7-23-13 8:12 PM EDT | Email Article

STILLWATER, Okla., July 23, 2013 (GLOBE NEWSWIRE) -- Southwest Bancorp, Inc. (Nasdaq:OKSB) (Nasdaq:OKSBP), ("Southwest"), today reported net income available to common shareholders for the second quarter of 2013 of $4.4 million, or $0.22 per diluted share, up $2.0 million or 85% over the prior quarter. Net income available to common shareholders was $2.4 million, or $0.12 per diluted share, for the first quarter of 2013 and $3.0 million, or $0.15 per diluted share, for the second quarter of 2012. Net income available to common shareholders for the six months ended June 30, 2013 totaled $6.8 million, or $0.34 per diluted share, compared to $7.1 million, or $0.37 per diluted share, for the six months ended June 30, 2012.

Mark Funke, President and CEO, stated, "We are pleased with the progress we have made through the first six months of this year. Net income available to common shareholders has improved this quarter compared to a year ago and nonperforming assets continue to be reduced. We have added a number of talented new people to our company and, together with our tenured bankers, are continuing to maintain the highest level of service to our customers, while attracting new relationships to our organization. I like the momentum we are developing in our company and for our customers. As we move into the second half of 2013, we will continue to focus attention on improving asset quality, better operating efficiencies and appropriate capital management as we position our company for the future."

Joe Shockley, CFO, stated, "The Company's capital position and liquidity remain strong. During the quarter, we repurchased the common stock warrant issued to the US Treasury as part of the CPP program and it is our intention to redeem our 10.5% Trust Preferred Securities in mid-September 2013, subject to regulatory approval. The redemption of the Trust Preferred Securities will improve our net interest income by approximately $3.5 million annually. These actions are continuing steps in restructuring the bank's balance sheet."

Financial Overview

Unless otherwise indicated, the following discussion excludes "covered" assets, which are subject to loss sharing agreements with the FDIC. For information on covered versus noncovered assets, please see the accompanying unaudited financial statement and tables.

Condition: At June 30, 2013, total assets were $2.0 billion, down $59.7 million compared to March 31, 2013, primarily due to a decline in cash and cash equivalents. Total loans were $1.3 billion, flat from March 31, 2013.

Investment securities of $372.4 million as of June 30, 2013 increased $6.8 million compared March 31, 2013, and $32.0 million compared to a year ago. The investment portfolio is managed to provide safety, liquidity, and collateral for public funds and borrowings. The investment portfolio continues to be managed in compliance with the current investment policy, including interest rate and liquidity risk stress testing, and the average duration of the portfolio not exceeding four years.

At June 30, 2013, the allowance for loan losses was $40.3 million, a decrease of 6% from March 31, 2013. The allowance for loan losses to portfolio loans was 3.12% as of June 30, 2013, compared to 3.29% as of March 31, 2013. The allowance for loan losses to nonperforming loans was 136.44% as of June 30, 2013, compared to 131.78% as of March 31, 2013.

Nonperforming assets were $29.7 million, or 2.30% of portfolio loans and other real estate, as of June 30, 2013, a decrease of $12.1 million (29%) from $41.8 million, or 3.20% of portfolio loans and other real estate, as of March 31, 2013. The decrease in nonperforming assets during the second quarter is primarily attributable to the sale of other real estate properties totaling $9.2 million. One of the transactions resulted in a $1.7 million pre-tax gain during the second quarter. Other real estate at June 30, 2013 was $145,000 down from $9.4 million at March 31, 2013 and $17.3 million a year ago. Nonperforming loans decreased by $2.8 million during the quarter.

Total core funding, which includes all non-brokered deposits and sweep repurchase agreements, comprised 98% of total funding as of June 30, 2013 and March 31, 2013. Wholesale funding, including FHLB borrowings, federal funds purchased, and brokered deposits, accounted for 2% of total funding at June 30, 2013 and March 31, 2013. Please see Table 7 for details on core funding and non-brokered deposits, which are non-GAAP financial measures.

The capital ratios of Southwest and each of its banking subsidiaries, as of June 30, 2013, exceeded the criteria for regulatory classification as "well-capitalized". Southwest's total regulatory capital was $345.7 million, for a total risk-based capital ratio of 23.78%, and Tier 1 capital was $326.8 million, for a Tier 1 risk-based capital ratio of 22.48%. Southwest's capital exceeded the minimum to be classified as "well-capitalized" by $200.3 million. Stillwater National Bank, Southwest's principal banking subsidiary, had total regulatory capital of $278.4 million, for a total risk-based capital ratio of 21.79%, and Tier 1 capital of $247.1 million, for a Tier 1 risk-based capital ratio of 19.34%. Stillwater National Bank exceeded the minimum to be classified as "well-capitalized" by $150.7 million. Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by Federal bank regulators.

Second Quarter Results:

Summary: For the second quarter of 2013, net income available to common shareholders was $4.4 million, compared to $3.0 million for the second quarter of 2012, and $2.4 million for the first quarter of 2013. The $1.4 million increase in our net income available to common shareholders compared to the second quarter of 2012 is the result of a $3.9 million decrease in noninterest expense, a $1.1 million decrease primarily in dividends on preferred stock due to the repurchase during 2012, a $0.9 million decrease in the provision for loan losses, and a $0.2 million decrease in income tax expense, offset in part by a $4.6 million decrease in net interest income and a $0.1 million decrease in noninterest income.

The $2.0 million increase in net income available to common shareholders compared to the first quarter of 2013 is the result of a $1.5 million decrease in noninterest expense and a $1.4 million decrease in the provision for loan losses, offset in part by a $0.5 million decrease in net interest income and a $0.4 million increase in income taxes.

