STILLWATER, Okla., Oct. 25 /PRNewswire-FirstCall/ -- Southwest Bancorp, Inc. , ("Southwest"), today reported net income for the third quarter of 2005 of $5.8 million, a 20% increase from the $4.9 million reported for the third quarter of 2004. Diluted earnings per share were $0.41 compared to $0.38 per share for the 2004 period, an increase of 8%. Net Income for the first nine months of 2005 was $16.4 million, a 20% increase from the $13.7 million reported for the first nine months of 2004. Diluted earnings per share were $1.24 compared to $1.09 per share for the 2004 period, an increase of 14%. Earnings per share growth reflect the effects of the Company's second quarter 2005 public offering.
Southwest Bancorp is the financial holding company for Stillwater National Bank and Trust Company ("Stillwater National"), SNB Bank of Wichita ("SNB Wichita"), 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 City, Stillwater, Tulsa, and Chickasha, Oklahoma; Austin, Dallas and San Antonio, Texas; and Kansas City and Wichita, Kansas and on the Internet, through SNB DirectBanker(R).
First Nine Months 2005 Earnings and Returns -- Net income, year-to-date $16.4 million; a 20% increase from the first nine months of 2004 -- Net income, for third quarter: $5.8 million; a 20% increase from third quarter 2004 -- Diluted earnings per share, year-to-date: $1.24; a 14% increase from the first nine months of 2004 -- Diluted earnings per share, for third quarter: $0.41; an 8% increase from third quarter 2004 -- Dividends per share, for third quarter: $0.075; a 7% increase from third quarter 2004 -- Return on average equity: 15.03% for the first nine months of 2005 13.81% for the third quarter 2005 -- Net interest margin*: 4.32% for the first nine months of 2005 4.25% for the third quarter 2005 -- GAAP-based efficiency ratio: 50.95% for the first nine months of 2005 48.97% for the third quarter 2005 * Tax equivalent basis. Please see accompanying table of average balances, rates, and yields.
Rick Green, President and Chief Executive Officer, stated, "Southwest's earnings growth for the first nine months of 2005 is primarily the result of improved yields on portfolio loans, loan growth, our focus on careful management of interest margins and funding, and increased other noninterest income. Our revenue growth was more than sufficient to overcome increases in operating expenses, a softening in the rate of portfolio loan growth, and a significant increase in the provision for loan losses." (See the additional discussion of the provision for loan losses and problem assets below.)
Strategic Perspective
"At Southwest, we focus on converting our strategic vision into long-term shareholder value. This vision includes long term goals for increasing our earnings and banking assets from our operations in Oklahoma, Texas, and Kansas that specialize in serving medical, professional, business and commercial real estate customers and from our more traditional, banking operations, including community banking and student lending," Rick Green continued. Southwest now serves over 2,000 practicing physicians and dentists in seven states, with concentrations in the Southwest and Midwest.
"In the third quarter, Stillwater National rolled out its new website at http://www.banksnb.com/ . This site showcases our strategic focus through its home page, which opens with the choice of three portals: healthcare financial services, business financial services, and personal financial services. It also provides direct, easy and secure customer access to commercial and personal online banking, cash management and document imaging services.
"Our strategic growth goals include growth from existing and additional offices in carefully selected markets in Texas and other states with concentrations of healthcare and health professionals, businesses, and their managers and owners, and commercial and commercial real estate borrowers."
At September 30, 2005, Southwest's five Texas and two Kansas offices accounted for $463.8 million in loans, or 35% of our total portfolio loans. We plan to open two to four additional offices in Texas, including one or more in the greater Houston area, in the months ahead. The timing of new office openings in these targeted markets depends primarily on executive staffing, and to a lesser extent on premises selection.
During fiscal year 2004, Southwest was one of the top 40 student lenders in the nation by dollar volume. Although September 30, 2005 student lending volumes were up 8% from year-end 2004, they declined slightly from June 30, 2005 as a result of loan sales. As we previously reported, yields on private student loans have decreased during 2005. However, student lending remains an important and profitable part of our business. In the first nine months, Southwest originated $627.9 million in student loans for sale, an increase of $141.8 million over the same period in 2004, and received sales proceeds on student loans of $603.8 million, up $246.3 million.
