Southwest Bancorp, Inc. (Nasdaq:OKSB) (Nasdaq:OKSBP) ("Southwest")
today reported a net loss available to common shareholders of $10.6
million, or $0.54 per diluted share for the third quarter of 2011,
compared to net income available to common shareholders of $2.8
million, or $0.15 per diluted share for the third quarter of 2010,
and to a net loss available to common shareholders of $4.0 million,
or $0.21 per diluted share for the second quarter of 2011. The net
loss available to common shareholders for the nine months ended
September 30, 2011 was $13.2 million, or $0.68 per diluted share,
compared to net income available to common shareholders for the
nine months ended September 30, 2010 of $9.5 million, or $0.55 per
diluted share.
Rick Green, President and CEO, stated, "Our losses were
primarily the result of significantly increased provisions for loan
losses and other problem loan related costs. These increases
are generally due to continued weakness in the economy and
commercial real estate values in particular.
"We continue to focus on the identification and resolution of
problem and potential problem credits, and we have taken important
additional steps this year to improve our lending, banking, and
credit functions. In July 2011, we named a new Chief Banking
Officer who is responsible for the lending, deposit, and treasury
services and a new Chief Credit Officer who has authority over the
credit and work-out functions. Both of these new positions
report directly to me. We have bolstered our credit analysis
and work-out staff with additional experienced and aggressive
officers.
"However, we are not satisfied with the pace of our resolution
of problem and potential problem assets. Accordingly, we have
undertaken a disciplined analysis of all alternatives available to
accelerate the resolution process in the near-term. That
analysis is continuing, while our enhanced work-out process
proceeds.
"Our goals are vital and simple to state. They are to:
- "Promptly identify and resolve problem and potential problem
assets, until we achieve and maintain acceptable levels;
- "Focus on being a thriving, commercial bank serving our
healthy, core markets in Oklahoma, Texas, and Kansas;
- "Return to sustained profitability;
- "Resume dividends on our trust preferred securities, preferred
stock, and common stock; and
- "Produce reliable and attractive returns for our
shareholders."
Third Quarter 2011 Key Notes
Loans and Credit Quality:
- Noncovered loans decreased by $332.9 million, or 14%, from
year-end and $414.1 million, or 17%, from September 30,
2010. This decrease included a reduction of the commercial
real estate mortgage and construction concentration to $1.5
billion, or 75%, of noncovered loans at September 30,
2011. Healthcare credits at quarter-end totaled $624.1
million, or 31%, of noncovered loans, including $387.9 million of
healthcare related commercial real estate mortgage and construction
loans.
- Noncovered loans segmented by the market of the collateral
location were as follows: $845.5 million in Texas, $770.3
million in Oklahoma, $252.3 million in Kansas, and $166.8 million
in out of market states. The out of market loans consists of
thirty-four states in the following categories: $100.4 million
in commercial real estate, $39.3 million in construction &
development, $21.1 million in commercial & industrial, $3.6
million in residential real estate, and $2.4 million in
consumer.
- Nonperforming assets increased to $203.5 million and 9.86% of
noncovered portfolio loans and other real estate from $190.1
million and 8.66% of noncovered portfolio loans and other real
estate at June 30, 2011 and from $144.8 million and 6.11% of
noncovered portfolio loans and other real estate at December 31,
2010. In the first nine months of 2011 the migration of
nonperforming assets consisted of: $154.1 million placed on
nonaccrual, $14.4 million returned to accrual status, $47.6 million
charged-off, $2.4 million of other real estate fair value
impairments, $48.9 million transferred from nonperforming loans to
other real estate, $18.0 million received in resolutions and
payments on nonperforming loans, and $13.1 million received from
sales of other real estate. Nonperforming healthcare assets
were $15.7 million, or 8%, of total nonperforming assets.
- Nonperforming loans consisted of $68.6 million in construction
& development, $56.2 million in commercial real estate, $6.1
million in commercial & industrial, $1.7 million in residential
real estate, and $0.1 million in consumer. Nonperforming loans
by location were as follows: $95.2 million in Texas, $14.9
million in Oklahoma, $14.6 million in out of market states, and
$8.0 million in Kansas.
- Other real estate consisted of $38.9 million in construction
& development, $24.4 million in commercial real estate, and
$7.5 million in residential real estate. Other real estate by
location was as follows: $35.3 million in Texas, $14.4 million
in out of market states, $12.4 million in Kansas, and $8.7 million
in Oklahoma.
- Impaired loans had a carrying value of $204.5 million versus an
unpaid principal value of $230.6 million. Impaired loans with
a specific allowance allocation had a carrying value of $115.5
million versus an unpaid principal value of $125.0 million.
- The allowance for loan losses was 3.25% of noncovered portfolio
loans, compared to 2.80% at year-end 2010 and 3.00% at September
30, 2010. The allowance on specifically allocated impaired
loans was 14.41% of carrying value and 13.31% of unpaid principal.
- Quarterly net charge-offs totaled $14.5 million and consisted
of $7.2 million in construction & development, $5.7 million in
commercial real estate, $1.5 million in commercial &
industrial, and $0.1 million in residential real estate &
consumer. The net charge-offs were in the following
locations: $7.4 million in Texas, $5.7 million in out of
market states, $1.0 million in Oklahoma, and $0.4 million in
Kansas.
- Potential problem loans were $276.7 million, up $43.6 million,
or 19%, from year-end, and $39.9 million, or 17%, from September
30, 2010. These loans consisted of $162.7 million in
commercial real estate, $75.9 million in construction &
development, $37.0 million in commercial & industrial, and $1.1
million in residential real estate. Potential problem loans by
location were as follows: $164.0 million in Texas, $54.3
million in Oklahoma, $43.9 million in out of market states, and
$14.5 million in Kansas.
Capital Position and Liquidity:
- As of September 30, 2011, Southwest and each of its banking
subsidiaries met the criteria for regulatory classification as
"well-capitalized". Southwest's total regulatory capital was
$461.9 million, for a total risk-based capital ratio of 20.81%, and
Tier 1 capital was $433.6 million, for a Tier 1 risk-based capital
ratio of 19.54%. Southwest's capital exceeded the minimum to
be classified as "well-capitalized" by $240.0
million. Stillwater National Bank, Southwest's principal
banking subsidiary, had total regulatory capital of $383.8 million,
for a total risk-based capital ratio of 19.14%, and Tier 1 capital
of $343.2 million, for a Tier 1 risk-based capital ratio of
17.12%. Stillwater National Bank exceeded the minimum to be
classified as "well-capitalized" by $133.2
million. Designation as a well-capitalized institution under
regulations does not constitute a recommendation or endorsement by
Federal bank regulators. Stillwater National Bank's leverage
and total risk-based capital ratios also substantially exceeded the
individual minimum ratios agreed to with the Comptroller of the
Currency of 8.50% and 12.50%.
- In July, we determined to defer future payments of interest on
our debentures and dividends on related trust preferred securities
and to defer payments of dividends on our Series B Preferred
Securities issued under the U.S. Treasury Department's Capital
Purchase Program. The terms of our debentures and trust
preferred securities allow us to increase or decrease the deferral
period without default or penalty.
- As of September 30, 2011, the holding company has $29.2 million
in cash.
Financial Overview
Condition: Total assets were $2.6 billion
and total loans were $2.1 billion at September 30, 2011, a decrease
of 9% and 14%, respectively, from December 31, 2010.
At September 30, 2011 the allowance for loan losses was $64.7
million, a decrease of 11% and 1% from September 30, 2010 and
December 31, 2010, respectively.
Total core funding, which includes all non-brokered time
deposits and sweep repurchase agreements, comprised 91% of total
funding, compared to 90% at June 30, 2011 and 86% at December 31,
2010. Wholesale funding, including FHLB borrowings, federal
funds purchased, and brokered deposits, accounted for 9% of total
funding compared to 10% at June 30, 2011 and 14% at December 31,
2010. Please see Table 7 for details on these non-GAAP
financial measures.
Year-to-date Results:
Summary: The net loss available to common
shareholders was $13.2 million as of September 30, 2011, compared
to net income available to common shareholders of $9.5 million as
of September 30, 2010. The $22.7 million decrease in our net
income available to common shareholders from 2010 is the result of
a $25.5 million increase in the provision for loan losses, a $5.9
million decrease in net interest income, a $4.0 million decrease in
noninterest income, and a $1.5 million increase in noninterest
expense, offset in part by a $14.3 million decrease in income tax
expense.
