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Southwest Bancorp Reports First Quarter 2008 Earnings per Share of $0.36
Date:4/17/2008

STILLWATER, Okla., April 17 /PRNewswire-FirstCall/ -- Southwest Bancorp, Inc. (Nasdaq: OKSB), ("Southwest"), today reported net income of $5.2 million, or $0.36 per diluted share for the first quarter 2008, up $0.05 or 16% from the first and fourth quarter of 2007. At March 31, 2008, total assets were $2.7 billion.

(Logo: http://www.newscom.com/cgi-bin/prnh/20011127/SOUTHWESTLOGO)

Rick Green, President and Chief Executive Officer, stated, "Our strategic vision includes growth from existing and additional offices in Oklahoma and in carefully selected markets in Texas and other states with emphasis on healthcare and health professionals, businesses and their managers and owners, commercial and commercial real estate borrowers, careful expansion of our community banking operations, and increases in stable funding sources at reasonable cost.

"Our strategy produced significant loan growth in the first quarter. Our portfolio loans grew $142.0 million, up 7%, from year-end 2007, led by increases in healthcare and other commercial real estate lending in Oklahoma and Texas. A portion of the net growth was the result of a first quarter reduction in the customary levels of early payoffs of commercial real estate and commercial loans, which we believe reflected a decrease in competition for refinancings from conduits and other non-depository lenders. We anticipate seeing movement toward more traditional unscheduled payoff levels, and currently expect somewhat slower net loan growth in the remainder of 2008.

"The positive earnings effect of our loan growth continued to be offset by the significant margin squeeze that began last year. Quar income 42,974 43,030

Interest expense

Interest-bearing deposits 18,254 17,223

Other borrowings 2,029 2,131

Subordinated debentures 884 962

Total interest expense 21,167 20,316

Net interest income 21,807 22,714

Provision for loan losses 2,236 1,861

Net interest income after provision for

loan losses 19,571 20,853

Noninterest income

Service charges and fees 2,457 2,235

Gain on sales of loans 840 1,208

Gain (loss) on investment securities 1,245 (448)

Other noninterest income 172 345

Total noninterest income 4,714 3,340

Noninterest expense

Salaries and employee benefits 9,222 8,125

Occupancy 2,458 2,403

FDIC and other insurance 453 123

Other real estate, net 10 (69)

General and administrative 3,687 6,249

Total other expenses 15,830 16,831

Income before taxes 8,455 7,362

Taxes on income 3,247 2,862

Net income $5,208 $4,500

Basic earnings per common share $0.36 $0.32

Diluted earnings per common share 0.36 0.31

Cash dividends declared per share 0.0950 0.0925

SOUTHWEST BANCORP, INC. Table 4

UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES

(Dollars in thousands)

For the three months ended March 31, 2008

Average Average

Balance Interest Yield/Rate

Assets

Loans $2,304,966 $40,610 7.09%

Investment securities 236,575 2,336 3.97

Other interest-earning assets 2,763 28 4.08

Total interest-earning assets 2,544,304 42,974 6.79

Other assets 73,166

Total assets $2,617,470

Liabilities and Shareholders' Equity

Interest-bearing demand deposits $72,734 $141 0.78%

Money market accounts 546,034 4,528 3.34

Savings accounts 13,463 22 0.66

Time deposits 1,208,782 13,563 4.51

Total interest-bearing deposits 1,841,013 18,254 3.99

Other borrowings 238,811 2,029 3.42

Subordinated debentures 46,393 884 7.54

Total interest-bearing

liabilities 2,126,217 21,167 4.00

Noninterest-bearing demand

deposits 247,241

Other liabilities 21,756

Shareholders' equity 222,256

Total liabilities and

shareholders' equity $2,617,470

Net interest income and spread $21,807 2.79%

Net interest margin (1) 3.45%

Average interest-earning assets

to average interest-bearing

liabilities 119.66%

(1) Net interest margin = annualized net interest income / average

interest-earning assets

SOUTHWEST BANCORP, INC. Table 4

UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES

(Dollars in thousands)

For the three months ended March 31, 2007

Average Average

Balance Interest Yield/Rate

Assets

Loans $1,846,844 $40,286 8.85%

Investment securities 272,139 2,679 3.99

Other interest-earning assets 5,210 65 5.06

Total interest-earning assets 2,124,193 43,030 8.22

Other assets 81,727

Total assets $2,205,920

Liabilities and Shareholders' Equity

Interest-bearing demand deposits $60,462 $81 0.54%

Money market accounts 371,496 3,962 4.33

Savings accounts 11,106 20 0.73

Time deposits 1,078,439 13,160 4.95

Total interest-bearing deposits 1,521,503 17,223 4.59

Other borrowings 175,514 2,131 4.92

Subordinated debentures 46,393 962 8.29

Total interest-bearing

liabilities 1,743,410 20,316 4.73

Noninterest-bearing demand

deposits 238,532

Other liabilities 22,080

Shareholders' equity 201,898

Total liabilities and

shareholders' equity $2,205,920

Net interest income and spread $22,714 3.49%

Net interest margin (1) 4.34%

Average interest-earning assets

to average interest-bearing

liabilities 121.84%

(1) Net interest margin = annualized net interest income / average

interest-earning assets

SOUTHWEST BANCORP, INC. Table 5

UNAUDITED SUMMARY FINANCIAL DATA

(Dollars in thousands except per share)

2008 2007

Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31

OPERATIONS

Interest income:

Loans $40,610 $43,549 $42,346 $39,578 $40,286

Investment securities 2,336 2,713 2,816 2,847 2,679

Other interest-earning

assets 28 35 39 115 65

Total interest income 42,974 46,297 45,201 42,540 43,030

Interest expense:

Interest bearing

demand deposits 141 94 82 98 81

Money market accounts 4,528 5,370 5,589 4,743 3,962

Savings accounts 22 22 24 21 20

Time deposits of

$100,000 or more 7,865 7,873 7,445 7,781 8,132

Other time deposits 5,698 5,840 5,684 5,250 5,028

Total interest-bearing

deposits 18,254 19,199 18,824 17,893 17,223

Other borrowings 2,029 2,620 1,715 1,089 2,131

Subordinated debentures 884 971 986 975 962

Total interest

expense 21,167 22,790 21,525 19,957 20,316

Net interest income 21,807 23,507 23,676 22,583 22,714

Provision for loan

losses 2,236 2,464 2,149 2,107 1,861

Other income:

Service charges and fees 2,457 2,831 2,548 2,306 2,235

Gain on sales of loans 840 783 548 800 1,208

Gain (loss) on

investment securities 1,245 5 108 1,919 (448)

Other noninterest income 172 481 452 429 345

Total other income 4,714 4,100 3,656 5,454 3,340

Other expense:

Salaries and employee

benefits 9,222 9,838 8,966 8,358 8,125

Occupancy 2,458 2,540 2,514 2,388 2,403

FDIC and other insurance 453 225 134 140 123

Other real estate, net 10 64 (12) (41) (69)

Unfunded loan commitment 145 368 675 151 (65)

Other general and

administrative 3,542 4,638 3,885 3,812 6,314

Total other expenses 15,830 17,673 16,162 14,808 16,831

Income before taxes 8,455 7,470 9,021 11,122 7,362

Taxes on income 3,247 2,949 3,505 4,281 2,862

Net income $5,208 $4,521 $5,516 $6,841 $4,500

PER SHARE DATA

Basic earnings per

common share $0.36 $ 0.32 $ 0.38 $0.48 $0.32

Diluted earnings per

common share 0.36 0.31 0.38 0.47 0.31

Cash dividends declared

per share 0.0950 0.0925 0.0925 0.0925 0.0925

Book value per share 15.52 15.16 14.92 14.53 14.14

Tangible book value

per share 15.03 14.66 14.45 14.44 14.05

Weighted average shares

outstanding:

