, pre-provision income is calculated as
follows: |
|
|
|
|
|
|
|
Net Income + Taxes on income +
Provision (credit) for loan losses + Provision for unfunded loan
commitments |
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC. |
Table
4 |
UNAUDITED AVERAGE BALANCES,
YIELDS, AND RATES – QUARTERLY |
|
(Dollars in thousands) |
|
|
|
|
For the three months ended |
|
June 30, 2016 |
|
March 31, 2016 |
|
June 30, 2015 |
|
Average |
|
Average |
|
Average |
|
Average |
|
Average |
|
Average |
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
|
1,799,591 |
|
|
|
4.48 |
% |
|
$ |
|
1,788,992 |
|
|
|
4.50 |
% |
|
$ |
|
1,439,050 |
|
|
|
4.41 |
% |
Investment securities |
|
|
428,275 |
|
|
|
1.84 |
|
|
|
|
412,307 |
|
|
|
1.92 |
|
|
|
|
369,677 |
|
|
|
1.68 |
|
Other interest-earning assets |
|
|
48,569 |
|
|
|
0.42 |
|
|
|
|
51,031 |
|
|
|
0.42 |
|
|
|
|
103,943 |
|
|
|
0.26 |
|
Total interest-earning assets |
|
|
2,276,435 |
|
|
|
3.89 |
|
|
|
|
2,252,330 |
|
|
|
3.94 |
|
|
|
|
1,912,670 |
|
|
|
3.66 |
|
Other assets |
|
|
103,566 |
|
|
|
|
|
|
107,874 |
|
|
|
|
|
|
58,267 |
|
|
|
Total assets |
$ |
|
2,380,001 |
|
|
|
|
$ |
|
2,360,204 |
|
|
|
|
$ |
|
1,970,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
$ |
|
165,011 |
|
|
|
0.16 |
% |
|
$ |
|
160,638 |
|
|
|
0.16 |
% |
|
$ |
|
137,781 |
|
|
|
0.09 |
% |
Money market accounts |
|
|
537,734 |
|
|
|
0.25 |
|
|
|
|
542,800 |
|
|
|
0.24 |
|
|
|
|
473,993 |
|
|
|
0.15 |
|
Savings accounts |
|
|
54,808 |
|
|
|
0.13 |
|
|
|
|
55,834 |
|
|
|
0.14 |
|
|
|
|
34,702 |
|
|
|
0.10 |
|
Time deposits |
|
|
589,029 |
|
|
|
0.69 |
|
|
|
|
564,213 |
|
|
|
0.65 |
|
|
|
|
448,175 |
|
|
|
0.57 |
|
Total interest-bearing
deposits |
|
|
1,346,582 |
|
|
|
0.43 |
|
|
|
|
1,323,485 |
|
|
|
0.40 |
|
|
|
|
1,094,651 |
|
|
|
0.32 |
|
Other borrowings |
|
|
141,623 |
|
|
|
0.97 |
|
|
|
|
117,171 |
|
|
|
1.06 |
|
|
|
|
60,568 |
|
|
|
1.60 |
|
Subordinated debentures |
|
|
46,393 |
|
|
|
4.99 |
|
|
|
|
48,546 |
|
|
|
4.88 |
|
|
|
|
46,393 |
|
|
|
4.84 |
|
Total interest-bearing
liabilities |
|
|
1,534,598 |
|
|
|
0.62 |
|
|
|
|
1,489,202 |
|
|
|
0.60 |
|
|
|
|
1,201,612 |
|
|
|
0.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
|
547,963 |
|
|
|
|
|
|
563,022 |
|
|
|
|
|
|
485,984 |
|
|
|
Other liabilities |
|
|
13,598 |
|
|
|
|
|
|
14,769 |
|
|
|
|
|
|
10,005 |
|
|
|
Shareholders' equity |
|
|
283,842 |
|
|
|
|
|
|
293,211 |
|
|
|
|
|
|
273,336 |
|
|
|
Total liabilities and shareholders'
equity |
$ |
|
2,380,001 |
|
|
|
|
$ |
|
2,360,204 |
|
|
|
|
$ |
|
1,970,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and spread |
|
|
|
|
3.27 |
% |
|
|
|
|
|
3.34 |
% |
|
|
|
|
|
3.10 |
% |
Net interest margin (1) |
|
|
|
|
3.48 |
% |
|
|
|
|
|
3.54 |
% |
|
|
|
|
|
3.31 |
% |
Average interest-earning
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to average
interest-bearing liabilities |
|
|
148.34 |
% |
|
|
|
|
|
151.24 |
% |
|
|
|
|
|
159.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net interest margin = annualized
net interest income / average interest-earning assets |
SOUTHWEST BANCORP,
INC. |
Table
5 |
UNAUDITED AVERAGE BALANCES,
