Southwest Bancorp Inc. Reports Fourth Quarter and 2011 Results.
8:00 AM ET 1/24/12 | GlobeNewswire
Southwest Bancorp, Inc. (Nasdaq:OKSB) (Nasdaq:OKSBP), ("Southwest"), today reported a net loss available to common shareholders of ($59.3) million, or ($3.05) per diluted share for the fourth quarter of 2011, compared to net income available to common shareholders of $3.3 million, or $0.17 per diluted share for the fourth quarter of 2010. Fourth quarter results in 2011 include the pretax loss of ($101.0) million resulting from the sale of nonperforming assets and potential problem loans.
The net loss available to common shareholders for the year ended December 31, 2011 was ($72.5) million, or ($3.73) per diluted share, compared to net income available to common shareholders for the year ended December 31, 2010 of $12.8 million, or $0.71 per diluted share.
"We ended the year with successful sales of approximately $300 million of loans and other real estate," Rick Green, President and CEO, stated. "Approximately $170 million of the total were nonperforming assets. The remaining assets sold were classified worse than "pass" in our credit risk system or were pass assets related to other assets sold. These sales immediately and substantially reduced our nonperforming assets and potential problem loans. We believe this action is a major step toward achieving our goals."
Background
"We began 2011 with continued high levels of nonperforming and potential problem assets. In the spring of 2011, we reorganized and strengthened our credit, loan review and workout functions. During the year, we had success in resolving credits, but downgrades and new problem assets, mainly driven by real estate appraisal decreases, kept our total levels of unresolved credits unsatisfactorily high. The levels significantly affected our earnings.
"Faced with these facts, management and the Board of Directors considered our alternatives for bringing nonperforming and potential problem assets to healthier levels:
Do we take action to eliminate the pool of higher risk loans by selling a substantial amount of nonperforming and potential problem loans to immediately reduce the risk and improve our future prospects?
or
Do we continue to "work out" these loans over some unknown period and with uncertain earnings impact?"
Decision
"Southwest's Board of Directors carefully considered the potential costs and benefits to Southwest and its shareholders, in consultation with financial and legal advisors and management. The Board also considered the substantial regulatory capital cushions which made significant near-term sales possible. Based on their analysis, the Board concluded that sale of assets in the near-term was in the best interests of Southwest's shareholders. The sales were completed in December 2011."
Result
"Although the result was a loss for 2011, we start 2012 with significantly improved credit quality and regulatory capital ratios that exceed "well capitalized" standards.
"We are looking forward to 2012. With our improved balance sheet, we will continue to focus on our commercial banking operations serving our primary markets in Oklahoma, Texas, and Kansas. We have renewed strength in our credit and lending areas and plan to stabilize loan revenue by generating new loans prudently and profitably."
"Southwest is driven to return to sustained profitability, to resume payment of dividends on trust preferred securities, preferred stock, and common stock, and to once again produce reliable and attractive returns for our shareholders."
Key items for the quarter were as follows:
Credit Quality (noncovered assets):
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-- During the fourth quarter, Southwest sold nonperforming loans, potential problem loans, other related loans and other real estate with an aggregate carrying value, before transfer to assets held for sale, of $301.6 million, of which $169.1 million were nonperforming assets. Southwest recognized $88.6 million in net charge-offs as a result of the sales transactions. The loan sales caused Southwest to increase the provision for loan losses in the quarter by $74.9 million. -- Nonperforming loans were $13.5 million or 0.80% of portfolio loans as of December 31, 2011, a decrease of $119.2 million (90%) from $132.7 million at September 30, 2011. Excluding the loan sale, nonperforming loans would have decreased by $7.4 million in the fourth quarter of 2011. The allowance for loan losses to nonperforming loans was 326.47% as of December 31, 2011 compared to 48.75% as of September 30, 2011. Nonperforming assets were $33.4 million or 1.96% of portfolio loans and other real estate as of December 31, 2011, a decrease of $170.1 million (84%) from $203.5 million or 9.86% of portfolio loans and other real estate as of September 30, 2011. -- Potential problem loans were $133.0 million as of December 31, 2011, a decrease of $143.7 million (52%) from $276.7 million as of September 30, 2011. Excluding the loan sale, potential problem loans would have decreased by $13.2 million in the fourth quarter of 2011. -- The allowance for loan losses to portfolio loans was 2.62% as of December 31, 2011 compared to 3.25% as of September 30, 2011. The decrease was primarily due to the loan sale and the related reduction in nonperforming and potential problem loans discussed above. -- The provision for loan losses was $77.8 million for the fourth quarter of 2011, while net charge-offs were $98.3 million. For the third quarter of 2011, the provision for loan losses and net charge-offs were $24.6 million and $14.5 million, respectively. Excluding the loan sale impact, the provision for loan losses and net charge-offs for the fourth quarter of 2011 would have been approximately $6.2 million and $9.7 million, respectively.
Capital Position and Liquidity:
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-- As of December 31, 2011, Southwest and each of its banking subsidiaries met the criteria for regulatory classification as "well-capitalized". Southwest's total regulatory capital was $398.9 million, for a total risk-based capital ratio of 20.78%, and Tier 1 capital was $374.6 million, for a Tier 1 risk-based capital ratio of 19.51%. Southwest's capital exceeded the minimum to be classified as "well-capitalized" by $206.9 million. Stillwater National Bank, Southwest's principal banking subsidiary, had total regulatory capital of $323.4 million, for a total risk-based capital ratio of 18.83%, and Tier 1 capital of $286.7 million, for a Tier 1 risk-based capital ratio of 16.69%. Stillwater National Bank exceeded the minimum to be classified as "well-capitalized" by $108.8 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 exceeded the individual minimum ratios agreed to with the Comptroller of the Currency of 8.50% and 12.50%. -- In July 2011, Southwest determined to defer future payments of interest on its debentures and dividends on related trust preferred securities and to defer payments of dividends on its Series B Preferred Securities issued under the U.S. Treasury Department's Capital Purchase Program. The terms of the debentures and trust preferred securities allow Southwest to increase or decrease the deferral period without default or penalty. -- As of December 31, 2011, the holding company has $29.0 million in available cash.
