Southwest Bancorp, Inc. (NASDAQ:OKSB), (“Southwest”), today
reported net income for the fourth quarter of 2016 of $6.2 million,
or $0.33 per diluted share, compared to $4.6 million, or $0.23 per
diluted share, for the fourth quarter of 2015, an earnings per
share increase of 43.5% from the same quarter a year ago. Net
income for the year ended December 31, 2016 totaled $17.7 million,
or $0.92 per diluted share, compared to $17.4 million, or $0.90 per
diluted share, for the year ended December 31, 2015.
Southwest announced that its board of directors
has approved a quarterly cash dividend of $0.08 per share payable
February 17, 2017 to shareholders of record as of February 3,
2017.
Mark Funke, President and CEO, stated, “The
strong financial results for the quarter were driven primarily by
improved credit quality and focused expense management. In
mid-December, we were very pleased to announce the signing of a
Definitive Agreement to merge with Simmons First National
Corporation, which when completed, will add significant products
and convenience for our customers. The merger is expected to be
completed in the third quarter of 2017. Here are several highlights
from this quarter:
- During the fourth quarter, nonperforming loans and assets were
reduced by $9.7 million, or 36.3%, to end the year at $17.0
million.
- The improvement in credit quality combined with loan recoveries
produced a $1.3 million release from our allowance for loan losses,
resulting in a ratio of 1.47% when compared to total loans.
- Total loans at December 31, 2016 of $1.9 billion, while down
slightly for the quarter, increased by $97.7 million, or 5.5% for
the year.
- The quarterly net interest margin was 3.40% at December 31,
2016, compared to 3.42% at September 30, 2016 and 3.48% at December
31, 2015.
- Pre-tax, pre-provision income was $8.6 million in the fourth
quarter, an increase of 2% from $8.4 million in the third quarter
of 2016, and an increase of 33% from $6.4 million for the fourth
quarter of 2015.
- The efficiency ratio for the fourth quarter of 2016 was 64.34%,
compared to 66.09% for the third quarter of 2016 and 72.17% for the
fourth quarter of 2015. Excluding the deal costs related to the
pending merger, the efficiency ratio for the fourth quarter was
60.46%.”
See Table 3 for details on pre-tax, pre-provision
income, which is a non-GAAP financial measure.
Financial Overview
Condition: As of December
31, 2016, total assets were $2.5 billion, an increase of $7.4
million, when compared to September 30, 2016. As of December 31,
2016, total loans were $1.9 billion, a decrease of $3.0 million
from the prior quarter end. As of December 31, 2016, investment
securities were $436.7 million, an increase of $8.7 million from
the prior quarter end. Cash and cash equivalents at December 31,
2016 were $75.7 million, an increase of $5.6 million from September
30, 2016.
At December 31, 2016, the allowance for loan
losses was $27.5 million, a decrease of $1.0 million when compared
to September 30, 2016 and an increase of $1.4 million when compared
to December 31, 2015. The allowance for loan losses to portfolio
loans was 1.47% as of December 31, 2016, compared to 1.52% as of
September 30, 2016, and 1.47% as of December 31, 2015. The
allowance for loan losses to nonperforming loans was 165.84% as of
December 31, 2016, compared to 116.02% as of September 30, 2016 and
128.23% as of December 31, 2015. The total allowance for loan
losses combined with the purchase discount on acquired loans
represents 1.71% of gross loans as of December 31, 2016.
Nonperforming loans were $16.6 million at
December 31, 2016, a decrease of $7.9 million from September 30,
2016, and a decrease of $3.7 million from December 31, 2015. Other
real estate was $0.4 million at December 31, 2016 compared to $2.1
million at September 30, 2016, and $2.3 million at December 31,
2015. Nonperforming assets were $17.0 million, or 0.91% of
portfolio loans and other real estate, as of December 31, 2016,
compared to $26.6 million, or 1.42% of portfolio loans and other
real estate, as of September 30, 2016, and $22.6 million, or 1.28%
of portfolio loans and other real estate, as of December 31,
2015.
As of December 31, 2016, total deposits were
$1.9 billion, a decrease of $1.9 million, when compared to
September 30, 2016. Total core funding, which includes all
non-brokered deposits and sweep repurchase agreements, comprised
81% of total funding as of December 31, 2016 and September 30,
2016. Wholesale funding, including Federal Home Loan Bank
borrowings and brokered deposits, accounted for 19% of total
funding at December 31, 2016 and September 30, 2016. 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 December 31, 2016 exceeded the criteria for regulatory
classification as “well-capitalized”. Southwest’s total regulatory
capital was $345.6 million, for a total risk-based capital ratio of
15.66%, Common Equity Tier 1 capital was $272.9 million, for a
Common Equity Tier 1 ratio of 12.36%, and Tier 1 capital was $317.9
million, for a Tier 1 risk-based capital ratio of 14.40%. Bank SNB
had total regulatory capital of $328.7 million, for a total
risk-based capital ratio of 14.92% and Common Equity Tier 1 and
Tier 1 capital of $301.0 million, for a Common Equity Tier 1 and
Tier 1 risk-based capital ratio of 13.66%. Designation as a
well-capitalized institution under regulations does not constitute
a recommendation or endorsement by bank regulators.
Fourth Quarter Results:
Summary: For the fourth
quarter of 2016, net income was $6.2 million, compared to $4.3
million for the third quarter of 2016 and $4.6 million for the
fourth quarter of 2015. Pre-tax, pre-provision income for the
fourth quarter of 2016 was $8.6 million, compared to $8.4 million
for the third quarter of 2016 and $6.4 million for the fourth
quarter of 2015. The fourth quarter of 2016 includes $0.9 million
of merger related costs. Certain variances in income and expenses
in the fourth quarter compared to the prior year are due in part to
the First Commercial Bancshares, Inc., acquisition that occurred in
the fourth quarter of 2015.
The $1.9 million increase in net income compared
to the third quarter of 2016 was primarily due to the $1.3 million
credit provision for loan losses recorded in the fourth quarter, a
$3.0 million decrease from the $1.7 million expense in the third
quarter of 2016. The increase in net income also includes a $0.3
million increase in net interest income and a $0.3 million decrease
in noninterest expense, offset in part by $0.3 million decrease in
noninterest income and a $1.4 million increase in income taxes.
The $1.6 million increase in net income compared
to the fourth quarter of 2015 was due to a $0.6 million increase in
net interest income, a $0.8 million increase in the credit
provision for loan losses, and a $1.3 million decrease in
noninterest expense, offset in part by a $1.1 million increase in
income taxes.
Net Interest
Income: Net interest income totaled
$20.1 million for the fourth quarter of 2016, compared to $19.8
million for the third quarter of 2016 and $19.5 million for the
fourth quarter of 2015. Net interest margin was 3.40% for the
fourth quarter of 2016, compared to 3.42% for the third quarter of
2016 and 3.48% for the fourth quarter of 2015. Interest income for
the fourth quarter of 2016, the third quarter of 2016, and the
fourth quarter of 2015 includes $0.1 million, $0.5 million and $0.3
million of accelerated discount accretion, respectively. The net
effects of these adjustments on the net interest margins were a 2
basis point, a 10 basis point and a 5 basis point increase,
respectively, for each quarter. Average loans (including loans held
for sale) for the fourth quarter of 2016 increased $34.5 million
when compared to September 30, 2016, and $122.8 million when
compared to December 31, 2015. Loans pursuant to the acquisition 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 net effects of charge-offs and recoveries
for the period. The provision for loan losses was a credit
provision of $1.3 million for the fourth quarter of 2016, compared
to a provision of $1.7 million for the third quarter of 2016, and a
credit provision of $0.6 million for the fourth quarter of 2015.
The fourth quarter 2016 credit provision was driven primarily by a
$2.1 million recovery on the sale of certain nonperforming loans
and partially offset by a $0.8 million provision. During the fourth
quarter of 2016, net recoveries totaled $0.4 million, or (0.09)%
(annualized) of average portfolio loans, compared to net
charge-offs of $0.1 million, or 0.03% (annualized) of average
portfolio loans for the third quarter of 2016 and net recoveries of
$0.1 million, or (0.02%) (annualized) of average portfolio loans
for the fourth quarter of 2015. The 2016 fourth quarter recovery on
the sale of certain nonperforming loans was substantially offset by
a $2.0 million charge-off on a nonperforming loan with a specific
reserve.
Noninterest Income:
Noninterest income totaled $4.2 million for the fourth quarter of
2016, compared to $4.6 million for the third quarter of 2016 and
$4.2 million for the fourth quarter of 2015.
The $0.3 million decrease from the third quarter
of 2016 is the result of a $0.4 million decrease in other
noninterest income, which is primarily from a reduced level of
customer risk management interest rate swap income, offset in part
by a $0.1 million increase in service charges and fees. The third
quarter of 2016 service charges and fees includes a $0.1 million
impairment on mortgage servicing rights and other noninterest
income includes a $0.1 million loss on the disposition of fixed
assets related to branch closures.