Net Interest Income:Net interest income totaled $15.1 million for the second quarter of 2013, compared to $19.7 million for the second quarter of 2012, a decrease of $4.6 million, or 23%, and to $15.6 million for the first quarter of 2013, a decrease of $0.5 million, or 3%. Net interest margin was 3.07% for the second quarter of 2013, compared to 3.71% for the second quarter of 2012 and 3.16% for the first quarter of 2013. With the rate environment remaining low in the short to mid-term, earning assets are repricing at lower rates. Noncovered loans declined $226.3 million, or 15%, from June 30, 2012 and $7.2 million, or 1%, from March 31, 2013 primarily due to a decline in commercial real estate loans.

Provision for Loan Losses and Net Charge-offs: The provision for loan losses is the amount that is required to maintain the allowance for losses at an appropriate level based upon the inherent risks in the loan portfolio after the effects of net charge-offs or net recoveries for the period. The provision for loan losses was a credit (or negative) of $0.9 million for the second quarter of 2013, compared to a provision for loan losses of $32,000 for second quarter of 2012 and a provision for loan losses of $0.5 million for the first quarter of 2013. For the second quarter of 2013, net charge-offs totaled $1.6 million, or 0.50% (annualized) of average portfolio loans, compared to net charge-offs of $1.2 million, or 0.31% (annualized) of average portfolio loans for the second quarter of 2012, and net charge-offs of $4.4 million, or 1.32% (annualized) of average portfolio loans for the first quarter of 2013.

Noninterest Income: Noninterest income totaled $3.5 million for the second quarter of 2013, compared to $3.6 million for the second quarter of 2012, and $3.5 million for the first quarter of 2013. The decrease from second quarter 2012 includes a $0.3 million decrease in service charges and fees, offset in part by a $0.2 million increase in the gain on sales of loans.

Noninterest Expense: Noninterest expense totaled $12.8 million for the second quarter of 2013, compared to $16.8 million for the second quarter of 2012 and $14.4 million for the first quarter of 2013.

The $3.9 million decrease from second quarter of 2012 consists primarily of a $3.5 million decrease in other real estate expense, which includes $2.3 million recognized as gain on sale of other real estate properties and a $0.7 million decrease in write-downs of other real estate properties during the second quarter of 2013. Also included in the decline from prior year is a $0.8 million decrease in general and administrative expense, which is primarily the result of decreased consulting fees, legal fees, and miscellaneous expenses, a $0.3 million decrease in FDIC and other insurance expense, and a $0.1 million decrease in provision for unfunded loan commitments, offset in part by a $0.7 million increase in personnel expense.

The $1.6 million decrease from first quarter of 2013 consists primarily of a $1.7 million decrease in other real estate expense, primarily due to the net gains on sales of other real estate properties in the second quarter of this year and lower write-downs of other real estate properties during the quarter.

Income Tax: Income tax expense totaled $2.2 million for the second quarter of 2013, compared to $2.4 million for the second quarter of 2012 and $1.9 million for the first quarter of 2013. The income tax expense fluctuates in relation to pre-tax income levels. The second quarter 2013 effective tax rate was 33.74%, due to a $0.2 million adjustment in reserve for tax credits.

Year-to-date Results:

Summary: Net income available to common shareholders was $6.8 million as of June 30, 2013, compared to $7.1 million as of June 30, 2012. The $0.3 million decrease in our net income available to common shareholders from 2012 is the result of a $9.9 million decrease in net interest income, offset in part by a $2.1 million decrease in the provision for loan losses, a $3.9 million decrease in noninterest expense, a $1.4 million decrease in income tax expense, and a $2.2 million decrease primarily in dividends on preferred stock due to the repurchase during 2012.

Net Interest Income:Net interest income totaled $30.7 million for the first six months of 2013, compared to $40.6 million for the first six months of 2012, a decrease of $9.9 million, or 24%. Lower average loan volume was the primary cause of this decrease. Year-to-date net interest margin was 3.12%, compared to 3.77% for 2012. With the rate environment remaining low, earning assets are repricing at lower rates.

Provision for Loan Losses and Net Charge-offs: The provision for loan losses is the amount of expense that is required to maintain the allowance for losses at an appropriate level based upon the inherent risks in the loan portfolio after the effects of net charge-offs for the period. The provision for loan losses was a credit (or negative) of $0.4 million for the first six months of 2013, compared to an expense of $1.7 million for the first six months of 2012. Net charge-offs totaled $6.0 million, or 0.91% (annualized) of average portfolio loans year-to-date as of June 30, 2013, compared to $2.5 million, or 0.32% (annualized) of average portfolio loans for the same period 2012.

Noninterest Income: Noninterest income totaled $7.0 million for the first six months of 2013, compared to $7.1 million for the first six months of 2012. The decrease consists of a $0.6 million decline in service charges and fees, offset in part by a $0.5 million increase in gains on sales of loans.

Noninterest Expense: Noninterest expense totaled $27.2 million for the first six months of 2013, compared to $31.1 million for the first six months of 2012. The decrease consists of a $3.5 million decrease in other real estate expense, which is primarily due to net gains recognized on the sale of other real estate properties combined with decreased expenses associated with other real estate properties. Also included in the decline from prior year is a $1.3 million decrease in general and administrative expense, which is primarily the result of lower legal fees, consulting fees, other loan costs, and bank exam fees, and a $0.6 million decrease in FDIC and other insurance expense, offset in part by a $1.6 million increase in personnel expense.

Income Tax: Income tax expense totaled $4.1 million for the first six months of 2013, compared to $5.6 million for the first six months of 2012. The income tax expense fluctuates in relation to pre-tax income levels. The year-to-date effective tax rate was 37.70% as of June 30, 2013.