On June 28, 2011, Southwest entered into a settlement agreement
with the Oklahoma State Tax Commission (the "Commission") with
respect to certain claims by the Commission. Southwest had
previously recorded reserves against these claims. As a result
of the settlement agreement, Southwest paid the sum of $4.8 million
to the Commission and recorded a gain of $2.6 million, net of tax
effect, upon reversal of excess reserves. The year-to-date
calculated effective tax rate is 41.80% and results in a tax
benefit; however, when the discreet items are excluded, the
effective tax rate year-to-date is 38.90%, also resulting in a tax
benefit. Discreet items include the reversal of excess tax reserves
in the second quarter and the provision to return adjustment in the
third quarter.
Net Interest Income: Net
interest income totaled $74.4 million for the first nine months of
2011, compared to $80.4 million for the first nine months of 2010,
a decrease of $5.9 million, or 7%. Year-to-date net interest
margin was 3.78%, compared to 3.63% in 2010. Included in 2011
year-to-date net interest income was a net reduction of $0.4
million resulting from interest reversals on nonaccrual loans
offset by the year-to-date adjustments of the discount accretion on
loans and the loss share receivable. Included in 2010
year-to-date net interest income was $0.5 million of net recoveries
from the resolution of nonperforming loans and additional discount
accretion on loans and loss share receivable, offset in part by
interest reversals on nonaccrual loans. The net effects of
these adjustments on net interest margin were a 2 basis point
decrease and a 3 basis point increase, respectively.
Provision for Loan Losses and Net Charge
Offs: The provision for loan losses totaled $53.8
million for the first nine months of 2011, compared to $28.3
million for the first nine months of 2010. Net charge-offs
totaled $54.3 million, or 3.24% (annualized) of average portfolio
loans year-to-date as of September 30, 2011, compared to $18.3
million, or 0.95% (annualized) of average portfolio loans for the
same period in the prior year.
As of September 30, 2011, sixteen relationships accounted for
$45.5 million in charge-offs, of which $26.1 million were on six
out of market relationships. At September 30, 2011, total out
of market commercial real estate and construction loans was $139.7
million, of which $51.0 million were internally rated substandard
or doubtful.
Noninterest Income: Noninterest income
totaled $10.4 million for the first nine months of 2011, compared
to $14.5 million for the first nine months of 2010. The
decrease in noninterest income was primarily the result of a $2.6
million decline in gain on investment securities, a $1.0 million
decline in gain on sale of loans, mainly from declined student loan
sales, and a $0.3 million decline in other noninterest income.
Noninterest Expense: Noninterest expense
totaled $48.3 million for the first nine months of 2011, compared
to $46.8 million for the first nine months of 2010. The increase
consists of a $3.5 million increase in other real estate expense
and a $1.6 million increase in provision for unfunded loan
commitments due to increased loss ratios, offset in part by a $1.8
million decrease in other general and administrative expense,
primarily from the settlement of Oklahoma state tax claims for less
than the amount accrued, a $1.5 million decrease in FDIC and other
insurance expense, and a $0.3 million decrease in occupancy
expense.
Third Quarter Results:
Summary: For the third quarter of 2011,
Southwest incurred a net loss available to common shareholders of
$10.6 million, compared to net income available to common
shareholders of $2.8 million in the third quarter of 2010 and a net
loss available to common shareholders of $4.0 million in the second
quarter of 2011. The decrease from the third quarter of 2010
was the result of a $12.6 million increase in the provision for
loan losses, a $2.7 million decrease in noninterest income, a $2.4
million decrease in net interest income, and a $2.3 million
increase in noninterest expense, offset in part by a $6.7 million
decrease in income taxes. The decrease from the second quarter
of 2011 was the result of a $4.5 million increase in the provision
for loan losses, a $2.7 million increase in noninterest expense,
and a $1.0 million decrease in net interest income, offset in part
by a $1.6 million decrease in income taxes.
For the third quarter of 2011, the calculated effective tax rate
is 35.23% and results in a tax benefit; however, when discreet
items are excluded, the effective tax rate for the third quarter is
36.94%, also resulting in a tax benefit. Discreet items
included the provision to return adjustment in the third
quarter.
Net Interest Income: Net
interest income totaled $24.0 million for the third quarter of
2011, compared to $26.5 million for the third quarter of 2010, a
decrease of $2.4 million, or 9%, and $25.0 million for the second
quarter of 2011, a decrease of $1.0 million, or 4%. Net
interest margin was 3.77% for the third quarter of 2011, compared
to 3.63% for the third quarter of 2010 and 3.79% for the second
quarter of 2011. Included in the net interest margins were
net reductions of $0.3 million, $0.3 million, and $0.2 million,
respectively for each quarter, resulting from interest reversals on
nonaccrual loans offset by the quarterly adjustments of the
discount accretion on loans and the loss share receivable. The
net effects of these adjustments on the net interest margins were a
5 basis point decrease, a 5 basis point decrease, and a 3 basis
point decrease for each quarter,
respectively.
Provision for Loan Losses and Net
Charge-Offs: The provision for loan losses totaled
$24.6 million for the third quarter of 2011, compared to $12.0
million for the third quarter of 2010 and $20.1 million for the
second quarter of 2011. Net charge-offs totaled $14.5
million, or 2.70% (annualized) of average portfolio loans for the
third quarter of 2011, compared to $6.6 million, or 1.05%
(annualized) of average portfolio loans for the third quarter of
2010 and $26.9 million, or 4.76% (annualized) of average portfolio
loans for the second quarter of 2011.
For the third quarter of 2011, eight relationships accounted for
$12.9 million in charge-offs, of which $5.5 million were on four
out of market relationships.
Noninterest Income: Noninterest income
totaled $3.6 million for the third quarter of 2011, compared to
$6.3 million for the third quarter of 2010 and $3.6 million for the
second quarter of 2011. The decrease in noninterest income
from the third quarter of 2010 was primarily the result of a $2.6
million decrease in gain on investment
securities.
Noninterest Expense: Noninterest expense
totaled $17.7 million for the third quarter of 2011, compared to
$15.4 million for the third quarter of 2010 and $15.0 million for
the second quarter of 2011. The increase from third quarter
2010 consisted of a $1.2 million increase in other real estate
expense and a $0.6 million increase in provision for unfunded loan
commitments, a $0.6 million increase in other general and
administrative expense, and a $0.5 million increase in personnel
expense, offset in part by a $0.5 million decrease in FDIC and
other insurance expense. The increase from second quarter 2011
consisted of a $3.1 million increase in other general and
administrative expense, primarily from the second quarter
settlement of Oklahoma state tax claims for less than the amount
accrued, and a $0.8 million increase in personnel expense, offset
in part by a $1.2 million decrease in other real estate
expense.
Southwest Bancorp and Subsidiaries
Southwest is the bank holding company for Stillwater National
Bank and Trust Company ("Stillwater National") and Bank of Kansas.
Through its subsidiaries, Southwest offers commercial and consumer
lending, deposit and investment services, specialized cash
management, and other financial services from offices in Oklahoma,
Texas, and Kansas, and on the Internet, through SNB
DirectBanker®. We were organized in 1981 as the holding
company for Stillwater National, which was chartered in
1894. At September 30, 2011 we had total assets of $2.6
billion, deposits of $2.0 billion, and shareholders' equity of
$367.0 million.
Our area of expertise focuses on the special financial needs of
healthcare and health professionals, businesses and their managers
and owners, and commercial and commercial real estate
borrowers. We established a strategic focus on healthcare
lending in 1974. We provide credit and other 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 September 30, 2011, approximately $624.1
million, or 31%, of our noncovered loans were loans to individuals
and businesses in the healthcare industry. We conduct regular
market reviews of our current and potential healthcare lending and
the appropriate concentrations within healthcare based upon
economic and regulatory conditions.
We also focus on commercial real estate mortgage and
construction credits. We do not focus on one-to-four family
residential development loans or "spec" residential property
credits. Additionally, subprime residential lending has never
been a part of our business strategy, and our exposure to subprime
mortgage loans and subprime lenders is minimal. One-to-four
family mortgages account for less than 5% of total noncovered
loans. As of September 30, 2011 approximately $1.5 billion, or
75%, of our noncovered loans were commercial real estate mortgage
and construction loans, including $387.9 million of loans to
individuals and businesses in the healthcare industry.
Southwest's common stock is traded on the NASDAQ Global Select
Market under the symbol OKSB. Southwest's public trust
preferred securities are traded on the NASDAQ Global Select Market
under the symbol OKSBP.
