Market Overview

Southwest Bancorp, Inc. Reports Another Quarter of Solid Results for Fourth Quarter 2015 and Announces Increased Quarterly Dividend

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STILLWATER, Okla., Jan. 19, 2016 (GLOBE NEWSWIRE) -- Southwest Bancorp, Inc. (NASDAQ: OKSB), ("Southwest"), today reported net income for the fourth quarter of 2015 of $4.6 million, or $0.23 per diluted share, compared to $5.9 million, or $0.30 per diluted share, for the fourth quarter of 2014. Included in the prior year's fourth quarter results was a negative (credit) provision for loan losses of $2.4 million versus a negative (credit) provision of $0.6 million for the quarter ended December 31, 2015. Net income for the year ended December 31, 2015 totaled $17.4 million, or $0.90 per diluted share, compared to $21.0 million, or $1.07 per diluted share, for the year ended December 31, 2014. Included in the prior year's results was a pre-tax net gain on sale of bank branches of $4.4 million and a negative (credit) provision for loan losses of $6.6 million, versus a negative (credit) provision for loan losses of $3.6 million for the year ended December 31, 2015.

Southwest announced that its board of directors has approved an increase in the quarterly cash dividend from $0.06 per share to $0.08 per share payable February 12, 2016 to shareholders of record as of January 29, 2016.

Mark Funke, President and CEO, stated, "The fourth quarter was a positive growth and expansion quarter for Bank SNB.  We successfully completed the acquisition and integration of First Commercial Bancshares, Inc. We hired a market president and two commercial bankers to lead our newly established Denver banking efforts.  The acquisition expands our presence in the Oklahoma City metro area with five additional branches, increasing our total to ten. It also adds Colorado to our geographic footprint with three branches in Denver and one in Colorado Springs. 

"The financial results for the fourth quarter reflect solid earnings and strong loan growth. Our efforts produced several highlights:

  • Closed the acquisition of Edmond-based First Commercial Bancshares, Inc. ("FCBI") October 9, 2015.
  • Total loan growth was $231.3 million, including $194.0 million of FCBI acquired loans, or 15%, for the fourth quarter and $379.4 million, or 27%, for the year. We have had eight consecutive quarters of loan growth.
  • Core loan growth (excluding the FCBI acquisition) for the year was $185.4 million, or 13%.
  • The quarterly net interest margin improved to 3.48% at December 31, 2015 compared to 3.34% at September 30, 2015. 



"Our financial results and the solid loan growth for the fourth quarter and the full year reflect the excellent work of our banking associates. We will continue to focus our company on producing consistent, conservative, and sustainable earnings through the expansion of our revenue base while prudently managing risk and expenses."

On February 24, 2015, Southwest's board of directors authorized its second consecutive share repurchase program of up to 5.0% of its outstanding common stock, or approximately 950,000 shares, which became effective on August 14, 2015. The first share repurchase program, in August 2014, authorized up to 990,000 shares. Since August 2014, Southwest has repurchased 1,121,558 shares for a total of $18.8 million.  During the fourth quarter of 2015, 254,248 shares for a total of $4.4 million were repurchased.

Financial Overview

Condition:  As of December 31, 2015, total assets were $2.4 billion, an increase of $297.1 million, including FCBI acquired assets, when compared to September 30, 2015. At the date of acquisition, FCBI assets were $291.9 million. As of December 31, 2015, total loans were $1.8 billion, an increase of $231.3 million from the prior quarter end, including $194.0 million in acquired loans. As of December 31, 2015, investment securities were $412.1 million, an increase of $23.6 million from the prior quarter end, including $34.8 million in acquired investments. Cash and cash equivalents at December 31, 2015 were $78.1 million, up $9.5 million from September 30, 2015. 

At December 31, 2015, the allowance for loan losses was $26.1 million, a decrease of $0.5 million when compared to September 30, 2015 and a decrease of $2.3 million when compared to December 31, 2014.  The allowance for loan losses to portfolio loans was 1.47% as of December 31, 2015, compared to 1.73% as of September 30, 2015 and 2.03% as of December 31, 2014.  The allowance for loan losses to nonperforming loans was 128.49% as of December 31, 2015, compared to 176.38% as of September 30, 2015 and 302.26% as of December 31, 2014.  The total allowance for loan losses combined with the purchase discount on acquired loans represents 1.96% of gross loans. 

Nonperforming loans were $20.3 million at December 31, 2015, an increase of $5.2 million from September 30, 2015, including $4.1 million of acquired nonperforming loans, and an increase of $10.9 million from December 31, 2014.  Other real estate at December 31, 2015 was $2.3 million, which is flat from September 30, 2015, and a decrease of $0.8 million when compared to December 31, 2014.  Nonperforming assets were $22.6 million, or 1.27% of portfolio loans and other real estate, as of December 31, 2015, compared to $17.4 million, or 1.12% of portfolio loans and other real estate, as of September 30, 2015, and $12.5 million, or 0.89% of portfolio loans and other real estate, as of December 31, 2014.

As of December 31, 2015, total deposits were $1.9 billion, an increase of $257.9 million, including $227.9 million of acquired deposits, when compared to September 30, 2015. Total core funding, which includes all non-brokered deposits and sweep repurchase agreements, comprised 88% and 89% of total funding as of December 31, 2015 and September 30, 2015, respectively.  Wholesale funding, including Federal Home Loan Bank borrowings, federal funds purchased, and brokered deposits, accounted for 12% and 11% of total funding at December 31, 2015 and September 30, 2015, respectively.  See Table 7 for details on core funding and non-brokered deposits, which are non-GAAP financial measures.

The capital ratios of Southwest and Bank SNB as of December 31, 2015 exceeded the criteria for regulatory classification as "well-capitalized".  Southwest's total regulatory capital was $354.3 million, for a total risk-based capital ratio of 16.55%, Common Equity Tier 1 capital was $282.7 million, for a Common Equity Tier 1 ratio of 13.21%, and Tier 1 capital was $327.5 million, for a Tier 1 risk-based capital ratio of 15.30%.  Bank SNB had total regulatory capital of $317.9 million, for a total risk-based capital ratio of 14.90% and Common Equity Tier 1 and Tier 1 capital of $291.1 million, for a Common Equity Tier 1 and Tier 1 ratio of 13.65%.  Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by bank regulators.

