Southwest Bancorp Reports Third Quarter 2009 Results

STILLWATER, Okla., Oct. 20 /PRNewswire-FirstCall/ -- Southwest Bancorp, Inc. (NASDAQ:OKSB), ("Southwest"), today reported net income available to common shareholders of $1.1 million, or $0.07 per diluted share for the third quarter 2009, compared to $2.3 million, or $0.16 per diluted share for the third quarter of 2008. Net income available to common shareholders for the nine months ended September 30, 2009 was $6.3 million, or $0.43 per diluted share, compared to $11.7 million, or $0.80 per diluted share for the nine months ended September 30, 2008. At September 30, 2009, total assets were $3.0 billion. Rick Green, Southwest Bancorp's President and Chief Executive Officer, stated, "We continue to generate earnings from operations in a difficult banking environment and are taking steps designed to position ourselves to succeed when the economy improves. For now, we expect continuing weakness in our commercial real estate markets and are clearly focused on identification and resolution of problem credits. We are pleased to have been able to earn money, hold down operating expenses, and increase key capital ratios, while at the same time providing appropriate reserves for loan losses." Third Quarter 2009 Results: -- Increased Nonperforming Assets. Nonperforming assets increased to $133.5 million and 4.97% of portfolio loans and other real estate owned from $103.8 million and 3.83% of portfolio loans and other real estate owned at June 30, 2009 and from $70.1 million and 2.80% of portfolio loans and other real estate owned at December 31, 2008. -- Increased Allowance and Provision for Loan Losses. The allowance for loan losses increased to $57.8 million and 2.16% of portfolio loans from $51.8 million and 1.91% of portfolio loans at June 30, 2009 and $39.8 million and 1.59% of portfolio loans at December 31, 2008. The provision for loan losses exceeded net charge-offs by $6.0 million for the third quarter, $18.0 million for the first nine months of 2009, and $22.0 million for the last four quarters. -- Increased Regulatory Capital. As of September 30, 2009, total regulatory capital was $411.2 million for a total risk-based capital ratio of 14.31% and Tier 1 capital was $374.8 million for a Tier 1 risk-based capital ratio of 13.04%. The tangible common equity ratio was 7.79%. (The tangible common equity ratio is a non-GAAP measure used by Southwest and analysts based on shareholders' equity as defined by generally accepted accounting principles minus goodwill and preferred stock. See Table 6.) -- Increased Core Funding. Core deposits (total deposits less time deposits of $100,000 or more and brokered deposits) grew 2% from June 30, 2009 and 15% from December 31, 2008. Core funding, which includes all non-brokered time deposits and sweep repurchase agreements, grew 3% from June 30, 2009 and 20% from December 31, 2008. At September 30, 2009, total core funding comprised 85% of total funding, compared to 82% at June 30, 2009 and 76% at December 31, 2008. Wholesale funding, including FHLB borrowings, federal funds purchased, and brokered deposits, accounted for 15% of total funding compared to 18% at June 30, 2009 and 24% at December 31, 2008. Please see Table 7 for details on these non-GAAP financial measures. -- Increased Net Interest Income. Net interest income increased by $2.2 million, or 10%, for the third quarter of 2009 compared to the third quarter of 2008, and by $3.6 million, or 5%, for the first nine months of 2009 compared to the first nine months of 2008. -- Decreased Human Resource Costs. Salaries and employee benefits decreased by $1.0 million, or 12%, from the third quarter of 2008 and $5.0 million, or 19%, from the first nine months of 2008. Total noninterest expenses declined $1.0 million, or 6%, from the third quarter 2008 and $3.9 million, or 8%, from the first nine months of 2008, despite substantial increases in FDIC insurance assessments. Please review the following "Financial Overview" and the accompanying tables for important additional information regarding our results and plans. Financial Overview Condition: Total assets were $3.0 billion at September 30, 2009, an increase of 5% from December 31, 2008. At September 30, 2009 total loans were $2.7 billion, which includes $117.1 million of loans acquired from First National Bank of Anthony ("FNBA") in the second quarter and represents an increase of 6% from December 31, 2008. At September 30, 2009, the allowance for loan losses was $57.8 million, up 61% from September 30, 2008 and up 45% from year-end 2008 and represented 2.16% of portfolio loans versus 1.47% at September 30, 2008 and 1.59% at December 31, 2008. The methodology used to determine the appropriate amount of the allowance for loan losses at a particular time includes consideration of risk factors related to Southwest and to our markets, including regular assessments of national and local economic conditions and trends. For the nine months ended September 30, 2009, the provision for loan losses increased by $16.3 million, or 132%, over the provision for the comparable period ended September 30, 2008. Nonperforming assets to portfolio loans and other real estate owned was 4.97% at September 30, 2009 compared to 2.72% at September 30, 2008 and 2.80% at December 31, 2008. A breakdown of portfolio loans and nonperforming assets by type is shown in the following table: Percentage of total Percentage of Portfolio portfolio Nonperforming nonperforming (dollars in thousands) loans loans assets assets ----- ----- ------ ------ Real estate construction $663,157 24.78% $62,723 46.98% Commercial real estate 1,272,430 47.55 35,286 26.43 Commercial 558,813 20.89 11,375 8.52 Other real estate owned - - 8,987 6.73 Residential real estate mortgages 138,122 5.16 14,884 11.15 Other consumer loans 43,219 1.62 255 0.19 ------ ---- --- ---- Total $2,675,741 100.00% $133,510 100.00% ========== ====== ======== ====== Included above are $12.8 million of nonperforming assets acquired from FNBA, which are subject to protection under loss share agreements with the FDIC. The loss share agreements require the FDIC to cover 80% of net losses on covered loans and related assets up to $35.0 million, and 95% of net losses above $35.0 million. Nonaccrual loans were $109.4 million as of September 30, 2009, an increase of $26.6 million from June 30, 2009 and $50.1 million from December 31, 2008. These loans are carried at their estimated collectible amounts and no longer accrue interest. Loans 90 days or more past due, another component of nonperforming assets, were $15.1 million as of September 30, 2009 and increased $3.1 million from June 30, 2009 and $10.4 million from December 31, 2008. These loans are deemed to have sufficient collateral and are in the process of collection. Performing loans considered potential problem loans, which are not included in the past due or nonaccrual categories, but for which known information about possible credit problems cause management to be uncertain as to the continued ability of the borrowers to comply with the present loan repayment terms in future periods, amounted to $259.5 million at September 30, 2009, an increase of $75.4 million from June 30, 2009 and $128.0 million from December 31, 2008. Included are $4.4 million of potential problem loans acquired from FNBA, which are subject to protection under loss share agreements with the FDIC. Potential problem loans are subject to continuing management attention and are considered by management in determining the level of the allowance for loan losses. Total deposits were $2.5 billion at September 30, 2009, up $293.0 million from December 31, 2008. At September 30, 2009, wholesale funding, including FHLB borrowings, federal funds purchased, and brokered deposits, accounted for 15% of total funding compared to 24% at December 31, 2008. At September 30, 2009, Southwest exceeded all applicable regulatory capital requirements. Southwest and each of its banking subsidiaries met the criteria for regulatory classification as "well-capitalized". Southwest's capital exceeded the minimum to be classified as "well-capitalized" by $123.8 million. Southwest's ratio of tangible common equity to tangible assets was 7.79% as of September 30, 2009. Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by Federal bank regulators. Year-to-date Results: Summary: The $5.4 million decrease in our net income available to common shareholders from 2008 is the result of a $16.3 million increase in the provision for loan losses, a $3.0 million increase in FDIC insurance and other insurance expense, and $3.1 million in dividends on the preferred stock that we issued in December 2008, offset in part by a $5.0 million decrease in personnel costs, a $2.3 million decrease in general and administrative expenses, a $1.8 million decrease in income tax expense, a $3.6 million increase in net interest income, a $2.7 million increase in other noninterest income, and a $1.7 million increase in gain on sale of investment securities. Net Interest Income: Net interest income totaled $70.9 million for the first nine month of 2009 compared to $67.3 million for the first nine months of 2008. Year-to-date net interest margin was 3.27% compared to 3.41% in 2008. Included in the second quarter net interest income is a one-time recovery of $1.9 million in interest from the successful resolution of a nonperforming loan. Net interest margin would have been 9 basis points lower without this recovery. Provision for Loan Losses: The provision for loan losses totaled $28.5 million for the first nine months of 2009 compared to $12.3 million for the first nine months of 2008. Net charge offs totaled $10.5 million, or 0.54% (annualized) of average portfolio loans, year-to-date as of September 30, 2009, compared to $6.1 million, or 0.35% (annualized) of average portfolio loans, for the same period in the prior year. Noninterest Income: For the first nine months of 2009, noninterest income totaled $17.4 million, compared to $12.7 million for 2008. The increase in noninterest income from 2008 was the result of a $1.7 million increase in gain on sale of investment securities and a $2.7 million increase in other noninterest income, which includes the $3.3 million gain on the FNBA acquisition that occurred in the second quarter. Noninterest Expense: For the first nine months of 2009, noninterest expense totaled $44.8 million compared to $48.7 million for 2008. The decrease consists mainly of a $5.0 million reduction in personnel expense, a $1.7 million decrease in other general and administrative expenses, and a $627,000 decrease in provision for unfunded loan commitments, offset in part by a $3.0 million increase in FDIC and other insurance expense and a $450,000 increase in occupancy expense. The efficiency ratio improved to 50.73% for the first nine months of 2009 from 60.86% for the first nine months of 2008. Third Quarter Results: Summary: The $1.2 million decrease in our net income available to common shareholders compared to the third quarter of 2008 was the result of a $3.3 million increase in the provision for loan losses and $1.0 million in quarterly dividends on the preferred stock that we issued in December 2008, offset in part by a $2.2 million increase in net interest income and a $1.0 million decrease in noninterest expenses. Net Interest Income: Net interest income totaled $25.4 million for the third quarter of 2009 compared to $23.2 million for the third quarter of 2008. Net interest margin was 3.39% for the third quarter of 2009 and for the third quarter of 2008. Provision for Loan Losses: The provision for loan losses totaled $10.2 million for the third quarter of 2009 compared to $6.9 million for the third quarter of 2008. Net charge offs totaled $4.2 million, or 0.61% (annualized) of average portfolio loans for the third quarter of 2009, compared to $2.4 million, or 0.39% (annualized) of average portfolio loans, for the third quarter of 2008. Noninterest Income: Noninterest income totaled $3.7 million for the third quarter of 2009 compared to $4.1 million for the third quarter of 2008. The decrease was the result of a $340,000 decrease in other noninterest income and a $215,000 decrease in gains on sale of loans. Noninterest Expense: Noninterest expense totaled $15.5 million for the third quarter of 2009, a $1.0 million decrease from the third quarter of 2008. The decrease consists primarily of a $1.0 million reduction in personnel expense and a $634,000 decrease in other general and administrative expenses, offset in part by a $665,000 increase in FDIC and other insurance expense. The efficiency ratio for the third quarter of 2009 improved to 53.34% from 60.67% for the third quarter of 2008. Southwest Bancorp and Subsidiaries Southwest Bancorp is the $3 billion asset financial holding company for Stillwater National Bank and Trust Company, Bank of Kansas, SNB Capital Corporation, 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, Texas, and Kansas, and on the Internet, through SNB DirectBanker®. Southwest focuses on converting its strategic vision into long-term shareholder value. Our vision includes a commercial banking model and a community banking model focused on more traditional banking operations in our three-state market. Southwest's strategic growth goals include prudent growth from existing and additional commercial banking offices in carefully selected markets and continued careful expansion of community banking operations. We expanded into Texas in 2002 and into Kansas in 2003. We operate seven offices in Texas, eleven offices in Oklahoma, and nine offices in Kansas. At September 30, 2009, our Texas segment accounted for $1.0 billion, or 39% of total portfolio loans, followed by $944.0 million, or 35%, from our Oklahoma segment, $400.7 million, or 15%, from our Kansas segment, and $288.7 million, or 11%, from our other states segment. We plan to reduce the percentage of commercial real estate loans to total portfolio loans in view of current economic conditions. Our plan focuses on reductions in particular subcategories of commercial real estate loans that are identified in our regular real estate market reviews. In general, and with some exceptions regarding locations and particular types of facilities, we do not intend to decrease healthcare related commercial or mortgage lending or commercial mortgage lending on owner-occupied properties that otherwise meet our underwriting criteria. Southwest's common stock is traded on the NASDAQ Global Select Market under the symbol OKSB. Southwest's trust preferred securities are traded on the NASDAQ Global Select Market under the symbol OKSBP. Forward-Looking Statements This Press Release includes forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include: statements of Southwest's goals, intentions, and expectations; estimates of risks and of future costs and benefits; expectations regarding future financial performance of Southwest and its operating segments; assessments of loan quality, probable loan losses, and the amount and timing of loan payoffs; liquidity, contractual obligations, off-balance sheet risk and interest rate risk; estimates of value of acquired assets, deposits, and other liabilities; 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 time of future changes in interest rates, market behavior, and other economic conditions; future laws and regulations and accounting principles; 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 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-Year-to-date ....... Table 5 Unaudited Summary Financial Data by Quarter-2009 and 2008 ........ Table 6 Unaudited Supplemental Analytical Data by Quarter-2009 and 2008 .. Table 7 SOUTHWEST BANCORP, INC. Table 1 UNAUDITED FINANCIAL HIGHLIGHTS (Dollars in thousands except per share) Third Second Quarter Quarter -------------------------- ---------------- QUARTERLY % % HIGHLIGHTS 2009 2008 Change 2009 Change ---- ---- ------- ---- ------ Operations Net interest income $25,400 $23,188 10% $24,456 4% Provision for loan losses 10,177 6,855 48 7,477 36 Noninterest income 3,710 4,062 (9) 7,261 (49) Noninterest expense 15,528 16,533 (6) 14,690 6 Income before taxes 3,405 3,862 (12) 9,550 (64) Taxes on income 1,271 1,556 (18) 3,605 (65) Net income 2,134 2,306 (7) 5,945 (64) Net income available to common shareholders 1,097 2,306 (52) 4,910 (78) Diluted earnings per share 0.07 0.16 (56) 0.33 (79) Balance Sheet Total assets 3,029,347 2,832,371 7 3,038,985 (0) Loans held for sale 36,526 72,248 (49) 26,006 40 Portfolio loans 2,675,741 2,440,091 10 2,704,326 (1) Total deposits 2,473,162 2,198,719 12 2,452,295 1 Total shareholders' equity 309,118 226,123 37 305,416 1 Book value per share 16.43 15.56 6 16.30 1 Key Ratios Net interest margin 3.39% 3.39% 3.41% Efficiency ratio (GAAP-based) 53.34 60.67 46.32 Total capital to risk-weighted assets 14.31 11.88 13.92 Nonperforming loans to portfolio loans 4.65 2.62 3.51 Shareholders' equity to total assets 10.20 7.98 10.05 Tangible common equity to tangible assets 7.79 7.75 7.65 Return on average assets (annualized) 0.28 0.33 0.81 Return on average equity (annualized) 2.72 3.97 7.82 YEAR-TO-DATE HIGHLIGHTS Nine Months ------------------------- % 2009 2008 Change ---- ---- -------- Operations Net interest income $70,894 $67,305 5% Provision for loan losses 28,536 12,281 132 Noninterest income 17,448 12,709 37 Noninterest expense 44,817 48,695 (8) Income before taxes 14,989 19,038 (21) Taxes on income 5,581 7,362 (24) Net income 9,408 11,676 (19) Net income available to common shareholders 6,303 11,676 (46) Diluted earnings per share 0.43 0.80 (46) Balance Sheet Total assets 