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Southwest Bancorp, Inc. Reports 2012 Annual Results

Stocks in this article: OKSB

STILLWATER, Okla., Jan. 23, 2013 (GLOBE NEWSWIRE) -- Southwest Bancorp, Inc. (Nasdaq:OKSB) (Nasdaq:OKSBP), ("Southwest"), today reported net income for the year ended December 31, 2012 of $16.2 million, compared to a loss of ($68.3) million for the year ended December 31, 2011. Net income available to common shareholders for the year ended December 31, 2012 totaled $12.4 million, or $0.64 per diluted share, compared to a net loss available to common shareholders of ($72.5) million, or ($3.73) per diluted share, for the year ended December 31, 2011.

Southwest reported net income for the fourth quarter of 2012 of $1.0 million, compared to a loss of ($58.3) million for the fourth quarter of 2011. Net income available to common shareholders was $1.0 million, or $0.05 per diluted share for the fourth quarter of 2012, compared to a net loss available to common shareholders of ($59.3) million, or ($3.05) per diluted share for the fourth quarter of 2011.

Mark Funke, President and Chief Executive Officer, stated, "Many positive changes took place in 2012. We experienced significant improvement in our balance sheet strength and capital position following the bulk asset sale which was completed in fourth quarter of 2011. We restored all interest payments on our trust preferred capital. We repurchased all of the $70 million Series B preferred securities issued to the Department of Treasury under the Treasury's Capital Purchase Program. We strengthened our relationship with banking regulators and returned the company to profitability. We also added key management personnel in various areas.

"The slow economic conditions and uncertain regulatory and political environment presented challenges to us as well as to our customers in 2012. Despite these challenges, we are pleased to report net income of $16.2 million. This past year was focused on restructuring and repositioning the company for 2013 and beyond. While income for the fourth quarter was less than anticipated, we are aggressively identifying potential problem loans and assets and establishing appropriate reserves and values. For the year, common shareholders' equity increased to $246.1 million, an increase of 5.5%."

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