Southwest Bancorp, Inc. (NASDAQ:OKSB), (“Southwest”), today
reported net income for the first quarter of 2017 of $5.3 million,
or $0.28 per diluted share, compared to $1.9 million, or $0.10 per
diluted share, for the first quarter of 2016. The increase was
attributable to an improved net interest margin, lower loan loss
provision, and stronger noninterest income.
Southwest announced that its board of directors
has approved a quarterly cash dividend of $0.08 per share payable
May 19, 2017 to shareholders of record as of May 5, 2017.
Mark Funke, President and CEO, stated, “This
quarter’s solid loan growth combined with the improvement in net
interest margin and stronger noninterest income provided momentum
for the good results in the first quarter. Here are several
highlights from this quarter:
- At March 31, 2017, total loans were $1.9 billion, an increase
of $59.3 million, or 3%, during the quarter and an increase of
$154.6 million, or 9% year over year.
- The quarterly net interest margin was 3.43% at March 31, 2017,
which improved from the previous quarter. The net interest margin
was 3.40% at December 31, 2016 and 3.54% at March 31, 2016.
- Pre-tax, pre-provision income was $9.4 million in the first
quarter, an increase of 9% from $8.6 million in the fourth quarter
of 2016, and an increase of 25% from $7.5 million for the first
quarter of 2016.
- The efficiency ratio for the first quarter of 2017 was 63.30%,
compared to 64.34% for the fourth quarter of 2016 and 67.48% for
the first quarter of 2016.”
See Table 3 for details on pre-tax, pre-provision
income, which is a non-GAAP financial measure.
Financial Overview
Condition: As of March
31, 2017, total assets were $2.5 billion, an increase of $47.2
million, when compared to December 31, 2016. As of March 31, 2017,
total loans were $1.9 billion, an increase of $59.3 million from
the prior quarter end. As of March 31, 2017, investment securities
were $433.1 million, a decrease of $3.6 million from the prior
quarter end. Cash and cash equivalents at March 31, 2017 were $65.1
million, a decrease of $10.5 million from December 31,
2016.
The allowance for loan losses was $27.5 million
at March 31, 2017 and December 31, 2016 and an increase of $0.4
million when compared to March 31, 2016. The allowance for loan
losses to portfolio loans was 1.43% as of March 31, 2017, compared
to 1.47% as of December 31, 2016, and 1.53% as of March 31, 2016.
The allowance for loan losses to nonperforming loans was 166.01% as
of March 31, 2017, compared to 165.84% as of December 31, 2016 and
122.01% as of March 31, 2016. The total allowance for loan losses
combined with the purchase discount on acquired loans represents
1.63% of gross loans as of March 31, 2017 compared to 1.71% as of
December 31, 2016 and 1.96% as of March 31, 2016.
Nonperforming loans were $16.6 million at March
31, 2017 and virtually the same amount at December 31, 2016 and
down $5.7 million from $22.3 million at March 31, 2016. Other real
estate was $0.4 million at March 31, 2017 and December 31, 2016,
and down from $2.3 million at March 31, 2016. Nonperforming assets
were $16.9 million, or 0.88% of portfolio loans and other real
estate, as of March 31, 2017, compared to $17.0 million, or 0.91%
of portfolio loans and other real estate, as of December 31, 2016,
and $24.5 million, or 1.38% of portfolio loans and other real
estate, as of March 31, 2016.
As of March 31, 2017, total deposits were $2.0
billion, an increase of $31.2 million, when compared to December
31, 2016. Total core funding, which includes all non-brokered
deposits and sweep repurchase agreements, comprised 79% of total
funding as of March 31, 2017 compared to 81% as of December 31,
2016. Wholesale funding, including Federal Home Loan Bank
borrowings and brokered deposits, accounted for 21% of total
funding at March 31, 2017 and 19% of total funding at December 31,
2016. See Table 6 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 March 31, 2017 exceeded the criteria for regulatory
classification as “well-capitalized”. Southwest’s total regulatory
capital was $349.6 million, for a total risk-based capital ratio of
15.44%, Common Equity Tier 1 capital was $276.2 million, for a
Common Equity Tier 1 ratio of 12.20%, and Tier 1 capital was $321.2
million, for a Tier 1 risk-based capital ratio of 14.19%. Bank SNB
had total regulatory capital of $334.3 million, for a total
risk-based capital ratio of 14.79% and Common Equity Tier 1 and
Tier 1 capital of $305.9 million, for a Common Equity Tier 1 and
Tier 1 risk-based capital ratio of 13.54%. Designation as a
well-capitalized institution under regulations does not constitute
a recommendation or endorsement by bank regulators.
First Quarter Results:
Summary: For the first
quarter of 2017, net income was $5.3 million, compared to $6.2
million for the fourth quarter of 2016 and $1.9 million for the
first quarter of 2016. Pre-tax, pre-provision income for the first
quarter of 2017 was $9.4 million, compared to $8.6 million for the
fourth quarter of 2016 and $7.5 million for the first quarter of
2016. The fourth quarter of 2016 includes $0.9 million of merger
related costs associated with the recently announced merger with
Simmons First National Corporation.
The $0.9 million decrease in net income compared
to the fourth quarter of 2016 was primarily due to a $1.3 million
credit provision for loan losses recorded in the fourth quarter of
2016 versus a $1.8 million provision recorded in the first quarter
of 2017. This decrease in net income is partially offset by a $0.1
million increase in net interest income, a $0.6 million increase in
noninterest income, a $0.5 million decrease in noninterest expense
and a $1.0 million decrease in income taxes.
The $3.4 million increase in net income compared
to the first quarter of 2016 was due to a $0.3 million increase in
net interest income, a $2.6 million decrease in the provision for
loan losses, a $1.5 million increase in noninterest income and a
$0.7 million decrease in noninterest expense, offset by a $1.7
million increase in income taxes.
Net Interest
Income: Net interest income totaled
$20.2 million for the first quarter of 2017, compared to $20.1
million for the fourth quarter of 2016 and $19.8 million for the
first quarter of 2016. Net interest margin was 3.43% for the first
quarter of 2017, compared to 3.40% for the fourth quarter of 2016
and 3.54% for the first quarter of 2016. Interest income for the
first quarter of 2017, the fourth quarter of 2016, and the first
quarter of 2016 includes $0.3 million, $0.1 million and $0.3
million of accelerated discount accretion, respectively. The net
effects of these adjustments on the net interest margins were a 5
basis point, a 2 basis point and a 5 basis point increase,
respectively, for each quarter. Average loans (including loans held
for sale) for the first quarter of 2017 increased $31.8 million
when compared to December 31, 2016, and $110.1 million when
compared to March 31, 2016.