During the fourth quarter of 2016, there was a
$0.1 million increase in service charges and fees and a $0.1
million increase in the gain on sales of mortgage loans, offset by
a $0.2 million decrease in other noninterest income, which resulted
in no change compared to the fourth quarter of 2015.
Noninterest Expense:
Noninterest expense totaled $15.8 million for the fourth quarter of
2016, compared to $16.2 million for the third quarter of 2016 and
$17.1 million for the fourth quarter of 2015. Excluding the deal
costs related to the pending merger, the 2016 fourth quarter
noninterest expense totaled $14.9 million. The initiatives taken in
the third quarter of 2016 to close three branches, reduce leased
space, and to improve operational efficiencies resulted in an
expense reduction of approximately $0.7 million in the fourth
quarter.
The $0.4 million decrease in noninterest expense
from the third quarter of 2016 was due to a $0.8 million decrease
in personnel expense, a $0.5 million decrease in occupancy, a $0.2
million decrease in data processing, a $0.1 million decrease in
FDIC and other insurance expense, and a $0.1 million decrease in
the provision for unfunded loan commitments, offset in part by a
$0.2 million decrease in other real estate net gains on the sales
of properties during the third quarter, and a $1.1 million increase
in general and administrative expenses primarily due to the $0.9
million legal and consulting fees associated with the recently
announced definitive agreement.
The $1.3 million decrease in noninterest expense
from the fourth quarter of 2015 consisted of a $1.3 million
decrease in personnel expense, a $0.4 million decrease in data
processing and a $0.1 million decrease in FDIC and other insurance
expense, offset in part by a $0.2 million increase in the provision
for unfunded loan commitments and a $0.4 million increase in
general and administrative expense, primarily due to the legal and
consulting fees associated with the recently announced definitive
agreement.
Income Tax: Income tax
expense totaled $3.7 million for the fourth quarter of 2016,
compared to $2.2 million for the third quarter of 2016 and $2.6
million for the fourth quarter of 2015. The income tax
expense fluctuates in relation to pre-tax income levels. The fourth
quarter of 2016 effective tax rate was 37.38%, compared to 34.45%
for the third quarter of 2016 and 35.96% for the fourth quarter of
2015. The increase in the effective tax rate includes the impact of
a decrease in tax exempt income as a percentage of pre-tax income,
the higher level of pre-tax earnings, and the impact of certain
nondeductible merger costs.
Year-to-Date Results:
Summary: Net income was
$17.7 million for the year ended December 31, 2016, compared to
$17.4 million for the year ended December 31, 2015. The $0.3
million increase in net income from 2015 is the result of a $12.0
million increase in net interest income and a $1.6 million increase
in noninterest income, offset in part by an $8.3 million increase
in the provision for loan losses and a $5.0 million increase in
noninterest expense due to increased personnel, occupancy, and
general and administrative expenses. 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 income for the year ended
December 31, 2016, was also reduced by the restructuring charges of
$0.4 million, which incurred in the third quarter of 2016, and by
$0.9 million of legal and consulting fees associated with the
recently announced definitive agreement, which occurred in the
fourth quarter of 2016.
Net Interest
Income: Net interest income totaled
$79.4 million for 2016, compared to $67.4 million for 2015, an
increase of $12.0 million. Year-to-date net interest margin was
3.46%, compared to 3.35% for 2015. Interest income for 2016 and for
2015 includes $1.1 million and $0.6 million, respectively, of
accelerated discount accretion. The net effects of these
adjustments on the net interest margin was a 5 basis point and a 3
basis point increase, respectively. Average loans (including loans
held for sale) for 2016 were $1.8 billion compared to $1.5 billion
in 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 loan losses at an appropriate level based upon the inherent
risks in the loan portfolio after the net effects of charge-offs
and recoveries for the period. The provision for loan losses was
$4.8 million for 2016, compared to a credit provision of $3.6
million for 2015. The provision for loan losses for 2016 was driven
by the growth in the loan portfolio and the impact of low energy
prices combined with deterioration in a few general business
credits that occurred primarily in the first quarter of 2016. Net
charge-offs totaled $3.3 million, or 0.18% (annualized) of average
portfolio loans year-to-date as of 2016, compared to net recoveries
of $1.2 million, or (0.08%) (annualized) of average portfolio loans
for 2015.
Noninterest Income:
Noninterest income totaled $16.1 million for 2016, compared to
$14.5 million for 2015, an increase of $1.6 million. The increase
consists of a $0.6 million increase in service charges and fees,
which includes a $0.6 million impairment of mortgage servicing
rights, a $0.5 million increase in gains on sales of mortgage
loans, a $0.1 million increase in the gain on sale of investment
securities, and a $0.4 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 $63.2 million for 2016, compared to
$58.2 million for 2015. The increase consists of a $2.9 million
increase in personnel expense, a $1.7 million increase in
occupancy, a $0.4 million increase in the provision for unfunded
loan commitments, and a $0.7 million increase in general and
administrative expense, offset in part by a $0.3 million decrease
in data processing and a $0.4 million decrease in other real estate
expense.
Income Tax: Income tax
expense totaled $9.8 million for 2016, compared to $9.8 million for
2015. The income tax expense fluctuates in relation to pre-tax
income levels. The year-to-date effective tax rate was 35.65% as of
December 31, 2016, compared to 36.00% as of December 31, 2015.
Pending Merger:
On December 14, 2016, Southwest and Simmons
First National Corporation (“Simmons”) issued a joint press release
announcing that we have entered into a Definitive Agreement and