YIELDS, AND RATES – YEAR-TO-DATE |
|
(Dollars in thousands) |
|
|
|
|
For the six months ended June 30, |
|
2016 |
|
2015 |
|
Average |
|
Average |
|
Average |
|
Average |
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
Loans |
$ |
|
1,794,291 |
|
|
|
4.49 |
% |
|
$ |
|
1,429,148 |
|
|
|
4.43 |
% |
Investment securities |
|
|
420,291 |
|
|
|
1.88 |
|
|
|
|
368,782 |
|
|
|
1.70 |
|
Other interest-earning assets |
|
|
49,800 |
|
|
|
0.42 |
|
|
|
|
131,290 |
|
|
|
0.26 |
|
Total interest-earning assets |
|
|
2,264,382 |
|
|
|
3.92 |
|
|
|
|
1,929,220 |
|
|
|
3.62 |
|
Other assets |
|
|
105,720 |
|
|
|
|
|
|
53,888 |
|
|
|
Total assets |
$ |
|
2,370,102 |
|
|
|
|
$ |
|
1,983,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
$ |
|
162,825 |
|
|
|
0.16 |
% |
|
$ |
|
138,335 |
|
|
|
0.09 |
% |
Money market accounts |
|
|
540,267 |
|
|
|
0.24 |
|
|
|
|
479,287 |
|
|
|
0.15 |
|
Savings accounts |
|
|
55,321 |
|
|
|
0.13 |
|
|
|
|
34,030 |
|
|
|
0.10 |
|
Time deposits |
|
|
576,621 |
|
|
|
0.67 |
|
|
|
|
441,330 |
|
|
|
0.57 |
|
Total interest-bearing
deposits |
|
|
1,335,034 |
|
|
|
0.41 |
|
|
|
|
1,092,982 |
|
|
|
0.31 |
|
Other borrowings |
|
|
129,397 |
|
|
|
1.01 |
|
|
|
|
66,405 |
|
|
|
1.42 |
|
Subordinated debentures |
|
|
47,469 |
|
|
|
4.93 |
|
|
|
|
46,393 |
|
|
|
4.80 |
|
Total interest-bearing
liabilities |
|
|
1,511,900 |
|
|
|
0.61 |
|
|
|
|
1,205,780 |
|
|
|
0.55 |
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
|
555,493 |
|
|
|
|
|
|
494,582 |
|
|
|
Other liabilities |
|
|
14,184 |
|
|
|
|
|
|
10,458 |
|
|
|
Shareholders' equity |
|
|
288,525 |
|
|
|
|
|
|
272,288 |
|
|
|
Total liabilities and shareholders'
equity |
$ |
|
2,370,102 |
|
|
|
|
$ |
|
1,983,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and spread |
|
|
|
|
3.31 |
% |
|
|
|
|
|
3.07 |
% |
Net interest margin (1) |
|
|
|
|
3.51 |
% |
|
|
|
|
|
3.28 |
% |
Average interest-earning
assets |
|
|
|
|
|
|
|
|
|
to average
interest-bearing liabilities |
|
|
149.77 |
% |
|
|
|
|
|
160.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net interest margin = annualized
net interest income / average interest-earning assets |
SOUTHWEST BANCORP,
INC. |
|
Table
6 |
UNAUDITED QUARTERLY SUMMARY
LOAN DATA |
|
|
(Dollars in thousands) |
|
|
|
|
|
|
2016 |
|
2015 |
|
Jun. 30 |
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
LOAN COMPOSITION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate mortgage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
|
862,287 |
|
|
$ |
|
878,822 |
|
|
$ |
|
938,462 |
|
|
$ |
|
869,250 |
|
|
$ |
|
759,406 |
|
|
$ |
|
759,676 |
|
One-to-four family residential |
|
|
183,693 |
|
|
|
|
158,078 |
|
|
|
|
161,958 |
|
|
|
|
95,906 |
|
|
|
|
85,338 |
|
|
|
|
86,343 |
|
Real estate construction: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
175,805 |
|
|
|
|
156,454 |
|
|
|
|
129,070 |
|
|
|
|
126,407 |
|
|
|
|
186,140 |
|
|
|
|
192,052 |
|
One-to-four family residential |
|
|
20,347 |
|
|
|
|
24,202 |
|
|
|
|
21,337 |
|
|
|
|
12,866 |
|
|
|
|
13,107 |
|
|
|
|
12,586 |
|
Commercial |
|
|
558,472 |
|
|
|
|
543,822 |
|
|
|
|
507,173 |
|
|
|
|
423,480 |
