Southwest Bancorp, Inc. (NASDAQ:OKSB), (“Southwest”), today
reported net income for the fourth quarter of 2015 of $4.6 million,
or $0.23 per diluted share, compared to $5.9 million, or $0.30 per
diluted share, for the fourth quarter of 2014. Included in the
prior year’s fourth quarter results was a negative (credit)
provision for loan losses of $2.4 million versus a negative
(credit) provision of $0.6 million for the quarter ended December
31, 2015. Net income for the year ended December 31, 2015 totaled
$17.4 million, or $0.90 per diluted share, compared to $21.0
million, or $1.07 per diluted share, for the year ended December
31, 2014. Included in the prior year’s results was a pre-tax net
gain on sale of bank branches of $4.4 million and a negative
(credit) provision for loan losses of $6.6 million, versus a
negative (credit) provision for loan losses of $3.6 million for the
year ended December 31, 2015.
Southwest announced that its board of directors
has approved an increase in the quarterly cash dividend from $0.06
per share to $0.08 per share payable February 12, 2016 to
shareholders of record as of January 29, 2016.
Mark Funke, President and CEO, stated, “The
fourth quarter was a positive growth and expansion quarter for Bank
SNB. We successfully completed the acquisition and
integration of First Commercial Bancshares, Inc. We hired a market
president and two commercial bankers to lead our newly established
Denver banking efforts. The acquisition expands our presence
in the Oklahoma City metro area with five additional branches,
increasing our total to ten. It also adds Colorado to our
geographic footprint with three branches in Denver and one in
Colorado Springs.
“The financial results for the fourth quarter
reflect solid earnings and strong loan growth. Our efforts
produced several highlights:
- Closed the acquisition of Edmond-based First Commercial
Bancshares, Inc. (“FCBI”) October 9, 2015.
- Total loan growth was $231.3 million, including $194.0 million
of FCBI acquired loans, or 15%, for the fourth quarter and $379.4
million, or 27%, for the year. We have had eight consecutive
quarters of loan growth.
- Core loan growth (excluding the FCBI acquisition) for the year
was $185.4 million, or 13%.
- The quarterly net interest margin improved to 3.48% at December
31, 2015 compared to 3.34% at September 30, 2015.
“Our financial results and the solid loan growth
for the fourth quarter and the full year reflect the excellent work
of our banking associates. We will continue to focus our
company on producing consistent, conservative, and sustainable
earnings through the expansion of our revenue base while prudently
managing risk and expenses.”
On February 24, 2015, Southwest’s board of
directors authorized its second consecutive share repurchase
program of up to 5.0% of its outstanding common stock, or
approximately 950,000 shares, which became effective on August 14,
2015. The first share repurchase program, in August 2014,
authorized up to 990,000 shares. Since August 2014, Southwest has
repurchased 1,121,558 shares for a total of $18.8 million.
During the fourth quarter of 2015, 254,248 shares for a total of
$4.4 million were repurchased.
Financial Overview
Condition: As of December
31, 2015, total assets were $2.4 billion, an increase of $297.1
million, including FCBI acquired assets, when compared to September
30, 2015. At the date of acquisition, FCBI assets were $291.9
million. As of December 31, 2015, total loans were $1.8 billion, an
increase of $231.3 million from the prior quarter end, including
$194.0 million in acquired loans. As of December 31, 2015,
investment securities were $412.1 million, an increase of $23.6
million from the prior quarter end, including $34.8 million in
acquired investments. Cash and cash equivalents at December 31,
2015 were $78.1 million, up $9.5 million from September 30,
2015.
At December 31, 2015, the allowance for loan
losses was $26.1 million, a decrease of $0.5 million when compared
to September 30, 2015 and a decrease of $2.3 million when compared
to December 31, 2014. The allowance for loan losses to
portfolio loans was 1.47% as of December 31, 2015, compared to
1.73% as of September 30, 2015 and 2.03% as of December 31,
2014. The allowance for loan losses to nonperforming loans
was 128.49% as of December 31, 2015, compared to 176.38% as of
September 30, 2015 and 302.26% as of December 31, 2014. The
total allowance for loan losses combined with the purchase discount
on acquired loans represents 1.96% of gross loans.
Nonperforming loans were $20.3 million at
December 31, 2015, an increase of $5.2 million from September 30,
2015, including $4.1 million of acquired nonperforming loans, and
an increase of $10.9 million from December 31, 2014. Other
real estate at December 31, 2015 was $2.3 million, which is flat
from September 30, 2015, and a decrease of $0.8 million when
compared to December 31, 2014. Nonperforming assets were
$22.6 million, or 1.27% of portfolio loans and other real estate,
as of December 31, 2015, compared to $17.4 million, or 1.12% of
portfolio loans and other real estate, as of September 30, 2015,
and $12.5 million, or 0.89% of portfolio loans and other real
estate, as of December 31, 2014.
As of December 31, 2015, total deposits were
$1.9 billion, an increase of $257.9 million, including $227.9
million of acquired deposits, when compared to September 30, 2015.
Total core funding, which includes all non-brokered deposits and
sweep repurchase agreements, comprised 88% and 89% of total funding
as of December 31, 2015 and September 30, 2015, respectively.
Wholesale funding, including Federal Home Loan Bank borrowings,
federal funds purchased, and brokered deposits, accounted for 12%
and 11% of total funding at December 31, 2015 and September 30,
2015, respectively. See Table 7 for details on core funding
and non-brokered deposits, which are non-GAAP financial
measures.
The capital ratios of Southwest and Bank SNB as
of December 31, 2015 exceeded the criteria for regulatory
classification as “well-capitalized”. Southwest’s total
regulatory capital was $354.3 million, for a total risk-based
capital ratio of 16.55%, Common Equity Tier 1 capital was $282.7
million, for a Common Equity Tier 1 ratio of 13.21%, and Tier 1
capital was $327.5 million, for a Tier 1 risk-based capital ratio
of 15.30%. Bank SNB had total regulatory capital of $317.9
million, for a total risk-based capital ratio of 14.90% and Common
Equity Tier 1 and Tier 1 capital of $291.1 million, for a Common
Equity Tier 1 and Tier 1 ratio of 13.65%. Designation as a
well-capitalized institution under regulations does not constitute
a recommendation or endorsement by bank regulators.
Fourth Quarter Results:
Summary: For the fourth
quarter of 2015, net income was $4.6 million, compared to $4.1
million for the third quarter of 2015 and $5.9 million for the
fourth quarter of 2014. For the quarter, FCBI contributed
$1.1 million of net income, which was substantially offset by deal
costs, net of tax, of $1.0 million.
The $0.5 million increase in net income compared
to the third quarter of 2015 was primarily due to $3.0 million
increase in net interest income, a negative provision for loan
losses of $0.6 million versus a small loan provision for loan
losses in the previous quarter, and a $0.2 million increase in
noninterest income, offset in part by a $3.0 million increase in
noninterest expense including FCBI acquisition expenses, and an
increase in taxes of $0.3 million.
The $1.3 million decrease in our net income
compared to the fourth quarter of 2014 was primarily the result of
a decrease in the negative provision for loan losses of $1.8
million, a $0.4 million decrease in noninterest income, a $3.0
million increase in noninterest expense, offset in part by a $2.9
million increase in net interest income and a $1.0 million decrease
in taxes.
Net Interest
Income: Net interest income totaled
$19.5 million for the fourth quarter of 2015, compared to $16.5
million for the third quarter of 2015 and $16.6 million for the
fourth quarter of 2014. Net interest margin was 3.48% for the
fourth quarter of 2015, compared to 3.34% for the third quarter of
2015 and 3.52% for the fourth quarter of 2014. Included in interest
income for the fourth quarter of 2015 was $0.3 million due to
accelerated discount accretion attributable to the acquisition of
FCBI. The net effect of these adjustments on the net interest
margin was a 5 basis point increase for the quarter ended 2015. The
FCBI acquisition contributed $2.7 million in net interest income
including $0.3 million in accelerated discount accretion. Loans
(including loans held for sale) for the fourth quarter of 2015
increased $231.3 million, or 15%, including $194.0 million of
acquired loans, when compared to September 30, 2015, and $379.4
million, or 27%, when compared to December 31, 2014.
Provision (Credit) for Loan Losses and
Net Charge-offs: The provision for loan losses is
the amount that is required to maintain the allowance for loan
losses at an appropriate level based upon the inherent risks in the
loan portfolio after the effects of net charge-offs or net
recoveries for the period. The provision for loan losses was
a negative provision of $0.6 million for the fourth quarter of
2015, compared to a provision of $0.02 million for the third
quarter of 2015, and a negative provision of $2.4 million for the
fourth quarter of 2014. During the fourth quarter of 2015, net
recoveries totaled $0.1 million, or (0.02%) (annualized) of average
portfolio loans, compared to net recoveries of $0.4 million, or
(0.09%) (annualized) of average portfolio loans for the third
quarter of 2015 and net charge-offs of $0.1 million, or 0.02%
(annualized) of average portfolio loans for the fourth quarter of
2014.
Noninterest Income:
Noninterest income totaled $4.2 million for the fourth quarter of
2015, compared to $4.0 million for the third quarter of 2015 and
$4.6 million for the fourth quarter of 2014.
The $0.2 million increase from the third quarter
of 2015 is primarily the result of a $0.2 million increase in
service charges and fees and a $0.1 million increase in the gain on
sale of mortgage loans, offset in part by a $0.1 million decrease
in other noninterest income, primarily from customer risk
management interest rate swap income.
The $0.4 million decrease from the fourth
quarter of 2014 is primarily the result of a $1.1 million decrease
in gain on investment securities related to the gain on sale of a
private equity investment during the fourth quarter of 2014, offset
in part by a $0.1 million increase in service charges and fees, a
$0.2 million increase in the gain on sale of mortgage loans, and a
$0.4 million increase in other noninterest income, primarily from
customer risk management interest rate swap income and income on
bank owned life insurance.
Noninterest Expense:
Noninterest expense totaled $17.1 million for the fourth quarter of
2015, compared to $14.1 million for the third quarter of 2015 and
the fourth quarter of 2014.
The $3.0 million increase in noninterest expense
from the third quarter of 2015 was primarily due to a $1.9 million
increase in personnel expense, a $0.3 million increase in
occupancy, a $0.4 million increase in data processing, and a $0.4
million increase in general and administrative expense. Noninterest
expense included $2.6 million of expenses related to the
acquisition of FCBI and the associated deal costs.
