This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Southwest Bancorp Inc. Reports 2009 Earnings

STILLWATER, Okla., Jan. 28 /PRNewswire-FirstCall/ -- Southwest Bancorp, Inc. (Nasdaq: OKSB), (“Southwest”), today reported net income available to common shareholders of $2.5 million, or $0.17 per diluted share for the fourth quarter 2009, compared to $3.0 million, or $0.20 per diluted share for the fourth quarter of 2008.  Net income available to common shareholders for the year ended December 31, 2009 was $8.8 million, or $0.60 per diluted share, compared to $14.7 million, or $1.00 per diluted share for the year ended December 31, 2008.  At December 31, 2009, total assets were $3.1 billion.  


Rick Green, Southwest Bancorp’s President and Chief Executive Officer, stated, “Southwest’s 2009 results demonstrate our ability to maintain top line revenue, effectively manage noninterest expenses, and take steps to control risk."

Southwest’s nonperforming assets increased significantly during the year as the economy in general, and commercial real estate values in particular, continued to show weakness.  We recorded provisions for losses that were over $22 million greater than our net charge offs for the year.  At December 31, 2009, the allowance for loan losses of $62.4 million was 2.46% of portfolio loans, excluding loans covered by FDIC loss sharing agreements.  Each of our nonaccrual loans is valued on an individual basis using primarily the fair value of collateral or estimated future cash flows, with a specific allowance recorded based on the result.

On January 27, 2010, our principal banking subsidiary, Stillwater National Bank and Trust Company (“Stillwater National”) entered into a formal agreement with the United States Comptroller of the Currency (“OCC”) relating to its levels of commercial real estate lending and problem assets. The OCC is the primary regulator for national banks. Additional information regarding this agreement is included later in this release under the heading “Regulatory Matters.”

The economy continues to show weakness.  In 2010 our goals are to work diligently to identify and resolve problem credits, reduce our commercial lending concentrations, and comply with our agreement with the OCC while continuing to produce consistent net interest income.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
OKSB $17.90 -0.31%
AAPL $118.03 -0.71%
FB $105.41 -0.31%
GOOG $748.15 -0.02%
TSLA $229.64 5.22%


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs