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Southwest Bancorp, Inc. Reports Second Quarter 2015 Results and Announces Quarterly Dividend

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STILLWATER, Okla., July 21, 2015 (GLOBE NEWSWIRE) -- Southwest Bancorp, Inc. (NASDAQ: OKSB), ("Southwest"), today reported net income for the second quarter of 2015 of $4.2 million, or $0.22 per diluted share, compared to $6.2 million, or $0.31 per diluted share, for the second quarter of 2014. Included in the second quarter of 2014 results was a pre-tax net gain of $4.4 million from the sale of three community bank branches. Net income for the six months ended June 30, 2015 totaled $8.7 million, or $0.46 per diluted share, compared to $9.8 million, or $0.50 per diluted share, for the six months ended June 30, 2014.

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Southwest also announced that its board of directors has approved a quarterly cash dividend of $0.06 per share payable August 14, 2015 to shareholders of record as of July 31, 2015.

Mark Funke, President and CEO, stated, "The second quarter was a busy, successful quarter for Bank SNB.  We entered into an agreement to acquire First Commercial Bancshares, Inc.  This will allow us to grow our presence in the Oklahoma City metro area with five additional branches, increasing our total to ten. It also expands our geographic footprint to Colorado with three branches in Denver and one in Colorado Springs. 

"The financial results for the second quarter reflect solid earnings and improved asset quality.  Loans grew in the second quarter, although somewhat reduced by early loan paydowns.  While there are still headwinds regarding the energy sector, we are pleased with our continued progress.  Our efforts produced several highlights:

  • Entered into an agreement to acquire Edmond-based First Commercial Bancshares, Inc.
  • Loan growth was $11.2 million for the quarter, $49.4 million for the first six months of 2015, or 7% annualized. 
  • The quarterly net interest margin improved to 3.31% at June 30, 2015 compared to 3.25% at March 31, 2015. 
  • Asset quality improved as potential problem loans decreased $4.0 million, or 10%, during the second quarter. Also, nonperforming loans decreased $0.3 million, or 3%, during the second quarter.  The improved asset quality, combined with improved historical net charge-offs, resulted in a negative provision of $1.1 million for the quarter.
  • Opened second banking branch in San Antonio, Texas.  

"Our financial results and the improvement in asset quality for the second quarter reflect the good 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 our expenses."

On May 27, 2015, Southwest entered into an Agreement and Plan of Reorganization with First Commercial Bancshares, Inc. ("Bancshares"), an Oklahoma corporation, and First Commercial Bank, an Oklahoma banking corporation and a wholly‑owned subsidiary of Bancshares, pursuant to which Bancshares will merge with and into Southwest (the "Merger").  The closing of the Merger is subject to customary closing conditions, including the receipt of regulatory approvals and approval of the shareholders of Bancshares.  The closing of the Merger is expected to occur during the fourth quarter of 2015, although delays could occur.  The Agreement also provides that, following the Merger and subject to regulatory approvals, Southwest will cause First Commercial Bank to be merged with and into Bank SNB.

On May 18, 2015, Bank SNB, our banking subsidiary, opened its second location in San Antonio, Texas.  The new San Antonio location provides needed space and a stronger profile for our growing business opportunities in this market.  

Southwest's share repurchase program, approved in August of 2014, authorized the repurchase of up to 5.0% or 990,000 shares of its outstanding common stock, par value $1.00 per share.  As of June 30, 2015, Southwest had repurchased 867,310 shares for a total of $14.3 million.  During the second quarter of 2015, no shares were repurchased due to trade restrictions pursuant to the pending acquisition of Bancshares.  On February 24, 2015, Southwest's board of directors authorized a second share repurchase program of up to another 5.0%, or approximately 950,000 shares, effective upon the earlier of (i) the date we complete the repurchase of all of the shares Southwest is authorized to repurchase under the current program, and (ii) August 14, 2015.

Financial Overview

Condition:  As of the end of the quarter ending June 30, 2015, total assets were $2.0 billion, an increase of $28.5 million from March 31, 2015.  As of June 30, 2015, total loans were $1.4 billion and investment securities were $373.3 million, an increase of $11.2 million and a decrease of $4.3 million from the prior quarter end, respectively.  Cash and cash equivalents at June 30, 2015 were $156.7 million, up $2.3 million from March 31, 2015. 

At June 30, 2015, the allowance for loan losses was $26.2 million, a decrease of $1.0 million when compared to March 31, 2015 and a decrease of $6.9 million when compared to June 30, 2014.  The allowance for loan losses to portfolio loans was 1.82% as of June 30, 2015, compared to 1.91% as of March 31, 2015 and 2.46% as of June 30, 2014.  The allowance for loan losses to nonperforming loans was 295.03% as of June 30, 2015, compared to 297.78% as of March 31, 2015 and 200.77% as of June 30, 2014.   

Nonperforming loans were $8.9 million at June 30, 2015, a decrease of $0.3 million from March 31, 2015, and a decrease of $7.6 million from June 30, 2014.  Other real estate at June 30, 2015 was $2.4 million, an increase of $0.1 million from March 31, 2015, yet a decrease of $1.9 million when compared to June 30, 2014.  Nonperforming assets were $11.3 million, or 0.78% of portfolio loans and other real estate, as of June 30, 2015, compared to $11.4 million, or 0.80% of portfolio loans and other real estate, as of March 31, 2015, and $20.8 million, or 1.54% of portfolio loans and other real estate, as of June 30, 2014.