Basic earnings per

common share 14,413,686 14,353,910 14,335,008 14,299,111 14,263,698

Diluted 14,608,190 14,584,878 14,612,732 14,644,863 14,642,913

OTHER FINANCIAL DATA

Investment securities $237,827 $256,312 $293,222 $278,034 $274,106

Loans held for sale 66,364 66,275 78,417 73,011 108,025

Portfolio loans 2,287,606 2,145,557 1,933,223 1,769,528 1,667,195

Total loans 2,353,970 2,211,832 2,011,640 1,842,539 1,775,220

Total assets 2,671,842 2,564,298 2,386,852 2,196,005 2,194,179

Total deposits 2,094,927 2,058,579 1,912,719 1,823,806 1,803,181

Other borrowings 282,513 218,356 190,847 95,561 123,212

Subordinated debentures 46,393 46,393 46,393 46,393 46,393

Total shareholders'

equity 225,417 217,609 213,838 208,185 201,777

Mortgage servicing

portfolio 145,028 141,680 136,294 134,444 134,259

SOUTHWEST BANCORP, INC. Table 5

UNAUDITED SUMMARY FINANCIAL DATA Continued

(Dollars in thousands except per share)

2008 2007

Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31

PERFORMANCE RATIOS

Return on average

assets 0.80% 0.72% 0.96% 1.28% 0.83%

Return on average

equity 9.42 8.24 10.29 13.26 9.04

Return on average

tangible equity 9.94 8.86 10.88 13.70 9.23

Net interest margin 3.45 3.89 4.23 4.35 4.34

Dividends declared to

net income 26.37 29.37 24.04 19.37 29.32

Effective tax rate 38.40 39.48 38.85 38.49 38.88

Efficiency ratio 59.69 64.02 59.13 52.82 64.60

ASSET QUALITY RATIOS

Nonperforming assets

to total loans and

other real estate

owned 1.37% 1.46% 1.53% 1.40% 1.76%

Nonperforming loans

to total loans 1.23 1.34 1.45 1.32 1.66

Net loan charge-offs

to average total loans 0.33 0.22 0.39 0.40 0.31

Allowance for loan

losses to total loans 1.27 1.34 1.41 1.52 1.56

Allowance for loan

losses to portfolio

loans 1.31 1.38 1.46 1.59 1.66

Allowance for loan

losses to

nonperforming loans 103.49 100.04 97.32 115.65 94.18

CAPITAL RATIOS

Average total

shareholders' equity

to average assets 8.49% 8.80% 9.30% 9.64% 9.15%

Leverage ratio 9.91 10.23 10.92 11.73 11.12

Tier 1 capital to

risk-weighted assets 9.47 9.71 10.49 11.84 12.44

Total capital to

risk-weighted assets 10.72 10.97 11.76 13.13 13.68

SEGMENT LOANS*

Oklahoma banking $943,331 $876,085 $844,859 $804,906 $766,990

Texas banking 797,700 759,389 644,749 567,236 507,384

Kansas banking 287,339 282,846 251,131 198,228 206,405

Other states

banking 259,236 227,237 192,484 199,158 186,416

Subtotal 2,287,606 2,145,557 1,933,223 1,769,528 1,667,195

Secondary market 66,364 66,275 78,417 73,011 108,025

Total loans $2,353,970 $2,211,832 $2,011,640 $1,842,539 $1,775,220

SEGMENT NET INCOME*

Oklahoma banking $2,503 $3,080 $3,759 $4,820 $4,278

Texas banking 2,406 1,701 1,638 1,568 1,643

Kansas banking 458 82 243 326 208

Other states banking 969 225 768 930 240

Subtotal 6,336 5,088 6,408 7,644 6,369

Secondary market (174) 114 33 197 753

Other operations (954) (681) (925) (1,000) (2,622)

Total net income $5,208 $4,521 $5,516 $6,841 $4,500

OFFICES AND EMPLOYEES

FTE Employees 467 489 484 457 443

ATM's 40 43 43 38 39

Branches 17 17 17 15 15

Loan production offices 3 3 3 3 3

Assets per employee $5,721 $5,244 $4,932 $4,805 $4,953

Balance sheet amounts are as of period end unless otherwise noted.