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 $1.8 million for
the first quarter of 2017, compared to a credit provision of $1.3
million for the fourth quarter of 2016, and a provision of $4.4
million for the first quarter of 2016. The first quarter 2017
provision was driven by loan growth and an increase in reserves on
a few classified loans. During the first quarter of 2017, net
charge-offs totaled $1.8 million, or 0.38% (annualized) of average
portfolio loans, compared to net recoveries of $0.4 million, or
(0.09)% (annualized) of average portfolio loans for the fourth
quarter of 2016 and net charge-offs of $3.3 million, or 0.75%
(annualized) of average portfolio loans for the first quarter of
2016.
Noninterest Income:
Noninterest income totaled $4.9 million for the first quarter of
2017, compared to $4.2 million for the fourth quarter of 2016 and
$3.4 million for the first quarter of 2016.
The $0.6 million increase from the fourth
quarter of 2016 is the result of a $0.5 million increase in gain on
sale of investment securities, which resulted from the sale of a
private equity investment during the first quarter of 2017, and a
$0.5 million increase in other noninterest income, which was driven
by a $0.2 million increase in customer risk management interest
rate swap income and a $0.3 million increase in other noninterest
income. These increases were offset in part by a $0.1 million
decrease in service charges and fees and a $0.2 million decrease in
gain on sale of mortgage loans.
The $1.5 million increase from the first quarter
of 2016 is the result of a $0.1 million increase in service charges
and fees, a $0.2 million increase in gain on sale of mortgage
loans, a $0.3 million increase in gain on sale of investment
securities, and a $0.9 million increase in other noninterest
income. The $0.9 million increase in other noninterest income is
primarily driven by a $0.6 million increase in customer risk
management interest rate swap income combined with a $0.3 million
increase in other noninterest income.
Noninterest Expense:
Noninterest expense totaled $15.3 million for the first quarter of
2017, compared to $15.8 million for the fourth quarter of 2016 and
$16.0 million for the first quarter of 2016.
The $0.5 million decrease in noninterest expense
from the fourth quarter of 2016 was due to a $0.2 million decrease
in occupancy, a $0.4 million decrease in the provision for unfunded
loan commitments, and a $0.8 million decrease in general and
administrative expenses, offset in part by a $0.9 million increase
in personnel expense, due to increased incentives, severance costs,
payroll taxes, and benefits.
The $0.7 million decrease in noninterest expense
from the first quarter of 2016 consisted of a $0.3 million decrease
in occupancy, a $0.1 million decrease in data processing, a $0.1
million decrease in FDIC and other insurance expense, a $0.6
million decrease in the provision for unfunded loan commitments and
a $0.2 million decrease in general and administrative expense,
offset in part by a $0.6 million increase in personnel expense.
Income Tax: Income tax
expense totaled $2.7 million for the first quarter of 2017,
compared to $3.7 million for the fourth quarter of 2016 and $1.0
million for the first quarter of 2016. The income tax expense
fluctuates in relation to pre-tax income levels. The first quarter
of 2017 effective tax rate was 33.71%, compared to 37.38% for the
fourth quarter of 2016 and 35.19% for the first quarter of 2016.
The effective tax rate includes a $0.2 million tax benefit due to
the adoption of an accounting principle that became effective
January 1, 2017. The effective tax rate in the fourth quarter of
2016 included the impact of certain nondeductible merger costs.
Conference Call
Southwest will host a conference call to review
these results on Wednesday, April 26, 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/10104035. 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/oksb170426.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 May 26,
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 March
31, 2017, Southwest had total assets of approximately $2.5 billion,
deposits of $1.9 billion, and shareholders’ equity of $290.9
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 March 31, 2017, approximately $431.6
million, or 22%, 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 our planned merger with Simmons First
National Corporation;
- 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, 2016. 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 March 31, 2017
through the date its financial statements are filed with the
