exv99

Exhibit 99

For additional information:


		Rick Green
		President & CEO
		Laura Robertson
		EVP & CFO
For Immediate Release		(405) 372-2230

Southwest Bancorp Inc. Reports 45% Increase in Net Income Available to Common Shareholders

January 20, 2011, Stillwater, Oklahoma . . . . Southwest Bancorp, Inc. (NASDAQ Global Select Market — OKSB, 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.

In the fourth quarter, we resolved, through pay-offs and charge-offs, approximately $33.4 million in nonaccrual loans, sold approximately $4.7 million of other real estate, moved approximately $7.0 million into other real estate, and classified an additional $14.8 million as nonaccrual.

Our noncovered potential problem loans decreased by $42.8 million, or 16%, from their historical quarterly high at March 31, 2010. This decrease reflects fourth quarter 2010 activity of approximately $40.2 million in upgrades, a move of approximately $13.4 million to nonaccrual status, and the addition of $52.8 million to the category. We are encouraged that the state economic factors for our principal markets in Oklahoma, Texas, and Kansas continue to outperform most of the nation and we continue to make loans in each of our markets with an emphasis on health care lending and carefully controlled real estate collateralized credits.

Our second quarter common stock offering gave us new common equity and we continue to build additional common equity from our core earnings. Southwest and its banking subsidiaries have maintained capital levels that substantially exceed the minimums for regulatory “well-capitalized” status. At December 31, 2010 Southwest’s total regulatory capital was $477.9 million for a total risk-based capital ratio of 19.06%, and Tier 1 capital was $446.0 million for a Tier 1 risk-based capital ratio of 17.78%.”

Please review the following discussion and the attached financial tables for important additional information regarding our financial condition and performance.

NASDAQ: OKSB
OKSBP

Southwest Bancorp Inc. Reports 45% Increase in Net Income Available to Common Shareholders

Financial Overview

Condition: Total assets were $2.8 billion at December 31, 2010, a decrease of 9% from December 31, 2009. At December 31, 2010 total loans were $2.4 billion, a decrease of 9% from December 31, 2009.

At December 31, 2010 the allowance for loan losses was $65.2 million, an increase of 5% from December 31, 2009, and represented 2.80% of noncovered portfolio loans versus 2.46% at December 31, 2009. The methodology used to determine the appropriate amount of the allowance for loan losses at a particular time includes consideration of risk factors related to Southwest and to our markets including regular assessments of national and local economic conditions and trends. Provisions for loan losses are recorded in the amount necessary to maintain the allowance at the level management deems appropriate.

Excluding assets subject to loss sharing agreements with the FDIC (“covered assets”), nonperforming assets, consisting of nonaccrual loans, loans past due by 90 days or more and still accruing, and other real estate, were $144.8 million and 6.11% of portfolio loans and other real estate as of December 31, 2010, down $26.6 million from September 30, 2010. A breakdown of noncovered portfolio loans and noncovered nonperforming assets at December 31, 2010 by type is shown in the following table:


	Noncovered		Noncovered
	portfolio		nonperforming
(dollars in thousands)	loans		assets
Real estate construction	$	457,326	$	67,571
Commercial real estate		1,295,114		30,510
Commercial		452,293		6,978
Residential real estate mortgages		87,500		1,983
Other consumer loans		39,060		41
Other real estate		—		37,722

Total	$	2,331,293	$	144,805

Excluding covered loans, nonaccrual loans were $106.6 million as of December 31, 2010, a decrease of $28.6 million, or 21%, from September 30, 2010, and an increase of $0.7 million, or 1%, from December 31, 2009. These loans are carried at their estimated collectible amounts and no longer accrue interest. Noncovered loans 90 days or more past due were $0.5 million as of December 31, 2010. These loans are deemed to have sufficient collateral and are in the process of collection.

Impaired loans, which include nonaccrual and restructured loans, are evaluated on an individual basis using the discounted present value of expected cash flows, the fair value of collateral, or the market value of the loan, and a specific allowance is recorded to reflect the appropriate net realizable value. Collateral dependent loans are evaluated for impairment based upon the fair value of the collateral. Charge-offs against the allowance for impaired loans are made when and to the extent amounts are deemed uncollectible.

Performing loans that have been restructured to provide a reduction or deferral of interest or principal due to a weakening in the financial position of the borrower were $2.2 million at December 31, 2010, compared to $5.3 million at September 30, 2010.

Excluding covered loans, performing loans considered potential problem loans, which are not included in the past due or nonaccrual categories but for which known information about possible credit problems cause management to be uncertain as to the continued ability of the borrowers to comply with the present loan repayment terms in future periods, amounted to $233.1 million at December 31, 2010, a decrease of $3.7 million from September 30, 2010 and $25.3 million from December 31, 2009. Potential problem loans are subject to continuing management attention and are considered by management in determining the level of the allowance for loan losses.

Year-to-date Results:

Summary: The $4.0 million increase in our net income available to common shareholders from 2009 was the result of an $8.6 million increase in net interest income driven by an improved net interest margin and a $3.6 million decrease in the provision for loan losses, offset in part by a $3.4 million decrease in noninterest income, a $2.8 million increase in noninterest expense, and a $2.1 million increase in income tax expense.

NASDAQ: OKSB
OKSBP

Southwest Bancorp Inc. Reports 45% Increase in Net Income Available to Common Shareholders

Net Interest Income: Net interest income totaled $107.3 million for 2010, compared to $98.7 million for 2009, an increase of $8.6 million, or 9%. Year-to-date net interest margin was 3.67% for 2010, compared to 3.38% for 2009. Included in 2010 year-to-date net interest income was $1.0 million of net recoveries from the resolution of nonperforming loans and additional discount accretion on loans and the loss share receivable, offset in part by interest reversals on nonaccrual loans. Included in 2009 year-to-date net interest income was a recovery of $3.0 million in interest from the successful resolution of a nonperforming loan and additional discount accretion on loans and the loss share receivable. These net recoveries increased year-to-date interest margin by 3 basis points and 10 basis points for 2010 and 2009, respectively.

