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Southwest Bancorp, Inc. Reports Results for Third Quarter 2016 and Announces Quarterly Dividend

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STILLWATER, Okla., Oct. 18, 2016 (GLOBE NEWSWIRE) -- Southwest Bancorp, Inc. (NASDAQ: OKSB), ("Southwest"), today reported net income for the third quarter of 2016 of $4.3 million, or $0.23 per diluted share, compared to $4.1 million, or $0.22 per diluted share, for the third quarter of 2015. Net income for the nine months ended September 30, 2016 totaled $11.5 million, or $0.60 per diluted share, compared to $12.8 million, or $0.67 per diluted share, for the nine months ended September 30, 2015.

Southwest announced that its board of directors has approved a quarterly cash dividend of $0.08 per share payable November 15, 2016 to shareholders of record as of November 1, 2016.

Mark Funke, President and CEO, stated, "Loan growth was solid in the third quarter and there was good improvement in noninterest income. Here are several takeaways from this quarter.

  • Total loans grew $58.7 million to $1.9 billion from the second quarter of 2016 and $332.0 million, or 21%, compared to the third quarter of 2015. We funded $98.2 million in new loans during the third quarter of 2016, making this our eleventh consecutive quarter of loan growth.
  • The quarterly net interest margin was 3.42% at September 30, 2016, compared to 3.48% at June 30, 2016 and 3.34% at September 30, 2015.
  • Pre-tax, pre-provision income was $8.3 million in the third quarter, an increase of 3.9% from $8.0 million in the second quarter of 2016 and an increase of 29.1% from $6.5 million in the third quarter of 2015.
  • During the third quarter of 2016, we incurred $0.4 million in restructuring charges for branch closures and personnel reductions.
  • The efficiency ratio for the third quarter of 2016 was 66.09%, compared to 65.70% for the second quarter of 2016 and 68.25% for the third quarter of 2015.
  • During the third quarter of 2016, Southwest repurchased 61,639 shares for a total of $1.0 million. During the first nine months of 2016, Southwest repurchased 1,398,026 shares for a total of $22.1 million, and since August 2014, Southwest has repurchased 2,519,584 shares under the share repurchase programs for a total of $40.8 million.

"Diluted earnings per share of $0.23 was up 4.5% from the same quarter a year ago. During the third quarter, we initiated the closure of three small branches combined with some personnel reductions. These tough decisions will allow us to operate more efficiently going forward. We will continue to focus our company on producing consistent, conservative, and sustainable earnings through the expansion of our revenue base while prudently managing risk and expenses."

See Table 3 for details on pre-tax, pre-provision income, which is a non-GAAP financial measure.

Financial Overview

Condition:  As of September 30, 2016, total assets were $2.5 billion, an increase of $65.8 million, when compared to June 30, 2016. As of September 30, 2016, total loans were $1.9 billion, an increase of $58.7 million from the prior quarter end. As of September 30, 2016, investment securities were $427.9 million, an increase of $5.6 million from the prior quarter end. Cash and cash equivalents at September 30, 2016 were $70.1 million, an increase of $2.0 million from June 30, 2016. 

At September 30, 2016, the allowance for loan losses was $28.5 million, an increase of $1.6 million when compared to June 30, 2016 and an increase of $1.9 million when compared to September 30, 2015. The allowance for loan losses to portfolio loans was 1.52% as of September 30, 2016, compared to 1.48% as of June 30, 2016, and 1.73% as of September 30, 2015. The allowance for loan losses to nonperforming loans was 116.02% as of September 30, 2016, compared to 120.39% as of June 30, 2016 and 176.38% as of September 30, 2015. The total allowance for loan losses combined with the purchase discount on acquired loans represents 1.78% of gross loans as of September 30, 2016, compared to 1.87% as of June 30, 2016.

Nonperforming loans were $24.5 million at September 30, 2016, an increase of $2.2 million from June 30, 2016, and an increase of $9.4 million from September 30, 2015. Other real estate was $2.1 million at both September 30, 2016 and June 30, 2016, and $2.3 million at September 30, 2015. Nonperforming assets were $26.6 million, or 1.42% of portfolio loans and other real estate, as of September 30, 2016, compared to $24.4 million, or 1.35% of portfolio loans and other real estate, as of June 30, 2016, and $17.4 million, or 1.12% of portfolio loans and other real estate, as of September 30, 2015.

As of September 30, 2016, total deposits were $1.9 billion, an increase of $45.1 million, when compared to June 30, 2016. Total core funding, which includes all non-brokered deposits and sweep repurchase agreements, comprised 81% of total funding as of September 30, 2016 and June 30, 2016. Wholesale funding, including Federal Home Loan Bank borrowings and brokered deposits, accounted for 19% of total funding at September 30, 2016 and June 30, 2016. 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 September 30, 2016 exceeded the criteria for regulatory classification as "well-capitalized". Southwest's total regulatory capital was $341.2 million, for a total risk-based capital ratio of 15.21%, Common Equity Tier 1 capital was $268.0 million, for a Common Equity Tier 1 ratio of 11.95%, and Tier 1 capital was $313.0 million, for a Tier 1 risk-based capital ratio of 13.95%. Bank SNB had total regulatory capital of $321.7 million, for a total risk-based capital ratio of 14.37% and Common Equity Tier 1 and Tier 1 capital of $293.6 million, for a Common Equity Tier 1 and Tier 1 risk-based capital ratio of 13.12%. Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by bank regulators.

Third Quarter Results:

Summary:  For the third quarter of 2016, net income was $4.3 million, compared to $5.4 million for the second quarter of 2016 and $4.1 million for the third quarter of 2015. Pre-tax, pre-provision income for the third quarter of 2016 was $8.3 million, compared to $8.0 million for the second quarter of 2016 and $6.4 million for the third quarter of 2015.