* In first quarter 2008, Southwest changed its segment disclosures to

report Texas, Kansas and Other states separately. Portfolio loans are

allocated based upon the state of the borrower, or the location of the

real estate in the case of real estate loans. Loans included in the

"Other states banking" segment are portfolio loans attributable to

states other than Oklahoma, Texas, or Kansas, and primarily consist of

healthcare and commercial real estate credits. These out of state loans

are administered by offices in Oklahoma, Texas, or Kansas.

SOUTHWEST BANCORP, INC. Table 6

UNAUDITED SUPPLEMENTAL ANALYTICAL DATA

(Dollars in thousands except per share)

2008 2007

Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31

LOAN COMPOSITION

Real estate mortgage:

Commercial $846,757 $750,047 $608,409 $564,813 $582,440

One-to-four family

residential 110,938 111,085 112,407 90,916 83,312

Real estate

construction 744,090 724,929 659,214 617,993 517,199

Commercial 544,183 521,501 517,658 465,588 457,838

Installment and consumer:

Guaranteed student

loans 63,706 61,555 73,810 68,117 101,905

Other 44,296 42,715 40,142 35,112 32,526

Total loans,

including held

for sale 2,353,970 2,211,832 2,011,640 1,842,539 1,775,220

Less allowance for

loan losses (29,950) (29,584) (28,314) (28,054) (27,728)

Total loans, net $2,324,020 $2,182,248 $1,983,326 $1,814,485 $1,747,492

By statement of

condition category:

Loans held for sale:

Student loans $63,706 $61,555 $73,810 $68,117 $101,905

One-to-four

family

residential 1,417 3,442 3,293 3,382 4,113

Other 1,241 1,278 1,314 1,512 2,007

Total loans held

for sale 66,364 66,275 78,417 73,011 108,025

Portfolio loans 2,287,606 2,145,557 1,933,223 1,769,528 1,667,195

Total loans

before

allowance $2,353,970 $2,211,832 $2,011,640 $1,842,539 $1,775,220

DEPOSIT COMPOSITION

Non-interest

bearing demand $248,315 $257,067 $261,634 $248,285 $251,777

Interest-bearing

demand 71,450 63,323 63,145 63,758 63,741

Money market accounts 553,850 541,950 505,192 487,096 394,668

Savings accounts 13,808 13,032 14,830 11,017 11,196

Time deposits of

$100,000 or more 690,421 690,985 580,850 571,584 646,668

Other time deposits 517,083 492,222 487,068 442,066 435,131

Total deposits $2,094,927 $2,058,579 $1,912,719 $1,823,806 $1,803,181

NONPERFORMING ASSETS

Nonaccrual loans $26,134 $19,534 $26,291 $22,633 $26,978

90 days past due

and accruing 2,807 10,037 2,803 1,625 2,462

Total nonperforming

loans 28,941 29,571 29,094 24,258 29,440

Other real estate

loans 3,328 2,679 1,654 1,508 1,869

Total nonperforming

assets $32,269 $32,250 $30,748 $25,766 $31,309

Potential nonperforming

loans $69,588 $61,633 $70,389 $69,595 $52,335

ALLOWANCE ACTIVITY

Balance, beginning

of period $29,584 $28,314 $28,054 $27,728 $27,293

Charge offs 2,044 1,290 2,105 1,875 1,728

Recoveries 174 96 216 94 302

Net charge offs 1,870 1,194 1,889 1,781 1,426

Provision for loan

losses 2,236 2,464 2,149 2,107 1,861

Balance, end of

period $29,950 $29,584 $28,314 $28,054 $27,728

REGULATORY CAPITAL DATA

Tier I capital $258,272 $251,980 $248,961 $251,460 $244,862

Total capital 292,567 284,730 279,031 278,799 269,513

Total risk adjusted

assets 2,728,622 2,595,090 2,374,152 2,123,862 1,967,001

COMMON STOCK

Issued 14,658,042 14,658,042 14,658,042 14,658,042 14,6terly net interest margin of 3.45% was down 89 basis points from first quarter 2007. As a result, net interest income declined $907,000, or 4%. We also increased our provision for loan losses by $375,000, or 20%, in the first quarter of 2008 compared to the same quarter in 2007. Other significant factors in the first quarter comparisons include the VISA USA public offering completed in the quarter, which added $1.8 million in income before taxes, a $1.1 million increase in salary and employee benefits expenses, and a $2.6 million decrease in general and administrative expenses, largely due to last year's ATM-related write-off.