Securities and Exchange Commission. The March 31, 2017 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 Quarterly
Summary Loan Data |
|
Table
5 |
Unaudited Quarterly
Summary Financial Data |
|
Table
6 |
Unaudited Quarterly
Supplemental Analytical Data |
|
Table
7 |
|
|
|
SOUTHWEST
BANCORP, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 1 |
UNAUDITED FINANCIAL HIGHLIGHTS |
(Dollars
in thousands, except per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter |
|
Fourth Quarter |
QUARTERLY
HIGHLIGHTS |
|
2017 |
|
2016 |
|
% Change |
|
2016 |
|
% Change |
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
$ |
20,163 |
|
|
$ |
19,840 |
|
|
2 |
% |
|
$ |
20,103 |
|
|
0 |
% |
Provision
(credit) for loan losses |
|
|
1,776 |
|
|
|
4,375 |
|
|
(59 |
) |
|
|
(1,329 |
) |
|
234 |
|
Noninterest income |
|
|
4,880 |
|
|
|
3,415 |
|
|
43 |
|
|
|
4,244 |
|
|
15 |
|
Noninterest expense |
|
|
15,303 |
|
|
|
15,996 |
|
|
(4 |
) |
|
|
15,826 |
|
|
(3 |
) |
Income
before taxes |
|
|
7,964 |
|
|
|
2,884 |
|
|
176 |
|
|
|
9,850 |
|
|
(19 |
) |
Taxes on
income |
|
|
2,685 |
|
|
|
1,015 |
|
|
165 |
|
|
|
3,682 |
|
|
(27 |
) |
Net
income |
|
|
5,279 |
|
|
|
1,869 |
|
|
182 |
|
|
|
6,168 |
|
|
(14 |
) |
Diluted
earnings per share |
|
|
0.28 |
|
|
|
0.10 |
|
|
180 |
|
|
|
0.33 |
|
|
(14 |
) |
Balance
Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
|
2,522,594 |
|
|
|
2,360,819 |
|
|
7 |
|
|
|
2,475,392 |
|
|
2 |
|
Loans
held for sale |
|
|
4,980 |
|
|
|
1,803 |
|
|
176 |
|
|
|
4,386 |
|
|
14 |
|
Portfolio
loans |
|
|
1,931,463 |
|
|
|
1,780,081 |
|
|
9 |
|
|
|
1,872,746 |
|
|
3 |
|
Total
deposits |
|
|
1,977,265 |
|
|
|
1,895,248 |
|
|
4 |
|
|
|
1,946,018 |
|
|
2 |
|
Total
shareholders' equity |
|
|
290,914 |
|
|
|
285,661 |
|
|
2 |
|
|
|
286,629 |
|
|
1 |
|
Book
value per common share |
|
|
15.57 |
|
|
|
14.81 |
|
|
5 |
|
|
|
15.35 |
|
|
1 |
|
Key
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin |
|
|
3.43 |
% |
|
|
3.54 |
% |
|
|
|
|
3.40 |
% |
|
|
Efficiency ratio |
|
|
63.30 |
|
|
|
67.48 |
|
|
|
|
|
64.34 |
|
|
|
Total
capital to risk-weighted assets |
|
|
15.44 |
|
|
|
15.39 |
|
|
|
|
|
15.66 |
|
|
|
Nonperforming loans to portfolio loans |
|
|
0.86 |
|
|
|
1.25 |
|
|
|
|
|
0.89 |
|
|
|
Shareholders' equity to total assets |
|
|
11.53 |
|
|
|
12.10 |
|
|
|
|
|
11.58 |
|
|
|
Tangible
common equity to tangible assets* |
|
|
10.98 |
|
|
|
11.49 |
|
|
|
|
|
11.01 |
|
|
|
Return on
average assets (annualized) |
|
|
0.86 |
|
|
|
0.32 |
|
|
|
|
|
1.00 |
|
|
|
Return on
average common equity (annualized) |
|
|
7.40 |
|
|
|
2.56 |
|
|
|
|
|
8.59 |
|
|
|
Return on
average tangible common equity (annualized)** |
|
|
7.83 |
|
|
|
2.71 |
|
|
|
|
|
9.10 |
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2017 |
|
2016 |
|
2016 |
Assets |
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
|
$ |
28,400 |
|
|
$ |
36,831 |
|
|
$ |
27,102 |
|
Interest-bearing
deposits |
|
|
36,702 |
|
|
|
38,819 |
|
|
|
40,251 |
|
Cash and
cash equivalents |
|
|
65,102 |
|
|
|
75,650 |
|
|
|
67,353 |
|
Securities held to
maturity (fair values of $10,680, $10,677 and $12,248,
respectively) |
|
|
10,413 |
|
|
|
10,443 |
|
|
|
11,757 |
|
Securities available
for sale (amortized cost of $422,672, $427,113 and $409,093,
respectively) |
|
|
422,640 |
|
|
|
426,218 |
|
|
|
411,273 |
|
Loans held for
sale |
|
|
4,980 |
|
|
|
4,386 |
|
|
|
1,803 |
|
Loans receivable |
|
|
1,931,463 |
|
|
|
1,872,746 |
|
|
|
1,780,081 |
|
Less:
Allowance for loan losses |
|
|
(27,543 |
) |
|
|
(27,546 |
) |
|
|
(27,168 |
) |
Net loans
receivable |
|
|
1,903,920 |
|
|
|
1,845,200 |
|
|
|
1,752,913 |
|
Accrued interest
receivable |
|
|
6,357 |
|
|
|
6,194 |
|
|
|
5,838 |
|
Non-hedge derivative
asset |
|
|
2,043 |
|
|
|
1,235 |
|
|
|
4,307 |
|
Premises and equipment,
net |
|
|
22,341 |
|
|
|
22,808 |
|
|
|
23,533 |
|
Other real estate |
|
|
350 |
|
|
|
350 |
|
|
|
2,274 |
|
Goodwill |
|
|
13,545 |
|
|
|
13,545 |
|
|
|
13,467 |
|
Other intangible
assets, net |
|
|
5,693 |
|
|
|
5,790 |
|
|
|
6,145 |
|
Other assets |
|
|
65,210 |
|
|
|
63,573 |
|
|
|
60,156 |
|
Total
assets |
|
$ |
2,522,594 |
|
|
$ |
2,475,392 |
|
|
$ |
2,360,819 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
$ |
541,021 |
|
|
$ |
551,709 |
|
|
$ |
552,499 |
|
Interest-bearing demand |
|
|
177,676 |
|
|
|
152,656 |
|
|
|
168,210 |
|
Money
market accounts |
|
|
591,368 |
|
|
|
567,058 |
|
|
|
540,323 |
|
Savings
accounts |
|
|
58,387 |
|
|
|
56,410 |
|
|
|
56,235 |
|
Time
deposits of $100,000 or more |
|
|
353,244 |
|
|
|
360,307 |
|
|
|
348,783 |
|
Other
time deposits |
|
|
255,569 |
|
|
|
257,878 |
|
|
|
229,198 |
|
Total
deposits |