Provision for Loan Losses and Net Charge-Offs: The provision for loan losses totaled $35.6 million for 2010, compared to $39.2 million for 2009. Net charge-offs totaled $32.7 million, or 1.29% of average portfolio loans as of December 31, 2010, compared to $16.5 million, or 0.63% of average portfolio loans as of December 31, 2009.

Noninterest Income: Noninterest income totaled $18.6 million for 2010, compared to $21.9 million for 2009. The decrease in noninterest income was primarily the result of a $3.3 million one-time gain on the FDIC-assisted acquisition that was recorded in the prior year.

Noninterest Expense: Noninterest expense totaled $63.6 million for 2010, compared to $60.9 million for 2009. The increase consisted of a $2.1 million increase in other real estate expense, a $1.7 million increase in other general and administrative expense, and a $0.6 million increase in personnel expense, offset in part by a $1.4 million decrease in provision for unfunded loan commitments and a $0.5 million decrease in occupancy expense.

Fourth Quarter Results:

Summary: Net income available to common shareholders was $3.3 million in the fourth quarter of 2010, compared to $2.8 million in the third quarter of 2010 and $2.5 million in the fourth quarter of 2009. The increase from the third quarter of 2010 was the result of a $4.7 million decrease in the provision for loan losses and a $0.5 million increase in net interest income, offset in part by a $2.2 million decrease in noninterest income, a $1.4 million increase in noninterest expense, and a $1.2 million increase in income taxes. The increase from the fourth quarter of 2009 was the result of a $3.4 million decrease in the provision for loan losses, offset in part by a $0.8 million increase in noninterest expense, a $0.6 million increase in income taxes, and a $0.4 million decrease in noninterest income.

Net Interest Income: Net interest income totaled $27.0 million for the fourth quarter of 2010, compared to $26.5 million for the third quarter of 2010, an increase of $0.5 million, or 2%, and $27.8 million for the fourth quarter of 2009, a decrease of $0.8 million, or 3%. Net interest margin was 3.82% for the fourth quarter of 2010, compared to 3.63% for the third quarter of 2010 and 3.71% for the fourth quarter of 2009. Included in the fourth quarter of 2010 net interest margin was a net recovery of $0.5 million from the resolution of nonperforming loans and the quarterly adjustment of the discount accretion on loans and the loss share receivable. Included in the third quarter 2010 net interest margin was a net reduction of $0.3 million from the interest reversals on nonaccrual loans offset by the quarterly adjustment of the discount accretion on loans and the loss share receivable. Included in the fourth quarter 2009 net interest margin was a $1.0 million net adjustment of the discount accretion on loans and the loss share receivable. The net effects of these adjustments on net interest margin were a 7 basis point increase, a 5 basis point decrease, and a 13 basis point increase for the each quarter, respectively.

Provision for Loan Losses and Net Charge-Offs: The provision for loan losses totaled $7.3 million for the fourth quarter of 2010, compared to $12.0 million for the third quarter of 2010 and $10.6 million for the fourth quarter of 2009. Net charge-offs totaled $14.5 million, or 2.35% (annualized) of average portfolio loans for the fourth quarter of 2010, compared to $6.6 million, or 1.05% (annualized) of average portfolio loans for the third quarter of 2010 and $6.0 million, or 0.89% (annualized) of average portfolio loans for the fourth quarter of 2009.

Noninterest Income: Noninterest income totaled $4.1 million for the fourth quarter of 2010, compared to $6.3 million for the third quarter of 2010 and $4.5 million for the fourth quarter of 2009. The decrease in noninterest income from the third quarter of 2010 was primarily the result of a $2.5 million decrease in gain on sale of securities, and the decrease from the fourth quarter of 2009 was primarily the result of a $0.3 million decrease in gain on sale of loans.

NASDAQ: OKSB
OKSBP

Southwest Bancorp Inc. Reports 45% Increase in Net Income Available to Common Shareholders

Noninterest Expense: Noninterest expense totaled $16.8 million for the fourth quarter of 2010, compared to $15.4 million for the third quarter of 2010 and $16.0 million for the fourth quarter of 2009. The increase from third quarter 2010 consisted of a $1.0 million increase in other real estate expense and a $0.3 million increase in personnel expense. The increase from fourth quarter 2009 consisted of a $1.2 million increase in other real estate expense, offset in part by a $0.5 million decrease in the provision for unfunded loan commitments and $0.4 million decrease in occupancy expense.

Southwest Bancorp and Subsidiaries

Southwest is the bank holding company for Stillwater National Bank and Trust Company (“Stillwater National”) and Bank of Kansas. Through its subsidiaries, Southwest offers commercial and consumer lending, deposit and investment services, specialized cash management, and other financial services from offices in Oklahoma, Texas, and Kansas, and on the Internet, through SNB DirectBanker^®. We were organized in 1981 as the holding company for Stillwater National, which was chartered in 1894. At December 31, 2010 we had total assets of $2.8 billion, deposits of $2.3 billion, and shareholders’ equity of $377.8 million.

Our area of expertise focuses on the special financial needs of healthcare and health professionals, businesses and their managers and owners, and commercial and commercial real estate borrowers. We established a strategic focus on healthcare lending in 1974. We provide credit and other services, such as deposits, cash management, and document imaging for physicians and other healthcare practitioners to start or develop their practices and finance the development and purchase of medical offices, clinics, surgical care centers, hospitals, and similar facilities. As of December 31, 2010, approximately $713.7 million, or 30%, of our noncovered loans were loans to individuals and businesses in the healthcare industry.

