Southwest Bancorp, Inc. (NASDAQ:OKSB), (“Southwest”), today
reported net income for the second quarter of 2017 of $5.8 million,
or $0.31 per diluted share, compared to $5.4 million, or $0.28 per
diluted share, for the second quarter of 2016. Net income for the
six months ended June 30, 2017 totaled $11.1 million, or $0.59 per
diluted share, compared to $7.3 million, or $0.38 per diluted
share, for the six months ended June 30, 2016. The increase was
attributable to stronger revenues and improved efficiency.
Southwest announced that its board of directors
has approved a quarterly cash dividend of $0.08 per share payable
August 18, 2017 to shareholders of record as of August 4, 2017.
Mark Funke, President and CEO, stated, “We are
pleased with the improvement in the second quarter’s earnings. Our
good loan growth boosted revenues while expenses remained
flat.”
Highlights to take from this quarter:
- Total loans grew $35.2 million to $1.97 billion from first
quarter of 2017 and $150.3 million, or 8%, compared to the second
quarter of 2016.
- The quarterly net interest margin was 3.53% at June 30, 2017,
compared to 3.43% at March 31, 2017 and 3.48% at June 30,
2016.
- Pre-tax, pre-provision income was $10.8 million in the second
quarter, an increase of 15% from $9.4 million in the first quarter
of 2017 and an increase of 34% from $8.0 million in the second
quarter of 2016.
- The efficiency ratio for the second quarter of 2017 was 57.77%,
compared to 63.30% for the first quarter of 2017 and 65.70% for the
second quarter of 2016.
“Diluted earnings per share of $0.31 was up 11%
from the same quarter a year ago. 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.”
See Table 3 for details on pre-tax,
pre-provision income, which is a non-GAAP measure.
Pending Merger Update
Southwest previously announced a definitive
agreement and plan of merger with and into Simmons First National
Corporation (NASDAQ-GS:SFNC). The merger application for this
transaction was filed on July 14, 2017. Conversion and
integration plans are in process. Subject to regulatory approval
and the satisfaction of other closing conditions, Southwest
anticipates a closing date as early as October 2017 or as late as
January 2018.
Financial Overview
Condition: As of June 30,
2017, total assets were $2.6 billion, an increase of $50.3 million,
when compared to March 31, 2017. As of June 30, 2017, total loans
were $1.97 billion, an increase of $35.2 million from the prior
quarter end. As of June 30, 2017, investment securities were $434.4
million, an increase of $1.4 million from the prior quarter end.
Cash and cash equivalents at June 30, 2017 were $79.8 million, an
increase of $14.7 million from March 31, 2017.
At June 30, 2017, the allowance for loan losses
was $27.3 million, a decrease of $0.2 million when compared to
March 31, 2017 and an increase of $0.4 million when compared to
June 30, 2016. The allowance for loan losses to portfolio loans was
1.39% as of June 30, 2017, down from 1.43% as of March 31, 2017,
and from 1.48% as of June 30, 2016. The allowance for loan losses
to nonperforming loans was 118.46% as of June 30, 2017, compared to
166.01% as of March 31, 2017 and 120.39% as of June 30, 2016. The
total allowance for loan losses combined with the purchase discount
on acquired loans represents 1.53% of gross loans as of June 30,
2017, compared to 1.63% as of March 31, 2017.
Nonperforming loans were $23.1 million at June
30, 2017, an increase of $6.5 million from March 31, 2017, and an
increase of $0.7 million from June 30, 2016. There was no other
real estate at June 30, 2017, compared to other real estate of $0.4
million at March 31, 2017 and $2.1 million at June 30, 2016.
Nonperforming assets were $23.1 million, or 1.17% of portfolio
loans and other real estate, as of June 30, 2017, compared to $16.9
million, or 0.88% of portfolio loans and other real estate, as of
March 31, 2017, and $24.4 million, or 1.35% of portfolio loans and
other real estate, as of June 30, 2016.
As of June 30, 2017, total deposits were $2.0
billion, an increase of $36.6 million, when compared to March 31,
2017. Total core funding, which includes all non-brokered deposits
and sweep repurchase agreements, comprised 78% and 79% of total
funding as of June 30, 2017 and March 31, 2017, respectively.
Wholesale funding, including Federal Home Loan Bank borrowings,
federal funds purchased, and brokered deposits, accounted for 22%
of total funding at June 30, 2017 and 21% of total funding at March
31, 2017. 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 June 30, 2017 exceeded the criteria for regulatory
classification as “well-capitalized.” Southwest’s total regulatory
capital was $354.7 million, for a total risk-based capital ratio of
15.48%, Common Equity Tier 1 capital was $280.9 million, for a
Common Equity Tier 1 ratio of 12.26%, and Tier 1 capital was $325.9
million, for a Tier 1 risk-based capital ratio of 14.23%. Bank SNB
had total regulatory capital of $341.0 million, for a total
risk-based capital ratio of 14.91% and Common Equity Tier 1 and
Tier 1 capital of $312.3 million, for a Common Equity Tier 1 and
Tier 1 risk-based capital ratio of 13.66%. Designation as a
well-capitalized institution under regulations does not constitute
a recommendation or endorsement by bank regulators.
Second Quarter Results:
Summary: For the second
quarter of 2017, net income was $5.8 million, compared to $5.3
million for the first quarter of 2017 and $5.4 million for the
second quarter of 2016. Pre-tax, pre-provision income for the
second quarter of 2017 was $10.8 million, compared to $9.4 million
for the first quarter of 2017 and $8.0 million for the second
quarter of 2016.
The $0.5 million increase in net income compared
to the first quarter of 2017 includes a $1.2 million increase in
net interest income and a $0.1 million decrease in noninterest
expense, offset in part by a $0.4 million decrease in noninterest
income, and a $0.5 million increase in income taxes.
The $0.4 million increase in net income compared
to the second quarter of 2016 was due to a $1.7 million increase in
net interest income, a $0.7 million increase in noninterest income,
and a $0.1 million decrease in noninterest expense, offset in part
by a $1.7 million increase in the provision for loan losses and a
$0.3 million increase in income taxes.
Net Interest
Income: Net interest income totaled
$21.4 million for the second quarter of 2017, compared to $20.2
million for the first quarter of 2017 and $19.7 million for the
second quarter of 2016. Net interest margin was 3.53% for the
second quarter of 2017, compared to 3.43% for the first quarter of
2017 and 3.48% for the second quarter of 2016. Included in interest
income for the second quarter of 2017, the first quarter of 2017,
and the second quarter of 2016 was $0.4 million, $0.3 million, and
$0.2 million of accelerated discount accretion, respectively. The
net effects of these adjustments on the net interest margins were a
7 basis point, a 5 basis point, and a 3 basis point increase,
respectively for each quarter. Average loans (including loans held
for sale) for the second quarter of 2017 increased $41.6 million
when compared to March 31, 2017, and $141.1 million when compared
to June 30, 2016. Loan growth combined with the March 2017 interest
rate increase provided growth in interest income during the second
quarter of 2017.
Provision 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 $1.7 million for
the second quarter of 2017, compared to a provision of $1.8 million
for the first quarter of 2017, and a provision of $10,000 for the
second quarter of 2016. The second quarter 2017 provision was
driven primarily by loan growth and an increase in reserves on a
few classified loans. During the second quarter of 2017, net
charge-offs totaled $1.9 million, or 0.40% (annualized) of average
portfolio loans, compared to net charge-offs of $1.8 million, or
0.38% (annualized) of average portfolio loans, for the first
quarter of 2017 and net charge-offs of $0.3 million, or 0.07%
(annualized) of average portfolio loans, for the second quarter of
2016.
Noninterest Income:
Noninterest income totaled $4.5 million for the second quarter of
2017, compared to $4.9 million for the first quarter of 2017 and
$3.9 million for the second quarter of 2016.
The $0.4 million decrease from the first quarter
of 2017 is primarily the result of a $0.4 million decrease in the
gain on sale/call of investment securities.
The $0.7 million increase from the second
quarter of 2016 is the result of a $0.2 million increase in service
charges and fees and a $0.6 million increase in other noninterest
income, which includes income on bank owned life insurance and
customer risk management interest rate swap income, offset in part
by a $0.2 million decrease in the gain on sale/call of investment
securities.
Noninterest Expense:
Noninterest expense totaled $15.2 million for the second quarter of
2017, compared to $15.3 million for both the first quarter of 2017
and the second quarter of 2016.