|
|
1,977,265 |
|
|
|
1,946,018 |
|
|
|
1,895,248 |
|
Accrued interest
payable |
|
|
1,190 |
|
|
|
1,132 |
|
|
|
894 |
|
Non-hedge derivative
liability |
|
|
2,043 |
|
|
|
1,235 |
|
|
|
4,307 |
|
Other liabilities |
|
|
10,144 |
|
|
|
10,171 |
|
|
|
10,553 |
|
Other borrowings |
|
|
194,645 |
|
|
|
183,814 |
|
|
|
117,763 |
|
Subordinated
debentures |
|
|
46,393 |
|
|
|
46,393 |
|
|
|
46,393 |
|
Total
liabilities |
|
|
2,231,680 |
|
|
|
2,188,763 |
|
|
|
2,075,158 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity |
|
|
|
|
|
|
|
|
|
Common stock - $1 par
value; 40,000,000 shares authorized; |
|
|
|
|
|
|
|
|
|
21,275,434, 21,230,714 and 21,225,034 shares issued,
respectively |
|
|
21,275 |
|
|
|
21,231 |
|
|
|
21,225 |
|
Additional paid-in
capital |
|
|
123,403 |
|
|
|
123,112 |
|
|
|
122,070 |
|
Retained earnings |
|
|
188,638 |
|
|
|
184,840 |
|
|
|
173,496 |
|
Accumulated other
comprehensive (loss) gain |
|
|
(302 |
) |
|
|
(907 |
) |
|
|
546 |
|
Treasury stock, at
cost, 2,586,412, 2,555,987 and 1,939,989 shares, respectively |
|
|
(42,100 |
) |
|
|
(41,647 |
) |
|
|
(31,676 |
) |
Total
shareholders' equity |
|
|
290,914 |
|
|
|
286,629 |
|
|
|
285,661 |
|
Total
liabilities and shareholders' equity |
|
$ |
2,522,594 |
|
|
$ |
2,475,392 |
|
|
$ |
2,360,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST
BANCORP, INC. |
|
|
|
|
|
|
Table 3 |
UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Dollars
in thousands) |
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
March 31, |
|
December 31, |
|
March 31, |
|
2017 |
|
2016 |
|
2016 |
Interest
income |
|
|
|
|
|
|
|
|
Loans |
$ |
20,944 |
|
|
$ |
20,925 |
|
|
$ |
20,030 |
Investment securities |
|
2,052 |
|
|
|
1,761 |
|
|
|
1,965 |
Other
interest-earning assets |
|
75 |
|
|
|
52 |
|
|
|
53 |
Total
interest income |
|
23,071 |
|
|
|
22,738 |
|
|
|
22,048 |
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
1,840 |
|
|
|
1,691 |
|
|
|
1,307 |
Other
borrowings |
|
478 |
|
|
|
354 |
|
|
|
309 |
Subordinated debentures |
|
590 |
|
|
|
590 |
|
|
|
592 |
Total
interest expense |
|
2,908 |
|
|
|
2,635 |
|
|
|
2,208 |
|
|
|
|
|
|
|
|
|
Net interest
income |
|
20,163 |
|
|
|
20,103 |
|
|
|
19,840 |
|
|
|
|
|
|
|
|
|
Provision (credit) for
loan losses |
|
1,776 |
|
|
|
(1,329 |
) |
|
|
4,375 |
|
|
|
|
|
|
|
|
|
Net interest income
after provision (credit) for loan losses |
|
18,387 |
|
|
|
21,432 |
|
|
|
15,465 |
|
|
|
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
|
|
|
|
Service
charges and fees |
|
2,681 |
|
|
|
2,772 |
|
|
|
2,549 |
Gain on
sales of mortgage loans |
|
552 |
|
|
|
774 |
|
|
|
401 |
Gain on
sale/call of investment securities, net |
|
451 |
|
|
|
- |
|
|
|
126 |
Other
noninterest income |
|
1,196 |
|
|
|
698 |
|
|
|
339 |
Total
noninterest income |
|
4,880 |
|
|
|
4,244 |
|
|
|
3,415 |
|
|
|
|
|
|
|
|
|
Noninterest
expense |
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
9,900 |
|
|
|
9,001 |
|
|
|
9,342 |
Occupancy |
|
2,373 |
|
|
|
2,616 |
|
|
|
2,671 |
Data
processing |
|
409 |
|
|
|
404 |
|
|
|
470 |
FDIC and
other insurance |
|
273 |
|
|
|
235 |
|
|
|
368 |
Other
real estate, net |
|
3 |
|
|
|
(10 |
) |
|
|
13 |
Provision
(credit) for unfunded loan commitments |
|
(388 |
) |
|
|
32 |
|
|
|
215 |
General
and administrative |
|
2,733 |
|
|
|
3,548 |
|
|
|
2,917 |
Total
noninterest expense |
|
15,303 |
|
|
|
15,826 |
|
|
|
15,996 |
Income before
taxes |
|
7,964 |
|
|
|
9,850 |
|
|
|
2,884 |
Taxes on
income |
|
2,685 |
|
|
|
3,682 |
|
|
|
1,015 |
Net income |
$ |
5,279 |
|
|
$ |
6,168 |
|
|
$ |
1,869 |
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision
income* |
$ |
9,352 |
|
|
$ |
8,553 |
|
|
$ |
7,474 |
|
|
|
|
|
|
|
|
|
Basic earnings per
common share |
$ |
0.28 |
|
|
$ |
0.33 |
|
|
$ |
0.10 |
Diluted earnings per
common share |
|
0.28 |
|
|
|
0.33 |
|
|
|
0.10 |
Common dividends
declared per share |
|
0.08 |
|
|
|
0.08 |
|
|
|
0.08 |
|
|
|
|
|
|
|
|
|
*This is a
non-GAAP 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 |
|
March 31, 2017 |
|
December 31, 2016 |
|
March 31, 2016 |
|
Average |
|
Average |
|
Average |
|
Average |
|
Average |
|
Average |
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
1,899,047 |
|
|
4.47 |
% |
|
$ |
1,867,210 |
|
|
4.46 |
% |
|
$ |
1,788,992 |
|
|
4.50 |
% |
Investment
securities |
|
431,542 |
|
|
1.93 |
|
|
|
432,053 |
|
|
1.62 |
|
|
|
412,307 |
|
|
1.92 |
|
Other interest-earning
assets |
|
56,089 |
|
|
0.54 |
|
|
|
50,564 |
|
|
0.41 |
|
|
|
51,031 |
|
|
0.42 |
|
Total
interest-earning assets |
|
2,386,678 |
|
|
3.92 |
|
|
|
2,349,827 |
|
|
3.85 |
|
|
|
2,252,330 |
|
|
3.94 |
|
Other assets |
|
102,331 |
|
|
|