The Southwest Bancorp, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8074
Forward-Looking Statements
This earnings release includes forward-looking statements that
are subject to risks and uncertainties. These forward-looking
statements include: statements of Southwest's goals,
intentions, and expectations; estimates of risks and of future
costs and benefits; expectations regarding future financial
performance of Southwest and its operating segments; assessments of
loan quality, probable loan losses, collateral values and the
amount and timing of loan payoffs; liquidity, contractual
obligations, off-balance sheet risk, and market or interest rate
risk; estimates of value of acquired assets, deposits, and other
liabilities; 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; and a variety of other matters. Because
of these uncertainties, the actual future results may be materially
different from the results indicated by these forward-looking
statements. In addition, Southwest's past growth and performance do
not necessarily indicate our future results.
Southwest is required under generally accepted accounting
principles to evaluate subsequent events and their impact, if any,
on its financial statements as of September 30, 2011 through the
date its financial statements are filed with the Securities and
Exchange Commission. The September 30, 2011 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.
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-Year-to-Date |
|
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) |
|
|
|
|
|
|
Third
Quarter |
Second
Quarter |
QUARTERLY
HIGHLIGHTS |
|
|
% |
|
% |
|
2011 |
2010 |
Change |
2011 |
Change |
Operations |
|
|
|
|
|
Net interest
income |
$ 24,025 |
$ 26,452 |
(9)% |
$ 24,985 |
(4)% |
Provision for loan
losses |
24,626 |
11,988 |
105 |
20,140 |
22 |
Noninterest
income |
3,589 |
6,335 |
(43) |
3,604 |
-- |
Noninterest
expense |
17,693 |
15,418 |
15 |
14,980 |
18 |
Income (loss) before
taxes |
(14,705) |
5,381 |
(373) |
(6,531) |
125 |
Taxes on
income |
(5,180) |
1,508 |
(444) |
(3,561) |
45 |
Net income
(loss) |
(9,525) |
3,873 |
(346) |
(2,970) |
221 |
Net income (loss)
available to common |
|
|
|
|
|
shareholders |
(10,589) |
2,825 |
(475) |
(4,027) |
163 |
Diluted earnings per
share |
(0.54) |
0.15 |
(460) |
(0.21) |
157 |
Balance
Sheet |
|
|
|
|
|
Total assets |
2,572,492 |
2,905,275 |
(11) |
2,660,495 |
(3) |
Loans held for
sale |
39,902 |
34,868 |
14 |
37,204 |
7 |
Noncovered portfolio
loans |
1,933,694 |
2,412,796 |
(20) |
2,156,096 |
(10) |
Covered portfolio
loans |
41,209 |
60,558 |
(32) |
46,153 |
(11) |
Total deposits |
2,022,253 |
2,345,648 |
(14) |
2,094,236 |
(3) |
Total shareholders'
equity |
367,024 |
376,576 |
(3) |
376,930 |
(3) |
Book value per common
share |
15.37 |
15.93 |
(4) |
15.89 |
(3) |
Key Ratios |
|
|
|
|
|
Net interest
margin |
3.77% |
3.63% |
|
3.79% |
|
Efficiency
ratio |
64.07 |
47.02 |
|
52.40 |
|
Total capital to
risk-weighted assets |
20.81 |
18.45 |
|
20.20 |
|
Nonperforming loans to
portfolio loans - noncovered |
6.66 |
5.62 |
|
7.01 |
|
Shareholders' equity to
total assets |
14.27 |
12.96 |
|
14.17 |
|
Tangible common equity to
tangible assets* |
11.38 |
10.43 |
|
11.38 |
|
Return on average assets
(annualized) |
(1.43) |
0.52 |
|
(0.43) |
|
Return on average common
equity (annualized) |
(13.42) |
3.57 |
|
(5.11) |
|
Return on average
tangible common equity (annualized)** |
(13.72) |
3.65 |
|
(5.22) |
|
|
YEAR-TO-DATE HIGHLIGHTS |
Nine
Month |
|
|
|
|
|
% |
|
|
|
2011 |
2010 |
Change |
|
|
Operations |
|
|
|
|
|
Net interest
income |
$ 74,431 |
$ 80,361 |
(7)% |
|
|
Provision for loan
losses |
53,816 |
28,295 |
90 |
|
|
Noninterest
income |
10,442 |
14,475 |
(28) |
|
|
Noninterest
expense |
48,298 |
46,822 |
3 |
|
|
Income (loss) before
taxes |
(17,241) |
19,719 |
(187) |
|
|
Taxes on
income |
(7,207) |
7,063 |
(202) |
|
|
Net income
(loss) |
(10,034) |
12,656 |
(179) |
|
|
Net income (loss)
available to common |
|
|
|
|
|
shareholders |
(13,208) |
9,520 |
(239) |
|
|
Diluted earnings per
share |
(0.68) |
0.55 |
(224) |
|
|
Balance
Sheet |
|
|
|
|
|
Total assets |
2,572,492 |
2,905,275 |
(11) |
|
|
Loans held for
sale |
39,902 |
34,868 |
14 |
|
|
Noncovered portfolio
loans |
1,933,694 |
2,412,796 |
(20) |
|
|
Covered portfolio
loans |
41,209 |
60,558 |
(32) |
|
|
Total deposits |
2,022,253 |
2,345,648 |
(14) |
|
|
Total shareholders'
equity |
367,024 |
376,576 |
(3) |
|
|
Book value per common
share |
15.37 |
15.93 |
(4) |
|
|
Key Ratios |
|
|
|
|
|
Net interest
margin |
3.78% |
3.63% |
|
|
|
Efficiency ratio
(GAAP-based) |
56.91 |
49.37 |
|
|
|
Total capital to
risk-weighted assets |
20.81 |
18.45 |
|
|
|
Nonperforming loans to
portfolio loans - noncovered |
6.66 |
5.62 |
|
|
|
Shareholders' equity to
total assets |
14.27 |
12.96 |
|
|
|
Tangible common equity to
tangible assets* |
11.38 |
10.43 |
|
|
|
Return on average
assets |
(0.49) |
0.56 |
|
|
|
Return on average common
equity |
(5.61) |
4.47 |
|
|
|
Return on average
tangible common equity** |
(5.74) |
4.58 |
|
|
|
|
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, except per
share) |
|
|
|
|
|
|
|
|
September, 30 |
December 31, |
September, 30 |
|
2011 |
2010 |
2010 |
Assets |
|
|
|
Cash and due from banks |
$ 27,501 |
$ 26,478 |
$ 22,851 |
Interest-bearing deposits |
89,099 |
41,018 |
66,607 |
Cash and cash
equivalents |
116,600 |
67,496 |
89,458 |
Securities held to maturity (fair
values of $15,805, $14,029, $9,185, respectively) |
15,398 |
14,304 |
9,093 |
Securities available for sale
(amortized cost of $247,094, $246,649, $226,323,
respectively) |
254,201 |
248,221 |
231,751 |
Loans held for sale |
39,902 |
35,194 |
34,868 |
Noncovered loans receivable |