We also focus on commercial real estate mortgage and construction credits. We do not focus on one-to-four family residential development loans or “spec” residential property credits. Additionally, subprime lending has never been a part of our business strategy, and our exposure to subprime loans and subprime lenders is minimal. One-to-four family mortgages account for less than 5% of total noncovered loans. As of December 31, 2010 approximately $1.8 billion, or 74%, of our noncovered loans were commercial real estate mortgage and construction loans, including $412.6 million of loans to individuals and businesses in the healthcare industry. Our commercial real estate mortgage and construction and commercial loans are concentrated in states that have experienced less adverse effects from the recession than many others.

We operate six offices in Texas, eleven offices in Oklahoma, and eight offices in Kansas. At December 31, 2010 our Texas segment accounted for $982.8 million, or 41% of total portfolio loans, followed by $871.4 million, or 37%, from our Oklahoma segment, $289.6 million, or 12%, from our Kansas segment, and $241.0 million, or 10%, from our other states segment.

Southwest’s common stock is traded on the NASDAQ Global Select Market under the symbol OKSB. Southwest’s public trust preferred securities are traded on the NASDAQ Global Select Market under the symbol OKSBP.

Forward-Looking Statements

This earnings release includes forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include: statements of Southwest’s goals, intentions, and expectations; estimates of risks and of future costs and benefits; expectations regarding future financial performance of Southwest and its operating segments; assessments of loan quality, probable loan losses, and the amount and timing of loan payoffs; liquidity, contractual obligations, off-balance sheet risk, and interest rate risk; estimates of value of acquired assets, deposits, and other liabilities; and statements of Southwest’s ability to achieve financial and other goals. These forward-looking statements are subject to significant uncertainties, because they are based upon: the amount and timing of future changes in interest rates, market behavior, and other economic conditions; future laws and regulations and accounting principles; and a variety of other matters. Because of these uncertainties, the actual future results may be materially different from the results indicated by these forward-looking statements. In addition, Southwest’s past growth and performance do not necessarily indicate our future results.

NASDAQ: OKSB
OKSBP

Southwest Bancorp Inc. Reports 45% Increase in Net Income Available to Common Shareholders

Southwest is required under generally accepted accounting principles to evaluate subsequent events and their impact, if any, on its financial statements as of December 31, 2010 through the date its financial statements are filed with the Securities and Exchange Commission. The December 31, 2010 financial statements will be adjusted if necessary to properly reflect the impact of subsequent events on estimates used to prepare those statements.

NASDAQ: OKSB
OKSBP

Southwest Bancorp Inc. Reports 45% Increase in Net Income Available to Common Shareholders

Financial Tables


Unaudited Financial Highlights		Table 1

Unaudited Consolidated Statements of Financial Condition		Table 2

Unaudited Consolidated Statements of Operations		Table 3

Unaudited Average Balances, Yields, and Rates-Quarterly		Table 4

Unaudited Average Balances, Yields, and Rates-Year-to-date		Table 5

Unaudited Quarterly Summary Financial Data		Table 6

Unaudited Quarterly Supplemental Analytical Data		Table 7


SOUTHWEST BANCORP, INC. UNAUDITED FINANCIAL HIGHLIGHTS (Dollars in thousands except per share)		Table 1


	Fourth Quarter									Third Quarter
							%						%
QUARTERLY HIGHLIGHTS	2010			2009			Change			2010			Change
Operations
Net interest income	$	26,970		$	27,797			(3	)%	$	26,452			2	%
Provision for loan losses		7,265			10,640			(32	)		11,988			(39	)
Noninterest income		4,089			4,488			(9	)		6,335			(35	)
Noninterest expense		16,811			16,041			5			15,418			9
Income before taxes		6,983			5,604			25			5,381			30
Taxes on income		2,675			2,030			32			1,508			77
Net income		4,308			3,574			21			3,873			11
Net income available to common shareholders		3,257			2,534			29			2,825			15
Diluted earnings per share		0.17			0.17			—			0.15			13
Balance Sheet
Total assets		2,820,541			3,108,291			(9	)		2,905,275			(3	)
Loans held for sale		35,194			43,134			(18	)		34,868			1
Noncovered portfolio loans		2,331,293			2,539,294			(8	)		2,412,796			(3	)
Covered portfolio loans		53,628			85,405			(37	)		60,558			(11	)
Total deposits		2,252,728			2,592,730			(13	)		2,345,648			(4	)
Total shareholders’ equity		377,812			309,778			22			376,576			—
Book value per common share		15.97			16.46			(3	)		15.93			—
Key Ratios
Net interest margin		3.82	%		3.71	%					3.63	%
Efficiency ratio		54.13			46.69						47.02
Total capital to risk-weighted assets		19.06			14.55						18.45
Nonperforming loans to portfolio loans — noncovered		4.59			4.18						5.62
Shareholders’ equity to total assets		13.40			9.97						12.96
Tangible common equity to tangible assets*		10.78			7.61						10.43
Return on average assets (annualized)		0.59			0.46						0.52
Return on average common equity (annualized)		4.11			4.06						3.57
Return on average tangible common equity (annualized)**		4.21			4.17						3.65


	Twelve Months
							%
YEAR-TO-DATE HIGHLIGHTS	2010			2009			Change
Operations
Net interest income	$	107,331		$	98,691			9	%
Provision for loan losses		35,560			39,176			(9	)
Noninterest income		18,564			21,936			(15	)
Noninterest expense		63,633			60,858			5
Income before taxes		26,702			20,593			30
Taxes on income		9,738			7,611			28
Net income		16,964			12,982			31
Net income available to common shareholders		12,777			8,837			45
Diluted earnings per share		0.71			0.60			18
Balance Sheet
Total assets		2,820,541			3,108,291			(9	)
Loans held for sale		35,194			43,134			(18	)
Noncovered portfolio loans		2,331,293			2,539,294			(8	)
Covered portfolio loans		53,628			85,405			(37	)
Total deposits		2,252,728			2,592,730			(13	)
Total shareholders’ equity		377,812			309,778			22
Book value per common share		15.97			16.46			(3	)
Key Ratios
Net interest margin		3.67	%		3.38	%
Efficiency ratio (GAAP-based)		50.54			50.45
Total capital to risk-weighted assets		19.06			14.55
Nonperforming loans to portfolio loans — noncovered		4.59			4.18
Shareholders’ equity to total assets		13.40			9.97
Tangible common equity to tangible assets*		10.78			7.61
Return on average assets		0.57			0.43
Return on average common equity		4.37			3.65
Return on average tangible common equity**		4.48			3.76

Balance sheet amounts and ratios are as of period end unless otherwise noted.


