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| 8-K - SOUTHWEST BANCORP, INC. - SOUTHWEST BANCORP INC | sw8k12313.htm |
For additional information:
Mark W. Funke
President & CEO
Joe Shockley
EVP & CFO
(405) 372-2230
For Immediate Release
Southwest Bancorp, Inc. Reports 2012 Annual Results
January 23, 2013, Stillwater, Oklahoma . . . . Southwest Bancorp, Inc. (NASDAQ Global Select Market - OKSB, OKSBP), (“Southwest”), today reported net income for the year ended December 31, 2012 of $16.2 million, compared to a loss of ($68.3) million for the year ended December 31, 2011. Net income available to common shareholders for the year ended December 31, 2012 totaled $12.4 million, or $0.64 per diluted share, compared to a net loss available to common shareholders of ($72.5) million, or ($3.73) per diluted share, for the year ended December 31, 2011.
Southwest reported net income for the fourth quarter of 2012 of $1.0 million, compared to a loss of ($58.3) million for the fourth quarter of 2011. Net income available to common shareholders was $1.0 million, or $0.05 per diluted share for the fourth quarter of 2012, compared to a net loss available to common shareholders of ($59.3) million, or ($3.05) per diluted share for the fourth quarter of 2011.
Mark Funke, President and Chief Executive Officer, stated, “Many positive changes took place in 2012. We experienced significant improvement in our balance sheet strength and capital position following the bulk asset sale which was completed in fourth quarter of 2011. We restored all interest payments on our trust preferred capital. We repurchased all of the $70 million Series B preferred securities issued to the Department of Treasury under the Treasury’s Capital Purchase Program. We strengthened our relationship with banking regulators and returned the company to profitability. We also added key management personnel in various areas.
“The slow economic conditions and uncertain regulatory and political environment presented challenges to us as well as to our customers in 2012. Despite these challenges, we are pleased to report net income of $16.2 million. This past year was focused on restructuring and repositioning the company for 2013 and beyond. While income for the fourth quarter was less than anticipated, we are aggressively identifying potential problem loans and assets and establishing appropriate reserves and values. For the year, common shareholders’ equity increased to $246.1 million, an increase of 5.5%.”
During the fourth quarter of 2012, Southwest identified a miscalculation in the valuation analysis on the goodwill of its Kansas market segment. The correction of the formula resulted in the identification of a noncash impairment of $5.6 million of goodwill at year-end 2010. The financial statements for the year ended December 31, 2010 will be restated along with the financial statements for 2011 and the 2012 quarterly financial statements through September.
The impact of the impairment reduced net income for 2010 by $5.6 million, from $17.0 million to $11.4 million. Total assets and shareholders’ equity at December 31, 2010 are reduced by $5.6 million to end at $2.8 billion and $372.2 million, respectively. The effect of the correction is reflected in 2011 and 2012 financial information included with this earnings release for the quarter-ended December 31, 2012.
Southwest Chief Financial Officer, Joe Shockley, stated “this correction is a result of a diligent accounting review and another milestone in repositioning Southwest for 2013 and beyond. This did not impact net income for 2011 or 2012, nor will it affect earnings going forward. While shareholders’ equity is reduced by $5.6 million, regulatory capital is not reduced as goodwill is deducted when computing regulatory capital. Therefore, Southwest and its subsidiary bank, Bank of Kansas, remained well-capitalized throughout the period the miscalculation existed. The financial statements of Stillwater National Bank, Southwest’s largest subsidiary bank, were not affected.”
NASDAQ: OKSB
OKSBP
Southwest Bancorp, Inc. Reports 2012 Annual Results
Financial Overview
Condition: At December 31, 2012, total assets were $2.1 billion, down $255.0 million, or 11%, from December 31, 2011, and total loans were $1.4 billion, down $384.8 million, or 22%, from December 31, 2011. The decline in loans was due in part to the change in our lending focus away from larger average size loans and a refocus to our primary markets.
Investment securities increased $101.8 million, or 37%, to $377.1 million as of December 31, 2012, from $275.4 million as of December 31, 2011. The increase is primarily the result of the decline in total loans reduced by the company allowing higher cost of funds to mature. The investment portfolio is managed to provide safety, liquidity, and collateral for public funds and borrowings. The investment portfolio continues to be managed in compliance with the current investment policy, including interest rate and liquidity risk stress testing, and the average duration of the portfolio not exceeding four years.
At December 31, 2012, the noncovered allowance for loan losses was $46.5 million, an increase of 5% from December 31, 2011. The noncovered allowance for loan losses to noncovered portfolio loans was 3.52% as of December 31, 2012 compared to 2.62% as of December 31, 2011. The noncovered allowance for loan losses to noncovered nonperforming loans was 121.10% as of December 31, 2012, compared to 162.21% as of September 30, 2012.
Nonperforming assets were $49.7 million, or 3.73% of portfolio loans and other real estate, as of December 31, 2012, an increase of $8.1 million (20%) from $41.6 million, or 2.88% of portfolio loans and other real estate, as of September 30, 2012. The increase in nonperforming assets during the fourth quarter is attributable to placing $12.5 million in loans on nonaccrual, primarily commercial healthcare loans located out of market, and a $2.9 million increase in loans ninety days past due, offset in part by the receipt of $3.2 million in resolutions and payments on nonperforming loans, the recognition of impairments in other real estate assets of $2.8 million, the receipt of $0.8 million from sales of other real estate, and charge-offs of $0.7 million in nonperforming loans.
Total core funding, which includes all non-brokered deposits and sweep repurchase agreements, comprised 98% of total funding as of December 31, 2012, compared to 94% at December 31, 2011. Core funding by segment is as follows as of December 31, 2012 and December 31, 2011, respectively: $1,290.8 million and $1,426.2 million in Oklahoma banking, $167.0 million and $156.2 million in Texas banking, $269.3 million and $273.6 million in Kansas banking, and $14.5 million and $3.9 million in the secondary market and other operations segments. Wholesale funding, including FHLB borrowings, federal funds purchased, and brokered deposits, accounted for 2% of total funding at December 31, 2012, compared to 6% at December 31, 2011. Please see Table 7 for details on core funding and non-brokered deposits, which are non-GAAP financial measures.
The capital ratios of Southwest and each of its banking subsidiaries, as of December 31, 2012, met the criteria for regulatory classification as “well-capitalized”. Southwest’s total regulatory capital was $340.0 million, for a total risk-based capital ratio of 21.56%, and Tier 1 capital was $319.7 million, for a Tier 1 risk-based capital ratio of 20.280%. Southwest’s capital exceeded the minimum to be classified as “well-capitalized” by $182.3 million. Stillwater National Bank, Southwest’s principal banking subsidiary, had total regulatory capital of $269.3 million, for a total risk-based capital ratio of 19.55%, and Tier 1 capital of $236.7 million, for a Tier 1 risk-based capital ratio of 17.18%. Stillwater National Bank exceeded the minimum to be classified as “well-capitalized” by $131.5 million. Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by Federal bank regulators.
Year-to-date Results:
Summary: Net income available to common shareholders was $12.4 million as of December 31, 2012, compared to a net loss available to common shareholders of ($72.5) million as of December 31, 2011. The $85.0 million increase in our net income available to common shareholders from 2011 is the result of a $129.0 million decrease in the provision for loan losses, a $26.9 million decrease in noninterest expense, a $1.9 million increase in noninterest income, and the $0.5 million decrease in the yield on preferred stock due to the repurchase during the year, offset by a $19.8 million decrease in net interest income and a $53.5 million increase in income tax expense.
Net Interest Income: Net interest income totaled $76.6 million for 2012, compared to $96.3 million for 2011, a decrease of $19.8 million, or 21%. Lower loan volume was the primary cause of this decrease. Year-to-date net interest margin was 3.64%, compared to 3.74% for 2011.
2
NASDAQ: OKSB
OKSBP
Southwest Bancorp, Inc. Reports 2012 Annual Results
Provision for Loan Losses and Net Charge-offs: The provision for loan losses is the amount that is required to maintain the allowance for losses at an appropriate level based upon the inherent risks in the loan portfolio after the effects of net charge-offs for the period. The provision for loan losses totaled $3.1 million for 2012, compared to $132.1 million for 2011. Net charge-offs totaled $1.1 million, or 0.07% (annualized) of average portfolio loans as of December 31, 2012, compared to $152.6 million, or 7.01% (annualized) of average portfolio loans as of December 31, 2011. Excluding the impact of the fourth quarter of 2011 sale of nonperforming assets, the provision for loan losses and net charge-offs would have been approximately $57.2 million and $64.0 million, respectively.
Noninterest Income: Noninterest income totaled $15.9 million for 2012, compared to $14.0 million for 2011. The increase in noninterest income was the result of a $1.5 million increase in gains on sale of loans, which consists primarily of mortgage loans, a $0.8 million increase in the gains on sale of investment securities, and a $0.1 million increase in other noninterest income, offset by a $0.5 million decline in service charges and fees.
Noninterest Expense: Noninterest expense totaled $63.3 million for 2012, compared to $90.2 million for 2011. The decrease primarily consists of a $24.3 million decrease in other real estate expense, of which $23.6 million was the fair value adjustment for the assets sold in the fourth quarter of 2011, a $1.3 million decrease in FDIC and other insurance expense, a $1.3 million decrease in general and administrative expense, primarily from the 2011 settlement of Oklahoma state tax claims for less than the amount accrued, and a $0.2 million decrease in occupancy expense, offset in part by a $0.3 million increase in the provision for unfunded loan commitments.
Income Tax: Income tax expense totaled $9.8 million for 2012, compared to a benefit of $43.7 million for 2011. The income tax expense (benefit) fluctuates in relation to pre-tax income (loss) levels. The year-to-date effective tax rate was 37.91% as of December 31, 2012.