The $0.1 million decrease in noninterest expense
from the first quarter of 2017 was primarily due to a $0.2 million
decrease in salaries and employee benefits and a $0.4 million
decrease in general and administrative expenses, offset in part by
a $0.4 million increase in the provision for unfunded loan
commitments.
The $0.1 million decrease in noninterest expense
from the second quarter of 2016 was primarily due to a $0.4 million
decrease in occupancy, offset in part by a $0.3 million increase in
the provision for unfunded loan commitments.
Income Tax: Income tax
expense totaled $3.2 million for the second quarter of 2017,
compared to $2.7 million for the first quarter of 2017 and $2.9
million for the second quarter of 2016. The income tax
expense fluctuates in relation to pre-tax income levels. The second
quarter of 2017 effective tax rate was 35.41%, compared to 33.71%
for the first quarter of 2017 and 34.70% for the second quarter of
2016. The increase in the effective tax rate from the first quarter
of 2017 includes a reduction in the tax benefit of vested stock
awards.
Year-to-Date Results:
Summary: Net income was
$11.1 million for the six months ended June 30, 2017, compared to
$7.3 million for the six months ended June 30, 2016. The $3.8
million increase in net income from 2016 is the result of a $2.0
million increase in net interest income, a $2.1 million increase in
noninterest income, a $0.9 million decrease in the provision for
loan losses, and a $0.8 million decrease in noninterest expense,
offset in part by a $2.0 million increase in income taxes.
Net Interest
Income: Net interest income totaled
$41.5 million for the first six months of 2017, compared to $39.5
million for the first six months of 2016, an increase of $2.0
million. Year-to-date net interest margin was 3.48% for the first
six months of 2017 and 3.51% for the first six months of 2016.
Included in interest income for the first six months of 2017 and
the first six months of 2016 was $0.7 million and $0.5 million of
accelerated discount accretion, respectively. The net effect on the
net interest margin was a 6 basis point and a 4 basis point
increase, respectively for each six-month period. For the first six
months of 2017, net interest margin was also reduced by an increase
in the cost of deposits and other borrowings. Average loans
(including loans held for sale) as of June 30, 2017 increased
$125.7 million when compared to June 30, 2016. Loan growth combined
with the recent interest rate increases provided growth in our loan
interest income.
Provision 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 $3.5
million for the first six months of 2017, compared to a provision
of $4.4 million for the first six months of 2016. The provision for
loans losses for the first six months of 2017 was driven primarily
by loan growth and an increase in reserves on a few classified
loans. Net charge-offs totaled $3.7 million, or 0.39% (annualized)
of average portfolio loans year-to-date as of June 30, 2017,
compared to net charge-offs of $3.6 million, or 0.41% (annualized)
of average portfolio loans for the same period in 2016.
Noninterest Income:
Noninterest income totaled $9.4 million for the first six months of
2017, compared to $7.3 million for the first six months of 2016.
The $2.1 million increase consists of a $0.4 million increase in
service charges and fees, a $0.1 million increase in gains on sales
of mortgage loans, a $0.2 million increase in the gain on sale of
investment securities driven by a first quarter of 2017 sale of a
private equity investment, and a $1.4 million increase in other
noninterest income, which includes income on bank owned life
insurance and customer risk management interest rate swap
income.
Noninterest Expense:
Noninterest expense totaled $30.5 million for the first six months
of 2017, compared to $31.3 million for the first six months of
2016. The $0.8 million decrease consists of a $0.6 million decrease
in occupancy, a $0.3 million decrease in FDIC and other insurance,
a $0.3 million increase in the credit provision for unfunded loan
commitments, and a $0.2 million decrease in general and
administrative expense, offset in part by a $0.6 million increase
in salaries and employee benefits.
Income Tax: Income tax
expense totaled $5.9 million for the first six months of 2017,
compared to $3.9 million for the first six months of 2016. The
income tax expense fluctuates in relation to pre-tax income levels.
The year-to-date effective tax rate was 34.61% as of June 30, 2017,
compared to 34.83% as of June 30, 2016.
Conference Call
Southwest will host a conference call to review
these results on Wednesday, July 26, 2017 at 11:00 a.m. Eastern
Time (10:00 a.m. Central Time). Investors, news media, and others
may pre-register for the call using the following link to receive a
special dial-in number and PIN:
http://dpregister.com/10109903. 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/oksb170726. An
audio replay will be available one hour after the call at
877-344-7529 (toll-free) or 412-317-0088 (international),
conference number 10109903. Telephone replay access will be
available until August 26, 2017.
Southwest Bancorp and
Subsidiaries
Southwest is the holding company for Bank SNB,
an Oklahoma state banking corporation (“Bank SNB”). Bank SNB offers
commercial and consumer lending, deposit services, specialized cash
management, and other financial services from offices in Oklahoma,
Texas, Kansas, and Colorado. Bank SNB was chartered in 1894 and
Southwest was organized in 1981 as the holding company. At June 30,
2017, Southwest had total assets of approximately $2.6 billion,
deposits of $2.0 billion, and shareholders’ equity of $295.5
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 June 30, 2017, approximately $429.5
million, or 22%, of loans were loans to individuals and businesses
in the healthcare industry. Regular market reviews are conducted of
(i) current and potential healthcare lending business, and (ii) the
appropriate concentrations within healthcare based upon economic
and regulatory conditions.
Southwest’s common stock is traded on the NASDAQ
Global Select Market under the symbol OKSB.
Caution About Forward-Looking
Statements
Southwest makes forward-looking statements in
this news release that are subject to risks and uncertainties.
These statements are intended to be covered by the safe harbor
provision for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995.
These forward-looking statements
include:
- Statements of Southwest's goals, intentions, and
expectations;
- Estimates of risks and of future costs and benefits;
- Expectations regarding Southwest’s future financial performance
and the financial performance of its operating segments;
- Expectations regarding regulatory actions;
- Expectations regarding Southwest’s ability to utilize tax loss
benefits;
- Expectations regarding Southwest’s stock repurchase
program;
- Expectations regarding dividends;
- Expectations regarding our planned merger with Simmons First
National Corporation;
- Assessments of loan quality, probable loan losses or negative
provisions, and the amount and timing of loan payoffs;
- Estimates of the value of assets held for sale or available for
sale; and
- Statements of Southwest’s ability to achieve financial and
other goals.
These forward-looking statements are subject to
significant uncertainties because they are based upon: the amount
and timing of future changes in interest rates, market behavior,
and other economic conditions; future laws, regulations, and
accounting principles; changes in regulatory standards and
examination policies, and a variety of other matters. These other
matters include, among other things, the direct and indirect
effects of economic conditions on interest rates, credit quality,
loan demand, liquidity, and monetary and supervisory policies of
banking regulators. Because of these uncertainties, the actual
future results may be materially different from the results
indicated by these forward-looking statements. In addition,
Southwest's past growth and performance do not necessarily indicate
future results. For other factors, risks, and uncertainties that
could cause actual results to differ materially from estimates and
projections contained in forward-looking statements, please read
Southwest’s reports filed with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year
ended December 31, 2016. You are urged to carefully review and
consider the cautionary statements and other disclosures made in
those filings, specifically those under the heading “Risk
Factors”.
The cautionary statements in this release also
identify important factors and possible events that involve risk
and uncertainties that could cause actual results to differ
materially from those contained in the forward-looking statements.
These forward-looking statements speak only as of the date on which
the statements were made. Southwest does not intend, and undertakes
no obligation, to update or revise any forward-looking statements
contained in this release, whether as a result of differences in
actual results, changes in assumptions, or changes in other factors
affecting such statements, except as required by law.
Southwest is required under generally accepted
accounting principles to evaluate subsequent events and their
impact, if any, on its financial statements as of June 30, 2017
through the date its financial statements are filed with the
Securities and Exchange Commission. The June 30, 2017 financial
statements included in this release will be adjusted if necessary
to properly reflect the impact of subsequent events on estimates
used to prepare those statements.