*		This is a Non-GAAP financial measure. Please see Table 7 for a reconciliation to the most directly comparable GAAP based measure.

**		This is a Non-GAAP financial measure.

Please see accompanying tables for additional financial information.


SOUTHWEST BANCORP, INC.		Table 2
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands, except per share)


	December 31,			December 31,
	2010			2009

Assets
Cash and cash equivalents	$	67,496		$	118,847
Investment securities:
Held to maturity. Fair value: $14,029, $6,754, respectively		14,304			6,670
Available for sale. Amortized cost: $246,649, $236,199, respectively		248,221			237,703
Other investments, at cost		10,404			19,066
Loans held for sale		35,194			43,134
Noncovered loans receivable		2,331,293			2,539,294
Less: Allowance for loan losses		(65,229	)		(62,413	)

Net noncovered loans receivable		2,266,064			2,476,881
Covered loans receivable (includes loss share: $14.4 million, $23.9 million, respectively)		53,628			85,405

Net loans receivable		2,319,692			2,562,286
Accrued interest receivable		8,590			10,806
Premises and equipment, net		23,772			26,536
Noncovered other real estate		37,722			18,432
Covered other real estate		4,187			4,748
Goodwill		6,811			6,811
Other intangible assets, net		5,371			5,779
Other assets		38,777			47,473

Total assets	$	2,820,541		$	3,108,291


Liabilities
Deposits:
Noninterest-bearing demand	$	377,182		$	324,829
Interest-bearing demand		92,584			74,201
Money market accounts		495,253			505,521
Savings accounts		26,665			25,730
Time deposits of $100,000 or more		694,565			1,004,439
Other time deposits		566,479			658,010

Total deposits		2,252,728			2,592,730
Accrued interest payable		1,577			3,191
Income tax payable		2,878			4,486
Other liabilities		8,981			13,121
Other borrowings		94,602			103,022
Subordinated debentures		81,963			81,963

Total liabilities		2,442,729			2,798,513

Shareholders’ equity
Serial preferred stock; 2,000,000 shares authorized; 70,000 shares issued and outstanding		67,724			67,037
Common stock — $1 par value; 40,000,000 shares authorized; 19,421,900, 14,750,713, shares issued and outstanding, respectively		19,422			14,751
Additional paid-in capital		98,894			49,029
Retained earnings		190,793			178,016
Accumulated other comprehensive income		979			945

Total shareholders’ equity		377,812			309,778

Total liabilities and shareholders’ equity	$	2,820,541		$	3,108,291


SOUTHWEST BANCORP, INC.		Table 3
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands except per share)


	For the three months				For the twelve months
	ended December 31,				ended December 31,
	2010		2009		2010		2009
Interest income
Loans	$	32,831	$	36,355	$	133,918	$	141,239
Investment securities		1,816		2,433		8,660		9,146
Other interest-earning assets		39		1		229		14

Total interest income		34,686		38,789		142,807		150,399

Interest expense
Interest-bearing deposits		5,920		9,090		28,267		42,319
Other borrowings		514		625		2,079		4,049
Subordinated debentures		1,282		1,277		5,130		5,340

Total interest expense		7,716		10,992		35,476		51,708


Net interest income		26,970		27,797		107,331		98,691

Provision for loan losses		7,265		10,640		35,560		39,176


Net interest income after provision for loan losses		19,705		17,157		71,771		59,515

Noninterest income
Service charges and fees		3,144		3,295		12,404		11,704
Gain on acquisition		—		—		—		3,281
Gain on sales of loans		682		933		2,736		2,963
Gain on investment securities		15		3		2,661		2,925
Other noninterest income		248		257		763		1,063

Total noninterest income		4,089		4,488		18,564		21,936

Noninterest expense
Salaries and employee benefits		7,516		7,349		29,916		29,299
Occupancy		2,717		3,159		11,171		11,637
FDIC and other insurance		1,333		1,101		5,788		5,545
Other real estate, net		1,255		39		2,218		130
General and administrative		3,990		4,393		14,540		14,247

Total noninterest expense		16,811		16,041		63,633		60,858

Income before taxes		6,983		5,604		26,702		20,593
Taxes on income		2,675		2,030		9,738		7,611

Net income	$	4,308	$	3,574	$	16,964	$	12,982

Net income available to common shareholders	$	3,257	$	2,534	$	12,777	$	8,837


Basic earnings per common share	$	0.17	$	0.17	$	0.71	$	0.60
Diluted earnings per common share		0.17		0.17		0.71		0.60
Common dividends declared per share		—		0.0238		—		0.0952


SOUTHWEST BANCORP, INC.		Table 4
UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES — QUARTERLY
(Dollars in thousands)


	For the three months ended December 31,
	2010								2009
	Average					Average			Average					Average
	Balance			Interest		Yield/Rate			Balance			Interest		Yield/Rate
Assets
Noncovered loans	$	2,417,584		$	31,933		5.24	%	$	2,613,741		$	34,881		5.29	%
Covered loans		58,755			898		6.06			91,459			1,474		6.39
Investment securities		264,053			1,816		2.73			264,216			2,433		3.65
Other interest-earning assets		61,249			39		0.25			5,624			1		0.07

