updated 1/20/2011 8:15:54 AM ET 2011-01-20T13:15:54

STILLWATER, Okla., Jan. 20, 2011 (GLOBE NEWSWIRE) -- Southwest Bancorp, Inc. (Nasdaq:OKSB) (Nasdaq:OKSBP), ("Southwest"), today reported 2010 annual net income available to common shareholders of $12.8 million compared to $8.8 million for the year ended December 31, 2009, an increase of 45%. On a per share basis, 2010 annual net income available to common shareholders was $0.71 per diluted share compared to $0.60 per diluted share for the year 2009, an increase of 18%. Per share earnings reflect additional shares issued in our $54.3 million second quarter 2010 common stock offering. Total net income for 2010 was $17.0 million compared to $13.0 million for 2009, an increase of 31%.

Net income available to common shareholders for the fourth quarter 2010 was $3.3 million, or $0.17 per diluted share, compared to $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.   

Rick Green, Southwest Bancorp's President and Chief Executive Officer, stated, "The 2010 results put us in a position to gain momentum in 2011. Earnings for the fourth quarter were driven by stable net interest income, controlled noninterest expense, and a decrease in the required provision for loan losses. 

The Board of Directors and management are dedicated to the resolution of problem credits, the maintenance of capital and liquidity, stability in net interest income, and control of operating expenses. We continue to manage our loan portfolio with our ongoing, disciplined workout process focused on addressing the challenges of the commercial real estate construction and commercial mortgage sectors. Noncovered nonperforming assets at year-end were down $26.6 million, or 16%, from September 30, 2010. Our allowance for loan losses to noncovered nonperforming loans ratio was 61% at year-end 2010, compared with 53% at September 30, 2010 and 59% at year-end 2009. 

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. 

Our noncovered potential problem loans decreased by $42.8 million, or 16%, from their historical quarterly high at March 31, 2010. This decrease reflects fourth quarter 2010 activity of approximately $40.2 million in upgrades, a move of approximately $13.4 million to nonaccrual status, and the addition of $52.8 million to the category.  We are encouraged that the state economic factors for our principal markets in Oklahoma, Texas, and Kansas continue to outperform most of the nation and we continue to make loans in each of our markets with an emphasis on health care lending and carefully controlled real estate collateralized credits.

Our second quarter common stock offering gave us new common equity and we 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%." 

Please review the following discussion and the attached financial tables for important additional information regarding our financial condition and performance.


Financial Overview

Condition: Total assets were $2.8 billion at December 31, 2010, a decrease of 9% from December 31, 2009. At December 31, 2010 total loans were $2.4 billion, a decrease of 9% from December 31, 2009.

At December 31, 2010 the allowance for loan losses was $65.2 million, an increase of 5% from December 31, 2009, and represented 2.80% of noncovered portfolio loans versus 2.46% at December 31, 2009. 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. Provisions for loan losses are recorded in the amount necessary to maintain the allowance at the level management deems appropriate. 

Excluding assets subject to loss sharing agreements with the FDIC ("covered assets"), nonperforming assets, consisting of nonaccrual loans, loans past due by 90 days or more and still accruing, and other real estate, were $144.8 million and 6.11% of portfolio loans and other real estate as of December 31, 2010, down $26.6 million from September 30, 2010. A breakdown of noncovered portfolio loans and noncovered nonperforming assets at December 31, 2010 by type is shown in the following table:

  Noncovered Noncovered
  portfolio nonperforming
(dollars in thousands) loans assets
Real estate construction  $ 457,326  $ 67,571
Commercial real estate  1,295,114  30,510
Commercial  452,293  6,978
Residential real estate mortgages  87,500  1,983
Other consumer loans  39,060  41
Other real estate  --   37,722
Total   $ 2,331,293  $ 144,805

Excluding covered loans, nonaccrual loans were $106.6 million as of December 31, 2010, a decrease of $28.6 million, or 21%, from September 30, 2010, and an increase of $0.7 million, or 1%, from December 31, 2009. These loans are carried at their estimated collectible amounts and no longer accrue interest. Noncovered loans 90 days or more past due were $0.5 million as of December 31, 2010. These loans are deemed to have sufficient collateral and are in the process of collection. 

Impaired loans, which include nonaccrual and restructured loans, are evaluated on an individual basis using the discounted present value of expected cash flows, the fair value of collateral, or the market value of the loan, and a specific allowance is recorded to reflect the appropriate net realizable value. Collateral dependent loans are evaluated for impairment based upon the fair value of the collateral. Charge-offs against the allowance for impaired loans are made when and to the extent amounts are deemed uncollectible. 

Performing loans that have been restructured to provide a reduction or deferral of interest or principal due to a weakening in the financial position of the borrower were $2.2 million at December 31, 2010, compared to $5.3 million at September 30, 2010.

Excluding covered loans, 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 $233.1 million at December 31, 2010, a decrease of $3.7 million from September 30, 2010 and $25.3 million from December 31, 2009. Potential problem loans are subject to continuing management attention and are considered by management in determining the level of the allowance for loan losses. 

Year-to-date Results:

Summary: The $4.0 million increase in our net income available to common shareholders from 2009 was the result of an $8.6 million increase in net interest income driven by an improved net interest margin and a $3.6 million decrease in the provision for loan losses, offset in part by a $3.4 million decrease in noninterest income, a $2.8 million increase in noninterest expense, and a $2.1 million increase in income tax expense. 

Net Interest Income: Net interest income totaled $107.3 million for 2010, compared to $98.7 million for 2009, an increase of $8.6 million, or 9%. Year-to-date net interest margin was 3.67% for 2010, compared to 3.38% for 2009. Included in 2010 year-to-date net interest income was $1.0 million of net recoveries from the resolution of nonperforming loans and additional discount accretion on loans and the loss share receivable, offset in part by interest reversals on nonaccrual loans. Included in 2009 year-to-date net interest income was a recovery of $3.0 million in interest from the successful resolution of a nonperforming loan and additional discount accretion on loans and the loss share receivable. These net recoveries increased year-to-date interest margin by 3 basis points and 10 basis points for 2010 and 2009, respectively.   

Provision for Loan Losses and Net Charge-Offs: The provision for loan losses totaled $35.6 million for 2010, compared to $39.2 million for 2009. Net charge-offs totaled $32.7 million, or 1.29% of average portfolio loans as of December 31, 2010, compared to $16.5 million, or 0.63% of average portfolio loans as of December 31, 2009.

Noninterest Income: Noninterest income totaled $18.6 million for 2010, compared to $21.9 million for 2009. The decrease in noninterest income was primarily the result of a $3.3 million one-time gain on the FDIC-assisted acquisition that was recorded in the prior year.