The $1.1 million decrease in net income compared to the second quarter of 2016 was primarily due to the $1.7 million provision for loan losses recorded in the third quarter, combined with $0.4 million in restructuring charges. The decrease in net income also includes a $0.1 million increase in net interest income, a $0.7 million increase in noninterest income and a $0.6 million decrease in income taxes, offset in part by a $0.9 million increase in noninterest expense.

The $0.2 million increase in net income compared to the third quarter of 2015 was due to a $3.3 million increase in net interest income and a $0.5 million increase in noninterest income, offset in part by a $1.7 million increase in the provision for loan losses, and a $2.1 million increase in noninterest expense. The increases in net interest income, noninterest income, and noninterest expense are due in part to the First Commercial Bancshares, Inc. acquisition that occurred in the fourth quarter of 2015.

Net Interest Income:  Net interest income totaled $19.8 million for the third quarter of 2016, compared to $19.7 million for the second quarter of 2016 and $16.5 million for the third quarter of 2015. Net interest margin was 3.42% for the third quarter of 2016, compared to 3.48% for the second quarter of 2016 and 3.34% for the third quarter of 2015. Interest income for the third quarter of 2016 and the second quarter of 2016 includes $0.5 million and $0.2 million, of accelerated discount accretion, respectively. The net effects of these adjustments on the net interest margins were a 10 basis point and a 3 basis point increase, respectively, for each quarter. Average loans (including loans held for sale) for the third quarter of 2016 increased $33.2 million when compared to June 30, 2016, and $359.5 million when compared to September 30, 2015. Loans acquired in the fourth quarter of 2015 were $202.4 million. The benefit of the accelerated loan discount accretion was partially reduced by a $0.2 million decrease in interest income on investment securities caused by accelerated premium amortization, resulting from increased prepayment speeds.

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 provision of $1.7 million for the third quarter of 2016, compared to a provision of $10,000 for the second quarter of 2016, and a provision of $23,000 for the third quarter of 2015. The third quarter 2016 provision was driven primarily by the growth in the loan portfolio and changes in nonperforming loans. During the third quarter of 2016, net charge-offs totaled $0.1 million, or 0.03% (annualized) of average portfolio loans, compared to net charge-offs of $0.3 million, or 0.07% (annualized) of average portfolio loans for the second quarter of 2016 and net recoveries of $0.4 million, or (0.09%) (annualized) of average portfolio loans for the third quarter of 2015. 

Noninterest Income:  Noninterest income totaled $4.6 million for the third quarter of 2016, compared to $3.9 million for the second quarter of 2016 and $4.0 million for the third quarter of 2015. 

The $0.7 million increase from the second quarter of 2016 is the result of a $0.1 million increase in service charges and fees, a $0.1 million increase in the gain on sales of mortgage loans and a $0.7 million increase in other noninterest income, which is primarily from customer risk management interest rate swap income, partially offset by a $0.2 million decrease in gain on sale of investment securities. Service charges and fees includes a $0.1 million and a $0.2 million impairment on mortgage servicing rights for the third quarter of 2016 and the second quarter of 2016, respectively. Other noninterest income includes a $0.1 million loss on disposition of fixed assets related to branch closures.

The $0.5 million increase from the third quarter of 2015 is the result of a $0.2 million increase in service charges and fees, a $0.2 million increase in the gain on sales of mortgage loans and a $0.1 million increase in other noninterest income, which is primarily from customer risk management interest rate swap income.

Noninterest Expense:  Noninterest expense totaled $16.2 million for the third quarter of 2016, compared to $15.3 million for the second quarter of 2016 and $14.1 million for the third quarter of 2015. 

The $0.9 million increase in noninterest expense from the second quarter of 2016 was due to a $0.2 million increase in personnel expense, a $0.4 million increase in occupancy, a $0.2 million increase in data processing, and a $0.4 million increase in the provision for unfunded loan commitments, offset in part by a $0.2 million decrease in other real estate expenses due to gains on the sales of properties during the quarter. The increase in personnel expense was due to severance and employee benefits, combined with increased mortgage commissions.

The $2.1 million increase in noninterest expense from the third quarter of 2015 consisted of a $1.4 million increase in personnel expense, a $0.8 million increase in occupancy related to branch closures, a $0.1 million increase in data processing and a $0.1 million increase in the provision for unfunded loan commitments, offset in part by a $0.3 million decrease in other real estate expense and a $0.1 million decrease in general and administrative expense.

Income Tax:  Income tax expense totaled $2.2 million for the third quarter of 2016, compared to $2.9 million for the second quarter of 2016 and $2.3 million for the third quarter of 2015.  The income tax expense fluctuates in relation to pre-tax income levels. The third quarter of 2016 effective tax rate was 34.45%, compared to 34.70% for the second quarter of 2016 and 35.84% for the third quarter of 2015. 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 $11.5 million for the nine months ended September 30, 2016, compared to $12.8 million for the nine months ended September 30, 2015. The $1.3 million decrease in net income from 2015 is the result of a $9.1 million change in the provision for loan losses and a $6.3 million increase in noninterest expense due to increased personnel, occupancy, and general and administrative expenses, offset in part by an $11.4 million increase in net interest income, a $1.6 million increase in noninterest income, and a $1.1 million decrease in income taxes. The increases in net interest income, noninterest income, and noninterest expense, are due in part to the First Commercial Bancshares, Inc. acquisition that occurred in the fourth quarter of 2015. Net income for the nine months ended September 30, 2016, was also reduced by the restructuring charges of $0.4 million incurred in the third quarter of 2016.