Fourth Quarter Results:

Summary:  For the fourth quarter of 2015, net income was $4.6 million, compared to $4.1 million for the third quarter of 2015 and $5.9 million for the fourth quarter of 2014.  For the quarter, FCBI contributed $1.1 million of net income, which was substantially offset by deal costs, net of tax, of $1.0 million.

The $0.5 million increase in net income compared to the third quarter of 2015 was primarily due to $3.0 million increase in net interest income, a negative provision for loan losses of $0.6 million versus a small loan provision for loan losses in the previous quarter, and a $0.2 million increase in noninterest income, offset in part by a $3.0 million increase in noninterest expense including FCBI acquisition expenses, and an increase in taxes of $0.3 million.

The $1.3 million decrease in our net income compared to the fourth quarter of 2014 was primarily the result of a decrease in the negative provision for loan losses of $1.8 million, a $0.4 million decrease in noninterest income, a $3.0 million increase in noninterest expense, offset in part by a $2.9 million increase in net interest income and a $1.0 million decrease in taxes.

Net Interest Income:  Net interest income totaled $19.5 million for the fourth quarter of 2015, compared to $16.5 million for the third quarter of 2015 and $16.6 million for the fourth quarter of 2014.  Net interest margin was 3.48% for the fourth quarter of 2015, compared to 3.34% for the third quarter of 2015 and 3.52% for the fourth quarter of 2014. Included in interest income for the fourth quarter of 2015 was $0.3 million due to accelerated discount accretion attributable to the acquisition of FCBI.  The net effect of these adjustments on the net interest margin was a 5 basis point increase for the quarter ended 2015. The FCBI acquisition contributed $2.7 million in net interest income including $0.3 million in accelerated discount accretion. Loans (including loans held for sale) for the fourth quarter of 2015 increased $231.3 million, or 15%, including $194.0 million of acquired loans, when compared to September 30, 2015, and $379.4 million, or 27%, when compared to December 31, 2014.

Provision (Credit) for Loan Losses and Net Charge-offs:  The provision for loan losses is the amount that is required to maintain the allowance for loan losses at an appropriate level based upon the inherent risks in the loan portfolio after the effects of net charge-offs or net recoveries for the period.  The provision for loan losses was a negative provision of $0.6 million for the fourth quarter of 2015, compared to a provision of $0.02 million for the third quarter of 2015, and a negative provision of $2.4 million for the fourth quarter of 2014. During the fourth quarter of 2015, net recoveries totaled $0.1 million, or (0.02%) (annualized) of average portfolio loans, compared to net recoveries of $0.4 million, or (0.09%) (annualized) of average portfolio loans for the third quarter of 2015 and net charge-offs of $0.1 million, or 0.02% (annualized) of average portfolio loans for the fourth quarter of 2014. 

Noninterest Income:  Noninterest income totaled $4.2 million for the fourth quarter of 2015, compared to $4.0 million for the third quarter of 2015 and $4.6 million for the fourth quarter of 2014. 

The $0.2 million increase from the third quarter of 2015 is primarily the result of a $0.2 million increase in service charges and fees and a $0.1 million increase in the gain on sale of mortgage loans, offset in part by a $0.1 million decrease in other noninterest income, primarily from customer risk management interest rate swap income. 

The $0.4 million decrease from the fourth quarter of 2014 is primarily the result of a $1.1 million decrease in gain on investment securities related to the gain on sale of a private equity investment during the fourth quarter of 2014, offset in part by a $0.1 million increase in service charges and fees, a $0.2 million increase in the gain on sale of mortgage loans, and a $0.4 million increase in other noninterest income, primarily from customer risk management interest rate swap income and income on bank owned life insurance.

Noninterest Expense:  Noninterest expense totaled $17.1 million for the fourth quarter of 2015, compared to $14.1 million for the third quarter of 2015 and the fourth quarter of 2014. 

The $3.0 million increase in noninterest expense from the third quarter of 2015 was primarily due to a $1.9 million increase in personnel expense, a $0.3 million increase in occupancy, a $0.4 million increase in data processing, and a $0.4 million increase in general and administrative expense. Noninterest expense included $2.6 million of expenses related to the acquisition of FCBI and the associated deal costs.

The $3.0 million increase in noninterest expense from the fourth quarter of 2014 consisted of a $2.8 million increase in personnel expense, a $0.2 million increase in occupancy, a $0.4 million increase in data processing, and a $0.1 million increase in FDIC and other insurance, offset in part by a $0.2 million decrease in other real estate and a $0.4 million decrease in general and administrative expense, which includes primarily legal, accounting, and marketing expenses. Noninterest expense included $2.6 million of expenses related to the acquisition of FCBI and the associated deal costs.

Income Tax:  Income tax expense totaled $2.6 million for the fourth quarter of 2015, compared to $2.3 million for the third quarter of 2015 and $3.5 million for the fourth quarter of 2014.  The income tax expense fluctuates in relation to pre-tax income levels.  The fourth quarter of 2015 effective tax rate was 35.96%, compared to 35.84% for the third quarter of 2015 and 37.50% for the fourth quarter of 2014. The decline in the effective tax rate includes the impact of an increase in tax exempt income, as a percentage of pre-tax income.

Year-to-date Results:

Summary:  Net income was $17.4 million for the year ended December 31, 2015, compared to $21.0 million for the year ended December 31, 2014.  The $3.6 million decrease in net income from 2014 is the result of a $3.1 million decrease in the negative provision for loan losses, a $4.5 million decrease in noninterest income, which is primarily the pre-tax net gain of $4.4 million on the sales of community bank branches in the second quarter of 2014, and a $1.3 million increase in noninterest expense, offset in part by a $2.4 million increase in net interest income and a $2.8 million decrease in income tax. For the year, FCBI contributed $1.1 million of net income, which was offset by, net of tax, deal costs of $1.2 million.

Net Interest Income:  Net interest income totaled $67.4 million for 2015, compared to $65.0 million for 2014, an increase of $2.4 million.  Year-to-date net interest margin was 3.35%, compared to 3.45% for 2014. Included in interest income for 2015 was $0.3 million due to accelerated discount accretion attributable to the acquisition of FCBI.  The net effect of these adjustments on the net interest margin was a 2 basis point increase for the year ended 2015. Included in interest income for 2014 was $0.8 million due to accelerated discount accretion attributable to the sale of loans covered by a loss share agreement and $0.8 million due to the interest recovery on nonaccrual loans.  The net effect of these adjustments on the net interest margin was a 8 basis point increase for the year ended 2014.  With the rate environment remaining low, earning assets are repricing at lower rates.