Total core funding, which includes all non-brokered deposits and sweep repurchase agreements, comprised 92% and 93% of total funding as of June 30, 2015 and March 31, 2015, respectively.  Wholesale funding, including Federal Home Loan Bank borrowings, federal funds purchased, and brokered deposits, accounted for 8% and 7% of total funding at June 30, 2015 and March 31, 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 June 30, 2015 exceeded the criteria for regulatory classification as "well-capitalized".  Southwest's total regulatory capital was $339.4 million, for a total risk-based capital ratio of 19.09%, Common Equity Tier 1 capital was $272.0 million, for a Common Equity Tier 1 ratio of 15.30%, and Tier 1 capital was $317.0 million, for a Tier 1 risk-based capital ratio of 17.84%.  Bank SNB had total regulatory capital of $290.7 million, for a total risk-based capital ratio of 16.40% and Common Equity Tier 1 and Tier 1 capital of $268.4 million, for a Common Equity Tier 1 and Tier 1 ratio of 15.14%.  Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by bank regulators.

Second Quarter Results:

Summary:  For the second quarter of 2015, net income was $4.2 million, compared to $4.5 million for the first quarter of 2015 and $6.2 million for the second quarter of 2014. 

The $0.3 million decrease in net income compared to the first quarter of 2015 was primarily due to a $0.9 million increase in noninterest expense and a $0.8 million lower negative provision for loan losses. These decreases were offset in part by an increase of noninterest income of $0.6 million, a decrease in taxes of $0.5 million, and a $0.2 million increase in net interest income.

The $2.0 million decrease in our net income compared to the second quarter of 2014 was primarily the result of a $4.8 million decrease in noninterest income, which is primarily the $4.4 million pre-tax net gain on the sales of the community bank branches in the second quarter of 2014 and a $0.8 million decrease in net interest income. These decreases are offset in part by a $1.5 million decrease in taxes, a $1.3 million decrease in noninterest expense, and a $0.7 million increase in the negative provision for loan losses.

Net Interest Income:  Net interest income totaled $15.8 million for the second quarter of 2015, compared to $15.6 million for the first quarter of 2015, and to $16.6 million for the second quarter of 2014.  Net interest margin was 3.31% for the second quarter of 2015, compared to 3.25% for the first quarter of 2015 and 3.50% (3.34% normalized) for the second quarter of 2014. Included in interest income for the second quarter of 2014 was $0.8 million due to accelerated discount accretion attributable to the sale of loans covered by a loss share agreement. The net effect of these additional incomes on the net interest margin was a 16 basis point increase in the second quarter of 2014.  Loans (including loans held for sale) for the second quarter of 2015 increased $11.2 million, or 1%, when compared to March 31, 2015, and $97.7 million, or 7%, when compared to June 30, 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 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 (or credit) of $1.1 million for the second quarter of 2015, compared to a negative provision of $1.9 million for the first quarter of 2015, and a negative provision of $0.4 million for the second quarter of 2014.  During the second quarter of 2015, net recoveries totaled $0.1 million, or (0.03%) (annualized) of average portfolio loans, compared to net recoveries of $0.7 million, or (0.20%) (annualized) of average portfolio loans for the first quarter of 2015 and net charge-offs of $1.5 million, or 0.45% (annualized) of average portfolio loans for the second quarter of 2014. 

Noninterest Income:  Noninterest income totaled $3.4 million for the second quarter of 2015, compared to $2.8 million for the first quarter of 2015 and $8.2 million for the second quarter of 2014. 

The $0.6 million increase from the first quarter of 2015 is primarily the result of a $0.3 million increase in gain on sale of mortgage loans, a $0.1 million gain on securities from residual payments related to the sale of a private equity investment during the fourth quarter of 2014, and a $0.1 million increase in other noninterest income from bank owned life insurance, which is an asset purchased during the second quarter of 2015 for $20.1 million, and reported in the statement of financial condition as "other assets". 

The $4.8 million decrease from the second quarter of 2014 is primarily the result of a $4.4 million decrease in gain on sales of the community bank branches, which occurred in the second quarter of 2014, a $0.5 million decrease in gain on sale of investment securities due to the gain on the sale of a stock investment that was acquired in a prior year repossession in 2014, and a $0.2 million decrease in service charges and fees, offset in part by a $0.2 million increase in gain on sale of mortgage loans.

Noninterest Expense:  Noninterest expense totaled $14.0 million for the second quarter of 2015, compared to $13.1 million for the first quarter of 2015 and $15.3 million for the second quarter of 2014. 

The $0.9 million increase in noninterest expense from first quarter of 2015 was primarily due to a $0.5 million increase in general and administrative expense, which includes primarily legal and consulting fees related to the acquisition and marketing expenses. The increase also includes $0.4 million increase in personnel expense, which is primarily due to raises and increased commission expense resulting from higher mortgage loan sales in the second quarter of 2015, and a $0.1 million increase in other real estate expense, offset in part by a $0.1 million decrease in occupancy expense.