Financial Overview
Condition: Total assets were $2.4 billion and total loans were $1.8 billion at December 31, 2011, a decrease of 16% and 27%, respectively, from December 31, 2010.
At December 31, 2011 the allowance for loan losses was $44.7 million, a decrease of 32% from December 31, 2010.
Total core funding, which includes all non-brokered time deposits and sweep repurchase agreements, comprised 94% of total funding, compared to 86% at December 31, 2010. Wholesale funding, including FHLB borrowings, federal funds purchased, and brokered deposits, accounted for 6% of total funding at December 31, 2011, compared to 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 ($72.5) million as of December 31, 2011, compared to net income available to common shareholders of $12.8 million as of December 31, 2010. The $85.3 million decrease in our net income available to common shareholders from 2010 is the result of a $96.5 million increase in the provision for loan losses, a $26.6 million increase in noninterest expense, an $11.0 million decrease in net interest income, and a $4.5 million decrease in noninterest income, offset in part by a $53.4 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 39.00% and results in a tax benefit.
Net Interest Income: Net interest income totaled $96.3 million for 2011, compared to $107.3 million for 2010, a decrease of $11.0 million, or 10%. Year-to-date net interest margin was 3.74%, compared to 3.67% for 2010. Included in 2011 year-to-date net interest income was a net reduction of $1.6 million resulting from interest reversals on nonaccrual loans, which includes reversals relating to the nonaccrual loans sold in the fourth quarter, 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 $1.0 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 6 basis point decrease and a 3 basis point increase, respectively.
Provision for Loan Losses and Net Charge Offs: The provision for loan losses totaled $132.1 million for 2011, compared to $35.6 million for 2010. Net charge-offs totaled $152.6 million, or 7.01% (annualized) of average portfolio loans year-to-date as of December 31, 2011, compared to $32.7 million, or 1.29% (annualized) of average portfolio loans as of December 31, 2010. Excluding the fourth quarter loan sales impact, the provision for loan losses and net charge-offs would have been approximately $60.0 million and $64.1 million, respectively.
Noninterest Income: Noninterest income totaled $14.0 million for 2011, compared to $18.6 million for 2010. The decrease in noninterest income was primarily the result of a $2.7 million decline in gain on investment securities, a $1.1 million decline in gain on sale of loans, mainly from declined student loan sales, a $0.5 million decline in other noninterest income, and a $0.3 million decline in service charges and fees.
Noninterest Expense: Noninterest expense totaled $90.2 million for 2011, compared to $63.6 million for 2010. The increase consists of a $28.6 million increase in other real estate expense, which includes the fair value adjustment for the assets sold in the fourth quarter, and a $0.3 million increase in general and administrative expense, offset in part by a $1.9 million decrease in FDIC and other insurance expense and a $0.4 million decrease in occupancy expense.
Fourth Quarter Results:
Summary: For the fourth quarter of 2011, Southwest incurred a net loss available to common shareholders of ($59.3) million, compared to net income available to common shareholders of $3.3 million in the fourth quarter of 2010 and a net loss available to common shareholders of ($10.6) million in the third quarter of 2011. The decrease from the fourth quarter of 2010 was the result of a $71.0 million increase in the provision for loan losses, a $25.1 million increase in noninterest expense, a $5.1 million decrease in net interest income, and a $0.5 million decrease in noninterest income, offset in part by a $39.1 million decrease in income taxes. The decrease from the third quarter of 2011 was the result of a $53.7 million increase in the provision for loan losses, a $24.2 million increase in noninterest expense, and a $2.1 million decrease in net interest income, offset in part by a $31.3 million decrease in income taxes.
For the fourth quarter of 2011, the calculated effective tax rate is 38.49% and results in a tax benefit.
Net Interest Income: Net interest income totaled $21.9 million for the fourth quarter of 2011, compared to $27.0 million for the fourth quarter of 2010, a decrease of $5.1 million, or 19%, and $24.0 million for the third quarter of 2011, a decrease of $2.1 million, or 9%. Net interest margin was 3.62% for the fourth quarter of 2011, compared to 3.82% for the fourth quarter of 2010 and 3.77% for the third quarter of 2011. Included in the fourth quarter of 2011 net interest margin was a net reduction of $1.2 million, resulting from interest reversals on nonaccrual loans, primarily from the fourth quarter loan sale, offset by the quarterly adjustments of the discount accretion on loans and the loss share receivable. Included in the fourth quarter of 2010 was a net recovery of $0.5 million from the resolution of nonperforming loans and the quarterly adjustment of the discount accretion on loans and the loss share receivable. Included in the third quarter of 2011 was a net reduction of $0.3 million 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 19 basis point decrease, a 7 basis point increase, and a 5 basis point decrease for each quarter, respectively.
Provision for Loan Losses and Net Charge-Offs: The provision for loan losses totaled $78.3 million for the fourth quarter of 2011, compared to $7.3 million for the fourth quarter of 2010 and $24.6 million for the third quarter of 2011. Net charge-offs totaled $98.3 million, or 19.78% (annualized) of average portfolio loans for the fourth quarter of 2011, compared to $14.5 million, or 2.35% (annualized) of average portfolio loans for the fourth quarter of 2010 and $14.5 million, or 2.70% (annualized) of average portfolio loans for the third quarter of 2011. Excluding the fourth quarter loan sales impact, the provision for loan losses and net charge-offs would have been approximately $6.2 million and $9.7 million, respectively.
Noninterest Income: Noninterest income totaled $3.6 million for the fourth quarter of 2011, compared to $4.1 million for the fourth quarter of 2010 and $3.6 million for the third quarter of 2011. The decrease in noninterest income from the fourth quarter of 2010 was primarily the result of a $0.3 million decrease in service charges and fees.
