Prepared and filed by St Ives Financial

EX-99 3 b415323ex_99.htm EXHIBIT 99 Prepared and filed by St Ives Financial


	For additional information:
		Rick Green
		President & CEO
		Kerby E. Crowell
		EVP & CFO
For Immediate Release.		(405) 372-2230

Southwest Bancorp 3^rd Quarter Net Income Up 14%; Nine Months Net Up 19%

October 19, 2006, Stillwater, Oklahoma …… Southwest Bancorp, Inc. (Nasdaq National Market–OKSB), (“Southwest”), today reported net income for the third quarter of 2006 of $6.6 million, a 14% increase from the $5.8 million reported for the third quarter of 2005. Diluted earnings per share were $0.46 compared to $0.41 per share for the 2005 period, an increase of 12%. Net income for the first nine months of 2006 was $19.5 million, a 19% increase from the $16.4 million reported for the first nine months of 2005. Diluted earnings per share were $1.35 compared to $1.24 per share for the 2005 period, an increase of 9%.

Rick Green, President and Chief Executive Officer, stated, “Our net income growth was driven by continued portfolio loan growth, particularly from our Texas and Kansas operations. This loan growth more than offset the expected decreases in student lending, and helped produce higher net interest margins for the quarter and nine months. At September 30, our Texas and Kansas operations accounted for almost $652 million, (42%) of total portfolio loans.”

“We continue to pursue our long-range strategies for growth and market expansion. In late July we completed an acquisition that gives us two additional San Antonio area branches in our network: one office strategically located in the Medical Hill area of San Antonio and highly accessible for healthcare and commercial real estate loan production, and another banking office well positioned to access stable deposit relationships in McMullen County, an area populated with significant property and mineral rights owners. This acquisition, while not material to the overall balance sheet, added $13.0 million in loans and $32.5 million in deposits. Our San Antonio Division has attracted several key executives to join the company, all with significant knowledge of the San Antonio market and experience in excess of 15 years per executive. We also have added key banking executives in our other Texas markets of Houston, Dallas, and Austin. The addition of these seasoned bankers, deeply experienced in their respective markets, has measurably enhanced our market acceptance and loan pipeline. In addition, we continue to succeed in attracting seasoned banking professionals in Oklahoma and Kansas with experience in their respective markets.

Highlights

•	Third quarter net income:	$6.6 million; a 14% increase from third quarter 2005
•	Year-to-date net income:	$19.5 million; a 19% increase from the first nine months of 2005
•	Portfolio loans:	$1.5 billion, a 14% increase from year-end 2005 and a 17% increase from September 30, 2005.
•	Return on average equity:	13.94% for the third quarter 2006
		14.33% for the first nine months of 2006
•	GAAP-based efficiency ratio:	50.30% for the third quarter 2006
		50.41% for the first nine months of 2006

(Please see Financial Tables 1 through 7 for additional financial information.)

NASDAQ: OKSB

Southwest Bancorp 3^rd Quarter Net Income Up 14%; Nine Months Net Up 19%

Results of Operations

The $832,000, or 14%, increase in quarterly net income was the result of a $2.3 million (11%) increase in net interest income, and a $1.1 million (27%) decrease in provision for loan losses, offset in part by a $632,000 (14%) decrease in noninterest income, a $1.2 million (9%) increase in noninterest expense and a $790,000 (24%) increase in income taxes. The $2.3 million increase in net interest income for the quarter was primarily the result of increased loan yields and a $95 million increase in average loan volume, offset in part by higher rates on interest bearing deposits. Although the provision for loan losses decreased, the allowance for loan losses increased to 1.56% of total loans at quarter end, up from 1.37% at year end and 1.29% at September 30, 2005. The decrease in other income was mainly the result of substantially lower gains on the sale of student loans. The quarterly efficiency ratio remained at a favorable 50% level.

The $3.1 million, or 19% increase in net income for the first nine months was the result of a $5.4 million (9%) increase in net interest income and a $2.4 million (21%) decrease in the provision for loan losses, offset in part by a slight decrease in noninterest income, a $2.3 million (6%) increase in noninterest expense and a $2.4 million (25%) increase in income taxes.