Southwest Bancorp and Subsidiaries

Southwest is the bank holding company for Stillwater National Bank and Trust Company ("Stillwater National") and Bank of Kansas. Through its subsidiaries, commercial and consumer lending, deposit and investment services, specialized cash management, and other financial services are offered from offices in Oklahoma, Texas, and Kansas. Stillwater National was chartered in 1894 and Southwest was organized in 1981 as the holding company. At June 30, 2013, Southwest had total assets of $2.0 billion, deposits of $1.6 billion, and shareholders' equity of $249.4 million.

Southwest's area of expertise focuses on the special financial needs of healthcare and health professionals, businesses and their managers and owners, and commercial and commercial real estate borrowers. The strategic focus on healthcare lending was established in 1974. Southwest and its subsidiaries provide credit and other services, such as deposits, cash management, and document imaging for physicians and other healthcare practitioners to start or develop their practices and finance the development and purchase of medical offices, clinics, surgical care centers, hospitals, and similar facilities. As of June 30, 2013, approximately $429.4 million, or 33%, of noncovered loans were loans to individuals and businesses in the healthcare industry. Regular market reviews are conducted of current and potential healthcare lending business and the appropriate concentrations within healthcare based upon economic and regulatory conditions.

Additionally, Southwest also focuses on commercial real estate mortgage and construction lending. As of June 30, 2013, approximately $0.9 billion, or 73%, of noncovered loans were commercial real estate mortgage and construction loans, including $285.7 million of loans to individuals and businesses in the healthcare industry. 

Southwest's common stock is traded on the NASDAQ Global Select Market under the symbol OKSB. Southwest's public trust preferred securities are traded on the NASDAQ Global Select Market under the symbol OKSBP.

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;
  • 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, 2012. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading "Risk Factors".

The cautionary statements in this release also identify important factors and possible events that involve risk and uncertainties that could cause 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, 2013 through the date its financial statements are filed with the Securities and Exchange Commission. The June 30, 2013 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. 

   
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-Year-to-date 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
     
 Second QuarterFirst Quarter
QUARTERLY HIGHLIGHTS    %  %
 20132012Change2013Change
Operations          
Net interest income $ 15,134  $ 19,747   (23)% $ 15,606   (3)%
Provision for loan losses  (876)  32   (2,838)  498   (276)
Noninterest income  3,491   3,601   (3)  3,537   (1)
Noninterest expense  12,839   16,769   (23)  14,388   (11)
Income before taxes  6,662   6,547   2   4,257   56 
Taxes on income  2,248   2,430   (7)  1,868   20 
Net income  4,414   4,117   7   2,389   85 
Net income available to common shareholders  4,414   3,011   47   2,389   85 
Diluted earnings per share  0.22   0.15   47   0.12   83 
Balance Sheet          
Total assets  2,031,962   2,264,123   (10)  2,091,694   (3)
Loans held for sale  7,217   23,996   (70)  7,297   (1)
Noncovered portfolio loans  1,289,226   1,498,708   (14)  1,296,317   (1)
Covered portfolio loans  21,646   30,712   (30)  23,601   (8)
Total deposits  1,615,961   1,788,379   (10)  1,677,668   (4)
Total shareholders' equity  249,420   309,003   (19)  250,509   (0)
Book value per common share  12.67   12.64   0   12.72   (0)
Key Ratios          
Net interest margin 3.07% 3.71%   3.16%  
Efficiency ratio  68.93   71.82     75.16   
Total capital to risk-weighted assets  23.78   23.52     23.54   
Nonperforming loans to portfolio loans - noncovered  2.29   1.38     2.50   
Shareholders' equity to total assets  12.27   13.86     11.98   
Tangible common equity to tangible assets*  12.22   10.56     11.93   
Return on average assets (annualized)  0.87   0.72     0.46   
Return on average common equity (annualized)  7.00   4.92     3.89   
Return on average tangible common equity (annualized)**  7.03   5.06     3.90   
           
YEAR-TO-DATE HIGHLIGHTSSix Months    
   %    
 20132012Change    
Operations          
Net interest income $ 30,740  $ 40,596   (24)%    
Provision for loan losses  (378)  1,748   (122)    
Noninterest income  7,028   7,115   (1)    
Noninterest expense  27,227   31,078   (12)    
Income before taxes  10,919  14,885  (27)    
Taxes on income  4,116  5,557  (26)    
Net income  6,803  9,328  (27)    
Net income available to common shareholders  6,803  7,130  (5)    
Diluted earnings per share  0.34  0.37  (8)    
Balance Sheet          
Total assets  2,031,962   2,264,123   (10)    
Loans held for sale  7,217   23,996   (70)    
Noncovered portfolio loans  1,289,226   1,498,708   (14)    
Covered portfolio loans  21,646   30,712   (30)    
Total deposits  1,615,961   1,788,379   (10)    
Total shareholders' equity  249,420   309,003   (19)    
Book value per common share  12.67   12.64   0     
Key Ratios          
Net interest margin 3.12% 3.77%      
Efficiency ratio (GAAP-based)  72.09   65.14       
Total capital to risk-weighted assets  23.78   23.52       
Nonperforming loans to portfolio loans - noncovered  2.29   1.38       
Shareholders' equity to total assets  12.27   13.86       
Tangible common equity to tangible assets*  12.22   10.56       
Return on average assets (annualized)  0.66   0.81       
Return on average common equity (annualized)  5.46   5.87       
Return on average tangible common equity (annualized)**  5.49   6.04       
           
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.
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)
   Table 2
       