Total interest-earning assets		2,801,641			34,686		4.91			2,975,040			38,789		5.17
Other assets		81,735								74,889

Total assets	$	2,883,376							$	3,049,929


Liabilities and Shareholders’ Equity
Interest-bearing demand deposits	$	85,967		$	85		0.39	%	$	75,614		$	66		0.35	%
Money market accounts		508,110			885		0.69			502,247			1,170		0.92
Savings accounts		25,885			17		0.26			25,388			16		0.25
Time deposits		1,316,536			4,933		1.49			1,585,240			7,838		1.96

Total interest-bearing deposits		1,936,498			5,920		1.21			2,188,489			9,090		1.65
Other borrowings		96,267			514		2.12			127,378			625		1.95
Subordinated debentures		81,963			1,282		6.26			81,963			1,277		6.23

Total interest-bearing liabilities		2,114,728			7,716		1.45			2,397,830			10,992		1.82


Noninterest-bearing demand deposits		367,761								316,784
Other liabilities		19,252								20,751
Shareholders’ equity		381,635								314,564

Total liabilities and shareholders’ equity	$	2,883,376							$	3,049,929


Net interest income and spread				$	26,970		3.46	%				$	27,797		3.35	%

Net interest margin (1)							3.82	%							3.71	%

Average interest-earning assets to average interest-bearing liabilities		132.48	%							124.07	%


(1)		Net interest margin = annualized net interest income / average interest-earning assets


SOUTHWEST BANCORP, INC.		Table 5
UNAUDITED AVERAGE BALANCES, YIELDS, AND RATES - YEAR-TO-DATE
(Dollars in thousands)


	For the twelve months ended December 31,
	2010								2009
	Average					Average			Average					Average
	Balance			Interest		Yield/Rate			Balance			Interest		Yield/Rate
Assets
Loans (1)	$	2,573,442		$	133,918		5.20	%	$	2,667,771		$	141,239		5.29	%
Investment securities		261,124			8,660		3.32			245,456			9,146		3.73
Other interest-earning assets		88,079			229		0.26			5,813			14		0.24

Total interest-earning assets		2,922,645			142,807		4.89			2,919,040			150,399		5.15
Other assets		76,099								68,430

Total assets	$	2,998,744							$	2,987,470


Liabilities and Shareholders’ Equity
Interest-bearing demand deposits	$	98,589		$	468		0.47	%	$	83,813		$	476		0.57	%
Money market accounts		508,583			3,911		0.77			485,383			4,954		1.02
Savings accounts		25,609			64		0.25			21,010			78		0.37
Time deposits		1,479,287			23,824		1.61			1,518,638			36,811		2.42

Total interest-bearing deposits		2,112,068			28,267		1.34			2,108,844			42,319		2.01
Other borrowings		96,141			2,079		2.16			181,682			4,049		2.23
Subordinated debentures		81,963			5,130		6.26			81,963			5,340		6.52

Total interest-bearing liabilities		2,290,172			35,476		1.55			2,372,489			51,708		2.18


Noninterest-bearing demand deposits		330,998								285,184
Other liabilities		18,039								20,845
Shareholders’ equity		359,535								308,952

Total liabilities and shareholders’ equity	$	2,998,744							$	2,987,470


Net interest income and spread				$	107,331		3.34	%				$	98,691		2.97	%

Net interest margin (2)							3.67	%							3.38	%

Average interest-earning assets to average interest-bearing liabilities		127.62	%							123.04	%


(1)		Information regarding noncovered and covered loans for the period shown is not readily available.

(2)		Net interest margin = annualized net interest income / average interest-earning assets


SOUTHWEST BANCORP, INC.		Table 6
UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA
(Dollars in thousands except per share)


	2010												2009
	Dec. 31			Sep. 30			Jun. 30			Mar. 31			Dec. 31		Sep. 30			Jun. 30			Mar. 31
OPERATIONS
Interest income:
Loans	$	32,831		$	32,824		$	33,891		$	34,372		$	36,355	$	35,607		$	36,009		$	33,268
Investment securities		1,816			2,204			2,320			2,320			2,433		2,122			2,079			2,512
Other interest-earning assets		39			55			68			67			1		4			3			6

Total interest income		34,686			35,083			36,279			36,759			38,789		37,733			38,091			35,786
Interest expense:
Interest bearing demand deposits		85			111			140			132			66		107			150			153
Money market accounts		885			976			1,037			1,013			1,170		1,220			1,211			1,353
Savings accounts		17			15			16			16			16		39			14			9
Time deposits of $100,000 or more		1,881			3,128			3,517			4,024			4,340		4,822			5,552			5,980
Other time deposits		3,052			2,572			2,661			2,989			3,498		3,909			4,145			4,565

Total interest-bearing deposits		5,920			6,802			7,371			8,174			9,090		10,097			11,072			12,060
Other borrowings		514			524			524			517			625		960			1,180			1,284
Subordinated debentures		1,282			1,305			1,276			1,267			1,277		1,276			1,383			1,404

Total interest expense		7,716			8,631			9,171			9,958			10,992		12,333			13,635			14,748

Net interest income		26,970			26,452			27,108			26,801			27,797		25,400			24,456			21,038
Provision for loan losses		7,265			11,988			7,776			8,531			10,640		10,177			7,477			10,882
Noninterest income:
Service charges and fees		3,144			2,994			3,170			3,096			3,295		2,992			2,817			2,600
Gain on sales of loans		682			653			416			985			933		386			926			718
Gain (loss) on investment securities		15			2,480			34			7			3		10			(9	)		2,921
Other noninterest income		248			208			342			90			257		322			3,527			238