3,029,347 2,832,371 7 Loans held for sale 36,526 72,248 (49) Portfolio loans 2,675,741 2,440,091 10 Total deposits 2,473,162 2,198,719 12 Total shareholders' equity 309,118 226,123 37 Book value per share 16.43 15.56 6 Key Ratios Net interest margin 3.27% 3.41% Efficiency ratio (GAAP-based) 50.73 60.86 Total capital to risk-weighted assets 14.31 11.88 Nonperforming loans to portfolio loans 4.65 2.62 Shareholders' equity to total assets 10.20 7.98 Tangible common equity to tangible assets 7.79 7.75 Return on average assets (annualized) 0.42 0.58 Return on average equity (annualized) 4.10 6.88 Balance sheet amounts are as of period end unless otherwise noted. Please see accompanying tables for additional financial information. SOUTHWEST BANCORP, INC. Table 2 UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollars in thousands, except per share) September 30, December 31, September 30, 2009 2008 2008 ---- ---- ---- Assets Cash and due from banks $32,094 $27,287 $36,503 Investment securities: Held to maturity. Fair value: $6,907 $7,293, $7,262 6,795 7,343 7,342 Available for sale. Amortized cost: $228,723 $233,293,$218,974 233,009 238,037 217,198 Other investments, at cost 18,986 18,786 17,188 Loans held for sale 36,526 56,941 72,248 Loans receivable (1) 2,675,741 2,494,506 2,440,091 Less: Allowance for loan losses (57,777) (39,773) (35,807) ------- ------- ------- Net loans receivable 2,617,964 2,454,733 2,404,284 Accrued interest receivable 10,794 11,512 12,530 Premises and equipment, net 25,255 24,580 24,799 Other real estate owned (2) 8,987 6,092 2,685 Goodwill 6,811 7,071 7,071 Other intangible assets, net 5,872 3,764 4,120 Other assets 26,254 23,616 26,403 ------ ------ ------ Total assets $3,029,347 $2,879,762 $2,832,371 ========== ========== ========== Liabilities and shareholders' equity Deposits: Noninterest-bearing demand $309,767 $261,940 $280,453 Interest-bearing demand 82,622 76,027 70,471 Money market accounts 506,196 454,250 554,357 Savings accounts 25,636 14,135 14,452 Time deposits of $100,000 or more 888,814 802,244 731,773 Other time deposits 660,127 571,526 547,213 ------- ------- ------- Total deposits 2,473,162 2,180,122 2,198,719 Accrued interest payable 4,545 7,018 9,992 Income tax payable 3,822 3,651 3,828 Other liabilities 10,288 9,667 12,628 Other borrowings 146,449 295,138 299,118 Subordinated debentures 81,963 81,963 81,963 ------ ------ ------ Total liabilities 2,720,229 2,577,559 2,606,248 Shareholders' equity Preferred stock, Series B -$1,000 par value; 1,250,000 shares authorized; 70,000 shares issued 66,872 66,392 - Common stock - $1 par value; 20,000,000 shares authorized; 14,748,223 shares issued 14,748 14,658 14,658 Paid in capital 49,007 49,101 45,849 Retained earnings 175,834 170,579 169,026 Accumulated other comprehensive income (loss) 2,657 2,921 (1,075) Treasury stock, at cost, 0, 80,383, 129,586 shares - (1,448) (2,335) --- ------ ------ Total shareholders' equity 309,118 302,203 226,123 ------- ------- ------- Total liabilities and shareholders' equity $3,029,347 $2,879,762 $2,832,371 ========== ========== ========== (1) Includes $70.0 million which is subject to FDIC support through the loss share agreement which provides for 80% recovery of net losses up to $35.0 million and 95% recovery for net losses exceeding this amount. (2) Includes $2.9 million which is subject to FDIC support through the loss share agreement as discussed in (1). SOUTHWEST BANCORP, INC. Table 3 UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands except per share) For the three For the nine months ended months ended September 30, September 30, ---------------- ---------------- 2009 2008 2009 2008 ---- ---- ---- ---- Interest income Loans $35,607 $38,441 $104,884 $116,536 Investment securities 2,122 2,531 6,713 7,293 Other interest-earning assets 4 22 13 70 --- --- --- --- Total interest income 37,733 40,994 111,610 123,899 Interest expense Interest-bearing deposits 10,097 14,398 33,229 47,759 Other borrowings 960 1,839 3,424 5,755 Subordinated debentures 1,276 1,569 4,063 3,080 ----- ----- ----- ----- Total interest expense 12,333 17,806 40,716 56,594 ------ ------ ------ ------ Net interest income 25,400 23,188 70,894 67,305 Provision for loan losses 10,177 6,855 28,536 12,281 ------ ----- ------ ------ Net interest income after provision for loan losses 15,223 16,333 42,358 55,024 Noninterest income Service charges and fees 2,992 2,849 8,409 8,118 Gain on acquisition - - 3,281 - Gain on sales of loans 386 601 2,030 2,044 Gain (loss) on investment securities 10 (50) 2,922 1,198 Other noninterest income 322 662 806 1,349 --- --- --- ----- Total noninterest income 3,710 4,062 17,448 12,709 Noninterest expense Salaries and employee benefits 7,824 8,863 21,950 26,941 Occupancy 2,958 2,968 8,478 8,028 FDIC and other insurance 1,134 469 4,444 1,443 Other real estate, net 90 (92) 91 115 General and administrative 3,522 4,325 9,854 12,168 ----- ----- ----- ------ Total noninterest expense 15,528 16,533 44,817 48,695 ------ ------ ------ ------ Income before taxes 3,405 3,862 14,989 19,038 Taxes on income 1,271 1,556 5,581 7,362 ----- ----- ----- ----- Net income $2,134 $2,306 $9,408 $11,676 ====== ====== ====== ======= Net income available to common shareholders $1,097 $2,306 $6,303 $11,676 ====== ====== ====== ======= Basic earnings per common share $0.07 $0.16 $0.43 $0.81 Diluted earnings per common share 0.07 0.16 0.43 0.80 Common dividends declared per share 0.0238 0.0950 0.0714 0.2850 SOUTHWEST BANCORP, INC. Table 4 UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES (Dollars in thousands) For the three months ended September 30, --------------------------- 2009 ---- Average Average Balance Interest Yield/Rate ------- -------- ---------- Assets Loans $2,719,835 $35,607 5.19% Investment securities 243,604 2,122 3.46 Other interest-earning assets 10,442 4 0.15 ------ --- Total interest-earning