|
|
|
|
384,788 |
|
|
|
|
366,282 |
|
Installment and consumer |
|
|
20,773 |
|
|
|
|
20,506 |
|
|
|
|
21,429 |
|
|
|
|
20,185 |
|
|
|
|
20,651 |
|
|
|
|
21,306 |
|
Total loans, including held for sale |
|
|
1,821,377 |
|
|
|
|
1,781,884 |
|
|
|
|
1,779,429 |
|
|
|
|
1,548,094 |
|
|
|
|
1,449,430 |
|
|
|
|
1,438,245 |
|
Less allowance for loan losses |
|
|
(26,876 |
) |
|
|
|
(27,168 |
) |
|
|
|
(26,106 |
) |
|
|
|
(26,593 |
) |
|
|
|
(26,219 |
) |
|
|
|
(27,250 |
) |
Total loans, net |
$ |
|
1,794,501 |
|
|
$ |
|
1,754,716 |
|
|
$ |
|
1,753,323 |
|
|
$ |
|
1,521,501 |
|
|
$ |
|
1,423,211 |
|
|
$ |
|
1,410,995 |
|
LOANS BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking**** |
$ |
|
1,085,986 |
|
|
$ |
|
1,060,482 |
|
|
$ |
|
1,048,473 |
|
|
$ |
|
832,282 |
|
|
$ |
|
810,367 |
|
|
$ |
|
814,949 |
|
Texas banking |
|
|
577,333 |
|
|
|
|
560,421 |
|
|
|
|
580,476 |
|
|
|
|
563,010 |
|
|
|
|
493,047 |
|
|
|
|
478,005 |
|
Kansas banking |
|
|
158,058 |
|
|
|
|
160,981 |
|
|
|
|
150,480 |
|
|
|
|
152,802 |
|
|
|
|
146,016 |
|
|
|
|
145,291 |
|
Total loans |
$ |
|
1,821,377 |
|
|
$ |
|
1,781,884 |
|
|
$ |
|
1,779,429 |
|
|
$ |
|
1,548,094 |
|
|
$ |
|
1,449,430 |
|
|
$ |
|
1,438,245 |
|
NONPERFORMING LOANS BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & development |
$ |
|
1,436 |
|
|
$ |
|
1,444 |
|
|
$ |
|
1,010 |
|
|
$ |
|
391 |
|
|
$ |
|
416 |
|
|
$ |
|
392 |
|
Commercial real estate |
|
|
3,894 |
|
|
|
|
3,830 |
|
|
|
|
3,992 |
|
|
|
|
1,795 |
|
|
|
|
2,141 |
|
|
|
|
2,247 |
|
Commercial |
|
|
13,800 |
|
|
|
|
13,461 |
|
|
|
|
13,491 |
|
|
|
|
11,727 |
|
|
|
|
5,114 |
|
|
|
|
5,447 |
|
One-to-four family residential |
|
|
3,120 |
|
|
|
|
3,448 |
|
|
|
|
1,777 |
|
|
|
|
1,016 |
|
|
|
|
1,216 |
|
|
|
|
1,065 |
|
Consumer |
|
|
75 |
|
|
|
|
84 |
|
|
|
|
88 |
|
|
|
|
148 |
|
|
|
|
- |
|
|
|
|
- |
|
Total nonperforming loans |
$ |
|
22,325 |
|
|
$ |
|
22,267 |
|
|
$ |
|
20,358 |
|
|
$ |
|
15,077 |
|
|
$ |
|
8,887 |
|
|
$ |
|
9,151 |
|
NONPERFORMING LOANS BY
SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking**** |
$ |
|
9,268 |
|
|
$ |
|
7,978 |
|
|
$ |
|
6,948 |
|
|
$ |
|
2,846 |
|
|
$ |
|
1,670 |
|
|
$ |
|
2,244 |
|
Texas banking |
|
|
12,586 |
|
|
|
|
13,521 |
|
|
|
|
12,450 |
|
|
|
|
11,025 |
|
|
|
|
5,353 |
|
|
|
|
5,264 |
|
Kansas banking |
|
|
471 |
|
|
|
|
768 |
|
|
|
|
960 |
|
|
|
|
1,206 |
|
|
|
|
1,864 |
|
|
|
|
1,643 |
|
Total nonperforming loans |
$ |
|
22,325 |
|
|
$ |
|
22,267 |
|
|
$ |
|
20,358 |
|
|
$ |
|
15,077 |
|
|
$ |
|
8,887 |
|
|
$ |
|
9,151 |
|
OTHER REAL ESTATE BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & development |
$ |
|
1,962 |
|
|
$ |
|
2,060 |
|
|
$ |
|
2,060 |
|
|
$ |
|
2,025 |
|
|
$ |
|
2,035 |
|
|
$ |
|
2,035 |
|
Commercial real estate |
|
|
160 |
|
|
|
|
214 |
|
|
|
|
214 |
|
|
|
|
249 |
|
|
|
|
358 |
|
|
|
|
220 |
|
Total other real estate |
$ |
|
2,122 |
|
|
$ |
|
2,274 |
|
|
$ |
|
2,274 |
|
|
$ |
|
2,274 |
|
|
$ |
|
2,393 |
|
|
$ |
|
2,255 |
|
OTHER REAL ESTATE BY
SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking**** |
$ |
|
220 |
|
|
$ |
|
274 |
|
|
$ |
|
274 |
|
|
$ |
|
200 |
|
|
$ |
|
200 |