Net Interest Income:  Net interest income totaled $59.3 million for the first nine months of 2016, compared to $47.9 million for the first nine months of 2015, an increase of $11.4 million. Year-to-date net interest margin was 3.48%, compared to 3.30% for 2015. Interest income for the first nine months of 2016 includes $1.0 million of accelerated discount accretion. The net effect on the net interest margin was a 6 basis point increase for the nine-month period. Average loans (including loans held for sale) as of September 30, 2016 increased $363.2 million when compared to September 30, 2015. Loans acquired in the fourth quarter of 2015 were $202.4 million.

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 $6.1 million for the first nine months of 2016, compared to a negative provision of $3.0 million for the first nine months of 2015. The provision for loan losses for the first nine months of 2016 was driven by the growth in the loan portfolio and the impact of low energy prices combined with deterioration in a few general business credits. Net charge-offs totaled $3.8 million, or 0.28% (annualized) of average portfolio loans year-to-date as of September 30, 2016, compared to net recoveries of $1.1 million, or (0.11%) (annualized) of average portfolio loans for the same period in 2015.  

Noninterest Income:  Noninterest income totaled $11.8 million for the first nine months of 2016, compared to $10.3 million for the first nine months of 2015. The increase consists of a $0.5 million increase in service charges and fees, which for the first nine months of 2016 includes a $0.6 million impairment of mortgage servicing rights, a $0.4 million increase in gains on sales of mortgage loans, a $0.1 million increase in the gain on sale of investment securities, and a $0.6 million increase in other noninterest income, which includes income on bank owned life insurance and customer risk management interest rate swap income.

Noninterest Expense:  Noninterest expense totaled $47.4 million for the first nine months of 2016, compared to $41.1 million for the first nine months of 2015. The increase consists of a $4.1 million increase in personnel expense, a $1.7 million increase in occupancy, a $0.2 million increase in data processing, a $0.2 million increase in FDIC and other insurance, a $0.2 million increase in the provision for unfunded loan commitments, and a $0.3 million increase in general and administrative expense, offset in part by a $0.4 million decrease in other real estate expense.

Income Tax:  Income tax expense totaled $6.1 million for the first nine months of 2016, compared to $7.2 million for the first nine months of 2015. The income tax expense fluctuates in relation to pre-tax income levels. The year-to-date effective tax rate was 34.69% as of September 30, 2016, compared to 36.02% as of September 30, 2015. 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, October 19, 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/10093635. 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/oksb161019. An audio replay will be available one hour after the call at 877-344-7529 (toll-free) or 412-317-0088 (international), conference number 10093635. Telephone replay access will be available until November 19, 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 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 September 30, 2016, Southwest had total assets of approximately $2.5 billion, deposits of $1.9 billion, and shareholders' equity of $283.8 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 September 30, 2016, approximately $443.6 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 or negative provisions, and the amount and timing of loan payoffs;
  • Estimates of the value of assets held for sale or available for sale; and
  • Statements of Southwest's ability to achieve financial and other goals.

These forward-looking statements are subject to significant uncertainties because they are based upon: the amount and timing of future changes in interest rates, market behavior, and other economic conditions; future laws, regulations, and accounting principles; changes in regulatory standards and examination policies, and a variety of other matters. These other matters include, among other things, the direct and indirect effects of economic conditions on interest rates, credit quality, loan demand, liquidity, and monetary and supervisory policies of banking regulators. Because of these uncertainties, the actual future results may be materially different from the results indicated by these forward-looking statements. In addition, Southwest's past growth and performance do not necessarily indicate future results. For other factors, risks, and uncertainties that could cause actual results to differ materially from estimates and projections contained in forward-looking statements, please read Southwest's reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2015. 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 September 30, 2016 through the date its financial statements are filed with the Securities and Exchange Commission. The September 30, 2016 financial statements included in this release will be adjusted if necessary to properly reflect the impact of subsequent events on estimates used to prepare those statements. 

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

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

   
Financial Tables
   
Unaudited Financial Highlights Table 1
Unaudited Consolidated Statements of Financial Condition Table 2
Unaudited Consolidated Statements of Operations Table 3
Unaudited Average Balances, Yields, and Rates-Quarterly  Table 4
Unaudited Average Balances, Yields, and Rates-YTD Table 5
Unaudited Quarterly Summary Loan Data Table 6
Unaudited Quarterly Summary Financial Data Table 7
Unaudited Quarterly Supplemental Analytical Data Table 8
   


              
SOUTHWEST BANCORP, INC.
UNAUDITED FINANCIAL HIGHLIGHTS

(Dollars in thousands, except per share) 
       Table 1
              
  Third Quarter Second Quarter
QUARTERLY HIGHLIGHTS 2016 2015 % Change 2016 % Change
Operations             
Net interest income $ 19,805  $ 16,496   20% $ 19,695   1%
Provision (credit) for loan losses   1,713    23   7,348    10   17,030 
Noninterest income   4,555    4,029   13    3,871   18 
Noninterest expense   16,156    14,077   15    15,268   6 
Income before taxes   6,491    6,425   1    8,288   (22)
Taxes on income   2,236    2,303   (3)   2,876   (22)
Net income   4,255    4,122   3    5,412   (21)
Diluted earnings per share   0.23    0.22   5    0.28   (18)
Balance Sheet             
Total assets   2,468,042    2,059,899   20    2,402,262   3 
Loans held for sale   7,899    7,024   12    7,090   11 
Portfolio loans   1,872,213    1,541,070   21    1,814,287   3 
Total deposits   1,947,924    1,626,250   20    1,902,865   2 
Total shareholders' equity   283,820    277,344   2    282,360   1 
Book value per common share   15.19    14.57   4    15.06   1 
Key Ratios             
Net interest margin   3.42%   3.34%     3.48%  
Efficiency ratio   66.09    68.25      65.70   
Total capital to risk-weighted assets   15.21    18.21      15.56   
Nonperforming loans to portfolio loans   1.31    0.98      1.23   
Shareholders' equity to total assets   11.50    13.46      11.75   
Tangible common equity to tangible assets*   10.92    13.40      11.16   
Return on average assets (annualized)   0.70    0.81      0.91   
Return on average common equity (annualized)   5.97    5.94      7.67   
Return on average tangible common equity (annualized)**   6.33    5.97      8.13   
              
