Southwest Bancorp, Inc. (NASDAQ: OKSB) Reports 45 Percent Increase in Net Income

Southwest Bancorp, Inc. (NASDAQ:OKSB) reported an increase of 45 percent in annual net income available to common shareholders of $12.8 million for the year ended December 31, 2010 as against $8.8 million last year. Earnings per share for common shareholders were $0.71 per diluted share compared to $0.60 per diluted share for the year 2009, an increase of 18%. Total net income for 2010 was $17.0 million compared to $13.0 million for 2009, an increase of 31%. Quarterly assessment shows net income available to common shareholders for the fourth quarter 2010 was $3.3 million, or $0.17 per diluted share, as against $2.8 million, or $0.15 per diluted share, for the third quarter of 2010 and $2.5 million, or $0.17 per diluted share, for the fourth quarter of 2009. The stock traded with a volume of 162,027 shares as compared to its daily average volume of 73,232 shares. The intraday high was $14.05 and intraday low was $12.34. The stock had a market cap of 264.57 million shares with a low beta of 0.79. The 52-week range lied between $6.31 -$16.20. The financial outlook for the year 2010 was good enough to bring transition in 2011 position. Earnings for the Q4 were combined with firm net interest income, controlled noninterest expense, and a decrease in the required provision for loan losses, as stated by the President and Chief Executive Officer, Rick Green, of Southwest Bancorp. The Board of Directors and management are concerned taking important decisions with regard to problem credits, the maintenance of capital and liquidity, stability in net interest income, and control of operating expenses. Their work force is focused on dealing with commercial real estate construction and commercial mortgage sectors. Noncovered nonperforming assets at year-end were down to the benefit of the company. In the fourth quarter, we resolved, through pay-offs and charge-offs, approximately $33.4 million in nonaccrual loans, sold approximately $4.7 million of other real estate, moved approximately $7.0 million into other real estate, and classified an additional $14.8 million as nonaccrual. Decrease in noncovered potential problem loans by $42.8 million, or 16% marked the rising fourth quarter 2010 with activity of approximately $40.2 million in advances, a progress of approximately $13.4 million to nonaccrual status, and the addition of $52.8 million to the category. Company is looking optimistic with its performance in the markets with an emphasis on health care lending and carefully controlled real estate collateralized credits. The second quarter common stock offering gave them new common equity and they continue to build additional common equity from our core earnings. Southwest and its banking subsidiaries have maintained capital levels that substantially exceed the minimums for regulatory “well-capitalized” status. At December 31, 2010 Southwest’s total regulatory capital was $477.9 million for a total risk-based capital ratio of 19.06%, and Tier 1 capital was $446.0 million for a Tier 1 risk-based capital ratio of 17.78%. Southwest Bancorp, Inc. (Southwest) is a bank holding company for the Stillwater National Bank and Trust Company (Stillwater National) and Bank of Kansas.
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