|
|
$ |
|
- |
|
Texas banking |
|
|
1,902 |
|
|
|
|
2,000 |
|
|
|
|
2,000 |
|
|
|
|
2,025 |
|
|
|
|
2,000 |
|
|
|
|
2,000 |
|
Kansas banking |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
49 |
|
|
|
|
193 |
|
|
|
|
255 |
|
Total other real estate |
$ |
|
2,122 |
|
|
$ |
|
2,274 |
|
|
$ |
|
2,274 |
|
|
$ |
|
2,274 |
|
|
$ |
|
2,393 |
|
|
$ |
|
2,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
****Due to immateriality, Colorado
banking is included within Oklahoma banking. |
Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC. |
|
Table
6 |
UNAUDITED QUARTERLY SUMMARY
LOAN DATA |
|
Continued |
(Dollars in thousands) |
|
|
|
|
|
|
2016 |
|
2015 |
|
Jun. 30 |
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
POTENTIAL PROBLEM LOANS BY
TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & development |
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
201 |
|
Commercial real estate |
|
|
33,472 |
|
|
|
|
36,216 |
|
|
|
|
26,981 |
|
|
|
|
22,362 |
|
|
|
|
20,375 |
|
|
|
|
24,672 |
|
Commercial |
|
|
29,537 |
|
|
|
|
29,931 |
|
|
|
|
9,879 |
|
|
|
|
7,366 |
|
|
|
|
14,519 |
|
|
|
|
14,016 |
|
One-to-four family residential |
|
|
1,353 |
|
|
|
|
2,275 |
|
|
|
|
2,285 |
|
|
|
|
79 |
|
|
|
|
80 |
|
|
|
|
81 |
|
Consumer |
|
|
2 |
|
|
|
|
38 |
|
|
|
|
10 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
Total potential problem loans |
$ |
|
64,364 |
|
|
$ |
|
68,460 |
|
|
$ |
|
39,155 |
|
|
$ |
|
29,807 |
|
|
$ |
|
34,974 |
|
|
$ |
|
38,970 |
|
POTENTIAL PROBLEM LOANS BY
SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking**** |
$ |
|
43,895 |
|
|
$ |
|
46,102 |
|
|
$ |
|
32,970 |
|
|
$ |
|
23,597 |
|
|
$ |
|
23,231 |
|
|
$ |
|
26,713 |
|
Texas banking |
|
|
17,726 |
|
|
|
|
18,801 |
|
|
|
|
4,165 |
|
|
|
|
4,086 |
|
|
|
|
9,180 |
|
|
|
|
9,541 |
|
Kansas banking |
|
|
2,743 |
|
|
|
|
3,557 |
|
|
|
|
2,020 |
|
|
|
|
2,124 |
|
|
|
|
2,563 |
|
|
|
|
2,716 |
|
Total potential problem loans |
$ |
|
64,364 |
|
|
$ |
|
68,460 |
|
|
$ |
|
39,155 |
|
|
$ |
|
29,807 |
|
|
$ |
|
34,974 |
|
|
$ |
|
38,970 |
|
ALLOWANCE ACTIVITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period |
$ |
|
27,168 |
|
|
$ |
|
26,106 |
|
|
$ |
|
26,593 |
|
|
$ |
|
26,219 |
|
|
$ |
|
27,250 |
|
|
$ |
|
28,452 |
|
Charge-offs |
|
|
538 |
|
|
|
|
3,725 |
|
|
|
|
569 |
|
|
|
|
226 |
|
|
|
|
325 |
|
|
|
|
230 |
|
Recoveries |
|
|
236 |
|
|
|
|
412 |
|
|
|
|
648 |
|
|
|
|
577 |
|
|
|
|
430 |
|
|
|
|
915 |
|
Net charge-offs (recoveries) |
|
|
302 |
|
|
|
|
3,313 |
|
|
|
|
(79 |
) |
|
|
|
(351 |
) |
|
|
|
(105 |
) |
|
|
|
(685 |
) |
Provision (credit) for
loan losses |
|
|
10 |
|
|
|
|
4,375 |
|
|
|
|
(566 |
) |
|
|
|
23 |
|
|
|
|
(1,136 |
) |
|
|
|
(1,887 |
) |
Balance, end of period |
$ |
|
26,876 |
|
|
$ |
|
27,168 |
|
|
$ |
|
26,106 |
|
|
$ |
|
26,593 |
|
|
$ |
|
26,219 |
|
|
$ |
|
27,250 |
|
NET CHARGE-OFFS BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & development |
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
(16 |
) |
|
$ |
|
(15 |
) |
|
$ |
|
5 |
|
Commercial real estate |
|
|
(44 |
) |
|
|
|
(187 |
) |
|
|
|
219 |
|
|
|
|
24 |
|
|
|
|
82 |
|
|
|
|