Provision (Credit) for Loan Losses and Net Charge-offs:  The provision for loan losses is the amount of expense that is required to maintain the allowance for loan losses at an appropriate level based upon the inherent risks in the loan portfolio after the effects of net charge-offs or net recoveries for the period.  The provision for loan losses was a credit (or negative) of $3.6 million for 2015, compared to a negative provision of $6.6 million for 2014. Net recoveries totaled $1.2 million, or (0.08%) (annualized) of average portfolio loans year-to-date as of 2015, compared to net charge-offs of $1.6 million, or 0.12% (annualized) of average portfolio loans for 2014.  

Noninterest Income:  Noninterest income totaled $14.5 million for 2015, compared to $18.9 million for 2014.  The decrease consists of a $0.2 million decrease in service charges and fees, the $4.4 million recognized as the pre-tax net gain on the sales of the community bank branches in the second quarter of 2014, and a $1.7 million decrease in the gain on sale of investment securities, due to the gain on sale of a private equity investment and the gain on the sale of a stock investment that was acquired in a prior year repossession in 2014, offset in part by a $0.6 million increase in gain on sales of mortgage loans and a $1.2 million increase in other noninterest income, which includes customer risk management interest rate swap income and income on bank owned life insurance. 

Noninterest Expense:  Noninterest expense totaled $58.2 million for 2015, compared to $56.9 million for 2014.  The increase consists of a $3.0 million increase in salaries and employee benefits, a $0.2 million increase in occupancy expense, and a $0.4 million increase in data processing. These increases are offset in part by a $0.4 million decrease in other real estate expense and a $1.9 million decrease in general and administrative expenses, which primarily includes legal, marketing, and consulting. Noninterest expense included $3.1 million of expenses related to the acquisition of FCBI and the associated deal costs.

Income Tax:  Income tax expense totaled $9.8 million for 2015, compared to $12.6 million for 2014.  The income tax expense fluctuates in relation to pre-tax income levels.  The year-to-date effective tax rate was 36.00% as of December 31, 2015, compared to 37.50% as of December 31, 2014. The decline in the effective tax rate includes the impact of an increase in tax exempt income, as a percentage of pre-tax income.

Conference Call

Southwest will host a conference call to review these results on Wednesday, January 20, 2016 at 11:00 a.m. Eastern Time (10:00 a.m. Central Time).  Investors, news media, and others may pre-register for the call using the following link to receive a special dial-in number and PIN:  http://dpregister.com/10077971.  Telephone participants who are unable to pre-register may access the call by telephone at 866-218-2402 (toll-free) or 412-902-4190 (international).  Participants are encouraged to dial into the call approximately 10 minutes prior to the start time.  The call and corresponding presentation slides will be webcast live on Southwest's website at www.oksb.com or http://services.choruscall.com/links/oksb160120.html.  An audio replay will be available one hour after the call at 877-344-7529 (toll-free) or 412-317-0088 (international), conference number 10077971.  Telephone replay access will be available until 9:00 a.m. Eastern Time on February 20, 2016.

Southwest Bancorp and Subsidiaries

Southwest is the holding company for Bank SNB, an Oklahoma state banking corporation ("Bank SNB").  Bank SNB offers commercial and consumer lending, deposit and investment services, specialized cash management, and other financial services from offices in Oklahoma, Texas, Kansas, and Colorado.  Bank SNB was chartered in 1894 and Southwest was organized in 1981 as the holding company.  At December 31, 2015, Southwest had total assets of approximately $2.4 billion, deposits of $1.9 billion, and shareholders' equity of $296.1 million.

Southwest's area of expertise focuses on the special financial needs of healthcare and health professionals, businesses and their managers and owners, commercial lending, energy banking, and commercial real estate borrowers.  The strategic focus on healthcare lending was established in 1974.  Southwest and its banking subsidiary provide credit and other remittance services, such as deposits, cash management, and document imaging for physicians and other healthcare practitioners to start or develop their practices and finance the development and purchase of medical offices, clinics, surgical care centers, hospitals, and similar facilities.  As of December 31, 2015, approximately $425.7 million, or 24%, of loans were loans to individuals and businesses in the healthcare industry.  Regular market reviews are conducted of (i) current and potential healthcare lending business, and (ii) the appropriate concentrations within healthcare based upon economic and regulatory conditions.

Southwest's common stock is traded on the NASDAQ Global Select Market under the symbol OKSB. 

Caution About Forward-Looking Statements

Southwest makes forward-looking statements in this news release that are subject to risks and uncertainties.  These statements are intended to be covered by the safe harbor provision for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

These forward-looking statements include: 

  • Statements of Southwest's goals, intentions, and expectations;
  • Estimates of risks and of future costs and benefits;
  • Expectations regarding Southwest's future financial performance and the financial performance of its operating segments;
  • Expectations regarding regulatory actions;
  • Expectations regarding Southwest's ability to utilize tax loss benefits;
  • Expectations regarding Southwest's stock repurchase program;
  • Expectations regarding dividends;
  • Expectations regarding acquisitions and divestitures;
  • Assessments of loan quality, probable loan losses, and the amount and timing of loan payoffs;
  • Estimates of the value of assets held for sale or available for sale; and
  • Statements of Southwest's ability to achieve financial and other goals.

These forward-looking statements are subject to significant uncertainties because they are based upon: the amount and timing of future changes in interest rates, market behavior, and other economic conditions; future laws, regulations, and accounting principles; changes in regulatory standards and examination policies, and a variety of other matters. These other matters include, among other things, the direct and indirect effects of economic conditions on interest rates, credit quality, loan demand, liquidity, and monetary and supervisory policies of banking regulators.  Because of these uncertainties, the actual future results may be materially different from the results indicated by these forward-looking statements. In addition, Southwest's past growth and performance do not necessarily indicate future results.  For other factors, risks, and uncertainties that could cause actual results to differ materially from estimates and projections contained in forward-looking statements, please read Southwest's reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2014.  You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading "Risk Factors".