  Nine Months     
YEAR-TO-DATE  HIGHLIGHTS 2016 2015 % Change     
Operations             
Net interest income $ 59,340  $ 47,897   24%     
Provision (credit) for loan losses   6,098    (3,000)  303      
Noninterest income   11,841    10,278   15      
Noninterest expense   47,420    41,141   15      
Income before taxes   17,663    20,034   (12)     
Taxes on income   6,127    7,216   (15)     
Net income   11,536    12,818   (10)     
Diluted earnings per share   0.60    0.67   (11)     
Balance Sheet             
Total assets   2,468,042    2,059,899   20      
Loans held for sale   7,899    7,024   12      
Portfolio loans   1,872,213    1,541,070   21      
Total deposits   1,947,924    1,626,250   20      
Total shareholders' equity   283,820    277,344   2      
Book value per common share   15.19    14.57   4      
Key Ratios             
Net interest margin   3.48%   3.30%       
Efficiency ratio   66.41    70.33        
Total capital to risk-weighted assets   15.21    18.21        
Nonperforming loans to portfolio loans   1.31    0.98        
Shareholders' equity to total assets   11.50    13.46        
Tangible common equity to tangible assets*   10.92    13.40        
Return on average assets (annualized)   0.65    0.86        
Return on average common equity (annualized)   5.37    6.27        
Return on average tangible common equity (annualized)**   5.69    6.31        
                  
Balance sheet amounts and ratios are as of period end unless otherwise noted.
* This is a Non-GAAP financial measure.  Please see Table 7 for a reconciliation to the most directly comparable GAAP based measure.
** This is a Non-GAAP financial measure.
Please see accompanying tables for additional financial information.
 


         
SOUTHWEST BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in thousands)
    Table 2
      
 September 30,  December 31, September 30,
 2016 2015 2015
Assets        
Cash and due from banks$ 36,298  $ 24,971  $ 25,198 
Interest-bearing deposits  33,799    53,158    43,447 
Cash and cash equivalents  70,097    78,129    68,645 
Securities held to maturity (fair values of $10,887, $12,282, and $13,462 respectively)  10,474    11,797    12,954 
Securities available for sale (amortized cost of $414,830, $401,136 and $373,219, respectively)  417,464    400,331    375,589 
Loans held for sale  7,899    7,453    7,024 
Loans receivable  1,872,213    1,771,975    1,541,070 
Less: Allowance for loan losses  (28,452)   (26,106)   (26,593)
Net loans receivable  1,843,761    1,745,869    1,514,477 
Accrued interest receivable  5,839    5,767    4,872 
Non-hedge derivative asset  4,123    1,793    2,344 
Premises and equipment, net  23,248    23,819    18,180 
Other real estate  2,106    2,274    2,274 
Goodwill  13,545    13,467    1,214 
Other intangible assets, net  5,819    6,615    3,973 
Other assets  63,667    59,708    48,353 
Total assets$ 2,468,042  $ 2,357,022  $ 2,059,899 
         
Liabilities        
Deposits:        
Noninterest-bearing demand$ 550,121  $ 596,494  $ 526,159 
Interest-bearing demand  146,583    151,015    114,877 
Money market accounts  576,550    534,357    502,028 
Savings accounts  54,849    56,333    36,163 
Time deposits of $100,000 or more  347,976    311,538    238,318 
Other time deposits  271,845    234,368    208,705 
Total deposits  1,947,924    1,884,105    1,626,250 
Accrued interest payable  969    867    778 
Non-hedge derivative liability  4,123    1,793    2,344 
Other liabilities  10,842    11,684    9,989 
Other borrowings  173,971    110,927    96,801 
Subordinated debentures  46,393    51,548    46,393 
Total liabilities  2,184,222    2,060,924    1,782,555 
         
Shareholders' equity        
Common stock - $1 par value; 40,000,000 shares authorized;        
21,223,895, 21,138,028 and 19,901,336 shares issued, respectively  21,224    21,138    19,901 
Additional paid-in capital  122,594    121,966    101,611 
Retained earnings  180,133    173,210    169,825 
Accumulated other comprehensive income (loss)  1,028    (1,290)   372 
Treasury stock, at cost, 2,538,510, 1,131,226 and 868,617 shares, respectively  (41,159)   (18,926)   (14,365)
Total shareholders' equity  283,820    296,098    277,344 
Total liabilities and shareholders' equity$ 2,468,042  $ 2,357,022  $ 2,059,899 
               


               
SOUTHWEST BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands) 
           Table 3
               
 For the three months ended For the nine months
 September 30,  June 30, September 30,  ended September 30,
 2016 2016 2015 2016 2015
Interest income              
Loans$ 20,541  $ 20,031  $16,510 $ 60,602  $ 47,919 
Investment securities  1,719    1,962   1,443   5,646    4,120 
Other interest-earning assets  50    51   267   154    860 
Total interest income  22,310    22,044   18,220   66,402    52,899 
               
Interest expense              
Interest-bearing deposits  1,542    1,428   905   4,277    2,602 
Other borrowings  374    342   255   1,025    723 
Subordinated debentures  589    579   564   1,760    1,677 
Total interest expense  2,505    2,349   1,724   7,062    5,002 
               