"The validity of our strategic decision not to rely on any significant amounts of residential mortgages and not to make subprime loans was reinforced by market events. Subprime lending has never been a part of our strategy and one to four family mortgages account for less than 5% of our portfolio."

Please see the following discussion and financial tables and the disclosures under the heading "Forward-Looking Statements" on page 3.

Financial Overview

Condition. Total assets were $2.7 billion at March 31, 2008, an increase of 4% from $2.6 billion at December 31, 2007. At March 31, 2008 total loans were $2.4 billion, versus $2.2 billion at December 31, 2007. Non-performing assets to total assets were 1.21% at March 31, 2008 compared to 1.43% at March 31, 2007 and 1.26% at December 31, 2007. Of total non-performing assets, 38.8% are commercial real estate loans, 37.4% are commercial loans, 10.3% is other real estate owned, 8.4% are real estate construction loans, 4.9% are residential real estate mortgages, and other consumer loans are less than 1%. The allowance for loan losses as a percentage of portfolio loans was 1.31% at March 31, 2008, versus 1.66% at March 31, 2007 and 1.38% at December 31, 2007.

Total deposits were $2.1 billion at March 31, 2008, up $36.3 million from December 31, 2007. On March 31, 2008, 58,042

Less treasury

shares (133,605) (300,833) (321,991) (329,570) (385,632)

Outstanding shares 14,524,437 14,357,209 14,336,051 14,328,472 14,272,410

INTANGIBLE ASSET DATA

Goodwill $7,071 $7,064 $6,742 $1,213 $1,213

Core deposit

intangible 2,893 3,053 2,879 1,466 1,531

Mortgage servicing

rights 1,290 1,503 1,431 1,428 1,413

Nonmortgage servicing

rights 22 24 25 32 37

Total intangible

assets $11,276 $11,644 $11,077 $4,139 $4,194

Intangible

amortization

expense $257 $159 $161 $165 $162

Balance sheet amounts are as of period end unless otherwise noted.

Southwest exceeded all applicable regulatory capital requirements and each of its banking subsidiaries met the criteria for regulatory classification as "well-capitalized." Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by Federal bank or thrift regulators.

First Quarter Results. Net interest income totaled $21.8 million for the first quarter of 2008, compared to $22.7 million for the first quarter of 2007. Net interest margin was 3.45% for the first quarter of 2008 compared to 3.89% for the fourth quarter of 2007 and 4.34% for the first quarter of 2007. The decrease in net interest income and net interest margin is the result of Southwest's interest rate sensitivity position and the margin squeeze produced by governmental actions designed to lower market interest rates in the wake of the subprime and liquidity crisis. Yields on earning assets decreased by 143 basis points from the first quarter 2007, while rates paid on interest bearing liabilities decreased by only 73 basis points.

The provision for loan losses totaled $2.2 million for the first quarter of 2008, compared to $1.9 million for the first quarter of 2007. Net charge offs totaled $1.9 million, or 0.33% (annualized) of portfolio loans at March 31, 2008, compared to $1.4 million, or 0.35% (annualized) of portfolio loans at March 31, 2007.

Noninterest income totaled $4.7 million for the first quarter of 2008, compared to $3.3 million for the same quarter of 2007. The increase in noninterest income from 2007 was mainly the result of a $1.7 million increase in gain on investment securities, due mainly from shares redeemed in connection with the VISA public offering, and a $222,000 increase in service charges and fees, offset in part by decreases in gains from the sale of loans of $368,000 and other noninterest income of $173,000.

Noninterest expense decreased $1.0 million from the first quarter 2007 to the first quarter of 2008 to $15.8 million. The decrease consists of a $1.1 million increase in salaries and employee benefits, a $330,000 increase in FDIC and other insurance, a $79,000 increase in other real estate expense, and a $55,000 increase in occupancy expense, offset by a $2.6 million decrease in general and administrative expenses, which reflects last year's $2.5 million ATM-related write-off and includes the provision for unfunded loan commitments.