(118 |
) |
Commercial |
|
|
82 |
|
|
|
|
3,408 |
|
|
|
|
(286 |
) |
|
|
|
(325 |
) |
|
|
|
(52 |
) |
|
|
|
(188 |
) |
One-to-four family residential |
|
|
(12 |
) |
|
|
|
41 |
|
|
|
|
(48 |
) |
|
|
|
(68 |
) |
|
|
|
(91 |
) |
|
|
|
(331 |
) |
Consumer |
|
|
276 |
|
|
|
|
51 |
|
|
|
|
36 |
|
|
|
|
34 |
|
|
|
|
(29 |
) |
|
|
|
(53 |
) |
Total net charge-offs (recoveries) by type |
$ |
|
302 |
|
|
$ |
|
3,313 |
|
|
$ |
|
(79 |
) |
|
$ |
|
(351 |
) |
|
$ |
|
(105 |
) |
|
$ |
|
(685 |
) |
NET CHARGE-OFFS BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking**** |
$ |
|
127 |
|
|
$ |
|
458 |
|
|
$ |
|
288 |
|
|
$ |
|
(86 |
) |
|
$ |
|
25 |
|
|
$ |
|
(309 |
) |
Texas banking |
|
|
211 |
|
|
|
|
952 |
|
|
|
|
(415 |
) |
|
|
|
(103 |
) |
|
|
|
(72 |
) |
|
|
|
(114 |
) |
Kansas banking |
|
|
(36 |
) |
|
|
|
1,903 |
|
|
|
|
48 |
|
|
|
|
(162 |
) |
|
|
|
(58 |
) |
|
|
|
(262 |
) |
Total net charge-offs (recoveries) by
segment |
$ |
|
302 |
|
|
$ |
|
3,313 |
|
|
$ |
|
(79 |
) |
|
$ |
|
(351 |
) |
|
$ |
|
(105 |
) |
|
$ |
|
(685 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
****Due to immateriality, Colorado
banking is included within Oklahoma banking. |
SOUTHWEST BANCORP,
INC. |
|
Table
7 |
UNAUDITED QUARTERLY SUMMARY
FINANCIAL DATA |
|
|
(Dollars in thousands, except per
share) |
|
|
|
|
|
|
2016 |
|
2015 |
|
Jun. 30 |
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
$ |
0.29 |
|
$ |
0.10 |
|
$ |
0.23 |
|
$ |
0.22 |
|
$ |
0.22 |
|
$ |
0.24 |
Diluted earnings per common share |
|
0.28 |
|
|
0.10 |
|
|
0.23 |
|
|
0.22 |
|
|
0.22 |
|
|
0.24 |
Common dividends declared per share |
|
0.08 |
|
|
0.08 |
|
|
0.06 |
|
|
0.06 |
|
|
0.06 |
|
|
0.06 |
Book value per common share |
|
15.06 |
|
|
14.81 |
|
|
14.80 |
|
|
14.57 |
|
|
14.38 |
|
|
14.26 |
Tangible book value per share* |
|
14.20 |
|
|
13.97 |
|
|
13.98 |
|
|
14.49 |
|
|
14.29 |
|
|
14.17 |
COMMON STOCK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
21,223,613 |
|
|
21,225,034 |
|
|
21,138,028 |
|
|
19,901,336 |
|
|
19,900,855 |
|
|
19,900,350 |
Less treasury shares |
|
2,472,830 |
|
|
1,939,989 |
|
|
1,131,226 |
|
|
868,617 |
|
|
867,310 |
|
|
867,310 |
Outstanding shares |
|
18,750,783 |
|
|
19,285,045 |
|
|
20,006,802 |
|
|
19,032,719 |
|
|
19,033,545 |
|
|
19,033,040 |
OTHER FINANCIAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities |
$ |
422,296 |
|
$ |
423,030 |
|
$ |
412,128 |
|
$ |
388,543 |
|
$ |
373,260 |
|
$ |
377,545 |
Loans held for sale |
|
7,090 |
|
|
1,803 |
|
|
7,453 |
|
|
7,024 |
|
|
6,687 |
|
|
9,106 |
Portfolio loans |
|
1,814,287 |
|
|
1,780,081 |
|
|
1,771,975 |
|
|
1,541,070 |
|
|
1,442,743 |
|
|
1,429,139 |
Total loans |
|
1,821,377 |
|
|
1,781,884 |
|
|
1,779,428 |
|
|
1,548,094 |
|
|
1,449,430 |
|
|
1,438,245 |
Total assets |
|
2,402,262 |
|
|
2,360,819 |
|
|
2,357,022 |
|
|
2,059,899 |
|
|
2,031,581 |
|
|
2,003,079 |
Total deposits |
|
1,902,865 |
|
|
1,895,248 |
|
|
1,884,105 |
|
|
1,626,250 |
|
|
1,624,446 |
|
|
1,616,454 |
Other borrowings |
|
153,568 |
|
|
117,763 |
|
|
110,927 |
|
|
96,801 |
|
|
75,839 |
|
|
58,578 |
Subordinated debentures |
|
46,393 |
|
|
46,393 |
|
|