The Southwest Bancorp, Inc. logo is available
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-YTD |
Table
5 |
Unaudited Quarterly
Summary Loan Data |
Table
6 |
Unaudited Quarterly
Summary Financial Data |
Table
7 |
Unaudited Quarterly
Supplemental Analytical Data |
Table
8 |
SOUTHWEST
BANCORP, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
Table 1 |
UNAUDITED
FINANCIAL HIGHLIGHTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands,
except per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter |
|
First Quarter |
QUARTERLY
HIGHLIGHTS |
|
2017 |
|
|
2016 |
|
|
% Change |
|
2017 |
|
|
% Change |
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
$ |
21,370 |
|
|
$ |
19,695 |
|
|
9 |
% |
|
$ |
20,163 |
|
|
6 |
% |
Provision
for loan losses |
|
|
1,729 |
|
|
|
10 |
|
|
17,190 |
|
|
|
1,776 |
|
|
(3 |
) |
Noninterest income |
|
|
4,521 |
|
|
|
3,871 |
|
|
17 |
|
|
|
4,880 |
|
|
(7 |
) |
Noninterest expense |
|
|
15,155 |
|
|
|
15,268 |
|
|
(1 |
) |
|
|
15,303 |
|
|
(1 |
) |
Income
before taxes |
|
|
9,007 |
|
|
|
8,288 |
|
|
9 |
|
|
|
7,964 |
|
|
13 |
|
Taxes on
income |
|
|
3,189 |
|
|
|
2,876 |
|
|
11 |
|
|
|
2,685 |
|
|
19 |
|
Net
income |
|
|
5,818 |
|
|
|
5,412 |
|
|
8 |
|
|
|
5,279 |
|
|
10 |
|
Diluted
earnings per share |
|
|
0.31 |
|
|
|
0.28 |
|
|
11 |
|
|
|
0.28 |
|
|
11 |
|
Balance
Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
|
2,572,935 |
|
|
|
2,402,262 |
|
|
7 |
|
|
|
2,522,594 |
|
|
2 |
|
Loans
held for sale |
|
|
6,036 |
|
|
|
7,090 |
|
|
(15 |
) |
|
|
4,980 |
|
|
21 |
|
Portfolio
loans |
|
|
1,965,598 |
|
|
|
1,814,287 |
|
|
8 |
|
|
|
1,931,463 |
|
|
2 |
|
Total
deposits |
|
|
2,013,834 |
|
|
|
1,902,865 |
|
|
6 |
|
|
|
1,977,265 |
|
|
2 |
|
Total
shareholders' equity |
|
|
295,546 |
|
|
|
282,360 |
|
|
5 |
|
|
|
290,914 |
|
|
2 |
|
Book
value per common share |
|
|
15.82 |
|
|
|
15.06 |
|
|
5 |
|
|
|
15.57 |
|
|
2 |
|
Key
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin |
|
|
3.53 |
% |
|
|
3.48 |
% |
|
|
|
|
3.43 |
% |
|
|
Efficiency ratio |
|
|
57.77 |
|
|
|
65.70 |
|
|
|
|
|
63.30 |
|
|
|
Total
capital to risk-weighted assets |
|
|
15.48 |
|
|
|
15.56 |
|
|
|
|
|
15.44 |
|
|
|
Nonperforming loans to portfolio loans |
|
|
1.17 |
|
|
|
1.23 |
|
|
|
|
|
0.86 |
|
|
|
Shareholders' equity to total assets |
|
|
11.49 |
|
|
|
11.75 |
|
|
|
|
|
11.53 |
|
|
|
Tangible
common equity to tangible assets* |
|
|
10.95 |
|
|
|
11.16 |
|
|
|
|
|
10.98 |
|
|
|
Return on
average assets (annualized) |
|
|
0.92 |
|
|
|
0.91 |
|
|
|
|
|
0.86 |
|
|
|
Return on
average common equity (annualized) |
|
|
7.93 |
|
|
|
7.67 |
|
|
|
|
|
7.40 |
|
|
|
Return on
average tangible common equity (annualized)** |
|
|
8.37 |
|
|
|
8.13 |
|
|
|
|
|
7.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months |
|
|
|
|
|
YEAR-TO-DATE HIGHLIGHTS |
|
2017 |
|
|
2016 |
|
|
% Change |
|
|
|
|
|
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
$ |
41,533 |
|
|
$ |
39,535 |
|
|
5 |
% |
|
|
|
|
|
Provision
for loan losses |
|
|
3,505 |
|
|
|
4,385 |
|
|
(20 |
) |
|
|
|
|
|
Noninterest income |
|
|
9,401 |
|
|
|
7,286 |
|
|
29 |
|
|
|
|
|
|
Noninterest expense |
|
|
30,458 |
|
|
|
31,264 |
|
|
(3 |
) |
|
|
|
|
|
Income
before taxes |
|
|
16,971 |
|
|
|
11,172 |
|
|
52 |
|
|
|
|
|
|
Taxes on
income |
|
|
5,874 |
|
|
|
3,891 |
|
|
51 |
|
|
|
|
|
|
Net
income |
|
|
11,097 |
|
|
|
7,281 |
|
|
52 |
|
|
|
|
|
|
Diluted
earnings per share |
|
|
0.59 |
|
|
|
0.38 |
|
|
55 |
|
|
|
|
|
|
Balance
Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
|
2,572,935 |
|
|
|
2,402,262 |
|
|
7 |
|
|
|
|
|
|
Loans
held for sale |
|
|
6,036 |
|
|
|
7,090 |
|
|
(15 |
) |
|
|
|
|
|
Portfolio
loans |
|
|
1,965,598 |
|
|
|
1,814,287 |
|
|
8 |
|
|
|
|
|
|
Total
deposits |
|
|
2,013,834 |
|
|
|
1,902,865 |
|
|
6 |
|
|
|
|
|
|
Total
shareholders' equity |
|
|
295,546 |
|
|
|
282,360 |
|
|
5 |
|
|
|
|
|
|
Book
value per common share |
|
|
15.82 |
|
|
|
15.06 |
|
|
5 |
|
|
|
|
|
|
Key
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin |
|
|
3.48 |
% |
|
|
3.51 |
% |
|
|
|
|
|
|
|
Efficiency ratio |
|
|
60.47 |
|
|
|
66.58 |
|
|
|
|
|
|
|
|
Total
capital to risk-weighted assets |
|
|
15.48 |
|
|
|
15.56 |
|
|
|
|
|
|
|
|
Nonperforming loans to portfolio loans |
|
|
1.17 |
|
|
|
1.23 |
|
|
|
|
|
|
|
|
Shareholders' equity to total assets |
|
|
11.49 |
|
|
|
11.75 |
|
|
|
|
|
|
|
|
Tangible
common equity to tangible assets* |
|
|
10.95 |
|
|
|
11.16 |
|
|
|
|
|
|
|
|
Return on
average assets (annualized) |
|
|
0.89 |
|
|
|
0.62 |
|
|
|
|
|
|
|
|
Return on
average common equity (annualized) |
|
|
7.67 |
|
|
|
5.07 |
|
|
|
|
|
|
|
|
Return on
average tangible common equity (annualized)** |
|
|
8.10 |
|
|
|
5.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet amounts and ratios are as of period end unless
otherwise noted. |
* This is a Non-GAAP financial measure. Please see Table
7 for a reconciliation to the most directly comparable GAAP based
measure. |
** This is a Non-GAAP financial measure. |
Please see accompanying tables for additional financial
information. |
SOUTHWEST
BANCORP, INC. |
|
|
|
|
|
|
|
Table 2 |
UNAUDITED
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
|
|
|
|
|
|
|
|
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
June 30, |
|
2017 |
|
|
2016 |
|
|
2016 |
|
Assets |
|
|
|
|
|
|
|
|
Cash and due from
banks |
$ |
37,898 |
|
|
$ |
36,831 |
|
|
$ |
35,822 |
|
Interest-bearing
deposits |
|
41,941 |
|
|
|
38,819 |
|
|
|
32,266 |
|
Cash and
cash equivalents |
|
79,839 |
|
|
|
75,650 |
|
|
|
68,088 |
|
Securities held to
maturity (fair values of $10,632, $10,677 and $12,660,
respectively) |
|
10,382 |
|
|
|
10,443 |
|
|
|