plan of merger. Simmons will acquire all of the outstanding stock
of Southwest in a transaction valued at approximately $564.4
million, as of the date of the announcement. Southwest’s
President and CEO, Mark Funke, will be the President of the new
Southwest Division of Simmons Bank and will be responsible for the
banking operations in Oklahoma, Texas, Colorado and Kansas.
The transaction is subject to shareholder approval and customary
regulatory approvals.
Conference Call
Southwest will host a conference call to review
these results on Wednesday, January 25, 2017 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/100987341. 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/oksb170125.html. An audio
replay will be available one hour after the call at 877-344-7529
(toll-free) or 412-317-0088 (international), conference number
10098734. Telephone replay access will be available until February
25, 2017.
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 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 December
31, 2016, Southwest had total assets of approximately $2.5 billion,
deposits of $1.9 billion, and shareholders’ equity of $286.6
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 December 31, 2016, approximately $423.8
million, or 23%, 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 December 31, 2016
through the date its financial statements are filed with the
Securities and Exchange Commission. The December 31, 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
athttp://www.globenewswire.com/newsroom/prs/?pkgid=8074
The Bank SNB logo is available
athttp://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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
Third Quarter |
|
|
|
Fourth Quarter |
QUARTERLY
HIGHLIGHTS |
|
2016 |
|
% Change |
|
2015 |
|
% Change |
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
$ |
20,103 |
|
|
$ |
19,805 |
|
|
2 |
% |
|
$ |
19,520 |
|
|
3 |
% |
Provision
(credit) for loan losses |
|
|
(1,329 |
) |
|
|
1,713 |
|
|
(178 |
) |
|
|
(566 |
) |
|
135 |
|
Noninterest income |
|
|
4,244 |
|
|
|
4,555 |
|
|
(7 |
) |
|
|
4,179 |
|
|
2 |
|
Noninterest expense |
|
|
15,826 |
|
|
|
16,156 |
|
|
(2 |
) |
|
|
17,099 |
|
|
(7 |
) |
Income
before taxes |
|
|
9,850 |
|
|
|
6,491 |
|
|
52 |
|
|
|
7,166 |
|
|
37 |
|
Taxes on
income |
|
|
3,682 |
|
|
|
2,236 |
|
|
65 |
|
|
|
2,577 |
|
|
43 |
|
Net
income |
|
|
6,168 |
|
|
|
4,255 |
|
|
45 |
|
|
|
4,589 |
|
|
34 |
|
Diluted
earnings per share |
|
|
0.33 |
|
|
|
0.23 |
|
|
42 |
|
|
|
0.23 |
|
|
42 |
|
Balance
Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
|
2,475,392 |
|
|
|
2,468,042 |
|
|
0 |
|
|
|
2,357,022 |
|
|
5 |
|
Loans
held for sale |
|
|
4,386 |
|
|
|
7,899 |
|
|
(44 |
) |
|
|
7,453 |
|
|
(41 |
) |
Portfolio
loans |
|
|
1,872,746 |
|
|
|
1,872,213 |
|
|
0 |
|
|
|
1,771,976 |
|
|
6 |
|
Total
deposits |
|
|
1,946,018 |
|
|
|
1,947,924 |
|
|
(0 |
) |
|
|
1,884,105 |
|
|
3 |
|
Total
shareholders' equity |
|
|
286,629 |
|
|
|
283,820 |
|
|
1 |
|
|
|
296,098 |
|
|
(3 |
) |
Book
value per common share |
|
|
15.35 |
|
|
|
15.19 |
|
|
1 |
|
|
|
14.80 |
|
|
4 |
|
Key
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin |
|
|
3.40 |
% |
|
|
3.42 |
% |
|
|
|
|
3.48 |
% |
|
|
Efficiency ratio |
|
|
64.34 |
|
|
|
66.09 |
|
|
|
|
|
72.17 |
|
|
|
Total
capital to risk-weighted assets |
|
|
15.66 |
|
|
|
15.21 |
|
|
|
|
|
16.79 |
|
|
|
Nonperforming loans to portfolio loans |
|
|
0.89 |
|
|
|
1.31 |
|
|
|
|
|
1.15 |
|
|
|
Shareholders' equity to total assets |
|
|
11.58 |
|
|
|
11.50 |
|
|
|
|
|
12.56 |
|
|
|
Tangible
common equity to tangible assets* |
|
|
11.01 |
|
|
|
10.92 |
|
|
|
|
|
11.95 |
|
|
|
Return on
average assets (annualized) |
|
|
1.00 |
|
|
|
0.70 |
|
|
|
|
|
0.78 |
|
|
|
Return on
average common equity (annualized) |
|
|
8.59 |
|
|
|
5.97 |
|
|
|
|
|
6.14 |
|
|
|
Return on
average tangible common equity (annualized)** |
|
|
9.10 |
|
|
|
6.33 |
|
|
|
|
|
6.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
|
|
|
|
YEAR-TO-DATE
HIGHLIGHTS |
|
2016 |
|
2015 |
|
% Change |
|
|
|
|
|
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
$ |
79,443 |
|
|
$ |
67,417 |
|
|
18 |
% |
|
|
|
|
|
Provision
(credit) for loan losses |
|
|
4,769 |
|
|
|
(3,566 |
) |
|
234 |
|
|
|
|
|
|
Noninterest income |
|
|
16,085 |
|
|
|
14,457 |
|
|
11 |
|
|
|
|
|
|
Noninterest expense |
|
|
63,246 |
|
|
|
58,240 |
|
|
9 |
|
|
|
|
|
|
Income
before taxes |
|
|
27,513 |
|
|
|
27,200 |
|
|
1 |
|
|
|
|
|
|
Taxes on
income |
|
|
9,809 |
|
|
|
9,793 |
|
|
0 |
|
|
|
|
|
|
Net
income |
|
|
17,704 |
|
|
|
17,407 |
|
|
2 |
|
|
|
|
|
|
Diluted
earnings per share |
|
|
0.92 |
|
|
|
0.90 |
|
|
3 |
|
|
|
|
|
|
Balance
Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
|
2,475,392 |
|
|
|
2,357,022 |
|
|
5 |
|
|
|
|
|
|
Loans
held for sale |
|
|
4,386 |
|
|
|
7,453 |
|
|
(41 |
) |
|
|
|
|
|
Portfolio
loans |
|
|
1,872,746 |
|
|
|
1,771,976 |
|
|
6 |
|
|
|
|
|
|
Total
deposits |
|
|
1,946,018 |
|
|
|
1,884,105 |
|
|
3 |
|
|
|
|
|
|
Total
shareholders' equity |
|
|
286,629 |
|
|
|
296,098 |
|
|
(3 |
) |
|
|
|
|
|
Book
value per common share |
|
|
15.35 |
|
|
|
14.80 |
|
|
4 |
|
|
|
|
|
|
Key
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin |
|
|
3.46 |
% |
|
|
3.35 |
% |
|
|
|
|
|
|
|
Efficiency ratio |
|
|
65.88 |
|
|
|
70.98 |
|
|
|
|
|
|
|
|
Total
capital to risk-weighted assets |
|
|
15.66 |
|
|
|
16.79 |
|
|
|
|
|
|
|
|
Nonperforming loans to portfolio loans |
|
|
0.89 |
|
|
|
1.15 |
|
|
|
|
|
|
|
|
Shareholders' equity to total assets |
|
|
11.58 |
|
|
|
12.56 |
|
|
|
|
|
|
|
|
Tangible
common equity to tangible assets* |
|
|
11.01 |
|
|
|
11.95 |
|
|
|
|
|
|
|
|
Return on
average assets (annualized) |
|
|
0.74 |
|
|
|
0.84 |
|
|
|
|
|
|
|
|
Return on
average common equity (annualized) |
|
|
6.18 |
|
|
|
6.23 |
|
|
|
|
|
|
|
|
Return on
average tangible common equity (annualized)** |
|
|
6.55 |
|
|
|
6.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
sheet amounts and ratios are as of period end unless otherwise
noted. |
* This is
a Non-GAAP financial measure. Please see Table 8 for a
reconciliation to the most directly comparable GAAP based
measure. |
** This is
a Non-GAAP financial measure. |
Please see
accompanying tables for additional financial information. |