 June 30,December 31,June 30,
 201320122012
Assets      
Cash and due from banks $ 32,137 $ 45,045 $ 39,539
Interest-bearing deposits 266,835 243,034 236,336
Cash and cash equivalents 298,972 288,079 275,875
Securities held to maturity (fair values of $12,188, $13,659, and $13,735, respectively) 11,758 12,797 12,962
Securities available for sale (amortized cost of $361,397, $358,317, and $320,929, respectively) 360,645 364,315 327,416
Loans held for sale 7,217 31,682 23,996
Noncovered loans receivable 1,289,226 1,321,346 1,498,708
Less: Allowance for loan losses (40,270) (46,494) (43,807)
Net noncovered loans receivable 1,248,956 1,274,852 1,454,901
Covered loans receivable (includes loss share: $5,062, $6,714, and $8,096, respectively) 21,646 25,707 30,712
Less: Allowance for loan losses (82) (224) (91)
Net covered loans receivable 21,564 25,483 30,621
Net loans receivable 1,270,520 1,300,335 1,485,522
Accrued interest receivable 6,067 6,365 7,014
Income tax receivable  1,839  24,525 24,974
Premises and equipment, net 21,063 21,691 22,436
Noncovered other real estate 145 11,315 17,263
Covered other real estate 1,666 3,643 3,825
Goodwill 1,214 1,214 1,214
Other intangible assets, net 4,981 4,864 4,760
Other assets 45,875 51,430 56,866
Total assets $ 2,031,962 $ 2,122,255 $ 2,264,123
       
Liabilities      
Deposits:      
Noninterest-bearing demand $ 412,176   $ 424,008  $ 421,083 
Interest-bearing demand  138,502   112,012   119,929 
Money market accounts  408,145   423,417   361,839 
Savings accounts  38,611   37,693   35,610 
Time deposits of $100,000 or more  295,179   351,273   431,317 
Other time deposits  323,348   361,175   418,601 
Total deposits  1,615,961   1,709,578   1,788,379 
Accrued interest payable  1,020   1,116   831 
Other liabilities  9,264   13,180   15,470 
Other borrowings  74,334   70,362   68,477 
Subordinated debentures  81,963   81,963   81,963 
Total liabilities   1,782,542   1,876,199   1,955,120 
       
Shareholders' equity      
Serial preferred stock -- $1,000 par value; 2,000,000 shares authorized; 0, 0, and 70,000 shares issued and outstanding, respectively  --  --  68,837 
Common stock -- $1 par value; 40,000,000 shares authorized; 19,692,606, 19,529,705, and 19,447,202 shares issued and outstanding, respectively  19,693   19,530   19,447 
Additional paid-in capital  99,342   99,705   98,899 
Retained earnings  131,896   125,093   119,776 
Accumulated other comprehensive income (loss)  (1,511)  1,728   2,044 
Total shareholders' equity  249,420   246,056   309,003 
Total liabilities and shareholders' equity  $ 2,031,962   $ 2,122,255   $ 2,264,123 
   
   
   
SOUTHWEST BANCORP, INC.Table 3
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS  
(Dollars in thousands)  
         
 For the three monthsFor the six months
 ended June 30,ended June 30,
 2013201220132012
Interest income        
Loans  $ 16,415  $ 21,708  $ 33,421  $ 45,085
Investment securities 1,594 2,139 3,285 4,085
Other interest-earning assets 255 193 495 377
Total interest income 18,264 24,040 37,201 49,547
         
Interest expense        
Interest-bearing deposits 1,442 2,542 3,094 5,438
Other borrowings 222 222 442 446
Subordinated debentures 1,466 1,529 2,925 3,067
Total interest expense 3,130 4,293 6,461 8,951
         
Net interest income 15,134 19,747 30,740 40,596
         
Provision for loan losses (876) 32 (378) 1,748
         
Net interest income after provision for loan losses 16,010 19,715 31,118 38,848
         
Noninterest income        
Service charges and fees 2,607 2,931 5,267 5,858
Gain on sales of loans 831 582 1,645 1,117
Gain on investment securities -- 35 -- 35
Other noninterest income 53 53 116 105
Total noninterest income 3,491 3,601 7,028 7,115
         
Noninterest expense        
Salaries and employee benefits 8,039 7,354 16,175 14,601
Occupancy 2,679 2,635 5,253 5,180
FDIC and other insurance 400 699 891 1,482
Other real estate, net (1,394) 2,059 (1,041) 2,431
General and administrative 3,115 4,022 5,949 7,384
Total noninterest expense 12,839 16,769 27,227 31,078
Income before taxes 6,662 6,547 10,919 14,885
Taxes on income 2,248 2,430 4,116 5,557
Net income  $ 4,414  $ 4,117  $ 6,803  $ 9,328
Net income available to common shareholders  $ 4,414  $ 3,011  $ 6,803  $ 7,130
         
Basic earnings per common share  $ 0.22  $ 0.15  $ 0.34  $ 0.37
Diluted earnings per common share 0.22 0.15 0.34 0.37
Common dividends declared per share -- -- -- --
   
   
   
SOUTHWEST BANCORP, INC.Table 4
UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES - QUARTERLY  
(Dollars in thousands)  
             
 For the three months ended
 June 30, 2013March 31, 2013
 Average AverageAverage Average
 BalanceInterestYield/RateBalanceInterestYield/Rate
Assets            
Noncovered loans  $ 1,296,589  $ 16,018 4.96%  $ 1,330,578  $ 16,514 5.03%
Covered loans 22,361 397 7.12 24,895 492 8.01
Investment securities 374,353 1,594 1.71 380,525 1,691 1.80
Other interest-earning assets 282,067 255 0.36 268,396 240 0.36
Total interest-earning assets 1,975,370 18,264 3.71 2,004,394 18,937 3.83
Other assets 63,390     87,592    
Total assets  $ 2,038,760      $ 2,091,986    
             
