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Southwest Bancorp, Inc. Reports Net Income Of $5.9 Million For The Third Quarter Of 2012

Stocks in this article: OKSB

STILLWATER, Okl., Oct. 18, 2012 (GLOBE NEWSWIRE) -- Southwest Bancorp, Inc. (Nasdaq:OKSB) (Nasdaq:OKSBP), ("Southwest"), today reported earnings for the third quarter of 2012 of $5.9 million, compared to a loss of ($9.5) million for the third quarter of 2011. Net income available to common shareholders was $4.3 million, or $0.22 per diluted share for the third quarter of 2012, compared to a net loss available to common shareholders of ($10.6) million, or ($0.54) per diluted share for the third quarter of 2011.

Southwest reported earnings for the nine months ended September 30, 2012 of $15.2 million, compared to a loss of ($10.0) million for the nine months ended September 30, 2011. Net income available to common shareholders for the nine months ended September 30, 2012 totaled $11.5 million or $0.59 per diluted share compared to a net loss available to common shareholders of ($13.2) million or ($0.68) per diluted share for the nine months ended September 30, 2011.

Rick Green, President Emeritus, stated, "During the third quarter, Southwest took actions to achieve its strategic goals. In July, we resumed payment of dividends on the three trust preferred securities and our Series B Preferred securities and brought current all dividends that had been previously deferred. The Series B Preferred securities were issued by Southwest to the U.S. Treasury Department under the Treasury's Capital Purchase Program in December 2008."

"In August 2012, Southwest completed the repurchase of all $70.0 million of the Series B Preferred securities sold to the Treasury. Southwest incurred a one-time non-cash equity charge of $1.2 million to reflect accelerated accretion of the remaining discount on the securities. The funds for the repurchase were internally generated, and Southwest and each of its banking subsidiaries remain well capitalized after the repurchase."

"We were able to accomplish these goals while at the same time improving year-to-date profitability, stabilizing asset quality, and maintaining strong capital levels."

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