Fourth Quarter Results:
Summary: For the fourth quarter of 2012, net income available to common shareholders was $1.0 million, compared to a net loss available to common shareholders of ($59.3) million for the fourth quarter of 2011. The $60.3 million increase in our net income available to common shareholders from fourth quarter 2011 is the result of a $75.2 million decrease in the provision for loan losses, a $24.3 million decrease in noninterest expense, a $1.3 million increase in noninterest income, and the $1.1 million decrease in yield on preferred stock due to the repurchase during the year, offset in part by a $36.9 million increase in income tax expense and a $4.6 million decrease in net interest income.
Net Interest Income: Net interest income totaled $17.3 million for the fourth quarter of 2012, compared to $21.9 million for the fourth quarter of 2011, a decrease of $4.6 million, or 21%, and to $18.7 million for the third quarter of 2012, a decrease of $1.4 million, or 7%. Noncovered loans declined $110.9 million, or 8%, from September 30, 2012 primarily due to commercial real estate loans that paid off due to the year-end sales of properties and certain commercial real estate and construction loans that moved to permanent long-term financing in the secondary market. Net interest margin was 3.41% for the fourth quarter of 2012, compared to 3.62% for the fourth quarter of 2011 and 3.59% for the third quarter of 2012.
Provision for Loan Losses and Net Charge-offs: The provision for loan losses is the amount that is required to maintain the allowance for 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 of $3.1 million was recorded for the fourth quarter of 2012, compared to a provision for loan losses of $78.3 million for fourth quarter of 2011 and a negative provision of $1.7 million for the third quarter of 2012. For the fourth quarter of 2012, net charge-offs totaled $0.1 million, or 0.03% (annualized) of average portfolio loans, compared to net charge-offs of $98.3 million, or 19.78% (annualized) of average portfolio loans for the fourth quarter of 2011 and net recoveries of $1.6 million, or (0.42%) (annualized) of average portfolio loans for the third quarter of 2012. Excluding the impact of the fourth quarter 2011 sale of nonperforming assets, the provision for loans losses and net charge-offs would have been approximately $3.4 million and $9.7 million, respectively.
3
NASDAQ: OKSB
OKSBP
Southwest Bancorp, Inc. Reports 2012 Annual Results
Noninterest Income: Noninterest income totaled $4.9 million for the fourth quarter of 2012, compared to $3.6 million for the fourth quarter of 2011 and $4.0 million for the third quarter of 2012. The increase in noninterest income from the fourth quarter of 2011 is primarily the result of a $0.8 million increase in gains on sale of investment securities and a $0.3 million increase in gains on sales of loans, which consist primarily of mortgage loans. The increase in noninterest income from the third quarter of 2012 is primarily the result of the $0.8 million gains on sales of investment securities.
Noninterest Expense: Noninterest expense totaled $17.7 million for the fourth quarter of 2012, compared to $41.9 million for the fourth quarter of 2011 and $14.6 million for the third quarter of 2012.
The $24.3 million decrease from fourth quarter of 2011 consists primarily of a $23.5 million decrease in other real estate expense, which includes the loss on assets sold during the fourth quarter of 2011 of $23.6 million, a $1.0 million decrease in general and administrative expense, which is primarily the result of decreased loan collection costs and legal fees, and a $0.3 million decrease in FDIC and other insurance expense, offset in part by a $0.3 million increase in personnel expense and a $0.3 million increase in the provision for unfunded loan commitments.
The $3.0 million increase from third quarter of 2012 consists of a $1.6 million increase in other real estate expense due to the fourth quarter fair value write-down of properties, a $0.6 million increase in personnel expense due to accrued bonus expense, a $0.5 million increase in general and administrative expense, which is primarily the result of fourth quarter write-down of an investment carried at cost, and a $0.4 million increase in the provision for unfunded loan commitments.
Income Tax: Income tax expense totaled $0.4 million for the fourth quarter of 2012, compared to a benefit of $36.5 million for the fourth quarter of 2011. The income tax expense (benefit) fluctuates in relation to pre-tax income (loss) levels. The fourth quarter 2012 effective tax rate was 31.45%.
Southwest Bancorp and Subsidiaries
Southwest is the bank holding company for Stillwater National Bank and Trust Company (“Stillwater National”) and Bank of Kansas. Through its subsidiaries, Southwest offers commercial and consumer lending, deposit and investment services, specialized cash management, and other financial services from offices in Oklahoma, Texas, and Kansas, and on the Internet, through SNB DirectBanker®. We were organized in 1981 as the holding company for Stillwater National, which was chartered in 1894. At December 31, 2012, we had total assets of $2.1 billion, deposits of $1.7 billion, and shareholders’ equity of $246.1 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, 2012, approximately $502.2 million, or 37%, 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. As of December 31, 2012, approximately $1.0 billion, or 74%, of our noncovered loans were commercial real estate mortgage and construction loans, including $344.0 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.
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;
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Estimates of risks and of future costs and benefits;
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Expectations regarding our future financial performance and the financial performance of our operating segments;
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Expectations regarding regulatory actions;
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Expectations regarding our ability to utilize tax loss benefits;
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Assessments of loan quality, probable loan losses, and the amount and timing of loan payoffs;
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Estimates of the value of assets held for sale or available for sale; and
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Statements of our ability to achieve financial and other goals.
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4
NASDAQ: OKSB
OKSBP
Southwest Bancorp, Inc. Reports 2012 Annual Results
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 Southwest’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2012. 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 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, 2012 through the date its financial statements are filed with the Securities and Exchange Commission. The December 31, 2012 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.
5
NASDAQ: OKSB
OKSBP
Southwest Bancorp, Inc. Reports 2012 Annual Results
Financial Tables
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Unaudited Financial Highlights
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Table 1
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Unaudited Consolidated Statements of Financial Condition
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Table 2
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Unaudited Consolidated Statements of Operations
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Table 3
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Unaudited Average Balances, Yields, and Rates-Quarterly
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Table 4
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Unaudited Average Balances, Yields, and Rates-Year-to-Date
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Table 5
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Unaudited Quarterly Summary Loan Data
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Table 6
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Unaudited Quarterly Summary Financial Data
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Table 7
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Unaudited Quarterly Supplemental Analytical Data
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Table 8
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6
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Table 1
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UNAUDITED FINANCIAL HIGHLIGHTS
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(Dollars in thousands, except per share)
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Fourth Quarter
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Third Quarter
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QUARTERLY HIGHLIGHTS
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%
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%
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2012
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2011
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Change
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2012
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Change
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Operations
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Net interest income
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$ | 17,285 | $ | 21,901 | (21 | )% | $ | 18,682 | (7 | )% | ||||||||||
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Provision for loan losses
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3,085 | 78,285 | (96 | ) | (1,726 | ) | (279 | ) | ||||||||||||
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Noninterest income
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4,871 | 3,576 | 36 | 3,950 | 23 | |||||||||||||||
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Noninterest expense
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17,653 | 41,903 | (58 | ) | 14,591 | 21 | ||||||||||||||
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Income (loss) before taxes
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1,418 | (94,711 | ) | (101 | ) | 9,767 | (85 | ) | ||||||||||||
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Taxes on income
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446 | (36,450 | ) | (101 | ) | 3,880 | (89 | ) | ||||||||||||
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Net income (loss)
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972 | (58,261 | ) | (102 | ) | 5,887 | (83 | ) | ||||||||||||
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Net income (loss) available to common
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shareholders
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972 | (59,340 | ) | (102 | ) | 4,344 | (78 | ) | ||||||||||||
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Diluted earnings per share
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0.05 | (3.05 | ) | (102 | ) | 0.22 | (77 | ) | ||||||||||||
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Balance Sheet
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Total assets
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2,122,255 | 2,377,276 | (11 | ) | 2,151,153 | (1 | ) | |||||||||||||
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Loans held for sale
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31,682 | 38,695 | (18 | ) | 34,749 | (9 | ) | |||||||||||||
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Noncovered portfolio loans
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1,321,346 | 1,687,178 | (22 | ) | 1,429,165 | (8 | ) | |||||||||||||
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Covered portfolio loans
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25,707 | 37,615 | (32 | ) | 28,197 | (9 | ) | |||||||||||||
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Total deposits
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1,709,578 | 1,921,382 | (11 | ) | 1,743,673 | (2 | ) | |||||||||||||
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Total shareholders' equity
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246,056 | 301,589 | (18 | ) | 244,821 | 1 | ||||||||||||||
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Book value per common share
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12.60 | 11.99 | 5 | 12.59 | 0 | |||||||||||||||
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Key Ratios
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Net interest margin
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3.41 | % | 3.62 | % | 3.59 | % | ||||||||||||||
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Efficiency ratio
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79.68 | 164.47 | 64.47 | |||||||||||||||||
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Total capital to risk-weighted assets
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21.56 | 20.78 | 20.64 | |||||||||||||||||
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Nonperforming loans to portfolio loans - noncovered
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2.91 | 0.80 | 1.88 | |||||||||||||||||
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Shareholders' equity to total assets
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11.59 | 12.69 | 11.38 | |||||||||||||||||
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Tangible common equity to tangible assets*
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11.54 | 9.76 | 11.33 | |||||||||||||||||
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Return on average assets (annualized)
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0.18 | (8.98 | ) | 1.06 | ||||||||||||||||
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Return on average common equity (annualized)
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1.56 | (81.01 | ) | 7.11 | ||||||||||||||||
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Return on average tangible common equity (annualized)**
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1.56 | (81.35 | ) | 7.15 | ||||||||||||||||
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YEAR-TO-DATE HIGHLIGHTS
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Twelve Months
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%
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Change
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Operations
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Net interest income
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$ | 76,563 | $ | 96,332 | (21 | )% | ||||||||||||||
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Provision for loan losses
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3,107 | 132,101 | (98 | ) | ||||||||||||||||
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Noninterest income
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15,936 | 14,018 | 14 | |||||||||||||||||
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Noninterest expense
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63,322 | 90,201 | (30 | ) | ||||||||||||||||
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Income (loss) before taxes
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26,070 | (111,952 | ) | (123 | ) | |||||||||||||||
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Taxes on income
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9,883 | (43,657 | ) | (123 | ) | |||||||||||||||
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Net income (loss)
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16,187 | (68,295 | ) | (124 | ) | |||||||||||||||
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Net income (loss) available to common
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shareholders
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12,446 | (72,548 | ) | (117 | ) | |||||||||||||||
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Diluted earnings per share
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0.64 | (3.73 | ) | (117 | ) | |||||||||||||||
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Balance Sheet
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Total assets
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2,122,255 | 2,377,276 | (11 | ) | ||||||||||||||||
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Loans held for sale
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31,682 | 38,695 | (18 | ) | ||||||||||||||||
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Noncovered portfolio loans
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1,321,346 | 1,687,178 | (22 | ) | ||||||||||||||||
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Covered portfolio loans
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25,707 | 37,615 | (32 | ) | ||||||||||||||||
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Total deposits
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1,709,578 | 1,921,382 | (11 | ) | ||||||||||||||||
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Total shareholders' equity
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246,056 | 301,589 | (18 | ) | ||||||||||||||||
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Book value per common share
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12.60 | 11.99 | 5 | |||||||||||||||||
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Key Ratios
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Net interest margin
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3.64 | % | 3.74 | % | ||||||||||||||||
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Efficiency ratio (GAAP-based)
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68.46 | 81.74 | ||||||||||||||||||
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Total capital to risk-weighted assets
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21.56 | 20.78 | ||||||||||||||||||
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Nonperforming loans to portfolio loans - noncovered
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2.91 | 0.80 | ||||||||||||||||||
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Shareholders' equity to total assets
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11.59 | 12.69 | ||||||||||||||||||
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Tangible common equity to tangible assets*
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11.54 | 9.76 | ||||||||||||||||||
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Return on average assets
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0.72 | (2.54 | ) | |||||||||||||||||
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Return on average common equity
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5.14 | (23.83 | ) | |||||||||||||||||
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Return on average tangible common equity**
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5.16 | (23.93 | ) | |||||||||||||||||
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Balance sheet amounts and ratios are as of period end unless otherwise noted.