Liabilities and Shareholders' Equity            
Interest-bearing demand deposits  $ 126,250  $ 37 0.12%  $ 133,600  $ 45 0.14%
Money market accounts 420,477 190 0.18 419,635 236 0.23
Savings accounts 38,833 12 0.12 38,721 12 0.13
Time deposits 633,647 1,203 0.76 683,159 1,359 0.81
Total interest-bearing deposits 1,219,207 1,442 0.47 1,275,115 1,652 0.53
Other borrowings 71,857 222 1.24 69,728 220 1.28
Subordinated debentures 81,963 1,466 7.15 81,963 1,459 7.12
Total interest-bearing liabilities 1,373,027 3,130 0.91 1,426,806 3,331 0.95
             
Noninterest-bearing demand deposits 402,224     403,547    
Other liabilities 10,561     12,285    
Shareholders' equity 252,948     249,348    
Total liabilities and shareholders' equity  $ 2,038,760      $ 2,091,986    
             
Net interest income and spread    $ 15,134 2.80%    $ 15,606 2.88%
Net interest margin (1)     3.07%     3.16%
Average interest-earning assets to average interest-bearing liabilities 143.87%     140.48%    
             
(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,
 20132012
 Average AverageAverage Average
 BalanceInterestYield/RateBalanceInterestYield/Rate
Assets            
Noncovered loans  $ 1,313,490  $ 32,532 4.99%  $ 1,614,980  $ 43,848 5.46%
Covered loans 23,621 889 7.59 33,951 1,237 7.33
Investment securities 377,422 3,285 1.76 327,180 4,085 2.51
Other interest-earning assets 275,269 495 0.36 191,839 377 0.40
Total interest-earning assets 1,989,802 37,201 3.77 2,167,950 49,547 4.60
Other assets 75,423     153,370    
Total assets  $ 2,065,225      $ 2,321,320    
             
Liabilities and Shareholders' Equity            
Interest-bearing demand deposits  $ 129,905  $ 82 0.13%  $ 120,626  $ 129 0.22%
Money market accounts 420,058 426 0.20 375,289 520 0.28
Savings accounts 38,777 24 0.12 34,609 26 0.15
Time deposits 658,266 2,562 0.78 905,900 4,763 1.06
Total interest-bearing deposits 1,247,006 3,094 0.50 1,436,424 5,438 0.76
Other borrowings 70,798 442 1.26 57,301 446 1.57
Subordinated debentures 81,963 2,925 7.14 81,963 3,067 7.48
Total interest-bearing liabilities 1,399,767 6,461 0.93 1,575,688 8,951 1.14
             
Noninterest-bearing demand deposits 402,882     383,008    
Other liabilities 11,418     49,692    
Shareholders' equity 251,158     312,932    
Total liabilities and shareholders' equity  $ 2,065,225      $ 2,321,320    
             
Net interest income and spread    $ 30,740 2.84%    $ 40,596 3.46%
Net interest margin (1)     3.12%     3.77%
Average interest-earning assets to average interest-bearing liabilities 142.15%     137.59%    
             
(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)  
             