Financial Condition

At September 30, 2006, total assets were $2.2 billion, a $58.1 million increase from year-end 2005. Shareholders’ equity at September 30, 2006 totaled $191.2 million, a $20.8 million, or 12%, increase from December 31, 2005. Core deposits grew by $44.8 million, or 3%, in the first three quarters.

Portfolio loans increased by $189.3 million, or 14%, during the first nine months of 2006. Portfolio loans exclude loans held for sale. Southwest’s growth in portfolio loans more than offset the expected reduction in loans held for sale, almost all of which are student loans.

Southwest’s Texas and Kansas offices were responsible for $133.6 million (over 70%) of the first three quarter’s growth in total portfolio loans. At September 30, 2006, Southwest’s seven Texas and two Kansas offices accounted for $652.3 million in loans, or 42% of total portfolio loans, up from 38% at year-end 2005. Southwest expects to open additional offices in Texas in the months ahead. The timing of new office openings in these targeted markets depends primarily on executive staffing.

We previously reported expected decreases in student lending volumes. Consistent with our earlier disclosures, student lending balances have decreased from year-end 2005 and are expected to continue to decrease.

At September 30, 2006, the allowance for loan losses was $28.1 million, an increase of $4.3 million, or 18%, from the allowance for loan losses at year-end 2005. This change is due to increased allowances on impaired loans and potential problem loans, and growth in performing commercial and commercial real estate loans, offset in part by reductions in the allowance related to a decrease in the loss ratio applied to performing commercial loans. At September 30, 2006, the allowance for loan losses was 1.56% of total loans, compared to 1.37% at year-end 2005. The unallocated allowance at September 30, 2006 was $2.3 million, or 8% of the total allowance. Management believes the amount of the allowance is appropriate, given its systematic methodology for calculating the allowance. Changes in the amount of the allowance resulted from the application of that methodology, which is designed to estimate inherent losses on total loans in the portfolio, including those on nonperforming loans.

At September 30, 2006, the reserve for unfunded loan commitments was $1.6 million, a reduction of $300,000, or 18%, from year-end 2005, due to a substantial decrease in the reserve on commitments related to potential problem loans, partially offset by an increase in the reserve on other loan commitments based on growth.

Other real estate at September 30, 2006, was $1.9 million, a reduction of $5.3 million from year-end 2005. Total nonperforming assets at September 30, 2006, were $32.9 million, a decrease of $2.2 million, or 7%, from year-end 2005.

Nonaccrual loans totaled $23.9 million at September 30, 2006, compared to $22.1 million at December 31, 2005. Total nonperforming loans of $31.0 million increased $7.4 million, or 31%, from year-end 2005, and represented 1.72% of total loans, compared to 1.36% of total loans at year-end 2005. At September 30, 2006, $1.8 million, or 6%, of loans classified as nonperforming were guaranteed by United States agencies or U.S. government sponsored entities.

NASDAQ: OKSB

Southwest Bancorp 3^rd Quarter Net Income Up 14%; Nine Months Net Up 19%

Performing loans considered potential problem loans, loans which are not included in the past due, nonaccrual, or restructured categories, but for which known information about possible credit problems cause management to be uncertain as to the ability of the borrowers to comply with the present loan repayment terms amounted to approximately $67.2 million at September 30, 2006, compared to $62.2 million at December 31, 2005, an 8% increase. This increase was primarily the result of one credit, currently performing, which is being closely monitored by management.

Southwest Bancorp and Subsidiaries

Southwest Bancorp is the financial holding company for Stillwater National Bank and Trust Company (“Stillwater National”), SNB Bank of Wichita (“SNB Wichita”), Healthcare Strategic Support, Inc., and Business Consulting Group, Inc. Through its subsidiaries, Southwest offers commercial and consumer lending, deposit, and investment services, and specialized cash management, consulting, and other financial services from offices in Oklahoma City, Stillwater, Tulsa, and Chickasha, Oklahoma; Austin, Dallas, Houston and San Antonio, Texas; and Kansas City and Wichita, Kansas and on the Internet, through SNB DirectBanker®.