|
SOUTHWEST
BANCORP, INC. |
|
|
|
|
Table 2 |
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION |
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2016 |
|
2015 |
Assets |
|
|
|
|
|
|
Cash and due from
banks |
|
$ |
36,831 |
|
|
$ |
24,971 |
|
Interest-bearing
deposits |
|
|
38,819 |
|
|
|
53,158 |
|
Cash and
cash equivalents |
|
|
75,650 |
|
|
|
78,129 |
|
Securities held to
maturity (fair values of $10,677 and $12,282, respectively) |
|
|
10,443 |
|
|
|
11,797 |
|
Securities available
for sale (amortized cost of $427,113 and $401,136,
respectively) |
|
|
426,218 |
|
|
|
400,331 |
|
Loans held for
sale |
|
|
4,386 |
|
|
|
7,453 |
|
Loans receivable |
|
|
1,872,746 |
|
|
|
1,771,975 |
|
Less:
Allowance for loan losses |
|
|
(27,546 |
) |
|
|
(26,106 |
) |
Net loans
receivable |
|
|
1,845,200 |
|
|
|
1,745,869 |
|
Accrued interest
receivable |
|
|
6,194 |
|
|
|
5,767 |
|
Non-hedge derivative
asset |
|
|
1,235 |
|
|
|
1,793 |
|
Premises and equipment,
net |
|
|
22,808 |
|
|
|
23,819 |
|
Other real estate |
|
|
350 |
|
|
|
2,274 |
|
Goodwill |
|
|
13,545 |
|
|
|
13,467 |
|
Other intangible
assets, net |
|
|
5,790 |
|
|
|
6,615 |
|
Other assets |
|
|
63,573 |
|
|
|
59,708 |
|
Total
assets |
|
$ |
2,475,392 |
|
|
$ |
2,357,022 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Noninterest-bearing demand |
|
$ |
551,709 |
|
|
$ |
596,494 |
|
Interest-bearing demand |
|
|
152,656 |
|
|
|
151,015 |
|
Money
market accounts |
|
|
567,058 |
|
|
|
534,357 |
|
Savings
accounts |
|
|
56,410 |
|
|
|
56,333 |
|
Time
deposits of $100,000 or more |
|
|
360,307 |
|
|
|
311,538 |
|
Other
time deposits |
|
|
257,878 |
|
|
|
234,368 |
|
Total
deposits |
|
|
1,946,018 |
|
|
|
1,884,105 |
|
Accrued interest
payable |
|
|
1,132 |
|
|
|
867 |
|
Non-hedge derivative
liability |
|
|
1,235 |
|
|
|
1,793 |
|
Other liabilities |
|
|
10,171 |
|
|
|
11,684 |
|
Other borrowings |
|
|
183,814 |
|
|
|
110,927 |
|
Subordinated
debentures |
|
|
46,393 |
|
|
|
51,548 |
|
Total
liabilities |
|
|
2,188,763 |
|
|
|
2,060,924 |
|
|
|
|
|
|
|
|
Shareholders'
equity |
|
|
|
|
|
|
Common stock - $1 par
value; 40,000,000 shares authorized; |
|
|
|
|
|
|
21,230,714 and 21,138,028 shares issued, respectively |
|
|
21,231 |
|
|
|
21,138 |
|
Additional paid-in
capital |
|
|
123,112 |
|
|
|
121,966 |
|
Retained earnings |
|
|
184,840 |
|
|
|
173,210 |
|
Accumulated other
comprehensive loss |
|
|
(907 |
) |
|
|
(1,290 |
) |
Treasury stock, at
cost, 2,555,987 and 1,131,226 shares, respectively |
|
|
(41,647 |
) |
|
|
(18,926 |
) |
Total
shareholders' equity |
|
|
286,629 |
|
|
|
296,098 |
|
Total
liabilities and shareholders' equity |
|
$ |
2,475,392 |
|
|
$ |
2,357,022 |
|
|
|
|
|
|
|
|
|
|
SOUTHWEST
BANCORP, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 3 |
UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the year |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
ended December 31, |
|
|
2016 |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
20,925 |
|
|
$ |
20,541 |
|
|
$ |
19,725 |
|
|
$ |
81,527 |
|
|
$ |
67,644 |
|
Investment securities |
|
|
1,761 |
|
|
|
1,719 |
|
|
|
1,813 |
|
|
|
7,407 |
|
|
|
6,559 |
|
Other
interest-earning assets |
|
|
52 |
|
|
|
50 |
|
|
|
46 |
|
|
|
206 |
|
|
|
280 |
|
Total
interest income |
|
|
22,738 |
|
|
|
22,310 |
|
|
|
21,584 |
|
|
|
89,140 |
|
|
|
74,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
1,691 |
|
|
|
1,542 |
|
|
|
1,196 |
|
|
|
5,968 |
|
|
|
3,798 |
|
Other
borrowings |
|
|
354 |
|
|
|
374 |
|
|
|
261 |
|
|
|
1,379 |
|
|
|
984 |
|
Subordinated debentures |
|
|
590 |
|
|
|
589 |
|
|
|
607 |
|
|
|
2,350 |
|
|
|
2,284 |
|
Total
interest expense |
|
|
2,635 |
|
|
|
2,505 |
|
|
|
2,064 |
|
|
|
9,697 |
|
|
|
7,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
20,103 |
|
|
|
19,805 |
|
|
|
19,520 |
|
|
|
79,443 |
|
|
|
67,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (credit) for
loan losses |
|
|
(1,329 |
) |
|
|
1,713 |
|
|
|
(566 |
) |
|
|
4,769 |
|
|
|
(3,566 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision (credit) for loan losses |
|
|
21,432 |
|
|
|
18,092 |
|
|
|
20,086 |
|
|
|
74,674 |
|
|
|
70,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges and fees |
|
|
2,772 |
|
|
|
2,681 |
|
|
|
2,676 |
|
|
|
10,558 |
|
|
|
9,995 |
|
Gain on
sales of mortgage loans |
|
|
774 |
|
|
|
775 |
|
|
|
645 |
|
|
|
2,672 |
|
|
|
2,179 |
|
Gain on
sale/call of investment securities, net |
|
|
- |
|
|
|
3 |
|
|
|
- |
|
|
|
294 |
|
|
|
162 |
|
Other
noninterest income |
|
|
698 |
|
|
|
1,096 |
|
|
|
858 |
|
|
|
2,561 |
|
|
|
2,121 |
|
Total
noninterest income |
|
|
4,244 |
|
|
|
4,555 |
|
|
|
4,179 |
|
|
|
16,085 |
|
|
|
14,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
|
9,001 |
|
|
|
9,794 |
|
|
|
10,273 |
|
|
|
37,724 |
|
|
|
34,850 |
|
Occupancy |
|
|
2,616 |
|
|
|
3,103 |
|
|
|
2,586 |
|
|
|
11,059 |
|
|
|
9,359 |
|
Data
processing |
|
|
404 |
|
|
|
582 |
|
|
|
847 |
|
|
|
1,886 |
|
|
|
2,178 |
|
FDIC and
other insurance |
|
|
235 |
|
|
|
341 |
|
|
|
384 |
|
|
|
1,376 |
|
|
|
1,353 |
|
Other
real estate, net |
|
|
(10 |
) |
|
|
(233 |
) |
|
|
8 |
|
|
|
(222 |
) |
|
|
161 |
|
Provision
(credit) for unfunded loan commitments |
|
|
32 |
|
|
|
146 |
|
|
|
(163 |
) |
|
|
130 |
|
|
|
(255 |
) |
General
and administrative |
|
|
3,548 |
|
|
|
2,423 |
|
|
|
3,164 |
|
|
|
11,293 |
|
|
|
10,594 |
|
Total
noninterest expense |
|
|
15,826 |
|
|
|
16,156 |
|
|
|
17,099 |
|
|
|
63,246 |
|
|
|
58,240 |
|
Income before
taxes |
|
|
9,850 |
|
|
|
6,491 |
|
|
|
7,166 |
|
|
|
27,513 |
|
|
|
27,200 |
|
Taxes on
income |
|
|
3,682 |
|
|
|
2,236 |
|
|
|
2,577 |
|
|
|
9,809 |
|
|
|
9,793 |
|
Net income |
|
$ |
6,168 |
|
|
$ |
4,255 |
|
|
$ |
4,589 |
|
|
$ |
17,704 |
|
|
$ |
17,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision
income* |
|
$ |
8,553 |
|
|
$ |
8,350 |
|
|
$ |
6,437 |
|
|
$ |
32,412 |
|
|
$ |
23,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share |
|
$ |
0.33 |
|
|
$ |
0.23 |
|
|
$ |
0.23 |
|
|
$ |
0.93 |
|
|
$ |
0.90 |
|
Diluted earnings per
common share |
|
|
0.33 |
|
|
|
0.23 |
|
|
|
0.23 |
|
|
|
0.92 |
|
|
|
0.90 |
|
Common dividends
declared per share |
|
|
0.08 |
|
|
|
0.08 |
|
|
|
0.06 |
|
|
|
0.32 |
|
|
|
0.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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 (credit) for unfunded loan commitments |