The $3.0 million increase in noninterest expense
from the fourth quarter of 2014 consisted of a $2.8 million
increase in personnel expense, a $0.2 million increase in
occupancy, a $0.4 million increase in data processing, and a $0.1
million increase in FDIC and other insurance, offset in part by a
$0.2 million decrease in other real estate and a $0.4 million
decrease in general and administrative expense, which includes
primarily legal, accounting, and marketing expenses. Noninterest
expense included $2.6 million of expenses related to the
acquisition of FCBI and the associated deal costs.
Income Tax: Income tax
expense totaled $2.6 million for the fourth quarter of 2015,
compared to $2.3 million for the third quarter of 2015 and $3.5
million for the fourth quarter of 2014. The income tax
expense fluctuates in relation to pre-tax income levels. The
fourth quarter of 2015 effective tax rate was 35.96%, compared to
35.84% for the third quarter of 2015 and 37.50% for the fourth
quarter of 2014. The decline in the effective tax rate includes the
impact of an increase in tax exempt income, as a percentage of
pre-tax income.
Year-to-date Results:
Summary: Net income was
$17.4 million for the year ended December 31, 2015, compared to
$21.0 million for the year ended December 31, 2014. The $3.6
million decrease in net income from 2014 is the result of a $3.1
million decrease in the negative provision for loan losses, a $4.5
million decrease in noninterest income, which is primarily the
pre-tax net gain of $4.4 million on the sales of community bank
branches in the second quarter of 2014, and a $1.3 million increase
in noninterest expense, offset in part by a $2.4 million increase
in net interest income and a $2.8 million decrease in income tax.
For the year, FCBI contributed $1.1 million of net income, which
was offset by, net of tax, deal costs of $1.2 million.
Net Interest
Income: Net interest income totaled
$67.4 million for 2015, compared to $65.0 million for 2014, an
increase of $2.4 million. Year-to-date net interest margin
was 3.35%, compared to 3.45% for 2014. Included in interest income
for 2015 was $0.3 million due to accelerated discount accretion
attributable to the acquisition of FCBI. The net effect of
these adjustments on the net interest margin was a 2 basis point
increase for the year ended 2015. Included in interest income for
2014 was $0.8 million due to accelerated discount accretion
attributable to the sale of loans covered by a loss share agreement
and $0.8 million due to the interest recovery on nonaccrual
loans. The net effect of these adjustments on the net
interest margin was a 8 basis point increase for the year ended
2014. With the rate environment remaining low, earning assets
are repricing at lower rates.
Provision (Credit) for Loan Losses and
Net Charge-offs: The provision for loan losses is
the amount of expense that is required to maintain the allowance
for loan losses at an appropriate level based upon the inherent
risks in the loan portfolio after the effects of net charge-offs or
net recoveries for the period. The provision for loan losses
was a credit (or negative) of $3.6 million for 2015, compared to a
negative provision of $6.6 million for 2014. Net recoveries totaled
$1.2 million, or (0.08%) (annualized) of average portfolio loans
year-to-date as of 2015, compared to net charge-offs of $1.6
million, or 0.12% (annualized) of average portfolio loans for 2014.
Noninterest Income:
Noninterest income totaled $14.5 million for 2015, compared to
$18.9 million for 2014. The decrease consists of a $0.2
million decrease in service charges and fees, the $4.4 million
recognized as the pre-tax net gain on the sales of the community
bank branches in the second quarter of 2014, and a $1.7 million
decrease in the gain on sale of investment securities, due to the
gain on sale of a private equity investment and the gain on the
sale of a stock investment that was acquired in a prior year
repossession in 2014, offset in part by a $0.6 million increase in
gain on sales of mortgage loans and a $1.2 million increase in
other noninterest income, which includes customer risk management
interest rate swap income and income on bank owned life
insurance.
Noninterest Expense:
Noninterest expense totaled $58.2 million for 2015, compared to
$56.9 million for 2014. The increase consists of a $3.0
million increase in salaries and employee benefits, a $0.2 million
increase in occupancy expense, and a $0.4 million increase in data
processing. These increases are offset in part by a $0.4 million
decrease in other real estate expense and a $1.9 million decrease
in general and administrative expenses, which primarily includes
legal, marketing, and consulting. Noninterest expense included $3.1
million of expenses related to the acquisition of FCBI and the
associated deal costs.
Income Tax: Income tax
expense totaled $9.8 million for 2015, compared to $12.6 million
for 2014. The income tax expense fluctuates in relation to
pre-tax income levels. The year-to-date effective tax rate
was 36.00% as of December 31, 2015, compared to 37.50% as of
December 31, 2014. The decline in the effective tax rate includes
the impact of an increase in tax exempt income, as a percentage of
pre-tax income.
Conference Call
Southwest will host a conference call to review
these results on Wednesday, January 20, 2016 at 11:00 a.m. Eastern
Time (10:00 a.m. Central Time). Investors, news media, and
others may pre-register for the call using the following link to
receive a special dial-in number and PIN:
http://dpregister.com/10077971. 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/oksb160120.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 10077971. Telephone replay access will be
available until 9:00 a.m. Eastern Time on February 20, 2016.
Southwest Bancorp and
Subsidiaries
Southwest is the holding company for Bank SNB,
an Oklahoma state banking corporation (“Bank SNB”). Bank SNB
offers commercial and consumer lending, deposit and investment
services, specialized cash management, and other financial services
from offices in Oklahoma, Texas, Kansas, and Colorado. Bank
SNB was chartered in 1894 and Southwest was organized in 1981 as
the holding company. At December 31, 2015, Southwest had
total assets of approximately $2.4 billion, deposits of $1.9
billion, and shareholders’ equity of $296.1 million.
Southwest’s area of expertise focuses on the
special financial needs of healthcare and health professionals,
businesses and their managers and owners, commercial lending,
energy banking, and commercial real estate borrowers. The
strategic focus on healthcare lending was established in
1974. Southwest and its banking subsidiary provide credit and
other remittance services, such as deposits, cash management, and
document imaging for physicians and other healthcare practitioners
to start or develop their practices and finance the development and
purchase of medical offices, clinics, surgical care centers,
hospitals, and similar facilities. As of December 31, 2015,
approximately $425.7 million, or 24%, of loans were loans to
individuals and businesses in the healthcare industry.
Regular market reviews are conducted of (i) current and potential
healthcare lending business, and (ii) the appropriate
concentrations within healthcare based upon economic and regulatory
conditions.
Southwest’s common stock is traded on the NASDAQ
Global Select Market under the symbol OKSB.
Caution About Forward-Looking
Statements
Southwest makes forward-looking statements in
this news release that are subject to risks and
uncertainties. These statements are intended to be covered by
the safe harbor provision for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements
include:
- Statements of Southwest's goals, intentions, and
expectations;
- Estimates of risks and of future costs and benefits;
- Expectations regarding Southwest’s future financial performance
and the financial performance of its operating segments;
- Expectations regarding regulatory actions;
- Expectations regarding Southwest’s ability to utilize tax loss
benefits;
- Expectations regarding Southwest’s stock repurchase
program;
- Expectations regarding dividends;
- Expectations regarding acquisitions and divestitures;
- Assessments of loan quality, probable loan losses, 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, 2014. You are urged to carefully review
and consider the cautionary statements and other disclosures made
in those filings, specifically those under the heading “Risk
Factors”.
The cautionary statements in this release also
identify important factors and possible events that involve risk
and uncertainties that could cause actual results to differ
materially from those contained in the forward-looking
statements. These forward-looking statements speak only as of
the date on which the statements were made. Southwest does
not intend, and undertakes no obligation, to update or revise any
forward-looking statements contained in this release, whether as a
result of differences in actual results, changes in assumptions, or
changes in other factors affecting such statements, except as
required by law.
Southwest is required under generally accepted
accounting principles to evaluate subsequent events and their
impact, if any, on its financial statements as of December 31, 2015
through the date its financial statements are filed with the
Securities and Exchange Commission. The December 31, 2015
financial statements included in this release will be adjusted if
necessary to properly reflect the impact of subsequent events on
estimates used to prepare those statements.