12,161 |
|
Securities available
for sale (amortized cost of $424,172, $427,113 and $406,427,
respectively) |
|
424,031 |
|
|
|
426,218 |
|
|
|
410,135 |
|
Loans held for
sale |
|
6,036 |
|
|
|
4,386 |
|
|
|
7,090 |
|
Loans receivable |
|
1,965,598 |
|
|
|
1,872,746 |
|
|
|
1,814,287 |
|
Less:
Allowance for loan losses |
|
(27,318 |
) |
|
|
(27,546 |
) |
|
|
(26,876 |
) |
Net loans
receivable |
|
1,938,280 |
|
|
|
1,845,200 |
|
|
|
1,787,411 |
|
Accrued interest
receivable |
|
6,328 |
|
|
|
6,194 |
|
|
|
5,730 |
|
Non-hedge derivative
asset |
|
2,698 |
|
|
|
1,235 |
|
|
|
5,163 |
|
Premises and equipment,
net |
|
21,901 |
|
|
|
22,808 |
|
|
|
22,971 |
|
Other real estate |
|
0 |
|
|
|
350 |
|
|
|
2,122 |
|
Goodwill |
|
13,545 |
|
|
|
13,545 |
|
|
|
13,467 |
|
Other intangible
assets, net |
|
5,727 |
|
|
|
5,790 |
|
|
|
5,934 |
|
Other assets |
|
64,168 |
|
|
|
63,573 |
|
|
|
61,990 |
|
Total
assets |
$ |
2,572,935 |
|
|
$ |
2,475,392 |
|
|
$ |
2,402,262 |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
$ |
557,159 |
|
|
$ |
551,709 |
|
|
$ |
545,421 |
|
Interest-bearing demand |
|
176,724 |
|
|
|
152,656 |
|
|
|
160,886 |
|
Money
market accounts |
|
599,122 |
|
|
|
567,058 |
|
|
|
547,415 |
|
Savings
accounts |
|
57,905 |
|
|
|
56,410 |
|
|
|
55,209 |
|
Time
deposits of $100,000 or more |
|
403,918 |
|
|
|
360,307 |
|
|
|
323,137 |
|
Other
time deposits |
|
219,006 |
|
|
|
257,878 |
|
|
|
270,797 |
|
Total
deposits |
|
2,013,834 |
|
|
|
1,946,018 |
|
|
|
1,902,865 |
|
Accrued interest
payable |
|
1,259 |
|
|
|
1,132 |
|
|
|
931 |
|
Non-hedge derivative
liability |
|
2,698 |
|
|
|
1,235 |
|
|
|
5,163 |
|
Other liabilities |
|
9,500 |
|
|
|
10,171 |
|
|
|
10,982 |
|
Other borrowings |
|
203,705 |
|
|
|
183,814 |
|
|
|
153,568 |
|
Subordinated
debentures |
|
46,393 |
|
|
|
46,393 |
|
|
|
46,393 |
|
Total
liabilities |
|
2,277,389 |
|
|
|
2,188,763 |
|
|
|
2,119,902 |
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity |
|
|
|
|
|
|
|
|
Common stock - $1 par
value; 40,000,000 shares authorized; |
|
|
|
|
|
|
|
|
21,260,352, 21,230,714 and 21,223,613 shares issued,
respectively |
|
21,260 |
|
|
|
21,231 |
|
|
|
21,224 |
|
Additional paid-in
capital |
|
123,772 |
|
|
|
123,112 |
|
|
|
122,293 |
|
Retained earnings |
|
192,961 |
|
|
|
184,840 |
|
|
|
177,373 |
|
Accumulated other
comprehensive (loss) gain |
|
(292 |
) |
|
|
(907 |
) |
|
|
1,503 |
|
Treasury stock, at
cost, 2,574,079, 2,555,987 and 2,472,830 shares, respectively |
|
(42,155 |
) |
|
|
(41,647 |
) |
|
|
(40,033 |
) |
Total
shareholders' equity |
|
295,546 |
|
|
|
286,629 |
|
|
|
282,360 |
|
Total
liabilities and shareholders' equity |
$ |
2,572,935 |
|
|
$ |
2,475,392 |
|
|
$ |
2,402,262 |
|
SOUTHWEST
BANCORP, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 3 |
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the six months |
|
June 30, |
|
March 31, |
|
June 30, |
|
ended June 30, |
|
2017 |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
22,562 |
|
$ |
20,944 |
|
|
$ |
20,031 |
|
|
$ |
43,506 |
|
|
$ |
40,061 |
|
Investment securities |
|
2,035 |
|
|
2,052 |
|
|
|
1,962 |
|
|
|
4,087 |
|
|
|
3,927 |
|
Other
interest-earning assets |
|
111 |
|
|
75 |
|
|
|
51 |
|
|
|
186 |
|
|
|
104 |
|
Total
interest income |
|
24,708 |
|
|
23,071 |
|
|
|
22,044 |
|
|
|
47,779 |
|
|
|
44,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
2,124 |
|
|
1,840 |
|
|
|
1,428 |
|
|
|
3,964 |
|
|
|
2,735 |
|
Other
borrowings |
|
610 |
|
|
478 |
|
|
|
342 |
|
|
|
1,088 |
|
|
|
651 |
|
Subordinated debentures |
|
604 |
|
|
590 |
|
|
|
579 |
|
|
|
1,194 |
|
|
|
1,171 |
|
Total
interest expense |
|
3,338 |
|
|
2,908 |
|
|
|
2,349 |
|
|
|
6,246 |
|
|
|
4,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
21,370 |
|
|
20,163 |
|
|
|
19,695 |
|
|
|
41,533 |
|
|
|
39,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses |
|
1,729 |
|
|
1,776 |
|
|
|
10 |
|
|
|
3,505 |
|
|
|
4,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses |
|
19,641 |
|
|
18,387 |
|
|
|
19,685 |
|
|
|
38,028 |
|
|
|
35,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges and fees |
|
2,800 |
|
|
2,681 |
|
|
|
2,556 |
|
|
|
5,481 |
|
|
|
5,105 |
|
Gain on
sales of mortgage loans |
|
695 |
|
|
552 |
|
|
|
722 |
|
|
|
1,247 |
|
|
|
1,123 |
|
Gain on
sale/call of investment securities, net |
|
- |
|
|
451 |
|
|
|
165 |
|
|
|
451 |
|
|
|
291 |
|
Other
noninterest income |
|
1,026 |
|
|
1,196 |
|
|
|
428 |
|
|
|
2,222 |
|
|
|
767 |
|
Total
noninterest income |
|
4,521 |
|
|
4,880 |
|
|
|
3,871 |
|
|
|
9,401 |
|
|
|
7,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
9,675 |
|
|
9,900 |
|
|
|
9,587 |
|
|
|
19,575 |
|
|
|
18,929 |
|
Occupancy |
|
2,318 |
|
|
2,373 |
|
|
|
2,669 |
|
|
|
4,691 |
|
|
|
5,340 |
|
Data
processing |
|
459 |
|
|
409 |
|
|
|
430 |
|
|
|
868 |
|
|
|
900 |
|
FDIC and
other insurance |
|
273 |
|
|
273 |
|
|
|
432 |
|
|
|
546 |
|
|
|
800 |
|
Other
real estate, net |
|
50 |
|
|
3 |
|
|
|
8 |
|
|
|
53 |
|
|
|
21 |
|
Provision
(credit) for unfunded loan commitments |
|
30 |
|
|
(388 |
) |
|
|
(263 |
) |
|
|
(358 |
) |
|
|
(48 |
) |
General
and administrative |
|
2,350 |
|
|
2,733 |
|
|
|
2,405 |
|
|
|
5,083 |
|
|
|
5,322 |
|
Total
noninterest expense |
|
15,155 |
|
|
15,303 |
|
|
|
15,268 |
|
|
|
30,458 |
|
|
|
31,264 |
|
Income before
taxes |
|
9,007 |
|
|
7,964 |
|
|
|
8,288 |
|
|
|
16,971 |
|
|
|
11,172 |
|
Taxes on
income |
|
3,189 |
|
|
2,685 |
|
|
|
2,876 |
|
|
|
5,874 |
|
|
|
3,891 |
|
Net income |
$ |
5,818 |
|
$ |
5,279 |
|
|
$ |
5,412 |
|
|
$ |
11,097 |
|
|
$ |
7,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision
income* |
$ |
10,766 |
|
$ |
9,352 |
|
|
$ |
8,035 |
