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

terly 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,
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SOURCE Southwest Bancorp, Inc.
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