The $1.3 million decrease in noninterest expense from the second quarter of 2014 consisted of a $0.6 million decrease in general and administrative expense, which includes primarily legal and marketing expenses, offset in part by a $0.1 million increase in the provision for unfunded loan commitments. The decrease also includes a $0.4 million decrease in other real estate, a $0.2 million decrease in personnel expense, a $0.1 million decrease in occupancy, and a $0.1 million decrease in data processing.

Income Tax:  Income tax expense totaled $2.2 million for the second quarter of 2015, compared to $2.7 million for the first quarter of 2015 and $3.7 million for the second quarter of 2014.  The income tax expense fluctuates in relation to pre-tax income levels.  The second quarter of 2015 effective tax rate was 34.51%, compared to 37.49% for the first quarter of 2015 and 37.5% for the second 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 $8.7 million for the six months ended June 30, 2015, compared to $9.8 million for the six months ended June 30, 2014.  The $1.1 million decrease in net income from 2014 is the result of a $5.1 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 $1.2 million decrease in net interest income, offset in part by a $1.7 million increase in the negative provision for loan losses from improved asset quality and a $2.3 million decrease in noninterest expense due to decreased general and administrative, personnel, and other real estate expenses.

Net Interest Income:  Net interest income totaled $31.4 million for the first six months of 2015, compared to $32.6 million for the first six months of 2014, a decrease of $1.2 million.  Year-to-date net interest margin was 3.28%, compared to 3.42% (3.28% normalized) for 2014.  Included in interest income for the first six months of 2014 was $0.8 million due to accelerated discount accretion attributable to the sale of loans covered by a loss share agreement and $0.6 million due to the interest recognition resulting from loans returning to accrual status.  The net effect of these adjustments on the net interest margin was a 14 basis point increase for the first six months of 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 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 $3.0 million for the first six months of 2015, compared to a negative provision of $1.3 million for the first six months of 2014. Net recoveries totaled $0.8 million, or (0.11%) (annualized) of average portfolio loans year-to-date as of June 30, 2015, compared to net charge-offs of $2.2 million, or 0.35% (annualized) of average portfolio loans for the same period in 2014.  

Noninterest Income:  Noninterest income totaled $6.2 million for the first six months of 2015, compared to $11.3 million for the first six months of 2014.  The decrease consists of 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, a $0.6 million decrease in the gain on sale of investment securities due to the gain on the sale of a stock investment that was acquired in a prior year repossession in 2014, and a $0.3 million decrease in service charges and fees, offset in part by the $0.3 million increase in gains on sales of mortgage loans. 

Noninterest Expense:  Noninterest expense totaled $27.1 million for the first six months of 2015, compared to $29.4 million for the first six months of 2014.  The decrease consists of a $1.2 million decrease in other general and administrative expenses, which includes primarily legal, marketing, consulting, and supplies, and a $0.2 million decrease in the provision for unfunded loan commitments. The decrease also includes a $0.4 million decrease in other real estate expense, a $0.4 million decrease in employee benefit expenses, a $0.2 million decrease in data processing, and a $0.1 million decrease in FDIC and other insurance expense.

Income Tax:  Income tax expense totaled $4.9 million for the first six months of 2015, compared to $5.9 million for the first six months of 2014.  The income tax expense fluctuates in relation to pre-tax income levels.  The year-to-date effective tax rate was 36.1% as of June 30, 2015, compared to 37.5% as of June 30, 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, July 22, 2015 at 9:30 a.m. Eastern Time (8:30 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/10068468.  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/oksb150722.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 10068468.  Telephone replay access will be available until 9:00 a.m. Eastern Time on August 22, 2015.

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, and Kansas.  Bank SNB was chartered in 1894 and Southwest was organized in 1981 as the holding company.  At June 30, 2015, Southwest had total assets of approximately $2.0 billion, deposits of $1.6 billion, and shareholders' equity of $273.7 million.

Southwest's area of expertise focuses on the special financial needs of healthcare and health professionals, businesses and their managers and owners, commercial lending, energy banking, and commercial real estate borrowers.  The strategic focus on healthcare lending was established in 1974.  Southwest and its banking subsidiary provide credit and other remittance services, such as deposits, cash management, and document imaging for physicians and other healthcare practitioners to start or develop their practices and finance the development and purchase of medical offices, clinics, surgical care centers, hospitals, and similar facilities.  As of June 30, 2015, approximately $422.3 million, or 29%, 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. 

In connection with the proposed merger of First Commercial Bancshares, Inc. ("First Commercial") into Southwest Bancorp, Inc. ("OKSB"), on July 7, 2015 OKSB filed with the Securities and Exchange Commission a Registration Statement on Form S-4 (File no. 333-205521) to register the shares of OKSB's common stock to be issued to the shareholders of First Commercial. The registration statement includes a Prospectus of OKSB, a Proxy Statement of First Commercial, as well as other relevant documents concerning the proposed transaction, which will be sent to the shareholders of First Commercial seeking their approval of the proposed transaction.

We urge investors and shareholders to read the Registration Statement on Form S-4, the Proxy Statement and Prospectus included with the Registration Statement on Form S-4, and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information relating to the proposed transaction. A free copy of these materials may be obtained on the SEC's website at http://www.sec.gov. Alternatively, when available, these documents can be obtained free of charge from OKSB's website at www.oksb.com under the tab "Investors" and then under the tab "SEC Filings."