The Southwest Bancorp, Inc. logo is available
at http://www.globenewswire.com/newsroom/prs/?pkgid=8074
The Bank SNB logo is available
at http://www.globenewswire.com/newsroom/prs/?pkgid=23106
Financial Tables |
|
Unaudited Financial
Highlights |
Table 1 |
Unaudited Consolidated
Statements of Financial Condition |
Table 2 |
Unaudited Consolidated
Statements of Operations |
Table 3 |
Unaudited Average
Balances, Yields, and Rates-Quarterly |
Table 4 |
Unaudited Average
Balances, Yields, and Rates-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) |
|
|
Fourth Quarter |
Third Quarter |
|
|
Fourth Quarter |
QUARTERLY
HIGHLIGHTS |
|
2015 |
|
% Change |
|
2014 |
|
% Change |
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
|
19,520 |
|
|
$ |
|
16,496 |
|
|
|
18 |
% |
|
$ |
|
16,592 |
|
|
|
18 |
% |
Provision (credit) for loan
losses |
|
|
|
(566 |
) |
|
|
|
23 |
|
|
|
(2,561 |
) |
|
|
|
(2,386 |
) |
|
|
(76 |
) |
Noninterest income |
|
|
|
4,179 |
|
|
|
|
4,029 |
|
|
|
4 |
|
|
|
|
4,576 |
|
|
|
(9 |
) |
Noninterest expense |
|
|
|
17,099 |
|
|
|
|
14,077 |
|
|
|
21 |
|
|
|
|
14,115 |
|
|
|
21 |
|
Income before taxes |
|
|
|
7,166 |
|
|
|
|
6,425 |
|
|
|
12 |
|
|
|
|
9,439 |
|
|
|
(24 |
) |
Taxes on income |
|
|
|
2,577 |
|
|
|
|
2,303 |
|
|
|
12 |
|
|
|
|
3,540 |
|
|
|
(27 |
) |
Net income |
|
|
|
4,589 |
|
|
|
|
4,122 |
|
|
|
11 |
|
|
|
|
5,899 |
|
|
|
(22 |
) |
Diluted earnings per share |
|
|
|
0.23 |
|
|
|
|
0.22 |
|
|
|
5 |
|
|
|
|
0.30 |
|
|
|
(23 |
) |
Balance
Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
2,357,022 |
|
|
|
|
2,059,899 |
|
|
|
14 |
|
|
|
|
1,942,034 |
|
|
|
21 |
|
Loans held for sale |
|
|
|
7,453 |
|
|
|
|
7,024 |
|
|
|
6 |
|
|
|
|
1,485 |
|
|
|
402 |
|
Portfolio loans |
|
|
|
1,771,976 |
|
|
|
|
1,541,070 |
|
|
|
15 |
|
|
|
|
1,398,506 |
|
|
|
27 |
|
Total deposits |
|
|
|
1,884,105 |
|
|
|
|
1,626,250 |
|
|
|
16 |
|
|
|
|
1,533,999 |
|
|
|
23 |
|
Total shareholders' equity |
|
|
|
296,098 |
|
|
|
|
277,344 |
|
|
|
7 |
|
|
|
|
270,786 |
|
|
|
9 |
|
Book value per common share |
|
|
|
14.80 |
|
|
|
|
14.57 |
|
|
|
2 |
|
|
|
|
14.11 |
|
|
|
5 |
|
Key
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
|
3.48 |
% |
|
|
|
3.34 |
% |
|
|
|
|
|
3.52 |
% |
|
|
Efficiency ratio |
|
|
|
71.49 |
|
|
|
|
68.25 |
|
|
|
|
|
|
66.68 |
|
|
|
Total capital to risk-weighted
assets |
|
|
|
16.55 |
|
|
|
|
18.21 |
|
|
|
|
|
|
20.96 |
|
|
|
Nonperforming loans to portfolio
loans |
|
|
|
1.15 |
|
|
|
|
0.98 |
|
|
|
|
|
|
0.67 |
|
|
|
Shareholders' equity to total
assets |
|
|
|
12.56 |
|
|
|
|
13.46 |
|
|
|
|
|
|
13.94 |
|
|
|
Tangible common equity to tangible
assets* |
|
|
|
11.95 |
|
|
|
|
13.40 |
|
|
|
|
|
|
13.89 |
|
|
|
Return on average assets
(annualized) |
|
|
|
0.78 |
|
|
|
|
0.81 |
|
|
|
|
|
|
1.22 |
|
|
|
Return on average common equity
(annualized) |
|
|
|
6.14 |
|
|
|
|
5.94 |
|
|
|
|
|
|
8.62 |
|
|
|
Return on average tangible common
equity (annualized)** |
|
|
|
6.46 |
|
|
|
|
5.97 |
|
|
|
|
|
|
8.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
|
|
|
|
YEAR-TO-DATE HIGHLIGHTS |
|
2015 |
|
2014 |
|
% Change |
|
|
|
|
|
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
|
67,417 |
|
|
$ |
|
65,004 |
|
|
|
4 |
% |
|
|
|
|
|
Provision (credit) for loan
losses |
|
|
|
(3,566 |
) |
|
|
|
(6,624 |
) |
|
|
(46 |
) |
|
|
|
|
|
Noninterest income |
|
|
|
14,457 |
|
|
|
|
18,931 |
|
|
|
(24 |
) |
|
|
|
|
|
Noninterest expense |
|
|
|
58,240 |
|
|
|
|
56,912 |
|
|
|
2 |
|
|
|
|
|
|
Income before taxes |
|
|
|
27,200 |
|
|
|
|
33,647 |
|
|
|
(19 |
) |
|
|
|
|
|
Taxes on income |
|
|
|
9,793 |
|
|
|
|
12,617 |
|
|
|
(22 |
) |
|
|
|
|
|
Net income |
|
|
|
17,407 |
|
|
|
|
21,030 |
|
|
|
(17 |
) |
|
|
|
|
|
Net income available to common
shareholders |
|
|
|
17,407 |
|
|
|
|
21,030 |
|
|
|
(17 |
) |
|
|
|
|
|
Diluted earnings per share |
|
|
|
0.90 |
|
|
|
|
1.07 |
|
|
|
(16 |
) |
|
|
|
|
|
Balance
Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
2,357,022 |
|
|
|
|
1,942,034 |
|
|
|
21 |
|
|
|
|
|
|
Loans held for sale |
|
|
|
7,453 |
|
|
|
|
1,485 |
|
|
|
402 |
|
|
|
|
|
|
Portfolio loans |
|
|
|
1,771,976 |
|
|
|
|
1,398,506 |
|
|
|
27 |
|
|
|
|
|
|
Total deposits |
|
|
|
1,884,105 |
|
|
|
|
1,533,999 |
|
|
|
23 |
|
|
|
|
|
|
Total shareholders' equity |
|
|
|
296,098 |
|
|
|
|
270,786 |
|
|
|
9 |
|
|
|
|
|
|
Book value per common share |
|
|
|
14.80 |
|
|
|
|
14.11 |
|
|
|
5 |
|
|
|
|
|
|
Key
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
|
3.35 |
% |
|
|
|
3.45 |
% |
|
|
|
|
|
|
|
Efficiency ratio |
|
|
|
70.67 |
|
|
|
|
67.80 |
|
|
|
|
|
|
|
|
Total capital to risk-weighted
assets |
|
|
|
16.55 |
|
|
|
|
20.96 |
|
|
|
|
|
|
|
|
Nonperforming loans to portfolio
loans |
|
|
|
1.15 |
|
|
|
|
0.67 |
|
|
|
|
|
|
|
|
Shareholders' equity to total
assets |
|
|
|
12.56 |
|
|
|
|
13.94 |
|
|
|
|
|
|
|
|
Tangible common equity to tangible
assets* |
|
|
|
11.95 |
|
|
|
|
13.89 |
|
|
|
|
|
|
|
|
Return on average assets
(annualized) |
|
|
|
0.84 |
|
|
|
|
1.09 |
|
|
|
|
|
|
|
|
Return on average common equity
(annualized) |
|
|
|
6.23 |
|
|
|
|
7.82 |
|
|
|
|
|
|
|
|
Return on average tangible common
equity (annualized)** |
|
|
|
6.35 |
|
|
|
|
7.85 |
|
|
|
|
|
|
|
|
|
Balance sheet amounts and ratios are as of period end unless
otherwise noted. |
* This is a Non-GAAP financial measure. Please see Table
8 for a reconciliation to the most directly comparable GAAP based
measure. |
** This is a Non-GAAP financial measure. |
Please see accompanying tables for additional financial
information. |
SOUTHWEST BANCORP, INC. |
|
|
Table
2 |
UNAUDITED CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION |
|
|
|
(Dollars in thousands) |
|
|
|
|
December
31, |
|
December
31, |
|
2015 |
|
2014 |
Assets |
|
|
|
|
|
Cash and due from banks |
$ |
|
24,971 |
|
|
$ |
|
19,705 |
|
Interest-bearing deposits |
|
|
53,158 |
|
|
|
|
121,231 |
|
Cash and cash equivalents |
|
|
78,129 |
|
|
|
|
140,936 |
|
Securities held to maturity (fair values of
$12,282 and $12,880, respectively) |
|
|
11,797 |
|
|
|
|
12,362 |
|
Securities available for sale (amortized cost of
$401,136 and $352,275, respectively) |
|
|
400,331 |
|
|
|
|
353,231 |
|
Loans held for sale |
|
|
7,453 |
|
|
|
|
1,485 |
|
Loans receivable |
|
|
1,771,976 |
|
|
|
|
1,398,506 |
|
Less: Allowance for loan
losses |
|
|
(26,106 |
) |
|
|
|
(28,452 |
) |
Net loans receivable |
|
|
1,745,870 |
|
|
|
|
1,370,054 |
|
Accrued interest receivable |
|
|
5,767 |
|
|
|
|
4,723 |
|
Non-hedge derivative asset |
|
|
1,793 |
|
|
|
|
787 |
|
Premises and equipment, net |
|
|
23,819 |
|
|
|
|
18,588 |
|
Other real estate |
|
|
2,274 |
|
|
|
|
3,097 |
|
Goodwill |
|
|
13,467 |
|
|
|
|
1,214 |
|
Other intangible assets, net |
|
|
6,615 |
|
|
|
|