The cautionary statements in this release also identify important factors and possible events that involve risk and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements.  These forward-looking statements speak only as of the date on which the statements were made.  Southwest does not intend, and undertakes no obligation, to update or revise any forward-looking statements contained in this release, whether as a result of differences in actual results, changes in assumptions, or changes in other factors affecting such statements, except as required by law.

Southwest is required under generally accepted accounting principles to evaluate subsequent events and their impact, if any, on its financial statements as of December 31, 2015 through the date its financial statements are filed with the Securities and Exchange Commission.  The December 31, 2015 financial statements included in this release will be adjusted if necessary to properly reflect the impact of subsequent events on estimates used to prepare those statements. 

The Southwest Bancorp, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8074

The Bank SNB logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=23106



 Financial Tables
 
Unaudited Financial HighlightsTable 1
Unaudited Consolidated Statements of Financial ConditionTable 2
Unaudited Consolidated Statements of OperationsTable 3
Unaudited Average Balances, Yields, and Rates-Quarterly Table 4
Unaudited Average Balances, Yields, and Rates-Year-to-dateTable 5
Unaudited Quarterly Summary Loan DataTable 6
Unaudited Quarterly Summary Financial DataTable 7
Unaudited Quarterly Supplemental Analytical DataTable 8



SOUTHWEST BANCORP, INC.

Table 1
UNAUDITED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share)
  Fourth QuarterThird Quarter  Fourth Quarter
QUARTERLY HIGHLIGHTS 2015 % Change 2014 % Change
Operations             
Net interest income $ 19,520  $ 16,496   18% $ 16,592   18%
Provision (credit) for loan losses   (566)   23   (2,561)   (2,386)  (76)
Noninterest income   4,179    4,029   4    4,576   (9)
Noninterest expense   17,099    14,077   21    14,115   21 
Income before taxes   7,166    6,425   12    9,439   (24)
Taxes on income   2,577    2,303   12    3,540   (27)
Net income   4,589    4,122   11    5,899   (22)
Diluted earnings per share   0.23    0.22   5    0.30   (23)
Balance Sheet             
Total assets   2,357,022    2,059,899   14    1,942,034   21 
Loans held for sale   7,453    7,024   6    1,485   402 
Portfolio loans   1,771,976    1,541,070   15    1,398,506   27 
Total deposits   1,884,105    1,626,250   16    1,533,999   23 
Total shareholders' equity   296,098    277,344   7    270,786   9 
Book value per common share   14.80    14.57   2    14.11   5 
Key Ratios             
Net interest margin   3.48%   3.34%     3.52%  
Efficiency ratio   71.49    68.25      66.68   
Total capital to risk-weighted assets   16.55    18.21      20.96   
Nonperforming loans to portfolio loans   1.15    0.98      0.67   
Shareholders' equity to total assets   12.56    13.46      13.94   
Tangible common equity to tangible assets*   11.95    13.40      13.89   
Return on average assets (annualized)   0.78    0.81      1.22   
Return on average common equity (annualized)   6.14    5.94      8.62   
Return on average tangible common equity (annualized)**   6.46    5.97      8.66   
              
  Year     
YEAR-TO-DATE  HIGHLIGHTS 2015 2014 % Change     
Operations             
Net interest income $ 67,417  $ 65,004   4%     
Provision (credit) for loan losses   (3,566)   (6,624)  (46)     
Noninterest income   14,457    18,931   (24)     
Noninterest expense   58,240    56,912   2      
Income before taxes   27,200    33,647   (19)     
Taxes on income   9,793    12,617   (22)     
Net income   17,407    21,030   (17)     
Net income available to common shareholders   17,407    21,030   (17)     
Diluted earnings per share   0.90    1.07   (16)     
Balance Sheet             
Total assets   2,357,022    1,942,034   21      
Loans held for sale   7,453    1,485   402      
Portfolio loans   1,771,976    1,398,506   27      
Total deposits   1,884,105    1,533,999   23      
Total shareholders' equity   296,098    270,786   9      
Book value per common share   14.80    14.11   5      
Key Ratios             
Net interest margin   3.35%   3.45%       
Efficiency ratio   70.67    67.80        
Total capital to risk-weighted assets   16.55    20.96        
Nonperforming loans to portfolio loans   1.15    0.67        
Shareholders' equity to total assets   12.56    13.94        
Tangible common equity to tangible assets*   11.95    13.89        
Return on average assets (annualized)   0.84    1.09        
Return on average common equity (annualized)   6.23    7.82        
Return on average tangible common equity (annualized)**   6.35    7.85        
 
Balance sheet amounts and ratios are as of period end unless otherwise noted.
* This is a Non-GAAP financial measure.  Please see Table 8 for a reconciliation to the most directly comparable GAAP based measure.
** This is a Non-GAAP financial measure.
Please see accompanying tables for additional financial information.



SOUTHWEST BANCORP, INC.  Table 2
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION   
(Dollars in thousands)   
 December 31,  December 31,
 2015 2014
Assets     
Cash and due from banks$ 24,971  $ 19,705 
Interest-bearing deposits  53,158    121,231 
Cash and cash equivalents  78,129    140,936 
Securities held to maturity (fair values of $12,282 and $12,880, respectively)  11,797    12,362 
Securities available for sale (amortized cost of $401,136 and $352,275, respectively)  400,331    353,231 
Loans held for sale  7,453    1,485 
Loans receivable  1,771,976    1,398,506 
Less: Allowance for loan losses  (26,106)   (28,452)
Net loans receivable  1,745,870    1,370,054 
Accrued interest receivable  5,767    4,723 
Non-hedge derivative asset  1,793    787 
Premises and equipment, net  23,819    18,588 
Other real estate  2,274    3,097 
Goodwill  13,467    1,214 
Other intangible assets, net  6,615    3,927 
Other assets  59,707    31,630 
Total assets$ 2,357,022  $ 1,942,034 
      
Liabilities     
Deposits:     
Noninterest-bearing demand$ 596,494  $ 496,128 
Interest-bearing demand  151,015    122,342 
Money market accounts  534,357    461,679 
Savings accounts  56,333    32,795 
Time deposits of $100,000 or more  311,538    198,952 
Other time deposits  234,368    222,103 
Total deposits  1,884,105    1,533,999 
Accrued interest payable  867    769 
Non-hedge derivative liability  1,793    787 
Other liabilities  11,684    9,920 
Other borrowings  110,927    79,380 
Subordinated debentures  51,548    46,393 
Total liabilities   2,060,924    1,671,248 
      
Shareholders' equity     
Common stock - $1 par value; 40,000,000 shares authorized;     
21,138,028 and 19,810,877 shares issued, respectively  21,138    19,811 
Additional paid-in capital  121,966    101,245 
Retained earnings  173,210    160,427 
Accumulated other comprehensive income (loss)  (1,290)   (395)
Treasury stock, at cost, 1,131,226 and 617,818 shares, respectively  (18,926)   (10,302)
Total shareholders' equity  296,098    270,786 
Total liabilities and shareholders' equity$ 2,357,022  $ 1,942,034 



SOUTHWEST BANCORP, INC.