Mr. Green stated, "We also are dedicated to our consumer banking operations, and may establish or acquire additional community banking offices in selected markets. We do not have any agreements to make any acquisitions of other banking offices at this time."
Additional Financial Information for the First Nine Months of 2005
Net income for the first nine months of 2005 was $16.4 million, up $2.8 million, or 20%, from the same period in 2004. Basic earnings per share for 2005 were $1.27, up 12% from $1.13 in 2004. Diluted earnings per share of $1.24 increased 14% over 2004.
Net interest income increased $11.7 million, or 23% from the first nine months of 2004, mainly as a result of increased portfolio loan yields and loan volume, offset in part by increased cost of funds on all categories of interest bearing liabilities other than interest bearing demand deposits, and increased levels of interest bearing deposits. Noninterest income for the first nine months of 2005 increased $2.2 million from the $10.3 million reported for the same period in 2004 due primarily to an $843,000 increase in service charges and fees on deposit accounts, a $716,000 increase in gain on sales of student loans and other loans held for sale and a $499,000 increase in other noninterest income.
The provision for loan losses of $11.4 million increased $3.3 million, or 41%, from 2004. Noninterest expense of $38.7 million increased $6.3 million, or 19%, from the $32.4 million reported for the first nine months of 2004, primarily as a result of a $2.8 million increase in salaries and employee benefits, a $2.4 million increase in general and administrative expense (which included the $970,000 write-off associated with the redemption of trust preferred securities and a $438,000 provision for unfunded loan commitments), a $663,000 increase in other real estate expense, and a $392,000 increase in occupancy expense. The increase in other real estate expense occurred due to efforts to continue operations of certain acquired properties until such time as they can be sold and to prepare other properties for sale.
Additional Financial Information for the Third Quarter of 2005
Net income for the third quarter of 2005 was $5.8 million, up $952,000, or 20%, from the same period in 2004. Basic earnings per share for 2005 were $0.41, up 3% from $0.40 in 2004. Diluted earnings per share of $0.41 increased 8% over 2004. Earnings per share calculations reflect the currently dilutive effect of additional shares issued in Southwest's second quarter 2005 offering, net of shares repurchased.
Net interest income increased $2.4 million, or 13% from the third quarter of 2004. Noninterest income for the third quarter of 2005 increased $671,000 from the $3.9 million reported for the same period in 2004 due primarily to a $265,000 increase in service charges and fees on deposit accounts. Noninterest income also benefited from a $260,000 increase in gain on sales of loans receivable.
The provision for loan losses of $4.1 million increased $242,000, or 6%, from 2004. Noninterest expense of $12.7 million increased $1.5 million, or 13%, from the $11.2 million reported for the third quarter of 2004, primarily as a result of a $610,000 increase in salaries and employee benefits, a $496,000 increase in general and administrative expense (which included a $31,000 provision for unfunded loan commitments), a $204,000 increase in occupancy expense, and a $164,000 increase in other real estate expense.
Allowance for Loan Losses and Reserve for Unfunded Loan Commitments
At the beginning of 2005, Southwest established a reserve for unfunded loan commitments as a liability on Southwest's statement of financial condition. The reserve formerly was presented within the allowance for loan losses. At September 30, 2005, this reserve for unfunded loan commitments was $1.4 million, an increase of 46% from the amount previously included in the allowance for loan losses at December 31, 2004. The amounts of the allowance for loan losses and other financial information for December 31, 2004 and September 30, 2004 presented in this release also reflect the reclassification of the reserve for unfunded loan commitments from the allowance for loan losses to a separate liability account and the provision for unfunded loan commitments from the provision for loan losses to general and administrative expense.
At September 30, 2005, the allowance for loan losses was $21.9 million, an increase of $2.9 million, or 15%, from the allowance for loan losses at year- end 2004. At September 30, 2005, the allowance for loan losses was 1.29% of total loans, compared to 1.17% at year-end 2004. Management believes the amount of the allowance is appropriate, given its systematic methodology for calculating the allowance. Changes in the allowance resulted from the application of that methodology, which is designed to estimate inherent losses on total loans in the portfolio, including those on nonperforming loans. During the third quarter of 2005, the allowance increased by $1.1 million, or 5%. The quarterly increase in the allowance was due mainly to an increase in the allowance on impaired loans, net of a decrease in the allowance applicable to other problem and potential problem loans, and allowances allocable to performing loans due to growth and changes in historical loss ratios. At September 30, 2005, the unallocated portion of the allowance was approximately $3.7 million.