assets 2,973,881 37,733 5.03 Other assets 62,160 ------ Total assets $3,036,041 ========== Liabilities and Shareholders' Equity Interest-bearing demand deposits $84,031 $107 0.51% Money market accounts 498,842 1,220 0.97 Savings accounts 26,101 39 0.59 Time deposits 1,547,192 8,731 2.24 --------- ----- Total interest-bearing deposits 2,156,166 10,097 1.86 Other borrowings 165,327 960 2.30 Subordinated debentures 81,963 1,276 6.23 ------ ----- Total interest-bearing liabilities 2,403,456 12,333 2.04 ------ ---- Noninterest-bearing demand deposits 299,235 Other liabilities 22,365 Shareholders' equity 310,985 ------- Total liabilities and shareholders' equity $3,036,041 ========== Net interest income and spread $25,400 2.99% ======= ==== Net interest margin (1) 3.39% ==== Average interest-earning assets to average interest-bearing liabilities 123.73% ====== For the three months ended September 30, --------------------------- 2008 ---- Average Average Balance Interest Yield/Rate ------- -------- ---------- Assets Loans $2,485,617 $38,441 6.15% Investment securities 235,428 2,531 4.28 Other interest-earning assets 4,113 22 2.13 ----- -- Total interest-earning assets 2,725,158 40,994 5.98 Other assets 72,624 ------ Total assets $2,797,782 ========== Liabilities and Shareholders' Equity Interest-bearing demand deposits $75,436 $147 0.78% Money market accounts 545,520 2,898 2.11 Savings accounts 14,285 17 0.47 Time deposits 1,272,097 11,336 3.55 --------- ------ Total interest-bearing deposits 1,907,338 14,398 3.00 Other borrowings 275,365 1,839 2.66 Subordinated debentures 81,122 1,569 7.74 ------ ----- Total interest-bearing liabilities 2,263,825 17,806 3.13 ------ ---- Noninterest-bearing demand deposits 278,565 Other liabilities 24,250 Shareholders' equity 231,142 ------- Total liabilities and shareholders' equity $2,797,782 ========== Net interest income and spread $23,188 2.85% ======= ==== Net interest margin (1) 3.39% ==== Average interest-earning assets to average interest-bearing liabilities 120.38% ====== (1) Net interest margin = annualized net interest income / average interest-earning assets SOUTHWEST BANCORP, INC. Table 5 UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES (Dollars in thousands) For the nine months ended September 30, -------------------------- 2009 ---- Average Average Balance Interest Yield/Rate ------- -------- ---------- Assets Loans $2,655,156 $104,884 5.28% Investment securities 239,134 6,713 3.75 Other interest-earning assets 5,877 13 0.30 ----- --- Total interest-earning assets 2,900,167 111,610 5.15 Other assets 66,254 ------ Total assets $2,966,421 ========== Liabilities and Shareholders' Equity Interest-bearing demand deposits $86,576 $410 0.63% Money market accounts 479,700 3,784 1.05 Savings accounts 19,535 62 0.42 Time deposits 1,496,193 28,973 2.59 --------- ------ Total interest-bearing deposits 2,082,004 33,229 2.13 Other borrowings 199,982 3,424 2.29 Subordinated debentures 81,963 4,063 6.61 ------ ----- Total interest-bearing liabilities 2,363,949 40,716 2.30 ------ ---- Noninterest-bearing demand deposits 274,535 Other liabilities 20,877 Shareholders' equity 307,060 ------- Total liabilities and shareholders' equity $2,966,421 ========== Net interest income and spread $70,894 2.85% ======= ==== Net interest margin (1) 3.27% ==== Average interest-earning assets to average interest-bearing liabilities 122.68% ====== For the nine months ended September 30, -------------------------- 2008 ---- Average Average Balance Interest Yield/Rate ------- -------- ---------- Assets Loans $2,401,162 $116,536 6.48% Investment securities 234,894 7,293 4.15 Other interest-earning assets 3,430 70 2.73 ----- --- Total interest-earning assets 2,639,486 123,899 6.27 Other assets 72,084 ------ Total assets $2,711,570 ========== Liabilities and Shareholders' Equity Interest-bearing demand deposits $75,813 $454 0.80% Money market accounts 546,560 10,488 2.56 Savings accounts 13,780 58 0.56 Time deposits 1,237,196 36,759 3.97 --------- ------ Total interest-bearing deposits 1,873,349 47,759 3.41 Other borrowings 266,367 5,755 2.89 Subordinated debentures 58,054 3,080 7.07 ------ ----- Total interest-bearing liabilities 2,197,770 56,594 3.44 ------ ---- Noninterest-bearing demand deposits 265,245 Other liabilities 21,826 Shareholders' equity 226,729 ------- Total liabilities and shareholders' equity $2,711,570 ========== Net interest income and spread $67,305 2.83% ======= ==== Net interest margin (1) 3.41% ==== Average interest-earning assets to average interest-bearing liabilities 120.10% ====== (1) Net interest margin = annualized net interest income / average interest-earning assets SOUTHWEST BANCORP, INC. Table 6 UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA (Dollars in thousands except per share) 2009 ------------------------------------- Sep. 30 Jun. 30 Mar. 31 ----------- ----------- ----------- OPERATIONS Interest income: Loans $35,607 $36,009 $33,268 Investment securities 2,122 2,079 2,512 Other interest-earning assets 4 3 6 --- --- --- Total interest income 37,733 38,091 35,786 Interest expense: Interest bearing demand deposits 107 150 153 Money market accounts 1,220 1,211 1,353 Savings accounts 39 14 9 Time deposits of $100,000 or more 4,822 5,552 5,980 Other time deposits 3,909 4,145 4,565 ----- ----- ----- Total interest-bearing deposits 10,097 11,072 12,060 Other borrowings 960 1,180 1,284 Subordinated debentures 1,276 1,383 1,404 ----- ----- ----- Total interest expense 12,333 13,635 14,748 ------ ------ ------ Net interest income 25,400 24,456 21,038 Provision for loan losses 10,177 7,477 10,882 Noninterest income: Service charges and fees 2,992 2,817 2,600 Gain on sales of loans 386 926 718 Gain (loss) on investment securities 10 (9) 2,921 Other noninterest income 322 3,527 238 --- ----- --- Total noninterest income 3,710 7,261 6,477 Noninterest expense: Salaries and employee