1,993,694 |
2,331,293 |
2,412,796 |
Less: Allowance for loan
losses |
(64,698) |
(65,229) |
(72,418) |
Net noncovered loans
receivable |
1,928,996 |
2,266,064 |
2,340,378 |
Covered loans receivable (includes loss
share: $10,976, $14,370, and $17,922, respectively) |
41,209 |
53,628 |
60,558 |
Net loans
receivable |
1,970,205 |
2,319,692 |
2,400,936 |
Accrued interest receivable |
8,035 |
8,590 |
9,663 |
Income tax receivable |
12,509 |
-- |
-- |
Premises and equipment, net |
22,706 |
23,772 |
25,075 |
Noncovered other real estate |
70,785 |
37,722 |
35,723 |
Covered other real estate |
5,350 |
4,187 |
4,448 |
Goodwill |
6,811 |
6,811 |
6,811 |
Other intangible assets, net |
4,966 |
5,371 |
5,358 |
Other assets |
45,024 |
49,181 |
52,091 |
Total assets |
$ 2,572,492 |
$ 2,820,541 |
$ 2,905,275 |
|
|
|
|
Liabilities |
|
|
|
Deposits: |
|
|
|
Noninterest-bearing
demand |
$ 388,365 |
$ 377,182 |
$ 329,655 |
Interest-bearing
demand |
98,270 |
92,584 |
86,153 |
Money market
accounts |
461,546 |
495,253 |
518,422 |
Savings
accounts |
31,319 |
26,665 |
25,556 |
Time deposits of $100,000
or more |
551,914 |
694,565 |
795,303 |
Other time
deposits |
490,839 |
566,479 |
590,559 |
Total deposits |
2,022,253 |
2,252,728 |
2,345,648 |
Accrued interest payable |
2,507 |
1,577 |
2,457 |
Income tax payable |
-- |
2,878 |
6,603 |
Other liabilities |
12,162 |
8,981 |
9,522 |
Other borrowings |
86,583 |
94,602 |
82,506 |
Subordinated debentures |
81,963 |
81,963 |
81,963 |
Total
liabilities |
2,205,468 |
2,442,729 |
2,528,699 |
|
|
|
|
Shareholders'
equity |
|
|
|
Serial preferred stock; 2,000,000
shares authorized; |
|
|
|
70,000 shares issued and
outstanding |
68,268 |
67,724 |
67,548 |
Common stock -- $1 par value;
40,000,000 shares authorized; |
|
|
|
19,441,577, 19,421,900,
19,395,675 shares issued and outstanding, respectively |
19,442 |
19,422 |
19,396 |
Additional paid-in capital |
98,981 |
98,894 |
98,750 |
Retained earnings |
177,584 |
190,793 |
187,535 |
Accumulated other comprehensive
income |
2,749 |
979 |
3,347 |
Total shareholders'
equity |
367,024 |
377,812 |
376,576 |
Total liabilities and
shareholders' equity |
$ 2,572,492 |
$ 2,820,541 |
$ 2,905,275 |
|
|
|
|
|
SOUTHWEST BANCORP,
INC. |
|
|
|
Table 3 |
UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS |
|
|
(Dollars in thousands, except per
share) |
|
|
|
|
|
|
|
|
|
|
For the three
months |
For the nine
months |
|
ended September
30, |
ended September
30, |
|
2011 |
2010 |
2011 |
2010 |
Interest
income |
|
|
|
|
Loans |
$ 27,873 |
$ 32,824 |
$ 87,890 |
$ 101,087 |
Investment
securities |
1,779 |
2,079 |
5,389 |
6,424 |
Other interest-earning
assets |
131 |
180 |
401 |
610 |
Total interest
income |
29,783 |
35,083 |
93,680 |
108,121 |
|
|
|
|
|
Interest
expense |
|
|
|
|
Interest-bearing
deposits |
3,811 |
6,802 |
13,475 |
22,347 |
Other
borrowings |
469 |
524 |
1,460 |
1,565 |
Subordinated
debentures |
1,478 |
1,305 |
4,314 |
3,848 |
Total interest
expense |
5,758 |
8,631 |
19,249 |
27,760 |
|
|
|
|
|
Net interest income |
24,025 |
26,452 |
74,431 |
80,361 |
|
|
|
|
|
Provision for loan losses |
24,626 |
11,988 |
53,816 |
28,295 |
|
|
|
|
|
Net interest income (loss) after
provision for loan losses |
(601) |
14,464 |
20,615 |
52,066 |
|
|
|
|
|
Noninterest
income |
|
|
|
|
Service charges and
fees |
3,117 |
2,994 |
9,226 |
9,260 |
Gain on sales of
loans |
426 |
653 |
1,021 |
2,054 |
Gain on investment
securities |
-- |
2,605 |
-- |
2,646 |
Other noninterest
income |
46 |
83 |
195 |
515 |
Total noninterest income |
3,589 |
6,335 |
10,442 |
14,475 |
|
|
|
|
|
Noninterest
expense |
|
|
|
|
Salaries and employee
benefits |
7,734 |
7,183 |
22,223 |
22,400 |
Occupancy |
2,694 |
2,835 |
8,201 |
8,454 |
FDIC and other
insurance |
824 |
1,347 |
3,004 |
4,455 |
Other real estate,
net |
1,445 |
228 |
4,483 |
963 |
General and
administrative |
4,996 |
3,825 |
10,387 |
10,550 |
Total noninterest
expense |
17,693 |
15,418 |
48,298 |
46,822 |
Income (loss) before taxes |
(14,705) |
5,381 |
(17,241) |
19,719 |
Taxes on
income |
(5,180) |
1,508 |
(7,207) |
7,063 |
Net income (loss) |
$ (9,525) |
$ 3,873 |
$ (10,034) |
$ 12,656 |
Net income (loss) available to common
shareholders |
$ (10,589) |
$ 2,825 |
$ (13,208) |
$ 9,520 |
|
|
|
|
|
Basic earnings per common
share |
$ (0.54) |
$ 0.15 |
$ (0.68) |
$ 0.55 |
Diluted earnings per common
share |
(0.54) |
0.15 |
(0.68) |
0.55 |
Common dividends declared per
share |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC. |
|
|
|
|
|
Table 4 |
UNAUDITED AVERAGE
BALANCES, YIELDS, AND RATES - QUARTERLY |
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended September 30, |
|
2011 |
2010 |
|
Average |
|
Average |
Average |
|
Average |
|
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
Assets |
|
|
|
|
|
|
Noncovered loans |
$ 2,127,291 |
$ 27,160 |
5.07% |
$ 2,477,413 |
$ 31,791 |
5.09% |
Covered loans |
44,018 |
713 |
6.43 |
65,999 |
1,033 |
6.21 |
Investment securities |
269,143 |
1,779 |
2.62 |
246,838 |
2,079 |
3.34 |
Other interest-earning assets |
87,649 |
131 |
0.59 |
99,500 |
180 |
0.72 |
Total interest-earning
assets |
2,528,101 |
29,783 |
4.67 |
2,889,750 |
35,083 |
4.82 |
Other assets |
121,115 |
|
|
76,570 |
|
|
Total assets |
$ 2,649,216 |
|
|
$ 2,966,320 |
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
Interest-bearing demand deposits |
$ 111,805 |
$ 102 |
0.36% |
$ 93,481 |
$ 111 |
0.47% |
Money market accounts |
480,817 |
507 |
0.42 |
515,754 |
976 |
0.75 |
Savings accounts |
30,467 |
11 |
0.14 |
25,306 |
15 |
0.24 |
Time deposits |
1,065,019 |
3,191 |
1.19 |
1,428,247 |
5,700 |
1.58 |
Total interest-bearing
deposits |
1,688,108 |
3,811 |
0.93 |
2,062,788 |
6,802 |
1.31 |
Other borrowings |
89,964 |
469 |
2.07 |