51,548 |
|
|
46,393 |
|
|
46,393 |
|
|
46,393 |
Total shareholders' equity |
|
282,360 |
|
|
285,661 |
|
|
296,098 |
|
|
277,344 |
|
|
273,681 |
|
|
271,444 |
Mortgage servicing portfolio |
|
443,568 |
|
|
434,340 |
|
|
432,318 |
|
|
422,845 |
|
|
415,961 |
|
|
407,903 |
INTANGIBLE ASSET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
$ |
13,467 |
|
$ |
13,467 |
|
$ |
13,467 |
|
$ |
1,214 |
|
$ |
1,214 |
|
$ |
1,214 |
Core deposit intangible |
|
2,584 |
|
|
2,734 |
|
|
2,894 |
|
|
342 |
|
|
405 |
|
|
467 |
Mortgage servicing rights |
|
3,350 |
|
|
3,411 |
|
|
3,721 |
|
|
3,631 |
|
|
3,518 |
|
|
3,399 |
Total intangible assets |
$ |
19,401 |
|
$ |
19,612 |
|
$ |
20,082 |
|
$ |
5,187 |
|
$ |
5,137 |
|
$ |
5,080 |
Intangible amortization expense |
$ |
350
|
|
$ |
341
|
|
$ |
330
|
|
$ |
243
|
|
$ |
243
|
|
$ |
168
|
DEPOSIT COMPOSITION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand |
$ |
545,421 |
|
$ |
552,499 |
|
$ |
596,494 |
|
$ |
526,159 |
|
$ |
515,156 |
|
$ |
506,952 |
Interest-bearing demand |
|
160,886 |
|
|
168,210 |
|
|
151,015 |
|
|
114,877 |
|
|
131,547 |
|
|
140,659 |
Money market accounts |
|
547,415 |
|
|
540,323 |
|
|
534,357 |
|
|
502,028 |
|
|
496,178 |
|
|
488,569 |
Savings accounts |
|
55,209 |
|
|
56,235 |
|
|
56,333 |
|
|
36,163 |
|
|
35,647 |
|
|
34,413 |
Time deposits of $100,000 or more |
|
323,137 |
|
|
314,496 |
|
|
311,538 |
|
|
238,318 |
|
|
233,105 |
|
|
227,426 |
Other time deposits |
|
270,797 |
|
|
263,485 |
|
|
234,368 |
|
|
208,705 |
|
|
212,813 |
|
|
218,435 |
Total deposits** |
$ |
1,902,865 |
|
$ |
1,895,248 |
|
$ |
1,884,105 |
|
$ |
1,626,250 |
|
$ |
1,624,446 |
|
$ |
1,616,454 |
OFFICES AND EMPLOYEES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FTE Employees |
|
410 |
|
|
411 |
|
|
412 |
|
|
358 |
|
|
361 |
|
|
360 |
Branches |
|
33 |
|
|
33 |
|
|
33 |
|
|
24 |
|
|
24 |
|
|
23 |
Assets per employee |
$ |
5,859 |
|
$ |
5,744 |
|
$ |
5,721 |
|
$ |
5,754 |
|
$ |
5,628 |
|
$ |
5,564 |
____________________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*This is a Non-GAAP based financial
measure. |
**Calculation of Non-brokered
Deposits and Core Funding (Non-GAAP Financial Measures) |
Total deposits |
$ |
1,902,865 |
|
$ |
1,895,248 |
|
$ |
1,884,105 |
|
$ |
1,626,250 |
|
$ |
1,624,446 |
|
$ |
1,616,454 |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokered time deposits |
|
61,709 |
|
|
55,901 |
|
|
39,797 |
|
|
10,086 |
|
|
7,683 |
|
|
7,694 |
Other brokered deposits |
|
175,367 |
|
|
140,372 |
|
|
135,880 |
|
|
133,025 |
|
|
103,025 |
|
|
83,025 |
Non-brokered deposits |
$ |
1,665,789 |
|
$ |
1,698,975 |
|
$ |
1,708,428 |
|
$ |
1,483,139 |
|
$ |
1,513,738 |
|
$ |
1,525,735 |
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweep repurchase agreements |
|
42,568 |
|
|
42,763 |
|
|
37,273 |
|
|
50,801 |
|
|
50,839 |
|
|
33,578 |
Core funding |
$ |
1,708,357 |
|
$ |
1,741,738 |
|
$ |
1,745,701 |
|
$ |
1,533,940 |
|
$ |
1,564,577 |
|
$ |
1,559,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
sheet amounts are as of period end unless otherwise noted. |
SOUTHWEST BANCORP,
INC. |
|
Table
8 |