|
|
$ |
20,118 |
|
|
$ |
15,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share |
$ |
0.31 |
|
$ |
0.28 |
|
|
$ |
0.29 |
|
|
$ |
0.59 |
|
|
$ |
0.38 |
|
Diluted earnings per
common share |
|
0.31 |
|
|
0.28 |
|
|
|
0.28 |
|
|
|
0.59 |
|
|
|
0.38 |
|
Common dividends
declared per share |
|
0.08 |
|
|
0.08 |
|
|
|
0.08 |
|
|
|
0.16 |
|
|
|
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*This is a
non-GAAP financial measure. Pre-tax, pre-provision income is
calculated as follows: |
|
|
|
|
|
|
|
Net income + Taxes on income + Provision (credit) for loan
losses + Provision (credit) for unfunded loan commitments |
|
|
|
|
|
|
SOUTHWEST
BANCORP, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 4 |
UNAUDITED
AVERAGE BALANCES, YIELDS, AND RATES – QUARTERLY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
June 30, 2017 |
|
March 31, 2017 |
|
June 30, 2016 |
|
Average |
|
Average |
|
Average |
|
Average |
|
Average |
|
Average |
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
1,940,684 |
|
|
4.66 |
% |
|
$ |
1,899,047 |
|
|
4.47 |
% |
|
$ |
1,799,591 |
|
|
4.48 |
% |
Investment
securities |
|
435,091 |
|
|
1.88 |
|
|
|
431,542 |
|
|
1.93 |
|
|
|
428,275 |
|
|
1.84 |
|
Other interest-earning
assets |
|
54,634 |
|
|
0.81 |
|
|
|
56,089 |
|
|
0.54 |
|
|
|
48,569 |
|
|
0.42 |
|
Total
interest-earning assets |
|
2,430,409 |
|
|
4.08 |
|
|
|
2,386,678 |
|
|
3.92 |
|
|
|
2,276,435 |
|
|
3.89 |
|
Other assets |
|
101,033 |
|
|
|
|
|
102,331 |
|
|
|
|
|
103,566 |
|
|
|
Total
assets |
$ |
2,531,442 |
|
|
|
|
$ |
2,489,009 |
|
|
|
|
$ |
2,380,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits |
$ |
178,206 |
|
|
0.20 |
% |
|
$ |
187,269 |
|
|
0.19 |
% |
|
$ |
165,011 |
|
|
0.16 |
% |
Money market
accounts |
|
598,346 |
|
|
0.55 |
|
|
|
573,364 |
|
|
0.33 |
|
|
|
537,734 |
|
|
0.25 |
|
Savings accounts |
|
57,749 |
|
|
0.13 |
|
|
|
58,021 |
|
|
0.13 |
|
|
|
54,808 |
|
|
0.13 |
|
Time deposits |
|
616,870 |
|
|
0.78 |
|
|
|
611,170 |
|
|
0.84 |
|
|
|
589,029 |
|
|
0.69 |
|
Total
interest-bearing deposits |
|
1,451,171 |
|
|
0.59 |
|
|
|
1,429,824 |
|
|
0.52 |
|
|
|
1,346,582 |
|
|
0.43 |
|
Other borrowings |
|
180,920 |
|
|
1.35 |
|
|
|
174,362 |
|
|
1.11 |
|
|
|
141,623 |
|
|
0.97 |
|
Subordinated
debentures |
|
46,393 |
|
|
5.21 |
|
|
|
46,393 |
|
|
5.09 |
|
|
|
46,393 |
|
|
4.99 |
|
Total
interest-bearing liabilities |
|
1,678,484 |
|
|
0.80 |
|
|
|
1,650,579 |
|
|
0.71 |
|
|
|
1,534,598 |
|
|
0.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits |
|
545,896 |
|
|
|
|
|
536,101 |
|
|
|
|
|
547,963 |
|
|
|
Other liabilities |
|
12,630 |
|
|
|
|
|
13,070 |
|
|
|
|
|
13,598 |
|
|
|
Shareholders'
equity |
|
294,432 |
|
|
|
|
|
289,259 |
|
|
|
|
|
283,842 |
|
|
|
Total
liabilities and shareholders' equity |
$ |
2,531,442 |
|
|
|
|
$ |
2,489,009 |
|
|
|
|
$ |
2,380,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income and spread |
|
|
|
3.28 |
% |
|
|
|
|
3.21 |
% |
|
|
|
|
3.27 |
% |
Net
interest margin (1) |
|
|
|
3.53 |
% |
|
|
|
|
3.43 |
% |
|
|
|
|
3.48 |
% |
Average
interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
average interest-bearing liabilities |
|
144.80 |
% |
|
|
|
|
144.60 |
% |
|
|
|
|
148.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 six months ended June
30, |
|
2017 |
|
|
2016 |
|
|
Average |
|
Average |
|
Average |
|
Average |
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
Loans |
$ |
1,919,981 |
|
|
4.57 |
% |
|
$ |
1,794,291 |
|
|
4.49 |
% |
Investment
securities |
|
433,326 |
|
|
1.90 |
|
|
|
420,291 |
|
|
1.88 |
|
Other interest-earning
assets |
|
55,358 |
|
|
0.68 |
|
|
|
49,800 |
|
|
0.42 |
|
Total
interest-earning assets |
|
2,408,665 |
|
|
4.00 |
|
|
|
2,264,382 |
|
|
3.92 |
|
Other assets |
|
101,679 |
|
|
|
|
|
105,720 |
|
|
|
Total
assets |
$ |
2,510,344 |
|
|
|
|
$ |
2,370,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits |
$ |
182,712 |
|
|
0.20 |
% |
|
$ |
162,825 |
|
|
0.16 |
% |
Money market
accounts |
|
585,924 |
|
|
0.44 |
|
|
|
540,267 |
|
|
0.24 |
|
Savings accounts |
|
57,884 |
|
|
0.13 |
|
|
|
55,321 |
|
|
0.13 |
|
Time deposits |
|
614,037 |
|
|
0.81 |
|
|
|
576,621 |
|
|
0.67 |
|
Total
interest-bearing deposits |
|
1,440,557 |
|
|
0.55 |
|
|
|
1,335,034 |
|
|
0.41 |
|
Other borrowings |
|
177,659 |
|
|
1.23 |
|
|
|
129,397 |
|
|
1.01 |
|
Subordinated
debentures |
|
46,393 |
|
|
5.15 |
|
|
|
47,469 |
|
|
4.93 |
|
Total
interest-bearing liabilities |
|
1,664,609 |
|
|
0.76 |
|
|
|
1,511,900 |
|
|
0.61 |
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits |
|
541,025 |
|
|
|
|
|
555,493 |
|
|
|
Other liabilities |
|
12,850 |
|
|
|
|
|
14,184 |
|
|
|
Shareholders'
equity |
|
291,860 |
|
|
|
|
|
288,525 |
|
|
|
Total
liabilities and shareholders' equity |
$ |
2,510,344 |
|
|
|
|
$ |
2,370,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income and spread |
|
|
|
3.24 |
% |
|
|
|
|
3.31 |
% |
Net
interest margin (1) |
|
|
|
3.48 |
% |
|
|
|
|
3.51 |
% |
Average
interest-earning assets |
|
|
|
|
|
|
|
|
|
to
average interest-bearing liabilities |
|
144.70 |
% |
|
|
|
|
149.77 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
Jun. 30 |
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
LOAN
COMPOSITION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate
mortgage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
961,085 |
|
$ |
925,458 |
|
$ |
882,071 |
|
$ |
893,807 |
|
$ |
862,287 |
|
$ |
878,822 |
|
One-to-four family
residential |
|
241,140 |
|
|
210,495 |
|
|
199,123 |
|
|
193,678 |
|
|
183,693 |
|
|
158,078 |
|
Real estate
construction: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
182,620 |
|
|
193,937 |
|
|
199,113 |