OKSB, certain of its directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies from the shareholders of First Commercial in connection with the proposed transaction under the rules of the SEC. Information about these participants is set forth in the proxy statement for OKSB's 2015 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on April 22, 2015. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, may be obtained by reading the definitive proxy statement and other relevant materials, when available, to be filed by OKSB with the SEC in conjunction with the proposed transaction. Free copies of this document may be obtained as described in the preceding paragraph.

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 June 30, 2015 through the date its financial statements are filed with the Securities and Exchange Commission.  The June 30, 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)
 
  Second Quarter First Quarter
QUARTERLY HIGHLIGHTS 2015  2014% Change 2015 % Change
Operations             
Net interest income $  15,791  $  16,574    (5)% $  15,610    1%
Provision (credit) for loan losses    (1,136)    (355)   220     (1,887)   (40)
Noninterest income    3,409     8,246    (59)    2,840    20 
Noninterest expense    13,982     15,332    (9)    13,082    7 
Income before taxes    6,354     9,843    (35)    7,255    (12)
Taxes on income    2,193     3,691    (41)    2,720    (19)
Net income    4,161     6,152    (32)    4,535    (8)
Diluted earnings per share    0.22     0.31    (29)    0.24    (8)
Balance Sheet             
Total assets    2,031,581     1,885,158    8     2,003,079    1 
Loans held for sale    6,687     6,803    (2)    9,106    (27)
Portfolio loans    1,442,743     1,344,897    7     1,429,139    1 
Total deposits    1,624,446     1,463,855    11     1,616,454    0 
Total shareholders' equity    273,681     271,351    1     271,444    1 
Book value per common share    14.38     13.71    5     14.26    1 
Key Ratios             
Net interest margin   3.31%   3.50%     3.25%  
Efficiency ratio    72.43     74.25       70.47   
Total capital to risk-weighted assets    19.09     21.43       19.36   
Nonperforming loans to portfolio loans    0.62     1.23       0.64   
Shareholders' equity to total assets    13.47     14.39       13.55   
Tangible common equity to tangible assets*    13.40     14.31       13.48   
Return on average assets (annualized)    0.85     1.27       0.92   
Return on average common equity (annualized)    6.11     9.19       6.78   
Return on average tangible common equity (annualized)**    6.14     9.30       6.82   
              
  Six Months     
YEAR-TO-DATE  HIGHLIGHTS 2015 2014 % Change     
Operations             
Net interest income $  31,401  $  32,575    (4)%     
Provision (credit) for loan losses    (3,023)    (1,341)   125      
Noninterest income    6,249     11,271    (45)     
Noninterest expense    27,064     29,439    (8)     
Income before taxes    13,609     15,748    (14)     
Taxes on income    4,913    5,905    (17)     
Net income    8,696     9,843    (12)     
Net income available to common shareholders    8,696    9,843    (12)     
Diluted earnings per share    0.46    0.50    (8)     
Balance Sheet             
Total assets    2,031,581     1,885,158    8      
Loans held for sale    6,687     6,803    (2)     
Portfolio loans    1,442,743     1,344,897    7      
Total deposits    1,624,446     1,463,855    11      
Total shareholders' equity    273,681     271,351    1      
Book value per common share    14.38     13.71    5      
Key Ratios             
Net interest margin   3.28%   3.42%       
Efficiency ratio    71.47     73.94        
Total capital to risk-weighted assets    19.09     21.43        
Nonperforming loans to portfolio loans    0.62     1.23        
Shareholders' equity to total assets    13.47     14.39        
Tangible common equity to tangible assets*    13.40     14.31        
Return on average assets (annualized)    0.88     1.01        
Return on average common equity (annualized)    6.44     7.47        
Return on average tangible common equity (annualized)**    6.48     7.55        
 
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)
      
 June 30,  December 31, June 30,
 2015 2014 2014
Assets        
Cash and due from banks$ 22,923  $ 19,705  $ 28,369 
Interest-bearing deposits  133,765    121,231    86,785 
Cash and cash equivalents  156,688    140,936    115,154 
Securities held to maturity (fair values of $11,818, $12,880 and $11,286, respectively)  11,364    12,362    10,682 
Securities available for sale (amortized cost of $360,609, $352,275 and $373,609, respectively)  361,896    353,231    375,191 
Loans held for sale  6,687    1,485    6,803 
Loans receivable (includes loss share of $0, $0 and $606, respectively)  1,442,743    1,398,506    1,344,897 
Less: Allowance for loan losses  (26,219)   (28,452)   (33,083)
Net loans receivable  1,416,524    1,370,054    1,311,814 
Accrued interest receivable  4,281    4,723    4,636 
Non-hedge derivative asset  701     787     121 
Premises and equipment, net  18,251    18,588    19,096 
Other real estate  2,393    3,097    4,285 
Goodwill  1,214    1,214    1,214 
Other intangible assets, net  3,923    3,927    3,849 
Other assets  47,659    31,630    32,313 
Total assets$ 2,031,581  $ 1,942,034  $ 1,885,158 
         