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* This is a Non-GAAP financial measure. Please see Table 8 for a reconciliation to the most directly comparable GAAP based measure.
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** This is a Non-GAAP financial measure.
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Please see accompanying tables for additional financial information.
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7
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SOUTHWEST BANCORP, INC.
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Table 2
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UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
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(Dollars in thousands)
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December 31,
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December 31,
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2012
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2011
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Assets
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Cash and due from banks
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$ | 45,045 | $ | 30,247 | ||||
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Interest-bearing deposits
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243,034 | 199,642 | ||||||
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Cash and cash equivalents
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288,079 | 229,889 | ||||||
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Securities held to maturity (fair values of $13,659 and $15,885, respectively)
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12,797 | 15,252 | ||||||
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Securities available for sale (amortized cost of $358,317 and $253,869, respectively)
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364,315 | 260,100 | ||||||
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Loans held for sale
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31,682 | 38,695 | ||||||
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Noncovered loans receivable
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1,321,346 | 1,687,178 | ||||||
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Less: Allowance for loan losses
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(46,494 | ) | (44,233 | ) | ||||
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Net noncovered loans receivable
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1,274,852 | 1,642,945 | ||||||
|
Covered loans receivable (includes loss share: $6,714 and $10,073, respectively)
|
25,707 | 37,615 | ||||||
|
Less: Allowance for loan losses
|
(224 | ) | (451 | ) | ||||
|
Net covered loans receivable
|
25,483 | 37,164 | ||||||
|
Net loans receivable
|
1,300,335 | 1,680,109 | ||||||
|
Accrued interest receivable
|
6,365 | 7,176 | ||||||
|
Income tax receivable
|
24,525 | 28,666 | ||||||
|
Premises and equipment, net
|
21,691 | 22,700 | ||||||
|
Noncovered other real estate
|
11,315 | 19,844 | ||||||
|
Covered other real estate
|
3,643 | 4,529 | ||||||
|
Goodwill
|
1,214 | 1,214 | ||||||
|
Other intangible assets, net
|
4,864 | 4,857 | ||||||
|
Other assets
|
51,430 | 64,245 | ||||||
|
Total assets
|
$ | 2,122,255 | $ | 2,377,276 | ||||
|
Liabilities
|
||||||||
|
Deposits:
|
||||||||
|
Noninterest-bearing demand
|
$ | 424,008 | $ | 400,985 | ||||
|
Interest-bearing demand
|
112,012 | 105,905 | ||||||
|
Money market accounts
|
423,417 | 423,181 | ||||||
|
Savings accounts
|
37,693 | 33,406 | ||||||
|
Time deposits of $100,000 or more
|
351,273 | 487,907 | ||||||
|
Other time deposits
|
361,175 | 469,998 | ||||||
|
Total deposits
|
1,709,578 | 1,921,382 | ||||||
|
Accrued interest payable
|
1,116 | 3,689 | ||||||
|
Other liabilities
|
13,180 | 12,174 | ||||||
|
Other borrowings
|
70,362 | 56,479 | ||||||
|
Subordinated debentures
|
81,963 | 81,963 | ||||||
|
Total liabilities
|
1,876,199 | 2,075,687 | ||||||
|
Shareholders' equity
|
||||||||
|
Serial preferred stock - $1,000 par value; 2,000,000 shares authorized;
|
||||||||
|
0 and 70,000 shares issued and outstanding, respectively
|
- | 68,455 | ||||||
|
Common stock - $1 par value; 40,000,000 shares authorized;
|
||||||||
|
19,529,721 and 19,444,213 shares issued and outstanding, respectively
|
19,530 | 19,444 | ||||||
|
Additional paid-in capital
|
99,705 | 98,932 | ||||||
|
Retained earnings
|
125,093 | 112,647 | ||||||
|
Accumulated other comprehensive income
|
1,728 | 2,111 | ||||||
|
Total shareholders' equity
|
246,056 | 301,589 | ||||||
|
Total liabilities and shareholders' equity
|
$ | 2,122,255 | $ | 2,377,276 | ||||
8
|
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,
|
|||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||
|
Interest income
|
||||||||||||||||
|
Loans
|
$ | 19,021 | $ | 25,333 | $ | 84,602 | $ | 113,223 | ||||||||
|
Investment securities
|
1,796 | 1,584 | 7,814 | 6,973 | ||||||||||||
|
Other interest-earning assets
|
191 | 148 | 755 | 549 | ||||||||||||
|
Total interest income
|
21,008 | 27,065 | 93,171 | 120,745 | ||||||||||||
|
Interest expense
|
||||||||||||||||
|
Interest-bearing deposits
|
2,014 | 3,318 | 9,703 | 16,793 | ||||||||||||
|
Other borrowings
|
224 | 339 | 895 | 1,799 | ||||||||||||
|
Subordinated debentures
|
1,485 | 1,507 | 6,010 | 5,821 | ||||||||||||
|
Total interest expense
|
3,723 | 5,164 | 16,608 | 24,413 | ||||||||||||
|
Net interest income
|
17,285 | 21,901 | 76,563 | 96,332 | ||||||||||||
|
Provision for loan losses
|
3,085 | 78,285 | 3,107 | 132,101 | ||||||||||||
|
Net interest income (loss) after provision for loan losses
|
14,200 | (56,384 | ) | 73,456 | (35,769 | ) | ||||||||||
|
Noninterest income
|
||||||||||||||||
|
Service charges and fees
|
2,971 | 2,849 | 11,559 | 12,075 | ||||||||||||
|
Gain on sales of loans
|
910 | 637 | 3,133 | 1,658 | ||||||||||||
|
Gain on investment securities
|
802 | - | 837 | - | ||||||||||||
|
Other noninterest income
|
188 | 90 | 407 | 285 | ||||||||||||
|
Total noninterest income
|
4,871 | 3,576 | 15,936 | 14,018 | ||||||||||||
|
Noninterest expense
|
||||||||||||||||
|
Salaries and employee benefits
|
7,956 | 7,657 | 29,919 | 29,880 | ||||||||||||
|
Occupancy
|
2,672 | 2,614 | 10,581 | 10,815 | ||||||||||||
|
FDIC and other insurance
|
510 | 858 | 2,531 | 3,862 | ||||||||||||
|
Other real estate, net
|
2,867 | 26,369 | 6,565 | 30,852 | ||||||||||||
|
General and administrative
|
3,648 | 4,405 | 13,726 | 14,792 | ||||||||||||
|
Total noninterest expense
|
17,653 | 41,903 | 63,322 | 90,201 | ||||||||||||
|
Income (loss) before taxes
|
1,418 | (94,711 | ) | 26,070 | (111,952 | ) | ||||||||||
|
Taxes on income
|
446 | (36,450 | ) | 9,883 | (43,657 | ) | ||||||||||
|
Net income (loss)
|
$ | 972 | $ | (58,261 | ) | $ | 16,187 | $ | (68,295 | ) | ||||||
|
Net income (loss) available to common shareholders
|
$ | 972 | $ | (59,340 | ) | $ | 12,446 | $ | (72,548 | ) | ||||||
|
Basic earnings per common share
|
$ | 0.05 | $ | (3.05 | ) | $ | 0.64 | $ | (3.73 | ) | ||||||