|
|
184,211 |
|
|
175,805 |
|
|
156,454 |
|
One-to-four family
residential |
|
14,523 |
|
|
18,426 |
|
|
20,946 |
|
|
22,460 |
|
|
20,347 |
|
|
24,202 |
|
Commercial |
|
554,094 |
|
|
570,001 |
|
|
556,248 |
|
|
566,403 |
|
|
558,472 |
|
|
543,822 |
|
Installment and
consumer |
|
18,172 |
|
|
18,126 |
|
|
19,631 |
|
|
19,553 |
|
|
20,773 |
|
|
20,506 |
|
Total loans, including
held for sale |
|
1,971,634 |
|
|
1,936,443 |
|
|
1,877,132 |
|
|
1,880,112 |
|
|
1,821,377 |
|
|
1,781,884 |
|
Less allowance for loan
losses |
|
(27,318 |
) |
|
(27,543 |
) |
|
(27,546 |
) |
|
(28,452 |
) |
|
(26,876 |
) |
|
(27,168 |
) |
Total loans, net |
$ |
1,944,316 |
|
$ |
1,908,900 |
|
$ |
1,849,586 |
|
$ |
1,851,660 |
|
$ |
1,794,501 |
|
$ |
1,754,716 |
|
LOANS BY
SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma
banking**** |
$ |
1,193,108 |
|
$ |
1,153,417 |
|
$ |
1,095,930 |
|
$ |
1,117,716 |
|
$ |
1,085,986 |
|
$ |
1,060,482 |
|
Texas banking |
|
636,709 |
|
|
639,945 |
|
|
636,643 |
|
|
605,682 |
|
|
577,333 |
|
|
560,421 |
|
Kansas banking |
|
141,817 |
|
|
143,081 |
|
|
144,559 |
|
|
156,714 |
|
|
158,058 |
|
|
160,981 |
|
Total loans |
$ |
1,971,634 |
|
$ |
1,936,443 |
|
$ |
1,877,132 |
|
$ |
1,880,112 |
|
$ |
1,821,377 |
|
$ |
1,781,884 |
|
NONPERFORMING
LOANS BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction &
development |
$ |
579 |
|
$ |
970 |
|
$ |
970 |
|
$ |
1,073 |
|
$ |
1,436 |
|
$ |
1,444 |
|
Commercial real
estate |
|
6,694 |
|
|
570 |
|
|
6,471 |
|
|
7,620 |
|
|
3,894 |
|
|
3,830 |
|
Commercial |
|
12,884 |
|
|
12,183 |
|
|
6,142 |
|
|
12,791 |
|
|
13,800 |
|
|
13,461 |
|
One-to-four family
residential |
|
2,797 |
|
|
2,838 |
|
|
2,904 |
|
|
2,982 |
|
|
3,120 |
|
|
3,448 |
|
Consumer |
|
106 |
|
|
30 |
|
|
123 |
|
|
58 |
|
|
75 |
|
|
84 |
|
Total nonperforming
loans |
$ |
23,060 |
|
$ |
16,591 |
|
$ |
16,610 |
|
$ |
24,524 |
|
$ |
22,325 |
|
$ |
22,267 |
|
NONPERFORMING
LOANS BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking |
$ |
12,920 |
|
$ |
7,479 |
|
$ |
12,006 |
|
$ |
12,275 |
|
$ |
9,268 |
|
$ |
7,978 |
|
Texas banking |
|
10,035 |
|
|
8,987 |
|
|
4,140 |
|
|
11,805 |
|
|
12,586 |
|
|
13,521 |
|
Kansas banking |
|
105 |
|
|
125 |
|
|
464 |
|
|
444 |
|
|
471 |
|
|
768 |
|
Total nonperforming
loans |
$ |
23,060 |
|
$ |
16,591 |
|
$ |
16,610 |
|
$ |
24,524 |
|
$ |
22,325 |
|
$ |
22,267 |
|
OTHER REAL
ESTATE BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction &
development |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
1,756 |
|
$ |
1,962 |
|
$ |
2,060 |
|
Commercial real
estate |
|
- |
|
|
350 |
|
|
350 |
|
|
350 |
|
|
160 |
|
|
214 |
|
Total other real
estate |
$ |
- |
|
$ |
350 |
|
$ |
350 |
|
$ |
2,106 |
|
$ |
2,122 |
|
$ |
2,274 |
|
OTHER REAL
ESTATE BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
220 |
|
$ |
274 |
|
Texas banking |
|
- |
|
|
350 |
|
|
350 |
|
|
2,106 |
|
|
1,902 |
|
|
2,000 |
|
Total other real
estate |
$ |
- |
|
$ |
350 |
|
$ |
350 |
|
$ |
2,106 |
|
$ |
2,122 |
|
$ |
2,274 |
|
POTENTIAL
PROBLEM LOANS BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction &
development |
$ |
591 |
|
$ |
588 |
|
$ |
589 |
|
$ |
588 |
|
$ |
- |
|
$ |
- |
|
Commercial real
estate |
|
9,059 |
|
|
12,167 |
|
|
13,831 |
|
|
12,212 |
|
|
33,472 |
|
|
36,216 |
|
Commercial |
|
17,852 |
|
|
27,372 |
|
|
27,621 |
|
|
30,555 |
|
|
29,537 |
|
|
29,931 |
|
One-to-four family
residential |
|
1,194 |
|
|
1,954 |
|
|
1,980 |
|
|
2,119 |
|
|
1,353 |
|
|
2,275 |
|
Consumer |
|
- |
|
|
2 |
|
|
2 |
|
|
2 |
|
|
2 |
|
|
38 |
|
Total potential problem
loans |
$ |
28,696 |
|
$ |
42,083 |
|
$ |
44,023 |
|
$ |
45,476 |
|
$ |
64,364 |
|
$ |
68,460 |
|
POTENTIAL
PROBLEM LOANS BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma
banking**** |
$ |
15,785 |
|
$ |
22,001 |
|
$ |
20,258 |
|
$ |
21,780 |
|
$ |
43,895 |
|
$ |
46,102 |
|
Texas banking |
|
10,762 |
|
|
16,346 |
|
|
19,807 |
|
|
21,029 |
|
|
17,726 |
|
|
18,801 |
|
Kansas banking |
|
2,149 |
|
|
3,736 |
|
|
3,958 |
|
|
2,667 |
|
|
2,743 |
|
|
3,557 |
|
Total potential problem
loans |
$ |
28,696 |
|
$ |
42,083 |
|
$ |
44,023 |
|
$ |
45,476 |
|
$ |
64,364 |
|
$ |
68,460 |
|
ALLOWANCE
ACTIVITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period |
$ |
27,543 |
|
$ |
27,546 |
|
$ |
28,452 |
|
$ |
26,876 |
|
$ |
27,168 |
|
$ |
26,106 |
|
Charge-offs |
|
2,241 |
|
|
2,157 |
|
|
2,108 |
|
|
626 |
|
|
538 |
|
|
3,725 |
|
Recoveries |
|
287 |
|
|
378 |
|
|
2,531 |
|
|
489 |
|
|
236 |
|
|
412 |
|
Net charge-offs
(recoveries) |
|
1,954 |
|
|
1,779 |
|
|
(423 |
) |
|
137 |
|
|
302 |
|
|
3,313 |
|
Provision (credit) for
loan losses |
|
1,729 |
|
|
1,776 |
|
|
(1,329 |
) |
|
1,713 |
|
|
10 |
|
|
4,375 |
|
Balance, end of
period |
$ |
27,318 |
|
$ |
27,543 |
|
$ |
27,546 |
|
$ |
28,452 |
|
$ |
26,876 |
|
$ |
27,168 |
|
NET CHARGE-OFFS
BY TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction &
development |
$ |
(5 |
) |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
Commercial real
estate |
|
(34 |
) |
$ |
1,847 |
|
$ |
(84 |
) |
$ |
108 |
|
$ |
(44 |
) |
$ |
(187 |
) |
Commercial |
|
1,953 |
|
|
(105 |
) |
|
(357 |
) |
|
(64 |
) |
|
82 |
|
|
3,408 |
|
One-to-four family
residential |
|
(17 |
) |
|
(55 |
) |
|
(16 |
) |
|
44 |
|
|
(12 |
) |
|
41 |
|
Consumer |
|
57 |
|
|
92 |
|
|
34 |
|
|
49 |
|
|
276 |
|
|
51 |
|
Total net charge-offs
(recoveries) by type |
$ |
1,954 |
|
$ |
1,779 |
|
$ |
(423 |
) |
$ |
137 |
|
$ |
302 |
|
$ |
3,313 |
|
NET CHARGE-OFFS
BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma banking |
$ |
1,095 |
|
$ |
1,950 |
|
$ |
(178 |
) |
$ |
34 |
|
$ |
127 |
|
$ |
458 |
|
Texas banking |
|
899 |
|
|
12 |
|
|
(168 |