UNAUDITED QUARTERLY
SUPPLEMENTAL ANALYTICAL DATA |
|
|
(Dollars in thousands) |
|
|
|
|
|
|
2016 |
|
2015 |
|
|
Jun. 30 |
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (annualized) |
|
|
0.91 |
% |
|
|
|
0.32 |
% |
|
|
|
0.78 |
% |
|
|
|
0.81 |
% |
|
|
|
0.85 |
% |
|
|
|
0.92 |
% |
Return on average common equity (annualized) |
|
|
7.67 |
|
|
|
|
2.56 |
|
|
|
|
6.14 |
|
|
|
|
5.94 |
|
|
|
|
6.11 |
|
|
|
|
6.78 |
|
Return on average tangible common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(annualized)* |
|
|
8.13 |
|
|
|
|
2.71 |
|
|
|
|
6.46 |
|
|
|
|
5.97 |
|
|
|
|
6.14 |
|
|
|
|
6.82 |
|
Net interest margin (annualized) |
|
|
3.48 |
|
|
|
|
3.54 |
|
|
|
|
3.48 |
|
|
|
|
3.34 |
|
|
|
|
3.31 |
|
|
|
|
3.25 |
|
Total dividends declared to net income |
|
|
28.35 |
|
|
|
|
84.66 |
|
|
|
|
26.22 |
|
|
|
|
27.53 |
|
|
|
|
27.45 |
|
|
|
|
25.19 |
|
Effective tax rate |
|
|
34.70 |
|
|
|
|
35.19 |
|
|
|
|
35.96 |
|
|
|
|
35.84 |
|
|
|
|
34.51 |
|
|
|
|
37.49 |
|
Efficiency ratio |
|
|
65.70 |
|
|
|
|
67.48 |
|
|
|
|
72.17 |
|
|
|
|
68.16 |
|
|
|
|
71.83 |
|
|
|
|
71.69 |
|
NONPERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
|
22,259 |
|
|
$ |
|
22,161 |
|
|
$ |
|
19,858 |
|
|
$ |
|
15,076 |
|
|
$ |
|
8,887 |
|
|
$ |
|
9,151 |
|
90 days past due and accruing |
|
|
66 |
|
|
|
|
106 |
|
|
|
|
500 |
|
|
|
|
1 |
|
|
|
|
- |
|
|
|
|
- |
|
Total nonperforming loans |
|
|
22,325 |
|
|
|
|
22,267 |
|
|
|
|
20,358 |
|
|
|
|
15,077 |
|
|
|
|
8,887 |
|
|
|
|
9,151 |
|
Other real estate |
|
|
2,122 |
|
|
|
|
2,274 |
|
|
|
|
2,274 |
|
|
|
|
2,274 |
|
|
|
|
2,393 |
|
|
|
|
2,255 |
|
Total nonperforming assets |
$ |
|
24,447 |
|
|
$ |
|
24,541 |
|
|
$ |
|
22,632 |
|
|
$ |
|
17,351 |
|
|
$ |
|
11,280 |
|
|
$ |
|
11,406 |
|
Potential problem loans |
$ |
|
64,364 |
|
|
$ |
|
68,460 |
|
|
$ |
|
39,155 |
|
|
$ |
|
29,807 |
|
|
$ |
|
34,974 |
|
|
$ |
|
38,970 |
|
ASSET QUALITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to portfolio loans and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other real estate |
|
|
1.35 |
% |
|
|
|
1.38 |
% |
|
|
|
1.28 |
% |
|
|
|
1.12 |
% |
|
|
|
0.78 |
% |
|
|
|
0.80 |
% |
Nonperforming loans to portfolio loans |
|
|
1.23 |
|
|
|
|
1.25 |
|
|
|
|
1.15 |
|
|
|
|
0.98 |
|
|
|
|
0.62 |
|
|
|
|
0.64 |
|
Allowance for loan losses to portfolio loans |
|
|
1.48 |
|
|
|
|
1.53 |
|
|
|
|
1.47 |
|
|
|
|
1.73 |
|
|
|
|
1.82 |
|
|
|
|
1.91 |
|
Allowance for loan losses to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nonperforming loans |
|
|
120.39 |
|
|
|
|
122.01 |
|
|
|
|
128.23 |
|
|
|
|
176.38 |
|
|
|
|
295.03 |
|
|
|
|
297.78 |
|
Net loan charge-offs to average portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loans (annualized) |
|
|
0.07 |
|
|
|
|
0.75 |
|
|
|
|
(0.02 |
) |
|
|
|
(0.09 |
) |
|
|
|
(0.03 |
) |
|
|
|
(0.20 |
) |
CAPITAL RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total shareholders' equity to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average assets |
|
|
11.93 |
% |
|
|
|
12.42 |
% |
|
|
|
12.77 |
% |
|
|
|
13.59 |
% |
|
|
|
13.87 |
% |
|
|
|
13.59 |
% |
Leverage ratio |
|
|
13.16 |
|
|
|
|
