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

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
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SOURCE Southwest Bancorp, Inc.
Copyright©2008 PR Newswire.
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