) |
|
180 |
|
|
211 |
|
|
952 |
|
Kansas banking |
|
(40 |
) |
|
(183 |
) |
|
(77 |
) |
|
(77 |
) |
|
(36 |
) |
|
1,903 |
|
Total net charge-offs
(recoveries) by segment |
$ |
1,954 |
|
$ |
1,779 |
|
$ |
(423 |
) |
$ |
137 |
|
$ |
302 |
|
$ |
3,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
****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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
Jun. 30 |
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
PER SHARE
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share |
$ |
0.31 |
|
$ |
0.28 |
|
$ |
0.33 |
|
$ |
0.23 |
|
$ |
0.29 |
|
$ |
0.10 |
Diluted earnings per
common share |
|
0.31 |
|
|
0.28 |
|
|
0.33 |
|
|
0.23 |
|
|
0.28 |
|
|
0.10 |
Common dividends
declared per share |
|
0.08 |
|
|
0.08 |
|
|
0.08 |
|
|
0.08 |
|
|
0.08 |
|
|
0.08 |
Book value per common
share |
|
15.82 |
|
|
15.57 |
|
|
15.35 |
|
|
15.19 |
|
|
15.06 |
|
|
14.81 |
Tangible book value per
share* |
|
14.98 |
|
|
14.72 |
|
|
14.50 |
|
|
14.33 |
|
|
14.20 |
|
|
13.97 |
COMMON
STOCK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
21,260,352 |
|
|
21,275,434 |
|
|
21,230,714 |
|
|
21,223,895 |
|
|
21,223,613 |
|
|
21,225,034 |
Less treasury
shares |
|
2,574,079 |
|
|
2,586,412 |
|
|
2,555,987 |
|
|
2,538,510 |
|
|
2,472,830 |
|
|
1,939,989 |
Outstanding shares |
|
18,686,273 |
|
|
18,689,022 |
|
|
18,674,727 |
|
|
18,685,385 |
|
|
18,750,783 |
|
|
19,285,045 |
Diluted outstanding
shares |
|
18,492,739 |
|
|
18,532,499 |
|
|
18,551,005 |
|
|
18,545,614 |
|
|
18,677,912 |
|
|
19,267,473 |
OTHER FINANCIAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities |
$ |
434,413 |
|
$ |
433,053 |
|
$ |
436,661 |
|
$ |
427,938 |
|
$ |
422,296 |
|
$ |
423,030 |
Loans held for
sale |
|
6,036 |
|
|
4,980 |
|
|
4,386 |
|
|
7,899 |
|
|
7,010 |
|
|
1,803 |
Portfolio loans |
|
1,965,598 |
|
|
1,931,463 |
|
|
1,872,746 |
|
|
1,872,213 |
|
|
1,814,367 |
|
|
1,780,081 |
Total loans |
|
1,971,634 |
|
|
1,936,443 |
|
|
1,877,132 |
|
|
1,880,112 |
|
|
1,821,377 |
|
|
1,781,884 |
Total assets |
|
2,572,935 |
|
|
2,522,594 |
|
|
2,475,392 |
|
|
2,468,042 |
|
|
2,402,262 |
|
|
2,360,819 |
Total deposits |
|
2,013,834 |
|
|
1,977,265 |
|
|
1,946,018 |
|
|
1,947,924 |
|
|
1,902,865 |
|
|
1,895,248 |
Other borrowings |
|
203,705 |
|
|
194,645 |
|
|
183,814 |
|
|
173,971 |
|
|
153,568 |
|
|
117,763 |
Subordinated
debentures |
|
46,393 |
|
|
46,393 |
|
|
46,393 |
|
|
46,393 |
|
|
46,393 |
|
|
46,393 |
Total shareholders'
equity |
|
295,546 |
|
|
290,914 |
|
|
286,629 |
|
|
283,820 |
|
|
282,360 |
|
|
285,661 |
Mortgage servicing
portfolio |
|
463,849 |
|
|
458,961 |
|
|
460,646 |
|
|
453,988 |
|
|
443,568 |
|
|
434,340 |
INTANGIBLE
ASSET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
$ |
13,545 |
|
$ |
13,545 |
|
$ |
13,545 |
|
$ |
13,545 |
|
$ |
13,467 |
|
$ |
13,467 |
Core deposit
intangible |
|
2,061 |
|
|
2,177 |
|
|
2,299 |
|
|
2,438 |
|
|
2,584 |
|
|
2,734 |
Mortgage servicing
rights |
|
3,666 |
|
|
3,516 |
|
|
3,491 |
|
|
3,381 |
|
|
3,350 |
|
|
3,411 |
Total
intangible assets |
$ |
19,272 |
|
$ |
19,238 |
|
$ |
19,335 |
|
$ |
19,364 |
|
$ |
19,401 |
|
$ |
19,612 |
Intangible amortization
expense |
$ |
197 |
|
$ |
229 |
|
$ |
275 |
|
$ |
344 |
|
$ |
350 |
|
$ |
341 |
DEPOSIT
COMPOSITION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
demand |
$ |
557,159 |
|
$ |
541,021 |
|
$ |
551,709 |
|
$ |
550,121 |
|
$ |
545,421 |
|
$ |
552,499 |
Interest-bearing
demand |
|
176,724 |
|
|
177,676 |
|
|
152,656 |
|
|
146,583 |
|
|
160,886 |
|
|
168,210 |
Money market
accounts |
|
599,122 |
|
|
591,368 |
|
|
567,058 |
|
|
576,550 |
|
|
547,415 |
|
|
540,323 |
Savings accounts |
|
57,905 |
|
|
58,387 |
|
|
56,410 |
|
|
54,849 |
|
|
55,209 |
|
|
56,235 |
Time deposits of
$100,000 or more |
|
403,918 |
|
|
353,244 |
|
|
360,307 |
|
|
347,976 |
|
|
323,137 |
|
|
314,496 |
Other time
deposits |
|
219,006 |
|
|
255,569 |
|
|
257,878 |
|
|
271,845 |
|
|
270,797 |
|
|
263,485 |
Total
deposits** |
$ |
2,013,834 |
|
$ |
1,977,265 |
|
$ |
1,946,018 |
|
$ |
1,947,924 |
|
$ |
1,902,865 |
|
$ |
1,895,248 |
OFFICES AND
EMPLOYEES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FTE Employees |
|
388 |
|
|
380 |
|
|
387 |
|
|
393 |
|
|
410 |
|
|
411 |
Banking Centers |
|
30 |
|
|
30 |
|
|
30 |
|
|
30 |
|
|
32 |
|
|
32 |
Loan production
offices |
|
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
0 |
Assets per
employee |
$ |
6,631 |
|
$ |
6,638 |
|
$ |
6,396 |
|
$ |
6,280 |
|
$ |
5,859 |
|
$ |
5,744 |
*This is a
non-GAAP financial measure. |
**Calculation of non-brokered deposits and core funding (non-GAAP
financial measures) |
Total
deposits |
$ |
2,013,834 |
|
$ |
1,977,265 |
|
$ |
1,946,018 |
|
$ |
1,947,924 |
|
$ |
1,902,865 |
|
$ |
1,895,248 |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokered
time deposits |
|
84,229 |
|
|
59,698 |
|
|
64,652 |
|
|
65,398 |
|
|
61,709 |
|
|
55,901 |
Other
brokered deposits |
|
211,866 |
|
|
205,004 |
|
|
206,590 |
|
|
214,175 |
|
|
175,367 |
|
|
140,372 |
Non-brokered deposits |
$ |
1,717,739 |
|
$ |
1,712,563 |
|
$ |
1,674,776 |
|
$ |
1,668,351 |
|
$ |
1,665,789 |
|
$ |
1,698,975 |
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweep repurchase agreements |
|
11,705 |
|
|
9,645 |
|
|
45,814 |
|
|
46,971 |
|
|
42,568 |
|
|
42,763 |
Core
funding |
$ |
1,729,444 |
|
$ |
1,722,208 |
|
$ |
1,720,590 |
|
$ |
1,715,322 |
|
$ |
1,708,357 |
|
$ |
1,741,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
sheet amounts are as of period end unless otherwise noted. |
SOUTHWEST
BANCORP, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 8 |
UNAUDITED