Nonperforming Assets
Nonaccrual loans totaled $23.1 million at September 30, 2005 compared to $22.2 million at December 31, 2004 and $28.5 million at September 30, 2004. Total nonperforming loans of $28.0 million increased $4.8 million, or 21%, from year-end 2004, and represented 1.64% of total loans, compared to 1.43% of total loans at year-end 2004. At September 30, 2005, $1.6 million, or 6%, of loans classified as nonperforming were guaranteed by United States agencies or U.S. government sponsored entities.
Mr. Green said, "Much of our business is commercial lending. As a result, weakness in one or a few large credits can have a significant impact on our nonperforming loan totals. Through the years, however, we have demonstrated the ability to resolve problem commercial loans. Total nonperforming loans were $30.8 million at September 30, 2004. They were reduced to $23.2 million at December 31, 2004, $13.9 million at March 31, 2005, and $11.4 million at June 30, 2005."
Other real estate at September 30, 2005, was $9.6 million, an increase of $4.7 million from year-end 2004, but a reduction of $2.3 million from March 31, 2005, and a reduction of $151,000 from June 30, 2005. Total nonperforming assets at September 30, 2005, were $37.6 million, an increase of $9.5 million, or 34%, from year-end 2004, and an increase of $4.3 million, or 13%, from September 30, 2004.
Financial Condition
At September 30, 2005, total assets were $2.1 billion, a $193.5 million increase from the end of 2004. Cash and cash equivalents increased from $24.1 million at year-end 2004 to $87.4 million at the end of third quarter 2005, due primarily to proceeds of student loan sales received just prior to quarter-end, but also as a result of a softening in portfolio loan growth due in part to price competition and payoffs of several large loans. Total portfolio loans (loans other than those held for sale) at September 30, 2005 were $1.3 billion, up $49.9 million, or 4%, from year-end 2004. During the first nine months of 2004, total portfolio loans increased $167.8 million, or 15%. Loans held for sale, which are primarily guaranteed student loans, grew by $27.0 million during the first nine months of 2005 after increasing $130.5 million, or 60%, during the first nine months of 2004. Shareholders' equity at September 30, 2005 totaled $166.5 million, a $40.5 million, or 32%, increase from December 31, 2004. The increase was the result of net proceeds of the common stock offering and earnings offset in part by cash dividends and a $12.1 million purchase of shares of common stock from a former director, announced in May 2005.
Securities
Southwest's common stock is traded on the NASDAQ National Market under the symbol OKSB. In June, Southwest completed an offering of 2.4 million shares of common stock resulting in net proceeds after underwriting discounts and offering expenses of approximately $39.5 million. Stifel Nicolaus & Co., Edward Jones & Co., Friedman Billings Ramsey, Keefe Bruyette & Woods, Inc. and SunTrust Robinson Humphrey served as the underwriters in the offering. Market makers for Southwest's common stock include Stifel Nicolaus & Co., Goldman Sachs & Co., Keefe Bruyette & Woods Inc., RBC Capital Markets Corp., UBS Securities L.L.C., Morgan Stanley & Co., Inc., FTN Midwest Securities Corp., Citigroup Global Markets, Inc., Lehman Brothers, Inc., SunTrust Capital Markets, Inc., and Friedman Billings Ramsey & Co.
Southwest Bancorp and Subsidiaries
Through its subsidiaries, Southwest offers commercial and consumer lending, deposit, and investment services, and specialized cash management, consulting, and other financial services from twelve full-service offices in Stillwater, Oklahoma City, Tulsa and Chickasha, Oklahoma; Dallas, Austin, and San Antonio, Texas; and Wichita, Kansas; loan production offices in Kansas City, Kansas, and on the campuses of the University of Oklahoma Health Sciences Center and Oklahoma State University-Tulsa; and on the Internet, through SNB DirectBanker(R).