Southwest focuses on converting its strategic vision into long-term shareholder value. This vision includes long-term goals for increasing earnings and banking assets from operations in Oklahoma, Texas, and Kansas that specialize in serving medical, professional, business, and commercial real estate customers and from more traditional banking operations, including community banking and student lending. Southwest’s strategic growth goals include growth from existing and additional offices in carefully selected markets in Texas and other states with concentrations of healthcare and health professionals, businesses, and their managers and owners, and commercial and commercial real estate borrowers, and careful expansion of community banking operations.

Southwest was organized in 1981 as the holding company for Stillwater National, which was chartered in 1894. At September 30, 2006, Southwest had total assets of $2.2 billion, deposits of $1.7 billion, and shareholders’ equity of $191.2 million. Southwest became a public company in late 1993 with assets of approximately $434.0 million. Southwest’s growth to date has been accomplished without significant banking acquisitions.

Southwest’s banking philosophy is to provide a high level of customer service, a wide range of financial services, and products responsive to customer needs with a focus on serving healthcare and health professionals, businesses and their managers and owners, and commercial and commercial real estate borrowers. This philosophy has led to the development of a line of deposit, lending, and other financial products that respond to professional and commercial customer needs for speed, efficiency, and information, and which complement more traditional banking products. Southwest seeks to build close relationships with businesses, professionals and their principals, and to service their evolving banking needs throughout their business development and professional lives.

Southwest has developed a highly automated lockbox, imaging, and information service for commercial customers called “SNB Digital Lockbox” and deposit products that automatically sweep excess funds from commercial demand deposit accounts and invest them in interest bearing funds. Other specialized financial services include integrated document imaging and cash management services designed to help our customers in the healthcare industry and other record-intensive enterprises operate more efficiently.

Southwest’s two management consulting subsidiaries complement its banking services and help differentiate Southwest from competitors. Healthcare Strategic Support, Inc. provides management consulting services for physicians, hospitals, and healthcare groups. Business Consulting Group, Inc. provides marketing, strategic, logistics, and operations consulting for both small and large commercial enterprises.

Southwest’s common stock is traded on the NASDAQ National Market under the symbol OKSB.

Forward-Looking Statements

This Press Release includes forward-looking statements, such as: statements of Southwest's goals, intentions, and expectations; estimates of risks and of future costs and benefits; assessments of the amount and timing of problem loan payoffs and loan losses; off-balance sheet risk and market risk; 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: future interest rates, market behavior, and other economic conditions; future laws and regulations; 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 its future results.

NASDAQ: OKSB

Southwest Bancorp 3^rd Quarter Net Income Up 14%; Nine Months Net Up 19%

Financial Tables

Financial Highlights	Table 1

Consolidated Statements of Financial Condition	Table 2

Consolidated Statements of Operations	Table 3

Average Balances, Yields, and Rates-Quarterly	Table 4

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

Summary Financial Data by Quarter-2006 and 2005	Table 6

Supplemental Analytical Data by Quarter-2006 and 2005	Table 7

Back to Contents

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

	Third Quarter									Second Quarter

QUARTERLY HIGHLIGHTS								%
	2006			2005			Change			2006			Change

Operations
Net interest income	$	23,696		$	21,393			11	%	$	22,861			4	%
Provision for loan losses		3,006			4,142			(27	)		3,316			(9	)
Other income		3,959			4,591			(14	)		4,505			(12	)
Other expense		13,910			12,725			9			13,852			0
Income before taxes		10,739			9,117			18			10,198			5
Taxes on income		4,100			3,310			24			3,572			15
Net income		6,639			5,807			14			6,626			0
Diluted earnings per share		0.46			0.41			12			0.45			2
Balance Sheet
Total assets		2,157,738			2,107,254			2			2,188,102			(1	)
Loans held for sale		257,689			381,597			(32	)		318,477			(19	)
Portfolio loans		1,541,738			1,319,222			17			1,457,705			6
Total deposits		1,740,564			1,684,905			3			1,764,774			(1	)
Total shareholders' equity		191,231			166,467			15			182,700			5
Book value per share		13.44			11.92			13			12.89			4
Key Ratios
Net interest margin		4.47	%		4.24	%					4.36	%
Efficiency ratio (GAAP-based)		50.30			48.97						50.62
Allowance to total loans		1.56			1.29						1.48
Nonperforming loans to total loans		1.72			1.64						1.49
Shareholders' equity to total assets		8.86			7.90						8.35
Return on average assets		1.20			1.10						1.21
Return on average equity		13.94			13.81						14.59


YEAR-TO-DATE HIGHLIGHTS	First Nine Months

	2006			2005			% Change

Operations
Net interest income	$	68,799		$	63,377			9	%
Provision for loan losses		8,998			11,437			(21	)
Other income		12,432			12,489			(0	)
Other expense		40,952			38,653			6
Income before taxes		31,281			25,776			21
Taxes on income		11,737			9,354			25
Net income		19,544			16,422			19
Diluted earnings per share		1.35			1.24			9
Balance Sheet
Total assets		2,157,738			2,107,254			2
Loans held for sale		257,689			381,597			(32	)
Portfolio loans		1,541,738			1,319,222			17
Total deposits		1,740,564			1,684,905			3
Total shareholders' equity		191,231			166,467			15
Book value per share		13.44			11.92			13
Key Ratios
Net interest margin		4.39	%		4.31	%
Efficiency ratio (GAAP-based)		50.41			50.95
Allowance to total loans		1.56			1.29
Nonperforming loans to total loans		1.72			1.64
Shareholders' equity to total assets		8.86			7.90
Return on average assets		1.19			1.07
Return on average equity		14.33			15.03

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

			September 30, 2006			December 31, 2005			September 30, 2005

Assets
Cash and due from banks			$	41,024		$	50,277		$	38,881
Federal funds sold				—			—			48,500

	Cash and cash equivalents			41,024			50,277			87,381
Investment securities:
	Held to maturity. Fair value: $1,619 $1,530 $1,214			1,629			1,538			1,223
	Available for sale. Amortized cost: $259,775 $262,180 $257,646			256,006			256,751			253,069
	Federal Reserve and FHLB Stock, at cost			12,183			9,804			13,920
Loans held for sale				257,689			383,447			381,597

Loans receivable				1,541,738			1,352,433			1,319,222
	Less: Allowance for loan losses			(28,064	)		(23,812	)		(21,920	)

	Net loans receivable			1,513,674			1,328,621			1,297,302
Accrued interest receivable				21,377			14,382			14,476
Premises and equipment, net				22,307			20,584			20,492
Other real estate owned				1,878			7,130			9,610
Goodwill				1,098			194			194
Other Intangible assets				3,069			1,407			1,374
Other assets				25,804			25,504			26,616

	Total assets		$	2,157,738		$	2,099,639		$	2,107,254


Liabilities and shareholders' equity
Deposits:
	Noninterest-bearing demand		$	245,335		$	224,555		$	229,462
	Interest-bearing demand			58,037			49,235			49,927
	Money market accounts			358,812			402,709			410,789
	Savings accounts			10,931			8,765			8,789
	Time deposits of $100,000 or more			646,849			608,989			640,503
	Other time deposits			420,600			363,567			345,435

		Total deposits		1,740,564			1,657,820			1,684,905
Accrued interest payable				11,480			8,953			8,086
Income tax payable				552			288			1,595
Other liabilities				9,778			11,233			9,237
Other borrowings				157,740			204,508			190,571
Subordinated debentures				46,393			46,393			46,393

	Total liabilities			1,966,507			1,929,195			1,940,787

Shareholders' equity
Common stock – $1 par value; 20,000,000 shares
authorized; 14,658,042 shares issued				14,658			14,658			14,658
Paid in capital				45,756			45,672			45,724
Retained earnings				140,918			124,882			121,342
Accumulated other comprehensive loss				(2,309	)		(3,325	)		(2,803	)
Treasury stock, at cost, 433,308 636,125 693,364 shares				(7,792	)		(11,443	)		(12,454	)

	Total shareholders' equity			191,231			170,444			166,467

		Total liabilities and shareholders' equity	$	2,157,738		$	2,099,639		$	2,107,254

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

			For the three months ended September 30,				For the nine months ended September 30,