3,927 |
|
Other assets |
|
|
59,707 |
|
|
|
|
31,630 |
|
Total assets |
$ |
|
2,357,022 |
|
|
$ |
|
1,942,034 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest-bearing demand |
$ |
|
596,494 |
|
|
$ |
|
496,128 |
|
Interest-bearing demand |
|
|
151,015 |
|
|
|
|
122,342 |
|
Money market accounts |
|
|
534,357 |
|
|
|
|
461,679 |
|
Savings accounts |
|
|
56,333 |
|
|
|
|
32,795 |
|
Time deposits of $100,000 or
more |
|
|
311,538 |
|
|
|
|
198,952 |
|
Other time deposits |
|
|
234,368 |
|
|
|
|
222,103 |
|
Total deposits |
|
|
1,884,105 |
|
|
|
|
1,533,999 |
|
Accrued interest payable |
|
|
867 |
|
|
|
|
769 |
|
Non-hedge derivative liability |
|
|
1,793 |
|
|
|
|
787 |
|
Other liabilities |
|
|
11,684 |
|
|
|
|
9,920 |
|
Other borrowings |
|
|
110,927 |
|
|
|
|
79,380 |
|
Subordinated debentures |
|
|
51,548 |
|
|
|
|
46,393 |
|
Total liabilities |
|
|
2,060,924 |
|
|
|
|
1,671,248 |
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
Common stock - $1 par value; 40,000,000 shares
authorized; |
|
|
|
|
|
21,138,028 and 19,810,877 shares
issued, respectively |
|
|
21,138 |
|
|
|
|
19,811 |
|
Additional paid-in capital |
|
|
121,966 |
|
|
|
|
101,245 |
|
Retained earnings |
|
|
173,210 |
|
|
|
|
160,427 |
|
Accumulated other comprehensive income
(loss) |
|
|
(1,290 |
) |
|
|
|
(395 |
) |
Treasury stock, at cost, 1,131,226 and 617,818
shares, respectively |
|
|
(18,926 |
) |
|
|
|
(10,302 |
) |
Total shareholders' equity |
|
|
296,098 |
|
|
|
|
270,786 |
|
Total liabilities and shareholders'
equity |
$ |
|
2,357,022 |
|
|
$ |
|
1,942,034 |
|
SOUTHWEST BANCORP,
INC. |
|
|
Table
3 |
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
For the
three months ended |
|
For the
year |
|
December 31, |
|
September 30, |
|
December 31, |
|
ended December 31, |
|
2015 |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
|
19,725 |
|
|
$ |
16,510 |
|
$ |
|
16,423 |
|
|
$ |
|
67,644 |
|
|
$ |
|
64,224 |
|
Investment securities |
|
|
1,813 |
|
|
|
1,644 |
|
|
|
1,737 |
|
|
|
|
6,559 |
|
|
|
|
7,146 |
|
Other interest-earning assets |
|
|
46 |
|
|
|
66 |
|
|
|
56 |
|
|
|
|
280 |
|
|
|
|
422 |
|
Total interest income |
|
|
21,584 |
|
|
|
18,220 |
|
|
|
18,216 |
|
|
|
|
74,483 |
|
|
|
|
71,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
1,196 |
|
|
|
905 |
|
|
|
835 |
|
|
|
|
3,798 |
|
|
|
|
3,655 |
|
Other borrowings |
|
|
261 |
|
|
|
255 |
|
|
|
225 |
|
|
|
|
984 |
|
|
|
|
900 |
|
Subordinated debentures |
|
|
607 |
|
|
|
564 |
|
|
|
564 |
|
|
|
|
2,284 |
|
|
|
|
2,233 |
|
Total interest expense |
|
|
2,064 |
|
|
|
1,724 |
|
|
|
1,624 |
|
|
|
|
7,066 |
|
|
|
|
6,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
19,520 |
|
|
|
16,496 |
|
|
|
16,592 |
|
|
|
|
67,417 |
|
|
|
|
65,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (credit) for loan losses |
|
|
(566 |
) |
|
|
23 |
|
|
|
(2,386 |
) |
|
|
|
(3,566 |
) |
|
|
|
(6,624 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for loan
losses |
|
|
20,086 |
|
|
|
16,473 |
|
|
|
18,978 |
|
|
|
|
70,983 |
|
|
|
|
71,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
|
2,676 |
|
|
|
2,441 |
|
|
|
2,526 |
|
|
|
|
9,995 |
|
|
|
|
10,222 |
|
Gain on sale of branches, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
4,378 |
|
Gain on sales of mortgage
loans |
|
|
645 |
|
|
|
565 |
|
|
|
480 |
|
|
|
|
2,179 |
|
|
|
|
1,549 |
|
Gain on sale/call of investment
securities, net |
|
|
- |
|
|
|
19 |
|
|
|
1,120 |
|
|
|
|
162 |
|
|
|
|
1,884 |
|
Other noninterest income |
|
|
858 |
|
|
|
1,004 |
|
|
|
450 |
|
|
|
|
2,121 |
|
|
|
|
898 |
|
Total noninterest income |
|
|
4,179 |
|
|
|
4,029 |
|
|
|
4,576 |
|
|
|
|
14,457 |
|
|
|
|
18,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
10,273 |
|
|
|
8,374 |
|
|
|
7,428 |
|
|
|
|
34,850 |
|
|
|
|
31,830 |
|
Occupancy |
|
|
2,586 |
|
|
|
2,288 |
|
|
|
2,388 |
|
|
|
|
9,359 |
|
|
|
|
9,193 |
|
Data processing |
|
|
847 |
|
|
|
475 |
|
|
|
417 |
|
|
|
|
2,178 |
|
|
|
|
1,776 |
|
FDIC and other insurance |
|
|
384 |
|
|
|
341 |
|
|
|
295 |
|
|
|
|
1,353 |
|
|
|
|
1,305 |
|
Other real estate, net |
|
|
8 |
|
|
|
20 |
|
|
|
235 |
|
|
|
|
161 |
|
|
|
|
594 |
|
General and administrative |
|
|
3,001 |
|
|
|
2,579 |
|
|
|
3,352 |
|
|
|
|
10,339 |
|
|
|
|
12,214 |
|
Total noninterest expense |
|
|
17,099 |
|
|
|
14,077 |
|
|
|
14,115 |
|
|
|
|
58,240 |
|
|
|
|
56,912 |
|
Income before taxes |
|
|
7,166 |
|
|
|
6,425 |
|
|
|
9,439 |
|
|
|
|
27,200 |
|
|
|
|
33,647 |
|
Taxes on income |
|
|
2,577 |
|
|
|
2,303 |
|
|
|
3,540 |
|
|
|
|
9,793 |
|
|
|
|
12,617 |
|
Net income |
$ |
|
4,589 |
|
|
$ |
4,122 |
|
$ |
|
5,899 |
|
|
$ |
|
17,407 |
|
|
$ |
|
21,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
$ |
|
0.23 |
|
|
$ |
0.22 |
|
$ |
|
0.30 |
|
|
$ |
|
0.90 |
|
|
$ |
|
1.07 |
|
Diluted earnings per common share |
|
|
0.23 |
|
|
|
0.22 |
|
|
|
0.30 |
|
|
|
|
0.90 |
|
|
|
|
1.07 |
|
Common dividends declared per share |
|
|
0.06 |
|
|
|
0.06 |
|
|
|
0.04 |
|
|
|
|
0.24 |
|
|
|
|
0.16 |
|
SOUTHWEST BANCORP, INC. |
Table 4 |
UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES –
QUARTERLY |
(Dollars in thousands) |
|
|
For the three months ended |
|
December 31, 2015 |
|
September 30, 2015 |
|
December 31, 2014 |
|
Average |
|
Average |
|
Average |
|
Average |
|
Average |
|
Average |
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
|
1,744,374 |
|
|
|
4.49 |
% |
|
$ |
|
1,473,297 |
|
|
|
4.45 |
% |
|
$ |
|
1,369,852 |
|
|
|
4.76 |
% |
Investment securities |
|
|
413,701 |
|
|
|
1.74 |
|
|
|
|
387,194 |
|
|
|
1.68 |
|
|
|
|
367,978 |
|
|
|
1.87 |
|
Other interest-earning assets |
|
|
64,562 |
|
|
|
0.28 |
|
|
|
|
100,011 |
|
|
|
0.26 |
|
|
|
|
132,418 |
|
|
|
0.17 |
|
Total interest-earning assets |
|
|
2,222,637 |
|
|
|
3.85 |
|
|
|
|
1,960,502 |
|
|
|
3.69 |
|
|
|
|
1,870,248 |
|
|
|
3.86 |
|
Other assets |
|
|
101,003 |
|
|
|
|
|
|
65,459 |
|
|
|
|
|
|
44,268 |
|
|
|
Total assets |
$ |
|
2,323,640 |
|
|
|
|
$ |
|
2,025,961 |
|
|
|
|
$ |
|
1,914,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
$ |
|
137,154 |
|
|
|
0.15 |
% |
|
$ |
|
123,829 |
|
|
|
0.12 |
% |
|
$ |
|
114,035 |
|
|
|
0.11 |
% |
Money market accounts |
|
|
541,976 |
|
|
|
0.18 |
|
|
|
|
497,935 |
|
|
|
0.17 |
|
|
|
|
466,937 |
|
|
|
0.15 |
|
Savings accounts |
|
|
53,603 |
|
|
|
0.13 |
|
|
|
|
35,982 |
|
|
|
0.10 |
|
|
|
|
32,824 |
|
|
|
0.10 |
|
Time deposits |
|
|
548,145 |
|
|
|
0.63 |
|
|
|
|
446,464 |
|
|
|
0.57 |
|
|
|
|
427,582 |
|
|
|
0.57 |
|
Total interest-bearing
deposits |
|
|
1,280,878 |
|
|
|
0.37 |
|
|
|
|
1,104,210 |
|
|
|
0.33 |
|
|
|
|
1,041,378 |
|
|
|
0.32 |
|
Other borrowings |
|
|
80,343 |
|
|
|
1.29 |
|
|
|
|
76,799 |
|
|
|
1.32 |
|
|
|
|
79,932 |
|
|
|
1.12 |
|
Subordinated debentures |
|
|
51,044 |
|
|
|
4.76 |
|