Southwest was organized in 1981 as the holding company for Stillwater National, which was chartered in 1894. At September 30, 2005, Southwest had total assets of $2.1 billion, deposits of $1.7 billion, and shareholders' equity of $166.5 million. Southwest became a public company in late 1993 with assets of approximately $434.0 million. Southwest's growth to date has been accomplished without banking acquisitions, however acquisitions of other financial institutions and other companies have been considered from time to time, and will be considered in the future, although there are no specific agreements or understandings for any such acquisitions at the present time.
Southwest's banking philosophy is to provide a high level of customer service, a wide range of financial services, and products responsive to customer needs with a focus on serving healthcare and health professionals, businesses and their managers and owners, and commercial and commercial real estate borrowers.
Southwest's banking philosophy has led to the development of a line of deposit, lending, and other financial products that respond to professional and commercial customer needs for speed, efficiency, and information, and complement more traditional banking products. Such specialized financial services include integrated document imaging and cash management services designed to help our customers in the healthcare industry and other record- intensive enterprises operate more efficiently.
Southwest seeks to build close relationships with businesses, professionals and their principals and to service their banking needs throughout their business development and professional lives.
Southwest's two management consulting subsidiaries complement its banking services and help differentiate Southwest from competitors. Healthcare Strategic Support, Inc. provides management consulting services for physicians, hospitals, and healthcare groups. Business Consulting Group, Inc. provides marketing, strategic, logistics, and operations consulting for both small and large commercial enterprises.
Forward-Looking Statements
This Press Release includes forward-looking statements, such as: statements of Southwest's goals, intentions, and expectations; estimates of risks and of future costs and benefits; assessments of the amount and timing of problem loan payoffs and loan losses; off-balance sheet risk and market risk; 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: future interest rates, market behavior, and other economic conditions; future laws and regulations; 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.
SOUTHWEST BANCORP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION September 30, December 31, (Dollars in thousands, except per share data) 2005 2004 Assets Cash and due from banks $38,881 $24,097 Federal funds sold 48,500 --- Cash and cash equivalents 87,381 24,097 Investment securities: Held to maturity, fair value $1,214 (2005) and $2,509 (2004) 1,223 2,495 Available for sale, amortized cost $257,646 (2005) and $205,393 (2004) 253,069 204,092 Federal Reserve Bank and Federal Home Loan Bank Stock, at cost 13,920 13,464 Loans held for sale 381,597 354,557 Loans receivable, net of allowance for loan losses of $21,920 (2005) and $18,991 (2004) 1,297,302 1,250,327 Accrued interest receivable 14,476 15,091 Premises and equipment, net 20,492 19,860 Other real estate 9,610 4,937 Other assets 28,184 24,867 Total assets $2,107,254 $1,913,787 Liabilities and shareholders' equity Deposits: Noninterest-bearing demand $229,462 $183,738 Interest-bearing demand 49,927 57,359 Money market accounts 410,789 379,818 Savings accounts 8,789 8,108 Time deposits of $100,000 or more 640,503 609,670 Other time deposits 345,435 261,365 Total deposits 1,684,905 1,500,058 Accrued interest payable 8,086 4,911 Income tax payable 1,595 2,266 Other borrowings 190,571 200,065 Other liabilities 7,846 7,370 Reserve for unfunded loan commitments 1,391 953 Subordinated debentures 46,393 72,180 Total liabilities 1,940,787 1,787,803 Shareholders' equity: Common stock - $1 par value; 20,000,000 shares authorized; 14,658,042 (2005) and 12,243,042 (2004) shares issued and outstanding 14,658 12,243 Paid in capital 45,724 7,993 Retained earnings 121,342 