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10 Community Bank M&A Targets

7. Southwest Bancorp

Shares of Southwest Bancorp (OKSB)Stillwater, Okla. closed at $13.33 Friday, down 5% from a year earlier.

The company had $2.8 billion in total assets as of March 31, and owes $70 million in TARP money.

Stephens, Inc. analyst Matt Olney in January listed Southwest Bancorp as "a small takeout target in Oklahoma," adding that he didn't think the company had "plans to sell in the near term but they are in an attractive area so they would get offers." He also said that the Texas market is "the most attractive part of the country" for acquirers.

First-quarter net income available to common shareholders was $1.4 million, or 7 cents a share, declining from $3.3 million, or 17 cents a share, in the first quarter of 2010. The earnings decline was across the board, with a slight year-over-year increase in the provision for loan losses to $9.1million, while net interest income declined 5% to $25.4 million, noninterest income declined 22% to $3.2 million, and noninterest expenses increased slightly. The decline in noninterest income reflected lower sales of mortgages and student loans.

Nonperforming assets totaled $148.9 million, or 5.36 of total assets as of March 31, increasing from 3.79% a year earlier. The first-quarter net charge-off ratio was 1.90%, while reserves covered 2.82% of portfolio loans as of March 31.

The shares trade for 19 times the consensus 2012 earnings estimate of 71 cents, and 0.9 times tangible book value, according to SNL.

Two of the three analysts covering Southwest Bancorp rate the shares a buy, while the remaining analyst has a neutral rating.

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