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

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.

/EIN News/ -- 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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