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST
BANCORP, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 4 |
UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES –
QUARTERLY |
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
December 31, 2016 |
|
September 30, 2016 |
|
December 31, 2015 |
|
|
Average |
|
Average |
|
Average |
|
Average |
|
Average |
|
Average |
|
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
1,867,210 |
|
|
4.46 |
% |
|
$ |
1,832,750 |
|
|
4.46 |
% |
|
$ |
1,744,375 |
|
|
4.49 |
% |
Investment
securities |
|
|
432,053 |
|
|
1.62 |
|
|
|
425,276 |
|
|
1.61 |
|
|
|
413,701 |
|
|
1.74 |
|
Other interest-earning
assets |
|
|
50,564 |
|
|
0.41 |
|
|
|
48,759 |
|
|
0.41 |
|
|
|
64,562 |
|
|
0.28 |
|
Total
interest-earning assets |
|
|
2,349,827 |
|
|
3.85 |
|
|
|
2,306,785 |
|
|
3.85 |
|
|
|
2,222,638 |
|
|
3.85 |
|
Other assets |
|
|
106,961 |
|
|
|
|
|
107,140 |
|
|
|
|
|
101,002 |
|
|
|
Total
assets |
|
$ |
2,456,788 |
|
|
|
|
$ |
2,413,925 |
|
|
|
|
$ |
2,323,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits |
|
$ |
146,708 |
|
|
0.16 |
% |
|
$ |
152,134 |
|
|
0.15 |
% |
|
$ |
137,153 |
|
|
0.15 |
% |
Money market
accounts |
|
|
572,984 |
|
|
0.26 |
|
|
|
545,040 |
|
|
0.26 |
|
|
|
541,976 |
|
|
0.19 |
|
Savings accounts |
|
|
55,761 |
|
|
0.13 |
|
|
|
54,073 |
|
|
0.14 |
|
|
|
53,604 |
|
|
0.13 |
|
Time deposits |
|
|
625,288 |
|
|
0.79 |
|
|
|
603,201 |
|
|
0.73 |
|
|
|
548,145 |
|
|
0.63 |
|
Total
interest-bearing deposits |
|
|
1,400,741 |
|
|
0.48 |
|
|
|
1,354,448 |
|
|
0.45 |
|
|
|
1,280,878 |
|
|
0.37 |
|
Other borrowings |
|
|
151,004 |
|
|
0.93 |
|
|
|
163,495 |
|
|
0.91 |
|
|
|
80,343 |
|
|
1.29 |
|
Subordinated
debentures |
|
|
46,393 |
|
|
5.09 |
|
|
|
46,393 |
|
|
5.08 |
|
|
|
51,044 |
|
|
4.76 |
|
Total
interest-bearing liabilities |
|
|
1,598,138 |
|
|
0.66 |
|
|
|
1,564,336 |
|
|
0.64 |
|
|
|
1,412,265 |
|
|
0.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits |
|
|
557,994 |
|
|
|
|
|
549,077 |
|
|
|
|
|
594,537 |
|
|
|
Other liabilities |
|
|
15,157 |
|
|
|
|
|
16,937 |
|
|
|
|
|
20,149 |
|
|
|
Shareholders'
equity |
|
|
285,499 |
|
|
|
|
|
283,575 |
|
|
|
|
|
296,689 |
|
|
|
Total
liabilities and shareholders' equity |
|
$ |
2,456,788 |
|
|
|
|
$ |
2,413,925 |
|
|
|
|
$ |
2,323,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income and spread |
|
|
|
|
3.19 |
% |
|
|
|
|
3.21 |
% |
|
|
|
|
3.27 |
% |
Net
interest margin (1) |
|
|
|
|
3.40 |
% |
|
|
|
|
3.42 |
% |
|
|
|
|
3.48 |
% |
Average
interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
average interest-bearing liabilities |
|
|
147.04 |
% |
|
|
|
|
147.46 |
% |
|
|
|
|
157.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 year ended December 31, |
|
|
2016 |
|
2015 |
|
|
Average |
|
Average |
|
Average |
|
Average |
|
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
1,822,288 |
|
|
4.47 |
% |
|
$ |
1,519,730 |
|
|
4.45 |
% |
Investment
securities |
|
|
424,501 |
|
|
1.74 |
|
|
|
384,745 |
|
|
1.70 |
|
Other interest-earning
assets |
|
|
49,938 |
|
|
0.41 |
|
|
|
106,586 |
|
|
0.26 |
|
Total
interest-earning assets |
|
|
2,296,727 |
|
|
3.88 |
|
|
|
2,011,061 |
|
|
3.70 |
|
Other assets |
|
|
106,180 |
|
|
|
|
|
68,681 |
|
|
|
Total
assets |
|
$ |
2,402,907 |
|
|
|
|
$ |
2,079,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits |
|
$ |
156,086 |
|
|
0.16 |
% |
|
$ |
134,381 |
|
|
0.11 |
% |
Money market
accounts |
|
|
549,691 |
|
|
0.25 |
|
|
|
499,788 |
|
|
0.17 |
|
Savings accounts |
|
|
55,118 |
|
|
0.13 |
|
|
|
39,456 |
|
|
0.11 |
|
Time deposits |
|
|
595,536 |
|
|
0.72 |
|
|
|
469,547 |
|
|
0.59 |
|
Total
interest-bearing deposits |
|
|
1,356,431 |
|
|
0.44 |
|
|
|
1,143,172 |
|
|
0.33 |
|
Other borrowings |
|
|
143,399 |
|
|
0.96 |
|
|
|
72,538 |
|
|
1.36 |
|
Subordinated
debentures |
|
|
46,928 |
|
|
5.01 |
|
|
|
47,565 |
|
|
4.80 |
|
Total
interest-bearing liabilities |
|
|
1,546,758 |
|
|
0.63 |
|
|
|
1,263,275 |
|
|
0.56 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits |
|
|
554,509 |
|
|
|
|
|
524,025 |
|
|
|
Other liabilities |
|
|
15,120 |
|
|
|
|
|
13,217 |
|
|
|
Shareholders'
equity |
|
|
286,520 |
|
|
|
|
|
279,225 |
|
|
|
Total
liabilities and shareholders' equity |
|
$ |
2,402,907 |
|
|
|
|
$ |
2,079,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income and spread |
|
|
|
|
3.25 |
% |
|
|
|
|
3.14 |
% |
Net
interest margin (1) |
|
|
|
|
3.46 |
% |
|
|
|
|
3.35 |
% |
Average
interest-earning assets |
|
|
|
|
|
|
|
|
|
|
to
average interest-bearing liabilities |
|
|
148.49 |
% |
|
|
|
|
159.19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
LOAN
COMPOSITION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate
mortgage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
882,071 |
|
|
$ |
893,807 |
|
|
$ |
862,287 |
|
|
$ |
878,822 |
|
|
$ |
938,462 |
|
|
$ |
869,250 |
|
|
$ |
759,406 |
|
|
$ |
759,676 |
|
One-to-four family residential |
|
|
199,123 |
|
|
|
193,678 |
|
|
|
183,693 |
|
|
|
158,078 |
|
|
|
161,958 |
|
|
|
95,906 |
|
|
|
85,338 |
|
|
|
86,343 |
|
Real estate
construction: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
199,113 |
|
|
|
184,211 |
|
|
|
175,805 |
|
|
|
156,454 |
|
|
|
129,070 |
|
|
|
126,407 |
|
|
|
186,140 |
|
|
|
192,052 |
|
One-to-four family residential |
|
|
20,946 |
|
|
|
22,460 |
|
|
|
20,347 |
|
|
|
24,202 |
|
|
|
21,337 |
|
|
|
12,866 |
|
|
|
13,107 |
|
|
|
12,586 |
|
Commercial |
|
|
556,248 |
|
|
|
566,403 |
|
|
|
558,472 |
|
|
|
543,822 |
|
|
|
507,173 |
|
|
|
423,480 |
|
|
|
384,788 |
|
|
|
366,282 |
|
Installment and
consumer |
|
|
19,631 |
|
|
|
19,553 |
|
|
|
20,773 |
|
|
|
20,506 |
|
|
|
21,429 |
|
|
|
20,185 |
|
|
|
20,651 |
|
|
|
21,306 |
|
Total loans, including
held for sale |
|
|
1,877,132 |
|
|
|
1,880,112 |
|
|
|
1,821,377 |
|
|
|
1,781,884 |
|
|
|
1,779,429 |
|
|
|
1,548,094 |
|
|
|
1,449,430 |
|
|
|
1,438,245 |
|
Less allowance for loan
losses |
|
|
(27,546 |
) |
|
|
(28,452 |
) |
|
|
(26,876 |
) |
|
|
(27,168 |
) |
|
|
(26,106 |
) |
|
|
(26,593 |
) |
|
|
(26,219 |
) |
|
|
(27,250 |
) |
Total loans, net |
|
$ |
1,849,586 |
|
|
$ |
1,851,660 |
|
|
$ |
1,794,501 |
|
|
$ |
1,754,716 |
|
|
$ |
1,753,323 |
|
|
$ |
1,521,501 |
|
|
$ |
1,423,211 |