Total noninterest income		4,089			6,335			3,962			4,178			4,488		3,710			7,261			6,477
Noninterest expense:
Salaries and employee benefits		7,516			7,183			7,637			7,580			7,349		7,824			6,887			7,239
Occupancy		2,717			2,835			2,836			2,783			3,159		2,958			2,789			2,731
FDIC and other insurance		1,333			1,347			1,521			1,587			1,101		1,134			2,319			991
Other real estate, net		1,255			228			629			106			39		90			103			(102	)
Provision for unfunded loan commitments		(332	)		(294	)		(512	)		(465	)		147		(79	)		(388	)		90
Other general and administrative		4,322			4,119			4,035			3,667			4,246		3,601			2,980			3,650

Total noninterest expense		16,811			15,418			16,146			15,258			16,041		15,528			14,690			14,599

Income before taxes		6,983			5,381			7,148			7,190			5,604		3,405			9,550			2,034
Taxes on income		2,675			1,508			2,737			2,818			2,030		1,271			3,605			705

Net income	$	4,308		$	3,873		$	4,411		$	4,372		$	3,574	$	2,134		$	5,945		$	1,329

Net income available to common shareholders	$	3,257		$	2,825		$	3,366		$	3,329		$	2,534	$	1,097		$	4,910		$	296

PER SHARE DATA
Basic earnings per common share	$	0.17		$	0.15		$	0.19		$	0.23		$	0.17	$	0.07		$	0.34		$	0.02
Diluted earnings per common share		0.17			0.15			0.19			0.23			0.17		0.07			0.33			0.02
Common dividends declared per share		—			—			—			—			0.02		0.02			0.02			0.02
Book value per common share		15.96			15.93			15.88			16.79			16.46		16.43			16.30			16.01
Tangible book value per share*		15.61			15.58			15.53			16.33			15.99		15.96			15.84			15.52
COMMON STOCK
Shares issued		19,421,900			19,395,675			19,388,797			14,779,711			14,750,713		14,748,223			14,658,042			14,658,042
Less treasury shares		—			—			—			—			—		—			(15,602	)		(49,930	)

Outstanding shares		19,421,900			19,395,675			19,388,797			14,779,711			14,750,713		14,748,223			14,642,440			14,608,112

OTHER FINANCIAL DATA
Investment securities	$	272,929		$	251,233		$	265,895		$	260,837		$	263,439	$	258,790		$	243,077		$	179,006
Loans held for sale		35,194			34,868			25,615			25,586			43,134		36,526			26,006			76,404
Noncovered portfolio loans		2,331,293			2,412,796			2,475,348			2,516,397			2,539,294		2,572,111			2,587,230			2,526,293
Total noncovered loans		2,366,487			2,447,664			2,500,963			2,541,983			2,582,428		2,608,637			2,613,236			2,602,697
Covered portfolio loans		53,628			60,558			68,006			76,909			85,405		103,630			117,096			—
Total assets		2,820,541			2,905,275			3,010,835			3,074,923			3,108,291		3,029,347			3,038,985			2,928,133
Total deposits		2,252,728			2,345,648			2,444,939			2,554,165			2,592,730		2,473,162			2,452,295			2,330,089
Other borrowings		94,602			82,506			93,036			103,620			103,022		146,449			176,368			193,739
Subordinated debentures		81,963			81,963			81,963			81,963			81,963		81,963			81,963			81,963
Total shareholders’ equity		377,812			376,576			375,319			315,341			309,778		309,118			305,416			300,406
Mortgage servicing portfolio		278,146			261,266			249,632			241,224			237,459		223,226			209,425			179,959
INTANGIBLE ASSET DATA
Goodwill	$	6,811		$	6,811		$	6,811		$	6,811		$	6,811	$	6,811		$	6,811		$	7,071
Core deposit intangible		3,557			3,693			3,830			3,967			4,103		4,240			4,378			2,498
Mortgage servicing rights		1,810			1,661			1,589			1,603			1,670		1,625			1,589			1,362
Nonmortgage servicing rights		4			4			5			5			6		7			7			8

Total intangible assets	$	12,182		$	12,169		$	12,235		$	12,386		$	12,590	$	12,683		$	12,785		$	10,939

Intangible amortization expense	$	402		$	392		$	350		$	359		$	381	$	344		$	391		$	204

*Continued*


*		This is a Non-GAAP based financial measure.


SOUTHWEST BANCORP, INC.		Table 6
UNAUDITED QUARTERLY SUMMARY FINANCIAL DATA		Continued
(Dollars in thousands except per share)


	2010												2009
	Dec. 31			Sep. 30			Jun. 30			Mar. 31			Dec. 31			Sep. 30			Jun. 30			Mar. 31

LOAN COMPOSITION
Noncovered
Real estate mortgage:
Commercial	$	1,310,464		$	1,271,278		$	1,251,709		$	1,230,009		$	1,212,409		$	1,221,739		$	1,208,819		$	1,098,587
One-to-four family residential		89,800			109,980			106,814			111,185			114,614			125,034			116,068			114,111
Real estate construction
Commercial		441,265			527,773			589,590			630,472			618,078			612,905			622,298			640,132
One-to-four family residential		27,429			30,527			35,129			34,996			41,109			39,009			51,292			79,309
Commercial		452,626			463,132			471,004			487,074			520,505			538,757			554,734			558,834
Installment and consumer:
Guaranteed student loans		5,843			5,960			7,389			10,199			36,163			30,949			18,477			69,792
Other		39,060			39,014			39,328			38,048			39,550			40,244			41,548			41,932

Total noncovered loans, including held for sale		2,366,487			2,447,664			2,500,963			2,541,983			2,582,428			2,608,637			2,613,236			2,602,697
Less allowance for loan losses		(65,229	)		(72,418	)		(67,055	)		(65,168	)		(62,413	)		(57,777	)		(51,753	)		(46,262	)

Total noncovered loans, net	$	2,301,258		$	2,375,246		$	2,433,908		$	2,476,815		$	2,520,015		$	2,550,860		$	2,561,483		$	2,556,435