|
|
|
46,393 |
|
|
|
4.86 |
|
|
|
|
46,393 |
|
|
|
4.86 |
|
Total interest-bearing
liabilities |
|
|
1,412,265 |
|
|
|
0.58 |
|
|
|
|
1,227,402 |
|
|
|
0.56 |
|
|
|
|
1,167,703 |
|
|
|
0.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
|
594,537 |
|
|
|
|
|
|
511,442 |
|
|
|
|
|
|
465,466 |
|
|
|
Other liabilities |
|
|
20,149 |
|
|
|
|
|
|
11,708 |
|
|
|
|
|
|
9,765 |
|
|
|
Shareholders' equity |
|
|
296,689 |
|
|
|
|
|
|
275,409 |
|
|
|
|
|
|
271,582 |
|
|
|
Total liabilities and shareholders'
equity |
$ |
|
2,323,640 |
|
|
|
|
$ |
|
2,025,961 |
|
|
|
|
$ |
|
1,914,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and spread |
|
|
|
|
3.27 |
% |
|
|
|
|
|
3.13 |
% |
|
|
|
|
|
3.31 |
% |
Net interest margin (1) |
|
|
|
|
3.48 |
% |
|
|
|
|
|
3.34 |
% |
|
|
|
|
|
3.52 |
% |
Average interest-earning
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to average interest-bearing
liabilities |
|
|
157.38 |
% |
|
|
|
|
|
159.73 |
% |
|
|
|
|
|
160.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net interest margin = annualized
net interest income / average interest-earning assets |
SOUTHWEST BANCORP, INC. |
Table
5 |
UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES –
YEAR-TO-DATE |
(Dollars in thousands) |
|
|
For the year ended December 31, |
|
2015 |
|
2014 |
|
Average |
|
Average |
|
Average |
|
Average |
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
Loans |
$ |
|
1,519,730 |
|
|
|
4.45 |
% |
|
$ |
|
1,334,323 |
|
|
|
4.81 |
% |
Investment securities |
|
|
384,745 |
|
|
|
1.70 |
|
|
|
|
379,924 |
|
|
|
1.88 |
|
Other interest-earning assets |
|
|
106,587 |
|
|
|
0.26 |
|
|
|
|
170,563 |
|
|
|
0.25 |
|
Total interest-earning assets |
|
|
2,011,062 |
|
|
|
3.70 |
|
|
|
|
1,884,810 |
|
|
|
3.81 |
|
Other assets |
|
|
68,680 |
|
|
|
|
|
|
46,894 |
|
|
|
Total assets |
$ |
|
2,079,742 |
|
|
|
|
$ |
|
1,931,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
$ |
|
134,381 |
|
|
|
0.11 |
% |
|
$ |
|
121,976 |
|
|
|
0.12 |
% |
Money market accounts |
|
|
499,788 |
|
|
|
0.17 |
|
|
|
|
440,658 |
|
|
|
0.14 |
|
Savings accounts |
|
|
39,456 |
|
|
|
0.11 |
|
|
|
|
38,147 |
|
|
|
0.10 |
|
Time deposits |
|
|
469,547 |
|
|
|
0.59 |
|
|
|
|
472,820 |
|
|
|
0.60 |
|
Total interest-bearing
deposits |
|
|
1,143,172 |
|
|
|
0.33 |
|
|
|
|
1,073,601 |
|
|
|
0.34 |
|
Other borrowings |
|
|
72,538 |
|
|
|
1.36 |
|
|
|
|
82,965 |
|
|
|
1.08 |
|
Subordinated debentures |
|
|
47,565 |
|
|
|
4.80 |
|
|
|
|
46,393 |
|
|
|
4.81 |
|
Total interest-bearing
liabilities |
|
|
1,263,275 |
|
|
|
0.56 |
|
|
|
|
1,202,959 |
|
|
|
0.56 |
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
|
524,025 |
|
|
|
|
|
|
449,052 |
|
|
|
Other liabilities |
|
|
13,217 |
|
|
|
|
|
|
10,612 |
|
|
|
Shareholders' equity |
|
|
279,225 |
|
|
|
|
|
|
269,081 |
|
|
|
Total liabilities and shareholders'
equity |
$ |
|
2,079,742 |
|
|
|
|
$ |
|
1,931,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and spread |
|
|
|
|
3.14 |
% |
|
|
|
|
|
3.25 |
% |
Net interest margin (1) |
|
|
|
|
3.35 |
% |
|
|
|
|
|
3.45 |
% |
Average interest-earning
assets |
|
|
|
|
|
|
|
|
|
to average interest-bearing
liabilities |
|
|
159.19 |
% |
|
|
|
|
|
156.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
2015 |
|
2014 |
|
|
Dec. 31 |
|
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
LOAN COMPOSITION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate mortgage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
|
938,462 |
|
|
$ |
|
869,250 |
|
|
$ |
|
759,406 |
|
|
$ |
|
759,676 |
|
|
$ |
|
752,971 |
|
|
$ |
|
757,878 |
|
|
$ |
|
769,021 |
|
|
$ |
|
766,178 |
|
One-to-four family residential |
|
|
161,958 |
|
|
|
|
95,906 |
|
|
|
|
85,338 |
|
|
|
|
86,343 |
|
|
|
|
77,531 |
|
|
|
|
78,985 |
|
|
|
|
79,542 |
|
|
|
|
84,619 |
|
Real estate construction: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
129,070 |
|
|
|
|
126,407 |
|
|
|
|
186,140 |
|
|
|
|
192,052 |
|
|
|
|
186,659 |
|
|
|
|
166,379 |
|
|
|
|
166,981 |
|
|
|
|
166,007 |
|
One-to-four family residential |
|
|
21,337 |
|
|
|
|
12,866 |
|
|
|
|
13,107 |
|
|
|
|
12,586 |
|
|
|
|
10,464 |
|
|
|
|
11,030 |
|
|
|
|
8,359 |
|
|
|
|
6,629 |
|
Commercial |
|
|
507,173 |
|
|
|
|
423,480 |
|
|
|
|
384,788 |
|
|
|
|
366,282 |
|
|
|
|
350,410 |
|
|
|
|
330,738 |
|
|
|
|
300,163 |
|
|
|
|
266,311 |
|
Installment and consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guaranteed student loans |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
37 |
|
|
|
|
127 |
|
|
|
|
4,282 |
|
|
|
|
4,318 |
|
Other |
|
|
21,429 |
|
|
|
|
20,185 |
|
|
|
|
20,651 |
|
|
|
|
21,306 |
|
|
|
|
21,919 |
|
|
|
|
22,251 |
|
|
|
|
23,352 |
|
|
|
|
26,060 |
|
Total loans, including held for sale |
|
|
1,779,429 |
|
|
|
|
1,548,094 |
|
|
|
|
1,449,430 |
|
|
|
|
1,438,245 |
|
|
|
|
1,399,991 |
|
|
|
|
1,367,388 |
|
|
|
|
1,351,700 |
|
|
|
|
1,320,122 |
|
Less allowance for loan losses |
|
|
(26,106 |
) |
|
|
|
(26,593 |
) |
|
|
|
(26,219 |
) |
|
|
|
(27,250 |
) |
|
|
|
(28,452 |
) |
|
|
|
(30,917 |
) |
|
|
|
(33,083 |
) |
|
|
|
(34,925 |
) |
Total loans, net |
$ |
|
1,753,323 |
|
|
$ |
|
1,521,501 |
|
|
$ |
|
1,423,211 |
|
|
$ |
|
1,410,995 |
|
|
$ |
|
1,371,539 |
|
|
$ |
|
1,336,471 |
|
|
$ |
|
1,318,617 |
|
|
$ |
|
1,285,197 |
|
LOANS BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking**** |
$ |
|
1,048,473 |
|
|
$ |
|
832,282 |
|
|
$ |
|
810,367 |
|
|
$ |
|
814,949 |
|
|
$ |
|
793,268 |
|
|
$ |
|
800,201 |
|
|
$ |
|
798,067 |
|
|
$ |
|
777,384 |
|
Texas banking |
|
|
580,476 |
|
|
|
|
563,010 |
|
|
|
|
493,047 |
|
|
|
|
478,005 |
|
|
|
|
460,680 |
|
|
|
|
424,640 |
|
|
|
|
408,385 |
|
|
|
|
372,018 |
|
Kansas banking |
|
|
150,480 |
|
|
|
|
152,802 |
|
|
|
|
146,016 |
|
|
|
|
145,291 |
|
|
|
|
146,043 |
|
|
|
|
142,547 |
|
|
|
|
145,248 |
|
|
|
|
170,720 |
|
Total loans |
$ |
|
1,779,429 |
|
|
$ |
|
1,548,094 |
|
|
$ |
|
1,449,430 |
|
|
$ |
|
1,438,245 |
|
|
$ |
|
1,399,991 |
|
|
$ |
|
1,367,388 |
|
|
$ |
|
1,351,700 |
|
|
$ |
|
1,320,122 |
|
NONPERFORMING LOANS BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & development |
$ |
|
1,010 |
|
|
$ |
|
391 |
|
|
$ |
|
416 |
|
|
$ |
|
392 |
|
|
$ |
|
73 |
|
|
$ |
|
77 |
|
|
$ |
|
82 |
|
|
$ |
|
80 |
|
Commercial real estate |
|
|
3,992 |
|
|
|
|
1,795 |
|
|
|
|
2,141 |
|
|
|
|
2,247 |
|
|
|
|
2,195 |
|
|
|
|
7,504 |
|
|
|
|
7,613 |
|
|
|
|
7,541 |
|
Commercial |
|
|
13,491 |
|
|
|
|
11,727 |
|
|
|
|
5,114 |
|
|
|
|
5,447 |
|
|
|
|
6,044 |
|
|
|
|
6,149 |
|
|
|
|
7,484 |
|
|
|
|
7,992 |
|
One-to-four family residential |
|
|
1,777 |
|
|
|
|
1,016 |
|
|
|
|
1,216 |
|
|
|
|
1,065 |
|
|
|
|
1,100 |
|
|
|
|
1,274 |
|
|
|
|
1,180 |
|
|
|
|
470 |
|
Consumer |
|
|
88 |
|
|
|
|
148 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
1 |