107,905 Accumulated other comprehensive loss (2,803) (797) Treasury stock, at cost; 693,364 (2005) and 138,189 (2004) shares (12,454) (1,360) Total shareholders' equity 166,467 125,984 Total liabilities & shareholders' equity $2,107,254 $1,913,787 SOUTHWEST BANCORP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS For the three months For the nine months ended September 30, ended September 30, (Dollars in thousands) 2005 2004 2005 2004 Interest income: Interest and fees on loans $32,429 $25,245 $93,457 $68,468 Investment securities 2,488 1,960 6,613 5,915 Other interest-bearing assets 31 4 69 7 Total interest income 34,948 27,209 100,139 74,390 Interest expense: Interest-bearing deposits 10,850 5,460 28,455 15,258 Other borrowings 1,904 1,643 5,026 4,183 Subordinated debentures 801 1,136 3,281 3,296 Total interest expense 13,555 8,239 36,762 22,737 Net interest income 21,393 18,970 63,377 51,653 Provision for loan losses 4,142 3,900 11,437 8,100 Other income: Service charges and fees 2,894 2,629 8,157 7,314 Gain on sales of loans receivable 1,333 1,073 3,102 2,386 Gain (loss) on sales of investment securities --- (110) --- (109) Other noninterest income 364 328 1,230 731 Total other income 4,591 3,920 12,489 10,322 Other expense: Salaries and employee benefits 6,173 5,563 18,724 15,893 Occupancy 2,704 2,500 7,388 6,996 FDIC and other insurance 124 110 360 301 Other real estate 230 66 770 107 General and administrative 3,494 2,998 11,411 9,054 Total other expenses 12,725 11,237 38,653 32,351 Income before taxes 9,117 7,753 25,776 21,524 Taxes on income 3,310 2,898 9,354 7,863 Net income $5,807 $4,855 $16,422 $13,661 SOUTHWEST BANCORP, INC. UNAUDITED AVERAGE BALANCES, YIELDS AND RATES For the three months ended (Dollars in thousands) September 30, 2005 Interest Average Income/ Average Balance Expense Yield/Rate Assets Total loans and leases $1,732,734 $32,429 7.43% Investment securities 263,868 2,488 3.74 Other interest-earning assets 3,535 31 3.48 Total interest-earning assets 2,000,137 34,948 6.93 Other assets 93,258 Total assets $2,093,395 Liabilities and shareholders' equity Interest-bearing demand deposits $53,187 $57 0.43% Money market accounts 395,668 2,914 2.92 Savings accounts 8,513 6 0.28 Time deposits 977,272 7,873 3.20 Total interest-bearing deposits 1,434,640 10,850 3.00 Other borrowings 209,475 1,904 3.61 Subordinated debentures 46,393 801 6.76 Total interest-bearing liabilities 1,690,508 13,555 3.18 Noninterest-bearing demand deposits 217,812 Other liabilities 18,239 Shareholders' equity 166,836 Total liabilities and shareholders' equity $2,093,395 Net interest income $21,393 Interest rate spread 3.75% Net interest margin (A) 4.24% Ratio of average interest-earning assets to average interest-bearing liabilities 118.32% Net interest income and margin (tax-equivalent basis) (B) $21,424 4.25% (A) Net interest margin = annualized net interest income / average interest-earning assets (B) In order to make pretax income and resultant yields on tax-exempt investments and loans comparable to those on taxable investments and loans, a tax equivalent adjustment is made equally to interest income and income tax expense with no effect on after tax income. The tax equivalent adjustment has been computed using a federal income tax rate of 35%. SOUTHWEST BANCORP, INC. UNAUDITED AVERAGE BALANCES, YIELDS AND RATES For the nine months ended (Dollars in thousands) September 30, 2005 Interest Average Income/ Average Balance Expense Yield/Rate Assets Total loans and leases $1,724,208 $93,457 7.25% Investment securities 237,543 6,613 3.72 Other interest-earning assets 3,165 69 2.91 Total interest-earning assets 1,964,916 100,139 6.81 Other assets 90,535 Total assets $2,055,451 Liabilities and shareholders' equity Interest-bearing demand deposits $61,334 $222 0.48% Money market accounts 384,637 7,201 2.50 Savings accounts 8,525 16 0.25 Time deposits 973,103 21,016 2.89 Total interest-bearing deposits 1,427,599 28,455 2.66 Other borrowings 201,512 5,026 3.33 Subordinated debentures 62,828 3,281 6.89 Total interest-bearing liabilities 1,691,939 36,762 2.90 Noninterest-bearing demand deposits 200,875 Other liabilities 16,516 Shareholders' equity 146,121 Total liabilities and shareholders' equity $2,055,451 Net interest income $63,377 Interest rate spread 3.91% Net interest margin (A) 4.31% Ratio of average interest-earning assets to average interest-bearing liabilities 116.13% Net interest income and margin (tax-equivalent basis) (B) $63,497 4.32% (A) Net interest margin = annualized net interest income / average interest-earning assets (B) In order to make pretax income and resultant yields on tax-exempt investments and loans comparable to those on taxable investments and loans, a tax equivalent adjustment is made equally to interest income and income tax expense with no effect on after tax income. The tax equivalent adjustment has been computed using a federal income tax rate of 35%. SOUTHWEST BANCORP, INC. UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS For the three months For the nine months ended September 30, ended September 30, (Dollars in thousands, except per share data) 2005 2004 2005 2004 PER COMMON SHARE DATA: Basic Earnings $0.41 $0.40 $1.27 $1.13 Diluted Earnings 0.41 0.38 1.24 1.09 Book value (at period end) 11.92 10.11 11.92 10.11 Dividends declared 0.075 0.07 0.225 0.21 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 13,944,877 12,081,379 12,884,058 12,050,485 Diluted 14,359,808 12,547,962 13,285,971 12,505,493 KEY RATIOS: Return on average assets 1.10% 1.04% 1.07% 1.04% Return on average total shareholders' equity 13.81% 16.19% 15.03% 15.73% Efficiency ratio 48.97% 49.09% 50.95% 52.20% LOAN COMPOSITION AT PERIOD END: Real estate mortgage: Commercial $543,937 $522,812 One-to-four family residential 93,860 87,296 Real estate construction 277,722 244,023 Commercial 381,584 386,325 Installment and consumer: Guaranteed student loans 375,178 341,335 Other 28,538 25,312 Total loans, including loans held for sale $1,700,819 $1,607,103 Less: Allowance for loan losses (21,920) (19,209) Total loans, net $1,678,899 $1,587,894 SOUTHWEST BANCORP, INC. UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS (Dollars in thousands, except September 30, December 31, September 30, per share data) 2005 2004 2004 ASSET QUALITY AT PERIOD END: Nonaccrual loans (A) $23,141 $22,230 $28,476 Restructured loans --- --- --- 90 day past due and accruing (B) 4,812 929 2,276 Total nonperforming loans (C) $27,953 $23,159 $30,752 Other real estate owned $9,610 $4,937 $2,467 Allowance for loan losses as a percentage of total loans 1.29% 1.17% 1.20% Allowance for loan losses as a percentage of nonperforming loans 78.42% 82.00% 62.46% Nonperforming loans as a percentage of total loans 1.64% 1.43% 1.91% Nonperforming assets as a percentage of total loans and other real estate 2.20% 1.72% 2.06% Total charge-offs $9,355 $10,034 $4,441 Total recoveries 847 1,148 414 Net charge-offs $8,508 $8,886 $4,027 Net charge-offs as a percentage of average loans 0.66% 0.58% 0.36% CAPITAL RATIOS AT PERIOD END: Leverage ratio 10.23% 8.61% 8.75% Tier I capital ratio 12.80% 10.88% 10.68% Total capital ratio 14.05% 13.92% 13.85% Tier I capital $214,089 $168,847 $163,041 Total capital 235,037 216,038 211,358 Total risk adjusted assets 1,672,180 1,552,326 1,526,214 OTHER MISCELLANEOUS INFORMATION AT PERIOD END: Goodwill $194 $194 $194 Mortgage Servicing Rights 1,311 1,213 1,188 Non-mortgage Servicing Rights 63 76 83 Total Intangible Assets $1,568 $1,483 $1,465 1-4 family mortgage loans serviced for others $133,035 $125,353 $124,183 Intangible amortization expense 284 327 239 FTE employees 371 355 360 Number of ATMs 292 289 286 Number of branches (D) 13 11 9 Number of loan production offices 3 5 3 (A) The government-guaranteed portion of loans included in these totals were $1.5 million, $1.4 million, and $1.4 million, respectively. (B) The government-guaranteed portion of loans included in these totals were $89,000, $38,000, and zero, respectively. (C) The government-guaranteed portion of loans included in these totals were $1.6 million, $1.5 million, and $1.4 million, respectively. (D) Includes branches for which regulatory approval has been received, but which were not accepting deposits at September 30, 2005.
CONTACT: Rick Green, President & C.E.O., or Kerby E. Crowell, Executive Vice President & C.F.O., both of Southwest Bancorp, Inc., +1-405-372-2230
Web site: http://www.oksb.com/ http://www.banksnb.com/