Net interest income  19,805    19,695   16,496   59,340    47,897 
               
Provision (credit) for loan losses  1,713    10   23   6,098    (3,000)
               
Net interest income after provision for loan losses  18,092    19,685   16,473   53,242    50,897 
               
Noninterest income              
Service charges and fees  2,681    2,556   2,441   7,786    7,319 
Gain on sales of mortgage loans  775    722   565   1,898    1,534 
Gain on sale/call of investment securities, net  3    165   19   294    162 
Other noninterest income  1,096    428   1,004   1,863    1,263 
Total noninterest income  4,555    3,871   4,029   11,841    10,278 
               
Noninterest expense              
Salaries and employee benefits  9,794    9,587   8,374   28,723    24,577 
Occupancy  3,103    2,669   2,288   8,443    6,773 
Data processing  582    430   475   1,482    1,331 
FDIC and other insurance  341    432   341   1,141    969 
Other real estate, net  (233)   8   20   (212)   153 
Provision (credit) for unfunded loan commitments  146    (263)  18   98    (92)
General and administrative  2,423    2,405   2,561   7,745    7,430 
Total noninterest expense  16,156    15,268   14,077   47,420    41,141 
Income before taxes  6,491    8,288   6,425   17,663    20,034 
Taxes on income  2,236    2,876   2,303   6,127    7,216 
Net income$ 4,255  $ 5,412  $4,122 $ 11,536  $ 12,818 
               
Pre-tax, pre-provision income*$ 8,350  $ 8,035  $6,466 $ 23,859  $ 16,942 
               
Basic earnings per common share$ 0.23  $ 0.29  $0.22 $$0.61  $ 0.67 
Diluted earnings per common share  0.23    0.28   0.22  $0.60    0.67 
Common dividends declared per share  0.08    0.08   0.06   0.24    0.18 
               
*This is a Non-GAAP based financial measure.  Pre-tax, pre-provision income is calculated as follows: 
   
Net Income + Taxes on income + Provision (credit) for loan losses + Provision (credit) for unfunded loan commitments
   
       


                 
SOUTHWEST BANCORP, INC.
UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES – QUARTERLY

(Dollars in thousands)
        Table 4
                 
  For the three months ended
 September 30, 2016 June 30, 2016 September 30, 2015
 Average Average Average  Average Average  Average
 Balance Yield/Rate Balance  Yield/Rate Balance  Yield/Rate
Assets                
Loans$ 1,832,750   4.46% $ 1,799,591    4.48% $ 1,473,297    4.45%
Investment securities  425,276   1.61    428,275    1.84    387,194    1.48 
Other interest-earning assets  48,759   0.41    48,569    0.42    100,011    1.06 
Total interest-earning assets  2,306,785   3.85    2,276,435    3.89    1,960,502    3.69 
Other assets  107,140      103,566       65,459    
Total assets$ 2,413,925    $ 2,380,001     $ 2,025,961    
                 
Liabilities and Shareholders' Equity                
Interest-bearing demand deposits$ 152,134   0.15% $ 165,011    0.16% $ 123,829    0.12%
Money market accounts  545,040   0.26    537,734    0.25    497,935    0.17 
Savings accounts  54,073   0.14    54,808    0.13    35,982    0.10 
Time deposits  603,201   0.73    589,029    0.69    446,464    0.57 
Total interest-bearing deposits  1,354,448   0.45    1,346,582    0.43    1,104,210    0.33 
Other borrowings  163,495   0.91    141,623    0.97    76,799    1.32 
Subordinated debentures  46,393   5.08    46,393    4.99    46,393    4.86 
Total interest-bearing liabilities  1,564,336   0.64    1,534,598    0.62    1,227,402    0.56 
                 
Noninterest-bearing demand deposits  549,077      547,963       511,442    
Other liabilities  16,937      13,598       11,708    
Shareholders' equity  283,575      283,842       275,409    
Total liabilities and shareholders' equity$ 2,413,925    $ 2,380,001     $ 2,025,961    
                 
Net interest income and spread    3.21%      3.27%      3.13%
Net interest margin (1)    3.42%      3.48%      3.34%
Average interest-earning assets                
to average interest-bearing liabilities  147.46%     148.34%      159.73%   
                 
(1) Net interest margin = annualized net interest income / average interest-earning assets
 


           
SOUTHWEST BANCORP, INC.
UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES – YEAR-TO-DATE

(Dollars in thousands)
       Table 5
           
 For the nine months ended September 30,
 2016 2015
 Average Average Average  Average
 Balance Yield/Rate Balance  Yield/Rate
Assets          
Loans$ 1,807,204   4.48% $ 1,444,026    4.44%
Investment securities  421,965   1.79    374,987    1.47 
Other interest-earning assets  49,451   0.42    120,749    0.95 
Total interest-earning assets  2,278,620   3.89    1,939,762    3.65 
Other assets  106,196      57,787    
Total assets$ 2,384,816    $ 1,997,549    
           
Liabilities and Shareholders' Equity          
Interest-bearing demand deposits$ 159,235   0.16% $ 133,447    0.10%
Money market accounts  541,870   0.25    485,571    0.16 
Savings accounts  54,902   0.14    34,688    0.10 
Time deposits  585,545   0.69    443,060    0.57 
Total interest-bearing deposits  1,341,552   0.43    1,096,766    0.32 
Other borrowings  140,846   0.97    69,908    1.38 
Subordinated debentures  47,108   4.98    46,393    4.82 
Total interest-bearing liabilities  1,529,506   0.62    1,213,067    0.55 
           