Noninterest Expense: Noninterest expense totaled $63.6 million for 2010, compared to $60.9 million for 2009.  The increase consisted of a $2.1 million increase in other real estate expense, a $1.7 million increase in other general and administrative expense, and a $0.6 million increase in personnel expense, offset in part by a $1.4 million decrease in provision for unfunded loan commitments and a $0.5 million decrease in occupancy expense.

Fourth Quarter Results:

Summary: Net income available to common shareholders was $3.3 million in the fourth quarter of 2010, compared to $2.8 million in the third quarter of 2010 and $2.5 million in the fourth quarter of 2009. The increase from the third quarter of 2010 was the result of a $4.7 million decrease in the provision for loan losses and a $0.5 million increase in net interest income, offset in part by a $2.2 million decrease in noninterest income, a $1.4 million increase in noninterest expense, and a $1.2 million increase in income taxes. The increase from the fourth quarter of 2009 was the result of a $3.4 million decrease in the provision for loan losses, offset in part by a $0.8 million increase in noninterest expense, a $0.6 million increase in income taxes, and a $0.4 million decrease in noninterest income. 

Net Interest Income: Net interest income totaled $27.0 million for the fourth quarter of 2010, compared to $26.5 million for the third quarter of 2010, an increase of $0.5 million, or 2%, and $27.8 million for the fourth quarter of 2009, a decrease of $0.8 million, or 3%.  Net interest margin was 3.82% for the fourth quarter of 2010, compared to 3.63% for the third quarter of 2010 and 3.71% for the fourth quarter of 2009.  Included in the fourth quarter of 2010 net interest margin was a net recovery of $0.5 million from the resolution of nonperforming loans and the quarterly adjustment of the discount accretion on loans and the loss share receivable. Included in the third quarter 2010 net interest margin was a net reduction of $0.3 million from the interest reversals on nonaccrual loans offset by the quarterly adjustment of the discount accretion on loans and the loss share receivable. Included in the fourth quarter 2009 net interest margin was a $1.0 million net adjustment of the discount accretion on loans and the loss share receivable. The net effects of these adjustments on net interest margin were a 7 basis point increase, a 5 basis point decrease, and a 13 basis point increase for the each quarter, respectively.     

Provision for Loan Losses and Net Charge-Offs: The provision for loan losses totaled $7.3 million for the fourth quarter of 2010, compared to $12.0 million for the third quarter of 2010 and $10.6 million for the fourth quarter of 2009.  Net charge-offs totaled $14.5 million, or 2.35% (annualized) of average portfolio loans for the fourth quarter of 2010, compared to $6.6 million, or 1.05% (annualized) of average portfolio loans for the third quarter of 2010 and $6.0 million, or 0.89% (annualized) of average portfolio loans for the fourth quarter of 2009.

Noninterest Income: Noninterest income totaled $4.1 million for the fourth quarter of 2010, compared to $6.3 million for the third quarter of 2010 and $4.5 million for the fourth quarter of 2009.  The decrease in noninterest income from the third quarter of 2010 was primarily the result of a $2.5 million decrease in gain on sale of securities, and the decrease from the fourth quarter of 2009 was primarily the result of a $0.3 million decrease in gain on sale of loans. 

Noninterest Expense: Noninterest expense totaled $16.8 million for the fourth quarter of 2010, compared to $15.4 million for the third quarter of 2010 and $16.0 million for the fourth quarter of 2009.  The increase from third quarter 2010 consisted of a $1.0 million increase in other real estate expense and a $0.3 million increase in personnel expense. The increase from fourth quarter 2009 consisted of a $1.2 million increase in other real estate expense, offset in part by a $0.5 million decrease in the provision for unfunded loan commitments and $0.4 million decrease in occupancy expense. 

Southwest Bancorp and Subsidiaries

Southwest is the bank holding company for Stillwater National Bank and Trust Company ("Stillwater National") and Bank of Kansas. Through its subsidiaries, Southwest offers commercial and consumer lending, deposit and investment services, specialized cash management, and other financial services from offices in Oklahoma, Texas, and Kansas, and on the Internet, through SNB DirectBanker®. We were organized in 1981 as the holding company for Stillwater National, which was chartered in 1894. At December 31, 2010 we had total assets of $2.8 billion, deposits of $2.3 billion, and shareholders' equity of $377.8 million.

Our area of expertise focuses on the special financial needs of healthcare and health professionals, businesses and their managers and owners, and commercial and commercial real estate borrowers. We established a strategic focus on healthcare lending in 1974. We provide credit and other services, such as deposits, cash management, and document imaging for physicians and other healthcare practitioners to start or develop their practices and finance the development and purchase of medical offices, clinics, surgical care centers, hospitals, and similar facilities. As of December 31, 2010, approximately $713.7 million, or 30%, of our noncovered loans were loans to individuals and businesses in the healthcare industry. 

We also focus on commercial real estate mortgage and construction credits. We do not focus on one-to-four family residential development loans or "spec" residential property credits. Additionally, subprime lending has never been a part of our business strategy, and our exposure to subprime loans and subprime lenders is minimal. One-to-four family mortgages account for less than 5% of total noncovered loans. As of December 31, 2010 approximately $1.8 billion, or 74%, of our noncovered loans were commercial real estate mortgage and construction loans, including $412.6 million of loans to individuals and businesses in the healthcare industry. Our commercial real estate mortgage and construction and commercial loans are concentrated in states that have experienced less adverse effects from the recession than many others.

We operate six offices in Texas, eleven offices in Oklahoma, and eight offices in Kansas. At December 31, 2010 our Texas segment accounted for $982.8 million, or 41% of total portfolio loans, followed by $871.4 million, or 37%, from our Oklahoma segment, $289.6 million, or 12%, from our Kansas segment, and $241.0 million, or 10%, from our other states segment. 

Southwest's common stock is traded on the NASDAQ Global Select Market under the symbol OKSB. Southwest's public trust preferred securities are traded on the NASDAQ Global Select Market under the symbol OKSBP.

The Southwest Bancorp, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8074

Forward-Looking Statements

This earnings 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 timing 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 our future results.

Southwest is required under generally accepted accounting principles to evaluate subsequent events and their impact, if any, on its financial statements as of December 31, 2010 through the date its financial statements are filed with the Securities and Exchange Commission. The December 31, 2010 financial statements will be adjusted if necessary to properly reflect the impact of subsequent events on estimates used to prepare those statements. 