			2006		2005		2006			2005

Interest income
	Loans		$	41,074	$	32,429	$	116,839		$	93,457
	Investment securities			2,686		2,488		8,061			6,613
	Other interest-earning assets			57		31		137			69

		Total interest income		43,817		34,948		125,037			100,139

Interest expense
	Interest-bearing deposits			16,848		10,850		45,985			28,455
	Other borrowings			2,281		1,904		7,445			5,026
	Subordinated debentures			992		801		2,808			3,281

		Total interest expense		20,121		13,555		56,238			36,762


Net interest income				23,696		21,393		68,799			63,377

Provision for loan losses				3,006		4,142		8,998			11,437

Other income
	Service charges and fees			2,872		2,894		8,655			8,157
	Gain on sales of loans			616		1,333		2,561			3,102
	Gain (loss) on investment securities			60		—		(274	)		—
	Other noninterest income			411		364		1,490			1,230

		Total other income		3,959		4,591		12,432			12,489

Other expense
	Salaries and employee benefits			7,477		6,173		22,505			18,724
	Occupancy			2,520		2,704		7,517			7,388
	FDIC and other insurance			128		124		379			360
	Other real estate, net			122		230		256			770
	General and administrative			3,663		3,494		10,295			11,411

		Total other expenses		13,910		12,725		40,952			38,653

Income before taxes				10,739		9,117		31,281			25,776
	Taxes on income			4,100		3,310		11,737			9,354

Net income			$	6,639	$	5,807	$	19,544		$	16,422


Basic earnings per common share			$	0.47	$	0.41	$	1.38		$	1.27
Diluted earnings per common share				0.46		0.41		1.35			1.24
Cash dividends declared per share				0.0825		0.075		0.2475			0.225

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

			For the three months ended September 30,

			2006								2005

			Balance Average			Interest		Average Yield/Rate			Average Balance			Interest		Average Yield/Rate

Assets
Loans			$	1,827,417		$	41,074		8.92	%	$	1,732,734		$	32,429		7.43	%
Investment securities				269,135			2,686		3.96			263,868			2,488		3.74
Other interest-earning assets				4,300			57		5.26			3,535			31		3.48

	Total interest-earning assets			2,100,852			43,817		8.27			2,000,137			34,948		6.93

Other assets				92,155								93,258

	Total assets		$	2,193,007							$	2,093,395


Liabilities and Shareholders' Equity
Interest-bearing demand deposits			$	58,885		$	79		0.53	%	$	53,187		$	57		0.43	%
Money market accounts				370,564			4,066		4.35			395,668			2,914		2.92
Savings accounts				10,194			19		0.74			8,513			6		0.28
Time deposits				1,077,852			12,684		4.67			977,272			7,873		3.20

	Total interest-bearing deposits			1,517,495			16,848		4.40			1,434,640			10,850		3.00
Other borrowings				186,043			2,281		4.86			209,475			1,904		3.61
Subordinated debentures				46,393			992		8.55			46,393			801		6.76

	Total interest-bearing liabilities			1,749,931			20,121		4.56			1,690,508			13,555		3.18


	Noninterest-bearing demand deposits			231,280								217,812
	Other liabilities			22,841								18,239
	Shareholders’ equity			188,955								166,836

		Total liabilities and shareholders’ equity	$	2,193,007							$	2,093,395


	Net interest income and spread					$	23,696		3.71	%				$	21,393		3.75	%

	Net interest margin (1)								4.47	%							4.24	%

	Average interest-earning assets
		to average interest-bearing liabilities		120.05	%							118.32	%

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

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

			For the nine months ended September 30,

			2006								2005

			Average Balance			Interest		Average Yield/Rate			Average Balance			Interest		Average Yield/Rate

Assets
Loans			$	1,820,764		$	116,839		8.58	%	$	1,724,208		$	93,457		7.25	%
Investment securities				270,531			8,061		3.98			237,543			6,613		3.72
Other interest-earning assets				3,765			137		4.87			3,165			69		2.91

	Total interest-earning assets			2,095,060			125,037		7.98			1,964,916			100,139		6.81