|
|
|
|
55 |
|
|
|
|
119 |
|
|
|
|
2 |
|
Total nonperforming loans |
$ |
|
20,358 |
|
|
$ |
|
15,077 |
|
|
$ |
|
8,887 |
|
|
$ |
|
9,151 |
|
|
$ |
|
9,413 |
|
|
$ |
|
15,059 |
|
|
$ |
|
16,478 |
|
|
$ |
|
16,085 |
|
NONPERFORMING LOANS BY
SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking**** |
$ |
|
6,948 |
|
|
$ |
|
2,846 |
|
|
$ |
|
1,670 |
|
|
$ |
|
2,244 |
|
|
$ |
|
1,867 |
|
|
$ |
|
6,410 |
|
|
$ |
|
7,149 |
|
|
$ |
|
7,056 |
|
Texas banking |
|
|
12,450 |
|
|
|
|
11,025 |
|
|
|
|
5,353 |
|
|
|
|
5,264 |
|
|
|
|
5,699 |
|
|
|
|
5,777 |
|
|
|
|
5,636 |
|
|
|
|
5,793 |
|
Kansas banking |
|
|
960 |
|
|
|
|
1,206 |
|
|
|
|
1,864 |
|
|
|
|
1,643 |
|
|
|
|
1,847 |
|
|
|
|
2,872 |
|
|
|
|
3,693 |
|
|
|
|
3,236 |
|
Total nonperforming loans |
$ |
|
20,358 |
|
|
$ |
|
15,077 |
|
|
$ |
|
8,887 |
|
|
$ |
|
9,151 |
|
|
$ |
|
9,413 |
|
|
$ |
|
15,059 |
|
|
$ |
|
16,478 |
|
|
$ |
|
16,085 |
|
OTHER REAL ESTATE BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & development |
$ |
|
2,060 |
|
|
$ |
|
2,025 |
|
|
$ |
|
2,035 |
|
|
$ |
|
2,035 |
|
|
$ |
|
2,035 |
|
|
$ |
|
2,130 |
|
|
$ |
|
2,130 |
|
|
$ |
|
2,130 |
|
Commercial real estate |
|
|
214 |
|
|
|
|
249 |
|
|
|
|
358 |
|
|
|
|
220 |
|
|
|
|
1,062 |
|
|
|
|
1,318 |
|
|
|
|
2,155 |
|
|
|
|
2,524 |
|
Total other real estate |
$ |
|
2,274 |
|
|
$ |
|
2,274 |
|
|
$ |
|
2,393 |
|
|
$ |
|
2,255 |
|
|
$ |
|
3,097 |
|
|
$ |
|
3,448 |
|
|
$ |
|
4,285 |
|
|
$ |
|
4,654 |
|
OTHER REAL ESTATE BY
SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking**** |
$ |
|
274 |
|
|
$ |
|
200 |
|
|
$ |
|
200 |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
Texas banking |
|
|
2,000 |
|
|
|
|
2,025 |
|
|
|
|
2,000 |
|
|
|
|
2,000 |
|
|
|
|
2,000 |
|
|
|
|
2,000 |
|
|
|
|
2,000 |
|
|
|
|
2,000 |
|
Kansas banking |
|
|
- |
|
|
|
|
49 |
|
|
|
|
193 |
|
|
|
|
255 |
|
|
|
|
1,097 |
|
|
|
|
1,448 |
|
|
|
|
2,285 |
|
|
|
|
2,654 |
|
Total other real estate |
$ |
|
2,274 |
|
|
$ |
|
2,274 |
|
|
$ |
|
2,393 |
|
|
$ |
|
2,255 |
|
|
$ |
|
3,097 |
|
|
$ |
|
3,448 |
|
|
$ |
|
4,285 |
|
|
$ |
|
4,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
****Due to immateriality, Colorado
banking is included within Oklahoma banking. |
SOUTHWEST BANCORP,
INC. |
|
|
|
|
|
Table
6 |
UNAUDITED
QUARTERLY SUMMARY LOAN DATA |
|
Continued |
(Dollars in
thousands) |
|
|
|
|
2015 |
|
2014 |
|
|
Dec. 31 |
|
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
POTENTIAL PROBLEM LOANS BY
TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & development |
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
201 |
|
|
$ |
|
2,004 |
|
|
$ |
|
19,307 |
|
|
$ |
|
18,842 |
|
|
$ |
|
22,220 |
|
Commercial real estate |
|
|
26,981 |
|
|
|
|
22,362 |
|
|
|
|
20,375 |
|
|
|
|
24,672 |
|
|
|
|
26,108 |
|
|
|
|
40,623 |
|
|
|
|
60,559 |
|
|
|
|
64,257 |
|
Commercial |
|
|
9,879 |
|
|
|
|
7,366 |
|
|
|
|
14,519 |
|
|
|
|
14,016 |
|
|
|
|
5,842 |
|
|
|
|
4,090 |
|
|
|
|
4,299 |
|
|
|
|
4,807 |
|
One-to-four family residential |
|
|
2,285 |
|
|
|
|
79 |
|
|
|
|
80 |
|
|
|
|
81 |
|
|
|
|
83 |
|
|
|
|
355 |
|
|
|
|
475 |
|
|
|
|
481 |
|
Consumer |
|
|
10 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
Total potential problem loans |
$ |
|
39,155 |
|
|
$ |
|
29,807 |
|
|
$ |
|
34,974 |
|
|
$ |
|
38,970 |
|
|
$ |
|
34,037 |
|
|
$ |
|
64,375 |
|
|
$ |
|
84,175 |
|
|
$ |
|
91,765 |
|
POTENTIAL PROBLEM LOANS BY
SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking**** |
$ |
|
32,970 |
|
|
$ |
|
23,597 |
|
|
$ |
|
23,231 |
|
|
$ |
|
26,713 |
|
|
$ |
|
24,950 |
|
|
$ |
|
23,895 |
|
|
$ |
|
23,887 |
|
|
$ |
|
29,208 |
|
Texas banking |
|
|
4,165 |
|
|
|
|
4,086 |
|
|
|
|
9,180 |
|
|
|
|
9,541 |
|
|
|
|
6,283 |
|
|
|
|
38,586 |
|
|
|
|
57,044 |
|
|
|
|
58,361 |
|
Kansas banking |
|
|
2,020 |
|
|
|
|
2,124 |
|
|
|
|
2,563 |
|
|
|
|
2,716 |
|
|
|
|
2,804 |
|
|
|
|
1,894 |
|
|
|
|
3,244 |
|
|
|
|
4,196 |
|
Total potential problem loans |
$ |
|
39,155 |
|
|
$ |
|
29,807 |
|
|
$ |
|
34,974 |
|
|
$ |
|
38,970 |
|
|
$ |
|
34,037 |
|
|
$ |
|
64,375 |
|
|
$ |
|
84,175 |
|
|
$ |
|
91,765 |
|
ALLOWANCE ACTIVITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period |
$ |
|
26,593 |
|
|
$ |
|
26,219 |
|
|
$ |
|
27,250 |
|
|
$ |
|
28,452 |
|
|
$ |
|
30,917 |
|
|
$ |
|
33,083 |
|
|
$ |
|
34,925 |
|
|
$ |
|
36,663 |
|
Charge offs |
|
|
569 |
|
|
|
|
226 |
|
|
|
|
325 |
|
|
|
|
230 |
|
|
|
|
377 |
|
|
|
|
1,156 |
|
|
|
|
1,991 |
|
|
|
|
3,392 |
|
Recoveries |
|
|
648 |
|
|
|
|
577 |
|
|
|
|
430 |
|
|
|
|
915 |
|
|
|
|
298 |
|
|
|
|
1,887 |
|
|
|
|
504 |
|
|
|
|
2,640 |
|
Net charge offs (recoveries) |
|
|
(79 |
) |
|
|
|
(351 |
) |
|
|
|
(105 |
) |
|
|
|
(685 |
) |
|
|
|
79 |
|
|
|
|
(731 |
) |
|
|
|
1,487 |
|
|
|
|
752 |
|
Provision (credit) for
loan losses |
|
|
(566 |
) |
|
|
|
23 |
|
|
|
|
(1,136 |
) |
|
|
|
(1,887 |
) |
|
|
|
(2,386 |
) |
|
|
|
(2,897 |
) |
|
|
|
(355 |
) |
|
|
|
(986 |
) |
Balance, end of period |
$ |
|
26,106 |
|
|
$ |
|
26,593 |
|
|
$ |
|
26,219 |
|
|
$ |
|
27,250 |
|
|
$ |
|
28,452 |
|
|
$ |
|
30,917 |
|
|
$ |
|
33,083 |
|
|
$ |
|
34,925 |
|
NET CHARGE OFFS BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & development |
$ |
|
- |
|
|
$ |
|
(16 |
) |
|
$ |
|
(15 |
) |
|
$ |
|
5 |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
655 |
|
Commercial real estate |
|
|
219 |
|
|
|
|
24 |
|
|
|
|
82 |
|
|
|
|
(118 |
) |
|
|
|
(34 |
) |
|
|
|
(640 |
) |
|
|
|
583 |
|
|
|
|
(2,243 |
) |
Commercial |
|
|
(286 |
) |
|
|
|
(325 |
) |
|
|
|
(52 |
) |
|
|
|
(188 |
) |
|
|
|
(45 |
) |
|
|
|
22 |
|
|
|
|
652 |
|
|
|
|
2,267 |
|
One-to-four family residential |
|
|
(48 |
) |
|
|
|
(68 |
) |
|
|
|
(91 |
) |
|
|
|
(331 |
) |
|
|
|
84 |
|
|
|
|
11 |
|
|
|
|
(2 |
) |
|
|
|
(18 |
) |
Consumer |
|
|
36 |
|
|
|
|
34 |
|
|
|
|
(29 |
) |
|
|
|
(53 |
) |
|
|
|
74 |
|
|
|
|
(124 |
) |
|
|
|
254 |
|
|
|
|
91 |
|
Total net charge offs (recoveries) by type |
$ |
|
(79 |
) |
|
$ |
|
(351 |
) |
|
$ |
|
(105 |
) |
|
$ |
|
(685 |
) |
|
$ |
|
79 |
|
|
$ |
|
(731 |
) |
|
$ |
|
1,487 |
|
|
$ |
|
752 |
|
NET CHARGE OFFS BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking**** |
$ |
|
288 |
|
|
$ |
|
(86 |
) |
|
$ |
|
25 |
|
|
$ |
|
(309 |
) |
|
$ |
|
248 |
|
|
$ |
|
67 |
|
|
$ |
|
763 |
|
|
$ |
|
229 |
|
Texas banking |
|
|
(415 |
) |
|
|
|
(103 |
) |
|
|
|
(72 |
) |
|
|
|
(114 |
) |
|
|
|
(36 |
) |
|
|
|
(611 |
) |
|
|
|
244 |
|
|
|
|
(1,586 |
) |
Kansas banking |
|
|
48 |
|
|
|
|
(162 |
) |
|
|
|
(58 |
) |
|
|
|
(262 |
) |
|
|
|
(133 |
) |
|
|
|
(187 |
) |
|
|
|
480 |
|
|
|
|
2,109 |
|
Total net charge offs (recoveries) by
segment |
$ |
|
(79 |
) |
|
$ |
|
(351 |
) |
|
$ |
|
(105 |
) |
|
$ |
|
(685 |
) |
|
$ |
|
79 |
|
|
$ |
|
(731 |
) |
|
$ |
|
1,487 |
|
|
$ |
|
752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