Noninterest Expense: Noninterest expense totaled $41.9 million for the fourth quarter of 2011, compared to $16.8 million for the fourth quarter of 2010 and $17.7 million for the third quarter of 2011. The increase from fourth quarter 2010 consisted of a $25.1 million increase in other real estate expense, which includes the loss on assets sold during the quarter of $23.6 million, and a $0.4 million increase in general and administrative expense, offset in part by a $0.5 million decrease in FDIC and other insurance expense. The increase from third quarter 2011 consisted of a $24.9 million increase in other real estate expense, offset in part by a $0.6 million decrease in general and administrative 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(R). We were organized in 1981 as the holding company for Stillwater National, which was chartered in 1894. At December 31, 2011 we had total assets of $2.4 billion, deposits of $1.9 billion, and shareholders' equity of $307.2 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 December 31, 2011, approximately $614.7 million, or 36%, 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 December 31, 2011 approximately $1.3 billion, or 73%, of our noncovered loans were commercial real estate mortgage and construction loans, including $381.1 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
Caution About Forward-Looking Statements
We make forward-looking statements in this news release that are subject to risks and uncertainties. We intend these statements 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:
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-- Statements of Southwest's goals, intentions, and expectations; -- Estimates of risks and of future costs and benefits; -- Expectations regarding our future financial performance and the financial performance of our operating segments; -- Expectations regarding our ability to utilize tax loss benefits; -- 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 our 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 our 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 the "Risk Factors" contained in Southwest's reports to the Securities and Exchange Commission.
The cautionary statements in this release also identify important factors and possible events that involve risk and uncertainties that could cause our 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. We do not intend, and undertake 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, 2011 through the date its financial statements are filed with the Securities and Exchange Commission. The December 31, 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.
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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
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SOUTHWEST BANCORP, INC. Table 1 UNAUDITED FINANCIAL HIGHLIGHTS (Dollars in thousands, except per share) Fourth Quarter Third Quarter -------------------------------- -------------------------------- --------------------- QUARTERLY HIGHLIGHTS % % 2011 2010 Change 2011 Change ---------- ---------- -------- ---------- --------- Operations Net interest income $ 21,901 $ 26,970 (19)% $ 24,025 (9)% Provision for loan losses 78,285 7,265 978 24,626 218 Noninterest income 3,576 4,089 (13) 3,589 -- Noninterest expense 41,903 16,811 149 17,693 137 Income (loss) before taxes (94,711) 6,983 (1,456) (14,705) 544 Taxes on income (36,450) 2,675 (1,463) (5,180) 604 Net income (loss) (58,261) 4,308 (1,452) (9,525) 512 Net income (loss) available to common shareholders (59,340) 3,257 (1,922) (10,589) 460 Diluted earnings per share (3.05) 0.17 (1,894) (0.54) 465 Balance Sheet Total assets 2,382,873 2,820,541 (16) 2,572,492 (7) Loans held for sale 38,695 35,194 10 39,902 (3) Noncovered portfolio loans 1,687,178 2,331,293 (28) 1,933,694 (13) Covered portfolio loans 37,615 53,628 (30) 41,209 (9) Total deposits 1,921,382 2,252,728 (15) 2,022,253 (5) Total shareholders' equity 307,186 377,812 (19) 367,024 (16) Book value per common share 12.28 15.97 (23) 15.37 (20) Key Ratios Net interest margin 3.62% 3.82% 3.77% Efficiency ratio 164.47 54.13 64.07 Total capital to risk-weighted assets 20.78 19.06 20.81 Nonperforming loans to portfolio loans - noncovered 0.80 4.59 6.66 Shareholders' equity to total assets 12.89 13.40 14.27 Tangible common equity to tangible assets* 9.76 10.78 11.38 Return on average assets (annualized) (8.96) 0.59 (1.43) Return on average common equity (annualized) (79.48) 4.11 (13.42) Return on average tangible common equity (annualized)** (81.35) 4.21 (13.72) ----------------------------------------------------------------------------------------- YEAR-TO-DATE HIGHLIGHTS Twelve Months -------------------------------- % 2011 2010 Change ---------- ---------- -------- Operations Net interest income $ 96,332 $ 107,331 (10)% Provision for loan losses 132,101 35,560 271 Noninterest income 14,018 18,564 (24) Noninterest expense 90,201 63,633 42 Income (loss) before taxes (111,952) 26,702 (519) Taxes on income (43,657) 9,738 (548) Net income (loss) (68,295) 16,964 (503) Net income (loss) available to common shareholders (72,548) 12,777 (668) Diluted earnings per share (3.73) 0.71 (625) Balance Sheet Total assets 2,382,873 2,820,541 (16) Loans held for sale 38,695 35,194 10 Noncovered portfolio loans 1,687,178 2,331,293 (28) Covered portfolio loans 37,615 53,628 (30) Total deposits 1,921,382 2,252,728 (15) Total shareholders' equity 307,186 377,812 (19) Book value per common share 12.28 15.97 (23) Key Ratios Net interest margin 3.74 % 3.67 % Efficiency ratio (GAAP-based) 81.74 50.54 Total capital to risk-weighted assets 20.78 19.06 Nonperforming loans to portfolio loans - noncovered 0.80 4.59 Shareholders' equity to total assets 12.89 13.40 Tangible common equity to tangible assets* 9.76 10.78 Return on average assets (2.53) 0.57 Return on average common equity (23.40) 4.37 Return on average tangible common equity** (23.93) 4.48 ----------------------------------------------------------------------------------------- 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.