The efficiency ratio for the first quarter of 2008 improved to 59.69%, from 64.60% for the first quarter of 2007.

Certain Legal Matters. As previously disclosed, in December 2006, an armored transportation company failed to deliver to Stillwater National Bank and Trust ("Stillwater National") cash due to it from certain ATMs owned by one of its subsidiaries, Cash Source, Inc. ("CSI"). In the first quarter of 2007, Southwest recorded a write-off of the $2.5 million receivable. The financial statements also reflect related legal expenses incurred by Southwest of $61,000 during the first quarter of 2008 and approximately $785,000 during the year 2007 of which $300,000 was incurred in the first quarter 2007. Southwest filed its proof of loss with the insurer on August 6, 2007 and has no further information with which to update its estimate of ultimate recovery.

Stillwater National and other VISA USA member banks are obligated to share in costs resulting from litigation against VISA USA, including the costs of the November 9, 2007, settlement of an antitrust lawsuit brought by American Express and potential costs of certain other pending litigation. In the fourth quarter of 2007, Southwest recorded approximately $713,000 as its estimated share of the settlement and other pending litigation expenses relating to these obligations. In March 2008, VISA completed an initial public offering. This transaction allowed VISA to place part of the cash proceeds into an escrow which will be utilized to pay litigation and settlement expenses. Southwest's portion of this escrow is approximately $566,000 which is reflected in the first quarter 2008 financial statements as a reduction to general and administrative expense and related payable established in the fourth quarter 2007. These amounts are an estimate and further adjustments may be required.

Southwest Bancorp and Subsidiaries

Southwest Bancorp is the financial holding company for Stillwater National, Bank of Kansas ("SNB Kansas"), SNB Bank of Wichita ("SNB Wichita"), Healthcare Strategic Support, Inc., and Business Consulting Group, Inc. Through its subsidiaries, Southwest offers commercial and consumer lending, deposit, and investment services, and specialized cash management, consulting, and other financial services from offices in Oklahoma City, Stillwater, Tulsa, and Chickasha, Oklahoma; Austin, Dallas, Houston and San Antonio, Texas; and Hutchinson, Kansas City, and Wichita, Kansas, and on the Internet, through SNB DirectBanker(R).

Southwest focuses on converting its strategic vision into long-term shareholder value. Our vision includes an established niche banking model focused on healthcare and commercial real estate financial services in Texas, Oklahoma, and Kansas and a community banking model focused on more traditional banking operations in those states. Southwest's strategic growth goals include growth from existing and additional offices in carefully selected markets in Texas and other states with concentrations of healthcare and health professionals, businesses, and their managers and owners, and commercial and commercial real estate borrowers, and careful expansion of community banking operations.

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

Forward-Looking Statements

This Press Release includes forward-looking statements, such as: statements of Southwest's goals, intentions, and expectations; estimates of risks and of future costs and benefits; assessments of the amount and timing of loan growth, performing and problem loan payoffs and loan losses; off-balance sheet risk and market risk; 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: future interest rates, market behavior, the effects on general economic conditions in our market of recent subprime and other consumer lending problems, and other economic conditions; future laws and regulations; and a variety of other matters. 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 its future results.

Financial Tables

Financial Highlights Table 1

Consolidated Statements of Financial Condition Table 2

Consolidated Statements of Operations Table 3

Average Balances, Yields, and Rates-Quarterly Table 4

Summary Financial Data by Quarter-2008 and 2007 Table 5

Supplemental Analytical Data by Quarter-2008 and 2007 Table 6

SOUTHWEST BANCORP, INC. Table 1

UNAUDITED FINANCIAL HIGHLIGHTS

(Dollars in thousands except per share)

First Quarter Fourth Quarter

QUARTERLY HIGHLIGHTS % %

2008 2007 Change 2007 Change

Operations

Net interest income $21,807 $22,714 (4)% $23,507 (7)%

Provision for loan

losses 2,236 1,861 20 2,464 (9)