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 Quarterly Summary Financial Data  Table 6
Unaudited Quarterly Supplemental Analytical Data  Table 7
           
 SOUTHWEST BANCORP, INC.           Table 1 
 UNAUDITED FINANCIAL HIGHLIGHTS           
 (Dollars in thousands except per share)           
   Fourth Quarter   Third Quarter 
 QUARTERLY HIGHLIGHTS       %     % 
  2010 2009  Change  2010  Change 
 Operations           
 Net interest income  $ 26,970 $ 27,797  (3)% $ 26,452  2 %
 Provision for loan losses   7,265  10,640  (32)  11,988  (39)
 Noninterest income   4,089  4,488  (9)  6,335  (35)
 Noninterest expense   16,811  16,041  5  15,418  9
 Income before taxes   6,983  5,604  25  5,381  30
 Taxes on income   2,675  2,030  32  1,508  77
 Net income   4,308  3,574  21  3,873  11
 Net income available to common shareholders   3,257  2,534  29  2,825  15
 Diluted earnings per share   0.17  0.17  --  0.15  13
 Balance Sheet           
 Total assets   2,820,541  3,108,291  (9)  2,905,275  (3)
 Loans held for sale   35,194  43,134  (18)  34,868  1
 Noncovered portfolio loans   2,331,293  2,539,294  (8)  2,412,796  (3)
 Covered portfolio loans   53,628  85,405  (37)  60,558  (11)
 Total deposits   2,252,728  2,592,730  (13)  2,345,648  (4)
 Total shareholders' equity   377,812  309,778  22  376,576  --
 Book value per common share   15.97  16.46  (3)  15.93  --
 Key Ratios           
 Net interest margin   3.82 %  3.71 %    3.63 %  
 Efficiency ratio   54.13  46.69    47.02  
 Total capital to risk-weighted assets   19.06  14.55    18.45  
 Nonperforming loans to portfolio loans - noncovered   4.59  4.18    5.62  
 Shareholders' equity to total assets   13.40  9.97    12.96  
 Tangible common equity to tangible assets*   10.78  7.61    10.43  
 Return on average assets (annualized)   0.59  0.46    0.52  
 Return on average common equity (annualized)   4.11  4.06    3.57  
 Return on average tangible common equity (annualized)**   4.21  4.17    3.65  
           
 YEAR-TO-DATE HIGHLIGHTS   Twelve Months     
       %     
  2010 2009  Change     
 Operations           
 Net interest income  $ 107,331 $ 98,691  9 %    
 Provision for loan losses   35,560  39,176  (9)    
 Noninterest income   18,564  21,936  (15)    
 Noninterest expense   63,633  60,858  5    
 Income before taxes   26,702  20,593  30    
 Taxes on income   9,738  7,611  28    
 Net income   16,964  12,982  31    
 Net income available to common           
 shareholders   12,777  8,837  45    
 Diluted earnings per share   0.71  0.60  18    
 Balance Sheet           
 Total assets   2,820,541  3,108,291  (9)    
 Loans held for sale   35,194  43,134  (18)    
 Noncovered portfolio loans   2,331,293  2,539,294  (8)    
 Covered portfolio loans   53,628  85,405  (37)    
 Total deposits   2,252,728  2,592,730  (13)    
 Total shareholders' equity   377,812  309,778  22    
 Book value per common share   15.97  16.46  (3)    
 Key Ratios           
 Net interest margin   3.67 %  3.38 %      
 Efficiency ratio (GAAP-based)   50.54  50.45      
 Total capital to risk-weighted assets   19.06  14.55      
 Nonperforming loans to portfolio loans - noncovered   4.59  4.18      
 Shareholders' equity to total assets   13.40  9.97      
 Tangible common equity to tangible assets*   10.78  7.61      
 Return on average assets   0.57  0.43      
 Return on average common equity   4.37  3.65      
 Return on average tangible common equity**   4.48  3.76      
           
 Balance sheet amounts and ratios are as of period end unless otherwise noted.         
 * This is a Non-GAAP financial measure. Please see Table 7 for a reconciliation to the most directly comparable GAAP based measure.   
 ** This is a Non-GAAP financial measure.           
           
 Please see accompanying tables for additional financial information.           
     
 UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION     
 (Dollars in thousands, except per share)       
       
   December 31,   December 31,   
  2010 2009  
 Assets       
 Cash and cash equivalents  $ 67,496 $ 118,847  
 Investment securities:       
 Held to maturity. Fair value: $14,029, $6,754, respectively   14,304  6,670  
 Available for sale. Amortized cost: $246,649, $236,199, respectively   248,221  237,703  
 Other investments, at cost   10,404  19,066  
 Loans held for sale   35,194  43,134  
 Noncovered loans receivable   2,331,293  2,539,294  
 Less: Allowance for loan losses   (65,229)  (62,413)  
 Net noncovered loans receivable   2,266,064  2,476,881  
 Covered loans receivable (includes loss share: $14.4 million, $23.9 million, respectively)   53,628  85,405  
 Net loans receivable   2,319,692  2,562,286  
 Accrued interest receivable   8,590  10,806  
 Premises and equipment, net   23,772  26,536  
 Noncovered other real estate   37,722  18,432  
 Covered other real estate   4,187  4,748  
 Goodwill   6,811  6,811  
 Other intangible assets, net   5,371  5,779  
 Other assets   38,777  47,473  
 Total assets  $ 2,820,541 $ 3,108,291  
       
 Liabilities       
 Deposits:       
 Noninterest-bearing demand  $ 377,182 $ 324,829  
 Interest-bearing demand   92,584  74,201  
 Money market accounts   495,253  505,521  
 Savings accounts   26,665  25,730  
 Time deposits of $100,000 or more   694,565  1,004,439  
 Other time deposits   566,479  658,010  
 Total deposits   2,252,728  2,592,730  
 Accrued interest payable   1,577  3,191  
 Income tax payable   2,878  4,486  
 Other liabilities   8,981  13,121  
 Other borrowings   94,602  103,022  
 Subordinated debentures   81,963  81,963  
 Total liabilities   2,442,729  2,798,513  
       
 Shareholders' equity       
 Serial preferred stock; 2,000,000 shares authorized;       
 70,000 shares issued and outstanding   67,724  67,037  
 Common stock -- $1 par value; 40,000,000 shares authorized;       
 19,421,900, 14,750,713 shares issued and outstanding, respectively   19,422  14,751  
 Additional paid-in capital   98,894  49,029  
 Retained earnings   190,793  178,016  
 Accumulated other comprehensive income   979  945  
 Total shareholders' equity   377,812  309,778  
 Total liabilities and shareholders' equity  $ 2,820,541 $ 3,108,291  
       
         
 SOUTHWEST BANCORP, INC.         Table 3 
 UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS     
 (Dollars in thousands except per share)         
         