 20132012
 Jun. 30Mar. 31Dec. 31Sep. 30Jun. 30Mar. 31
LOAN COMPOSITION            
Noncovered:            
Real estate mortgage:            
Commercial  $ 786,686  $ 819,873  $ 870,977  $ 898,453  $ 931,239  $ 996,486
One-to-four family residential 77,445 73,911 70,952 74,081 74,390 76,287
Real estate construction:            
Commercial 158,907 139,462 130,753 206,342 211,098 222,678
One-to-four family residential 5,241 5,015 3,656 3,438 4,184 3,814
Commercial 235,667 232,224 240,498 244,018 263,085 273,324
Installment and consumer:            
Guaranteed student loans 4,520 4,576 4,680 4,872 5,153 5,276
Other 27,977 28,553 31,512 32,710 33,555 31,766
Total noncovered loans, including held for sale 1,296,443 1,303,614 1,353,028 1,463,914 1,522,704 1,609,631
Less allowance for loan losses (40,270) (42,639) (46,494) (43,607) (43,807) (45,023)
Total noncovered loans, net  $ 1,256,173  $ 1,260,975  $ 1,306,534  $ 1,420,307  $ 1,478,897  $ 1,564,608
Covered:            
Real estate mortgage:            
Commercial  $ 15,452  $ 16,970  $ 18,298  $ 20,664  $ 21,472  $ 22,607
One-to-four family residential 4,253 4,458 4,881 5,059 5,432 5,766
Real estate construction:            
Commercial 320 367 382 419 1,627 2,344
Commercial 1,554 1,715 2,037 1,937 2,033 2,401
Installment and consumer 67 91 109 118 148 196
Total covered loans 21,646 23,601 25,707 28,197 30,712 33,314
Less allowance for loan losses (82) (214) (224) (138) (91) (60)
Total covered loans, net  $ 21,564  $ 23,387  $ 25,483  $ 28,059  $ 30,621  $ 33,254
LOANS BY SEGMENT            
Oklahoma banking  $ 656,356  $ 628,747  $ 652,121  $ 704,916  $ 751,758  $ 810,217
Texas banking 444,327 495,815 520,481 560,197 588,370 616,455
Kansas banking 210,189 195,355 174,451 192,249 189,292 177,508
Subtotal 1,310,872 1,319,917 1,347,053 1,457,362 1,529,420 1,604,180
Secondary market 7,217 7,298 31,682 34,749 23,996 38,765
Total loans  $ 1,318,089  $ 1,327,215  $ 1,378,735  $ 1,492,111  $ 1,553,416  $ 1,642,945
NONPERFORMING LOANS BY TYPE            
Construction & development  $ 5,989  $ 6,409  $ 3,355  $ 3,436  $ 3,608  $ 3,768
Commercial real estate 12,325 13,362 18,337 20,576 4,932 6,821
Commercial 10,719 11,861 15,232 1,791 10,878 2,209
One-to-four family residential 418 651 1,310 949 1,125 1,508
Consumer 64 73 160 131 176 118
Total nonperforming loans - noncovered  $ 29,515  $ 32,356  $ 38,394  $ 26,883  $ 20,719  $ 14,424
NONPERFORMING LOANS BY SEGMENT            
Oklahoma banking  $ 1,678  $ 2,000  $ 2,956  $ 4,369  $ 2,979  $ 3,550
Texas banking 26,294 28,817 33,756 19,940 14,894 5,703
Kansas banking 1,543 1,539 1,682 2,574 2,846 5,171
Total nonperforming loans - noncovered  $ 29,515  $ 32,356  $ 38,394  $ 26,883  $ 20,719  $ 14,424
OTHER REAL ESTATE BY TYPE            
Construction & development  $ 145  $ 215  $ 215  $ 445  $ 2,585  $ 3,542
Commercial real estate -- 9,207 11,003 14,130 14,129 14,854
One-to-four family residential -- -- 97 108 549 933
Total other real estate - noncovered  $ 145  $ 9,422  $ 11,315  $ 14,683  $ 17,263  $ 19,329
OTHER REAL ESTATE BY SEGMENT            
Oklahoma banking  $ --   $ 1,980  $ 3,393  $ 6,178  $ 6,178  $ 6,273
Texas banking -- 7,227 7,227 7,227 9,162 9,846
Kansas banking 145 215 695 1,278 1,923 3,210
Total other real estate - noncovered  $ 145  $ 9,422  $ 11,315  $ 14,683  $ 17,263  $ 19,329
POTENTIAL PROBLEM LOANS BY TYPE            
Construction & development  $ 20,745  $ 19,968  $ 22,077  $ 22,565  $ 25,563  $ 33,907
Commercial real estate 62,166 60,329 58,549 53,725 71,537 67,654
Commercial 10,136 8,220 12,526 9,305 12,753 23,506
One-to-four family residential 1,071 1,129 1,147 1,157 1,230 1,253
Consumer -- -- 62 -- -- --
Total potential problem loans - noncovered  $ 94,118  $ 89,646  $ 94,361  $ 86,752  $ 111,083  $ 126,320
POTENTIAL PROBLEM LOANS BY SEGMENT            
Oklahoma banking  $ 31,495  $ 32,246  $ 30,875  $ 39,606  $ 48,038  $ 44,122
Texas banking 58,710 51,978 58,377 43,313 59,368 79,735
Kansas banking 3,913 5,422 5,109 3,833 3,677 2,463
Total potential problem loans - noncovered  $ 94,118  $ 89,646  $ 94,361  $ 86,752  $ 111,083  $ 126,320
LOANS OUT OF MARKET            
Net balance of loans out of market:            
Arizona  $ 31,564  $ 33,017  $ 40,326  $ 41,255  $ 39,449  $ 34,749
Iowa 22,537 22,659 22,826 22,958 23,022 23,130
Kentucky 11,860 10,144 8,691 7,517 9,455 517
California 9,632 10,866 9,791 9,684 9,922 10,252
Mississippi 9,233 9,170 9,239 9,842 -- --
Colorado 8,586 3,067 3,110 3,119 3,111 3,104
South Carolina 7,165 7,205 7,244 7,283 7,320 --
Florida 6,346 6,333 6,254 6,204 6,240 6,269
Tennessee 6,171 6,246 6,204 6,232 6,310 6,368
Ohio 4,759 4,132 10,438 11,182 11,502 12,650
Other 17,455 15,198 19,542 20,565 20,917 25,851
Total loans out of market  $ 135,308  $ 128,037  $ 143,665  $ 145,841  $ 137,248  $ 122,890
Nonperforming loans out of market:            
Arizona  $ 12,167  $ 13,419  $ 11,599  $ 250  $ 256  $ 261
New York 1,048 -- -- -- -- --
Florida 264 270 275 281 287 293
Colorado -- 131 131 131 131 131
Other 1 -- 59 -- -- --
Total nonperforming out of market  $ 13,480  $ 13,820  $ 12,064  $ 662  $ 674  $ 685
Potential problem loans out of market:            
Iowa  $ 11,719  $ 11,792  $ 11,868  $ 11,941  $ 11,970  $ 12,035
New Jersey 1,244 -- -- -- -- --
California 512 524 536 548 559 570
Florida 75 80 85 90 95 100
Arizona -- -- 9,037 -- -- --
Total potential problem out of market  $ 13,550  $ 12,396  $ 21,526  $ 12,579  $ 12,624  $ 12,705
ALLOWANCE ACTIVITY            
Balance, beginning of period  $ 42,853  $ 46,718  $ 43,745  $ 43,898  $ 45,083  $ 44,684
Charge offs 2,072 4,651 722 2,653 2,229 1,936
Recoveries 447 288 610 4,226 1,012 619
Net charge offs (recoveries) 1,625 4,363 112 (1,573) 1,217 1,317
Provision for loan losses (876) 498 3,085 (1,726) 32 1,716
Balance, end of period  $ 40,352  $ 42,853  $ 46,718  $ 43,745  $ 43,898  $ 45,083
NET CHARGE OFFS BY TYPE            
Construction & development  $ 111  $ (19)  $ (22)  $ (1,823)  $ (85)  $ (42)
Commercial real estate 7 416 (18) 2,022 91 14
Commercial 1,085 3,751 239 (1,894) 1,228 1,211
One-to-four family residential 363 167 (40) 20 (105) 123
Consumer 59 48 (47) 102 88 11
Total net charge offs (recoveries) by type  $ 1,625  $ 4,363  $ 112  $ (1,573)  $ 1,217  $ 1,317
NET CHARGE OFFS BY SEGMENT            
Oklahoma banking  $ 200  $ 589  $ (261)  $ 5  $ (247)  $ 1,150
Texas banking 1,356 3,241 305 857 1,139 227
Kansas banking 69 533 68 (2,435) 325 (60)
Total net charge offs (recoveries) by segment  $ 1,625  $ 4,363  $ 112  $ (1,573)  $ 1,217  $ 1,317
   