Noninterest-bearing demand deposits  553,338      500,263    
Other liabilities  15,108      10,879    
Shareholders' equity  286,864      273,340    
Total liabilities and shareholders' equity$ 2,384,816    $ 1,997,549    
           
Net interest income and spread    3.27%      3.10%
Net interest margin (1)    3.48%      3.30%
Average interest-earning assets          
to average interest-bearing liabilities  148.98%     159.91%   
           
(1) Net interest margin = annualized net interest income / average interest-earning assets      
       


                     
SOUTHWEST BANCORP, INC.
UNAUDITED QUARTERLY SUMMARY LOAN DATA

(Dollars in thousands)
           Table 6
                     
   2016
 2015
  Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31
LOAN COMPOSITION                    
Real estate mortgage:                    
Commercial$ 893,807  $ 862,287  $ 878,822  $ 938,462  $ 869,250  $ 759,406  $ 759,676 
One-to-four family residential  193,678    183,693    158,078    161,958    95,906    85,338    86,343 
Real estate construction:                    
Commercial  184,211    175,805    156,454    129,070    126,407    186,140    192,052 
One-to-four family residential  22,460    20,347    24,202    21,337    12,866    13,107    12,586 
Commercial  566,403    558,472    543,822    507,173    423,480    384,788    366,282 
Installment and consumer  19,553    20,773    20,506    21,429    20,185    20,651    21,306 
Total loans, including held for sale  1,880,112    1,821,377    1,781,884    1,779,429    1,548,094    1,449,430    1,438,245 
Less allowance for loan losses  (28,452)   (26,876)   (27,168)   (26,106)   (26,593)   (26,219)   (27,250)
Total loans, net$ 1,851,660  $ 1,794,501  $ 1,754,716  $ 1,753,323  $ 1,521,501  $ 1,423,211  $ 1,410,995 
LOANS BY SEGMENT                    
Oklahoma banking****$ 1,117,716  $ 1,085,986  $ 1,060,482  $ 1,048,473  $ 832,282  $ 810,367  $ 814,949 
Texas banking  605,682    577,333    560,421    580,476    563,010    493,047    478,005 
Kansas banking  156,714    158,058    160,981    150,480    152,802    146,016    145,291 
Total loans$ 1,880,112  $ 1,821,377  $ 1,781,884  $ 1,779,429  $ 1,548,094  $ 1,449,430  $ 1,438,245 
NONPERFORMING LOANS BY TYPE                    
Construction & development$ 1,073  $ 1,436  $ 1,444  $ 1,010  $ 391  $ 416  $ 392 
Commercial real estate  7,620    3,894    3,830    3,992    1,795    2,141    2,247 
Commercial  12,791    13,800    13,461    13,491    11,727    5,114    5,447 
One-to-four family residential  2,982    3,120    3,448    1,777    1,016    1,216    1,065 
Consumer  58    75    84    88    148    -    - 
Total nonperforming loans$ 24,524  $ 22,325  $ 22,267  $ 20,358  $ 15,077  $ 8,887  $ 9,151 
NONPERFORMING LOANS BY SEGMENT                    
Oklahoma banking****$ 12,275  $ 9,268  $ 7,978  $ 6,948  $ 2,846  $ 1,670  $ 2,244 
Texas banking  11,805    12,586    13,521    12,450    11,025    5,353    5,264 
Kansas banking  444    471    768    960    1,206    1,864    1,643 
Total nonperforming loans$ 24,524  $ 22,325  $ 22,267  $ 20,358  $ 15,077  $ 8,887  $ 9,151 
OTHER REAL ESTATE BY TYPE                    
Construction & development$ 1,756  $ 1,962  $ 2,060  $ 2,060  $ 2,025  $ 2,035  $ 2,035 
Commercial real estate  350    160    214    214    249    358    220 
Total other real estate$ 2,106  $ 2,122  $ 2,274  $ 2,274  $ 2,274  $ 2,393  $ 2,255 
OTHER REAL ESTATE BY SEGMENT                    
Oklahoma banking****$ -  $ 220  $ 274  $ 274  $ 200  $ 200  $ - 
Texas banking  2,106    1,902    2,000    2,000    2,025    2,000    2,000 
Kansas banking  -    -    -    -    49    193    255 
Total other real estate$ 2,106  $ 2,122  $ 2,274  $ 2,274  $ 2,274  $ 2,393  $ 2,255 
                     