   For the three months   For the twelve months 
   ended December 31,   ended December 31, 
  2010 2009 2010 2009
 Interest income         
 Loans  $ 32,831 $ 36,355 $ 133,918 $ 141,239
 Investment securities   1,816  2,433  8,660  9,146
 Other interest-earning assets   39  1  229  14
 Total interest income   34,686  38,789  142,807  150,399
         
 Interest expense         
 Interest-bearing deposits   5,920  9,090  28,267  42,319
 Other borrowings   514  625  2,079  4,049
 Subordinated debentures   1,282  1,277  5,130  5,340
 Total interest expense   7,716  10,992  35,476  51,708
         
 Net interest income   26,970  27,797  107,331  98,691
         
 Provision for loan losses   7,265  10,640  35,560  39,176
         
 Net interest income after provision for loan losses   19,705  17,157  71,771  59,515
         
 Noninterest income         
 Service charges and fees   3,144  3,295  12,404  11,704
 Gain on acquisition   --  --  --  3,281
 Gain on sales of loans   682  933  2,736  2,963
 Gain on investment securities   15  3  2,661  2,925
 Other noninterest income   248  257  763  1,063
Total noninterest income  4,089  4,488  18,564  21,936
         
 Noninterest expense         
 Salaries and employee benefits   7,516  7,349  29,916  29,299
 Occupancy   2,717  3,159  11,171  11,637
 FDIC and other insurance   1,333  1,101  5,788  5,545
 Other real estate, net   1,255  39  2,218  130
 General and administrative   3,990  4,393  14,540  14,247
 Total noninterest expense   16,811  16,041  63,633  60,858
 Income before taxes   6,983  5,604  26,702  20,593
 Taxes on income   2,675  2,030  9,738  7,611
 Net income  $ 4,308 $ 3,574 $ 16,964 $ 12,982
 Net income available to common shareholders  $ 3,257 $ 2,534 $ 12,777 $ 8,837
         
 Basic earnings per common share  $ 0.17 $ 0.17 $ 0.71 $ 0.60
 Diluted earnings per common share   0.17  0.17  0.71  0.60
 Common dividends declared per share   --  0.0238  --  0.0952
             
             
 SOUTHWEST BANCORP, INC.            Table 4
 UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES - QUARTERLY     
 (Dollars in thousands)            
             
   For the three months ended December 31,
  2010 2009
  Average   Average Average   Average
  Balance Interest Yield/Rate Balance Interest Yield/Rate
Assets            
Noncovered loans  $ 2,417,584 $ 31,933 5.24% $ 2,613,741 $ 34,881 5.29%
Covered loans  58,755  898  6.06  91,459  1,474  6.39
Investment securities  264,053  1,816  2.73  264,216  2,433  3.65
Other interest-earning assets  61,249  39  0.25  5,624  1  0.07
Total interest-earning assets  2,801,641  34,686  4.91  2,975,040  38,789  5.17
Other assets  81,735      74,889    
Total assets $ 2,883,376     $ 3,049,929    
             
Liabilities and Shareholders' Equity            
Interest-bearing demand deposits $ 85,967 $ 85 0.39% $ 75,614 $ 66 0.35%
Money market accounts  508,110  885  0.69  502,247  1,170  0.92
Savings accounts  25,885  17  0.26  25,388  16  0.25
Time deposits  1,316,536  4,933  1.49  1,585,240  7,838  1.96
Total interest-bearing deposits  1,936,498  5,920  1.21  2,188,489  9,090  1.65
Other borrowings  96,267  514  2.12  127,378  625  1.95
Subordinated debentures  81,963  1,282  6.26  81,963  1,277  6.23
Total interest-bearing liabilities  2,114,728  7,716  1.45  2,397,830  10,992  1.82
             
Noninterest-bearing demand deposits  367,761      316,784    
Other liabilities  19,252      20,751    
Shareholders' equity  381,635      314,564    
Total liabilities and shareholders' equity $ 2,883,376     $ 3,049,929    
             
Net interest income and spread   $ 26,970 3.46%   $ 27,797 3.35%
Net interest margin (1)     3.82%     3.71%
Average interest-earning assets to average interest-bearing liabilities 132.48%     124.07%    
             
             
 (1) Net interest margin = annualized net interest income / average interest-earning assets       
             
             
 SOUTHWEST BANCORP, INC.            Table 5
 UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES - YEAR-TO-DATE     
 (Dollars in thousands)            
             
  For the twelve months ended December 31, 
  2010 2009
  Average   Average Average   Average
  Balance Interest Yield/Rate Balance Interest Yield/Rate
Assets            
Loans (1) $ 2,573,442 $ 133,918 5.20% $ 2,667,771 $ 141,239 5.29%
Investment securities  261,124  8,660  3.32  245,456  9,146  3.73
Other interest-earning assets  88,079  229  0.26  5,813  14  0.24
Total interest-earning assets  2,922,645  142,807  4.89  2,919,040  150,399  5.15
Other assets  76,099      68,430    
Total assets $ 2,998,744     $ 2,987,470    
             
Liabilities and Shareholders' Equity            
Interest-bearing demand deposits $ 98,589 $ 468 0.47% $ 83,813 $ 476 0.57%
Money market accounts  508,583  3,911  0.77  485,383  4,954  1.02
Savings accounts  25,609  64  0.25  21,010  78  0.37
Time deposits  1,479,287  23,824  1.61  1,518,638  36,811  2.42
Total interest-bearing deposits  2,112,068  28,267  1.34  2,108,844  42,319  2.01
Other borrowings  96,141  2,079  2.16  181,682  4,049  2.23
Subordinated debentures  81,963  5,130  6.26  81,963  5,340  6.52
Total interest-bearing liabilities  2,290,172  35,476  1.55  2,372,489  51,708  2.18
             
Noninterest-bearing demand deposits  330,998      285,184    
Other liabilities  18,039      20,845    
Shareholders' equity  359,535      308,952    
Total liabilities and shareholders' equity $ 2,998,744     $ 2,987,470    
             
Net interest income and spread   $ 107,331 3.34%   $ 98,691 2.97%
Net interest margin (2)     3.67%     3.38%
Average interest-earning assets to average interest-bearing liabilities 127.62%     123.04%    
             
 (1) Information regarding noncovered and covered loans for the period shown is not readily available.     
 (2) 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)         
   