   
   
SOUTHWEST BANCORP, INC.Table 7
UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA  
(Dollars in thousands, except per share data)  
             
 20132012
 Jun. 30Mar. 31Dec. 31Sep. 30Jun. 30Mar. 31
PER SHARE DATA            
Basic earnings per common share  $ 0.22  $ 0.12  $ 0.05  $ 0.22  $ 0.15  $ 0.21
Diluted earnings per common share 0.22 0.12 0.05 0.22 0.15 0.21
Book value per common share 12.67 12.72 12.60 12.59 12.35 12.21
Tangible book value per share* 12.60 12.66 12.54 12.53 12.29 12.15
COMMON STOCK            
Shares issued and outstanding 19,692,606 19,692,038 19,529,721 19,448,312 19,447,202 19,445,913
OTHER FINANCIAL DATA            
Investment securities  $ 372,403  $ 365,605  $ 377,112  $ 381,499  $ 340,378  $ 333,860
Loans held for sale 7,217 7,297 31,682 34,749 23,996 38,765
Noncovered portfolio loans 1,289,226 1,296,317 1,321,346 1,429,165 1,498,708 1,570,866
Total noncovered loans 1,296,443 1,303,614 1,353,028 1,463,914 1,522,704 1,609,631
Covered portfolio loans 21,646 23,601 25,707 28,197 30,712 33,314
Total assets 2,031,962 2,091,694 2,122,255 2,151,153 2,264,123 2,268,264
Total deposits 1,615,961 1,677,668 1,709,578 1,743,673 1,788,379 1,806,780
Other borrowings 74,334 70,872 70,362 66,694 68,477 55,139
Subordinated debentures 81,963 81,963 81,963 81,963 81,963 81,963
Total shareholders' equity 249,420 250,509 246,056 244,821 309,003 306,046
Mortgage servicing portfolio 368,825 356,032 343,397 329,184 305,465 301,378
INTANGIBLE ASSET DATA            
Goodwill  $ 1,214  $ 1,214  $ 1,214  $ 1,214  $ 1,214  $ 1,214
Core deposit intangible 2,306 2,424 2,543 2,664 2,785 2,906
Mortgage servicing rights 2,675 2,445 2,321 2,122 1,975 1,952
Total intangible assets  $ 6,195  $ 6,083  $ 6,078  $ 6,000  $ 5,974  $ 6,072
Intangible amortization expense  $ 313  $ 410  $ 283  $ 283  $ 282  $ 296
DEPOSIT COMPOSITION            
Non-interest bearing demand  $ 412,176  $ 416,979  $ 424,008  $ 429,407  $ 421,083  $ 395,141
Interest-bearing demand 138,502 125,914 112,012 113,677 119,929 119,759
Money market accounts 408,145 437,629 423,417 385,296 361,839 349,419
Savings accounts 38,611 39,733 37,693 36,461 35,610 34,679
Time deposits of $100,000 or more 295,179 317,270 351,273 389,969 431,317 464,876
Other time deposits 323,348 340,143 361,175 388,863 418,601 442,906
Total deposits**  $ 1,615,961  $ 1,677,668  $ 1,709,578  $ 1,743,673  $ 1,788,379  $ 1,806,780
OFFICES AND EMPLOYEES            
FTE Employees 408 412 422 429 430 435
Branches 22 22 22 23 23 23
Loan production offices 1 1 1 2 2 2
Assets per employee  $ 4,980  $ 5,077  $ 5,029  $ 5,014  $ 5,265  $ 5,214
             
*This is a Non-GAAP based financial measure.            
**Calculation of Non-brokered Deposits and Core Funding (Non-GAAP Financial Measures)
Total deposits  $ 1,615,961  $ 1,677,668  $ 1,709,578  $ 1,743,673  $ 1,788,379  $ 1,806,780
Less:            
Brokered time deposits 4,904 5,760 9,865 10,197 12,238 13,307
Other brokered deposits 3,422 3,422 3,421 4,421 4,420 6,529
Non-brokered deposits  $ 1,607,635  $ 1,668,486  $ 1,696,292  $ 1,729,055  $ 1,771,721  $ 1,786,944
Plus:            
Sweep repurchase agreements 49,334 45,872 45,362 41,694 43,477 30,139
Core funding  $ 1,656,969  $ 1,714,358  $ 1,741,654  $ 1,770,749  $ 1,815,198  $ 1,817,083
             
Balance sheet amounts are as of period end unless otherwise noted.
   