|
|
$ |
1,410,995 |
|
LOANS BY
SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma
banking**** |
|
$ |
1,095,930 |
|
|
$ |
1,117,716 |
|
|
$ |
1,085,986 |
|
|
$ |
1,060,482 |
|
|
$ |
1,048,473 |
|
|
$ |
832,282 |
|
|
$ |
810,367 |
|
|
$ |
814,949 |
|
Texas banking |
|
|
636,643 |
|
|
|
605,682 |
|
|
|
577,333 |
|
|
|
560,421 |
|
|
|
580,476 |
|
|
|
563,010 |
|
|
|
493,047 |
|
|
|
478,005 |
|
Kansas banking |
|
|
144,559 |
|
|
|
156,714 |
|
|
|
158,058 |
|
|
|
160,981 |
|
|
|
150,480 |
|
|
|
152,802 |
|
|
|
146,016 |
|
|
|
145,291 |
|
Total loans |
|
$ |
1,877,132 |
|
|
$ |
1,880,112 |
|
|
$ |
1,821,377 |
|
|
$ |
1,781,884 |
|
|
$ |
1,779,429 |
|
|
$ |
1,548,094 |
|
|
$ |
1,449,430 |
|
|
$ |
1,438,245 |
|
NONPERFORMING
LOANS BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction &
development |
|
$ |
970 |
|
|
$ |
1,073 |
|
|
$ |
1,436 |
|
|
$ |
1,444 |
|
|
$ |
1,010 |
|
|
$ |
391 |
|
|
$ |
416 |
|
|
$ |
392 |
|
Commercial real
estate |
|
|
6,471 |
|
|
|
7,620 |
|
|
|
3,894 |
|
|
|
3,830 |
|
|
|
3,992 |
|
|
|
1,795 |
|
|
|
2,141 |
|
|
|
2,247 |
|
Commercial |
|
|
6,142 |
|
|
|
12,791 |
|
|
|
13,800 |
|
|
|
13,461 |
|
|
|
13,491 |
|
|
|
11,727 |
|
|
|
5,114 |
|
|
|
5,447 |
|
One-to-four family
residential |
|
|
2,904 |
|
|
|
2,982 |
|
|
|
3,120 |
|
|
|
3,448 |
|
|
|
1,777 |
|
|
|
1,016 |
|
|
|
1,216 |
|
|
|
1,065 |
|
Consumer |
|
|
123 |
|
|
|
58 |
|
|
|
75 |
|
|
|
84 |
|
|
|
88 |
|
|
|
148 |
|
|
|
- |
|
|
|
- |
|
Total nonperforming
loans |
|
$ |
16,610 |
|
|
$ |
24,524 |
|
|
$ |
22,325 |
|
|
$ |
22,267 |
|
|
$ |
20,358 |
|
|
$ |
15,077 |
|
|
$ |
8,887 |
|
|
$ |
9,151 |
|
NONPERFORMING
LOANS BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma
banking**** |
|
$ |
12,006 |
|
|
$ |
12,275 |
|
|
$ |
9,268 |
|
|
$ |
7,978 |
|
|
$ |
6,948 |
|
|
$ |
2,846 |
|
|
$ |
1,670 |
|
|
$ |
2,244 |
|
Texas banking |
|
|
4,140 |
|
|
|
11,805 |
|
|
|
12,586 |
|
|
|
13,521 |
|
|
|
12,450 |
|
|
|
11,025 |
|
|
|
5,353 |
|
|
|
5,264 |
|
Kansas banking |
|
|
464 |
|
|
|
444 |
|
|
|
471 |
|
|
|
768 |
|
|
|
960 |
|
|
|
1,206 |
|
|
|
1,864 |
|
|
|
1,643 |
|
Total nonperforming
loans |
|
$ |
16,610 |
|
|
$ |
24,524 |
|
|
$ |
22,325 |
|
|
$ |
22,267 |
|
|
$ |
20,358 |
|
|
$ |
15,077 |
|
|
$ |
8,887 |
|
|
$ |
9,151 |
|
OTHER REAL
ESTATE BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction &
development |
|
$ |
- |
|
|
$ |
1,756 |
|
|
$ |
1,962 |
|
|
$ |
2,060 |
|
|
$ |
2,060 |
|
|
$ |
2,025 |
|
|
$ |
2,035 |
|
|
$ |
2,035 |
|
Commercial real
estate |
|
|
350 |
|
|
|
350 |
|
|
|
160 |
|
|
|
214 |
|
|
|
214 |
|
|
|
249 |
|
|
|
358 |
|
|
|
220 |
|
Total other real
estate |
|
$ |
350 |
|
|
$ |
2,106 |
|
|
$ |
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 |
|
|
350 |
|
|
|
2,106 |
|
|
|
1,902 |
|
|
|
2,000 |
|
|
|
2,000 |
|
|
|
2,025 |
|
|
|
2,000 |
|
|
|
2,000 |
|
Kansas banking |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
49 |
|
|
|
193 |
|
|
|
255 |
|
Total other real
estate |
|
$ |
350 |
|
|
$ |
2,106 |
|
|
$ |
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 |
|
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
POTENTIAL
PROBLEM LOANS BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction &
development |
|
$ |
589 |
|
|
$ |
588 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
201 |
|
Commercial real
estate |
|
|
13,831 |
|
|
|
12,212 |
|
|
|
33,472 |
|
|
|
36,216 |
|
|
|
26,981 |
|
|
|
22,362 |
|
|
|
20,375 |
|
|
|
24,672 |
|
Commercial |
|
|
27,621 |
|
|
|
30,555 |
|
|
|
29,537 |
|
|
|
29,931 |
|
|
|
9,879 |
|
|
|
7,366 |
|
|
|
14,519 |
|
|
|
14,016 |
|
One-to-four family
residential |
|
|
1,980 |
|
|
|
2,119 |
|
|
|
1,353 |
|
|
|
2,275 |
|
|
|
2,285 |
|
|
|
79 |
|
|
|
80 |
|
|
|
81 |
|
Consumer |
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
38 |
|
|
|
10 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total potential problem
loans |
|
$ |
44,023 |
|
|
$ |
45,476 |
|
|
$ |
64,364 |
|
|
$ |
68,460 |
|
|
$ |
39,155 |
|
|
$ |
29,807 |
|
|
$ |
34,974 |
|
|
$ |
38,970 |
|
POTENTIAL
PROBLEM LOANS BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma
banking**** |
|
$ |
20,258 |
|
|
$ |
21,780 |
|
|
$ |
43,895 |
|
|
$ |
46,102 |
|
|
$ |
32,970 |
|
|
$ |
23,597 |
|
|
$ |
23,231 |
|
|
$ |
26,713 |
|
Texas banking |
|
|
19,807 |
|
|
|
21,029 |
|
|
|
17,726 |
|
|
|
18,801 |
|
|
|
4,165 |
|
|
|
4,086 |
|
|
|
9,180 |
|
|
|
9,541 |
|
Kansas banking |
|
|
3,958 |
|
|
|
2,667 |
|
|
|
2,743 |
|
|
|
3,557 |
|
|
|
2,020 |
|
|
|
2,124 |
|
|
|
2,563 |
|
|
|
2,716 |
|
Total potential problem
loans |
|
$ |
44,023 |
|
|
$ |
45,476 |
|
|
$ |
64,364 |
|
|
$ |
68,460 |
|
|
$ |
39,155 |
|
|
$ |
29,807 |
|
|
$ |
34,974 |
|
|
$ |
38,970 |
|
ALLOWANCE
ACTIVITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period |
|
$ |
28,452 |
|
|
$ |
26,876 |
|
|
$ |
27,168 |
|
|
$ |
26,106 |
|
|
$ |
26,593 |
|
|
$ |
26,219 |
|
|
$ |
27,250 |
|
|
$ |
28,452 |
|
Charge-offs |
|
|
2,108 |
|
|
|
626 |
|
|
|
538 |
|
|
|
3,725 |
|
|
|
569 |
|
|
|
226 |
|
|
|
325 |
|
|
|
230 |
|
Recoveries |
|
|
2,531 |
|
|
|
489 |
|
|
|
236 |
|
|
|
412 |
|
|
|
648 |
|
|
|
577 |
|
|
|
430 |
|
|
|
915 |
|
Net
charge-offs (recoveries) |
|
|
(423 |
) |
|
|
137 |
|
|
|
302 |
|
|
|
3,313 |
|
|
|
(79 |
) |
|
|
(351 |
) |
|
|
(105 |
) |
|
|
(685 |
) |
Provision (credit) for
loan losses |
|
|
(1,329 |
) |
|
|
1,713 |
|
|
|
10 |
|
|
|
4,375 |
|
|
|
(566 |
) |
|
|
23 |
|
|
|
(1,136 |
) |
|
|
(1,887 |
) |
Balance,
end of period |
|
$ |
27,546 |
|
|
$ |
28,452 |
|
|
$ |
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 |
|
|
(84 |
) |
|
|
108 |
|
|
|
(44 |
) |
|
|
(187 |
) |
|
|
219 |
|
|
|
24 |
|
|
|
82 |
|
|
|
(118 |
) |
Commercial |
|
|
(357 |
) |
|
|
(64 |
) |
|
|
82 |
|
|
|
3,408 |
|
|
|
(286 |
) |
|
|
(325 |
) |
|
|
(52 |
) |
|
|
(188 |
) |
One-to-four family
residential |
|
|
(16 |
) |
|
|
44 |
|
|
|
(12 |
) |
|
|
41 |
|
|
|
(48 |
) |
|
|
(68 |
) |
|
|
(91 |
) |
|
|
(331 |
) |
Consumer |
|
|
34 |
|
|
|
49 |
|
|
|
276 |
|
|
|
51 |
|
|
|
36 |
|
|
|
34 |
|
|
|
(29 |
) |
|
|
(53 |
) |
Total net charge-offs
(recoveries) by type |
|
$ |
(423 |
) |
|
$ |
137 |
|
|
$ |
302 |
|
|
$ |
3,313 |
|
|
$ |
(79 |
) |
|
$ |
(351 |
) |
|
$ |
(105 |
) |
|
$ |
(685 |
) |
NET CHARGE-OFFS
BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma
banking**** |
|
$ |
(178 |
) |
|
$ |
34 |
|
|
$ |
127 |