93,136 |
524 |
2.23 |
Subordinated debentures |
81,963 |
1,478 |
7.21 |
81,963 |
1,305 |
6.37 |
Total interest-bearing
liabilities |
1,860,035 |
5,758 |
1.23 |
2,237,887 |
8,631 |
1.53 |
|
|
|
|
|
|
|
Noninterest-bearing demand
deposits |
375,465 |
|
|
330,321 |
|
|
Other liabilities |
32,447 |
|
|
16,960 |
|
|
Shareholders' equity |
381,269 |
|
|
381,152 |
|
|
Total liabilities and
shareholders' equity |
$ 2,649,216 |
|
|
$ 2,966,320 |
|
|
|
|
|
|
|
|
|
Net interest income and
spread |
|
$ 24,025 |
3.44% |
|
$ 26,452 |
3.29% |
Net interest margin (1) |
|
|
3.77% |
|
|
3.63% |
Average interest-earning
assets |
|
|
|
|
|
|
to average interest-bearing
liabilities |
135.92% |
|
|
129.13% |
|
|
|
|
|
|
|
|
|
(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 nine months ended
September 30, |
|
2011 |
2010 |
|
Average |
|
Average |
Average |
|
Average |
|
Balance |
Interest |
Yield/Rate |
Balance |
Interest |
Yield/Rate |
Assets |
|
|
|
|
|
|
Noncovered loans |
$ 2,234,219 |
$ 85,366 |
5.11% |
$ 2,533,490 |
$ 97,381 |
5.14% |
Covered loans |
47,619 |
2,524 |
7.09 |
72,676 |
3,706 |
6.82 |
Investment securities |
264,004 |
5,389 |
2.73 |
242,629 |
6,424 |
3.54 |
Other interest-earning assets |
87,729 |
401 |
0.61 |
114,629 |
610 |
0.71 |
Total interest-earning
assets |
2,633,571 |
93,680 |
4.76 |
2,963,424 |
108,121 |
4.88 |
Other assets |
102,042 |
|
|
74,199 |
|
|
Total assets |
$ 2,735,613 |
|
|
$ 3,037,623 |
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
Interest-bearing demand deposits |
$ 112,394 |
$ 329 |
0.39% |
$ 102,843 |
$ 383 |
0.50% |
Money market accounts |
487,522 |
1,766 |
0.48 |
508,742 |
3,026 |
0.80 |
Savings accounts |
29,131 |
37 |
0.17 |
25,515 |
47 |
0.25 |
Time deposits |
1,158,922 |
11,343 |
1.31 |
1,534,135 |
18,891 |
1.65 |
Total interest-bearing
deposits |
1,787,969 |
13,475 |
1.05 |
2,171,235 |
22,347 |
1.38 |
Other borrowings |
89,384 |
1,460 |
2.18 |
96,099 |
1,565 |
2.18 |
Subordinated debentures |
81,963 |
4,314 |
7.02 |
81,963 |
3,848 |
6.26 |
Total interest-bearing
liabilities |
1,959,316 |
19,249 |
1.31 |
2,349,297 |
27,760 |
1.58 |
|
|
|
|
|
|
|
Noninterest-bearing demand
deposits |
370,145 |
|
|
318,609 |
|
|
Other liabilities |
23,510 |
|
|
17,629 |
|
|
Shareholders' equity |
382,642 |
|
|
352,088 |
|
|
Total liabilities and
shareholders' equity |
$ 2,735,613 |
|
|
$ 3,037,623 |
|
|
|
|
|
|
|
|
|
Net interest income and
spread |
|
$ 74,431 |
3.45% |
|
$ 80,361 |
3.30% |
Net interest margin (1) |
|
|
3.78% |
|
|
3.63% |
Average interest-earning
assets |
|
|
|
|
|
|
to average interest-bearing
liabilities |
134.41% |
|
|
126.14% |
|
|
|
|
|
|
|
|
|
(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, except per
share) |
|
|
2011 |
2010 |
|
Sep. 30 |
Jun. 30 |
Mar. 31 |
Dec. 31 |
Sep. 30 |
Jun. 30 |
Mar. 31 |
LOAN
COMPOSITION |
|
|
|
|
|
|
|
Noncovered: |
|
|
|
|
|
|
|
Real estate mortgage: |
|
|
|
|
|
|
|
Commercial |
$ 1,169,010 |
$ 1,262,753 |
$ 1,302,164 |
$ 1,310,464 |
$ 1,271,278 |
$ 1,251,709 |
$ 1,230,009 |
One-to-four family
residential |
85,272 |
87,407 |
87,286 |
89,800 |
109,980 |
106,814 |
111,185 |
Real estate construction |
|
|
|
|
|
|
|
Commercial |
348,053 |
372,576 |
403,635 |
441,265 |
527,773 |
589,590 |
630,472 |
One-to-four family
residential |
25,527 |
26,400 |
26,758 |
27,429 |
30,527 |
35,129 |
34,996 |
Commercial |
367,241 |
404,229 |
416,392 |
452,626 |
463,132 |
471,004 |
487,074 |
Installment and consumer: |
|
|
|
|
|
|
|
Guaranteed student
loans |
5,547 |
5,600 |
5,700 |
5,843 |
5,960 |
7,389 |
10,199 |
Other |
32,946 |
34,335 |
36,493 |
39,060 |
39,014 |
39,328 |
38,048 |
Total noncovered loans, including held
for sale |
2,033,596 |
2,193,300 |
2,278,428 |
2,366,487 |
2,447,664 |
2,500,963 |
2,541,983 |
Less allowance for loan
losses |
(64,698) |
(54,575) |
(61,285) |
(65,229) |
(72,418) |
(67,055) |
(65,168) |
Total noncovered loans, net |
$ 1,968,898 |
$ 2,138,725 |
$ 2,217,143 |
$ 2,301,258 |
$ 2,375,246 |
$ 2,433,908 |
$ 2,476,815 |
Covered: |
|
|
|
|
|
|
|
Real estate mortgage: |
|
|
|
|
|
|
|
Commercial |
$ 23,201 |
$ 26,976 |
$ 28,929 |
$ 30,997 |
$ 33,428 |
$ 36,107 |
$ 37,487 |
One-to-four family
residential |
7,378 |
8,113 |
8,192 |
9,122 |
10,071 |
10,277 |
10,843 |
Real estate construction |
|
|
|
|
|
|
|
Commercial |
5,987 |
6,001 |
6,144 |
6,840 |
7,464 |
8,190 |
11,173 |
One-to-four family
residential |
-- |
172 |
281 |
439 |
1,823 |
3,853 |
5,273 |
Commercial |
4,286 |
4,461 |
5,021 |
5,554 |
6,816 |
8,487 |
10,807 |
Installment and consumer: |
357 |
430 |
550 |
676 |
956 |
1,092 |
1,326 |
Total covered loans |
$ 41,209 |
$ 46,153 |
$ 49,117 |
$ 53,628 |
$ 60,558 |
$ 68,006 |
$ 76,909 |
LOANS BY
SEGMENT |
|
|
|
|
|
|
|
Oklahoma banking |
$ 770,306 |
$ 834,189 |
$ 838,006 |
$ 871,393 |
$ 890,598 |
$ 914,004 |
$ 926,870 |
Texas banking |
845,485 |
911,134 |
953,123 |
982,845 |
1,024,863 |
1,041,228 |
1,063,511 |
Kansas banking |
252,302 |
260,431 |
272,685 |
289,642 |
309,240 |
329,157 |
342,596 |
Out of market |
166,810 |
196,495 |
226,383 |
241,041 |
248,653 |
258,965 |
260,329 |
Subtotal |
2,034,903 |
2,202,249 |
2,290,197 |
2,384,921 |
2,473,354 |
2,543,354 |
2,593,306 |
Secondary market |
39,902 |
37,204 |
37,348 |
35,194 |
34,868 |
25,615 |
25,586 |
Total loans |
$ 2,074,805 |
$ 2,239,453 |
$ 2,327,545 |
$ 2,420,115 |
$ 2,508,222 |
$ 2,568,969 |
$ 2,618,892 |
NONPERFORMING LOANS BY
TYPE |
|
|
|
|
|
|
|
Construction &
development |
$ 68,554 |
$ 73,487 |
$ 68,183 |
$ 67,571 |
$ 88,590 |
$ 75,079 |
$ 54,648 |
Commercial real estate |
56,234 |
60,857 |
47,986 |
30,510 |
34,448 |
25,413 |
28,520 |
Commercial |
6,080 |
15,224 |
16,633 |
6,977 |
6,180 |
2,614 |
4,100 |
One-to-four family
residential |
1,706 |
1,457 |
2,634 |
1,984 |
6,401 |
