Income Up 16 Percent at Southwest Bancorp

Southwest Bancorp, Inc. today reported net income of $5.2 million, or $0.36 per diluted share for the first quarter 2008, up $0.05 or 16 percent from the first and fourth quarter of 2007.

At March 31, 2008, total assets were $2.7 billion, an increase of 4 percent from $2.6 billion at December 31, 2007.

At March 31, 2008 total loans were $2.4 billion, versus $2.2 billion at December 31, 2007. Non-performing assets to total assets were 1.21% at March 31, 2008 compared to 1.43 percent at March 31, 2007 and 1.26% at December 31, 2007.

Of total non-performing assets, 38.8 percent are commercial real estate loans, 37.4 percent are commercial loans, 10.3 percent is other real estate owned, 8.4 percent are real estate construction loans, 4.9 percent are residential real estate mortgages, and other consumer loans are less than 1 percent.

The allowance for loan losses as a percentage of portfolio loans was 1.31 percent at March 31, 2008, versus 1.66 percent at March 31, 2007 and 1.38 percent at December 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.



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