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SOUTHWEST BANCORP, INC. Table 2 UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollars in thousands, except per share) December December 31, 31, 2011 2010 ----------- ----------- Assets Cash and due from banks $ 30,247 $ 26,478 Interest-bearing deposits 199,642 41,018 ----------- ----------- Cash and cash equivalents 229,889 67,496 Securities held to maturity (fair values of $15,885, $14,029, respectively) 15,252 14,304 Securities available for sale (amortized cost of $253,869, $246,649, respectively) 260,100 248,221 Loans held for sale 38,695 35,194 Noncovered loans receivable 1,687,178 2,331,293 Less: Allowance for loan losses (44,233) (65,229) ----------- ----------- Net noncovered loans receivable 1,642,945 2,266,064 Covered loans receivable (includes loss share of $10,073, $14,370, respectively) 37,615 53,628 Less: Allowance for loan losses (451) -- ----------- ----------- Net covered loans receivable 37,164 53,628 Net loans receivable 1,680,109 2,319,692 Accrued interest receivable 7,176 8,590 Income tax receivable 28,666 -- Premises and equipment, net 22,700 23,772 Noncovered other real estate 19,844 37,722 Covered other real estate 4,529 4,187 Goodwill 6,811 6,811 Other intangible assets, net 4,857 5,371 Other assets 64,245 49,181 ----------- ----------- Total assets $ 2,382,873 $ 2,820,541 =========== =========== Liabilities Deposits: Noninterest-bearing demand $ 400,985 $ 377,182 Interest-bearing demand 105,905 92,584 Money market accounts 423,181 495,253 Savings accounts 33,406 26,665 Time deposits of $100,000 or more 487,907 694,565 Other time deposits 469,998 566,479 ----------- ----------- Total deposits 1,921,382 2,252,728 Accrued interest payable 3,689 1,577 Income tax payable -- 2,878 Other liabilities 12,174 8,981 Other borrowings 56,479 94,602 Subordinated debentures 81,963 81,963 ----------- ----------- Total liabilities 2,075,687 2,442,729 Shareholders' equity Serial preferred stock; 2,000,000 shares authorized; 70,000 shares issued and outstanding 68,455 67,724 Common stock -- $1 par value; 40,000,000 shares authorized; 19,444,213, 19,421,900, shares issued and outstanding, respectively 19,444 19,422 Additional paid-in capital 98,932 98,894 Retained earnings 118,244 190,793 Accumulated other comprehensive income 2,111 979 ----------- ----------- Total shareholders' equity 307,186 377,812 ----------- ----------- Total liabilities and shareholders' equity $ 2,382,873 $ 2,820,541 =========== ===========
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SOUTHWEST BANCORP, INC. Table 3 UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share) For the three months For the twelve months ended December 31, ended December 31, -------------------- --------------------- 2011 2010 2011 2010 ---------- -------- ---------- --------- Interest income Loans $ 25,333 $ 32,831 $ 113,223 $ 133,918 Investment securities 1,584 1,724 6,973 8,148 Other interest-earning assets 148 131 549 741 ---------- -------- ---------- --------- Total interest income 27,065 34,686 120,745 142,807 Interest expense Interest-bearing deposits 3,318 5,920 16,793 28,267 Other borrowings 339 514 1,799 2,079 Subordinated debentures 1,507 1,282 5,821 5,130 ---------- -------- ---------- --------- Total interest expense 5,164 7,716 24,413 35,476 ---------- -------- ---------- --------- Net interest income 21,901 26,970 96,332 107,331 Provision for loan losses 78,285 7,265 132,101 35,560 ---------- -------- ---------- --------- Net interest income (loss) after provision for loan losses (56,384) 19,705 (35,769) 71,771 Noninterest income Service charges and fees 2,849 3,144 12,075 12,404 Gain on sales of loans 637 682 1,658 2,736 Gain on investment securities -- 15 -- 2,661 Other noninterest income 90 248 285 763 ---------- -------- ---------- --------- Total noninterest income 3,576 4,089 14,018 18,564 Noninterest expense Salaries and employee benefits 7,657 7,516 29,880 29,916 Occupancy 2,614 2,717 10,815 11,171 FDIC and other insurance 858 1,333 3,862 5,788 Other real estate, net 26,369 1,255 30,852 2,218 General and administrative 4,405 3,990 14,792 14,540 ---------- -------- ---------- --------- Total noninterest expense 41,903 16,811 90,201 63,633 ---------- -------- ---------- --------- Income (loss) before taxes (94,711) 6,983 (111,952) 26,702 Taxes on income (36,450) 2,675 (43,657) 9,738 ---------- -------- ---------- --------- Net income (loss) $ (58,261) $ 4,308 $ (68,295) $ 16,964 ========== ======== ========== ========= Net income (loss) available to common shareholders $ (59,340) $ 3,257 $ (72,548) $ 12,777 ========== ======== ========== ========= Basic earnings per common share $ (3.05) $ 0.17 $ (3.73) $ 0.71 Diluted earnings per common share (3.05) 0.17 (3.73) 0.71 Common dividends declared per share -- -- -- --
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SOUTHWEST BANCORP, INC. Table 4 UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES - QUARTERLY (Dollars in thousands) For the three months ended December 31, -------------------------------------------------------------------- 2011 2010 --------------------------------- --------------------------------- Average Average Average Average Balance Interest Yield/Rate Balance Interest Yield/Rate ----------- -------- ---------- ----------- -------- ---------- Assets Noncovered loans $ 1,973,320 $ 24,473 4.92% $ 2,417,584 $ 31,933 5.24% Covered loans 39,010 860 8.75 58,755 898 6.06 Investment securities 264,011 1,584 2.38 253,664 1,724 2.70 Other interest-earning assets 123,532 148 71,638 131 ----------- -------- 0.48 ----------- -------- 0.73 Total interest-earning assets 2,399,873 27,065 4.47 2,801,641 34,686 4.91 Other assets 178,904 81,735 ----------- ----------- Total assets $ 2,578,777 $ 2,883,376 =========== =========== Liabilities and Shareholders' Equity Interest-bearing demand