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

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