|
|
106,961 |
|
|
|
|
|
107,874 |
|
|
|
Total
assets |
$ |
2,489,009 |
|
|
|
|
$ |
2,456,788 |
|
|
|
|
$ |
2,360,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits |
$ |
187,269 |
|
|
0.19 |
% |
|
$ |
146,708 |
|
|
0.16 |
% |
|
$ |
160,638 |
|
|
0.16 |
% |
Money market
accounts |
|
573,364 |
|
|
0.33 |
|
|
|
572,984 |
|
|
0.26 |
|
|
|
542,800 |
|
|
0.24 |
|
Savings accounts |
|
58,021 |
|
|
0.13 |
|
|
|
55,761 |
|
|
0.13 |
|
|
|
55,834 |
|
|
0.14 |
|
Time deposits |
|
611,170 |
|
|
0.84 |
|
|
|
625,288 |
|
|
0.79 |
|
|
|
564,213 |
|
|
0.65 |
|
Total
interest-bearing deposits |
|
1,429,824 |
|
|
0.52 |
|
|
|
1,400,741 |
|
|
0.48 |
|
|
|
1,323,485 |
|
|
0.40 |
|
Other borrowings |
|
174,362 |
|
|
1.11 |
|
|
|
151,004 |
|
|
0.93 |
|
|
|
117,171 |
|
|
1.06 |
|
Subordinated
debentures |
|
46,393 |
|
|
5.09 |
|
|
|
46,393 |
|
|
5.09 |
|
|
|
48,546 |
|
|
4.88 |
|
Total
interest-bearing liabilities |
|
1,650,579 |
|
|
0.71 |
|
|
|
1,598,138 |
|
|
0.66 |
|
|
|
1,489,202 |
|
|
0.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits |
|
536,101 |
|
|
|
|
|
557,994 |
|
|
|
|
|
563,022 |
|
|
|
Other liabilities |
|
13,070 |
|
|
|
|
|
15,157 |
|
|
|
|
|
14,769 |
|
|
|
Shareholders'
equity |
|
289,259 |
|
|
|
|
|
285,499 |
|
|
|
|
|
293,211 |
|
|
|
Total
liabilities and shareholders' equity |
$ |
2,489,009 |
|
|
|
|
$ |
2,456,788 |
|
|
|
|
$ |
2,360,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income and spread |
|
|
|
3.21 |
% |
|
|
|
|
3.19 |
% |
|
|
|
|
3.34 |
% |
Net
interest margin (1) |
|
|
|
3.43 |
% |
|
|
|
|
3.40 |
% |
|
|
|
|
3.54 |
% |
Average
interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
average interest-bearing liabilities |
|
144.60 |
% |
|
|
|
|
147.04 |
% |
|
|
|
|
151.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net
interest margin = annualized net interest income / average
interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST
BANCORP, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 5 |
UNAUDITED QUARTERLY SUMMARY LOAN DATA |
(Dollars
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
LOAN
COMPOSITION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate
mortgage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
925,458 |
|
|
$ |
882,071 |
|
|
$ |
893,807 |
|
|
$ |
862,287 |
|
|
$ |
878,822 |
|
One-to-four family residential |
|
|
210,495 |
|
|
|
199,123 |
|
|
|
193,678 |
|
|
|
183,693 |
|
|
|
158,078 |
|
Real estate
construction: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
193,937 |
|
|
|
199,113 |
|
|
|
184,211 |
|
|
|
175,805 |
|
|
|
156,454 |
|
One-to-four family residential |
|
|
18,426 |
|
|
|
20,946 |
|
|
|
22,460 |
|
|
|
20,347 |
|
|
|
24,202 |
|
Commercial |
|
|
570,001 |
|
|
|
556,248 |
|
|
|
566,403 |
|
|
|
558,472 |
|
|
|
543,822 |
|
Installment and
consumer |
|
|
18,126 |
|
|
|
19,631 |
|
|
|
19,553 |
|
|
|
20,773 |
|
|
|
20,506 |
|
Total loans, including
held for sale |
|
|
1,936,443 |
|
|
|
1,877,132 |
|
|
|
1,880,112 |
|
|
|
1,821,377 |
|
|
|
1,781,884 |
|
Less allowance for loan
losses |
|
|
(27,543 |
) |
|
|
(27,546 |
) |
|
|
(28,452 |
) |
|
|
(26,876 |
) |
|
|
(27,168 |
) |
Total loans, net |
|
$ |
1,908,900 |
|
|
$ |
1,849,586 |
|
|
$ |
1,851,660 |
|
|
$ |
1,794,501 |
|
|
$ |
1,754,716 |
|
LOANS BY
SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma
banking**** |
|
$ |
1,153,417 |
|
|
$ |
1,095,930 |
|
|
$ |
1,117,716 |
|
|
$ |
1,085,986 |
|
|
$ |
1,060,482 |
|
Texas banking |
|
|
639,945 |
|
|
|
636,643 |
|
|
|
605,682 |
|
|
|
577,333 |
|
|
|
560,421 |
|
Kansas banking |
|
|
143,081 |
|
|
|
144,559 |
|
|
|
156,714 |
|
|
|
158,058 |
|
|
|
160,981 |
|
Total loans |
|
$ |
1,936,443 |
|
|
$ |
1,877,132 |
|
|
$ |
1,880,112 |
|
|
$ |
1,821,377 |
|
|
$ |
1,781,884 |
|
NONPERFORMING
LOANS BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction &
development |
|
$ |
970 |
|
|
$ |
970 |
|
|
$ |
1,073 |
|
|
$ |
1,436 |
|
|
$ |
1,444 |
|
Commercial real
estate |
|
|
570 |
|
|
|
6,471 |
|
|
|
7,620 |
|
|
|
3,894 |
|
|
|
3,830 |
|
Commercial |
|
|
12,183 |
|
|
|
6,142 |
|
|
|
12,791 |
|
|
|
13,800 |
|
|
|
13,461 |
|
One-to-four family
residential |
|
|
2,838 |
|
|
|
2,904 |
|
|
|
2,982 |
|
|
|
3,120 |
|
|
|
3,448 |
|
Consumer |
|
|
30 |
|
|
|
123 |
|
|
|
58 |
|
|
|
75 |
|
|
|
84 |
|
Total nonperforming
loans |
|
$ |
16,591 |
|
|
$ |
16,610 |
|
|
$ |
24,524 |
|
|
$ |
22,325 |
|
|
$ |
22,267 |
|
NONPERFORMING
LOANS BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking |
|
$ |
7,479 |
|
|
$ |
12,006 |
|
|
$ |
12,275 |
|
|
$ |
9,268 |
|
|
$ |
7,978 |
|
Texas banking |
|
|
8,987 |
|
|
|
4,140 |
|
|
|
11,805 |
|
|
|
12,586 |
|
|
|
13,521 |
|
Kansas banking |
|
|
125 |
|
|
|
464 |
|
|
|
444 |
|
|
|
471 |
|
|
|
768 |
|
Total nonperforming
loans |
|
$ |
16,591 |
|
|
$ |
16,610 |
|
|
$ |
24,524 |
|
|
$ |
22,325 |
|
|
$ |
22,267 |
|
OTHER REAL
ESTATE BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction &
development |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,756 |
|
|
$ |
1,962 |
|
|
$ |
2,060 |
|
Commercial real
estate |
|
|
350 |
|
|
|
350 |
|
|
|
350 |
|
|
|
160 |
|
|
|
214 |
|
Total other real
estate |
|
$ |
350 |
|
|
$ |
350 |
|
|
$ |
2,106 |
|
|
$ |
2,122 |
|
|
$ |
2,274 |
|
OTHER REAL
ESTATE BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
220 |
|
|
$ |
274 |
|
Texas banking |
|
|
350 |
|
|
|
350 |
|
|
|
2,106 |
|
|
|
1,902 |
|
|
|
2,000 |
|
Total other real
estate |
|
$ |
350 |
|
|
$ |
350 |
|
|
$ |
2,106 |
|
|
$ |
2,122 |
|
|
$ |
2,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
****Due to
immateriality, Colorado banking is included within Oklahoma
banking. |
Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST
BANCORP, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 5 |
UNAUDITED
QUARTERLY SUMMARY LOAN DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continued |
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
POTENTIAL
PROBLEM LOANS BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction &
development |
|
$ |
588 |
|
|
$ |
589 |
|
|
$ |
588 |
|
|
$ |
- |
|
|
$ |
- |
|
Commercial real
estate |
|
|
12,167 |
|
|
|
13,831 |
|
|
|
12,212 |
|
|
|
33,472 |
|
|
|
36,216 |
|
Commercial |
|
|
27,372 |
|
|
|
27,621 |
|
|
|
30,555 |
|
|
|
29,537 |
|
|
|
29,931 |
|
One-to-four family
residential |
|
|
1,954 |
|
|
|
1,980 |
|
|
|
2,119 |
|
|
|
1,353 |
|
|
|
2,275 |
|
Consumer |
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
38 |
|
Total potential problem
loans |
|
$ |
42,083 |
|
|
$ |
44,023 |
|
|
$ |
45,476 |
|
|
$ |
64,364 |
|
|
$ |
68,460 |
|
POTENTIAL
PROBLEM LOANS BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma
banking**** |
|
$ |
22,001 |
|
|
$ |
20,258 |
|
|
$ |
21,780 |
|
|
$ |
43,895 |
|
|
$ |
46,102 |
|
Texas banking |
|
|
16,346 |
|
|
|
19,807 |
|
|
|
21,029 |
|
|
|
17,726 |
|
|
|
18,801 |
|
Kansas banking |
|
|
3,736 |
|
|
|
3,958 |
|
|
|
2,667 |
|
|
|
2,743 |
|
|
|
3,557 |
|
Total potential problem
loans |
|
$ |
42,083 |
|
|
$ |
44,023 |
|
|
$ |
45,476 |
|
|
$ |
64,364 |
|
|
$ |
68,460 |
|
ALLOWANCE
ACTIVITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period |
|
$ |
27,546 |
|
|
$ |
28,452 |
|
|
$ |
26,876 |
|
|
$ |
27,168 |
|
|
$ |
26,106 |
|
Charge-offs |
|
|
2,157 |
|
|
|
2,108 |
|
|
|
626 |
|
|
|
538 |
|
|
|
3,725 |
|
Recoveries |
|
|
378 |
|
|
|
2,531 |
|
|
|
489 |
|
|
|
236 |
|
|
|
412 |
|
Net
charge-offs (recoveries) |
|
|
1,779 |
|
|
|
(423 |
) |
|
|
137 |
|
|
|
302 |
|
|
|
3,313 |
|
Provision (credit) for
loan losses |
|
|
1,776 |
|
|
|
(1,329 |
) |
|
|
1,713 |
|
|
|
10 |
|
|
|
4,375 |
|
Balance,
end of period |
|
$ |
27,543 |
|
|
$ |
27,546 |
|
|
$ |
28,452 |
|
|
$ |
26,876 |
|
|
$ |
27,168 |
|
NET CHARGE-OFFS
BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate |
|
$ |
1,847 |
|
|
$ |
(84 |
) |
|
$ |
108 |
|
|
$ |
(44 |
) |
|
$ |
(187 |
) |
Commercial |
|
|
(105 |
) |
|
|
(357 |
) |
|
|
(64 |
) |
|
|
82 |
|
|
|
3,408 |
|
One-to-four family
residential |
|
|
(55 |
) |
|
|
(16 |
) |
|
|
44 |
|
|
|
(12 |
) |
|
|
41 |
|
Consumer |
|
|
92 |
|
|
|
34 |
|
|
|
49 |
|
|
|
276 |
|
|
|
51 |
|
Total net charge-offs
(recoveries) by type |
|
$ |
1,779 |
|
|
$ |
(423 |
) |
|
$ |
137 |
|
|
$ |
302 |
|
|
$ |
3,313 |
|
NET CHARGE-OFFS
BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking |
|
$ |
1,950 |
|
|
$ |
(178 |
) |
|
$ |
34 |
|
|
$ |
127 |
|
|
$ |
458 |
|
Texas banking |
|
|
12 |
|
|
|
(168 |
) |
|
|
180 |
|
|
|
211 |
|
|
|
952 |
|
Kansas banking |
|
|
(183 |
) |
|
|
(77 |
) |
|
|
(77 |
) |
|
|
(36 |
) |
|
|
1,903 |
|
Total net charge-offs
(recoveries) by segment |
|
$ |
1,779 |
|
|
$ |
(423 |
) |
|
$ |
137 |
|
|
$ |
302 |
|
|
$ |
3,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
****Due to
immateriality, Colorado banking is included within Oklahoma
banking. |
|
SOUTHWEST
BANCORP, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
6 |
UNAUDITED
QUARTERLY SUMMARY FINANCIAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands,
except per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
PER SHARE
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share |
|
$ |
0.28 |
|
$ |
0.33 |
|
$ |
0.23 |
|
$ |
0.29 |
|
$ |
0.10 |
Diluted earnings per
common share |
|
|
0.28 |
|
|
0.33 |
|
|
0.23 |
|
|
0.28 |
|
|
0.10 |
Common dividends
declared per share |
|
|
0.08 |
|
|
0.08 |
|
|
0.08 |
|
|
0.08 |
|
|
0.08 |
Book value per common
share |
|
|