8,843 |
10,552 |
Consumer |
152 |
153 |
27 |
41 |
42 |
255 |
42 |
Total nonperforming loans -
noncovered |
$ 132,726 |
$ 151,178 |
$ 135,463 |
$ 107,083 |
$ 135,661 |
$ 112,204 |
$ 97,862 |
NONPERFORMING LOANS BY
SEGMENT |
|
|
|
|
|
|
|
Oklahoma banking |
$ 14,932 |
$ 18,870 |
$ 13,443 |
$ 9,726 |
$ 9,937 |
$ 6,041 |
$ 7,638 |
Texas banking |
95,191 |
91,449 |
87,122 |
55,431 |
74,581 |
48,873 |
41,303 |
Kansas banking |
7,976 |
9,725 |
7,924 |
6,923 |
14,126 |
18,593 |
15,603 |
Out of market |
14,627 |
31,134 |
26,974 |
35,003 |
37,017 |
38,697 |
33,318 |
Total nonperforming loans -
noncovered |
$ 132,726 |
$ 151,178 |
$ 135,463 |
$ 107,083 |
$ 135,661 |
$ 112,204 |
$ 97,862 |
OTHER REAL ESTATE BY
TYPE |
|
|
|
|
|
|
|
Construction &
development |
$ 38,927 |
$ 12,588 |
$ 6,304 |
$ 5,579 |
$ 9,349 |
$ 1,625 |
$ 1,441 |
Commercial real estate |
24,364 |
16,300 |
23,890 |
20,750 |
19,053 |
19,444 |
12,320 |
One-to-four family
residential |
7,494 |
10,068 |
10,873 |
11,393 |
7,321 |
6,565 |
5,048 |
Total other real estate -
noncovered |
$ 70,785 |
$ 38,956 |
$ 41,067 |
$ 37,722 |
$ 35,723 |
$ 27,634 |
$ 18,809 |
OTHER REAL ESTATE BY
SEGMENT |
|
|
|
|
|
|
|
Oklahoma banking |
$ 8,709 |
$ 2,613 |
$ 4,616 |
$ 4,814 |
$ 4,108 |
$ 3,547 |
$ 3,665 |
Texas banking |
35,270 |
17,398 |
18,652 |
15,810 |
14,651 |
10,352 |
4,376 |
Kansas banking |
12,390 |
14,539 |
12,848 |
13,182 |
12,218 |
8,989 |
9,198 |
Out of market |
14,416 |
4,406 |
4,951 |
3,916 |
4,746 |
4,746 |
1,570 |
Total other real estate -
noncovered |
$ 70,785 |
$ 38,956 |
$ 41,067 |
$ 37,722 |
$ 35,723 |
$ 27,634 |
$ 18,809 |
POTENTIAL PROBLEM LOANS BY
TYPE |
|
|
|
|
|
|
|
Construction &
development |
$ 75,867 |
$ 111,032 |
$ 111,204 |
$ 94,765 |
$ 111,401 |
$ 101,455 |
$ 132,546 |
Commercial real estate |
162,692 |
140,079 |
85,833 |
101,629 |
97,694 |
107,538 |
111,989 |
Commercial |
37,027 |
38,850 |
19,940 |
36,142 |
27,119 |
32,843 |
30,582 |
One-to-four family
residential |
1,108 |
1,210 |
429 |
589 |
608 |
354 |
764 |
Consumer |
-- |
-- |
-- |
15 |
22 |
27 |
31 |
Total potential problem loans -
noncovered |
$ 276,694 |
$ 291,171 |
$ 217,406 |
$ 233,140 |
$ 236,844 |
$ 242,217 |
$ 275,912 |
POTENTIAL PROBLEM LOANS BY
SEGMENT |
|
|
|
|
|
|
|
Oklahoma banking |
$ 54,310 |
$ 42,565 |
$ 30,678 |
$ 36,170 |
$ 58,230 |
$ 47,686 |
$ 47,147 |
Texas banking |
163,973 |
183,486 |
114,506 |
144,357 |
116,049 |
145,684 |
168,717 |
Kansas banking |
14,530 |
11,289 |
19,472 |
20,232 |
19,737 |
1,754 |
5,175 |
Out of market |
43,881 |
53,831 |
52,750 |
32,381 |
42,828 |
47,093 |
54,873 |
Total potential problem loans -
noncovered |
$ 276,694 |
$ 291,171 |
$ 217,406 |
$ 233,140 |
$ 236,844 |
$ 242,217 |
$ 275,912 |
Continued |
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC. |
|
|
|
Table 6 |
UNAUDITED QUARTERLY
SUMMARY LOAN DATA |
|
|
|
Continued |
(Dollars in thousands, except per
share) |
|
|
2011 |
2010 |
|
Sep. 30 |
Jun. 30 |
Mar. 31 |
Dec. 31 |
Sep. 30 |
Jun. 30 |
Mar. 31 |
OUT OF MARKET
LOANS |
|
|
|
|
|
|
|
Net balance out of market
loans: |
|
|
|
|
|
|
|
Arizona |
$ 35,978 |
$ 49,977 |
$ 57,657 |
$ 65,615 |
$ 68,887 |
$ 65,770 |
$ 66,428 |
Iowa |
26,626 |
26,695 |
26,759 |
26,836 |
28,953 |
25,035 |
25,108 |
Colorado |
23,234 |
24,187 |
28,422 |
28,619 |
30,160 |
31,509 |
32,793 |
New Mexico |
21,019 |
21,092 |
28,226 |
28,710 |
29,188 |
29,514 |
29,732 |
California |
10,737 |
9,814 |
9,984 |
9,906 |
10,169 |
10,554 |
10,560 |
Ohio |
9,367 |
9,568 |
9,963 |
10,420 |
10,666 |
10,786 |
10,293 |
Tennessee |
6,484 |
6,550 |
6,606 |
6,784 |
6,837 |
6,898 |
6,967 |
Florida |
6,374 |
10,582 |
7,600 |
7,627 |
7,622 |
7,531 |
7,635 |
Louisiana |
5,644 |
5,963 |
8,018 |
8,651 |
9,223 |
9,788 |
10,354 |
Alabama |
4,306 |
4,443 |
4,479 |
4,520 |
5,027 |
5,065 |
5,100 |
Other (24 states included) |
17,041 |
27,624 |
38,669 |
43,353 |
41,921 |
56,515 |
55,359 |
Total out of market loans |
$ 166,810 |
$ 196,495 |
$ 226,383 |
$ 241,041 |
$ 248,653 |
$ 258,965 |
$ 260,329 |
Nonperforming out of market
loans: |
|
|
|
|
|
|
|
Arizona |
$ 8,441 |
$ 16,745 |
$ 10,316 |
$ 17,061 |
$ 19,145 |
$ 19,576 |
$ 11,834 |
Colorado |
746 |
4,909 |
880 |
1,235 |
1,239 |
1,255 |
521 |
New Mexico |
5,135 |
5,135 |
11,827 |
11,827 |
11,827 |
11,827 |
11,827 |
Tennessee |
-- |
-- |
-- |
30 |
32 |
33 |
35 |
Florida |
305 |
1,479 |
1,479 |
1,479 |
1,479 |
1,486 |
1,486 |
Alabama |
-- |
157 |
172 |
192 |
192 |
195 |
195 |
Other (24 states included) |
-- |
2,709 |
2,300 |
3,179 |
3,103 |
4,325 |
7,420 |
Total nonperforming out of market
loans |
$ 14,627 |
$ 31,134 |
$ 26,974 |
$ 35,003 |
$ 37,017 |
$ 38,697 |
$ 33,318 |
Potential problem out of market
loans: |
|
|
|
|
|
|
|
Arizona |
$ 10,287 |
$ 14,865 |
$ 25,242 |
$ 14,986 |
$ 15,608 |
$ 10,648 |
$ 18,428 |
Iowa |
-- |
-- |
-- |
-- |
-- |
9,100 |
9,100 |
Colorado |
17,034 |
13,500 |
17,933 |
17,395 |
17,395 |
17,395 |
17,395 |
New Mexico |
11,589 |
11,635 |
-- |
-- |
-- |
-- |
-- |
California |
593 |
9,423 |
9,575 |
-- |
9,825 |
9,950 |
9,950 |
Florida |
108 |
116 |
-- |
-- |
-- |
-- |
-- |
Alabama |
4,270 |
4,292 |
-- |
-- |
-- |
-- |
-- |
Total potential problem out of market
loans |
$ 43,881 |
$ 53,831 |
$ 52,750 |
$ 32,381 |
$ 42,828 |
$ 47,093 |
$ 54,873 |
ALLOWANCE
ACTIVITY |
|
|
|
|
|
|
|
Balance, beginning of period |
$ 54,575 |
$ 61,285 |
$ 65,229 |
$ 72,418 |
$ 67,055 |
$ 65,168 |
$ 62,413 |
Charge offs |
16,067 |
27,562 |
13,392 |
14,720 |
7,006 |
6,168 |
6,545 |
Recoveries |
1,564 |
712 |
398 |
266 |
381 |
279 |
769 |
Net charge
offs |
14,503 |
26,850 |
12,994 |
14,454 |
6,625 |
5,889 |
5,776 |
Provision for loan losses |
24,626 |
20,140 |
9,050 |
7,265 |
11,988 |
7,776 |
8,531 |
Balance, end of
period |
$ 64,698 |
$ 54,575 |
$ 61,285 |
$ 65,229 |