Liabilities        
Deposits:        
Noninterest-bearing demand$  515,156   $  496,128   $  427,431  
Interest-bearing demand   131,547      122,342      124,712  
Money market accounts   496,178      461,679      430,296  
Savings accounts   35,647      32,795      31,187  
Time deposits of $100,000 or more   233,105      198,952      209,059  
Other time deposits   212,813      222,103      241,170  
Total deposits   1,624,446      1,533,999      1,463,855  
Accrued interest payable   774      769      772  
Non-hedge derivative liability   701      787      121  
Other liabilities   9,747      9,920      11,906  
Other borrowings   75,839      79,380      90,760  
Subordinated debentures   46,393      46,393      46,393  
Total liabilities    1,757,900      1,671,248      1,613,807  
         
Shareholders' equity        
Common stock - $1 par value; 40,000,000 shares authorized;        
19,900,855 and 19,810,877 shares issued and 19,793,123 shares issued and outstanding, respectively   19,901      19,811      19,793  
Additional paid-in capital   101,518      101,245      100,962  
Retained earnings   166,837      160,427      150,789  
Accumulated other comprehensive loss   (233)    (395)    (193)
Treasury stock, at cost, 867,310, 617,818 and 0 shares, respectively   (14,342)    (10,302)    - 
Total shareholders' equity   273,681      270,786      271,351  
    Total liabilities and shareholders' equity$  2,031,581   $  1,942,034   $  1,885,158  



               
SOUTHWEST BANCORP, INC.Table 3
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands)
    
 For the three months ended For the six months
 June 30,  March 31, June 30,  ended June 30,
 2015 2015 2014 2015 2014
Interest income              
Loans$  15,839   $  15,570   $  16,343   $  31,409   $  32,118  
Investment securities   1,328      1,349      1,628      2,677      3,278  
Other interest-earning assets   288      305      314      593      689  
Total interest income   17,455      17,224      18,285      34,679      36,085  
               
Interest expense              
Interest-bearing deposits   862      835      931      1,697      1,956  
Other borrowings   241      227      223      468      448  
Subordinated debentures   561      552      557      1,113      1,106  
Total interest expense   1,664      1,614      1,711      3,278      3,510  
               
Net interest income   15,791      15,610      16,574      31,401      32,575  
               
Provision (credit) for loan losses   (1,136)    (1,887)    (355)    (3,023)    (1,341)
               
Net interest income after provision for loan losses   16,927      17,497      16,929      34,424      33,916  
               
Noninterest income              
Service charges and fees   2,450      2,428      2,608      4,878      5,204  
Gain on sale of branches, net   -     -     4,378      -     4,378  
Gain on sales of mortgage loans   621      348      463      969      687  
Gain on sale/call of investment securities, net   138      5      629      143      764  
Other noninterest income   200      59      168      259      238  
Total noninterest income   3,409      2,840      8,246      6,249      11,271  
               
Noninterest expense              
Salaries and employee benefits   8,289      7,914      8,472      16,203      16,598  
Occupancy   2,201      2,284      2,253      4,485      4,537  
Data processing   410      446      530      856      1,015  
FDIC and other insurance   316      312      314      628      711  
Other real estate, net   112      21      511      133      579  
General and administrative   2,654      2,105      3,252      4,759      5,999  
Total noninterest expense   13,982      13,082      15,332      27,064      29,439  
Income before taxes   6,354      7,255      9,843      13,609      15,748  
Taxes on income   2,193      2,720      3,691      4,913      5,905  
Net income$  4,161   $  4,535   $  6,152   $  8,696   $  9,843  
               
Basic earnings per common share$ 0.22  $  0.24   $  0.31   $  0.46   $  0.50  
Diluted earnings per common share  0.22     0.24      0.31      0.46      0.50  
Common dividends declared per share   0.06     0.06      0.04      0.12      0.08  




               
SOUTHWEST BANCORP, INC.Table 4
UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES – QUARTERLY
(Dollars in thousands)
 
  For the three months ended
 June 30, 2015 March 31, 2015 June 30, 2014
 Average Average Average Average Average Average
 Balance Yield/Rate Balance Yield/Rate Balance Yield/Rate
Assets              
Loans$  1,439,050    4.41% $  1,419,137    4.45% $  1,331,126    4.92%
Investment securities   369,677     1.44      367,877     1.49      384,395     1.70  
Other interest-earning assets   103,943     1.11      158,940     0.78      183,378     0.69  
Total interest-earning assets   1,912,670     3.66      1,945,954     3.59      1,898,899     3.86  
Other assets   58,267        49,460        49,829    
Total assets$  1,970,937     $  1,995,414     $  1,948,728    
               
Liabilities and Shareholders' Equity              
Interest-bearing demand deposits$  137,781    0.09% $  138,895    0.10% $  130,232    0.12%
Money market accounts   473,993     0.15      484,639     0.15      421,001     0.13  
Savings accounts   34,702     0.10      33,350     0.10      43,124     0.10  
Time deposits   448,175     0.57      434,409     0.57      493,805     0.60  
Total interest-bearing deposits   1,094,651     0.32      1,091,293     0.31      1,088,162     0.34  
Other borrowings   60,568     1.60      72,307     1.27      85,682     1.04  
Subordinated debentures   46,393     4.84      46,393     4.76      46,393     4.80  
Total interest-bearing liabilities   1,201,612     0.56      1,209,993     0.54      1,220,237     0.56  
               