  Table 3
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands)   
    
 For the three months ended For the year
 December 31,  September 30, December 31,  ended December 31,
 2015 2015 2014 2015 2014
Interest income              
Loans$ 19,725  $16,510 $ 16,423  $ 67,644  $ 64,224 
Investment securities  1,813   1,644   1,737    6,559    7,146 
Other interest-earning assets  46   66   56    280    422 
Total interest income  21,584   18,220   18,216    74,483    71,792 
               
Interest expense              
Interest-bearing deposits  1,196   905   835    3,798    3,655 
Other borrowings  261   255   225    984    900 
Subordinated debentures  607   564   564    2,284    2,233 
Total interest expense  2,064   1,724   1,624    7,066    6,788 
               
Net interest income  19,520   16,496   16,592    67,417    65,004 
               
Provision (credit) for loan losses  (566)  23   (2,386)   (3,566)   (6,624)
               
Net interest income after provision for loan losses  20,086   16,473   18,978    70,983    71,628 
               
Noninterest income              
Service charges and fees  2,676   2,441   2,526    9,995    10,222 
Gain on sale of branches, net  -   -   -    -    4,378 
Gain on sales of mortgage loans  645   565   480    2,179    1,549 
Gain on sale/call of investment securities, net  -   19   1,120    162    1,884 
Other noninterest income  858   1,004   450    2,121    898 
Total noninterest income  4,179   4,029   4,576    14,457    18,931 
               
Noninterest expense              
Salaries and employee benefits  10,273   8,374   7,428    34,850    31,830 
Occupancy  2,586   2,288   2,388    9,359    9,193 
Data processing  847   475   417    2,178    1,776 
FDIC and other insurance  384   341   295    1,353    1,305 
Other real estate, net  8   20   235    161    594 
General and administrative  3,001   2,579   3,352    10,339    12,214 
Total noninterest expense  17,099   14,077   14,115    58,240    56,912 
Income before taxes  7,166   6,425   9,439    27,200    33,647 
Taxes on income  2,577   2,303   3,540    9,793    12,617 
Net income$ 4,589  $4,122 $ 5,899  $ 17,407  $ 21,030 
               
Basic earnings per common share$ 0.23  $0.22 $ 0.30  $ 0.90  $ 1.07 
Diluted earnings per common share  0.23   0.22   0.30    0.90    1.07 
Common dividends declared per share  0.06   0.06   0.04    0.24    0.16 



 

SOUTHWEST BANCORP, INC.

Table 4
UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES – QUARTERLY

(Dollars in thousands)
 
  For the three months ended
 December 31, 2015 September 30, 2015 December 31, 2014
 Average Average Average Average Average Average
 Balance Yield/Rate Balance Yield/Rate Balance Yield/Rate
Assets              
Loans$  1,744,374    4.49% $  1,473,297    4.45% $  1,369,852    4.76%
Investment securities   413,701     1.74      387,194     1.68      367,978     1.87  
Other interest-earning assets   64,562     0.28      100,011     0.26      132,418     0.17  
Total interest-earning assets   2,222,637     3.85      1,960,502     3.69      1,870,248     3.86  
Other assets   101,003        65,459        44,268    
Total assets$  2,323,640     $  2,025,961     $  1,914,516    
               
Liabilities and Shareholders' Equity              
Interest-bearing demand deposits$  137,154    0.15% $  123,829    0.12% $  114,035    0.11%
Money market accounts   541,976     0.18      497,935     0.17      466,937     0.15  
Savings accounts   53,603     0.13      35,982     0.10      32,824     0.10  
Time deposits   548,145     0.63      446,464     0.57      427,582     0.57  
Total interest-bearing deposits   1,280,878     0.37      1,104,210     0.33      1,041,378     0.32  
Other borrowings   80,343     1.29      76,799     1.32      79,932     1.12  
Subordinated debentures   51,044     4.76      46,393     4.86      46,393     4.86  
Total interest-bearing liabilities   1,412,265     0.58      1,227,402     0.56      1,167,703     0.55  
               
Noninterest-bearing demand deposits   594,537        511,442        465,466    
Other liabilities   20,149        11,708        9,765    
Shareholders' equity   296,689        275,409        271,582    
Total liabilities and shareholders' equity$  2,323,640     $  2,025,961     $  1,914,516    
               
Net interest income and spread    3.27%     3.13%     3.31%
Net interest margin (1)    3.48%     3.34%     3.52%
Average interest-earning assets              
to average interest-bearing liabilities  157.38%     159.73%     160.16%  
               
(1) Net interest margin = annualized net interest income / average interest-earning assets 



SOUTHWEST BANCORP, INC.Table 5

UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES – YEAR-TO-DATE

(Dollars in thousands)
 
 For the year ended December 31,
 2015 2014
 Average Average Average Average
 Balance Yield/Rate Balance Yield/Rate
Assets         
Loans$  1,519,730    4.45% $  1,334,323    4.81%
Investment securities   384,745     1.70      379,924     1.88  
Other interest-earning assets   106,587     0.26      170,563     0.25  
Total interest-earning assets   2,011,062     3.70      1,884,810     3.81  
Other assets   68,680        46,894    
Total assets$  2,079,742     $  1,931,704    
          
Liabilities and Shareholders' Equity         
Interest-bearing demand deposits$  134,381    0.11% $  121,976    0.12%
Money market accounts   499,788     0.17      440,658     0.14  
Savings accounts   39,456     0.11      38,147     0.10  
Time deposits   469,547     0.59      472,820     0.60  
Total interest-bearing deposits   1,143,172     0.33      1,073,601     0.34  
Other borrowings   72,538     1.36      82,965     1.08  
Subordinated debentures   47,565     4.80      46,393     4.81  
Total interest-bearing liabilities   1,263,275     0.56      1,202,959     0.56  
          
Noninterest-bearing demand deposits   524,025        449,052    
Other liabilities   13,217        10,612    
Shareholders' equity   279,225        269,081    
Total liabilities and shareholders' equity$  2,079,742     $  1,931,704    
          
Net interest income and spread    3.14%     3.25%
Net interest margin (1)    3.35%     3.45%
Average interest-earning assets         
to average interest-bearing liabilities  159.19%     156.68%  
          
(1) Net interest margin = annualized net interest income / average interest-earning assets 



SOUTHWEST BANCORP, INC.