Noninterest income 4,714 3,340 41 4,100 15

Noninterest expense 15,830 16,831 (6) 17,673 (10)

Income before taxes 8,455 7,362 15 7,470 13

Taxes on income 3,247 2,862 13 2,949 10

Net income 5,208 4,500 16 4,521 15

Diluted earnings per

share 0.36 0.31 16 0.31 16

Balance Sheet

Total assets 2,671,842 2,194,179 22 2,564,537 4

Loans held for sale 66,364 108,025 (39) 66,275 0

Portfolio loans 2,287,606 1,667,195 37 2,145,557 7

Total deposits 2,094,927 1,803,181 16 2,058,818 2

Total shareholders'

equity 225,417 201,777 12 217,609 4

Book value per share 15.52 14.14 10 15.16 2

Key Ratios

Net interest margin 3.45% 4.34% 3.89%

Efficiency ratio

(GAAP-based) 59.69 64.60 64.02

Nonperforming loans to

total loans 1.23 1.66 1.34

Shareholders' equity to

total assets 8.44 9.20 8.49

Return on average assets 0.80 0.83 0.72

Return on average equity 9.42 9.04 8.24

SOUTHWEST BANCORP, INC. Table 2

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in thousands, except per share)

March 31, December 31, March 31,

2008 2007 2007

Assets

Cash and due from banks $37,569 $45,678 $29,542

Federal funds sold - - 69,700

Cash and cash equivalents 37,569 45,678 99,242

Investment securities:

Held to maturity. Fair value:

$8,411 $5,838 $4,286 8,339 5,838 4,332

Available for sale. Amortized

cost: $212,937 $236,707

$258,678 216,272 237,358 257,329

Federal Reserve and FHLB Stock,

at cost 13,216 13,116 12,445

Loans held for sale 66,364 66,275 108,025

Loans receivable 2,287,606 2,145,557 1,667,195

Less: Allowance for loan losses (29,950) (29,584) (27,728)

Net loans receivable 2,257,656 2,115,973 1,639,467

Accrued interest receivable 15,631 23,117 21,774

Premises and equipment, net 24,006 24,323 21,945

Other real estate owned 3,328 2,679 1,869

Goodwill 7,071 7,064 1,213

Other intangible assets, net 4,205 4,580 2,981

Other assets 18,185 18,297 23,557

Total assets $2,671,842 $2,564,298 $2,194,179

Liabilities and shareholders' equity

Deposits:

Noninterest-bearing demand $248,315 $257,067 $251,777

Interest-bearing demand 71,450 63,323 63,741

Money market accounts 553,850 541,950 394,668

Savings accounts 13,808 13,032 11,196

Time deposits of $100,000 or more 690,421 690,985 646,668

Other time deposits 517,083 492,222 435,131

Total deposits 2,094,927 2,058,579 1,803,181

Accrued interest payable 8,520 11,441 11,764

Income tax payable 4,647 1,766 -

Other liabilities 9,425 10,154 7,852

Other borrowings 282,513 218,356 123,212

Subordinated debentures 46,393 46,393 46,393

Total liabilities 2,446,425 2,346,689 1,992,402

Shareholders' equity

Common stock - $1 par value;

20,000,000 shares authorized;

14,658,042 shares issued 14,658 14,658 14,658

Paid in capital 45,784 46,478 46,314

Retained earnings 165,318 161,482 148,574

Accumulated other comprehensive

gain (loss) 2,064 408 (826)

Treasury stock, at cost, 133,605

300,833 385,632 shares (2,407) (5,417) (6,943)

Total shareholders' equity 225,417 217,609 201,777

Total liabilities and

shareholders' equity $2,671,842 $2,564,298 $2,194,179

SOUTHWEST BANCORP, INC. Table 3

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands except per share)

For the three months

ended March 31,

2008 2007

Interest income

Loans $40,610 $40,286

Investment securities 2,336 2,679

Other interest-earning assets 28 65

Total interest
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SOURCE Southwest Bancorp, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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