Noninterest-bearing demand deposits   485,984        503,275        449,364    
Other liabilities   10,005        10,918        10,751    
Shareholders' equity   273,336        271,228        268,376    
Total liabilities and shareholders' equity$  1,970,937     $  1,995,414     $  1,948,728    
               
Net interest income and spread    3.10%     3.05%     3.30%
Net interest margin (1)    3.31%     3.25%     3.50%
Average interest-earning assets to average interest-bearing liabilities  159.18%     160.82%     155.62%  
               
(1) Net interest margin = annualized net interest income / average interest-earning assets



                                                                                                                                                               


SOUTHWEST BANCORP, INC.Table 5
UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES – YEAR-TO-DATE
(Dollars in thousands)
 
 For the six months ended June 30,
 2015 2014
 Average Average Average Average
 Balance Yield/Rate Balance Yield/Rate
Assets         
Loans$  1,429,148    4.43% $  1,304,876    4.96%
Investment securities   368,782     1.46      386,506     1.71  
Other interest-earning assets   131,290     0.91      231,584     0.60  
Total interest-earning assets   1,929,220     3.62      1,922,966     3.78  
Other assets   53,888        50,036    
Total assets$  1,983,108     $  1,973,002    
          
Liabilities and Shareholders' Equity         
Interest-bearing demand deposits$  138,335    0.09% $  132,483    0.12%
Money market accounts   479,287     0.15      428,839     0.13  
Savings accounts   34,030     0.10      43,939     0.10  
Time deposits   441,330     0.57      512,335     0.62  
Total interest-bearing deposits   1,092,982     0.31      1,117,596     0.35  
Other borrowings   66,405     1.42      83,258     1.09  
Subordinated debentures   46,393     4.80      46,393     4.77  
Total interest-bearing liabilities   1,205,780     0.55      1,247,247     0.57  
          
Noninterest-bearing demand deposits   494,582        449,247    
Other liabilities   10,458        10,621    
Shareholders' equity   272,288        265,887    
Total liabilities and shareholders' equity$  1,983,108     $  1,973,002    
          
Net interest income and spread    3.07%     3.21%
Net interest margin (1)    3.28%     3.42%
Average interest-earning assets to average interest-bearing liabilities  160.00%     154.18%  
          
(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
  Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31
LOAN COMPOSITION                 
Real estate mortgage:                 
Commercial$  759,406   $  759,676   $  752,971   $  757,878   $  769,021   $  766,178  
One-to-four family residential   85,338      86,343      77,531      78,985      79,542      84,619  
Real estate construction:                 
Commercial   186,140      192,052      186,659      166,379      166,981      166,007  
One-to-four family residential   13,107      12,586      10,464      11,030      8,359      6,629  
Commercial   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   20,651      21,306      21,919      22,251      23,352      26,060  
Total loans, including held for sale   1,449,430      1,438,245      1,399,991      1,367,388      1,351,700      1,320,122  
Less allowance for loan losses   (26,219)    (27,250)    (28,452)    (30,917)    (33,083)    (34,925)
Total loans, net$  1,423,211   $  1,410,995   $  1,371,539   $  1,336,471   $  1,318,617   $  1,285,197  
LOANS BY SEGMENT                 
Oklahoma banking$  810,367   $  814,949   $  793,268   $  800,201   $  798,067   $  777,384  
Texas banking   493,047      478,005      460,680      424,640      408,385      372,018  
Kansas banking   146,016      145,291      146,043      142,547      145,248      170,720  
Total loans$  1,449,430   $  1,438,245   $  1,399,991   $  1,367,388   $  1,351,700   $  1,320,122  
NONPERFORMING LOANS BY TYPE                 
Construction & development$  416   $  392   $  73   $  77   $  82   $  80  
Commercial real estate   2,141      2,247      2,195      7,504      7,613      7,541  
Commercial   5,114      5,447      6,044      6,149      7,484      7,992  
One-to-four family residential   1,216      1,065      1,100      1,274      1,180      470  
Consumer   -     -     1      55      119      2  
Total nonperforming loans$  8,887   $  9,151   $  9,413   $  15,059   $  16,478   $  16,085  
NONPERFORMING LOANS BY SEGMENT                 
Oklahoma banking$  1,670   $  2,244   $  1,867   $  6,410   $  7,149   $  7,056  
Texas banking   5,353      5,264      5,699      5,777      5,636      5,793  
Kansas banking   1,864      1,643      1,847      2,872      3,693      3,236  
Total nonperforming loans$  8,887   $  9,151   $  9,413   $  15,059   $  16,478   $  16,085  
OTHER REAL ESTATE BY TYPE                 
Construction & development$  2,035   $  2,035   $  2,035   $  2,130   $  2,130   $  2,130  
Commercial real estate   358      220      1,062      1,318      2,155      2,524  
Total other real estate$  2,393   $  2,255   $  3,097   $  3,448   $  4,285   $  4,654  
OTHER REAL ESTATE BY SEGMENT                 
Oklahoma banking$  200   $  -  $  -  $  -  $  -  $  - 
Texas banking   2,000      2,000      2,000      2,000      2,000      2,000  
Kansas banking   193      255      1,097      1,448      2,285      2,654  
Total other real estate$  2,393   $  2,255   $  3,097   $  3,448   $  4,285   $  4,654  
Continued                 