benefits 7,824 6,887 7,239 Occupancy 2,958 2,789 2,731 FDIC and other insurance 1,134 2,319 991 Other real estate, net 90 103 (102) Provision for unfunded loan commitments (79) (388) 90 Other general and administrative 3,601 2,980 3,650 ----- ----- ----- Total noninterest expenses 15,528 14,690 14,599 ------ ------ ------ Income before taxes 3,405 9,550 2,034 Taxes on income 1,271 3,605 705 ----- ----- --- Net income $2,134 $5,945 $1,329 ====== ====== ====== Net income available to common shareholders $1,097 $4,910 $296 ====== ====== ==== PER SHARE DATA Basic earnings per common share $0.07 $0.34 $0.02 Diluted earnings per common share 0.07 0.33 0.02 Common dividends declared per share 0.0238 0.0238 0.0238 Book value per share 16.43 16.30 16.01 Tangible book value per share 15.96 15.84 15.52 COMMON STOCK Issued 14,748,223 14,658,042 14,658,042 Less treasury shares - (15,602) (49,930) --- ------- ------- Outstanding shares 14,748,223 14,642,440 14,608,112 ========== ========== ========== OTHER FINANCIAL DATA Investment securities $258,790 $243,077 $179,006 Loans held for sale 36,526 26,006 76,404 Portfolio loans 2,675,741 2,704,326 2,526,293 Total loans 2,712,267 2,730,332 2,602,697 Total assets 3,029,347 3,038,985 2,928,133 Total deposits 2,473,162 2,452,295 2,330,089 Other borrowings 146,449 176,368 193,739 Subordinated debentures 81,963 81,963 81,963 Total shareholders' equity 309,118 305,416 300,406 Mortgage servicing portfolio 223,226 209,425 179,959 INTANGIBLE ASSET DATA Goodwill $6,811 $6,811 $7,071 Core deposit intangible 4,240 4,378 2,498 Mortgage servicing rights 1,625 1,589 1,362 Nonmortgage servicing rights 7 7 8 --- --- --- Total intangible assets $12,683 $12,785 $10,939 ======= ======= ======= Intangible amortization expense $344 $391 $204 ==== ==== ==== 2008 -------------------------------------------------- Dec. 31 Sep. 30 Jun. 30 Mar. 31 ----------- ----------- ----------- ----------- OPERATIONS Interest income: Loans $36,183 $38,441 $37,485 $40,610 Investment securities 2,693 2,531 2,426 2,336 Other interest-earning assets 19 22 20 28 --- --- --- --- Total interest income 38,895 40,994 39,931 42,974 Interest expense: Interest bearing demand deposits 130 147 166 141 Money market accounts 2,132 2,898 3,062 4,528 Savings accounts 11 17 19 22 Time deposits of $100,000 or more 6,419 6,879 7,051 7,865 Other time deposits 4,571 4,457 4,809 5,698 ----- ----- ----- ----- Total interest-bearing deposits 13,263 14,398 15,107 18,254 Other borrowings 1,487 1,839 1,887 2,029 Subordinated debentures 1,731 1,569 653 858 ----- ----- --- --- Total interest expense 16,481 17,806 17,647 21,141 ------ ------ ------ ------ Net interest income 22,414 23,188 22,284 21,833 Provision for loan losses 6,698 6,855 3,190 2,236 Noninterest income: Service charges and fees 2,908 2,849 2,812 2,457 Gain on sales of loans 620 601 603 840 Gain (loss) on investment securities (296) (50) 3 1,245 Other noninterest income 197 662 541 146 --- --- --- --- Total noninterest income 3,429 4,062 3,959 4,688 Noninterest expense: Salaries and employee benefits 6,389 8,863 8,856 9,222 Occupancy 2,844 2,968 2,602 2,458 FDIC and other insurance 645 469 521 453 Other real estate, net 31 (92) 197 10 Provision for unfunded loan commitments 385 90 15 145 Other general and administrative 3,499 4,235 4,141 3,542 ----- ----- ----- ----- Total noninterest expenses 13,793 16,533 16,332 15,830 ------ ------ ------ ------ Income before taxes 5,352 3,862 6,721 8,455 Taxes on income 2,127 1,556 2,559 3,247 ----- ----- ----- ----- Net income $3,225 $2,306 $4,162 $5,208 ====== ====== ====== ====== Net income available to common shareholders $2,982 $2,306 $4,162 $5,208 ====== ====== ====== ====== PER SHARE DATA Basic earnings per common share $0.21 $0.16 $0.29 $0.36 Diluted earnings per common share 0.20 0.16 0.28 0.36 Common dividends declared per share 0.0950 0.0950 0.0950 0.0950 Book value per share 16.18 15.56 15.49 15.43 Tangible book value per share 15.69 15.08 15.00 14.95 COMMON STOCK Issued 14,658,042 14,658,042 14,658,042 14,658,042 Less treasury shares (80,383) (129,586) (131,566) (133,605) ------- -------- -------- -------- Outstanding shares 14,577,659 14,528,456 14,526,476 14,524,437 ========== ========== ========== ========== OTHER FINANCIAL DATA Investment securities $264,166 $241,728 $234,429 $236,059 Loans held for sale 56,941 72,248 62,892 66,364 Portfolio loans 2,494,506 2,440,091 2,381,893 2,287,606 Total loans 2,551,447 2,512,339 2,444,785 2,353,970 Total assets 2,879,762 2,832,371 2,773,013 2,670,580 Total deposits 2,180,122 2,198,719 2,211,001 2,094,927 Other borrowings 295,138 299,118 265,614 282,513 Subordinated debentures 81,963 81,963 46,393 46,393 Total shareholders' equity 302,203 226,123 224,949 224,155 Mortgage servicing portfolio 158,143 153,250 147,672 145,028 INTANGIBLE ASSET DATA Goodwill $7,071 $7,071 $7,071 $7,071 Core deposit intangible 2,596 2,693 2,792 2,893 Mortgage servicing rights 1,159 1,417 1,354 1,299 Nonmortgage servicing rights 9 10 11 13 --- --- --- --- Total intangible assets $10,835 $11,191 $11,228 $11,276 ======= ======= ======= ======= Intangible amortization expense $214 $212 $215 $257 ==== ==== ==== ==== Continued SOUTHWEST BANCORP, INC. Table 6 UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA Continued (Dollars in thousands except per share) 2009 --------------------------------- Sep. 30 Jun. 30 Mar. 31 ------- ------- ------- PERFORMANCE RATIOS Return on average assets (annualized) 0.28% 0.81% 0.18% Return on average common equity (annualized) 1.78 8.26 1.77 Return on average tangible equity (annualized) 2.87 8.12 1.83 Net interest margin 3.39 3.41 3.00 Total dividends declared to net income 57.46 20.58 92.00 Effective tax rate 37.33 37.75 34.66 Efficiency ratio 53.34 46.32 53.06 ASSET QUALITY RATIOS Nonperforming assets to portfolio loans and other real estate owned 4.97% 3.83% 3.53% Nonperforming loans