 Table 6
UNAUDITED QUARTERLY SUMMARY LOAN DATA

(Dollars in thousands)
 
    2015 2014
  Dec. 31  Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31
LOAN COMPOSITION                       
Real estate mortgage:                       
Commercial$  938,462   $  869,250   $  759,406   $  759,676   $  752,971   $  757,878   $  769,021   $  766,178  
One-to-four family residential   161,958      95,906      85,338      86,343      77,531      78,985      79,542      84,619  
Real estate construction:                       
Commercial   129,070      126,407      186,140      192,052      186,659      166,379      166,981      166,007  
One-to-four family residential   21,337      12,866      13,107      12,586      10,464      11,030      8,359      6,629  
Commercial   507,173      423,480      384,788      366,282      350,410      330,738      300,163      266,311  
Installment and consumer:                       
Guaranteed student loans   -     -     -     -     37      127      4,282      4,318  
Other   21,429      20,185      20,651      21,306      21,919      22,251      23,352      26,060  
Total loans, including held for sale   1,779,429      1,548,094      1,449,430      1,438,245      1,399,991      1,367,388      1,351,700      1,320,122  
Less allowance for loan losses   (26,106)    (26,593)    (26,219)    (27,250)    (28,452)    (30,917)    (33,083)    (34,925)
Total loans, net$  1,753,323   $  1,521,501   $  1,423,211   $  1,410,995   $  1,371,539   $  1,336,471   $  1,318,617   $  1,285,197  
LOANS BY SEGMENT                       
Oklahoma banking****$  1,048,473   $  832,282   $  810,367   $  814,949   $  793,268   $  800,201   $  798,067   $  777,384  
Texas banking   580,476      563,010      493,047      478,005      460,680      424,640      408,385      372,018  
Kansas banking   150,480      152,802      146,016      145,291      146,043      142,547      145,248      170,720  
Total loans$  1,779,429   $  1,548,094   $  1,449,430   $  1,438,245   $  1,399,991   $  1,367,388   $  1,351,700   $  1,320,122  
NONPERFORMING LOANS BY TYPE                       
Construction & development$  1,010   $  391   $  416   $  392   $  73   $  77   $  82   $  80  
Commercial real estate   3,992      1,795      2,141      2,247      2,195      7,504      7,613      7,541  
Commercial   13,491      11,727      5,114      5,447      6,044      6,149      7,484      7,992  
One-to-four family residential   1,777      1,016      1,216      1,065      1,100      1,274      1,180      470  
Consumer   88      148      -     -     1      55      119      2  
Total nonperforming loans$  20,358   $  15,077   $  8,887   $  9,151   $  9,413   $  15,059   $  16,478   $  16,085  
NONPERFORMING LOANS BY SEGMENT                       
Oklahoma banking****$  6,948   $  2,846   $  1,670   $  2,244   $  1,867   $  6,410   $  7,149   $  7,056  
Texas banking   12,450      11,025      5,353      5,264      5,699      5,777      5,636      5,793  
Kansas banking   960      1,206      1,864      1,643      1,847      2,872      3,693      3,236  
Total nonperforming loans$  20,358   $  15,077   $  8,887   $  9,151   $  9,413   $  15,059   $  16,478   $  16,085  
OTHER REAL ESTATE BY TYPE                       
Construction & development$  2,060   $  2,025   $  2,035   $  2,035   $  2,035   $  2,130   $  2,130   $  2,130  
Commercial real estate   214      249      358      220      1,062      1,318      2,155      2,524  
Total other real estate$  2,274   $  2,274   $  2,393   $  2,255   $  3,097   $  3,448   $  4,285   $  4,654  
OTHER REAL ESTATE BY SEGMENT                       
Oklahoma banking****$  274   $  200   $  200   $  -  $  -  $  -  $  -  $  - 
Texas banking   2,000      2,025      2,000      2,000      2,000      2,000      2,000      2,000  
Kansas banking   -     49      193      255      1,097      1,448      2,285      2,654  
Total other real estate$  2,274   $  2,274   $  2,393   $  2,255   $  3,097   $  3,448   $  4,285   $  4,654  
                        
****Due to immateriality, Colorado banking is included within Oklahoma banking.



SOUTHWEST BANCORP, INC.