   
   
SOUTHWEST BANCORP, INC.Table 8
UNAUDITED QUARTERLY SUPPLEMENTAL ANALYTICAL DATA  
(Dollars in thousands)  
             
 20132012
 Jun. 30Mar. 31Dec. 31Sep. 30Jun. 30Mar. 31
PERFORMANCE RATIOS          
Return on average assets (annualized) 0.87% 0.46% 0.18% 1.06% 0.73% 0.89%
Return on average common equity (annualized) 7.00 3.89 1.56 7.11 5.03 7.00
Return on average tangible common equity (annualized)* 7.03 3.90 1.56 7.15 5.06 7.03
Net interest margin (annualized) 3.07 3.16 3.41 3.59 3.71 3.82
Effective tax rate 33.74 43.88 31.45 39.73 37.12 37.50
Efficiency ratio 68.93 75.16 79.68 64.47 71.82 58.73
NONPERFORMING ASSETS            
Noncovered:            
Nonaccrual loans $ 29,513 $ 32,356 $ 35,104 $ 26,493 $ 20,474 $ 14,324
90 days past due and accruing 2 -- 3,290 390 245 100
Total nonperforming loans 29,515 32,356 38,394 26,883 20,719 14,424
Other real estate 145 9,422 11,315 14,683 17,263 19,329
Total nonperforming assets $ 29,660 $ 41,778 $ 49,709 $ 41,566 $ 37,982 $ 33,753
Performing restructured $ 993 $ 512 $ 290 $ 281 $ 328 $ 1,700
Potential problem loans $ 94,118 $ 89,646 $ 94,361 $ 86,752 $ 111,083 $ 126,320
Covered:            
Nonaccrual loans $ 3,062 $ 2,873 $ 3,595 $ 4,809 $ 6,067 $ 7,015
90 days past due and accruing -- -- -- 353 -- --
Total nonperforming loans 3,062 2,873 3,595 5,162 6,067 7,015
Other real estate 1,666 2,243 3,643 4,142 3,825 4,694
Total nonperforming assets $ 4,728 $ 5,116 $ 7,238 $ 9,304 $ 9,892 $ 11,709
Performing restructured $ 1,800 $ 1,854 $ 2,523 $ 2,548 $ 1,701 $ --
Potential problem loans $ 3,352 $ 3,986 $ 3,155 $ 1,621 $ 1,573 $ 553
ASSET QUALITY RATIOS            
Net loan charge-offs to average portfolio loans (annualized) 0.50% 1.32% 0.03% (0.42)% 0.31% 0.32%
Noncovered:            
Nonperforming assets to portfolio loans and other real estate 2.30% 3.20% 3.73% 2.88% 2.51% 2.12%
Nonperforming loans to portfolio loans 2.29 2.50 2.91 1.88 1.38 0.92
Allowance for loan losses to portfolio loans 3.12 3.29 3.52 3.05 2.92 2.87
Allowance for loan losses to nonperforming loans 136.44 131.78 121.10 162.21 211.43 312.14
Covered:            
Nonperforming assets to portfolio loans and other real estate 20.28% 19.80% 24.66% 28.77% 28.64% 30.81%
Nonperforming loans to portfolio loans 14.15 12.17 13.98 18.31 19.75 21.06
Allowance for loan losses to portfolio loans 0.38 0.91 0.87 0.49 0.30 0.18
Allowance for loan losses to nonperforming loans 2.68 7.45 6.23 2.67 1.50 0.86
CAPITAL RATIOS            
Average total shareholders' equity to average assets 12.41% 11.92% 11.61% 12.31% 13.56% 12.99%
Leverage ratio 16.10 15.59 15.01 14.49 16.84 16.20
Tier 1 capital to risk-weighted assets 22.48 22.25 20.28 19.36 22.24 21.21
Total capital to risk-weighted assets 23.78 23.54 21.56 20.64 23.52 22.49
Tangible common equity to tangible assets*** 12.22 11.93 11.54 11.33 10.56 10.42
REGULATORY CAPITAL DATA            
Tier I capital  $ 326,831  $ 324,659  $ 319,665  $ 317,665  $ 382,263  $ 378,949
Total capital 345,717 343,562 339,964 338,739 404,252 401,808
Total risk adjusted assets 1,453,878 1,459,465 1,576,521 1,641,121 1,719,058 1,786,282
Average total assets 2,030,064 2,082,789 2,130,035 2,192,579 2,269,640 2,339,784
____________________            
*This is a Non-GAAP based financial measure.            
***Calculation of Tangible Capital to Tangible Assets (Non-GAAP Financial Measure)
Total shareholders' equity  $ 249,420  $ 250,509  $ 246,056  $ 244,821  $ 309,003  $ 306,046
Less:            
Goodwill 1,214 1,214 1,214 1,214 1,214 1,214
Preferred stock -- -- -- -- 68,837 68,644
Tangible common equity  $ 248,206  $ 249,295  $ 244,842  $ 243,607  $ 238,952  $ 236,188
Total assets  $ 2,031,962  $ 2,091,694  $ 2,122,255  $ 2,151,153  $ 2,264,123  $ 2,268,264
Less goodwill 1,214 1,214 1,214 1,214 1,214 1,214
Tangible assets  $ 2,030,748  $ 2,090,480  $ 2,121,041  $ 2,149,939  $ 2,262,909  $ 2,267,050
Tangible common equity to tangible assets 12.22% 11.93% 11.54% 11.33% 10.56% 10.42%
             
Balance sheet amounts and ratios are as of period end unless otherwise noted.
CONTACT: Mark W. Funke
         President & CEO
         Joe T. Shockley, Jr.
         EVP & CFO
         (405) 372-2230

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Morningstar - - Southwest Bancorp, Inc. Reports Second Quarter 2013 Results
Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol |  Title Star Rating |  Category |  Total Assets |  Top Holdings |  Top Sectors |  Symbol |  Name Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol / Ticker |  Title Star Rating |  Category |  Total Assets |  Symbol / Ticker |  Name Title |  Date |  Author |  Collection |  Popularity |  Interest Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Author |  Collection |  Interest |  Popularity

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