****Due to immateriality, Colorado banking is included within Oklahoma banking.
Continued                    
                     


                     
SOUTHWEST BANCORP, INC.
UNAUDITED QUARTERLY SUMMARY LOAN DATA

(Dollars in thousands)
              Table 6
Continued
       
 2016
 2015
  Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31
POTENTIAL PROBLEM LOANS BY TYPE                    
Construction & development$ 588  $ -  $ -  $ -  $ -  $ -  $ 201 
Commercial real estate  12,212    33,472    36,216    26,981    22,362    20,375    24,672 
Commercial  30,555    29,537    29,931    9,879    7,366    14,519    14,016 
One-to-four family residential  2,119    1,353    2,275    2,285    79    80    81 
Consumer  2    2    38    10    -    -    - 
Total potential problem loans$ 45,476  $ 64,364  $ 68,460  $ 39,155  $ 29,807  $ 34,974  $ 38,970 
POTENTIAL PROBLEM LOANS BY SEGMENT                    
Oklahoma banking****$ 21,780  $ 43,895  $ 46,102  $ 32,970  $ 23,597  $ 23,231  $ 26,713 
Texas banking  21,029    17,726    18,801    4,165    4,086    9,180    9,541 
Kansas banking  2,667    2,743    3,557    2,020    2,124    2,563    2,716 
Total potential problem loans$ 45,476  $ 64,364  $ 68,460  $ 39,155  $ 29,807  $ 34,974  $ 38,970 
ALLOWANCE ACTIVITY                    
Balance, beginning of period$ 26,876  $ 27,168  $ 26,106  $ 26,593  $ 26,219  $ 27,250  $ 28,452 
Charge-offs  626    538    3,725    569    226    325    230 
Recoveries  489    236    412    648    577    430    915 
Net charge-offs (recoveries)  137    302    3,313    (79)   (351)   (105)   (685)
Provision (credit) for loan losses  1,713    10    4,375    (566)   23    (1,136)   (1,887)
Balance, end of period$ 28,452  $ 26,876  $ 27,168  $ 26,106  $ 26,593  $ 26,219  $ 27,250 
NET CHARGE-OFFS BY TYPE                    
Construction & development$ -  $ -  $ -  $ -  $ (16) $ (15) $ 5 
Commercial real estate  108    (44)   (187)   219    24    82    (118)
Commercial  (64)   82    3,408    (286)   (325)   (52)   (188)
One-to-four family residential  44    (12)   41    (48)   (68)   (91)   (331)
Consumer  49    276    51    36    34    (29)   (53)
Total net charge-offs (recoveries) by type$ 137  $ 302  $ 3,313  $ (79) $ (351) $ (105) $ (685)
NET CHARGE-OFFS BY SEGMENT                    
Oklahoma banking****$ 34  $ 127  $ 458  $ 288  $ (86) $ 25  $ (309)
Texas banking  180    211    952    (415)   (103)   (72)   (114)
Kansas banking  (77)   (36)   1,903    48    (162)   (58)   (262)
Total net charge-offs (recoveries) by segment$ 137  $ 302  $ 3,313  $ (79) $ (351) $ (105) $ (685)
                     
****Due to immateriality, Colorado banking is included within Oklahoma banking.
 


                     
SOUTHWEST BANCORP, INC.
UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA

(Dollars in thousands, except per share)
           Table 7
                     
    2016
 2015
  Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31
PER SHARE DATA                    
Basic earnings per common share$0.23 $0.29 $0.10 $0.23 $0.22 $0.22 $0.24
Diluted earnings per common share 0.23  0.28  0.10  0.23  0.22  0.22  0.24
Common dividends declared per share 0.08  0.08  0.08  0.06  0.06  0.06  0.06
Book value per common share 15.19  15.06  14.81  14.80  14.57  14.38  14.26
Tangible book value per share* 14.33  14.20  13.97  13.98  14.49  14.29  14.17
COMMON STOCK                    
Shares issued 21,223,895  21,223,613  21,225,034  21,138,028  19,901,336  19,900,855  19,900,350
Less treasury shares 2,538,510  2,472,830  1,939,989  1,131,226  868,617  867,310  867,310
Outstanding shares 18,685,385  18,750,783  19,285,045  20,006,802  19,032,719  19,033,545  19,033,040
OTHER FINANCIAL DATA                    
Investment securities$427,938 $422,296 $423,030 $412,128 $388,543 $373,260 $377,545
Loans held for sale 7,899  7,010  1,803  7,453  7,024  6,687  9,106
Portfolio loans 1,872,213  1,814,367  1,780,081  1,771,975  1,541,070  1,442,743  1,429,139
Total loans 1,880,112  1,821,377  1,781,884  1,779,428  1,548,094  1,449,430  1,438,245
Total assets 2,468,042  2,402,262  2,360,819  2,357,022  2,059,899  2,031,581  2,003,079
Total deposits 1,947,924  1,902,865  1,895,248  1,884,105  1,626,250  1,624,446  1,616,454
Other borrowings 173,971  153,568  117,763  110,927  96,801  75,839  58,578
Subordinated debentures 46,393  46,393  46,393  51,548  46,393  46,393  46,393
Total shareholders' equity 283,820  282,360  285,661  296,098  277,344  273,681  271,444
Mortgage servicing portfolio 453,988  443,568  434,340  432,318  422,845  415,961  407,903
INTANGIBLE ASSET DATA                    
Goodwill$13,545 $13,467 $13,467 $13,467 $1,214 $1,214 $1,214
Core deposit intangible 2,438  2,584  2,734  2,894  342  405  467
Mortgage servicing rights 3,381  3,350  3,411  3,721  3,631  3,518  3,399
Total intangible assets$19,364 $19,401 $19,612 $20,082 $5,187 $5,137 $5,080
Intangible amortization expense$344 $350 $341 $330 $243 $243 $168
DEPOSIT COMPOSITION                    
Non-interest bearing demand$550,121 $545,421 $552,499 $596,494 $526,159 $515,156 $506,952
Interest-bearing demand 146,583  160,886  168,210  151,015  114,877  131,547  140,659
Money market accounts 576,550  547,415  540,323  534,357  502,028  496,178  488,569
Savings accounts 54,849  55,209  56,235  56,333  36,163  35,647  34,413
Time deposits of $100,000 or more 347,976  323,137  314,496  311,538  238,318  233,105  227,426
Other time deposits 271,845  270,797  263,485  234,368  208,705  212,813  218,435
Total deposits**$1,947,924 $1,902,865 $1,895,248 $1,884,105 $1,626,250 $1,624,446 $1,616,454
OFFICES AND EMPLOYEES                    
FTE Employees 393  410  411  412  358  361  360
Branches 31  33  33  33  24  24  23
Assets per employee$6,280 $5,859 $5,744 $5,721 $5,754 $5,628 $5,564
____________________                    
*This is a Non-GAAP based financial measure.
**Calculation of Non-brokered Deposits and Core Funding (Non-GAAP Financial Measures)
Total deposits$1,947,924 $1,902,865 $1,895,248 $1,884,105 $1,626,250 $1,624,446 $1,616,454
Less:                    
Brokered time deposits 65,398  61,709  55,901  39,797  10,086  7,683  7,694
Other brokered deposits 214,175  175,367  140,372  135,880  133,025  103,025  83,025
Non-brokered deposits$1,668,351 $1,665,789 $1,698,975 $1,708,428 $1,483,139 $1,513,738 $1,525,735
Plus:                    
Sweep repurchase agreements 46,971  42,568  42,763  37,273  50,801  50,839  33,578
Core funding$1,715,322 $1,708,357 $1,741,738 $1,745,701 $1,533,940 $1,564,577 $1,559,313
                     
Balance sheet amounts are as of period end unless otherwise noted.
 