deposits $ 98,167 $ 53 0.21% $ 85,967 $ 85 0.39% Money market accounts 471,059 388 0.33 508,110 885 0.69 Savings accounts 32,032 12 0.15 25,885 17 0.26 Time deposits 994,519 2,865 1,316,536 4,933 ----------- -------- 1.14 ----------- -------- 1.49 Total interest-bearing deposits 1,595,777 3,318 0.82 1,936,498 5,920 1.21 Other borrowings 70,952 339 1.90 96,267 514 2.12 Subordinated debentures 81,963 1,507 81,963 1,282 ----------- -------- 7.35 ----------- -------- 6.26 Total interest-bearing liabilities 1,748,692 5,164 1.17 7,716 1.45 -------- ---------- 2,114,728 -------- ---------- Noninterest-bearing demand deposits 400,435 367,761 Other liabilities 65,093 19,252 Shareholders' equity 364,557 381,635 ----------- ----------- Total liabilities and shareholders' equity $ 2,578,777 $ 2,883,376 =========== =========== Net interest income and spread $ 21,901 3.30% $ 26,970 3.46% ======== ========== ======== ========== Net interest margin (1) 3.62% 3.82% ========== ========== Average interest-earning assets to average interest-bearing liabilities 137.24% 132.48% =========== =========== (1) Net interest margin = annualized net interest income / average interest-earning assets
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SOUTHWEST BANCORP, INC. Table 5 UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES - YEAR-TO-DATE (Dollars in thousands) For the twelve months ended December 31, ---------------------------------------------------------------------- 2011 2010 ---------------------------------- ---------------------------------- Average Average Average Average Balance Interest Yield/Rate Balance Interest Yield/Rate ----------- --------- ---------- ----------- --------- ---------- Assets Noncovered loans $ 2,168,458 $ 109,839 5.07% $ 2,504,684 $ 129,314 5.16% Covered loans 45,449 3,384 7.45 68,758 4,604 6.70 Investment securities 264,006 6,973 2.64 245,411 8,148 3.32 Other interest-earning assets 96,753 549 103,792 741 ----------- --------- 0.57 ----------- --------- 0.71 Total interest-earning assets 2,574,666 120,745 4.69 2,922,645 142,807 4.89 Other assets 121,416 76,099 ----------- ----------- Total assets $ 2,696,082 $ 2,998,744 =========== =========== Liabilities and Shareholders' Equity Interest-bearing demand deposits $ 108,808 $ 382 0.35% $ 98,589 $ 468 0.47% Money market accounts 483,373 2,154 0.45 508,583 3,911 0.77 Savings accounts 29,862 49 0.16 25,609 64 0.25 Time deposits 1,117,483 14,208 1,479,287 23,824 ----------- --------- 1.27 ----------- --------- 1.61 Total interest-bearing deposits 1,739,526 16,793 0.97 2,112,068 28,267 1.34 Other borrowings 84,738 1,799 2.12 96,141 2,079 2.16 Subordinated debentures 81,963 5,821 81,963 5,130 ----------- --------- 7.10 ----------- --------- 6.26 Total interest-bearing liabilities 1,906,227 24,413 1.28 35,476 1.55 --------- ---------- 2,290,172 --------- ---------- Noninterest-bearing demand deposits 377,780 330,998 Other liabilities 33,991 18,039 Shareholders' equity 378,084 359,535 ----------- ----------- Total liabilities and shareholders' equity $ 2,696,082 $ 2,998,744 =========== =========== Net interest income and spread $ 96,332 3.41% $ 107,331 3.34% ========= ========== ========= ========== Net interest margin (1) 3.74% 3.67% ========== ========== Average interest-earning assets to average interest-bearing liabilities 135.07% 127.62% =========== =========== (1) Net interest margin = annualized net interest income / average interest-earning assets
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SOUTHWEST BANCORP, INC. Table 6 UNAUDITED QUARTERLY SUMMARY LOAN DATA (Dollars in thousands, except per share) ------------------------------------------------------------------------------------------------------ 2011 2010 -------------------------------------------------- -------------------------------------------------- Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- LOAN COMPOSITION Noncovered: -------------- Real estate mortgage: Commercial $ 1,028,561 $ 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 80,375 85,272 87,407 87,286 89,800 109,980 106,814 111,185 Real estate construction Commercial 227,098 348,053 372,576 403,635 441,265 527,773 589,590 630,472 One-to-four family residential 4,987 25,527 26,400 26,758 27,429 30,527 35,129 34,996 Commercial 346,266 367,241 404,229 416,392 452,626 463,132 471,004 487,074 Installment and consumer: Guaranteed student loans 5,396 5,547 5,600 5,700 5,843 5,960 7,389 10,199 Other 33,190 32,946 34,335 36,493 39,060 39,014 39,328 38,048 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total noncovered loans, including held for sale 1,725,873 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 (44,233) (64,698) (54,575) (61,285) (65,229) (72,418) (67,055) (65,168) ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total noncovered loans, net $ 1,681,640 $ 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 $ 23,686 $ 23,201 $ 26,976 $ 28,929 $ 30,997 $ 33,428 $ 36,107 $ 37,487 One-to-four family residential 7,072 7,378 8,113 8,192 9,122 10,071 10,277 10,843 Real estate construction Commercial 3,746 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 2,841 4,286 4,461 5,021 5,554 6,816 8,487 10,807 Installment and consumer: 270 357 430 550 676 956 1,092 1,326 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total covered loans 37,615 41,209 46,153 49,117 53,628 60,558 68,006 76,909 Less allowance for loan losses (451) -- -- -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total covered loans, net $ 37,164 $ 41,209 $ 46,153 $ 49,117 $ 53,628 $ 60,558 $ 68,006 $ 76,909 =========== =========== =========== =========== =========== =========== =========== =========== LOANS BY SEGMENT Oklahoma banking $ 688,592 $ 770,306 $ 834,189 $ 838,006 $ 871,393 $ 890,598 $ 914,004 $ 926,870 Texas banking 665,010 845,485 911,134 953,123 982,845 1,024,863 1,041,228 1,063,511 Kansas