|
|
$ |
458 |
|
|
$ |
288 |
|
|
$ |
(86 |
) |
|
$ |
25 |
|
|
$ |
(309 |
) |
Texas banking |
|
|
(168 |
) |
|
|
180 |
|
|
|
211 |
|
|
|
952 |
|
|
|
(415 |
) |
|
|
(103 |
) |
|
|
(72 |
) |
|
|
(114 |
) |
Kansas banking |
|
|
(77 |
) |
|
|
(77 |
) |
|
|
(36 |
) |
|
|
1,903 |
|
|
|
48 |
|
|
|
(162 |
) |
|
|
(58 |
) |
|
|
(262 |
) |
Total net charge-offs
(recoveries) by segment |
|
$ |
(423 |
) |
|
$ |
137 |
|
|
$ |
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 |
|
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
PER SHARE
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share |
|
$ |
0.33 |
|
$ |
0.23 |
|
$ |
0.29 |
|
$ |
0.10 |
|
$ |
0.23 |
|
$ |
0.22 |
|
$ |
0.22 |
|
$ |
0.24 |
Diluted earnings per
common share |
|
|
0.33 |
|
|
0.23 |
|
|
0.28 |
|
|
0.10 |
|
|
0.23 |
|
|
0.22 |
|
|
0.22 |
|
|
0.24 |
Common dividends
declared per share |
|
|
0.08 |
|
|
0.08 |
|
|
0.08 |
|
|
0.08 |
|
|
0.06 |
|
|
0.06 |
|
|
0.06 |
|
|
0.06 |
Book value per common
share |
|
|
15.35 |
|
|
15.19 |
|
|
15.06 |
|
|
14.81 |
|
|
14.80 |
|
|
14.57 |
|
|
14.38 |
|
|
14.26 |
Tangible book value per
share* |
|
|
14.50 |
|
|
14.33 |
|
|
14.20 |
|
|
13.97 |
|
|
13.98 |
|
|
14.49 |
|
|
14.29 |
|
|
14.17 |
COMMON
STOCK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
|
21,230,714 |
|
|
21,223,895 |
|
|
21,223,613 |
|
|
21,225,034 |
|
|
21,138,028 |
|
|
19,901,336 |
|
|
19,900,855 |
|
|
19,900,350 |
Less treasury
shares |
|
|
2,555,987 |
|
|
2,538,510 |
|
|
2,472,830 |
|
|
1,939,989 |
|
|
1,131,226 |
|
|
868,617 |
|
|
867,310 |
|
|
867,310 |
Outstanding shares |
|
|
18,674,727 |
|
|
18,685,385 |
|
|
18,750,783 |
|
|
19,285,045 |
|
|
20,006,802 |
|
|
19,032,719 |
|
|
19,033,545 |
|
|
19,033,040 |
Diluted outstanding
shares |
|
|
18,551,146 |
|
|
18,545,614 |
|
|
18,677,912 |
|
|
19,267,473 |
|
|
19,866,477 |
|
|
18,846,561 |
|
|
18,863,977 |
|
|
18,934,175 |
OTHER FINANCIAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities |
|
$ |
436,661 |
|
$ |
427,938 |
|
$ |
422,296 |
|
$ |
423,030 |
|
$ |
412,128 |
|
$ |
388,543 |
|
$ |
373,260 |
|
$ |
377,545 |
Loans held for
sale |
|
|
4,386 |
|
|
7,899 |
|
|
7,010 |
|
|
1,803 |
|
|
7,453 |
|
|
7,024 |
|
|
6,687 |
|
|
9,106 |
Portfolio loans |
|
|
1,872,746 |
|
|
1,872,213 |
|
|
1,814,367 |
|
|
1,780,081 |
|
|
1,771,975 |
|
|
1,541,070 |
|
|
1,442,743 |
|
|
1,429,139 |
Total loans |
|
|
1,877,132 |
|
|
1,880,112 |
|
|
1,821,377 |
|
|
1,781,884 |
|
|
1,779,428 |
|
|
1,548,094 |
|
|
1,449,430 |
|
|
1,438,245 |
Total assets |
|
|
2,475,392 |
|
|
2,468,042 |
|
|
2,402,262 |
|
|
2,360,819 |
|
|
2,357,022 |
|
|
2,059,899 |
|
|
2,031,581 |
|
|
2,003,079 |
Total deposits |
|
|
1,946,018 |
|
|
1,947,924 |
|
|
1,902,865 |
|
|
1,895,248 |
|
|
1,884,105 |
|
|
1,626,250 |
|
|
1,624,446 |
|
|
1,616,454 |
Other borrowings |
|
|
183,814 |
|
|
173,971 |
|
|
153,568 |
|
|
117,763 |
|
|
110,927 |
|
|
96,801 |
|
|
75,839 |
|
|
58,578 |
Subordinated
debentures |
|
|
46,393 |
|
|
46,393 |
|
|
46,393 |
|
|
46,393 |
|
|
51,548 |
|
|
46,393 |
|
|
46,393 |
|
|
46,393 |
Total shareholders'
equity |
|
|
286,629 |
|
|
283,820 |
|
|
282,360 |
|
|
285,661 |
|
|
296,098 |
|
|
277,344 |
|
|
273,681 |
|
|
271,444 |
Mortgage servicing
portfolio |
|
|
460,646 |
|
|
453,988 |
|
|
443,568 |
|
|
434,340 |
|
|
432,318 |
|
|
422,845 |
|
|
415,961 |
|
|
407,903 |
INTANGIBLE
ASSET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
$ |
13,545 |
|
$ |
13,545 |
|
$ |
13,467 |
|
$ |
13,467 |
|
$ |
13,467 |
|
$ |
1,214 |
|
$ |
1,214 |
|
$ |
1,214 |
Core deposit
intangible |
|
|
2,299 |
|
|
2,438 |
|
|
2,584 |
|
|
2,734 |
|
|
2,894 |
|
|
342 |
|
|
405 |
|
|
467 |
Mortgage servicing
rights |
|
|
3,491 |
|
|
3,381 |
|
|
3,350 |
|
|
3,411 |
|
|
3,721 |
|
|
3,631 |
|
|
3,518 |
|
|
3,399 |
Total
intangible assets |
|
$ |
19,335 |
|
$ |
19,364 |
|
$ |
19,401 |
|
$ |
19,612 |
|
$ |
20,082 |
|
$ |
5,187 |
|
$ |
5,137 |
|
$ |
5,080 |
Intangible amortization
expense |
|
$ |
275 |
|
$ |
344 |
|
$ |
350 |
|
$ |
341 |
|
$ |
330 |
|
$ |
243 |
|
$ |
243 |
|
$ |
168 |
DEPOSIT
COMPOSITION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
demand |
|
$ |
551,709 |
|
$ |
550,121 |
|
$ |
545,421 |
|
$ |
552,499 |
|
$ |
596,494 |
|
$ |
526,159 |
|
$ |
515,156 |
|
$ |
506,952 |
Interest-bearing
demand |
|
|
152,656 |
|
|
146,583 |
|
|
160,886 |
|
|
168,210 |
|
|
151,015 |
|
|
114,877 |
|
|
131,547 |
|
|
140,659 |
Money market
accounts |
|
|
567,058 |
|
|
576,550 |
|
|
547,415 |
|
|
540,323 |
|
|
534,357 |
|
|
502,028 |
|
|
496,178 |
|
|
488,569 |
Savings accounts |
|
|
56,410 |
|
|
54,849 |
|
|
55,209 |
|
|
56,235 |
|
|
56,333 |
|
|
36,163 |
|
|
35,647 |
|
|
34,413 |
Time deposits of
$100,000 or more |
|
|
360,307 |
|
|
347,976 |
|
|
323,137 |
|
|
314,496 |
|
|
311,538 |
|
|
238,318 |
|
|
233,105 |
|
|
227,426 |
Other time
deposits |
|
|
257,878 |
|
|
271,845 |
|
|
270,797 |
|
|
263,485 |
|
|
234,368 |
|
|
208,705 |
|
|
212,813 |
|
|
218,435 |
Total
deposits** |
|
$ |
1,946,018 |
|
$ |
1,947,924 |
|
$ |
1,902,865 |
|
$ |
1,895,248 |
|
$ |
1,884,105 |
|
$ |
1,626,250 |
|
$ |
1,624,446 |
|
$ |
1,616,454 |
OFFICES AND
EMPLOYEES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FTE Employees |
|
|
387 |
|
|
393 |
|
|
410 |
|
|
411 |
|
|
412 |
|
|
358 |
|
|
361 |
|
|
360 |
Banking Centers |
|
|
31 |
|
|
31 |
|
|
33 |
|
|
33 |
|
|
33 |
|
|
24 |
|
|
24 |
|
|
23 |
Assets per
employee |
|
$ |
6,396 |
|
$ |
6,280 |
|
$ |
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 |
|
$ |
1,946,018 |
|
$ |
1,947,924 |
|
$ |
1,902,865 |
|
$ |
1,895,248 |
|
$ |
1,884,105 |
|
$ |
1,626,250 |
|
$ |
1,624,446 |
|
$ |
1,616,454 |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokered
time deposits |
|
|
64,652 |
|
|
65,398 |
|
|
61,709 |
|
|
55,901 |
|
|
39,797 |
|
|
10,086 |
|
|
7,683 |
|
|
7,694 |
Other
brokered deposits |
|
|
206,590 |
|
|
214,175 |
|
|
175,367 |
|
|
140,372 |
|
|
135,880 |
|
|
133,025 |
|
|
103,025 |
|
|
83,025 |
Non-brokered deposits |
|
$ |
1,674,776 |
|
$ |
1,668,351 |
|
$ |
1,665,789 |
|
$ |
1,698,975 |
|
$ |
1,708,428 |
|
$ |
1,483,139 |
|
$ |
1,513,738 |
|
$ |
1,525,735 |
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweep repurchase agreements |
|
|
45,814 |
|
|
46,971 |
|
|
42,568 |
|
|
42,763 |
|
|
37,273 |
|
|
50,801 |
|
|
50,839 |
|
|
33,578 |
Core
funding |
|
$ |
1,720,590 |