Covered
Real estate mortgage:
Commercial	$	30,997		$	33,428		$	36,107		$	37,487		$	39,836		$	37,820		$	40,411		$	—
One-to-four family residential		9,122			10,071			10,277			10,843			12,630			17,246			17,889			—
Real estate construction
Commercial		6,840			7,464			8,190			11,173			12,515			14,178			14,277			—
One-to-four family residential		439			1,823			3,853			5,273			5,324			9,936			13,647			—
Commercial		5,554			6,816			8,487			10,807			13,412			21,475			27,203			—
Installment and consumer:		676			956			1,092			1,326			1,688			2,975			3,669			—

Total covered loans	$	53,628		$	60,558		$	68,006		$	76,909		$	85,405		$	103,630		$	117,096		$	—

DEPOSIT COMPOSITION
Non-interest bearing demand	$	377,182		$	329,655		$	326,721		$	317,896		$	324,829		$	309,767		$	291,014		$	274,175
Interest-bearing demand		92,584			86,153			102,218			119,757			74,201			82,622			94,060			85,629
Money market accounts		495,253			518,422			510,549			506,659			505,521			506,196			483,162			467,924
Savings accounts		26,665			25,556			25,321			25,871			25,730			25,636			25,660			15,797
Time deposits of $100,000 or more		694,565			795,303			861,110			944,871			1,004,439			888,814			905,202			849,814
Other time deposits		566,479			590,559			619,020			639,111			658,010			660,127			653,197			636,750

Total deposits**	$	2,252,728		$	2,345,648		$	2,444,939		$	2,554,165		$	2,592,730		$	2,473,162		$	2,452,295		$	2,330,089

LOANS BY SEGMENT
Oklahoma banking	$	871,393		$	890,598		$	914,004		$	926,870		$	933,150		$	943,982		$	967,981		$	949,454
Texas banking		982,845			1,024,863			1,041,228			1,063,511			1,054,404			1,042,369			1,037,694			990,135
Kansas banking		289,642			309,240			329,157			342,596			359,633			400,710			412,314			309,774
Other states banking		241,041			248,653			258,965			260,329			277,512			288,680			286,337			276,930

Subtotal		2,384,921			2,473,354			2,543,354			2,593,306			2,624,699			2,675,741			2,704,326			2,526,293
Secondary market		35,194			34,868			25,615			25,586			43,134			36,526			26,006			76,404

Total loans	$	2,420,115		$	2,508,222		$	2,568,969		$	2,618,892		$	2,667,833		$	2,712,267		$	2,730,332		$	2,602,697

NET INCOME BY SEGMENT
Oklahoma banking	$	4,086		$	3,624		$	4,334		$	2,820		$	3,137		$	2,529		$	3,284		$	3,210
Texas banking		3,939			(1,769	)		697			1,656			3,255			2,686			3,662			1,119
Kansas banking		481			(227	)		985			(355	)		(1,399	)		(1,180	)		2,405			598
Other states banking		(3,661	)		488			(507	)		1,722			377			57			(78	)		(1,974	)

Subtotal		4,845			2,116			5,509			5,843			5,370			4,092			9,273			2,953
Secondary market		362			219			72			327			(3	)		(201	)		117			(61	)
Other operations		(899	)		1,538			(1,170	)		(1,798	)		(1,793	)		(1,757	)		(3,445	)		(1,563	)

Net income	$	4,308		$	3,873		$	4,411		$	4,372		$	3,574		$	2,134		$	5,945		$	1,329

OFFICES AND EMPLOYEES
FTE Employees		432			440			447			455			466			471			478			425
Branches		23			23			23			24			24			24			24			18
Loan production offices		2			2			2			2			3			3			3			3
Assets per employee	$	6,529		$	6,603		$	6,736		$	6,758		$	6,670		$	6,432		$	6,358		$	6,890

** Calculation of Non-brokered Deposits and Core Funding (Non-GAAP Financial Measures)


Total deposits	$	2,252,728	$	2,345,648	$	2,444,939	$	2,554,165	$	2,592,730	$	2,473,162	$	2,452,295	$	2,330,089
Less:
Brokered time deposits		145,240		226,238		279,027		359,571		417,419		327,951		395,196		454,435
Other brokered deposits		117,532		129,096		126,643		124,969		127,320		125,737		125,666		124,674

Non-brokered deposits	$	1,989,956	$	1,990,314	$	2,039,269	$	2,069,625	$	2,047,991	$	2,019,474	$	1,931,433	$	1,750,980

Plus:
Sweep repurchase agreements		26,492		22,211		22,700		33,192		23,259		26,500		35,708		24,963

Core funding	$	2,016,448	$	2,012,525	$	2,061,969	$	2,102,817	$	2,071,250	$	2,045,974	$	1,967,141	$	1,775,943

Balance sheet amounts are as of period end unless otherwise noted.


SOUTHWEST BANCORP, INC. UNAUDITED QUARTERLY SUPPLEMENTAL ANALYTICAL DATA (Dollars in thousands except per share)		Table 7


	2010												2009
	Dec. 31			Sep. 30			Jun. 30			Mar. 31			Dec. 31			Sep. 30			Jun. 30			Mar. 31

PERFORMANCE RATIOS
Return on average assets (annualized)		0.59	%		0.52	%		0.58	%		0.57	%		0.46	%		0.28	%		0.81	%		0.18	%
Return on average common equity (annualized)		4.11			3.57			4.64			5.42			4.06			1.78			8.26			0.50
Return on average tangible common equity (annualized)*		4.21			3.65			4.75			5.58			4.17			1.83			8.51			0.52
Net interest margin (annualized)		3.82			3.63			3.65			3.59			3.71			3.39			3.41			3.00
Total dividends declared to net income		20.31			22.59			19.84			20.02			34.31			57.46			20.58			92.00
Effective tax rate		38.31			28.02			38.29			39.19			36.22			37.33			37.75			34.66
Efficiency ratio		54.13			47.02			51.97			49.25			49.69			53.34			46.32			53.06
NONPERFORMING ASSETS
Noncovered
Nonaccrual loans	$	106,566		$	135,209		$	111,871		$	97,858		$	105,887		$	94,715		$	74,205		$	73,383
90 days past due and accruing		517			452			333			4			310			10,578			8,409			10,552