$ 72,418 |
$ 67,055 |
$ 65,168 |
NET CHARGE OFFS BY
TYPE |
|
|
|
|
|
|
|
Construction &
development |
$ 7,177 |
$ 10,847 |
$ 1,012 |
$ 11,613 |
$ 1,641 |
$ 4,126 |
$ 2,920 |
Commercial real estate |
5,702 |
7,593 |
7,290 |
1,351 |
1,582 |
515 |
919 |
Commercial |
1,469 |
7,999 |
4,337 |
1,214 |
1,318 |
1,081 |
1,148 |
One-to-four family
residential |
55 |
165 |
58 |
149 |
1,589 |
119 |
558 |
Consumer |
100 |
246 |
297 |
127 |
495 |
48 |
231 |
Total net charge offs by
type |
$ 14,503 |
$ 26,850 |
$ 12,994 |
$ 14,454 |
$ 6,625 |
$ 5,889 |
$ 5,776 |
NET CHARGE OFFS BY
SEGMENT |
|
|
|
|
|
|
|
Oklahoma banking |
$ 1,058 |
$ 1,442 |
$ 1,593 |
$ 1,616 |
$ 1,960 |
$ 371 |
$ 1,815 |
Texas banking |
7,386 |
9,163 |
4,502 |
10,485 |
2,219 |
4,726 |
3,734 |
Kansas banking |
361 |
1,791 |
372 |
64 |
823 |
482 |
1,077 |
Out of market |
5,698 |
14,454 |
6,527 |
2,289 |
1,623 |
310 |
(850) |
Total net charge offs by
segment |
$ 14,503 |
$ 26,850 |
$ 12,994 |
$ 14,454 |
$ 6,625 |
$ 5,889 |
$ 5,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST BANCORP,
INC. |
|
|
|
Table 7 |
UNAUDITED QUARTERLY
SUMMARY FINANCIAL DATA |
|
|
|
|
(Dollars in thousands, except per
share) |
|
|
2011 |
2010 |
|
Sep. 30 |
Jun. 30 |
Mar. 31 |
Dec. 31 |
Sep. 30 |
Jun. 30 |
Mar. 31 |
NET INCOME (LOSS) BY
SEGMENT |
|
|
|
|
|
|
|
Oklahoma banking |
$ 7 |
$ 5,290 |
$ 3,435 |
$ 4,205 |
$ 3,399 |
$ 4,387 |
$ 2,857 |
Texas banking |
(6,455) |
1,575 |
1,079 |
4,001 |
(1,801) |
757 |
1,685 |
Kansas banking |
(612) |
971 |
131 |
293 |
(306) |
940 |
(322) |
Out of market |
(1,947) |
(9,039) |
(924) |
(3,674) |
494 |
(477) |
1,750 |
Subtotal |
(9,007) |
(1,203) |
3,721 |
4,825 |
1,786 |
5,607 |
5,970 |
Secondary market |
90 |
127 |
(13) |
444 |
173 |
83 |
310 |
Other operations |
(608) |
(1,894) |
(1,247) |
(961) |
1,914 |
(1,279) |
(1,908) |
Net income (loss) |
$ (9,525) |
$ (2,970) |
$ 2,461 |
$ 4,308 |
$ 3,873 |
$ 4,411 |
$ 4,372 |
PER SHARE
DATA |
|
|
|
|
|
|
|
Basic earnings per common
share |
$ (0.54) |
$ (0.21) |
$ 0.07 |
$ 0.17 |
$ 0.15 |
$ 0.19 |
$ 0.23 |
Diluted earnings per common
share |
(0.54) |
(0.21) |
0.07 |
0.17 |
0.15 |
0.19 |
0.23 |
Book value per common share |
15.37 |
15.89 |
16.02 |
15.97 |
15.93 |
15.88 |
16.79 |
Tangible book value per
share* |
15.02 |
15.54 |
15.67 |
15.62 |
15.58 |
15.53 |
16.33 |
COMMON
STOCK |
|
|
|
|
|
|
|
Shares issued and
outstanding |
19,441,577 |
19,439,167 |
19,438,290 |
19,421,900 |
19,395,675 |
19,388,797 |
14,779,711 |
OTHER FINANCIAL
DATA |
|
|
|
|
|
|
|
Investment securities |
$ 269,599 |
$ 268,153 |
$ 258,436 |
$ 262,525 |
$ 240,844 |
$ 247,108 |
$ 241,693 |
Loans held for sale |
39,902 |
37,204 |
37,348 |
35,194 |
34,868 |
25,615 |
25,586 |
Noncovered portfolio loans |
1,993,694 |
2,156,096 |
2,241,080 |
2,331,293 |
2,412,796 |
2,475,348 |
2,516,397 |
Total noncovered loans |
2,033,596 |
2,193,300 |
2,278,428 |
2,366,487 |
2,447,664 |
2,500,963 |
2,541,983 |
Covered portfolio loans |
41,209 |
46,153 |
49,117 |
53,628 |
60,558 |
68,006 |
76,909 |
Total assets |
2,572,492 |
2,660,495 |
2,779,028 |
2,820,541 |
2,905,275 |
3,010,835 |
3,074,923 |
Total deposits |
2,022,253 |
2,094,236 |
2,218,571 |
2,252,728 |
2,345,648 |
2,444,939 |
2,554,165 |
Other borrowings |
86,583 |
96,682 |
85,332 |
94,602 |
82,506 |
93,036 |
103,620 |
Subordinated debentures |
81,963 |
81,963 |
81,963 |
81,963 |
81,963 |
81,963 |
81,963 |
Total shareholders' equity |
367,024 |
376,930 |
379,350 |
377,812 |
376,576 |
375,319 |
315,341 |
Mortgage servicing portfolio |
285,886 |
283,083 |
281,271 |
278,146 |
261,266 |
249,632 |
241,224 |
INTANGIBLE ASSET
DATA |
|
|
|
|
|
|
|
Goodwill |
$ 6,811 |
$ 6,811 |
$ 6,811 |
$ 6,811 |
$ 6,811 |
$ 6,811 |
$ 6,811 |
Core deposit intangible |
3,155 |
3,285 |
3,420 |
3,557 |
3,693 |
3,830 |
3,967 |
Mortgage servicing rights |
1,808 |
1,781 |
1,718 |
1,810 |
1,661 |
1,589 |
1,603 |
Nonmortgage servicing rights |
3 |
3 |
3 |
4 |
4 |
5 |
5 |
Total intangible
assets |
$ 11,777 |
$ 11,880 |
$ 11,952 |
$ 12,182 |
$ 12,169 |
$ 12,235 |
$ 12,386 |
Intangible amortization
expense |
$ 226 |
$ 222 |
$ 361 |
$ 402 |
$ 392 |
$ 350 |
$ 359 |
DEPOSIT
COMPOSITION |
|
|
|
|
|
|
|
Non-interest bearing demand |
$ 388,365 |
$ 389,027 |
$ 369,013 |
$ 377,182 |
$ 329,655 |
$ 326,721 |
$ 317,896 |
Interest-bearing demand |
98,270 |
124,346 |
112,731 |
92,584 |
86,153 |
102,218 |
119,757 |
Money market accounts |
461,546 |
465,269 |
486,770 |
495,253 |
518,422 |
510,549 |
506,659 |
Savings accounts |
31,319 |
29,586 |
28,440 |
26,665 |
25,556 |
25,321 |
25,871 |
Time deposits of $100,000 or
more |
551,914 |
570,116 |
669,817 |
694,565 |
795,303 |
861,110 |
944,871 |
Other time deposits |
490,839 |
515,892 |
551,800 |
566,479 |
590,559 |
619,020 |
639,111 |
Total
deposits** |
$ 2,022,253 |
$ 2,094,236 |
$ 2,218,571 |
$ 2,252,728 |
$ 2,345,648 |
$ 2,444,939 |
$ 2,554,165 |
OFFICES AND
EMPLOYEES |
|
|
|
|
|
|
|
FTE Employees |
437 |
437 |
424 |
432 |
440 |
447 |
455 |
Branches |
23 |
23 |
23 |
23 |
23 |
23 |
24 |
Loan production offices |
2 |
2 |
2 |
2 |
2 |
2 |
2 |
Assets per employee |
$ 5,887 |
$ 6,088 |
$ 6,554 |
$ 6,529 |
$ 6,603 |
$ 6,736 |
$ 6,758 |
|
|
|
|
|
|
|
|
*This is a Non-GAAP based
financial measure. |
**Calculation of
Non-brokered Deposits and Core Funding (Non-GAAP Financial
Measures) |
Total deposits |
$ 2,022,253 |
$ 2,094,236 |
$ 2,218,571 |
$ 2,252,728 |
$ 2,345,648 |
$ 2,444,939 |
$ 2,554,165 |
Less: |
|
|
|
|
|
|
|
Brokered time
deposits |
46,838 |
52,407 |
122,124 |
145,240 |
226,238 |
279,027 |
359,571 |
Other brokered
deposits |
105,483 |
105,392 |
112,033 |
117,532 |
129,096 |
126,643 |
124,969 |
Non-brokered
deposits |
$ 1,869,932 |
$ 1,936,437 |
$ 1,984,414 |
$ 1,989,956 |
$ 1,990,314 |
$ 2,039,269 |