banking 238,468 252,302 260,431 272,685 289,642 309,240 329,157 342,596 Out of market 132,723 166,810 196,495 226,383 241,041 248,653 258,965 260,329 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Subtotal 1,724,793 2,034,903 2,202,249 2,290,197 2,384,921 2,473,354 2,543,354 2,593,306 Secondary market 38,695 39,902 37,204 37,348 35,194 34,868 25,615 25,586 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total loans $ 1,763,488 $ 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 $ 3,877 $ 68,554 $ 73,487 $ 68,183 $ 67,571 $ 88,590 $ 75,079 $ 54,648 Commercial real estate 4,667 56,234 60,857 47,986 30,510 34,448 25,413 28,520 Commercial 3,374 6,080 15,224 16,633 6,977 6,180 2,614 4,100 One-to-four family residential 1,491 1,706 1,457 2,634 1,984 6,401 8,843 10,552 Consumer 140 152 153 27 41 42 255 42 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total nonperforming loans - noncovered $ 13,549 $ 132,726 $ 151,178 $ 135,463 $ 107,083 $ 135,661 $ 112,204 $ 97,862 =========== =========== =========== =========== =========== =========== =========== =========== NONPERFORMING LOANS BY SEGMENT Oklahoma banking $ 3,699 $ 14,932 $ 18,870 $ 13,443 $ 9,726 $ 9,937 $ 6,041 $ 7,638 Texas banking 83 95,191 91,449 87,122 55,431 74,581 48,873 41,303 Kansas banking 9,070 7,976 9,725 7,924 6,923 14,126 18,593 15,603 Out of market 697 14,627 31,134 26,974 35,003 37,017 38,697 33,318 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total nonperforming loans - noncovered $ 13,549 $ 132,726 $ 151,178 $ 135,463 $ 107,083 $ 135,661 $ 112,204 $ 97,862 =========== =========== =========== =========== =========== =========== =========== =========== OTHER REAL ESTATE BY TYPE Construction & development $ 3,542 $ 38,927 $ 12,588 $ 6,304 $ 5,579 $ 9,349 $ 1,625 $ 1,441 Commercial real estate 15,464 24,364 16,300 23,890 20,750 19,053 19,444 12,320 One-to-four family residential 838 7,494 10,068 10,873 11,393 7,321 6,565 5,048 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total other real estate - noncovered $ 19,844 $ 70,785 $ 38,956 $ 41,067 $ 37,722 $ 35,723 $ 27,634 $ 18,809 =========== =========== =========== =========== =========== =========== =========== =========== OTHER REAL ESTATE BY SEGMENT Oklahoma banking $ 6,178 $ 8,709 $ 2,613 $ 4,616 $ 4,814 $ 4,108 $ 3,547 $ 3,665 Texas banking 9,846 35,270 17,398 18,652 15,810 14,651 10,352 4,376 Kansas banking 3,210 12,390 14,539 12,848 13,182 12,218 8,989 9,198 Out of market 610 14,416 4,406 4,951 3,916 4,746 4,746 1,570 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total other real estate - noncovered $ 19,844 $ 70,785 $ 38,956 $ 41,067 $ 37,722 $ 35,723 $ 27,634 $ 18,809 =========== =========== =========== =========== =========== =========== =========== =========== POTENTIAL PROBLEM LOANS BY TYPE Construction & development $ 43,607 $ 75,867 $ 111,032 $ 111,204 $ 94,765 $ 111,401 $ 101,455 $ 132,546 Commercial real estate 55,873 162,692 140,079 85,833 101,629 97,694 107,538 111,989 Commercial 32,477 37,027 38,850 19,940 36,142 27,119 32,843 30,582 One-to-four family residential 1,082 1,108 1,210 429 589 608 354 764 Consumer -- -- -- -- 15 22 27 31 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total potential problem loans - noncovered $ 133,039 $ 276,694 $ 291,171 $ 217,406 $ 233,140 $ 236,844 $ 242,217 $ 275,912 =========== =========== =========== =========== =========== =========== =========== =========== POTENTIAL PROBLEM LOANS BY SEGMENT Oklahoma banking $ 27,481 $ 54,310 $ 42,565 $ 30,678 $ 36,170 $ 58,230 $ 47,686 $ 47,147 Texas banking 83,035 163,973 183,486 114,506 144,357 116,049 145,684 168,717 Kansas banking 836 14,530 11,289 19,472 20,232 19,737 1,754 5,175 Out of market 21,687 43,881 53,831 52,750 32,381 42,828 47,093 54,873 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total potential problem loans - noncovered $ 133,039 $ 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 -------------------------------------------------- -------------------------------------------------- Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- OUT OF MARKET LOANS Net balance out of market loans: -------------- Iowa $ 26,494 $ 26,626 $ 26,695 $ 26,759 $ 26,836 $ 28,953 $ 25,035 $ 25,108 Arizona 26,372 35,978 49,977 57,657 65,615 68,887 65,770 66,428 New Mexico 15,215 21,019 21,092 28,226 28,710 29,188 29,514 29,732 Ohio 12,741 9,367 9,568 9,963 10,420 10,666 10,786 10,293 California 10,530 10,737 9,814 9,984 9,906 10,169 10,554 10,560 Tennessee 6,427 6,484 6,550 6,606 6,784 6,837 6,898 6,967 Florida 6,421 6,374 10,582 7,600 7,627 7,622 7,531 7,635 Louisiana 5,336 5,644 5,963 8,018 8,651 9,223 9,788 10,354 Arkansas 5,192 3,848 2,549 1,502 3,162 3,283 9,218 9,409 Colorado 5,162 23,234 24,187 28,422 28,619 30,160 31,509 32,793 Other (16 states included) 12,833 17,499 29,518 41,646 44,711 43,665 52,362 51,050 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total out of market loans $ 132,723 $ 166,810 $ 196,495 $ 226,383 $ 241,041 $ 248,653 $ 258,965 $ 260,329 =========== =========== =========== =========== =========== =========== =========== =========== Nonperforming out of market loans: -------------- Florida $ 299 $ 305 $ 1,479 $ 1,479 $ 1,479 $ 1,479 $ 1,486 $ 1,486 Arizona 267 8,441 16,745 10,316 17,061 19,145 19,576 11,834 Colorado 131 746 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 Alabama -- -- 157 172 192 192 195 195 Other -- -- 2,709 2,300 3,179 3,103 4,325 7,420 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total nonperforming out of market loans $ 697 $ 14,627 $ 31,134 $ 26,974 $ 35,003 $ 37,017 $ 38,697 $ 33,318 =========== =========== =========== =========== =========== =========== =========== =========== Potential problem out of market loans: -------------- New Mexico $ 11,542 $ 11,589 $ 11,635 $ -- $ -- $ -- $ -- $ -- Arizona 9,463 10,287 14,865 25,242 14,986 15,608 10,648 18,428 California 578 