|
Diluted earnings per common share
|
0.05 | (3.05 | ) | 0.64 | (3.73 | ) | ||||||||||
|
Common dividends declared per share
|
- | - | - | - | ||||||||||||
9
|
Table 4
|
||||||||||||||||||||||||
|
UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES - QUARTERLY
|
||||||||||||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||
|
For the three months ended December 31,
|
||||||||||||||||||||||||
|
2012
|
2011
|
|||||||||||||||||||||||
|
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
|
Balance
|
Interest
|
Yield/Rate
|
Balance
|
Interest
|
Yield/Rate
|
|||||||||||||||||||
|
Assets
|
||||||||||||||||||||||||
|
Noncovered loans
|
$ | 1,424,512 | $ | 18,427 | 5.15 | % | $ | 1,973,320 | $ | 24,473 | 4.92 | % | ||||||||||||
|
Covered loans
|
25,860 | 594 | 9.14 | 39,010 | 860 | 8.75 | ||||||||||||||||||
|
Investment securities
|
380,531 | 1,796 | 1.88 | 264,011 | 1,584 | 2.38 | ||||||||||||||||||
|
Other interest-earning assets
|
185,136 | 191 | 0.41 | 123,532 | 148 | 0.48 | ||||||||||||||||||
|
Total interest-earning assets
|
2,016,039 | 21,008 | 4.15 | 2,399,873 | 27,065 | 4.47 | ||||||||||||||||||
|
Other assets
|
125,027 | 173,307 | ||||||||||||||||||||||
|
Total assets
|
$ | 2,141,066 | $ | 2,573,180 | ||||||||||||||||||||
|
Liabilities and Shareholders' Equity
|
||||||||||||||||||||||||
|
Interest-bearing demand deposits
|
$ | 105,854 | $ | 41 | 0.15 | % | $ | 98,167 | $ | 53 | 0.21 | % | ||||||||||||
|
Money market accounts
|
398,143 | 327 | 0.33 | 471,059 | 388 | 0.33 | ||||||||||||||||||
|
Savings accounts
|
37,242 | 14 | 0.15 | 32,032 | 12 | 0.15 | ||||||||||||||||||
|
Time deposits
|
747,579 | 1,632 | 0.87 | 994,519 | 2,865 | 1.14 | ||||||||||||||||||
|
Total interest-bearing deposits
|
1,288,818 | 2,014 | 0.62 | 1,595,777 | 3,318 | 0.82 | ||||||||||||||||||
|
Other borrowings
|
67,709 | 224 | 1.32 | 70,952 | 339 | 1.90 | ||||||||||||||||||
|
Subordinated debentures
|
81,963 | 1,485 | 7.25 | 81,963 | 1,507 | 7.35 | ||||||||||||||||||
|
Total interest-bearing liabilities
|
1,438,490 | 3,723 | 1.03 | 1,748,692 | 5,164 | 1.17 | ||||||||||||||||||
|
Noninterest-bearing demand deposits
|
419,086 | 400,435 | ||||||||||||||||||||||
|
Other liabilities
|
34,990 | 65,093 | ||||||||||||||||||||||
|
Shareholders' equity
|
248,500 | 358,960 | ||||||||||||||||||||||
|
Total liabilities and shareholders' equity
|
$ | 2,141,066 | $ | 2,573,180 | ||||||||||||||||||||
|
Net interest income and spread
|
$ | 17,285 | 3.12 | % | $ | 21,901 | 3.30 | % | ||||||||||||||||
|
Net interest margin (1)
|
3.41 | % | 3.62 | % | ||||||||||||||||||||
|
Average interest-earning assets
|
||||||||||||||||||||||||
|
to average interest-bearing liabilities
|
140.15 | % | 137.24 | % | ||||||||||||||||||||
|
(1) Net interest margin = annualized net interest income / average interest-earning assets
|
||||||||||||||||||||||||
10
|
SOUTHWEST BANCORP, INC.
|
Table 5
|
|||||||||||||||||||||||
|
UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES - YEAR-TO-DATE
|
||||||||||||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||
|
For the twelve months ended December 31,
|
||||||||||||||||||||||||
|
2012
|
2011
|
|||||||||||||||||||||||
|
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
|
Balance
|
Interest
|
Yield/Rate
|
Balance
|
Interest
|
Yield/Rate
|
|||||||||||||||||||
|
Assets
|
||||||||||||||||||||||||
|
Noncovered loans
|
$ | 1,536,494 | $ | 82,288 | 5.36 | % | $ | 2,168,458 | $ | 109,839 | 5.07 | % | ||||||||||||
|
Covered loans
|
30,824 | 2,314 | 7.51 | 45,449 | 3,384 | 7.45 | ||||||||||||||||||
|
Investment securities
|
350,021 | 7,814 | 2.23 | 264,006 | 6,973 | 2.64 | ||||||||||||||||||
|
Other interest-earning assets
|
187,478 | 755 | 0.40 | 96,753 | 549 | 0.57 | ||||||||||||||||||
|
Total interest-earning assets
|
2,104,817 | 93,171 | 4.43 | 2,574,666 | 120,745 | 4.69 | ||||||||||||||||||
|
Other assets
|
138,929 | 115,819 | ||||||||||||||||||||||
|
Total assets
|
$ | 2,243,746 | $ | 2,690,485 | ||||||||||||||||||||
|
Liabilities and Shareholders' Equity
|
||||||||||||||||||||||||
|
Interest-bearing demand deposits
|
$ | 114,974 | $ | 219 | 0.19 | % | $ | 108,808 | $ | 382 | 0.35 | % | ||||||||||||
|
Money market accounts
|
381,292 | 1,077 | 0.28 | 483,373 | 2,154 | 0.45 | ||||||||||||||||||
|
Savings accounts
|
35,741 | 53 | 0.15 | 29,862 | 49 | 0.16 | ||||||||||||||||||
|
Time deposits
|
842,979 | 8,354 | 0.99 | 1,117,483 | 14,208 | 1.27 | ||||||||||||||||||
|
Total interest-bearing deposits
|
1,374,986 | 9,703 | 0.71 | 1,739,526 | 16,793 | 0.97 | ||||||||||||||||||
|
Other borrowings
|
61,822 | 895 | 1.45 | 84,738 | 1,799 | 2.12 | ||||||||||||||||||
|
Subordinated debentures
|
81,963 | 6,010 | 7.33 | 81,963 | 5,821 | 7.10 | ||||||||||||||||||
|
Total interest-bearing liabilities
|
1,518,771 | 16,608 | 1.09 | 1,906,227 | 24,413 | 1.28 | ||||||||||||||||||
|
Noninterest-bearing demand deposits
|
396,091 | 377,780 | ||||||||||||||||||||||
|
Other liabilities
|
45,368 | 33,991 | ||||||||||||||||||||||
|
Shareholders' equity
|
283,516 | 372,487 | ||||||||||||||||||||||
|
Total liabilities and shareholders' equity
|
$ | 2,243,746 | $ | 2,690,485 | ||||||||||||||||||||
|
Net interest income and spread
|
$ | 76,563 | 3.34 | % | $ | 96,332 | 3.41 | % | ||||||||||||||||
|
Net interest margin (1)
|
3.64 | % | 3.74 | % | ||||||||||||||||||||
|
Average interest-earning assets
|
||||||||||||||||||||||||
|
to average interest-bearing liabilities
|
138.59 | % | 135.07 | % | ||||||||||||||||||||
|
(1) Net interest margin = annualized net interest income / average interest-earning assets
|
||||||||||||||||||||||||
11
|
SOUTHWEST BANCORP, INC.
|
Table 6
|
|||||||||||||||||||||||||||||||
|
UNAUDITED QUARTERLY SUMMARY LOAN DATA
|
||||||||||||||||||||||||||||||||
|
(Dollars in thousands, except per share)
|
||||||||||||||||||||||||||||||||
|
2012
|
2011
|
|||||||||||||||||||||||||||||||
|
Dec. 31
|
Sep. 30
|
Jun. 30
|
Mar. 31
|
Dec. 31
|
Sep. 30
|
Jun. 30
|
Mar. 31
|
|||||||||||||||||||||||||
|
LOAN COMPOSITION
|
||||||||||||||||||||||||||||||||
|
Noncovered:
|
||||||||||||||||||||||||||||||||
|
Real estate mortgage:
|
||||||||||||||||||||||||||||||||
|
Commercial
|
$ | 870,977 | $ | 898,453 | $ | 931,239 | $ | 996,486 | $ | 1,028,561 | $ | 1,169,010 | $ | 1,262,753 | $ | 1,302,164 | ||||||||||||||||
|
One-to-four family residential
|
70,952 | 74,081 | 74,390 | 76,287 | 80,375 | 85,272 | 87,407 | 87,286 | ||||||||||||||||||||||||
|
Real estate construction
|
||||||||||||||||||||||||||||||||
|
Commercial
|
130,753 | 206,342 | 211,098 | 222,678 | 227,098 | 348,053 | 372,576 | 403,635 | ||||||||||||||||||||||||
|
One-to-four family residential
|
3,656 | 3,438 | 4,184 | 3,814 | 4,987 | 25,527 | 26,400 | 26,758 | ||||||||||||||||||||||||
|
Commercial
|
240,498 | 244,018 | 263,085 | 273,324 | 346,266 | 367,241 | 404,229 | 416,392 | ||||||||||||||||||||||||
|
Installment and consumer:
|
||||||||||||||||||||||||||||||||
|
Guaranteed student loans
|
4,680 | 4,872 | 5,153 | 5,276 | 5,396 | 5,547 | 5,600 | 5,700 | ||||||||||||||||||||||||
|
Other
|
31,512 | 32,710 | 33,555 | 31,766 | 33,190 | 32,946 | 34,335 | 36,493 | ||||||||||||||||||||||||