to portfolio loans 4.65 3.51 3.32 Net loan charge-offs to average portfolio loans (annualized) 0.61 0.31 0.71 Allowance for loan losses to total loans 2.13 1.90 1.78 Allowance for loan losses to portfolio loans 2.16 1.91 1.83 Allowance for loan losses to nonperforming loans 46.40 54.55 55.12 CAPITAL RATIOS Average total shareholders' equity to average assets 10.24% 10.35% 10.47% Leverage ratio 12.39 12.70 12.72 Tier 1 capital to risk-weighted assets 13.04 12.67 12.85 Total capital to risk-weighted assets 14.31 13.92 14.11 Tangible common equity to tangible assets* 7.79 7.65 7.76 LOANS BY SEGMENT Oklahoma banking $943,982 $967,981 $949,454 Texas banking 1,042,369 1,037,694 990,135 Kansas banking 400,710 412,314 309,774 Other states banking 288,680 286,337 276,930 ------- ------- ------- Subtotal 2,675,741 2,704,326 2,526,293 Secondary market 36,526 26,006 76,404 Total loans $2,712,267 $2,730,332 $2,602,697 ========== ========== ========== NET INCOME BY SEGMENT Oklahoma banking $2,529 $3,284 $3,210 Texas banking 2,686 3,662 1,119 Kansas banking (1,180) 548 598 Other states banking 57 (78) (1,974) --- --- ------ Subtotal 4,092 7,416 2,953 Secondary market (201) 117 (61) Other operations (1,757) (1,588) (1,563) ------ ------ ------ Net income $2,134 $5,945 $1,329 ====== ====== ====== OFFICES AND EMPLOYEES FTE Employees 471 478 425 ATM's 44 44 40 Branches 24 24 18 Loan production offices 3 3 3 Assets per employee $6,432 $6,358 $6,890 *Calculation of Tangible Capital to Tangible Assets (Non-GAAP Financial Measure) Total shareholders' equity $309,118 $305,416 $300,406 Less: Goodwill 6,811 6,811 7,071 Preferred stock 66,872 66,710 66,549 ------ ------ ------ Tangible common equity $235,435 $231,895 $226,786 ======== ======== ======== Total assets $3,029,347 $3,038,985 $2,928,133 Less goodwill 6,811 6,811 7,071 ----- ----- ----- Tangible assets $3,022,536 $3,032,174 $2,921,062 ========== ========== ========== Tangible common equity to tangible assets 7.79% 7.65% 7.76% 2008 ---------------------------------------------- Dec. 31 Sep. 30 Jun. 30 Mar. 31 ------- ------- ------- ------- PERFORMANCE RATIOS Return on average assets (annualized) 0.45% 0.33% 0.62% 0.80% Return on average common equity (annualized) 5.15 3.97 7.38 9.43 Return on average tangible equity (annualized) 5.79 4.26 7.86 9.94 Net interest margin 3.22 3.39 3.38 3.45 Total dividends declared to net income 50.49 59.85 33.16 26.37 Effective tax rate 39.74 40.29 38.07 38.40 Efficiency ratio 53.37 60.67 62.23 59.69 ASSET QUALITY RATIOS Nonperforming assets to portfolio loans and other real estate owned 2.80% 2.72% 1.45% 1.41% Nonperforming loans to portfolio loans 2.56 2.62 1.35 1.27 Net loan charge-offs to average portfolio loans (annualized) 0.44 0.39 0.31 0.34 Allowance for loan losses to total loans 1.56 1.43 1.28 1.27 Allowance for loan losses to portfolio loans 1.59 1.47 1.32 1.31 Allowance for loan losses to nonperforming loans 62.16 56.07 97.62 103.49 CAPITAL RATIOS Average total shareholders' equity to average assets 8.85% 8.26% 8.35% 8.49% Leverage ratio 13.06 10.51 9.66 9.91 Tier 1 capital to risk-weighted assets 13.01 10.49 9.40 9.47 Total capital to risk-weighted assets 14.26 11.88 10.65 10.69 Tangible common equity to tangible assets* 7.96 7.75 7.88 8.15 LOANS BY SEGMENT Oklahoma banking $966,243 $962,611 $965,952 $943,331 Texas banking 947,603 892,998 857,160 797,700 Kansas banking 304,855 288,268 277,887 287,339 Other states banking 275,805 296,214 280,894 259,236 ------- ------- ------- ------- Subtotal 2,494,506 2,440,091 2,381,893 2,287,606 Secondary market 56,941 72,248 62,892 66,364 Total loans $2,551,447 $2,512,339 $2,444,785 $2,353,970 ========== ========== ========== ========== NET INCOME BY SEGMENT Oklahoma banking $3,783 $3,295 $2,923 $2,503 Texas banking 2,036 1,332 1,777 2,406 Kansas banking (204) (1,336) (40) 458 Other states banking (89) 848 1,028 969 --- --- ----- --- Subtotal 5,526 4,139 5,688 6,336 Secondary market 139 (149) 40 (174) Other operations (2,440) (1,684) (1,566) (954) ------ ------ ------ ---- Net income $3,225 $2,306 $4,162 $5,208 ====== ====== ====== ====== OFFICES AND EMPLOYEES FTE Employees 442 458 463 467 ATM's 41 41 40 40 Branches 18 18 17 17 Loan production offices 3 3 3 3 Assets per employee $6,515 $6,184 $5,989 $5,719 *Calculation of Tangible Capital to Tangible Assets (Non-GAAP Financial Measure) Total shareholders' equity $302,203 $226,123 $224,949 $224,155 Less: Goodwill 7,071 7,071 7,071 7,071 Preferred stock 66,392 - - - ------ --- --- --- Tangible common equity $228,740 $219,052 $217,878 $217,084 ======== ======== ======== ======== Total assets $2,879,762 $2,832,371 $2,773,013 $2,670,580 Less goodwill 7,071 7,071 7,071 7,071 ----- ----- ----- ----- Tangible assets $2,872,691 $2,825,300 $2,765,942 $2,663,509 ========== ========== ========== ========== Tangible common equity to tangible assets 7.96% 7.75% 7.88% 8.15% Balance sheet amounts are as of period end unless otherwise noted. SOUTHWEST BANCORP, INC. Table 7 UNAUDITED QUARTERLY SUPPLEMENTAL ANALYTICAL DATA (Dollars in thousands except per share) 2009 --------------------------------- Sep. 30 Jun. 30 Mar. 31 ------- ------- ------- LOAN COMPOSITION Real estate mortgage: Commercial $1,259,559 $1,249,230 $1,098,587 One-to-four family residential 142,280 133,957 114,111 Real estate construction Commercial 627,083 636,575 640,132 One-to-four family residential 48,945 64,939 79,309 Commercial 560,232 581,937 558,834 Installment and consumer: Guaranteed student loans 30,949 18,477 69,792 Other 43,219 45,217 41,932 ------ ------ ------ Total loans, including held for sale 2,712,267 2,730,332 2,602,697 Less allowance for loan losses (57,777) (51,753) (46,262) ------- ------- ------- Total loans, net $2,654,490 $2,678,579 $2,556,435 ========== ========== ========== By statement of condition category: Loans held for sale: Student loans $30,949 $18,477 $69,792 One-to-four