****Due to immateriality, Colorado
banking is included within Oklahoma banking. |
SOUTHWEST
BANCORP, INC. |
|
Table
7 |
UNAUDITED
QUARTERLY SUMMARY FINANCIAL DATA |
(Dollars in
thousands, except per share) |
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
2014 |
|
|
Dec. 31 |
|
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
$ |
0.23 |
|
$ |
0.22 |
|
$ |
0.22 |
|
$ |
0.24 |
|
$ |
0.30 |
|
$ |
0.27 |
|
$ |
0.31 |
|
$ |
0.19 |
Diluted earnings per common share |
|
0.23 |
|
|
0.22 |
|
|
0.22 |
|
|
0.24 |
|
|
0.30 |
|
|
0.27 |
|
|
0.31 |
|
|
0.19 |
Common dividends declared per share |
|
0.06 |
|
|
0.06 |
|
|
0.06 |
|
|
0.06 |
|
|
0.04 |
|
|
0.04 |
|
|
0.04 |
|
|
0.04 |
Book value per common share |
|
14.80 |
|
|
14.57 |
|
|
14.38 |
|
|
14.26 |
|
|
14.11 |
|
|
13.90 |
|
|
13.71 |
|
|
13.37 |
Tangible book value per share* |
|
13.98 |
|
|
14.49 |
|
|
14.29 |
|
|
14.17 |
|
|
14.02 |
|
|
13.80 |
|
|
13.61 |
|
|
13.21 |
COMMON STOCK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
21,138,028 |
|
|
19,901,336 |
|
|
19,900,855 |
|
|
19,900,350 |
|
|
19,810,877 |
|
|
19,793,623 |
|
|
19,793,123 |
|
|
19,786,206 |
Less treasury shares |
|
1,131,226 |
|
|
868,617 |
|
|
867,310 |
|
|
867,310 |
|
|
617,818 |
|
|
223,005 |
|
|
- |
|
|
- |
Outstanding shares |
|
20,006,802 |
|
|
19,032,719 |
|
|
19,033,545 |
|
|
19,033,040 |
|
|
19,193,059 |
|
|
19,570,618 |
|
|
19,793,123 |
|
|
19,786,206 |
OTHER FINANCIAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities |
$ |
412,128 |
|
$ |
388,543 |
|
$ |
373,260 |
|
$ |
377,545 |
|
$ |
365,593 |
|
$ |
370,607 |
|
$ |
385,873 |
|
$ |
386,987 |
Loans held for sale |
|
7,453 |
|
|
7,024 |
|
|
6,687 |
|
|
9,106 |
|
|
1,485 |
|
|
4,368 |
|
|
6,803 |
|
|
5,741 |
Portfolio loans |
|
1,771,976 |
|
|
1,541,070 |
|
|
1,442,743 |
|
|
1,429,139 |
|
|
1,398,506 |
|
|
1,363,020 |
|
|
1,344,897 |
|
|
1,314,381 |
Total loans |
|
1,779,429 |
|
|
1,548,094 |
|
|
1,449,430 |
|
|
1,438,245 |
|
|
1,399,991 |
|
|
1,367,388 |
|
|
1,351,700 |
|
|
1,320,122 |
Total assets |
|
2,357,022 |
|
|
2,059,899 |
|
|
2,031,581 |
|
|
2,003,079 |
|
|
1,942,034 |
|
|
1,900,948 |
|
|
1,885,158 |
|
|
2,012,053 |
Total deposits |
|
1,884,105 |
|
|
1,626,250 |
|
|
1,624,446 |
|
|
1,616,454 |
|
|
1,533,999 |
|
|
1,494,946 |
|
|
1,463,855 |
|
|
1,605,906 |
Other borrowings |
|
110,927 |
|
|
96,801 |
|
|
75,839 |
|
|
58,578 |
|
|
79,380 |
|
|
75,884 |
|
|
90,760 |
|
|
85,692 |
Subordinated debentures |
|
51,548 |
|
|
46,393 |
|
|
46,393 |
|
|
46,393 |
|
|
46,393 |
|
|
46,393 |
|
|
46,393 |
|
|
46,393 |
Total shareholders' equity |
|
296,098 |
|
|
277,344 |
|
|
273,681 |
|
|
271,444 |
|
|
270,786 |
|
|
271,966 |
|
|
271,351 |
|
|
264,586 |
Mortgage servicing portfolio |
|
432,318 |
|
|
422,845 |
|
|
415,961 |
|
|
407,903 |
|
|
410,315 |
|
|
401,756 |
|
|
397,339 |
|
|
391,303 |
INTANGIBLE ASSET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
$ |
13,467 |
|
$ |
1,214 |
|
$ |
1,214 |
|
$ |
1,214 |
|
$ |
1,214 |
|
$ |
1,214 |
|
$ |
1,214 |
|
$ |
1,214 |
Core deposit intangible |
|
2,894 |
|
|
342 |
|
|
405 |
|
|
467 |
|
|
530 |
|
|
597 |
|
|
667 |
|
|
1,925 |
Mortgage servicing rights |
|
3,721 |
|
|
3,631 |
|
|
3,518 |
|
|
3,399 |
|
|
3,397 |
|
|
3,269 |
|
|
3,182 |
|
|
3,006 |
Total intangible assets |
$ |
20,082 |
|
$ |
5,187 |
|
$ |
5,137 |
|
$ |
5,080 |
|
$ |
5,141 |
|
$ |
5,080 |
|
$ |
5,063 |
|
$ |
6,145 |
Intangible amortization expense |
$ |
330 |
|
$ |
243 |
|
$ |
243 |
|
$ |
168 |
|
$ |
193 |
|
$ |
195 |
|
$ |
210 |
|
$ |
183 |
DEPOSIT COMPOSITION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand |
$ |
596,494 |
|
$ |
526,159 |
|
$ |
515,156 |
|
$ |
506,952 |
|
$ |
496,128 |
|
$ |
445,148 |
|
$ |
427,431 |
|
$ |
471,568 |
Interest-bearing demand |
|
151,015 |
|
|
114,877 |
|
|
131,547 |
|
|
140,659 |
|
|
122,342 |
|
|
104,807 |
|
|
124,712 |
|
|
132,622 |
Money market accounts |
|
534,357 |
|
|
502,028 |
|
|
496,178 |
|
|
488,569 |
|
|
461,679 |
|
|
477,614 |
|
|
430,296 |
|
|
440,875 |
Savings accounts |
|
56,333 |
|
|
36,163 |
|
|
35,647 |
|
|
34,413 |
|
|
32,795 |
|
|
33,398 |
|
|
31,187 |
|
|
47,532 |
Time deposits of $100,000 or more |
|
311,538 |
|
|
238,318 |
|
|
233,105 |
|
|
227,426 |
|
|
198,952 |
|
|
203,090 |
|
|
209,059 |
|
|
236,035 |
Other time deposits |
|
234,368 |
|
|
208,705 |
|
|
212,813 |
|
|
218,435 |
|
|
222,103 |
|
|
230,889 |
|
|
241,170 |
|
|
277,274 |
Total deposits** |
$ |
1,884,105 |
|
$ |
1,626,250 |
|
$ |
1,624,446 |
|
$ |
1,616,454 |
|
$ |
1,533,999 |
|
$ |
1,494,946 |
|
$ |
1,463,855 |
|
$ |
1,605,906 |
OFFICES AND EMPLOYEES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FTE Employees |
|
412 |
|
|
358 |
|
|
361 |
|
|
360 |
|
|
359 |
|
|
351 |
|
|
364 |
|
|
397 |
Branches |
|
32 |
|
|
23 |
|
|
23 |
|
|
22 |
|
|
21 |
|
|
21 |
|
|
21 |
|
|
24 |
Assets per employee |
$ |
5,721 |
|
$ |
5,754 |
|
$ |
5,628 |
|
$ |
5,564 |
|
$ |
5,410 |
|
$ |
5,416 |
|
$ |
5,179 |
|
$ |
5,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*This is a Non-GAAP based financial
measure. |
**Calculation of Non-brokered
Deposits and Core Funding (Non-GAAP Financial Measures) |
Total deposits |
$ |
1,884,105 |
|
$ |
1,626,250 |
|
$ |
1,624,446 |
|
$ |
1,616,454 |
|
$ |
1,533,999 |
|
$ |
1,494,946 |
|
$ |
1,463,855 |
|
$ |
1,605,906 |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokered time deposits |
|
39,797 |
|
|
10,086 |
|
|
7,683 |
|
|
7,694 |
|
|
3,373 |
|
|
2,952 |
|
|
1,348 |
|
|
1,347 |
Other brokered deposits |
|
135,880 |
|
|
133,025 |
|
|
103,025 |
|
|
83,025 |
|
|
73,425 |
|
|
98,425 |
|
|
48,424 |
|
|
3,424 |
Non-brokered deposits |
$ |
1,708,428 |
|
$ |
1,483,139 |
|
$ |
1,513,738 |
|
$ |
1,525,735 |
|
$ |
1,457,201 |
|
$ |
1,393,569 |
|
$ |
1,414,083 |
|
$ |
1,601,135 |
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweep repurchase agreements |
|
37,273 |
|
|
50,801 |
|
|
50,839 |
|
|
33,578 |
|
|
54,380 |
|
|
50,884 |
|
|
65,760 |
|
|
60,692 |
Core funding |
$ |
1,745,701 |
|
$ |
1,533,940 |
|
$ |
1,564,577 |
|
$ |
1,559,313 |
|
$ |
1,511,581 |
|
$ |
1,444,453 |
|
$ |
1,479,843 |
|
$ |
1,661,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
sheet amounts are as of period end unless otherwise noted. |
SOUTHWEST BANCORP,
INC. |
|
|
|
|
|
Table
8 |
UNAUDITED
QUARTERLY SUPPLEMENTAL ANALYTICAL DATA |
(Dollars in
thousands) |
|
|
|
|
2015 |
|
2014 |
|
|
Dec. 31 |
|
|
Sep. 30 |
|
|
Jun. 30 |
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (annualized) |
|
|
0.78 |
% |
|
|
|
0.81 |
% |
|
|
|
0.85 |
% |
|
|
|
0.92 |
% |
|
|
|
1.22 |
% |
|
|
|
1.12 |
% |
|
|
|
1.27 |
% |
|
|
|
0.75 |
% |
Return on average common equity (annualized) |
|
|
6.14 |
|
|
|
|
5.94 |
|
|
|
|
6.11 |
|
|
|
|
6.78 |
|
|
|
|
8.62 |
|
|
|
|
7.69 |
|
|
|
|
9.19 |