|
Total noncovered loans, including held for sale
|
1,353,028 | 1,463,914 | 1,522,704 | 1,609,631 | 1,725,873 | 2,033,596 | 2,193,300 | 2,278,428 | ||||||||||||||||||||||||
|
Less allowance for loan losses
|
(46,494 | ) | (43,607 | ) | (43,807 | ) | (45,023 | ) | (44,233 | ) | (64,698 | ) | (54,575 | ) | (61,285 | ) | ||||||||||||||||
|
Total noncovered loans, net
|
$ | 1,306,534 | $ | 1,420,307 | $ | 1,478,897 | $ | 1,564,608 | $ | 1,681,640 | $ | 1,968,898 | $ | 2,138,725 | $ | 2,217,143 | ||||||||||||||||
|
Covered:
|
||||||||||||||||||||||||||||||||
|
Real estate mortgage:
|
||||||||||||||||||||||||||||||||
|
Commercial
|
$ | 18,298 | $ | 20,664 | $ | 21,472 | $ | 22,607 | $ | 23,686 | $ | 23,201 | $ | 26,976 | $ | 28,929 | ||||||||||||||||
|
One-to-four family residential
|
4,881 | 5,059 | 5,432 | 5,766 | 7,072 | 7,378 | 8,113 | 8,192 | ||||||||||||||||||||||||
|
Real estate construction
|
||||||||||||||||||||||||||||||||
|
Commercial
|
382 | 419 | 1,627 | 2,344 | 3,746 | 5,987 | 6,001 | 6,144 | ||||||||||||||||||||||||
|
One-to-four family residential
|
- | - | - | - | - | - | 172 | 281 | ||||||||||||||||||||||||
|
Commercial
|
2,037 | 1,937 | 2,033 | 2,401 | 2,841 | 4,286 | 4,461 | 5,021 | ||||||||||||||||||||||||
|
Installment and consumer:
|
109 | 118 | 148 | 196 | 270 | 357 | 430 | 550 | ||||||||||||||||||||||||
|
Total covered loans
|
25,707 | 28,197 | 30,712 | 33,314 | 37,615 | 41,209 | 46,153 | 49,117 | ||||||||||||||||||||||||
|
Less allowance for loan losses
|
(224 | ) | (138 | ) | (91 | ) | (60 | ) | (451 | ) | - | - | - | |||||||||||||||||||
|
Total covered loans, net
|
$ | 25,483 | $ | 28,059 | $ | 30,621 | $ | 33,254 | $ | 37,164 | $ | 41,209 | $ | 46,153 | $ | 49,117 | ||||||||||||||||
|
LOANS BY SEGMENT
|
||||||||||||||||||||||||||||||||
|
Oklahoma banking
|
$ | 536,855 | $ | 564,734 | $ | 597,506 | $ | 642,700 | $ | 688,592 | $ | 770,306 | $ | 834,189 | $ | 838,006 | ||||||||||||||||
|
Texas banking
|
491,442 | 554,367 | 596,262 | 636,540 | 665,010 | 845,485 | 911,134 | 953,123 | ||||||||||||||||||||||||
|
Kansas banking
|
184,330 | 202,262 | 198,404 | 202,050 | 238,468 | 252,302 | 260,431 | 272,685 | ||||||||||||||||||||||||
|
Out of market
|
134,426 | 135,999 | 137,248 | 122,890 | 132,723 | 166,810 | 196,495 | 226,383 | ||||||||||||||||||||||||
|
Subtotal
|
1,347,053 | 1,457,362 | 1,529,420 | 1,604,180 | 1,724,793 | 2,034,903 | 2,202,249 | 2,290,197 | ||||||||||||||||||||||||
|
Secondary market
|
31,682 | 34,749 | 23,996 | 38,765 | 38,695 | 39,902 | 37,204 | 37,348 | ||||||||||||||||||||||||
|
Total loans
|
$ | 1,378,735 | $ | 1,492,111 | $ | 1,553,416 | $ | 1,642,945 | $ | 1,763,488 | $ | 2,074,805 | $ | 2,239,453 | $ | 2,327,545 | ||||||||||||||||
|
NONPERFORMING LOANS BY TYPE
|
||||||||||||||||||||||||||||||||
|
Construction & development
|
$ | 3,355 | $ | 3,436 | $ | 3,608 | $ | 3,768 | $ | 3,877 | $ | 68,554 | $ | 73,487 | $ | 68,183 | ||||||||||||||||
|
Commercial real estate
|
18,337 | 20,576 | 4,932 | 6,821 | 4,667 | 56,234 | 60,857 | 47,986 | ||||||||||||||||||||||||
|
Commercial
|
15,232 | 1,791 | 10,878 | 2,209 | 3,374 | 6,080 | 15,224 | 16,633 | ||||||||||||||||||||||||
|
One-to-four family residential
|
1,310 | 949 | 1,125 | 1,508 | 1,491 | 1,706 | 1,457 | 2,634 | ||||||||||||||||||||||||
|
Consumer
|
160 | 131 | 176 | 118 | 140 | 152 | 153 | 27 | ||||||||||||||||||||||||
|
Total nonperforming loans - noncovered
|
$ | 38,394 | $ | 26,883 | $ | 20,719 | $ | 14,424 | $ | 13,549 | $ | 132,726 | $ | 151,178 | $ | 135,463 | ||||||||||||||||
|
NONPERFORMING LOANS BY SEGMENT
|
||||||||||||||||||||||||||||||||
|
Oklahoma banking
|
$ | 3,738 | $ | 5,198 | $ | 2,305 | $ | 2,864 | $ | 3,699 | $ | 14,932 | $ | 18,870 | $ | 13,443 | ||||||||||||||||
|
Texas banking
|
17,876 | 15,342 | 11,526 | 2,258 | 83 | 95,191 | 91,449 | 87,122 | ||||||||||||||||||||||||
|
Kansas banking
|
4,716 | 5,681 | 6,214 | 8,617 | 9,070 | 7,976 | 9,725 | 7,924 | ||||||||||||||||||||||||
|
Out of market
|
12,064 | 662 | 674 | 685 | 697 | 14,627 | 31,134 | 26,974 | ||||||||||||||||||||||||
|
Total nonperforming loans - noncovered
|
$ | 38,394 | $ | 26,883 | $ | 20,719 | $ | 14,424 | $ | 13,549 | $ | 132,726 | $ | 151,178 | $ | 135,463 | ||||||||||||||||
|
OTHER REAL ESTATE BY TYPE
|
||||||||||||||||||||||||||||||||
|
Construction & development
|
$ | 215 | $ | 445 | $ | 2,585 | $ | 3,542 | $ | 3,542 | $ | 38,927 | $ | 12,588 | $ | 6,304 | ||||||||||||||||
|
Commercial real estate
|
11,003 | 14,130 | 14,129 | 14,854 | 15,464 | 24,364 | 16,300 | 23,890 | ||||||||||||||||||||||||
|
One-to-four family residential
|
97 | 108 | 549 | 933 | 838 | 7,494 | 10,068 | 10,873 | ||||||||||||||||||||||||
|
Total other real estate - noncovered
|
$ | 11,315 | $ | 14,683 | $ | 17,263 | $ | 19,329 | $ | 19,844 | $ | 70,785 | $ | 38,956 | $ | 41,067 | ||||||||||||||||
|
OTHER REAL ESTATE BY SEGMENT
|
||||||||||||||||||||||||||||||||
|
Oklahoma banking
|
$ | 3,393 | $ | 6,178 | $ | 6,178 | $ | 6,273 | $ | 6,178 | $ | 8,709 | $ | 2,613 | $ | 4,616 | ||||||||||||||||
|
Texas banking
|
7,227 | 7,227 | 9,162 | 9,846 | 9,846 | 35,270 | 17,398 | 18,652 | ||||||||||||||||||||||||
|
Kansas banking
|
695 | 1,278 | 1,923 | 3,210 | 3,210 | 12,390 | 14,539 | 12,848 | ||||||||||||||||||||||||
|
Out of market
|
- | - | - | - | 610 | 14,416 | 4,406 | 4,951 | ||||||||||||||||||||||||
|
Total other real estate - noncovered
|
$ | 11,315 | $ | 14,683 | $ | 17,263 | $ | 19,329 | $ | 19,844 | $ | 70,785 | $ | 38,956 | $ | 41,067 | ||||||||||||||||
|
POTENTIAL PROBLEM LOANS BY TYPE
|
||||||||||||||||||||||||||||||||
|
Construction & development
|
$ | 22,077 | $ | 22,565 | $ | 25,563 | $ | 33,907 | $ | 43,607 | $ | 75,867 | $ | 111,032 | $ | 111,204 | ||||||||||||||||
|
Commercial real estate
|
58,549 | 53,725 | 71,537 | 67,654 | 55,873 | 162,692 | 140,079 | 85,833 | ||||||||||||||||||||||||
|
Commercial
|
12,526 | 9,305 | 12,753 | 23,506 | 32,477 | 37,027 | 38,850 | 19,940 | ||||||||||||||||||||||||
|
One-to-four family residential
|
1,147 | 1,157 | 1,230 | 1,253 | 1,082 | 1,108 | 1,210 | 429 | ||||||||||||||||||||||||
|
Consumer
|
62 | - | - | - | - | - | - | - | ||||||||||||||||||||||||
|
Total potential problem loans - noncovered
|
$ | 94,361 | $ | 86,752 | $ | 111,083 | $ | 126,320 | $ | 133,039 | $ | 276,694 | $ | 291,171 | $ | 217,406 | ||||||||||||||||
|
POTENTIAL PROBLEM LOANS BY SEGMENT
|
||||||||||||||||||||||||||||||||
|
Oklahoma banking
|
$ | 18,773 | $ | 27,415 | $ | 37,320 | $ | 32,761 | $ | 27,481 | $ | 54,310 | $ | 42,565 | $ | 30,678 | ||||||||||||||||
|
Texas banking
|
49,489 | 43,472 | 58,021 | 78,961 | 83,035 | 163,973 | 183,486 | 114,506 | ||||||||||||||||||||||||
|
Kansas banking
|
4,573 | 3,286 | 3,118 | 1,893 | 836 | 14,530 | 11,289 | 19,472 | ||||||||||||||||||||||||
|
Out of market
|
21,526 | 12,579 | 12,624 | 12,705 | 21,687 | 43,881 | 53,831 | 52,750 | ||||||||||||||||||||||||
|
Total potential problem loans - noncovered
|
$ | 94,361 | $ | 86,752 | $ | 111,083 | $ | 126,320 | $ | 133,039 | $ | 276,694 | $ | 291,171 | $ | 217,406 | ||||||||||||||||
|
Continued
|
||||||||||||||||||||||||||||||||
12
|
SOUTHWEST BANCORP, INC.