family residential 4,158 6,599 5,563 Other 1,419 930 1,049 ----- --- ----- Total loans held for sale 36,526 26,006 76,404 Portfolio loans 2,675,741 2,704,326 2,526,293 --------- --------- --------- Total loans before allowance $2,712,267 $2,730,332 $2,602,697 ========== ========== ========== DEPOSIT COMPOSITION Non-interest bearing demand $309,767 $291,014 $274,175 Interest-bearing demand 82,622 94,060 85,629 Money market accounts 506,196 483,162 467,924 Savings accounts 25,636 25,660 15,797 Time deposits of $100,000 or more 888,814 905,202 849,814 Other time deposits 660,127 653,197 636,750 ------- ------- ------- Total deposits** $2,473,162 $2,452,295 $2,330,089 ========== ========== ========== NONPERFORMING ASSETS Nonaccrual loans $109,401 $82,812 $73,383 90 days past due and accruing 15,122 12,067 10,552 ------ ------ ------ Total nonperforming loans 124,523 94,879 83,935 Other real estate owned 8,987 8,941 5,351 ----- ----- ----- Total nonperforming assets $133,510 $103,820 $89,286 ======== ======== ======= Potential problem loans $259,472 $184,058 $133,810 ======== ======== ======== ALLOWANCE ACTIVITY Balance, beginning of period $51,753 $46,262 $39,773 Charge offs 4,372 2,975 4,810 Recoveries 219 989 417 --- --- --- Net charge offs 4,153 1,986 4,393 Provision for loan losses 10,177 7,477 10,882 ------ ----- ------ Balance, end of period $57,777 $51,753 $46,262 ======= ======= ======= REGULATORY CAPITAL DATA Tier I capital $374,805 $372,713 $369,482 Total capital 411,201 409,764 405,613 Total risk adjusted assets 2,873,558 2,942,821 2,875,290 **Calculation of Core Deposits and Core Funding (Non-GAAP Financial Measures) Total deposits $2,473,162 $2,452,295 $2,330,089 Less: Brokered and capital market time deposits 274,870 334,880 374,003 Other time deposits of $100,000 or more 614,143 570,617 515,463 ------- ------- ------- Core deposits $1,584,149 $1,546,798 $1,440,623 ---------- ---------- ---------- Plus: Other time deposits of $100,000 or more 614,143 570,617 515,463 Sweep repurchase agreements 26,500 35,708 24,963 ------ ------ ------ Core funding $2,224,792 $2,153,123 $1,981,049 ========== ========== ========== 2008 ------------------------------------------------ Dec. 31 Sep. 30 Jun. 30 Mar. 31 ------- ------- ------- ------- LOAN COMPOSITION Real estate mortgage: Commercial $1,118,828 $1,077,601 $991,679 $846,757 One-to-four family residential 113,665 116,270 118,056 110,938 Real estate construction Commercial 579,795 554,496 583,784 654,039 One-to-four family residential 79,565 79,843 82,972 90,051 Commercial 564,670 574,087 566,830 544,183 Installment and consumer: Guaranteed student loans 54,057 67,610 57,413 63,706 Other 40,867 42,432 44,051 44,296 ------ ------ ------ ------ Total loans, including held for sale 2,551,447 2,512,339 2,444,785 2,353,970 Less allowance for loan losses (39,773) (35,807) (31,341) (29,950) ------- ------- ------- ------- Total loans, net $2,511,674 $2,476,532 $2,413,444 $2,324,020 ========== ========== ========== ========== By statement of condition category: Loans held for sale: Student loans $54,057 $67,610 $57,413 $63,706 One-to-four family residential 1,790 3,500 4,283 1,417 Other 1,094 1,138 1,196 1,241 ----- ----- ----- ----- Total loans held for sale 56,941 72,248 62,892 66,364 Portfolio loans 2,494,506 2,440,091 2,381,893 2,287,606 --------- --------- --------- --------- Total loans before allowance $2,551,447 $2,512,339 $2,444,785 $2,353,970 ========== ========== ========== ========== DEPOSIT COMPOSITION Non-interest bearing demand $261,940 $280,453 $299,699 $248,315 Interest-bearing demand 76,027 70,471 81,415 71,450 Money market accounts 454,250 554,357 548,099 553,850 Savings accounts 14,135 14,452 13,809 13,808 Time deposits of $100,000 or more 802,244 731,773 740,174 690,421 Other time deposits 571,526 547,213 527,805 517,083 ------- ------- ------- ------- Total deposits** $2,180,122 $2,198,719 $2,211,001 $2,094,927 ========== ========== ========== ========== NONPERFORMING ASSETS Nonaccrual loans $59,310 $61,557 $30,861 $26,134 90 days past due and accruing 4,673 2,299 1,242 2,807 ----- ----- ----- ----- Total nonperforming loans 63,983 63,856 32,103 28,941 Other real estate owned 6,092 2,685 2,523 3,328 ----- ----- ----- ----- Total nonperforming assets $70,075 $66,541 $34,626 $32,269 ======= ======= ======= ======= Potential problem loans $131,516 $86,070 $71,070 $69,588 ======== ======= ======= ======= ALLOWANCE ACTIVITY Balance, beginning of period $35,807 $31,341 $29,950 $29,584 Charge offs 3,254 2,752 1,892 2,044 Recoveries 522 363 93 174 --- --- --- --- Net charge offs 2,732 2,389 1,799 1,870 Provision for loan losses 6,698 6,855 3,190 2,236 ----- ----- ----- ----- Balance, end of period $39,773 $35,807 $31,341 $29,950 ======= ======= ======= ======= REGULATORY CAPITAL DATA Tier I capital $369,049 $293,141 $261,354 $258,272 Total capital 404,695 332,012 296,166 291,638 Total risk adjusted assets 2,837,473 2,793,843 2,780,538 2,727,853 **Calculation of Core Deposits and Core Funding (Non-GAAP Financial Measures) Total deposits $2,180,122 $2,198,719 $2,211,001 $2,094,927 Less: Brokered and capital market time deposits 359,793 338,667 369,580 337,330 Other time deposits of $100,000 or more 445,896 398,337 381,349 365,875 ------- ------- ------- ------- Core deposits $1,374,433 $1,461,715 $1,460,072 $1,391,722 ---------- ---------- ---------- ---------- Plus: Other time deposits of $100,000 or more 445,896 398,337 381,349 365,875 Sweep repurchase agreements 38,034 47,955 41,203 35,087 ------ ------ ------ ------ Core funding $1,858,363 $1,908,007 $1,882,624 $1,792,684 ========== ========== ========== ========== Balance sheet amounts are as of period end unless otherwise noted. DATASOURCE: Southwest Bancorp, Inc. CONTACT: Rick Green, President & CEO, or Kerby E. Crowell, EVP & CFO, both of Southwest Bancorp, Inc., +1-405-372-2230 Web Site: http://www.oksb.com/