                  
SOUTHWEST BANCORP, INC.Table 6
UNAUDITED QUARTERLY SUMMARY LOAN DATAContinued
(Dollars in thousands)
 
    2015 2014
  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   20,375      24,672      26,108      40,623      60,559      64,257  
Commercial   14,519      14,016      5,842      4,090      4,299      4,807  
One-to-four family residential   80      81      83      355      475      481  
Total potential problem loans$  34,974   $  38,970   $  34,037   $  64,375   $  84,175   $  91,765  
POTENTIAL PROBLEM LOANS BY SEGMENT                                       
Oklahoma banking$  23,231   $  26,713   $  24,950   $  23,895   $  23,887   $  29,208  
Texas banking   9,180      9,541      6,283      38,586      57,044      58,361  
Kansas banking   2,563      2,716      2,804      1,894      3,244      4,196  
Total potential problem loans$  34,974   $  38,970   $  34,037   $  64,375   $  84,175   $  91,765  
ALLOWANCE ACTIVITY                 
Balance, beginning of period$  27,250   $  28,452   $  30,917   $  33,083   $  34,925   $  36,663  
Charge offs   325      230      377      1,156      1,991      3,392  
Recoveries   430      915      298      1,887      504      2,640  
Net charge offs (recoveries)   (105)    (685)    79      (731)    1,487      752  
Provision (credit) for loan losses   (1,136)    (1,887)    (2,386)    (2,897)    (355)    (986)
Balance, end of period$  26,219   $  27,250   $  28,452   $  30,917   $  33,083   $  34,925  
NET CHARGE OFFS BY TYPE                 
Construction & development$  (15) $  5   $  -  $  -  $  -  $  655  
Commercial real estate   82      (118)    (34)    (640)    583      (2,243)
Commercial   (52)    (188)    (45)    22      652      2,267  
One-to-four family residential   (91)    (331)    84      11      (2)    (18)
Consumer   (29)    (53)    74      (124)    254      91  
Total net charge offs (recoveries) by type$  (105) $  (685) $  79   $  (731) $  1,487   $  752  
NET CHARGE OFFS BY SEGMENT                 
Oklahoma banking$  25   $  (309) $  248   $  67   $  763   $  229  
Texas banking   (72)    (114)    (36)    (611)    244      (1,586)
Kansas banking   (58)    (262)    (133)    (187)    480      2,109  
Total net charge offs (recoveries) by segment$  (105) $  (685) $  79   $  (731) $  1,487   $  752  
                  



SOUTHWEST BANCORP, INC.Table 7 
UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA
(Dollars in thousands, except per share)
                  