|
Table 6
|
|||||||||||||||||||||||||||||||
|
UNAUDITED QUARTERLY SUMMARY LOAN DATA
|
Continued
|
|||||||||||||||||||||||||||||||
|
(Dollars in thousands, except per share)
|
||||||||||||||||||||||||||||||||
|
2012
|
2011
|
|||||||||||||||||||||||||||||||
|
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:
|
||||||||||||||||||||||||||||||||
|
Arizona
|
$ | 40,326 | $ | 41,255 | $ | 39,449 | $ | 34,749 | $ | 26,372 | $ | 35,978 | $ | 49,977 | $ | 57,657 | ||||||||||||||||
|
Iowa
|
22,826 | 22,958 | 23,022 | 23,130 | 26,494 | 26,626 | 26,695 | 26,759 | ||||||||||||||||||||||||
|
Ohio
|
10,438 | 11,182 | 11,502 | 12,650 | 12,741 | 9,367 | 9,568 | 9,963 | ||||||||||||||||||||||||
|
California
|
9,791 | 9,684 | 9,922 | 10,252 | 10,530 | 10,737 | 9,814 | 9,984 | ||||||||||||||||||||||||
|
Kentucky
|
8,691 | 7,517 | 9,455 | 517 | 488 | 490 | 492 | 494 | ||||||||||||||||||||||||
|
South Carolina
|
7,244 | 7,283 | 7,320 | - | - | - | - | - | ||||||||||||||||||||||||
|
Tennessee
|
6,204 | 6,232 | 6,310 | 6,368 | 6,427 | 6,484 | 6,550 | 6,606 | ||||||||||||||||||||||||
|
Florida
|
6,254 | 6,204 | 6,240 | 6,269 | 6,421 | 6,374 | 10,582 | 7,600 | ||||||||||||||||||||||||
|
Louisiana
|
4,651 | 4,968 | 4,974 | 4,931 | 5,336 | 5,644 | 5,963 | 8,018 | ||||||||||||||||||||||||
|
New Mexico
|
3,696 | 3,696 | 3,714 | 3,715 | 15,215 | 21,019 | 21,092 | 28,226 | ||||||||||||||||||||||||
|
Other
|
14,305 | 15,020 | 15,340 | 20,309 | 22,699 | 44,091 | 55,762 | 71,076 | ||||||||||||||||||||||||
|
Total out of market loans
|
$ | 134,426 | $ | 135,999 | $ | 137,248 | $ | 122,890 | $ | 132,723 | $ | 166,810 | $ | 196,495 | $ | 226,383 | ||||||||||||||||
|
Nonperforming out of market loans:
|
||||||||||||||||||||||||||||||||
|
Arizona
|
$ | 11,599 | $ | 250 | $ | 256 | $ | 261 | $ | 267 | $ | 8,441 | $ | 16,745 | $ | 10,316 | ||||||||||||||||
|
Florida
|
275 | 281 | 287 | 293 | 299 | 305 | 1,479 | 1,479 | ||||||||||||||||||||||||
|
Colorado
|
- | 131 | 131 | 131 | 131 | 746 | 4,909 | 880 | ||||||||||||||||||||||||
|
New Mexico
|
- | - | - | - | - | 5,135 | 5,135 | 11,827 | ||||||||||||||||||||||||
|
Alabama
|
- | - | - | - | - | - | 157 | 172 | ||||||||||||||||||||||||
|
Other
|
190 | - | - | - | - | - | 2,709 | 2,300 | ||||||||||||||||||||||||
|
Total nonperforming out of market loans
|
$ | 12,064 | $ | 662 | $ | 674 | $ | 685 | $ | 697 | $ | 14,627 | $ | 31,134 | $ | 26,974 | ||||||||||||||||
|
Potential problem out of market loans:
|
||||||||||||||||||||||||||||||||
|
Iowa
|
$ | 11,868 | $ | 11,941 | $ | 11,970 | $ | 12,035 | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
|
New Mexico
|
- | - | - | - | 11,542 | 11,589 | 11,635 | - | ||||||||||||||||||||||||
|
Arizona
|
9,037 | - | - | - | 9,463 | 10,287 | 14,865 | 25,242 | ||||||||||||||||||||||||
|
California
|
536 | 548 | 559 | 570 | 578 | 593 | 9,423 | 9,575 | ||||||||||||||||||||||||
|
Florida
|
85 | 90 | 95 | 100 | 104 | 108 | 116 | - | ||||||||||||||||||||||||
|
Colorado
|
- | - | - | - | - | 17,034 | 13,500 | 17,933 | ||||||||||||||||||||||||
|
Alabama
|
- | - | - | - | - | 4,270 | 4,292 | - | ||||||||||||||||||||||||
|
Total potential problem out of market loans
|
$ | 21,526 | $ | 12,579 | $ | 12,624 | $ | 12,705 | $ | 21,687 | $ | 43,881 | $ | 53,831 | $ | 52,750 | ||||||||||||||||
|
ALLOWANCE ACTIVITY
|
||||||||||||||||||||||||||||||||
|
Balance, beginning of period
|
$ | 43,745 | $ | 43,898 | $ | 45,083 | $ | 44,684 | $ | 64,698 | $ | 54,575 | $ | 61,285 | $ | 65,229 | ||||||||||||||||
|
Charge offs
|
722 | 2,653 | 2,229 | 1,936 | 99,604 | 16,067 | 27,562 | 13,392 | ||||||||||||||||||||||||
|
Recoveries
|
610 | 4,226 | 1,012 | 619 | 1,305 | 1,564 | 712 | 398 | ||||||||||||||||||||||||
|
Net charge offs (recoveries)
|
112 | (1,573 | ) | 1,217 | 1,317 | 98,299 | 14,503 | 26,850 | 12,994 | |||||||||||||||||||||||
|
Provision for loan losses
|
3,085 | (1,726 | ) | 32 | 1,716 | 78,285 | 24,626 | 20,140 | 9,050 | |||||||||||||||||||||||
|
Balance, end of period
|
$ | 46,718 | $ | 43,745 | $ | 43,898 | $ | 45,083 | $ | 44,684 | $ | 64,698 | $ | 54,575 | $ | 61,285 | ||||||||||||||||
|
NET CHARGE OFFS BY TYPE
|
||||||||||||||||||||||||||||||||
|
Construction & development
|
$ | (22 | ) | $ | (1,823 | ) | $ | (85 | ) | $ | (42 | ) | $ | 41,513 | $ | 7,177 | $ | 10,847 | $ | 1,012 | ||||||||||||
|
Commercial real estate
|
(18 | ) | 2,022 | 91 | 14 | 50,070 | 5,702 | 7,593 | 7,290 | |||||||||||||||||||||||
|
Commercial
|
239 | (1,894 | ) | 1,228 | 1,211 | 6,434 | 1,469 | 7,999 | 4,337 | |||||||||||||||||||||||
|
One-to-four family residential
|
(40 | ) | 20 | (105 | ) | 123 | 1 | 55 | 165 | 58 | ||||||||||||||||||||||
|
Consumer
|
(47 | ) | 102 | 88 | 11 | 281 | 100 | 246 | 297 | |||||||||||||||||||||||
|
Total net charge offs (recoveries) by type
|
$ | 112 | $ | (1,573 | ) | $ | 1,217 | $ | 1,317 | $ | 98,299 | $ | 14,503 | $ | 26,850 | $ | 12,994 | |||||||||||||||
|
NET CHARGE OFFS BY SEGMENT
|
||||||||||||||||||||||||||||||||
|
Oklahoma banking
|
$ | (257 | ) | $ | 7 | $ | (204 | ) | $ | 1,070 | $ | 13,210 | $ | 1,058 | $ | 1,442 | $ | 1,593 | ||||||||||||||
|
Texas banking
|
305 | 857 | 1,139 | 229 | 64,370 | 7,386 | 9,163 | 4,502 | ||||||||||||||||||||||||
|
Kansas banking
|
68 | (2,435 | ) | 324 | 166 | 8,872 | 361 | 1,791 | 372 | |||||||||||||||||||||||
|
Out of market
|
(4 | ) | (2 | ) | (42 | ) | (148 | ) | 11,847 | 5,698 | 14,454 | 6,527 | ||||||||||||||||||||
|
Total net charge offs (recoveries) by segment
|
$ | 112 | $ | (1,573 | ) | $ | 1,217 | $ | 1,317 | $ | 98,299 | $ | 14,503 | $ | 26,850 | $ | 12,994 | |||||||||||||||
13
|
SOUTHWEST BANCORP, INC.