                     
SOUTHWEST BANCORP, INC.
UNAUDITED QUARTERLY SUPPLEMENTAL ANALYTICAL DATA

(Dollars in thousands)
              Table 8
                     
  2016
 2015
  Sep. 30  Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31
PERFORMANCE RATIOS                    
Return on average assets (annualized)  0.70%   0.91%   0.32%   0.78%   0.81%   0.85%   0.92%
Return on average common equity (annualized)  5.97    7.67    2.56    6.14    5.94    6.11    6.78 
Return on average tangible common equity                    
(annualized)*  6.33    8.13    2.71    6.46    5.97    6.14    6.82 
Net interest margin (annualized)  3.42    3.48    3.54    3.48    3.34    3.31    3.25 
Total dividends declared to net income  35.14    28.35    84.66    26.22    27.53    27.45    25.19 
Effective tax rate  34.45    34.70    35.19    35.96    35.84    34.51    37.49 
Efficiency ratio  66.09    65.70    67.48    72.17    68.16    71.83    71.69 
NONPERFORMING ASSETS                    
Nonaccrual loans$ 24,109  $ 22,259  $ 22,161  $ 19,858  $ 15,076  $ 8,887  $ 9,151 
90 days past due and accruing  415    66    106    500    1    -    - 
Total nonperforming loans  24,524    22,325    22,267    20,358    15,077    8,887    9,151 
Other real estate  2,106    2,122    2,274    2,274    2,274    2,393    2,255 
Total nonperforming assets$ 26,630  $ 24,447  $ 24,541  $ 22,632  $ 17,351  $ 11,280  $ 11,406 
Potential problem loans$ 45,476  $ 64,364  $ 68,460  $ 39,155  $ 29,807  $ 34,974  $ 38,970 
ASSET QUALITY RATIOS                    
Nonperforming assets to portfolio loans and                    
other real estate  1.42%   1.35%   1.38%   1.28%   1.12%   0.78%   0.80%
Nonperforming loans to portfolio loans  1.31    1.23    1.25    1.15    0.98    0.62    0.64 
Allowance for loan losses to portfolio loans  1.52    1.48    1.53    1.47    1.73    1.82    1.91 
Allowance for loan losses to                    
nonperforming loans  116.02    120.39    122.01    128.23    176.38    295.03    297.78 
Net loan charge-offs to average portfolio                    
loans (annualized)  0.03    0.07    0.75    (0.02)   (0.09)   (0.03)   (0.20)
CAPITAL RATIOS                    
Average total shareholders' equity to                    
average assets  11.75%   11.93%   12.42%   12.77%   13.59%   13.87%   13.59%
Leverage ratio  13.07    13.18    13.45    14.41    15.84    16.12    15.75 
Common equity tier 1 capital  11.95    12.22    12.13    13.21    14.57    15.30    15.51 
Tier 1 capital to risk-weighted assets  13.95    14.28    14.14    15.53    16.95    17.84    18.10 
Total capital to risk-weighted assets  15.21    15.53    15.39    16.79    18.21    19.09    19.36 
Tangible common equity to tangible assets***  10.92    11.16    11.49    11.95    13.40    13.40    13.48 
REGULATORY CAPITAL DATA                    
Common equity tier 1 capital$ 268,045  $ 266,612  $ 270,564  $ 282,737  $ 275,350  $ 272,048  $ 269,007 
Tier I capital  313,045    311,612    315,326    332,468    320,350    317,048    314,007 
Total capital  341,196    338,968    343,287    359,300    344,095    339,412    335,734 
Total risk adjusted assets  2,243,895    2,182,051    2,230,326    2,140,344    1,889,892    1,777,618    1,734,401 
Average total assets  2,395,991    2,363,834    2,344,259    2,307,421    2,022,972    1,966,577    1,993,446 
____________________                    
*This is a Non-GAAP based financial measure.
***Calculation of Tangible Common Equity to Tangible Assets (Non-GAAP Financial Measure)
Total shareholders' equity$ 283,820  $ 282,360  $ 285,661  $ 296,098  $ 277,344  $ 273,681  $ 271,444 
Less goodwill and core deposit intangible  15,983    16,051    16,201    16,361    1,556    1,619    1,681 
Tangible common equity$ 267,837  $ 266,309  $ 269,460  $ 279,737  $ 275,788  $ 272,062  $ 269,763 
Total assets$ 2,468,042  $ 2,402,262  $ 2,360,819  $ 2,357,022  $ 2,059,899  $ 2,031,581  $ 2,003,079 
Less goodwill and core deposit intangible  15,983    16,051    16,201    16,361    1,556    1,619    1,681 
Tangible assets$ 2,452,059  $ 2,386,211  $ 2,344,618  $ 2,340,661  $ 2,058,343  $ 2,029,962  $ 2,001,398 
Total shareholders' equity to total assets  11.50%   11.75%   12.10%   12.56%   13.46%   13.47%   13.55%
Tangible common equity to tangible assets  10.92%   11.16%   11.49%   11.95%   13.40%   13.40%   13.48%
                     
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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