  2010
   Dec. 31   Sep. 30   Jun. 30   Mar. 31 
 OPERATIONS         
 Interest income:         
 Loans  $ 32,831 $ 32,824 $ 33,891 $ 34,372
 Investment securities   1,816  2,204  2,320  2,320
 Other interest-earning assets   39  55  68  67
 Total interest income   34,686  35,083  36,279  36,759
 Interest expense:         
 Interest bearing demand deposits   85  111  140  132
 Money market accounts   885  976  1,037  1,013
 Savings accounts   17  15  16  16
 Time deposits of $100,000 or more   1,881  3,128  3,517  4,024
 Other time deposits   3,052  2,572  2,661  2,989
 Total interest-bearing deposits   5,920  6,802  7,371  8,174
 Other borrowings   514  524  524  517
 Subordinated debentures   1,282  1,305  1,276  1,267
 Total interest expense   7,716  8,631  9,171  9,958
 Net interest income   26,970  26,452  27,108  26,801
 Provision for loan losses   7,265  11,988  7,776  8,531
 Noninterest income:         
 Service charges and fees   3,144  2,994  3,170  3,096
 Gain on sales of loans   682  653  416  985
 Gain (loss) on investment securities   15  2,480  34  7
 Other noninterest income   248  208  342  90
 Total noninterest income   4,089  6,335  3,962  4,178
 Noninterest expense:         
 Salaries and employee benefits   7,516  7,183  7,637  7,580
 Occupancy   2,717  2,835  2,836  2,783
 FDIC and other insurance   1,333  1,347  1,521  1,587
 Other real estate, net   1,255  228  629  106
 Provision for unfunded loan commitments   (332)  (294)  (512)  (465)
 Other general and administrative   4,322  4,119  4,035  3,667
 Total noninterest expense   16,811  15,418  16,146  15,258
 Income before taxes   6,983  5,381  7,148  7,190
 Taxes on income   2,675  1,508  2,737  2,818
 Net income  $ 4,308 $ 3,873 $ 4,411 $ 4,372
 Net income available to common shareholders  $ 3,257 $ 2,825 $ 3,366 $ 3,329
 PER SHARE DATA         
 Basic earnings per common share  $ 0.17 $ 0.15 $ 0.19 $ 0.23
 Diluted earnings per common share   0.17  0.15  0.19  0.23
 Common dividends declared per share   --  --  --  --
 Book value per common share   15.96  15.93  15.88  16.79
 Tangible book value per share*   15.61  15.58  15.53  16.33
 COMMON STOCK         
 Shares issued   19,421,900  19,395,675  19,388,797  14,779,711
 Less treasury shares   --  --  --  --
 Outstanding shares   19,421,900  19,395,675  19,388,797  14,779,711
 OTHER FINANCIAL DATA         
 Investment securities  $ 272,929 $ 251,233 $ 265,895 $ 260,837
 Loans held for sale   35,194  34,868  25,615  25,586
 Noncovered portfolio loans   2,331,293  2,412,796  2,475,348  2,516,397
 Total noncovered loans   2,366,487  2,447,664  2,500,963  2,541,983
 Covered portfolio loans   53,628  60,558  68,006  76,909
 Total assets   2,820,541  2,905,275  3,010,835  3,074,923
 Total deposits   2,252,728  2,345,648  2,444,939  2,554,165
 Other borrowings   94,602  82,506  93,036  103,620
 Subordinated debentures   81,963  81,963  81,963  81,963
 Total shareholders' equity   377,812  376,576  375,319  315,341
 Mortgage servicing portfolio   278,146  261,266  249,632  241,224
 INTANGIBLE ASSET DATA         
 Goodwill  $ 6,811 $ 6,811 $ 6,811 $ 6,811
 Core deposit intangible   3,557  3,693  3,830  3,967
 Mortgage servicing rights   1,810  1,661  1,589  1,603
 Nonmortgage servicing rights   4  4  5  5
 Total intangible assets  $ 12,182 $ 12,169 $ 12,235 $ 12,386
 Intangible amortization expense  $ 402 $ 392 $ 350 $ 359
 Continued         
 ____________________         
 *This is a Non-GAAP based financial measure.         
         
 SOUTHWEST BANCORP, INC.         Table 6 
 UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA      Continued 
 (Dollars in thousands except per share)         
   
  2010
   Dec. 31   Sep. 30   Jun. 30   Mar. 31 
 LOAN COMPOSITION         
 Noncovered         
 Real estate mortgage:         
 Commercial  $ 1,310,464 $ 1,271,278 $ 1,251,709 $ 1,230,009
 One-to-four family residential   89,800  109,980  106,814  111,185
 Real estate construction         
 Commercial   441,265  527,773  589,590  630,472
 One-to-four family residential   27,429  30,527  35,129  34,996
 Commercial   452,626  463,132  471,004  487,074
 Installment and consumer:         
 Guaranteed student loans   5,843  5,960  7,389  10,199
 Other   39,060  39,014  39,328  38,048
 Total noncovered loans, including held for sale   2,366,487  2,447,664  2,500,963  2,541,983
 Less allowance for loan losses   (65,229)  (72,418)  (67,055)  (65,168)
 Total noncovered loans, net  $ 2,301,258 $ 2,375,246 $ 2,433,908 $ 2,476,815
 Covered         
 Real estate mortgage:         
 Commercial  $ 30,997 $ 33,428 $ 36,107 $ 37,487
 One-to-four family residential   9,122  10,071  10,277  10,843
 Real estate construction         
 Commercial   6,840  7,464  8,190  11,173
 One-to-four family residential   439  1,823  3,853  5,273
 Commercial   5,554  6,816  8,487  10,807
 Installment and consumer:   676  956  1,092  1,326
 Total covered loans  $ 53,628 $ 60,558 $ 68,006 $ 76,909
 DEPOSIT COMPOSITION         
 Non-interest bearing demand  $ 377,182 $ 329,655 $ 326,721 $ 317,896
 Interest-bearing demand   92,584  86,153  102,218  119,757
 Money market accounts   495,253  518,422  510,549  506,659
 Savings accounts   26,665  25,556  25,321  25,871
 Time deposits of $100,000 or more   694,565  795,303  861,110  944,871
 Other time deposits   566,479  590,559  619,020  639,111
 Total deposits**  $ 2,252,728 $ 2,345,648 $ 2,444,939 $ 2,554,165
 LOANS BY SEGMENT         
 Oklahoma banking  $ 871,393 $ 890,598 $ 914,004 $ 926,870
 Texas banking   982,845  1,024,863  1,041,228  1,063,511
 Kansas banking   289,642  309,240  329,157  342,596
 Other states banking   241,041  248,653  258,965  260,329
 Subtotal   2,384,921  2,473,354  2,543,354  2,593,306
 Secondary market   35,194  34,868  25,615  25,586
 Total loans  $ 2,420,115 $ 2,508,222 $ 2,568,969 $ 2,618,892
 NET INCOME BY SEGMENT         
 Oklahoma banking  $ 4,086 $ 3,624 $ 4,334 $ 2,820
 Texas banking   3,939  (1,769)  697  1,656
 Kansas banking   481  (227)  985  (355)
 Other states banking   (3,661)  488  (507)  1,722
 Subtotal   4,845  2,116  5,509  5,843
 Secondary market   362  219  72  327
 Other operations   (899)  1,538  (1,170)  (1,798)
 Net income  $ 4,308 $ 3,873 $ 4,411 $ 4,372
 OFFICES AND EMPLOYEES         
 FTE Employees   432  440  447  455
 Branches   23  23  23  24
 Loan production offices   2  2  2  2
 Assets per employee  $ 6,529 $ 6,603 $ 6,736 $ 6,758
 ____________________         
 **Calculation of Non-brokered Deposits and Core Funding (Non-GAAP Financial Measures)   
 Total deposits  $ 2,252,728 $ 2,345,648 $ 2,444,939 $ 2,554,165
 Less:         
 Brokered time deposits   145,240  226,238  279,027  359,571
 Other brokered deposits   117,532  129,096  126,643  124,969
 Non-brokered deposits  $ 1,989,956 $ 1,990,314 $ 2,039,269 $ 2,069,625
 Plus:         
 Sweep repurchase agreements   26,492  22,211  22,700  33,192
 Core funding  $ 2,016,448 $ 2,012,525 $ 2,061,969 $ 2,102,817
         