593 9,423 9,575 -- 9,825 9,950 9,950 Florida 104 108 116 -- -- -- -- -- Iowa -- -- -- -- -- -- 9,100 9,100 Colorado -- 17,034 13,500 17,933 17,395 17,395 17,395 17,395 Alabama -- 4,270 4,292 -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total potential problem out of market loans $ 21,687 $ 43,881 $ 53,831 $ 52,750 $ 32,381 $ 42,828 $ 47,093 $ 54,873 =========== =========== =========== =========== =========== =========== =========== =========== ALLOWANCE ACTIVITY, Noncovered Balance, beginning of period $ 64,698 $ 54,575 $ 61,285 $ 65,229 $ 72,418 $ 67,055 $ 65,168 $ 62,413 Charge offs 99,604 16,067 27,562 13,392 14,720 7,006 6,168 6,545 Recoveries 1,305 1,564 712 398 266 381 279 769 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Net charge offs 98,299 14,503 26,850 12,994 14,454 6,625 5,889 5,776 Provision for loan losses 77,834 24,626 20,140 9,050 7,265 11,988 7,776 8,531 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Balance, end of period $ 44,233 $ 64,698 $ 54,575 $ 61,285 $ 65,229 $ 72,418 $ 67,055 $ 65,168 =========== =========== =========== =========== =========== =========== =========== =========== NET CHARGE OFFS BY TYPE Construction & development $ 41,513 $ 7,177 $ 10,847 $ 1,012 $ 11,613 $ 1,641 $ 4,126 $ 2,920 Commercial real estate 50,070 5,702 7,593 7,290 1,351 1,582 515 919 Commercial 6,434 1,469 7,999 4,337 1,214 1,318 1,081 1,148 One-to-four family residential 1 55 165 58 149 1,589 119 558 Consumer 281 100 246 297 127 495 48 231 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total net charge offs by type $ 98,299 $ 14,503 $ 26,850 $ 12,994 $ 14,454 $ 6,625 $ 5,889 $ 5,776 =========== =========== =========== =========== =========== =========== =========== =========== NET CHARGE OFFS BY SEGMENT Oklahoma banking $ 13,210 $ 1,058 $ 1,442 $ 1,593 $ 1,616 $ 1,960 $ 371 $ 1,815 Texas banking 64,370 7,386 9,163 4,502 10,485 2,219 4,726 3,734 Kansas banking 8,872 361 1,791 372 64 823 482 1,077 Out of market 11,847 5,698 14,454 6,527 2,289 1,623 310 (850) ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total net charge offs by segment $ 98,299 $ 14,503 $ 26,850 $ 12,994 $ 14,454 $ 6,625 $ 5,889 $ 5,776 =========== =========== =========== =========== =========== =========== =========== ===========
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SOUTHWEST BANCORP, INC. Table 7 UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA (Dollars in thousands, except per share) ------------------------------------------------------------------------------------------------------ 2011 2010 -------------------------------------------------- -------------------------------------------------- Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- NET INCOME (LOSS) BY SEGMENT Oklahoma banking $ (5,586) $ 7 $ 5,290 $ 3,435 $ 4,205 $ 3,399 $ 4,387 $ 2,857 Texas banking (35,435) (6,455) 1,575 1,079 4,001 (1,801) 757 1,685 Kansas banking (7,533) (612) 971 131 293 (306) 940 (322) Out of market (7,857) (1,947) (9,039) (924) (3,674) 494 (477) 1,750 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Subtotal (56,411) (9,007) (1,203) 3,721 4,825 1,786 5,607 5,970 Secondary market 144 90 127 (13) 444 173 83 310 Other operations (1,994) (608) (1,894) (1,247) (961) 1,914 (1,279) (1,908) ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Net income (loss) $ (58,261) $ (9,525) $ (2,970) $ 2,461 $ 4,308 $ 3,873 $ 4,411 $ 4,372 =========== =========== =========== =========== =========== =========== =========== =========== PER SHARE DATA Basic earnings per common share $ (3.05) $ (0.54) $ (0.21) $ 0.07 $ 0.17 $ 0.15 $ 0.19 $ 0.23 Diluted earnings per common share (3.05) (0.54) (0.21) 0.07 0.17 0.15 0.19 0.23 Book value per common share 12.28 15.37 15.89 16.02 15.97 15.93 15.88 16.79 Tangible book value per share* 11.93 15.02 15.54 15.67 15.62 15.58 15.53 16.33 COMMON STOCK Shares issued and outstanding 19,444,213 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 $ 275,352 $ 269,599 $ 268,153 $ 258,436 $ 262,525 $ 240,844 $ 247,108 $ 241,693 Loans held for sale 38,695 39,902 37,204 37,348 35,194 34,868 25,615 25,586 Noncovered portfolio loans 1,687,178 1,993,694 2,156,096 2,241,080 2,331,293 2,412,796 2,475,348 2,516,397 Total noncovered loans 1,725,873 2,033,596 2,193,300 2,278,428 2,366,487 2,447,664 2,500,963 2,541,983 Covered portfolio loans 37,615 41,209 46,153 49,117 53,628 60,558 68,006 76,909 Total assets 2,382,873 2,572,492 2,660,495 2,779,028 2,820,541 2,905,275 3,010,835 3,074,923 Total deposits 1,921,382 2,022,253 2,094,236 2,218,571 2,252,728 2,345,648 2,444,939 2,554,165 Other borrowings 56,479 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 81,963 Total shareholders' equity 307,186 367,024 376,930 379,350 377,812 376,576 375,319 315,341 Mortgage servicing portfolio 295,492 285,886 283,083 281,271 278,146 261,266 249,632 241,224 INTANGIBLE ASSET DATA Goodwill $ 6,811 $ 6,811 $ 6,811 $ 6,811 $ 6,811 $ 6,811 $ 6,811 $ 6,811 Core deposit intangible 3,030 3,155 3,285 3,420 3,557 3,693 3,830 3,967 Mortgage servicing rights 1,825 1,808 1,781 1,718 1,810 1,661 1,589 1,603 Nonmortgage servicing rights 2 3 3 3 4 4 5 5 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total intangible assets $ 11,668 $ 11,777 $ 11,880 $ 11,952 $ 12,182 $ 12,169 $ 12,235 $ 12,386 =========== =========== =========== =========== =========== =========== =========== =========== Intangible amortization expense $ 252 $ 226 $ 222 $ 361 $ 402 $ 392 $ 350 $ 359 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- DEPOSIT COMPOSITION Non-interest bearing demand $ 400,985 $ 388,365 $ 389,027 $ 369,013 $ 377,182 $ 329,655 $ 326,721 $ 317,896 Interest-beari ng demand 105,905 98,270 124,346 112,731 92,584 86,153 102,218 119,757 Money market accounts 423,181 461,546 465,269 486,770 495,253 518,422 510,549 506,659 Savings accounts 33,406 31,319 29,586 28,440 26,665 25,556 25,321 25,871 Time deposits