Southwest Bancorp Inc. Reports 45% Increase In Net Income Available To Common Shareholders
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.
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