|
Table 7
|
|||||||||||||||||||||||||||||||
|
UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA
|
||||||||||||||||||||||||||||||||
|
(Dollars in thousands, except per share)
|
||||||||||||||||||||||||||||||||
|
2012
|
2011
|
|||||||||||||||||||||||||||||||
|
Dec. 31
|
Sep. 30
|
Jun. 30
|
Mar. 31
|
Dec. 31
|
Sep. 30
|
Jun. 30
|
Mar. 31
|
|||||||||||||||||||||||||
|
NET INCOME (LOSS) BY SEGMENT
|
||||||||||||||||||||||||||||||||
|
Oklahoma banking
|
$ | 1,460 | $ | 2,873 | $ | 4,497 | $ | 3,158 | $ | (5,586 | ) | $ | 7 | $ | 5,290 | $ | 3,435 | |||||||||||||||
|
Texas banking
|
3,785 | 2,622 | 1,435 | 3,161 | (35,435 | ) | (6,455 | ) | 1,575 | 1,079 | ||||||||||||||||||||||
|
Kansas banking
|
(67 | ) | 1,550 | (424 | ) | 1,239 | (7,533 | ) | (612 | ) | 971 | 131 | ||||||||||||||||||||
|
Out of market
|
(2,922 | ) | (169 | ) | 693 | (570 | ) | (7,857 | ) | (1,947 | ) | (9,039 | ) | (924 | ) | |||||||||||||||||
|
Subtotal
|
2,256 | 6,876 | 6,201 | 6,988 | (56,411 | ) | (9,007 | ) | (1,203 | ) | 3,721 | |||||||||||||||||||||
|
Secondary market
|
330 | 330 | 124 | 286 | 144 | 90 | 127 | (13 | ) | |||||||||||||||||||||||
|
Other operations
|
(1,614 | ) | (1,319 | ) | (2,208 | ) | (2,063 | ) | (1,994 | ) | (608 | ) | (1,894 | ) | (1,247 | ) | ||||||||||||||||
|
Net income (loss)
|
$ | 972 | $ | 5,887 | $ | 4,117 | $ | 5,211 | $ | (58,261 | ) | $ | (9,525 | ) | $ | (2,970 | ) | $ | 2,461 | |||||||||||||
|
PER SHARE DATA
|
||||||||||||||||||||||||||||||||
|
Basic earnings per common share
|
$ | 0.05 | $ | 0.22 | $ | 0.15 | $ | 0.21 | $ | (3.05 | ) | $ | (0.54 | ) | $ | (0.21 | ) | $ | 0.07 | |||||||||||||
|
Diluted earnings per common share
|
0.05 | 0.22 | 0.15 | 0.21 | (3.05 | ) | (0.54 | ) | (0.21 | ) | 0.07 | |||||||||||||||||||||
|
Book value per common share
|
12.60 | 12.59 | 12.35 | 12.21 | 11.99 | 15.08 | 15.60 | 15.73 | ||||||||||||||||||||||||
|
Tangible book value per share*
|
12.54 | 12.53 | 12.29 | 12.15 | 11.93 | 15.02 | 15.54 | 15.67 | ||||||||||||||||||||||||
|
COMMON STOCK
|
||||||||||||||||||||||||||||||||
|
Shares issued and outstanding
|
19,529,721 | 19,448,312 | 19,447,202 | 19,445,913 | 19,444,213 | 19,441,577 | 19,439,167 | 19,438,290 | ||||||||||||||||||||||||
|
OTHER FINANCIAL DATA
|
||||||||||||||||||||||||||||||||
|
Investment securities
|
$ | 377,112 | $ | 381,499 | $ | 340,378 | $ | 333,860 | $ | 275,352 | $ | 269,599 | $ | 268,153 | $ | 258,436 | ||||||||||||||||
|
Loans held for sale
|
31,682 | 34,749 | 23,996 | 38,765 | 38,695 | 39,902 | 37,204 | 37,348 | ||||||||||||||||||||||||
|
Noncovered portfolio loans
|
1,321,346 | 1,429,165 | 1,498,708 | 1,570,866 | 1,687,178 | 1,993,694 | 2,156,096 | 2,241,080 | ||||||||||||||||||||||||
|
Total noncovered loans
|
1,353,028 | 1,463,914 | 1,522,704 | 1,609,631 | 1,725,873 | 2,033,596 | 2,193,300 | 2,278,428 | ||||||||||||||||||||||||
|
Covered portfolio loans
|
25,707 | 28,197 | 30,712 | 33,314 | 37,615 | 41,209 | 46,153 | 49,117 | ||||||||||||||||||||||||
|
Total assets
|
2,122,255 | 2,151,153 | 2,264,123 | 2,268,264 | 2,377,276 | 2,566,895 | 2,654,898 | 2,773,431 | ||||||||||||||||||||||||
|
Total deposits
|
1,709,578 | 1,743,673 | 1,788,379 | 1,806,780 | 1,921,382 | 2,022,253 | 2,094,236 | 2,218,571 | ||||||||||||||||||||||||
|
Other borrowings
|
70,362 | 66,694 | 68,477 | 55,139 | 56,479 | 86,583 | 96,682 | 85,332 | ||||||||||||||||||||||||
|
Subordinated debentures
|
81,963 | 81,963 | 81,963 | 81,963 | 81,963 | 81,963 | 81,963 | 81,963 | ||||||||||||||||||||||||
|
Total shareholders' equity
|
246,056 | 244,821 | 309,003 | 306,046 | 301,589 | 361,427 | 371,333 | 373,753 | ||||||||||||||||||||||||
|
Mortgage servicing portfolio
|
343,397 | 329,184 | 305,465 | 301,378 | 295,492 | 285,886 | 283,083 | 281,271 | ||||||||||||||||||||||||
|
INTANGIBLE ASSET DATA
|
||||||||||||||||||||||||||||||||
|
Goodwill
|
$ | 1,214 | $ | 1,214 | $ | 1,214 | $ | 1,214 | $ | 1,214 | $ | 1,214 | $ | 1,214 | $ | 1,214 | ||||||||||||||||
|
Core deposit intangible
|
2,543 | 2,664 | 2,785 | 2,906 | 3,030 | 3,155 | 3,285 | 3,420 | ||||||||||||||||||||||||
|
Mortgage servicing rights
|
2,321 | 2,122 | 1,975 | 1,952 | 1,825 | 1,808 | 1,781 | 1,718 | ||||||||||||||||||||||||
|
Nonmortgage servicing rights
|
- | - | - | - | 2 | 3 | 3 | 3 | ||||||||||||||||||||||||
|
Total intangible assets
|
$ | 6,078 | $ | 6,000 | $ | 5,974 | $ | 6,072 | $ | 6,071 | $ | 6,180 | $ | 6,283 | $ | 6,355 | ||||||||||||||||
|
Intangible amortization expense
|
$ | 283 | $ | 283 | $ | 282 | $ | 296 | $ | 252 | $ | 226 | $ | 222 | $ | 361 | ||||||||||||||||
|
DEPOSIT COMPOSITION
|
||||||||||||||||||||||||||||||||
|
Non-interest bearing demand
|
$ | 424,008 | $ | 429,407 | $ | 421,083 | $ | 395,141 | $ | 400,985 | $ | 388,365 | $ | 389,027 | $ | 369,013 | ||||||||||||||||
|
Interest-bearing demand
|
112,012 | 113,677 | 119,929 | 119,759 | 105,905 | 98,270 | 124,346 | 112,731 | ||||||||||||||||||||||||
|
Money market accounts
|
423,417 | 385,296 | 361,839 | 349,419 | 423,181 | 461,546 | 465,269 | 486,770 | ||||||||||||||||||||||||
|
Savings accounts
|
37,693 | 36,461 | 35,610 | 34,679 | 33,406 | 31,319 | 29,586 | 28,440 | ||||||||||||||||||||||||
|
Time deposits of $100,000 or more
|
351,273 | 389,969 | 431,317 | 464,876 | 487,907 | 551,914 | 570,116 | 669,817 | ||||||||||||||||||||||||
|
Other time deposits
|
361,175 | 388,863 | 418,601 | 442,906 | 469,998 | 490,839 | 515,892 | 551,800 | ||||||||||||||||||||||||
|
Total deposits**
|
$ | 1,709,578 | $ | 1,743,673 | $ | 1,788,379 | $ | 1,806,780 | $ | 1,921,382 | $ | 2,022,253 | $ | 2,094,236 | $ | 2,218,571 | ||||||||||||||||
|
OFFICES AND EMPLOYEES
|
||||||||||||||||||||||||||||||||
|
FTE Employees
|
422 | 429 | 430 | 435 | 435 | 437 | 437 | 424 | ||||||||||||||||||||||||
|
Branches
|
22 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | ||||||||||||||||||||||||
|
Loan production offices
|
1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | ||||||||||||||||||||||||
|
Assets per employee
|
$ | 5,029 | $ | 5,014 | $ | 5,265 | $ | 5,214 | $ | 5,465 | $ | 5,874 | $ | 6,075 | $ | 6,541 | ||||||||||||||||
|
____________________
|
||||||||||||||||||||||||||||||||
|
*This is a Non-GAAP based financial measure.
|
||||||||||||||||||||||||||||||||
|
**Calculation of Non-brokered Deposits and Core Funding (Non-GAAP Financial Measures)
|
||||||||||||||||||||||||||||||||
|
Total deposits
|
$ | 1,709,578 | $ | 1,743,673 | $ | 1,788,379 | $ | 1,806,780 | $ | 1,921,382 | $ | 2,022,253 | $ | 2,094,236 | $ | 2,218,571 | ||||||||||||||||
|
Less:
|
||||||||||||||||||||||||||||||||
|
Brokered time deposits
|
9,865 | 10,197 | 12,238 | 13,307 | 14,974 | 46,838 | 52,407 | 122,124 | ||||||||||||||||||||||||
|
Other brokered deposits
|
3,421 | 4,421 | 4,420 | 6,529 | 78,236 | 105,483 | 105,392 | 112,033 | ||||||||||||||||||||||||
|
Non-brokered deposits
|
$ | 1,696,292 | $ | 1,729,055 | $ | 1,771,721 | $ | 1,786,944 | $ | 1,828,172 | $ | 1,869,932 | $ | 1,936,437 | $ | 1,984,414 | ||||||||||||||||
|
Plus:
|
||||||||||||||||||||||||||||||||
|
Sweep repurchase agreements
|
45,362 | 41,694 | 43,477 | 30,139 | 31,482 | 40,305 | 30,636 | 27,214 | ||||||||||||||||||||||||
|
Core funding
|
$ | 1,741,654 | $ | 1,770,749 | $ | 1,815,198 | $ | 1,817,083 | $ | 1,859,654 | $ | 1,910,237 | $ | 1,967,073 | $ | 2,011,628 | ||||||||||||||||
|
Balance sheet amounts are as of period end unless otherwise noted.
|
||||||||||||||||||||||||||||||||
14
|
SOUTHWEST BANCORP, INC.