$ 2,069,625 |
Plus: |
|
|
|
|
|
|
|
Sweep repurchase
agreements |
40,305 |
30,636 |
27,214 |
26,492 |
22,211 |
22,700 |
33,192 |
Core funding |
$ 1,910,237 |
$ 1,967,073 |
$ 2,011,628 |
$ 2,016,448 |
$ 2,012,525 |
$ 2,061,969 |
$ 2,102,817 |
|
|
|
|
|
|
|
|
Balance sheet amounts are
as of period end unless otherwise noted. |
|
|
|
|
|
SOUTHWEST BANCORP,
INC. |
|
|
|
Table 8 |
UNAUDITED QUARTERLY
SUPPLEMENTAL ANALYTICAL DATA |
|
|
|
(Dollars in thousands, except per
share) |
|
|
|
|
|
|
|
|
|
|
2011 |
2010 |
|
Sep. 30 |
Jun. 30 |
Mar. 31 |
Dec. 31 |
Sep. 30 |
Jun. 30 |
Mar. 31 |
PERFORMANCE
RATIOS |
|
|
|
|
|
|
|
Return on average assets
(annualized) |
(1.43)% |
(0.43)% |
0.35% |
0.59% |
0.52% |
0.58% |
0.57% |
Return on average common equity
(annualized) |
(13.42) |
(5.11) |
1.81 |
4.11 |
3.57 |
4.64 |
5.42 |
Return on average tangible common
equity |
|
|
|
|
|
|
|
(annualized)* |
(13.72) |
(5.22) |
1.85 |
4.21 |
3.65 |
4.75 |
5.58 |
Net interest margin
(annualized) |
3.77 |
3.79 |
3.78 |
3.82 |
3.63 |
3.65 |
3.59 |
Total dividends declared to net
income |
(9.24) |
(29.46) |
35.56 |
20.31 |
22.59 |
19.84 |
20.02 |
Effective tax rate |
35.23 |
54.53 |
38.40 |
38.31 |
28.02 |
38.29 |
39.19 |
Efficiency ratio |
64.07 |
52.40 |
54.50 |
54.13 |
47.02 |
51.97 |
49.25 |
NONPERFORMING
ASSETS |
|
|
|
|
|
|
|
Noncovered: |
|
|
|
|
|
|
|
Nonaccrual loans |
$ 132,268 |
$ 151,135 |
$ 134,934 |
$ 106,566 |
$ 135,209 |
$ 111,871 |
$ 97,858 |
90 days past due and
accruing |
458 |
43 |
529 |
517 |
452 |
333 |
4 |
Total nonperforming
loans |
132,726 |
151,178 |
135,463 |
107,083 |
135,661 |
112,204 |
97,862 |
Other real estate |
70,785 |
38,956 |
41,067 |
37,722 |
35,723 |
27,634 |
18,809 |
Total nonperforming
assets |
$ 203,511 |
$ 190,134 |
$ 176,530 |
$ 144,805 |
$ 171,384 |
$ 139,838 |
$ 116,671 |
Performing restructured |
$ 1,026 |
$ 3,191 |
$ 2,166 |
$ 2,177 |
$ 5,334 |
$ 5,525 |
$ 5,650 |
Potential problem loans |
$ 276,694 |
$ 291,171 |
$ 217,406 |
$ 233,140 |
$ 236,844 |
$ 242,217 |
$ 275,912 |
Covered: |
|
|
|
|
|
|
|
Nonaccrual loans |
$ 7,065 |
$ 9,800 |
$ 9,809 |
$ 10,806 |
$ 7,906 |
$ 14,504 |
$ 16,192 |
90 days past due and
accruing |
610 |
-- |
-- |
-- |
1,871 |
130 |
356 |
Total nonperforming
loans |
7,675 |
9,800 |
9,809 |
10,806 |
9,777 |
14,634 |
16,548 |
Other real estate |
5,350 |
3,806 |
4,016 |
4,187 |
4,448 |
4,352 |
4,489 |
Total nonperforming
assets |
$ 13,025 |
$ 13,606 |
$ 13,825 |
$ 14,993 |
$ 14,225 |
$ 18,986 |
$ 21,037 |
Potential problem loans |
$ 2,015 |
$ 2,731 |
$ 3,444 |
$ 3,495 |
$ 6,413 |
$ 6,184 |
$ 6,620 |
ASSET QUALITY
RATIOS |
|
|
|
|
|
|
|
Net loan charge-offs to average
portfolio |
|
|
|
|
|
|
|
loans
(annualized) |
2.70% |
4.76% |
2.25% |
2.35% |
1.05% |
0.92% |
0.90% |
Noncovered: |
|
|
|
|
|
|
|
Nonperforming assets to portfolio loans
and |
|
|
|
|
|
|
|
other real
estate |
9.86% |
8.66% |
7.74% |
6.11% |
7.00% |
5.59% |
4.60% |
Nonperforming loans to portfolio
loans |
6.66 |
7.01 |
6.04 |
4.59 |
5.62 |
4.53 |
3.89 |
Allowance for loan losses to portfolio
loans |
3.25 |
2.53 |
2.73 |
2.80 |
3.00 |
2.71 |
2.59 |
Allowance for loan losses to |
|
|
|
|
|
|
|
nonperforming
loans |
48.75 |
36.10 |
45.24 |
60.91 |
53.38 |
59.76 |
66.59 |
Covered: |
|
|
|
|
|
|
|
Nonperforming assets to portfolio loans
and |
|
|
|
|
|
|
|
other real
estate |
27.98% |
27.23% |
26.02% |
25.93% |
21.88% |
26.24% |
25.84% |
Nonperforming loans to portfolio
loans |
18.62 |
21.23 |
19.97 |
20.15 |
16.14 |
21.52 |
21.52 |
CAPITAL
RATIOS |
|
|
|
|
|
|
|
Average total shareholders' equity
to |
|
|
|
|
|
|
|
average assets |
14.39% |
13.98% |
13.57% |
13.24% |
12.85% |
11.78% |
10.18% |
Leverage ratio |
16.47 |
16.25 |
15.95 |
15.55 |
14.96 |
14.48 |
12.32 |
Tier 1 capital to risk-weighted
assets |
19.54 |
18.93 |
18.49 |
17.78 |
17.17 |
16.50 |
14.00 |
Total capital to risk-weighted
assets |
20.81 |
20.20 |
19.77 |
19.06 |
18.45 |
17.78 |
15.28 |
Tangible common equity to tangible
assets*** |
11.38 |
11.38 |
10.99 |
10.78 |
10.43 |
10.02 |
7.87 |
REGULATORY CAPITAL
DATA |
|
|
|
|
|
|
|
Tier I capital |
$ 433,628 |
$ 444,106 |
$ 447,803 |
$ 445,966 |
$ 442,188 |
$ 438,973 |
$ 381,280 |
Total capital |
461,929 |
473,950 |
478,713 |
477,930 |
475,040 |
472,971 |
415,955 |
Total risk adjusted assets |
2,219,271 |
2,346,596 |
2,421,752 |
2,507,867 |
2,574,746 |
2,659,886 |
2,722,628 |
Average total assets |
2,633,000 |
2,733,561 |
2,807,518 |
2,867,114 |
2,955,779 |
3,032,328 |
3,094,756 |
|
|
|
|
|
|
|
|
*This is a Non-GAAP based
financial measure. |
***Calculation of Tangible
Capital to Tangible Assets (Non-GAAP Financial Measure) |
Total shareholders'
equity |
$ 367,024 |
$ 376,930 |
$ 379,350 |
$ 377,812 |
$ 376,576 |
$ 375,319 |
$ 315,341 |
Less: |
|
|
|
|
|
|
|
Goodwill |
6,811 |
6,811 |
6,811 |
6,811 |
6,811 |
6,811 |
6,811 |
Preferred
stock |
68,268 |
68,084 |
67,902 |
67,724 |
67,548 |
67,375 |
67,205 |
Tangible common
equity |
$ 291,945 |
$ 302,035 |
$ 304,637 |
$ 303,277 |
$ 302,217 |
$ 301,133 |
$ 241,325 |
Total assets |
$ 2,572,492 |
$ 2,660,495 |
$ 2,779,028 |
$ 2,820,541 |
$ 2,905,275 |
$ 3,010,835 |
$ 3,074,923 |
Less goodwill |
6,811 |
6,811 |
6,811 |
6,811 |
6,811 |
6,811 |
6,811 |
Tangible
assets |
$ 2,565,681 |
$ 2,653,684 |
$ 2,772,217 |
$ 2,813,730 |
$ 2,898,464 |
$ 3,004,024 |
$ 3,068,112 |
Tangible common equity to
tangible assets |
11.38% |
11.38% |
10.99% |
10.78% |
10.43% |
10.02% |
7.87% |
|
|
|
|
|
|
|
|
Balance sheet amounts and
ratios are as of period end unless otherwise noted. |
CONTACT: Rick Green
President & CEO
Laura Robertson
EVP & CFO
(405) 372-2230
Southwest Bancorp - Southwest Capital Trust Ii- Trust Preferred Securities (MM) (NASDAQ:OKSBP)
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