Total nonperforming loans		107,083			135,661			112,204			97,862			106,197			105,293			82,614			83,935
Other real estate		37,722			35,723			27,634			18,809			18,432			6,389			6,003			5,351

Total nonperforming assets	$	144,805		$	171,384		$	139,838		$	116,671		$	124,629		$	111,682		$	88,617		$	89,286

Performing restructured	$	2,177		$	5,334		$	5,525		$	5,650		$	—		$	—		$	—		$	—

Potential problem loans	$	233,140		$	236,844		$	242,217		$	275,912		$	258,399		$	255,051		$	178,081		$	133,810

Covered
Nonaccrual loans	$	10,806		$	7,906		$	14,504		$	16,192		$	12,322		$	14,686		$	8,607		$	—
90 days past due and accruing		—			1,871			130			356			1,136			4,544			3,658			—

Total nonperforming loans		10,806			9,777			14,634			16,548			13,458			19,230			12,265			—
Other real estate		4,187			4,448			4,352			4,489			4,748			2,598			2,938			—

Total nonperforming assets	$	14,993		$	14,225		$	18,986		$	21,037		$	18,206		$	21,828		$	15,203		$	—

Potential problem loans	$	3,495		$	6,413		$	6,184		$	6,620		$	8,874		$	4,421		$	5,977		$	—

ALLOWANCE ACTIVITY
Balance, beginning of period	$	72,418		$	67,055		$	65,168		$	62,413		$	57,777		$	51,753		$	46,262		$	39,773
Charge offs		14,720			7,006			6,168			6,545			6,756			4,372			2,975			4,810
Recoveries		266			381			279			769			752			219			989			417

Net charge offs		14,454			6,625			5,889			5,776			6,004			4,153			1,986			4,393
Provision for loan losses		7,265			11,988			7,776			8,531			10,640			10,177			7,477			10,882

Balance, end of period	$	65,229		$	72,418		$	67,055		$	65,168		$	62,413		$	57,777		$	51,753		$	46,262

ASSET QUALITY RATIOS
Net loan charge-offs to average portfolio loans (annualized)		2.35	%		1.05	%		0.92	%		0.90	%		0.89	%		0.61	%		0.31	%		0.71	%
Noncovered
Nonperforming assets to portfolio loans and other real estate		6.11	%		7.00	%		5.59	%		4.60	%		4.87	%		4.33	%		3.41	%		3.53	%
Nonperforming loans to portfolio loans		4.59			5.62			4.53			3.89			4.18			4.09			3.19			3.32
Allowance for loan losses to portfolio loans		2.80			3.00			2.71			2.59			2.46			2.25			2.00			1.83
Allowance for loan losses to nonperforming loans		60.91			53.38			59.76			66.59			58.77			54.87			62.64			55.12
Covered
Nonperforming assets to portfolio loans and other real estate		25.93	%		21.88	%		26.24	%		25.84	%		20.19	%		20.55	%		12.67	%		0.00	%
Nonperforming loans to portfolio loans		20.15			16.14			21.52			21.52			15.76			18.56			10.47			—
CAPITAL RATIOS
Average total shareholders’ equity to average assets		13.24	%		12.85	%		11.78	%		10.18	%		10.31	%		10.24	%		10.35	%		10.47	%
Leverage ratio		15.55			14.96			14.48			12.32			12.42			12.39			12.70			12.72
Tier 1 capital to risk-weighted assets		17.78			17.17			16.50			14.00			13.28			13.04			12.67			12.85
Total capital to risk-weighted assets		19.06			18.45			17.78			15.28			14.55			14.31			13.92			14.11
Tangible common equity to tangible assets***		10.78			10.43			10.02			7.87			7.61			7.79			7.65			7.76
REGULATORY CAPITAL DATA
Tier I capital	$	445,966		$	442,188		$	438,973		$	381,280		$	377,418		$	374,805		$	372,713		$	369,482
Total capital		477,930			475,040			472,971			415,955			413,438			411,201			409,764			405,613
Total risk adjusted assets		2,507,867			2,574,746			2,659,886			2,722,628			2,841,476			2,873,558			2,942,821			2,875,290
Average total assets		2,867,114			2,955,779			3,032,328			3,094,756			3,039,014			3,024,885			2,935,189			2,905,653

*** Calculation of Tangible Capital to Tangible Assets (Non-GAAP Financial Measure)

Total shareholders’ equity	$	377,812		$	376,576		$	375,319		$	315,341		$	309,778		$	309,118		$	305,416		$	300,406
Less:
Goodwill		6,811			6,811			6,811			6,811			6,811			6,811			6,811			7,071
Preferred stock		67,724			67,548			67,375			67,205			67,037			66,872			66,710			66,549

Tangible common equity	$	303,277		$	302,217		$	301,133		$	241,325		$	235,930		$	235,435		$	231,895		$	226,786

Total assets	$	2,820,541		$	2,905,275		$	3,010,835		$	3,074,923		$	3,108,291		$	3,029,347		$	3,038,985		$	2,928,133
Less goodwill		6,811			6,811			6,811			6,811			6,811			6,811			6,811			7,071

Tangible assets	$	2,813,730		$	2,898,464		$	3,004,024		$	3,068,112		$	3,101,480		$	3,022,536		$	3,032,174		$	2,921,062

Tangible common equity to tangible assets		10.78	%		10.43	%		10.02	%		7.87	%		7.61	%		7.79	%		7.65	%		7.76	%

Balance sheet amounts and ratios are as of period end unless otherwise noted.