     Table 6
UNAUDITED QUARTERLY SUMMARY LOAN DATA Continued
(Dollars in thousands)
    2015 2014
  Dec. 31  Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31
POTENTIAL PROBLEM LOANS BY TYPE                       
Construction & development$ -  $ -  $ -  $ 201  $ 2,004  $ 19,307  $ 18,842  $ 22,220 
Commercial real estate  26,981    22,362    20,375    24,672    26,108    40,623    60,559    64,257 
Commercial  9,879    7,366    14,519    14,016    5,842    4,090    4,299    4,807 
One-to-four family residential  2,285    79    80    81    83    355    475    481 
Consumer  10    -    -    -    -    -    -    - 
Total potential problem loans$ 39,155  $ 29,807  $ 34,974  $ 38,970  $ 34,037  $ 64,375  $ 84,175  $ 91,765 
POTENTIAL PROBLEM LOANS BY SEGMENT                       
Oklahoma banking****$ 32,970  $ 23,597  $ 23,231  $ 26,713  $ 24,950  $ 23,895  $ 23,887  $ 29,208 
Texas banking  4,165    4,086    9,180    9,541    6,283    38,586    57,044    58,361 
Kansas banking  2,020    2,124    2,563    2,716    2,804    1,894    3,244    4,196 
Total potential problem loans$ 39,155  $ 29,807  $ 34,974  $ 38,970  $ 34,037  $ 64,375  $ 84,175  $ 91,765 
ALLOWANCE ACTIVITY                       
Balance, beginning of period$ 26,593  $ 26,219  $ 27,250  $ 28,452  $ 30,917  $ 33,083  $ 34,925  $ 36,663 
Charge offs  569    226    325    230    377    1,156    1,991    3,392 
Recoveries  648    577    430    915    298    1,887    504    2,640 
Net charge offs (recoveries)  (79)   (351)   (105)   (685)   79    (731)   1,487    752 
Provision (credit) for loan losses  (566)   23    (1,136)   (1,887)   (2,386)   (2,897)   (355)   (986)
Balance, end of period$ 26,106  $ 26,593  $ 26,219  $ 27,250  $ 28,452  $ 30,917  $ 33,083  $ 34,925 
NET CHARGE OFFS BY TYPE                       
Construction & development$ -  $ (16) $ (15) $ 5  $ -  $ -  $ -  $ 655 
Commercial real estate  219    24    82    (118)   (34)   (640)   583    (2,243)
Commercial  (286)   (325)   (52)   (188)   (45)   22    652    2,267 
One-to-four family residential  (48)   (68)   (91)   (331)   84    11    (2)   (18)
Consumer  36    34    (29)   (53)   74    (124)   254    91 
Total net charge offs (recoveries) by type$ (79) $ (351) $ (105) $ (685) $ 79  $ (731) $ 1,487  $ 752 
NET CHARGE OFFS BY SEGMENT                       
Oklahoma banking****$ 288  $ (86) $ 25  $ (309) $ 248  $ 67  $ 763  $ 229 
Texas banking  (415)   (103)   (72)   (114)   (36)   (611)   244    (1,586)
Kansas banking  48    (162)   (58)   (262)   (133)   (187)   480    2,109 
Total net charge offs (recoveries) by segment$ (79) $ (351) $ (105) $ (685) $ 79  $ (731) $ 1,487  $ 752 
                        
****Due to immateriality, Colorado banking is included within Oklahoma banking.



SOUTHWEST BANCORP, INC.

 Table 7 
UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA
(Dollars in thousands, except per share)
       
    2015 2014
  Dec. 31  Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31
PER SHARE DATA                       
Basic earnings per common share$0.23 $0.22 $0.22 $0.24 $0.30 $0.27 $0.31 $0.19
Diluted earnings per common share 0.23  0.22  0.22  0.24  0.30  0.27  0.31  0.19
Common dividends declared per share 0.06  0.06  0.06  0.06  0.04  0.04  0.04  0.04
Book value per common share 14.80  14.57  14.38  14.26  14.11  13.90  13.71  13.37
Tangible book value per share* 13.98  14.49  14.29  14.17  14.02  13.80  13.61  13.21
COMMON STOCK                       
Shares issued 21,138,028  19,901,336  19,900,855  19,900,350  19,810,877  19,793,623  19,793,123  19,786,206
Less treasury shares 1,131,226  868,617  867,310  867,310  617,818  223,005  -  -
Outstanding shares 20,006,802  19,032,719  19,033,545  19,033,040  19,193,059  19,570,618  19,793,123  19,786,206
OTHER FINANCIAL DATA                       
Investment securities$412,128 $388,543 $373,260 $377,545 $365,593 $370,607 $385,873 $386,987
Loans held for sale 7,453  7,024  6,687  9,106  1,485  4,368  6,803  5,741
Portfolio loans 1,771,976  1,541,070  1,442,743  1,429,139  1,398,506  1,363,020  1,344,897  1,314,381
Total loans 1,779,429  1,548,094  1,449,430  1,438,245  1,399,991  1,367,388  1,351,700  1,320,122
Total assets 2,357,022  2,059,899  2,031,581  2,003,079  1,942,034  1,900,948  1,885,158  2,012,053
Total deposits 1,884,105  1,626,250  1,624,446  1,616,454  1,533,999  1,494,946  1,463,855  1,605,906
Other borrowings 110,927  96,801  75,839  58,578  79,380  75,884  90,760  85,692
Subordinated debentures 51,548  46,393  46,393  46,393  46,393  46,393  46,393  46,393
Total shareholders' equity 296,098  277,344  273,681  271,444  270,786  271,966  271,351  264,586
Mortgage servicing portfolio 432,318  422,845  415,961  407,903  410,315  401,756  397,339  391,303
INTANGIBLE ASSET DATA                       
Goodwill$13,467 $1,214 $1,214 $1,214 $1,214 $1,214 $1,214 $1,214
Core deposit intangible 2,894  342  405  467  530  597  667  1,925
Mortgage servicing rights 3,721  3,631  3,518  3,399  3,397  3,269  3,182  3,006
Total intangible assets$20,082 $5,187 $5,137 $5,080 $5,141 $5,080 $5,063 $6,145
Intangible amortization expense$330 $243 $243 $168 $193 $195 $210 $183
DEPOSIT COMPOSITION                       
Non-interest bearing demand$596,494 $526,159 $515,156 $506,952 $496,128 $445,148 $427,431 $471,568
Interest-bearing demand 151,015  114,877  131,547  140,659  122,342  104,807  124,712  132,622
Money market accounts 534,357  502,028  496,178  488,569  461,679  477,614  430,296  440,875
Savings accounts 56,333  36,163  35,647  34,413  32,795  33,398  31,187  47,532
Time deposits of $100,000 or more 311,538  238,318  233,105  227,426  198,952  203,090  209,059  236,035
Other time deposits 234,368  208,705  212,813  218,435  222,103  230,889  241,170  277,274
Total deposits**$1,884,105 $1,626,250 $1,624,446 $1,616,454 $1,533,999 $1,494,946 $1,463,855 $1,605,906
OFFICES AND EMPLOYEES                       
FTE Employees 412  358  361  360  359  351  364  397
Branches 32  23  23  22  21  21  21  24
Assets per employee$5,721 $5,754 $5,628 $5,564 $5,410 $5,416 $5,179 $5,068
                        
*This is a Non-GAAP based financial measure.
**Calculation of Non-brokered Deposits and Core Funding (Non-GAAP Financial Measures)
Total deposits$1,884,105 $1,626,250 $1,624,446 $1,616,454 $1,533,999 $1,494,946 $1,463,855 $1,605,906
Less:                       
Brokered time deposits 39,797  10,086  7,683  7,694  3,373  2,952  1,348  1,347
Other brokered deposits 135,880  133,025  103,025  83,025  73,425  98,425  48,424  3,424
Non-brokered deposits$1,708,428 $1,483,139 $1,513,738 $1,525,735 $1,457,201 $1,393,569 $1,414,083 $1,601,135
Plus:                       
Sweep repurchase agreements 37,273  50,801  50,839  33,578  54,380  50,884  65,760  60,692
Core funding$1,745,701 $1,533,940 $1,564,577 $1,559,313 $1,511,581 $1,444,453 $1,479,843 $1,661,827
                        
Balance sheet amounts are as of period end unless otherwise noted.