 Balance sheet amounts are as of period end unless otherwise noted.       
         
 SOUTHWEST BANCORP, INC.         Table 6 
 UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA       
 (Dollars in thousands except per share)         
   
  2009
   Dec. 31   Sep. 30   Jun. 30   Mar. 31 
 OPERATIONS         
 Interest income:         
 Loans  $ 36,355 $ 35,607 $ 36,009 $ 33,268
 Investment securities   2,433  2,122  2,079  2,512
 Other interest-earning assets   1  4  3  6
 Total interest income   38,789  37,733  38,091  35,786
 Interest expense:         
 Interest bearing demand deposits   66  107  150  153
 Money market accounts   1,170  1,220  1,211  1,353
 Savings accounts   16  39  14  9
 Time deposits of $100,000 or more   4,340  4,822  5,552  5,980
 Other time deposits   3,498  3,909  4,145  4,565
 Total interest-bearing deposits   9,090  10,097  11,072  12,060
 Other borrowings   625  960  1,180  1,284
 Subordinated debentures   1,277  1,276  1,383  1,404
 Total interest expense   10,992  12,333  13,635  14,748
 Net interest income   27,797  25,400  24,456  21,038
 Provision for loan losses   10,640  10,177  7,477  10,882
 Noninterest income:         
 Service charges and fees   3,295  2,992  2,817  2,600
 Gain on sales of loans   933  386  926  718
 Gain (loss) on investment securities   3  10  (9)  2,921
 Other noninterest income   257  322  3,527  238
 Total noninterest income   4,488  3,710  7,261  6,477
 Noninterest expense:         
 Salaries and employee benefits   7,349  7,824  6,887  7,239
 Occupancy   3,159  2,958  2,789  2,731
 FDIC and other insurance   1,101  1,134  2,319  991
 Other real estate, net   39  90  103  (102)
 Provision for unfunded loan commitments   147  (79)  (388)  90
 Other general and administrative   4,246  3,601  2,980  3,650
 Total noninterest expense   16,041  15,528  14,690  14,599
 Income before taxes   5,604  3,405  9,550  2,034
 Taxes on income   2,030  1,271  3,605  705
 Net income  $ 3,574 $ 2,134 $ 5,945 $ 1,329
 Net income available to common shareholders  $ 2,534 $ 1,097 $ 4,910 $ 296
 PER SHARE DATA         
 Basic earnings per common share  $ 0.17 $ 0.07 $ 0.34 $ 0.02
 Diluted earnings per common share   0.17  0.07  0.33  0.02
 Common dividends declared per share   0.02  0.02  0.02  0.02
 Book value per common share   16.46  16.43  16.30  16.01
 Tangible book value per share*   15.99  15.96  15.84  15.52
 COMMON STOCK         
 Shares issued   14,750,713  14,748,223  14,658,042  14,658,042
 Less treasury shares   --  --  (15,602)  (49,930)
 Outstanding shares   14,750,713  14,748,223  14,642,440  14,608,112
 OTHER FINANCIAL DATA         
 Investment securities  $ 263,439 $ 258,790 $ 243,077 $ 179,006
 Loans held for sale   43,134  36,526  26,006  76,404
 Noncovered portfolio loans   2,539,294  2,572,111  2,587,230  2,526,293
 Total noncovered loans   2,582,428  2,608,637  2,613,236  2,602,697
 Covered portfolio loans   85,405  103,630  117,096  --
 Total assets   3,108,291  3,029,347  3,038,985  2,928,133
 Total deposits   2,592,730  2,473,162  2,452,295  2,330,089
 Other borrowings   103,022  146,449  176,368  193,739
 Subordinated debentures   81,963  81,963  81,963  81,963
 Total shareholders' equity   309,778  309,118  305,416  300,406
 Mortgage servicing portfolio   237,459  223,226  209,425  179,959
 INTANGIBLE ASSET DATA         
 Goodwill  $ 6,811 $ 6,811 $ 6,811 $ 7,071
 Core deposit intangible   4,103  4,240  4,378  2,498
 Mortgage servicing rights   1,670  1,625  1,589  1,362
 Nonmortgage servicing rights   6  7  7  8
 Total intangible assets  $ 12,590 $ 12,683 $ 12,785 $ 10,939
 Intangible amortization expense  $ 381 $ 344 $ 391 $ 204
 Continued         
 ____________________         
 *This is a Non-GAAP based financial measure.         
 SOUTHWEST BANCORP, INC.         Table 6 

Continued
 UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA        
 (Dollars in thousands except per share)         
   