    2015 2014
  Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31
PER SHARE DATA                 
Basic earnings per common share$ 0.22  $ 0.24  $ 0.30  $ 0.27  $ 0.31  $ 0.19 
Diluted earnings per common share  0.22    0.24    0.30    0.27    0.31    0.19 
Common dividends declared per share  0.06    0.06    0.04    0.04    0.04    0.04 
Book value per common share  14.38    14.26    14.11    13.90    13.71    13.37 
Tangible book value per share*  14.29    14.17    14.02    13.80    13.61    13.21 
COMMON STOCK                 
Shares issued  19,900,855    19,900,350    19,810,877    19,793,623    19,793,123    19,786,206 
Less treasury shares  867,310    867,310    617,818    223,005    -   -
Outstanding shares  19,033,545    19,033,040    19,193,059    19,570,618    19,793,123    19,786,206 
OTHER FINANCIAL DATA                 
Investment securities$ 373,260  $ 377,545  $ 365,593  $ 370,607  $ 385,873  $ 386,987 
Loans held for sale  6,687    9,106    1,485    4,368    6,803    5,741 
Portfolio loans  1,442,743    1,429,139    1,398,506    1,363,020    1,344,897    1,314,381 
Total loans  1,449,430    1,438,245    1,399,991    1,367,388    1,351,700    1,320,122 
Total assets  2,031,581    2,003,079    1,942,034    1,900,948    1,885,158    2,012,053 
Total deposits  1,624,446    1,616,454    1,533,999    1,494,946    1,463,855    1,605,906 
Other borrowings  75,839    58,578    79,380    75,884    90,760    85,692 
Subordinated debentures  46,393    46,393    46,393    46,393    46,393    46,393 
Total shareholders' equity  273,681    271,444    270,786    271,966    271,351    264,586 
Mortgage servicing portfolio  415,961    407,903    410,315    401,756    397,339    391,303 
INTANGIBLE ASSET DATA                 
Goodwill$ 1,214  $ 1,214  $ 1,214  $ 1,214  $ 1,214  $ 1,214 
Core deposit intangible  405    467    530    597    667    1,925 
Mortgage servicing rights  3,518    3,399    3,397    3,269    3,182    3,006 
Total intangible assets$ 5,137  $ 5,080  $ 5,141  $ 5,080  $ 5,063  $ 6,145 
Intangible amortization expense$ 243  $ 168  $ 193  $ 195  $ 210  $ 183 
DEPOSIT COMPOSITION                 
Non-interest bearing demand$ 515,156  $ 506,952  $ 496,128  $ 445,148  $ 427,431  $ 471,568 
Interest-bearing demand  131,547    140,659    122,342    104,807    124,712    132,622 
Money market accounts  496,178    488,569    461,679    477,614    430,296    440,875 
Savings accounts  35,647    34,413    32,795    33,398    31,187    47,532 
Time deposits of $100,000 or more  233,105    227,426    198,952    203,090    209,059    236,035 
Other time deposits  212,813    218,435    222,103    230,889    241,170    277,274 
Total deposits**$ 1,624,446  $ 1,616,454  $ 1,533,999  $ 1,494,946  $ 1,463,855  $ 1,605,906 
OFFICES AND EMPLOYEES                 
FTE Employees 361  360  359  351  364  397
Branches 23  22  21  21  21  24
Assets per employee$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$ 1,624,446  $ 1,616,454  $ 1,533,999  $ 1,494,946  $ 1,463,855  $ 1,605,906 
Less:                 
Brokered time deposits  7,683    7,694    3,373    2,952    1,348    1,347 
Other brokered deposits  103,025    83,025    73,425    98,425    48,424    3,424 
Non-brokered deposits$ 1,513,738  $ 1,525,735  $ 1,457,201  $ 1,393,569  $ 1,414,083  $ 1,601,135 
Plus:                 
 Sweep repurchase agreements  50,839    33,578    54,380    50,884    65,760    60,692 
Core funding$ 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
  Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31
PERFORMANCE RATIOS                 
Return on average assets (annualized)  0.85%   0.92%   1.22%   1.12%   1.27%   0.75%
Return on average common equity (annualized)   6.11      6.78      8.62      7.69      9.19      5.68  
Return on average tangible common equity (annualized)*   6.14      6.82      8.67      7.74      9.30      5.75  
Net interest margin (annualized)   3.31      3.25      3.52      3.44      3.50      3.33  
Total dividends declared to net income   27.45      25.19      12.93      14.88      12.86      21.40  
Effective tax rate   34.51      37.49      37.50      37.49      37.50      37.49  
Efficiency ratio   72.43      70.47      68.90      71.39      74.25      73.61  
NONPERFORMING ASSETS                 
Nonaccrual loans$  8,887   $  9,151   $  9,276   $  15,059   $  16,478   $  16,085  
90 days past due and accruing   -     -     137      -     -     - 
Total nonperforming loans   8,887      9,151      9,413      15,059      16,478      16,085  
Other real estate   2,393      2,255      3,097      3,448      4,285      4,654  
Total nonperforming assets$  11,280   $  11,406   $  12,510   $  18,507   $  20,763   $  20,739  
Potential problem loans$  34,974   $  38,970   $  34,037   $  64,375   $  84,175   $  91,765  
ASSET QUALITY RATIOS                 
Nonperforming assets to portfolio loans and other real estate  0.78%   0.80%   0.89%   1.36%   1.54%   1.57%
Nonperforming loans to portfolio loans   0.62      0.64      0.67      1.10      1.23      1.22  
Allowance for loan losses to portfolio loans   1.82      1.91      2.03      2.27      2.46      2.66  
Allowance for loan losses to nonperforming loans   295.03      297.78      302.26      205.29      200.77      217.13  
Net loan charge-offs to average portfolio loans (annualized)   (0.03)    (0.20)    0.02      (0.21)    0.45      0.24  
CAPITAL RATIOS                 
Average total shareholders' equity to average assets  13.87%   13.59%   14.19%   14.61%   13.77%   13.18%
Leverage ratio   16.12      15.75      16.45      16.86      15.95      15.09  
Common equity tier 1 capital   15.30      15.51    n/a      n/a      n/a      n/a    
Tier 1 capital to risk-weighted assets   17.84      18.10      19.70      20.05      20.13      19.98  
Total capital to risk-weighted assets   19.09      19.36      20.96      21.34      21.43      21.29  
Tangible common equity to tangible assets***   13.40      13.48      13.87      14.23      14.31      13.01  
REGULATORY CAPITAL DATA                 
Common equity tier 1 capital$ 272,048  $ 269,007  $n/a     $n/a     $n/a     $n/a    
Tier I capital  317,048    314,007    314,216    314,120    309,600    299,938 
Total capital  339,412    335,734    334,348    334,456    329,586    319,516 
Total risk adjusted assets  1,777,618    1,734,401    1,595,032    1,566,996    1,537,903    1,500,957 
Average total assets  1,966,577    1,993,446    1,910,688    1,863,127    1,941,064    1,987,231 
____________________                 
*This is a Non-GAAP based financial measure.
***Calculation of Tangible Common Equity to Tangible Assets (Non-GAAP Financial Measure)
Total shareholders' equity$  273,681   $  271,444   $  270,786   $  271,966   $  271,351   $  264,586  
Less goodwill and core deposit intangible   1,619      1,681      1,744      1,811      1,881      3,139  
Tangible common equity$  272,062   $  269,763   $  269,042   $  270,155   $  269,470   $  261,447  
Total assets$  2,031,581   $  2,003,079   $  1,942,034   $  1,900,948   $  1,885,158   $  2,012,053  
Less goodwill and core deposit intangible   1,619      1,681      1,744      1,811      1,881      3,139  
Tangible assets$  2,029,962   $  2,001,398   $  1,940,290   $  1,899,137   $  1,883,277   $  2,008,914  
Total shareholders' equity to total assets  13.47%   13.55%   13.94%   14.31%   14.39%   13.15%
Tangible common equity to tangible assets  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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