15.57 |
|
|
15.35 |
|
|
15.19 |
|
|
15.06 |
|
|
14.81 |
Tangible book value per
share* |
|
|
14.72 |
|
|
14.50 |
|
|
14.33 |
|
|
14.20 |
|
|
13.97 |
COMMON
STOCK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
|
21,275,434 |
|
|
21,230,714 |
|
|
21,223,895 |
|
|
21,223,613 |
|
|
21,225,034 |
Less treasury
shares |
|
|
2,586,412 |
|
|
2,555,987 |
|
|
2,538,510 |
|
|
2,472,830 |
|
|
1,939,989 |
Outstanding shares |
|
|
18,689,022 |
|
|
18,674,727 |
|
|
18,685,385 |
|
|
18,750,783 |
|
|
19,285,045 |
Diluted outstanding
shares |
|
|
18,532,499 |
|
|
18,551,005 |
|
|
18,545,614 |
|
|
18,677,912 |
|
|
19,267,473 |
OTHER FINANCIAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities |
|
$ |
433,053 |
|
$ |
436,661 |
|
$ |
427,938 |
|
$ |
422,296 |
|
$ |
423,030 |
Loans held for
sale |
|
|
4,980 |
|
|
4,386 |
|
|
7,899 |
|
|
7,010 |
|
|
1,803 |
Portfolio loans |
|
|
1,931,463 |
|
|
1,872,746 |
|
|
1,872,213 |
|
|
1,814,367 |
|
|
1,780,081 |
Total loans |
|
|
1,936,443 |
|
|
1,877,132 |
|
|
1,880,112 |
|
|
1,821,377 |
|
|
1,781,884 |
Total assets |
|
|
2,522,594 |
|
|
2,475,392 |
|
|
2,468,042 |
|
|
2,402,262 |
|
|
2,360,819 |
Total deposits |
|
|
1,977,265 |
|
|
1,946,018 |
|
|
1,947,924 |
|
|
1,902,865 |
|
|
1,895,248 |
Other borrowings |
|
|
194,645 |
|
|
183,814 |
|
|
173,971 |
|
|
153,568 |
|
|
117,763 |
Subordinated
debentures |
|
|
46,393 |
|
|
46,393 |
|
|
46,393 |
|
|
46,393 |
|
|
46,393 |
Total shareholders'
equity |
|
|
290,914 |
|
|
286,629 |
|
|
283,820 |
|
|
282,360 |
|
|
285,661 |
Mortgage servicing
portfolio |
|
|
458,961 |
|
|
460,646 |
|
|
453,988 |
|
|
443,568 |
|
|
434,340 |
INTANGIBLE
ASSET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
$ |
13,545 |
|
$ |
13,545 |
|
$ |
13,545 |
|
$ |
13,467 |
|
$ |
13,467 |
Core deposit
intangible |
|
|
2,177 |
|
|
2,299 |
|
|
2,438 |
|
|
2,584 |
|
|
2,734 |
Mortgage servicing
rights |
|
|
3,516 |
|
|
3,491 |
|
|
3,381 |
|
|
3,350 |
|
|
3,411 |
Total
intangible assets |
|
$ |
19,238 |
|
$ |
19,335 |
|
$ |
19,364 |
|
$ |
19,401 |
|
$ |
19,612 |
Intangible amortization
expense |
|
$ |
229 |
|
$ |
275 |
|
$ |
344 |
|
$ |
350 |
|
$ |
341 |
DEPOSIT
COMPOSITION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
demand |
|
$ |
541,021 |
|
$ |
551,709 |
|
$ |
550,121 |
|
$ |
545,421 |
|
$ |
552,499 |
Interest-bearing
demand |
|
|
177,676 |
|
|
152,656 |
|
|
146,583 |
|
|
160,886 |
|
|
168,210 |
Money market
accounts |
|
|
591,368 |
|
|
567,058 |
|
|
576,550 |
|
|
547,415 |
|
|
540,323 |
Savings accounts |
|
|
58,387 |
|
|
56,410 |
|
|
54,849 |
|
|
55,209 |
|
|
56,235 |
Time deposits of
$100,000 or more |
|
|
353,244 |
|
|
360,307 |
|
|
347,976 |
|
|
323,137 |
|
|
314,496 |
Other time
deposits |
|
|
255,569 |
|
|
257,878 |
|
|
271,845 |
|
|
270,797 |
|
|
263,485 |
Total
deposits** |
|
$ |
1,977,265 |
|
$ |
1,946,018 |
|
$ |
1,947,924 |
|
$ |
1,902,865 |
|
$ |
1,895,248 |
OFFICES AND
EMPLOYEES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FTE Employees |
|
|
380 |
|
|
387 |
|
|
393 |
|
|
410 |
|
|
411 |
Banking Centers |
|
|
30 |
|
|
30 |
|
|
30 |
|
|
32 |
|
|
32 |
Loan production
offices |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
0 |
Assets per
employee |
|
$ |
6,638 |
|
$ |
6,396 |
|
$ |
6,280 |
|
$ |
5,859 |
|
$ |
5,744 |
____________________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*This is a
non-GAAP financial measure. |
**Calculation of non-brokered deposits and core funding (non-GAAP
financial measures) |
Total
deposits |
|
$ |
1,977,265 |
|
$ |
1,946,018 |
|
$ |
1,947,924 |
|
$ |
1,902,865 |
|
$ |
1,895,248 |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokered
time deposits |
|
|
59,698 |
|
|
64,652 |
|
|
65,398 |
|
|
61,709 |
|
|
55,901 |
Other
brokered deposits |
|
|
205,004 |
|
|
206,590 |
|
|
214,175 |
|
|
175,367 |
|
|
140,372 |
Non-brokered deposits |
|
$ |
1,712,563 |
|
$ |
1,674,776 |
|
$ |
1,668,351 |
|
$ |
1,665,789 |
|
$ |
1,698,975 |
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweep repurchase agreements |
|
|
9,645 |
|
|
45,814 |
|
|
46,971 |
|
|
42,568 |
|
|
42,763 |
Core
funding |
|
$ |
1,722,208 |
|
$ |
1,720,590 |
|
$ |
1,715,322 |
|
$ |
1,708,357 |
|
$ |
1,741,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
sheet amounts are as of period end unless otherwise noted. |
|
SOUTHWEST
BANCORP, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 7 |
UNAUDITED QUARTERLY SUPPLEMENTAL ANALYTICAL
DATA |
(Dollars
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
PERFORMANCE
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (annualized) |
|
|
0.86 |
% |
|
|
1.00 |
% |
|
|
0.70 |
% |
|
|
0.91 |
% |
|
|
0.32 |
% |
Return on average