  2009
   Dec. 31   Sep. 30   Jun. 30   Mar. 31 
 LOAN COMPOSITION         
 Noncovered         
 Real estate mortgage:         
 Commercial  $ 1,212,409 $ 1,221,739 $ 1,208,819 $ 1,098,587
 One-to-four family residential   114,614  125,034  116,068  114,111
 Real estate construction         
 Commercial   618,078  612,905  622,298  640,132
 One-to-four family residential   41,109  39,009  51,292  79,309
 Commercial   520,505  538,757  554,734  558,834
 Installment and consumer:         
 Guaranteed student loans   36,163  30,949  18,477  69,792
 Other   39,550  40,244  41,548  41,932
 Total noncovered loans, including held for sale   2,582,428  2,608,637  2,613,236  2,602,697
 Less allowance for loan losses   (62,413)  (57,777)  (51,753)  (46,262)
 Total noncovered loans, net  $ 2,520,015 $ 2,550,860 $ 2,561,483 $ 2,556,435
 Covered         
 Real estate mortgage:         
 Commercial  $ 39,836 $ 37,820 $ 40,411 $ --
 One-to-four family residential   12,630  17,246  17,889  --
 Real estate construction         
 Commercial   12,515  14,178  14,277  --
 One-to-four family residential   5,324  9,936  13,647  --
 Commercial   13,412  21,475  27,203  --
 Installment and consumer:   1,688  2,975  3,669  --
 Total covered loans  $ 85,405 $ 103,630 $ 117,096 $ --
 DEPOSIT COMPOSITION         
 Non-interest bearing demand  $ 324,829 $ 309,767 $ 291,014 $ 274,175
 Interest-bearing demand   74,201  82,622  94,060  85,629
 Money market accounts   505,521  506,196  483,162  467,924
 Savings accounts   25,730  25,636  25,660  15,797
 Time deposits of $100,000 or more   1,004,439  888,814  905,202  849,814
 Other time deposits   658,010  660,127  653,197  636,750
 Total deposits**  $ 2,592,730 $ 2,473,162 $ 2,452,295 $ 2,330,089
 LOANS BY SEGMENT         
 Oklahoma banking  $ 933,150 $ 943,982 $ 967,981 $ 949,454
 Texas banking   1,054,404  1,042,369  1,037,694  990,135
 Kansas banking   359,633  400,710  412,314  309,774
 Other states banking   277,512  288,680  286,337  276,930
 Subtotal   2,624,699  2,675,741  2,704,326  2,526,293
 Secondary market   43,134  36,526  26,006  76,404
 Total loans  $ 2,667,833 $ 2,712,267 $ 2,730,332 $ 2,602,697
 NET INCOME BY SEGMENT         
 Oklahoma banking  $ 3,137 $ 2,529 $ 3,284 $ 3,210
 Texas banking   3,255  2,686  3,662  1,119
 Kansas banking   (1,399)  (1,180)  2,405  598
 Other states banking   377  57  (78)  (1,974)
 Subtotal   5,370  4,092  9,273  2,953
 Secondary market   (3)  (201)  117  (61)
 Other operations   (1,793)  (1,757)  (3,445)  (1,563)
 Net income  $ 3,574 $ 2,134 $ 5,945 $ 1,329
 OFFICES AND EMPLOYEES         
 FTE Employees   466  471  478  425
 Branches   24  24  24  18
 Loan production offices   3  3  3  3
 Assets per employee  $ 6,670 $ 6,432 $ 6,358 $ 6,890
 ____________________         
 **Calculation of Non-brokered Deposits and Core Funding (Non-GAAP Financial Measures)   
 Total deposits  $ 2,592,730 $ 2,473,162 $ 2,452,295 $ 2,330,089
 Less:         
 Brokered time deposits   417,419  327,951  395,196  454,435
 Other brokered deposits   127,320  125,737  125,666  124,674
 Non-brokered deposits  $ 2,047,991 $ 2,019,474 $ 1,931,433 $ 1,750,980
 Plus:         
 Sweep repurchase agreements   23,259  26,500  35,708  24,963
 Core funding  $ 2,071,250 $ 2,045,974 $ 1,967,141 $ 1,775,943
         
 Balance sheet amounts are as of period end unless otherwise noted.       
 
 SOUTHWEST BANCORP, INC. 
 UNAUDITED QUARTERLY SUPPLEMENTAL ANALYTICAL DATA     
  (Dollars in thousands except per share)         
         
  2010
   Dec. 31   Sep. 30   Jun. 30   Mar. 31 
 PERFORMANCE RATIOS        
 Return on average assets (annualized)  0.59% 0.52% 0.58% 0.57%
 Return on average common equity (annualized)   4.11  3.57  4.64  5.42
 Return on average tangible common equity         
 (annualized)*   4.21  3.65  4.75  5.58
 Net interest margin (annualized)   3.82  3.63  3.65  3.59
 Total dividends declared to net income   20.31  22.59  19.84  20.02
 Effective tax rate   38.31  28.02  38.29  39.19
 Efficiency ratio   54.13  47.02  51.97  49.25
 NONPERFORMING ASSETS        
 Noncovered         
 Nonaccrual loans  $ 106,566 $ 135,209 $ 111,871 $ 97,858
 90 days past due and accruing   517  452  333  4
 Total nonperforming loans   107,083  135,661  112,204  97,862
 Other real estate   37,722  35,723  27,634  18,809
 Total nonperforming assets  $ 144,805 $ 171,384 $ 139,838 $ 116,671
 Performing restructured  $ 2,177 $ 5,334 $ 5,525 $ 5,650
 Potential problem loans  $ 233,140 $ 236,844 $ 242,217 $ 275,912
 Covered         
 Nonaccrual loans  $ 10,806 $ 7,906 $ 14,504 $ 16,192
 90 days past due and accruing   --  1,871  130  356
 Total nonperforming loans   10,806  9,777  14,634  16,548
 Other real estate   4,187  4,448  4,352  4,489
 Total nonperforming assets  $ 14,993 $ 14,225 $ 18,986 $ 21,037
 Potential problem loans  $ 3,495 $ 6,413 $ 6,184 $ 6,620
 ALLOWANCE ACTIVITY         
 Balance, beginning of period  $ 72,418 $ 67,055 $ 65,168 $ 62,413
 Charge offs   14,720  7,006  6,168  6,545
 Recoveries   266  381  279  769
 Net charge offs   14,454  6,625  5,889  5,776
 Provision for loan losses   7,265  11,988  7,776  8,531
 Balance, end of period  $ 65,229 $ 72,418 $ 67,055 $ 65,168
 ASSET QUALITY RATIOS        
 Net loan charge-offs to average portfolio         
 loans (annualized)  2.35% 1.05% 0.92% 0.90%
 Noncovered         
 Nonperforming assets to portfolio loans and         
 other real estate  6.11% 7.00% 5.59% 4.60%
 Nonperforming loans to portfolio loans   4.59  5.62  4.53  3.89
 Allowance for loan losses to portfolio loans   2.80  3.00  2.71  2.59
 Allowance for loan losses to         
 nonperforming loans   60.91  53.38  59.76  66.59
 Covered         
 Nonperforming assets to portfolio loans and         
 other real estate  25.93% 21.88% 26.24% 25.84%
 Nonperforming loans to portfolio loans   20.15  16.14  21.52  21.52
 CAPITAL RATIOS         
 Average total shareholders' equity to         
 average assets  13.24% 12.85% 11.78% 10.18%
 Leverage ratio   15.55  14.96  14.48  12.32
 Tier 1 capital to risk-weighted assets   17.78  17.17  16.50  14.00
 Total capital to risk-weighted assets   19.06  18.45  17.78  15.28
 Tangible common equity to tangible assets***   10.78  10.43  10.02  7.87
 REGULATORY CAPITAL DATA        
 Tier I capital  $ 445,966 $ 442,188 $ 438,973 $ 381,280
 Total capital   477,930  475,040  472,971  415,955
 Total risk adjusted assets   2,507,867  2,574,746  2,659,886  2,722,628
 Average total assets   2,867,114  2,955,779  3,032,328  3,094,756
 ____________________         
 ***Calculation of Tangible Capital to Tangible Assets (Non-GAAP Financial Measure)     
 Total shareholders' equity  $ 377,812 $ 376,576 $ 375,319 $ 315,341
 Less:         
 Goodwill   6,811  6,811  6,811  6,811
 Preferred stock   67,724  67,548  67,375  67,205
 Tangible common equity  $ 303,277 $ 302,217 $ 301,133 $ 241,325
 Total assets  $ 2,820,541 $ 2,905,275 $ 3,010,835 $ 3,074,923
 Less goodwill   6,811  6,811  6,811  6,811
 Tangible assets  $ 2,813,730 $ 2,898,464 $ 3,004,024 $ 3,068,112
 Tangible common equity to tangible assets  10.78% 10.43% 10.02% 7.87%
         