QUARTERLY SUPPLEMENTAL ANALYTICAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
2016 |
|
|
Jun. 30 |
|
Mar. 31 |
|
Dec. 31 |
|
Sep. 30 |
|
Jun. 30 |
|
Mar. 31 |
PERFORMANCE
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (annualized) |
|
0.92 |
% |
|
|
0.86 |
% |
|
|
1.00 |
% |
|
|
0.70 |
% |
|
|
0.91 |
% |
|
|
0.32 |
% |
Return on average
common equity (annualized) |
|
7.93 |
|
|
|
7.40 |
|
|
|
8.59 |
|
|
|
5.97 |
|
|
|
7.67 |
|
|
|
2.56 |
|
Return on average
tangible common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(annualized)* |
|
8.37 |
|
|
|
7.83 |
|
|
|
9.10 |
|
|
|
6.33 |
|
|
|
8.13 |
|
|
|
2.71 |
|
Net interest margin
(annualized) |
|
3.53 |
|
|
|
3.43 |
|
|
|
3.40 |
|
|
|
3.42 |
|
|
|
3.48 |
|
|
|
3.54 |
|
Total dividends
declared to net income |
|
25.70 |
|
|
|
28.33 |
|
|
|
24.23 |
|
|
|
35.14 |
|
|
|
28.35 |
|
|
|
84.66 |
|
Effective tax rate |
|
35.41 |
|
|
|
33.71 |
|
|
|
37.38 |
|
|
|
34.45 |
|
|
|
34.70 |
|
|
|
35.19 |
|
Efficiency ratio |
|
57.77 |
|
|
|
63.30 |
|
|
|
64.34 |
|
|
|
66.09 |
|
|
|
65.70 |
|
|
|
67.48 |
|
NONPERFORMING
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
22,929 |
|
|
$ |
16,481 |
|
|
$ |
16,267 |
|
|
$ |
24,109 |
|
|
$ |
22,259 |
|
|
$ |
22,161 |
|
90 days past due and
accruing |
|
131 |
|
|
|
110 |
|
|
|
343 |
|
|
|
415 |
|
|
|
66 |
|
|
|
106 |
|
Total
nonperforming loans |
|
23,060 |
|
|
|
16,591 |
|
|
|
16,610 |
|
|
|
24,524 |
|
|
|
22,325 |
|
|
|
22,267 |
|
Other real estate |
|
- |
|
|
|
350 |
|
|
|
350 |
|
|
|
2,106 |
|
|
|
2,122 |
|
|
|
2,274 |
|
Total
nonperforming assets |
$ |
23,060 |
|
|
$ |
16,941 |
|
|
$ |
16,960 |
|
|
$ |
26,630 |
|
|
$ |
24,447 |
|
|
$ |
24,541 |
|
Potential problem
loans |
$ |
28,696 |
|
|
$ |
42,083 |
|
|
$ |
44,023 |
|
|
$ |
45,476 |
|
|
$ |
64,364 |
|
|
$ |
68,460 |
|
ASSET QUALITY
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to
portfolio loans and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
real estate |
|
1.17 |
% |
|
|
0.88 |
% |
|
|
0.91 |
% |
|
|
1.42 |
% |
|
|
1.35 |
% |
|
|
1.38 |
% |
Nonperforming loans to
portfolio loans |
|
1.17 |
|
|
|
0.86 |
|
|
|
0.89 |
|
|
|
1.31 |
|
|
|
1.23 |
|
|
|
1.25 |
|
Allowance for loan
losses to portfolio loans |
|
1.39 |
|
|
|
1.43 |
|
|
|
1.47 |
|
|
|
1.52 |
|
|
|
1.48 |
|
|
|
1.53 |
|
Allowance for loan
losses to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nonperforming loans |
|
118.46 |
|
|
|
166.01 |
|
|
|
165.84 |
|
|
|
116.02 |
|
|
|
120.39 |
|
|
|
122.01 |
|
Net loan charge-offs
(recoveries) to average portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loans
(annualized) |
|
0.40 |
|
|
|
0.38 |
|
|
|
(0.09 |
) |
|
|
0.03 |
|
|
|
0.07 |
|
|
|
0.75 |
|
CAPITAL
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average
assets |
|
11.63 |
% |
|
|
11.62 |
% |
|
|
11.62 |
% |
|
|
11.75 |
% |
|
|
11.93 |
% |
|
|
12.42 |
% |
Leverage ratio |
|
12.95 |
|
|
|
12.98 |
|
|
|
13.02 |
|
|
|
13.07 |
|
|
|
13.18 |
|
|
|
13.45 |
|
Common equity tier 1
capital |
|
12.26 |
|
|
|
12.20 |
|
|
|
12.36 |
|
|
|
11.95 |
|
|
|
12.22 |
|
|
|
12.13 |
|
Tier 1 capital to
risk-weighted assets |
|
14.23 |
|
|
|
14.19 |
|
|
|
14.40 |
|
|
|
13.95 |
|
|
|
14.28 |
|
|
|
14.14 |
|
Total capital to
risk-weighted assets |
|
15.48 |
|
|
|
15.44 |
|
|
|
15.66 |
|
|
|
15.21 |
|
|
|
15.53 |
|
|
|
15.39 |
|
Tangible common equity
to tangible assets** |
|
10.95 |
|
|
|
10.98 |
|
|
|
11.01 |
|
|
|
10.92 |
|
|
|
11.16 |
|
|
|
11.49 |
|
REGULATORY
CAPITAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1
capital |
$ |
280,927 |
|
|
$ |
276,205 |
|
|
$ |
272,882 |
|
|
$ |
268,045 |
|
|
$ |
266,612 |
|
|
$ |
270,564 |
|
Tier I capital |
|
325,927 |
|
|
|
321,205 |
|
|
|
317,882 |
|
|
|
313,045 |
|
|
|
311,612 |
|
|
|
315,326 |
|
Total capital |
|
354,675 |
|
|
|
349,615 |
|
|
|
345,597 |
|
|
|
341,196 |
|
|
|
338,968 |
|
|
|
343,287 |
|
Total risk adjusted
assets |
|
2,291,118 |
|
|
|
2,263,998 |
|
|
|
2,207,508 |
|
|
|
2,243,895 |
|
|
|
2,182,051 |
|
|
|
2,230,326 |
|
Average total
assets |
|
2,516,167 |
|
|
|
2,474,481 |
|
|
|
2,440,918 |
|
|
|
2,395,991 |
|
|
|
2,363,834 |
|
|
|
2,344,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*This is a
non-GAAP financial measure. |
**Calculation of tangible common equity to tangible assets
(non-GAAP financial measure) |
Total
shareholders' equity |
$ |
295,546 |
|
|
$ |
290,914 |
|
|
$ |
286,629 |
|
|
$ |
283,820 |
|
|
$ |
282,360 |
|
|
$ |
285,661 |
|
Less
goodwill and core deposit intangible |
|
15,606 |
|
|
|
15,722 |
|
|
|
15,844 |
|
|
|
15,983 |
|
|
|
16,051 |
|
|
|
16,201 |
|
Tangible
common equity |
$ |
279,940 |
|
|
$ |
275,192 |
|
|
$ |
270,785 |
|
|
$ |
267,837 |
|
|
$ |
266,309 |
|
|
$ |
269,460 |
|
Total
assets |
$ |
2,572,935 |
|
|
$ |
2,522,594 |
|
|
$ |
2,475,392 |
|
|
$ |
2,468,042 |
|
|
$ |
2,402,262 |
|
|
$ |
2,360,819 |
|
Less
goodwill and core deposit intangible |
|
15,606 |
|
|
|
15,722 |
|
|
|
15,844 |
|
|
|
15,983 |
|
|
|
16,051 |
|
|
|
16,201 |
|
Tangible
assets |
$ |
2,557,329 |
|
|
$ |
2,506,872 |
|
|
$ |
2,459,548 |
|
|
$ |
2,452,059 |
|
|
$ |
2,386,211 |
|
|
$ |
2,344,618 |
|
Total
shareholders' equity to total assets |
|
11.49 |
% |
|
|
11.53 |
% |
|
|
11.58 |
% |
|
|
11.50 |
% |
|
|
11.75 |
% |
|
|
12.10 |
% |
Tangible
common equity to tangible assets |
|
10.95 |
% |
|
|
10.98 |
% |
|
|
11.01 |
% |
|
|
10.92 |
% |
|
|
11.16 |
% |
|
|
11.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
sheet amounts and ratios are as of period end unless otherwise
noted. |
For additional information:
Mark W. Funke
President & CEO
Joe T. Shockley, Jr.
EVP & CFO
(405) 372-2230
Southwest Bancorp, Inc. (NASDAQ:OKSB)
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