common equity (annualized) |
|
|
7.40 |
|
|
|
8.59 |
|
|
|
5.97 |
|
|
|
7.67 |
|
|
|
2.56 |
|
Return on average
tangible common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(annualized)* |
|
|
7.83 |
|
|
|
9.10 |
|
|
|
6.33 |
|
|
|
8.13 |
|
|
|
2.71 |
|
Net interest margin
(annualized) |
|
|
3.43 |
|
|
|
3.40 |
|
|
|
3.42 |
|
|
|
3.48 |
|
|
|
3.54 |
|
Total dividends
declared to net income |
|
|
28.33 |
|
|
|
24.23 |
|
|
|
35.14 |
|
|
|
28.35 |
|
|
|
84.66 |
|
Effective tax rate |
|
|
33.71 |
|
|
|
37.38 |
|
|
|
34.45 |
|
|
|
34.70 |
|
|
|
35.19 |
|
Efficiency ratio |
|
|
63.30 |
|
|
|
64.34 |
|
|
|
66.09 |
|
|
|
65.70 |
|
|
|
67.48 |
|
NONPERFORMING
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
16,481 |
|
|
$ |
16,267 |
|
|
$ |
24,109 |
|
|
$ |
22,259 |
|
|
$ |
22,161 |
|
90 days past due and
accruing |
|
|
110 |
|
|
|
343 |
|
|
|
415 |
|
|
|
66 |
|
|
|
106 |
|
Total
nonperforming loans |
|
|
16,591 |
|
|
|
16,610 |
|
|
|
24,524 |
|
|
|
22,325 |
|
|
|
22,267 |
|
Other real estate |
|
|
350 |
|
|
|
350 |
|
|
|
2,106 |
|
|
|
2,122 |
|
|
|
2,274 |
|
Total
nonperforming assets |
|
$ |
16,941 |
|
|
$ |
16,960 |
|
|
$ |
26,630 |
|
|
$ |
24,447 |
|
|
$ |
24,541 |
|
Potential problem
loans |
|
$ |
42,083 |
|
|
$ |
44,023 |
|
|
$ |
45,476 |
|
|
$ |
64,364 |
|
|
$ |
68,460 |
|
ASSET QUALITY
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to
portfolio loans and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
real estate |
|
|
0.88 |
% |
|
|
0.91 |
% |
|
|
1.42 |
% |
|
|
1.35 |
% |
|
|
1.38 |
% |
Nonperforming loans to
portfolio loans |
|
|
0.86 |
|
|
|
0.89 |
|
|
|
1.31 |
|
|
|
1.23 |
|
|
|
1.25 |
|
Allowance for loan
losses to portfolio loans |
|
|
1.43 |
|
|
|
1.47 |
|
|
|
1.52 |
|
|
|
1.48 |
|
|
|
1.53 |
|
Allowance for loan
losses to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nonperforming loans |
|
|
166.01 |
|
|
|
165.84 |
|
|
|
116.02 |
|
|
|
120.39 |
|
|
|
122.01 |
|
Net loan charge-offs
(recoveries) to average portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loans
(annualized) |
|
|
0.38 |
|
|
|
(0.09 |
) |
|
|
0.03 |
|
|
|
0.07 |
|
|
|
0.75 |
|
CAPITAL
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average
assets |
|
|
11.62 |
% |
|
|
11.62 |
% |
|
|
11.75 |
% |
|
|
11.93 |
% |
|
|
12.42 |
% |
Leverage ratio |
|
|
12.98 |
|
|
|
13.02 |
|
|
|
13.07 |
|
|
|
13.18 |
|
|
|
13.45 |
|
Common equity tier 1
capital |
|
|
12.20 |
|
|
|
12.36 |
|
|
|
11.95 |
|
|
|
12.22 |
|
|
|
12.13 |
|
Tier 1 capital to
risk-weighted assets |
|
|
14.19 |
|
|
|
14.40 |
|
|
|
13.95 |
|
|
|
14.28 |
|
|
|
14.14 |
|
Total capital to
risk-weighted assets |
|
|
15.44 |
|
|
|
15.66 |
|
|
|
15.21 |
|
|
|
15.53 |
|
|
|
15.39 |
|
Tangible common equity
to tangible assets** |
|
|
10.98 |
|
|
|
11.01 |
|
|
|
10.92 |
|
|
|
11.16 |
|
|
|
11.49 |
|
REGULATORY
CAPITAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1
capital |
|
$ |
276,205 |
|
|
$ |
272,882 |
|
|
$ |
268,045 |
|
|
$ |
266,612 |
|
|
$ |
270,564 |
|
Tier I capital |
|
|
321,205 |
|
|
|
317,882 |
|
|
|
313,045 |
|
|
|
311,612 |
|
|
|
315,326 |
|
Total capital |
|
|
349,615 |
|
|
|
345,597 |
|
|
|
341,196 |
|
|
|
338,968 |
|
|
|
343,287 |
|
Total risk adjusted
assets |
|
|
2,263,998 |
|
|
|
2,207,508 |
|
|
|
2,243,895 |
|
|
|
2,182,051 |
|
|
|
2,230,326 |
|
Average total
assets |
|
|
2,474,481 |
|
|
|
2,440,918 |
|
|
|
2,395,991 |
|
|
|
2,363,834 |
|
|
|
2,344,259 |
|
____________________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*This is a
non-GAAP financial measure. |
**Calculation of tangible common equity to tangible assets
(non-GAAP financial measure) |
Total
shareholders' equity |
|
$ |
290,914 |
|
|
$ |
286,629 |
|
|
$ |
283,820 |
|
|
$ |
282,360 |
|
|
$ |
285,661 |
|
Less
goodwill and core deposit intangible |
|
|
15,722 |
|
|
|
15,844 |
|
|
|
15,983 |
|
|
|
16,051 |
|
|
|
16,201 |
|
Tangible
common equity |
|
$ |
275,192 |
|
|
$ |
270,785 |
|
|
$ |
267,837 |
|
|
$ |
266,309 |
|
|
$ |
269,460 |
|
Total
assets |
|
$ |
2,522,594 |
|
|
$ |
2,475,392 |
|
|
$ |
2,468,042 |
|
|
$ |
2,402,262 |
|
|
$ |
2,360,819 |
|
Less
goodwill and core deposit intangible |
|
|
15,722 |
|
|
|
15,844 |
|
|
|
15,983 |
|
|
|
16,051 |
|
|
|
16,201 |
|
Tangible
assets |
|
$ |
2,506,872 |
|
|
$ |
2,459,548 |
|
|
$ |
2,452,059 |
|
|
$ |
2,386,211 |
|
|
$ |
2,344,618 |
|
Total
shareholders' equity to total assets |
|
|
11.53 |
% |
|
|
11.58 |
% |
|
|
11.50 |
% |
|
|
11.75 |
% |
|
|
12.10 |
% |
Tangible
common equity to tangible assets |
|
|
10.98 |
% |
|
|
11.01 |
% |
|
|
10.92 |
% |
|
|
11.16 |
% |
|
|
11.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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