|
|
|
|
5.68 |
|
Return on average tangible common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(annualized)* |
|
|
6.46 |
|
|
|
|
5.97 |
|
|
|
|
6.14 |
|
|
|
|
6.82 |
|
|
|
|
8.67 |
|
|
|
|
7.74 |
|
|
|
|
9.30 |
|
|
|
|
5.75 |
|
Net interest margin (annualized) |
|
|
3.48 |
|
|
|
|
3.34 |
|
|
|
|
3.31 |
|
|
|
|
3.25 |
|
|
|
|
3.52 |
|
|
|
|
3.44 |
|
|
|
|
3.50 |
|
|
|
|
3.33 |
|
Total dividends declared to net income |
|
|
26.22 |
|
|
|
|
27.53 |
|
|
|
|
27.45 |
|
|
|
|
25.19 |
|
|
|
|
12.93 |
|
|
|
|
14.88 |
|
|
|
|
12.86 |
|
|
|
|
21.40 |
|
Effective tax rate |
|
|
35.96 |
|
|
|
|
35.84 |
|
|
|
|
34.51 |
|
|
|
|
37.49 |
|
|
|
|
37.50 |
|
|
|
|
37.49 |
|
|
|
|
37.50 |
|
|
|
|
37.49 |
|
Efficiency ratio |
|
|
71.49 |
|
|
|
|
68.25 |
|
|
|
|
72.43 |
|
|
|
|
70.47 |
|
|
|
|
68.90 |
|
|
|
|
71.39 |
|
|
|
|
74.25 |
|
|
|
|
73.61 |
|
NONPERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
|
19,858 |
|
|
$ |
|
15,076 |
|
|
$ |
|
8,887 |
|
|
$ |
|
9,151 |
|
|
$ |
|
9,276 |
|
|
$ |
|
15,059 |
|
|
$ |
|
16,478 |
|
|
$ |
|
16,085 |
|
90 days past due and accruing |
|
|
500 |
|
|
|
|
1 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
137 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
Total nonperforming loans |
|
|
20,358 |
|
|
|
|
15,077 |
|
|
|
|
8,887 |
|
|
|
|
9,151 |
|
|
|
|
9,413 |
|
|
|
|
15,059 |
|
|
|
|
16,478 |
|
|
|
|
16,085 |
|
Other real estate |
|
|
2,274 |
|
|
|
|
2,274 |
|
|
|
|
2,393 |
|
|
|
|
2,255 |
|
|
|
|
3,097 |
|
|
|
|
3,448 |
|
|
|
|
4,285 |
|
|
|
|
4,654 |
|
Total nonperforming assets |
$ |
|
22,632 |
|
|
$ |
|
17,351 |
|
|
$ |
|
11,280 |
|
|
$ |
|
11,406 |
|
|
$ |
|
12,510 |
|
|
$ |
|
18,507 |
|
|
$ |
|
20,763 |
|
|
$ |
|
20,739 |
|
Potential problem loans |
$ |
|
39,155 |
|
|
$ |
|
29,807 |
|
|
$ |
|
34,974 |
|
|
$ |
|
38,970 |
|
|
$ |
|
34,037 |
|
|
$ |
|
64,375 |
|
|
$ |
|
84,175 |
|
|
$ |
|
91,765 |
|
ASSET QUALITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to portfolio loans and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other real estate |
|
|
1.28 |
% |
|
|
|
1.12 |
% |
|
|
|
0.78 |
% |
|
|
|
0.80 |
% |
|
|
|
0.89 |
% |
|
|
|
1.36 |
% |
|
|
|
1.54 |
% |
|
|
|
1.57 |
% |
Nonperforming loans to portfolio loans |
|
|
1.15 |
|
|
|
|
0.98 |
|
|
|
|
0.62 |
|
|
|
|
0.64 |
|
|
|
|
0.67 |
|
|
|
|
1.10 |
|
|
|
|
1.23 |
|
|
|
|
1.22 |
|
Allowance for loan losses to portfolio loans |
|
|
1.47 |
|
|
|
|
1.73 |
|
|
|
|
1.82 |
|
|
|
|
1.91 |
|
|
|
|
2.03 |
|
|
|
|
2.27 |
|
|
|
|
2.46 |
|
|
|
|
2.66 |
|
Allowance for loan losses to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nonperforming loans |
|
|
128.49 |
|
|
|
|
176.38 |
|
|
|
|
295.03 |
|
|
|
|
297.78 |
|
|
|
|
302.26 |
|
|
|
|
205.29 |
|
|
|
|
200.77 |
|
|
|
|
217.13 |
|
Net loan charge-offs to average portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loans (annualized) |
|
|
(0.02 |
) |
|
|
|
(0.09 |
) |
|
|
|
(0.03 |
) |
|
|
|
(0.20 |
) |
|
|
|
0.02 |
|
|
|
|
(0.21 |
) |
|
|
|
0.45 |
|
|
|
|
0.24 |
|
CAPITAL RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total shareholders' equity to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average assets |
|
|
12.77 |
% |
|
|
|
13.59 |
% |
|
|
|
13.87 |
% |
|
|
|
13.59 |
% |
|
|
|
14.19 |
% |
|
|
|
14.61 |
% |
|
|
|
13.77 |
% |
|
|
|
13.18 |
% |
Leverage ratio |
|
|
14.19 |
|
|
|
|
15.84 |
|
|
|
|
16.12 |
|
|
|
|
15.75 |
|
|
|
|
16.45 |
|
|
|
|
16.86 |
|
|
|
|
15.95 |
|
|
|
|
15.09 |
|
Common equity tier 1 capital |
|
|
13.21 |
|
|
|
|
14.57 |
|
|
|
|
15.30 |
|
|
|
|
15.51 |
|
|
|
|
n/a |
|
|
|
|
n/a |
|
|
|
|
n/a |
|
|
|
|
n/a |
|
Tier 1 capital to risk-weighted assets |
|
|
15.30 |
|
|
|
|
16.95 |
|
|
|
|
17.84 |
|
|
|
|
18.10 |
|
|
|
|
19.70 |
|
|
|
|
20.05 |
|
|
|
|
20.13 |
|
|
|
|
19.98 |
|
Total capital to risk-weighted assets |
|
|
16.55 |
|
|
|
|
18.21 |
|
|
|
|
19.09 |
|
|
|
|
19.36 |
|
|
|
|
20.96 |
|
|
|
|
21.34 |
|
|
|
|
21.43 |
|
|
|
|
21.29 |
|
Tangible common equity to tangible assets*** |
|
|
11.95 |
|
|
|
|
13.40 |
|
|
|
|
13.40 |
|
|
|
|
13.48 |
|
|
|
|
13.87 |
|
|
|
|
14.23 |
|
|
|
|
14.31 |
|
|
|
|
13.01 |
|
REGULATORY CAPITAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 capital |
$ |
|
282,737 |
|
|
$ |
|
275,350 |
|
|
$ |
|
272,048 |
|
|
$ |
|
269,007 |
|
|
$ |
|
n/a |
|
|
$ |
|
n/a |
|
|
$ |
|
n/a |
|
|
$ |
|
n/a |
|
Tier I capital |
|
|
327,468 |
|
|
|
|
320,350 |
|
|
|
|
317,048 |
|
|
|
|
314,007 |
|
|
|
|
314,216 |
|
|
|
|
314,120 |
|
|
|
|
309,600 |
|
|
|
|
299,938 |
|
Total capital |
|
|
354,300 |
|
|
|
|
344,095 |
|
|
|
|
339,412 |
|
|
|
|
335,734 |
|
|
|
|
334,348 |
|
|
|
|
334,456 |
|
|
|
|
329,586 |
|
|
|
|
319,516 |
|
Total risk adjusted assets |
|
|
2,140,344 |
|
|
|
|
1,889,892 |
|
|
|
|
1,777,618 |
|
|
|
|
1,734,401 |
|
|
|
|
1,595,032 |
|
|
|
|
1,566,996 |
|
|
|
|
1,537,903 |
|
|
|
|
1,500,957 |
|
Average total assets |
|
|
2,307,421 |
|
|
|
|
2,022,972 |
|
|
|
|
1,966,577 |
|
|
|
|
1,993,446 |
|
|
|
|
1,910,688 |
|
|
|
|
1,863,127 |
|
|
|
|
1,941,064 |
|
|
|
|
1,987,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*This is a Non-GAAP based financial
measure. |
***Calculation of Tangible Common
Equity to Tangible Assets (Non-GAAP Financial Measure) |
Total shareholders' equity |
$ |
|
296,098 |
|
|
$ |
|
277,344 |
|
|
$ |
|
273,681 |
|
|
$ |
|
271,444 |
|
|
$ |
|
270,786 |
|
|
$ |
|
271,966 |
|
|
$ |
|
271,351 |
|
|
$ |
|
264,586 |
|
Less goodwill and core deposit intangible |
|
|
16,361 |
|
|
|
|
1,556 |
|
|
|
|
1,619 |
|
|
|
|
1,681 |
|
|
|
|
1,744 |
|
|
|
|
1,811 |
|
|
|
|
1,881 |
|
|
|
|
3,139 |
|
Tangible common equity |
$ |
|
279,737 |
|
|
$ |
|
275,788 |
|
|
$ |
|
272,062 |
|
|
$ |
|
269,763 |
|
|
$ |
|
269,042 |
|
|
$ |
|
270,155 |
|
|
$ |
|
269,470 |
|
|
$ |
|
261,447 |
|
Total assets |
$ |
|
2,357,022 |
|
|
$ |
|
2,059,899 |
|
|
$ |
|
2,031,581 |
|
|
$ |
|
2,003,079 |
|
|
$ |
|
1,942,034 |
|
|
$ |
|
1,900,948 |
|
|
$ |
|
1,885,158 |
|
|
$ |
|
2,012,053 |
|
Less goodwill and core deposit intangible |
|
|
16,361 |
|
|
|
|
1,556 |
|
|
|
|
1,619 |
|
|
|
|
1,681 |
|
|
|
|
1,744 |
|
|
|
|
1,811 |
|
|
|
|
1,881 |
|
|
|
|
3,139 |
|
Tangible assets |
$ |
|
2,340,661 |
|
|
$ |
|
2,058,343 |
|
|
$ |
|
2,029,962 |
|
|
$ |
|
2,001,398 |
|
|
$ |
|
1,940,290 |
|
|
$ |
|
1,899,137 |
|
|
$ |
|
1,883,277 |
|
|
$ |
|
2,008,914 |
|
Total shareholders' equity to total
assets |
|
|
12.56 |
% |
|
|
|
13.46 |
% |
|
|
|
13.47 |
% |
|
|
|
13.55 |
% |
|
|
|
13.94 |
% |
|
|
|
14.31 |
% |
|
|
|
14.39 |
% |
|
|
|
13.15 |
% |
Tangible common equity to tangible
assets |
|
|
11.95 |
% |
|
|
|
13.40 |
% |
|
|
|
13.40 |
% |
|
|
|
13.48 |
% |
|
|
|
13.87 |
% |
|
|
|
14.23 |
% |
|
|
|
14.31 |
% |
|
|
|
13.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
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