|
Table 8
|
|||||||||||||||||||||||||||||||
|
UNAUDITED QUARTERLY SUPPLEMENTAL ANALYTICAL DATA
|
||||||||||||||||||||||||||||||||
|
(Dollars in thousands, except per share)
|
||||||||||||||||||||||||||||||||
|
2012
|
2011
|
|||||||||||||||||||||||||||||||
|
Dec. 31
|
Sep. 30
|
Jun. 30
|
Mar. 31
|
Dec. 31
|
Sep. 30
|
Jun. 30
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Mar. 31
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PERFORMANCE RATIOS
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Return on average assets (annualized)
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0.18 | % | 1.06 | % | 0.73 | % | 0.89 | % | (8.98 | )% | (1.43 | )% | (0.43 | )% | 0.35 | % | ||||||||||||||||
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Return on average common equity (annualized)
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1.56 | 7.11 | 5.03 | 7.00 | (81.01 | ) | (13.66 | ) | (5.20 | ) | 1.85 | |||||||||||||||||||||
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Return on average tangible common equity
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(annualized)*
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1.56 | 7.15 | 5.06 | 7.03 | (81.35 | ) | (13.72 | ) | (5.22 | ) | 1.85 | |||||||||||||||||||||
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Net interest margin (annualized)
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3.41 | 3.59 | 3.71 | 3.82 | 3.62 | 3.77 | 3.79 | 3.78 | ||||||||||||||||||||||||
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Effective tax rate
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31.45 | 39.73 | 37.12 | 37.50 | 38.49 | 35.23 | 54.53 | 38.40 | ||||||||||||||||||||||||
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Efficiency ratio
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79.68 | 64.47 | 71.82 | 58.73 | 164.47 | 64.07 | 52.40 | 54.50 | ||||||||||||||||||||||||
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NONPERFORMING ASSETS
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Noncovered:
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Nonaccrual loans
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$ | 35,104 | $ | 26,493 | $ | 20,474 | $ | 14,324 | $ | 13,506 | $ | 132,268 | $ | 151,135 | $ | 134,934 | ||||||||||||||||
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90 days past due and accruing
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3,290 | 390 | 245 | 100 | 43 | 458 | 43 | 529 | ||||||||||||||||||||||||
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Total nonperforming loans
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38,394 | 26,883 | 20,719 | 14,424 | 13,549 | 132,726 | 151,178 | 135,463 | ||||||||||||||||||||||||
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Other real estate
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11,315 | 14,683 | 17,263 | 19,329 | 19,844 | 70,785 | 38,956 | 41,067 | ||||||||||||||||||||||||
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Total nonperforming assets
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$ | 49,709 | $ | 41,566 | $ | 37,982 | $ | 33,753 | $ | 33,393 | $ | 203,511 | $ | 190,134 | $ | 176,530 | ||||||||||||||||
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Performing restructured
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$ | 290 | $ | 281 | $ | 328 | $ | 1,700 | $ | 1,017 | $ | 1,026 | $ | 3,191 | $ | 2,166 | ||||||||||||||||
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Potential problem loans
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$ | 94,361 | $ | 86,752 | $ | 111,083 | $ | 126,320 | $ | 133,039 | $ | 276,694 | $ | 291,171 | $ | 217,406 | ||||||||||||||||
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Covered:
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Nonaccrual loans
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$ | 3,595 | $ | 4,809 | $ | 6,067 | $ | 7,015 | $ | 7,128 | $ | 7,065 | $ | 9,800 | $ | 9,809 | ||||||||||||||||
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90 days past due and accruing
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- | 353 | - | - | - | 610 | - | - | ||||||||||||||||||||||||
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Total nonperforming loans
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3,595 | 5,162 | 6,067 | 7,015 | 7,128 | 7,675 | 9,800 | 9,809 | ||||||||||||||||||||||||
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Other real estate
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3,643 | 4,142 | 3,825 | 4,694 | 4,529 | 5,350 | 3,806 | 4,016 | ||||||||||||||||||||||||
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Total nonperforming assets
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$ | 7,238 | $ | 9,304 | $ | 9,892 | $ | 11,709 | $ | 11,657 | $ | 13,025 | $ | 13,606 | $ | 13,825 | ||||||||||||||||
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Performing restructured
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$ | 2,523 | $ | 2,548 | $ | 1,701 | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
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Potential problem loans
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$ | 3,155 | $ | 1,621 | $ | 1,573 | $ | 553 | $ | 912 | $ | 2,015 | $ | 2,731 | $ | 3,444 | ||||||||||||||||
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ASSET QUALITY RATIOS
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Net loan charge-offs to average portfolio
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loans (annualized)
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0.03 | % | (0.42 | )% | 0.31 | % | 0.32 | % | 19.78 | % | 2.70 | % | 4.76 | % | 2.25 | % | ||||||||||||||||
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Noncovered:
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Nonperforming assets to portfolio loans and
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other real estate
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3.73 | % | 2.88 | % | 2.51 | % | 2.12 | % | 1.96 | % | 9.86 | % | 8.66 | % | 7.74 | % | ||||||||||||||||
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Nonperforming loans to portfolio loans
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2.91 | 1.88 | 1.38 | 0.92 | 0.80 | 6.66 | 7.01 | 6.04 | ||||||||||||||||||||||||
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Allowance for loan losses to portfolio loans
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3.52 | 3.05 | 2.92 | 2.87 | 2.62 | 3.25 | 2.53 | 2.73 | ||||||||||||||||||||||||
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Allowance for loan losses to
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nonperforming loans
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121.10 | 162.21 | 211.43 | 312.14 | 326.47 | 48.75 | 36.10 | 45.24 | ||||||||||||||||||||||||
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Covered:
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Nonperforming assets to portfolio loans and
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other real estate
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24.66 | % | 28.77 | % | 28.64 | % | 30.81 | % | 27.66 | % | 27.98 | % | 27.23 | % | 26.02 | % | ||||||||||||||||
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Nonperforming loans to portfolio loans
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13.98 | 18.31 | 19.75 | 21.06 | 18.95 | 18.62 | 21.23 | 19.97 | ||||||||||||||||||||||||
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Allowance for loan losses to portfolio loans
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0.87 | 0.49 | 0.30 | 0.18 | 1.20 | - | - | - | ||||||||||||||||||||||||
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Allowance for loan losses to
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nonperforming loans
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6.23 | 2.67 | 1.50 | 0.86 | 6.33 | - | - | - | ||||||||||||||||||||||||
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CAPITAL RATIOS
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Average total shareholders' equity to
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average assets
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11.61 | % | 12.31 | % | 13.56 | % | 12.99 | % | 13.95 | % | 14.21 | % | 13.81 | % | 13.40 | % | ||||||||||||||||
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Leverage ratio
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15.01 | 14.49 | 16.84 | 16.20 | 14.50 | 16.47 | 16.25 | 15.95 | ||||||||||||||||||||||||
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Tier 1 capital to risk-weighted assets
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20.28 | 19.36 | 22.24 | 21.21 | 19.51 | 19.54 | 18.93 | 18.49 | ||||||||||||||||||||||||
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Total capital to risk-weighted assets
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21.56 | 20.64 | 23.52 | 22.49 | 20.78 | 20.81 | 20.20 | 19.77 | ||||||||||||||||||||||||
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Tangible common equity to tangible assets***
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11.54 | 11.33 | 10.56 | 10.42 | 9.76 | 11.38 | 11.38 | 10.99 | ||||||||||||||||||||||||
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REGULATORY CAPITAL DATA
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Tier I capital
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$ | 319,665 | $ | 317,665 | $ | 382,263 | $ | 378,949 | $ | 371,114 | $ | 433,627 | $ | 444,105 | $ | 447,803 | ||||||||||||||||
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Total capital
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339,964 | 338,739 | 404,252 | 401,808 | 395,292 | 461,928 | 473,949 | 478,713 | ||||||||||||||||||||||||
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Total risk adjusted assets
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1,576,521 | 1,641,121 | 1,719,058 | 1,786,282 | 1,902,639 | 2,219,271 | 2,346,596 | 2,421,752 | ||||||||||||||||||||||||
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Average total assets
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2,130,035 | 2,192,579 | 2,269,640 | 2,339,784 | 2,558,657 | 2,632,999 | 2,733,561 | 2,807,518 | ||||||||||||||||||||||||
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____________________
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*This is a Non-GAAP based financial measure.
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***Calculation of Tangible Capital to Tangible Assets (Non-GAAP Financial Measure)
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Total shareholders' equity
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$ | 246,056 | $ | 244,821 | $ | 309,003 | $ | 306,046 | $ | 301,589 | $ | 361,427 | $ | 371,333 | $ | 373,753 | ||||||||||||||||
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Less:
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Goodwill
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1,214 | 1,214 | 1,214 | 1,214 | 1,214 | 1,214 | 1,214 | 1,214 | ||||||||||||||||||||||||
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Preferred stock
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- | - | 68,837 | 68,644 | 68,455 | 68,268 | 68,084 | 67,902 | ||||||||||||||||||||||||
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Tangible common equity
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$ | 244,842 | $ | 243,607 | $ | 238,952 | $ | 236,188 | $ | 231,920 | $ | 291,945 | $ | 302,035 | $ | 304,637 | ||||||||||||||||
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Total assets
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$ | 2,122,255 | $ | 2,151,153 | $ | 2,264,123 | $ | 2,268,264 | $ | 2,377,276 | $ | 2,566,895 | $ | 2,654,898 | $ | 2,773,431 | ||||||||||||||||
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Less goodwill
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1,214 | 1,214 | 1,214 | 1,214 | 1,214 | 1,214 | 1,214 | 1,214 | ||||||||||||||||||||||||
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Tangible assets
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$ | 2,121,041 | $ | 2,149,939 | $ | 2,262,909 | $ | 2,267,050 | $ | 2,376,062 | $ | 2,565,681 | $ | 2,653,684 | $ | 2,772,217 | ||||||||||||||||
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Tangible common equity to tangible assets
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11.54 | % | 11.33 | % | 10.56 | % | 10.42 | % | 9.76 | % | 11.38 | % | 11.38 | % | 10.99 | % | ||||||||||||||||
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Balance sheet amounts and ratios are as of period end unless otherwise noted.
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15