SOUTHWEST BANCORP, INC.     Table 8 
UNAUDITED QUARTERLY SUPPLEMENTAL ANALYTICAL DATA
(Dollars in thousands)
    2015 2014
  Dec. 31  Sep. 30  Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31
PERFORMANCE RATIOS                       
Return on average assets (annualized)  0.78%   0.81%   0.85%   0.92%   1.22%   1.12%   1.27%   0.75%
Return on average common equity (annualized)  6.14    5.94    6.11    6.78    8.62    7.69    9.19    5.68 
Return on average tangible common equity                       
(annualized)*  6.46    5.97    6.14    6.82    8.67    7.74    9.30    5.75 
Net interest margin (annualized)  3.48    3.34    3.31    3.25    3.52    3.44    3.50    3.33 
Total dividends declared to net income  26.22    27.53    27.45    25.19    12.93    14.88    12.86    21.40 
Effective tax rate  35.96    35.84    34.51    37.49    37.50    37.49    37.50    37.49 
Efficiency ratio  71.49    68.25    72.43    70.47    68.90    71.39    74.25    73.61 
NONPERFORMING ASSETS                       
Nonaccrual loans$ 19,858  $ 15,076  $ 8,887  $ 9,151  $ 9,276  $ 15,059  $ 16,478  $ 16,085 
90 days past due and accruing  500    1    -    -    137    -    -    - 
Total nonperforming loans  20,358    15,077    8,887    9,151    9,413    15,059    16,478    16,085 
Other real estate  2,274    2,274    2,393    2,255    3,097    3,448    4,285    4,654 
Total nonperforming assets$ 22,632  $ 17,351  $ 11,280  $ 11,406  $ 12,510  $ 18,507  $ 20,763  $ 20,739 
Potential problem loans$ 39,155  $ 29,807  $ 34,974  $ 38,970  $ 34,037  $ 64,375  $ 84,175  $ 91,765 
ASSET QUALITY RATIOS                       
Nonperforming assets to portfolio loans and                       
other real estate  1.28%   1.12%   0.78%   0.80%   0.89%   1.36%   1.54%   1.57%
Nonperforming loans to portfolio loans  1.15    0.98    0.62    0.64    0.67    1.10    1.23    1.22 
Allowance for loan losses to portfolio loans  1.47    1.73    1.82    1.91    2.03    2.27    2.46    2.66 
Allowance for loan losses to                       
nonperforming loans  128.49    176.38    295.03    297.78    302.26    205.29    200.77    217.13 
Net loan charge-offs to average portfolio                       
loans (annualized)  (0.02)   (0.09)   (0.03)   (0.20)   0.02    (0.21)   0.45    0.24 
CAPITAL RATIOS                       
Average total shareholders' equity to                       
average assets  12.77%   13.59%   13.87%   13.59%   14.19%   14.61%   13.77%   13.18%
Leverage ratio  14.19    15.84    16.12    15.75    16.45    16.86    15.95    15.09 
Common equity tier 1 capital  13.21    14.57    15.30    15.51    n/a    n/a    n/a    n/a 
Tier 1 capital to risk-weighted assets  15.30    16.95    17.84    18.10    19.70    20.05    20.13    19.98 
Total capital to risk-weighted assets  16.55    18.21    19.09    19.36    20.96    21.34    21.43    21.29 
Tangible common equity to tangible assets***  11.95    13.40    13.40    13.48    13.87    14.23    14.31    13.01 
REGULATORY CAPITAL DATA                       
Common equity tier 1 capital$ 282,737  $ 275,350  $ 272,048  $ 269,007  $ n/a  $ n/a  $ n/a  $ n/a 
Tier I capital  327,468    320,350    317,048    314,007    314,216    314,120    309,600    299,938 
Total capital  354,300    344,095    339,412    335,734    334,348    334,456    329,586    319,516 
Total risk adjusted assets  2,140,344    1,889,892    1,777,618    1,734,401    1,595,032    1,566,996    1,537,903    1,500,957 
Average total assets  2,307,421    2,022,972    1,966,577    1,993,446    1,910,688    1,863,127    1,941,064    1,987,231 
                        
*This is a Non-GAAP based financial measure.
***Calculation of Tangible Common Equity to Tangible Assets (Non-GAAP Financial Measure)
Total shareholders' equity$ 296,098  $ 277,344  $ 273,681  $ 271,444  $ 270,786  $ 271,966  $ 271,351  $ 264,586 
Less goodwill and core deposit intangible  16,361    1,556    1,619    1,681    1,744    1,811    1,881    3,139 
Tangible common equity$ 279,737  $ 275,788  $ 272,062  $ 269,763  $ 269,042  $ 270,155  $ 269,470  $ 261,447 
Total assets$ 2,357,022  $ 2,059,899  $ 2,031,581  $ 2,003,079  $ 1,942,034  $ 1,900,948  $ 1,885,158  $ 2,012,053 
Less goodwill and core deposit intangible  16,361    1,556    1,619    1,681    1,744    1,811    1,881    3,139 
Tangible assets$ 2,340,661  $ 2,058,343  $ 2,029,962  $ 2,001,398  $ 1,940,290  $ 1,899,137  $ 1,883,277  $ 2,008,914 
Total shareholders' equity to total assets  12.56%   13.46%   13.47%   13.55%   13.94%   14.31%   14.39%   13.15%
Tangible common equity to tangible assets  11.95%   13.40%   13.40%   13.48%   13.87%   14.23%   14.31%   13.01%
                        
Balance sheet amounts and ratios are as of period end unless otherwise noted.



 

For additional information:   Mark W. Funke   President & CEO   Joe T. Shockley, Jr.   EVP & CFO   (405) 372-2230

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