of $100,000 or more 487,907 551,914 570,116 669,817 694,565 795,303 861,110 944,871 Other time deposits 469,998 490,839 515,892 551,800 566,479 590,559 619,020 639,111 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total deposits** $ 1,921,382 $ 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 435 437 437 424 432 440 447 455 Branches 23 23 23 23 23 23 23 24 Loan production offices 2 2 2 2 2 2 2 2 Assets per employee $ 5,478 $ 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 $ 1,921,382 $ 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 14,974 46,838 52,407 122,124 145,240 226,238 279,027 359,571 Other brokered deposits 78,236 105,483 105,392 112,033 117,532 129,096 126,643 124,969 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Non-brokered deposits $ 1,828,172 $ 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 31,482 40,305 30,636 27,214 26,492 22,211 22,700 33,192 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Core funding $ 1,859,654 $ 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 -------------------------------------------------- -------------------------------------------------- Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- PERFORMANCE RATIOS Return on average assets (annualized) (8.96)% (1.43)% (0.43)% 0.35% 0.59% 0.52% 0.58% 0.57% Return on average common equity (annualized) (79.48) (13.42) (5.11) 1.81 4.11 3.57 4.64 5.42 Return on average tangible common equity (annualized)* (81.35) (13.72) (5.22) 1.85 4.21 3.65 4.75 5.58 Net interest margin (annualized) 3.62 3.77 3.79 3.78 3.82 3.63 3.65 3.59 Total dividends declared to net income (0.92) (9.24) (29.46) 35.56 20.31 22.59 19.84 20.02 Effective tax rate 38.49 35.23 54.53 38.40 38.31 28.02 38.29 39.19 Efficiency ratio 164.47 64.07 52.40 54.50 54.13 47.02 51.97 49.25 NONPERFORMING ASSETS Noncovered: -------------- Nonaccrual loans $ 13,506 $ 132,268 $ 151,135 $ 134,934 $ 106,566 $ 135,209 $ 111,871 $ 97,858 90 days past due and accruing 43 458 43 529 517 452 333 4 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total nonperformin g loans 13,549 132,726 151,178 135,463 107,083 135,661 112,204 97,862 Other real estate 19,844 70,785 38,956 41,067 37,722 35,723 27,634 18,809 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total nonperformin g assets $ 33,393 $ 203,511 $ 190,134 $ 176,530 $ 144,805 $ 171,384 $ 139,838 $ 116,671 =========== =========== =========== =========== =========== =========== =========== =========== Performing restructured $ 1,017 $ 1,026 $ 3,191 $ 2,166 $ 2,177 $ 5,334 $ 5,525 $ 5,650 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Potential problem loans $ 133,039 $ 276,694 $ 291,171 $ 217,406 $ 233,140 $ 236,844 $ 242,217 $ 275,912 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Covered: -------------- Nonaccrual loans $ 7,128 $ 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 nonperformin g loans 7,128 7,675 9,800 9,809 10,806 9,777 14,634 16,548 Other real estate 4,529 5,350 3,806 4,016 4,187 4,448 4,352 4,489 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total nonperformin g assets $ 11,657 $ 13,025 $ 13,606 $ 13,825 $ 14,993 $ 14,225 $ 18,986 $ 21,037 =========== =========== =========== =========== =========== =========== =========== =========== Potential problem loans $ 912 $ 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) 19.78% 2.70% 4.76% 2.25% 2.35% 1.05% 0.92% 0.90% Noncovered: -------------- Nonperforming assets to portfolio loans and other real estate 1.96% 9.86% 8.66% 7.74% 6.11% 7.00% 5.59% 4.60% Nonperforming loans to portfolio loans 0.80 6.66 7.01 6.04 4.59 5.62 4.53 3.89 Allowance for loan losses to portfolio loans 2.62 3.25 2.53 2.73 2.80 3.00 2.71 2.59 Allowance for loan losses to nonperforming loans 326.47 48.75 36.10 45.24 60.91 53.38 59.76 66.59 Covered: -------------- Nonperforming assets to portfolio loans and other real estate 27.66% 27.98% 27.23% 26.02% 25.93% 21.88% 26.24% 25.84% Nonperforming loans to portfolio loans 18.95 18.62 21.23 19.97 20.15 16.14 21.52 21.52 Allowance for loan losses to portfolio loans 1.64 -- -- -- -- -- -- -- Allowance for loan losses to nonperforming loans 6.33 -- -- -- -- -- -- -- CAPITAL RATIOS Average total shareholders' equity to average assets 14.14% 14.39% 13.98% 13.57% 13.24% 12.85% 11.78% 10.18% Leverage ratio 14.62 16.47 16.25 15.95 15.55 14.96 14.48 12.32 Tier 1 capital to risk-weighted assets 19.51 19.54 18.93 18.49 17.78 17.17 16.50 14.00 Total capital to risk-weighted assets 20.78 20.81 20.20 19.77 19.06 18.45 17.78 15.28 Tangible common equity to tangible assets*** 9.76 11.38 11.38 10.99 10.78 10.43 10.02 7.87 REGULATORY CAPITAL DATA Tier I capital $ 374,552 $ 433,628 $ 444,106 $ 447,803 $ 445,966 $ 442,188 $ 438,973 $ 381,280 Total capital 398,945 461,929 473,950 478,713 477,930 475,040 472,971 415,955 Total risk adjusted assets 1,920,075 2,219,271 2,346,596 2,421,752 2,507,867 2,574,746 2,659,886 2,722,628 Average total assets 2,562,094 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 $ 307,186 $ 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 6,811 Preferred stock 68,455 68,268 68,084 67,902 67,724 67,548 67,375 67,205 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Tangible common equity $ 231,920 $ 291,945 $ 302,035 $ 304,637 $ 303,277 $ 302,217 $ 301,133 $ 241,325 =========== =========== =========== =========== =========== =========== =========== =========== Total assets $ 2,382,873 $ 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 6,811 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Tangible assets $ 2,376,062 $ 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 9.76% 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.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Southwest Bancorp, Inc.
CONTACT: Rick Green
President & CEO
Laura Robertson
EVP & CFO
(405) 372-2230
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