 Balance sheet amounts and ratios are as of period end unless otherwise noted.     
 

UNAUDITED QUARTERLY SUPPLEMENTAL ANALYTICAL DATA 

   
 (Dollars in thousands except per share)         
         
  2009
   Dec. 31   Sep. 30   Jun. 30   Mar. 31 
 PERFORMANCE RATIOS         
 Return on average assets (annualized)  0.46% 0.28% 0.81% 0.18%
 Return on average common equity (annualized)   4.06  1.78  8.26  0.50
 Return on average tangible common equity         
 (annualized)*   4.17  1.83  8.51  0.52
 Net interest margin (annualized)   3.71  3.39  3.41  3.00
 Total dividends declared to net income   34.31  57.46  20.58  92.00
 Effective tax rate   36.22  37.33  37.75  34.66
 Efficiency ratio   49.69  53.34  46.32  53.06
 NONPERFORMING ASSETS         
 Noncovered         
 Nonaccrual loans  $ 105,887 $ 94,715 $ 74,205 $ 73,383
 90 days past due and accruing   310  10,578  8,409  10,552
 Total nonperforming loans   106,197  105,293  82,614  83,935
 Other real estate   18,432  6,389  6,003  5,351
 Total nonperforming assets  $ 124,629 $ 111,682 $ 88,617 $ 89,286
 Performing restructured  $ -- $ -- $ -- $ --
 Potential problem loans  $ 258,399 $ 255,051 $ 178,081 $ 133,810
 Covered         
 Nonaccrual loans  $ 12,322 $ 14,686 $ 8,607 $ --
 90 days past due and accruing   1,136  4,544  3,658  --
 Total nonperforming loans   13,458  19,230  12,265  --
 Other real estate   4,748  2,598  2,938  --
 Total nonperforming assets  $ 18,206 $ 21,828 $ 15,203 $ --
 Potential problem loans  $ 8,874 $ 4,421 $ 5,977 $ --
 ALLOWANCE ACTIVITY         
 Balance, beginning of period  $ 57,777 $ 51,753 $ 46,262 $ 39,773
 Charge offs   6,756  4,372  2,975  4,810
 Recoveries   752  219  989  417
 Net charge offs   6,004  4,153  1,986  4,393
 Provision for loan losses   10,640  10,177  7,477  10,882
 Balance, end of period  $ 62,413 $ 57,777 $ 51,753 $ 46,262
 ASSET QUALITY RATIOS         
 Net loan charge-offs to average portfolio         
 loans (annualized)  0.89% 0.61% 0.31% 0.71%
 Noncovered         
 Nonperforming assets to portfolio loans and         
 other real estate  4.87% 4.33% 3.41% 3.53%
 Nonperforming loans to portfolio loans   4.18  4.09  3.19  3.32
 Allowance for loan losses to portfolio loans   2.46  2.25  2.00  1.83
 Allowance for loan losses to         
 nonperforming loans   58.77  54.87  62.64  55.12
 Covered         
 Nonperforming assets to portfolio loans and         
 other real estate  20.19% 20.55% 12.67% 0.00%
 Nonperforming loans to portfolio loans   15.76  18.56  10.47  --
 CAPITAL RATIOS         
 Average total shareholders' equity to         
 average assets  10.31% 10.24% 10.35% 10.47%
 Leverage ratio   12.42  12.39  12.70  12.72
 Tier 1 capital to risk-weighted assets   13.28  13.04  12.67  12.85
 Total capital to risk-weighted assets   14.55  14.31  13.92  14.11
 Tangible common equity to tangible assets***   7.61  7.79  7.65  7.76
 REGULATORY CAPITAL DATA         
 Tier I capital  $ 377,418 $ 374,805 $ 372,713 $ 369,482
 Total capital   413,438  411,201  409,764  405,613
 Total risk adjusted assets   2,841,476  2,873,558  2,942,821  2,875,290
 Average total assets   3,039,014  3,024,885  2,935,189  2,905,653
 ____________________         
 ***Calculation of Tangible Capital to Tangible Assets (Non-GAAP Financial Measure)     
 Total shareholders' equity  $ 309,778 $ 309,118 $ 305,416 $ 300,406
 Less:         
 Goodwill   6,811  6,811  6,811  7,071
 Preferred stock   67,037  66,872  66,710  66,549
 Tangible common equity  $ 235,930 $ 235,435 $ 231,895 $ 226,786
 Total assets  $ 3,108,291 $ 3,029,347 $ 3,038,985 $ 2,928,133
 Less goodwill   6,811  6,811  6,811  7,071
 Tangible assets  $ 3,101,480 $ 3,022,536 $ 3,032,174 $ 2,921,062
 Tangible common equity to tangible assets  7.61% 7.79% 7.65% 7.76%
         
 Balance sheet amounts and ratios are as of period end unless otherwise noted.     
CONTACT: Rick Green
         President & CEO
         Laura Robertson
         EVP & CFO
         (405) 372-2230

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