|
$ |
1,715,322 |
|
$ |
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 |
|
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
PERFORMANCE
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (annualized) |
|
|
1.00 |
% |
|
|
0.70 |
% |
|
|
0.91 |
% |
|
|
0.32 |
% |
|
|
0.78 |
% |
|
|
0.81 |
% |
|
|
0.85 |
% |
|
|
0.92 |
% |
Return on average
common equity (annualized) |
|
|
8.59 |
|
|
|
5.97 |
|
|
|
7.67 |
|
|
|
2.56 |
|
|
|
6.14 |
|
|
|
5.94 |
|
|
|
6.11 |
|
|
|
6.78 |
|
Return on average
tangible common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(annualized)* |
|
|
9.10 |
|
|
|
6.33 |
|
|
|
8.13 |
|
|
|
2.71 |
|
|
|
6.46 |
|
|
|
5.97 |
|
|
|
6.14 |
|
|
|
6.82 |
|
Net interest margin
(annualized) |
|
|
3.40 |
|
|
|
3.42 |
|
|
|
3.48 |
|
|
|
3.54 |
|
|
|
3.48 |
|
|
|
3.34 |
|
|
|
3.31 |
|
|
|
3.25 |
|
Total dividends
declared to net income |
|
|
24.23 |
|
|
|
35.14 |
|
|
|
28.35 |
|
|
|
84.66 |
|
|
|
26.22 |
|
|
|
27.53 |
|
|
|
27.45 |
|
|
|
25.19 |
|
Effective tax rate |
|
|
37.38 |
|
|
|
34.45 |
|
|
|
34.70 |
|
|
|
35.19 |
|
|
|
35.96 |
|
|
|
35.84 |
|
|
|
34.51 |
|
|
|
37.49 |
|
Efficiency ratio |
|
|
64.34 |
|
|
|
66.09 |
|
|
|
65.70 |
|
|
|
67.48 |
|
|
|
72.17 |
|
|
|
68.16 |
|
|
|
71.83 |
|
|
|
71.69 |
|
NONPERFORMING
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
16,267 |
|
|
$ |
24,109 |
|
|
$ |
22,259 |
|
|
$ |
22,161 |
|
|
$ |
19,858 |
|
|
$ |
15,076 |
|
|
$ |
8,887 |
|
|
$ |
9,151 |
|
90 days past due and
accruing |
|
|
343 |
|
|
|
415 |
|
|
|
66 |
|
|
|
106 |
|
|
|
500 |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
Total
nonperforming loans |
|
|
16,610 |
|
|
|
24,524 |
|
|
|
22,325 |
|
|
|
22,267 |
|
|
|
20,358 |
|
|
|
15,077 |
|
|
|
8,887 |
|
|
|
9,151 |
|
Other real estate |
|
|
350 |
|
|
|
2,106 |
|
|
|
2,122 |
|
|
|
2,274 |
|
|
|
2,274 |
|
|
|
2,274 |
|
|
|
2,393 |
|
|
|
2,255 |
|
Total
nonperforming assets |
|
$ |
16,960 |
|
|
$ |
26,630 |
|
|
$ |
24,447 |
|
|
$ |
24,541 |
|
|
$ |
22,632 |
|
|
$ |
17,351 |
|
|
$ |
11,280 |
|
|
$ |
11,406 |
|
Potential problem
loans |
|
$ |
44,023 |
|
|
$ |
45,476 |
|
|
$ |
64,364 |
|
|
$ |
68,460 |
|
|
$ |
39,155 |
|
|
$ |
29,807 |
|
|
$ |
34,974 |
|
|
$ |
38,970 |
|
ASSET QUALITY
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to
portfolio loans and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
real estate |
|
|
0.91 |
% |
|
|
1.42 |
% |
|
|
1.35 |
% |
|
|
1.38 |
% |
|
|
1.28 |
% |
|
|
1.12 |
% |
|
|
0.78 |
% |
|
|
0.80 |
% |
Nonperforming loans to
portfolio loans |
|
|
0.89 |
|
|
|
1.31 |
|
|
|
1.23 |
|
|
|
1.25 |
|
|
|
1.15 |
|
|
|
0.98 |
|
|
|
0.62 |
|
|
|
0.64 |
|
Allowance for loan
losses to portfolio loans |
|
|
1.47 |
|
|
|
1.52 |
|
|
|
1.48 |
|
|
|
1.53 |
|
|
|
1.47 |
|
|
|
1.73 |
|
|
|
1.82 |
|
|
|
1.91 |
|
Allowance for loan
losses to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nonperforming loans |
|
|
165.84 |
|
|
|
116.02 |
|
|
|
120.39 |
|
|
|
122.01 |
|
|
|
128.23 |
|
|
|
176.38 |
|
|
|
295.03 |
|
|
|
297.78 |
|
Net loan charge-offs to
average portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loans
(annualized) |
|
|
(0.09 |
) |
|
|
0.03 |
|
|
|
0.07 |
|
|
|
0.75 |
|
|
|
(0.02 |
) |
|
|
(0.09 |
) |
|
|
(0.03 |
) |
|
|
(0.20 |
) |
CAPITAL
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average
assets |
|
|
11.62 |
% |
|
|
11.75 |
% |
|
|
11.93 |
% |
|
|
12.42 |
% |
|
|
12.77 |
% |
|
|
13.59 |
% |
|
|
13.87 |
% |
|
|
13.59 |
% |
Leverage ratio |
|
|
13.02 |
|
|
|
13.07 |
|
|
|
13.18 |
|
|
|
13.45 |
|
|
|
14.41 |
|
|
|
15.84 |
|
|
|
16.12 |
|
|
|
15.75 |
|
Common equity tier 1
capital |
|
|
12.36 |
|
|
|
11.95 |
|
|
|
12.22 |
|
|
|
12.13 |
|
|
|
13.21 |
|
|
|
14.57 |
|
|
|
15.30 |
|
|
|
15.51 |
|
Tier 1 capital to
risk-weighted assets |
|
|
14.40 |
|
|
|
13.95 |
|
|
|
14.28 |
|
|
|
14.14 |
|
|
|
15.53 |
|
|
|
16.95 |
|
|
|
17.84 |
|
|
|
18.10 |
|
Total capital to
risk-weighted assets |
|
|
15.66 |
|
|
|
15.21 |
|
|
|
15.53 |
|
|
|
15.39 |
|
|
|
16.79 |
|
|
|
18.21 |
|
|
|
19.09 |
|
|
|
19.36 |
|
Tangible common equity
to tangible assets*** |
|
|
11.01 |
|
|
|
10.92 |
|
|
|
11.16 |
|
|
|
11.49 |
|
|
|
11.95 |
|
|
|
13.40 |
|
|
|
13.40 |
|
|
|
13.48 |
|
REGULATORY
CAPITAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1
capital |
|
$ |
272,882 |
|
|
$ |
268,045 |
|
|
$ |
266,612 |
|
|
$ |
270,564 |
|
|
$ |
282,737 |
|
|
$ |
275,350 |
|
|
$ |
272,048 |
|
|
$ |
269,007 |
|
Tier I capital |
|
|
317,882 |
|
|
|
313,045 |
|
|
|
311,612 |
|
|
|
315,326 |
|
|
|
332,468 |
|
|
|
320,350 |
|
|
|
317,048 |
|
|
|
314,007 |
|
Total capital |
|
|
345,597 |
|
|
|
341,196 |
|
|
|
338,968 |
|
|
|
343,287 |
|
|
|
359,300 |
|
|
|
344,095 |
|
|
|
339,412 |
|
|
|
335,734 |
|
Total risk adjusted
assets |
|
|
2,207,508 |
|
|
|
2,243,895 |
|
|
|
2,182,051 |
|
|
|
2,230,326 |
|
|
|
2,140,344 |
|
|
|
1,889,892 |
|
|
|
1,777,618 |
|
|
|
1,734,401 |
|
Average total
assets |
|
|
2,440,918 |
|
|
|
2,395,991 |
|
|
|
2,363,834 |
|
|
|
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 |
|
$ |
286,629 |
|
|
$ |
283,820 |
|
|
$ |
282,360 |
|
|
$ |
285,661 |
|
|
$ |
296,098 |
|
|
$ |
277,344 |
|
|
$ |
273,681 |
|
|
$ |
271,444 |
|
Less
goodwill and core deposit intangible |
|
|
15,844 |
|
|
|
15,983 |
|
|
|
16,051 |
|
|
|
16,201 |
|
|
|
16,361 |
|
|
|
1,556 |
|
|
|
1,619 |
|
|
|
1,681 |
|
Tangible
common equity |
|
$ |
270,785 |
|
|
$ |
267,837 |
|
|
$ |
266,309 |
|
|
$ |
269,460 |
|
|
$ |
279,737 |
|
|
$ |
275,788 |
|
|
$ |
272,062 |
|
|
$ |
269,763 |
|
Total
assets |
|
$ |
2,475,392 |
|
|
$ |
2,468,042 |
|
|
$ |
2,402,262 |
|
|
$ |
2,360,819 |
|
|
$ |
2,357,022 |
|
|
$ |
2,059,899 |
|
|
$ |
2,031,581 |
|
|
$ |
2,003,079 |
|
Less
goodwill and core deposit intangible |
|
|
15,844 |
|
|
|
15,983 |
|
|
|
16,051 |
|
|
|
16,201 |
|
|
|
16,361 |
|
|
|
1,556 |
|
|
|
1,619 |
|
|
|
1,681 |
|
Tangible
assets |
|
$ |
2,459,548 |
|
|
$ |
2,452,059 |
|
|
$ |
2,386,211 |
|
|
$ |
2,344,618 |
|
|
$ |
2,340,661 |
|
|
$ |
2,058,343 |
|
|
$ |
2,029,962 |
|
|
$ |
2,001,398 |
|
Total
shareholders' equity to total assets |
|
|
11.58 |
% |
|
|
11.50 |
% |
|
|
11.75 |
% |
|
|
12.10 |
% |
|
|
12.56 |
% |
|
|
13.46 |
% |
|
|
13.47 |
% |
|
|
13.55 |
% |
Tangible
common equity to tangible assets |
|
|
11.01 |
% |
|
|
10.92 |
% |
|
|
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