13.45 |
|
|
|
|
14.41 |
|
|
|
|
15.84 |
|
|
|
|
16.12 |
|
|
|
|
15.75 |
|
Common equity tier 1 capital |
|
|
12.18 |
|
|
|
|
12.13 |
|
|
|
|
13.21 |
|
|
|
|
14.57 |
|
|
|
|
15.30 |
|
|
|
|
15.51 |
|
Tier 1 capital to risk-weighted assets |
|
|
14.22 |
|
|
|
|
14.14 |
|
|
|
|
15.53 |
|
|
|
|
16.95 |
|
|
|
|
17.84 |
|
|
|
|
18.10 |
|
Total capital to risk-weighted assets |
|
|
15.48 |
|
|
|
|
15.39 |
|
|
|
|
16.79 |
|
|
|
|
18.21 |
|
|
|
|
19.09 |
|
|
|
|
19.36 |
|
Tangible common equity to tangible assets*** |
|
|
11.16 |
|
|
|
|
11.49 |
|
|
|
|
11.95 |
|
|
|
|
13.40 |
|
|
|
|
13.40 |
|
|
|
|
13.48 |
|
REGULATORY CAPITAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 capital |
$ |
|
266,366 |
|
|
$ |
|
270,564 |
|
|
$ |
|
282,737 |
|
|
$ |
|
275,350 |
|
|
$ |
|
272,048 |
|
|
$ |
|
269,007 |
|
Tier I capital |
|
|
311,127 |
|
|
|
|
315,326 |
|
|
|
|
332,468 |
|
|
|
|
320,350 |
|
|
|
|
317,048 |
|
|
|
|
314,007 |
|
Total capital |
|
|
338,547 |
|
|
|
|
343,287 |
|
|
|
|
359,300 |
|
|
|
|
344,095 |
|
|
|
|
339,412 |
|
|
|
|
335,734 |
|
Total risk adjusted assets |
|
|
2,187,262 |
|
|
|
|
2,230,326 |
|
|
|
|
2,140,344 |
|
|
|
|
1,889,892 |
|
|
|
|
1,777,618 |
|
|
|
|
1,734,401 |
|
Average total assets |
|
|
2,363,351 |
|
|
|
|
2,344,259 |
|
|
|
|
2,307,421 |
|
|
|
|
2,022,972 |
|
|
|
|
1,966,577 |
|
|
|
|
1,993,446 |
|
____________________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*This is a Non-GAAP based financial
measure. |
***Calculation of Tangible Common
Equity to Tangible Assets (Non-GAAP Financial Measure) |
Total shareholders' equity |
$ |
|
282,360 |
|
|
$ |
|
285,661 |
|
|
$ |
|
296,098 |
|
|
$ |
|
277,344 |
|
|
$ |
|
273,681 |
|
|
$ |
|
271,444 |
|
Less goodwill and core deposit
intangible |
|
|
16,051 |
|
|
|
|
16,201 |
|
|
|
|
16,361 |
|
|
|
|
1,556 |
|
|
|
|
1,619 |
|
|
|
|
1,681 |
|
Tangible common equity |
$ |
|
266,309 |
|
|
$ |
|
269,460 |
|
|
$ |
|
279,737 |
|
|
$ |
|
275,788 |
|
|
$ |
|
272,062 |
|
|
$ |
|
269,763 |
|
Total assets |
$ |
|
2,402,262 |
|
|
$ |
|
2,360,819 |
|
|
$ |
|
2,357,022 |
|
|
$ |
|
2,059,899 |
|
|
$ |
|
2,031,581 |
|
|
$ |
|
2,003,079 |
|
Less goodwill and core deposit
intangible |
|
|
16,051 |
|
|
|
|
16,201 |
|
|
|
|
16,361 |
|
|
|
|
1,556 |
|
|
|
|
1,619 |
|
|
|
|
1,681 |
|
Tangible assets |
$ |
|
2,386,211 |
|
|
$ |
|
2,344,618 |
|
|
$ |
|
2,340,661 |
|
|
$ |
|
2,058,343 |
|
|
$ |
|
2,029,962 |
|
|
$ |
|
2,001,398 |
|
Total shareholders' equity to total
assets |
|
|
11.75 |
% |
|
|
|
12.10 |
% |
|
|
|
12.56 |
% |
|
|
|
13.46 |
% |
|
|
|
13.47 |
% |
|
|
|
13.55 |
% |
Tangible common equity to tangible
assets |
|
|
11.16 |
% |
|
|
|
11.49 |
% |
|
|
|
11.95 |
% |
|
|
|
13.40 |
% |
|
|
|
13.40 |
% |
|
|
|
13.48 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
sheet amounts and ratios are as of period end unless otherwise
noted. |
For additional information:
Mark W. Funke
President & CEO
Joe T. Shockley, Jr.
EVP & CFO
(405) 372-2230
Southwest Bancorp, Inc. (NASDAQ:OKSB)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Southwest Bancorp, Inc. (NASDAQ:OKSB)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024