Other assets				92,258								90,535

	Total assets		$	2,187,318							$	2,055,451


Liabilities and Shareholders' Equity
Interest-bearing demand deposits			$	57,439		$	220		0.51	%	$	61,334		$	222		0.48	%
Money market accounts				391,580			12,041		4.11			384,637			7,201		2.50
Savings accounts				9,356			30		0.43			8,525			16		0.25
Time deposits				1,039,490			33,694		4.33			973,103			21,016		2.89

	Total interest-bearing deposits			1,497,865			45,985		4.10			1,427,599			28,455		2.66
Other borrowings				216,826			7,445		4.59			201,512			5,026		3.33
Subordinated debentures				46,393			2,808		8.07			62,828			3,281		6.89

	Total interest-bearing liabilities			1,761,084			56,238		4.27			1,691,939			36,762		2.90


	Noninterest-bearing demand deposits			224,372								200,875
	Other liabilities			19,470								16,516
	Shareholders' equity			182,392								146,121

		Total liabilities and shareholders' equity	$	2,187,318							$	2,055,451


	Net interest income and spread					$	68,799		3.71	%				$	63,377		3.91	%

	Net interest margin (1)								4.39	%							4.31	%

	Average interest-earning assets
		to average interest-bearing liabilities		118.96	%							116.13	%


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

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

		As of and for the three months ending

		2006								2005

		Sep. 30		Jun. 30			Mar. 31			Dec. 31		Sep. 30		Jun. 30		Mar. 31

OPERATIONS
Interest income:
Loans		$	41,074	$	39,047		$	36,718		$	34,554	$	32,429	$	31,105	$	29,923
Investment securities			2,686		2,705			2,670			2,598		2,488		2,122		2,003
Other interest-earning assets			57		60			20			53		31		18		20

	Total interest income		43,817		41,812			39,408			37,205		34,948		33,245		31,946
Interest expense:
	Interest bearing demand deposits		79		78			63			45		57		89		76
	Money market accounts		4,066		4,227			3,748			3,526		2,914		2,383		1,904
	Savings accounts		19		6			5			5		6		5		5
	Time deposits of $100,000 or more		8,106		7,478			6,182			5,673		5,235		4,937		4,132
	Other time deposits		4,578		3,943			3,407			3,078		2,638		2,250		1,824

	Total interest-bearing deposits		16,848		15,732			13,405			12,327		10,850		9,664		7,941
Other borrowings			2,281		2,275			2,889			2,317		1,904		1,454		1,668
Subordinated debentures			992		944			872			832		801		1,235		1,245

	Total interest expense		20,121		18,951			17,166			15,476		13,555		12,353		10,854

Net interest income			23,696		22,861			22,242			21,729		21,393		20,892		21,092
Provision for loan losses			3,006		3,316			2,676			4,348		4,142		2,986		4,309
Other income:
Service charges and fees			2,872		3,009			2,774			2,788		2,894		2,768		2,495
Gain on sales of loans			616		1,040			905			1,813		1,333		916		853
Gain (loss) on investment securities			60		(71	)		(263	)		0		0		0		0
Other noninterest income			411		527			552			316		364		494		372

	Total other income		3,959		4,505			3,968			4,917		4,591		4,178		3,720
Other expense:
Salaries and employee benefits			7,477		7,788			7,240			6,561		6,173		6,339		6,212
Occupancy			2,520		2,430			2,567			2,522		2,704		2,338		2,346
FDIC and other insurance			128		124			127			126		124		119		117
Other real estate, net			122		26			108			201		230		376		164
General and administrative			3,663		3,484			3,148			3,810		3,494		4,612		3,305

	Total other expenses		13,910		13,852			13,190			13,220		12,725		13,784		12,144

Income before taxes			10,739		10,198			10,344			9,078		9,117		8,300		8,359
	Taxes on income		4,100		3,572			4,065			4,486		3,310		3,071		2,973

Net income		$	6,639	$	6,626		$	6,279		$	4,592	$	5,807	$	5,229	$	5,386

PER SHARE DATA
Basic earnings per common share		$	0.47	$	0.46		$	0.45		$	0.33	$	0.41	$	0.42	$	0.44
Diluted earnings per common share			0.46		0.45			0.44			0.31		0.41		0.40		0.43
Cash dividends declared per share			0.0825		0.0825			0.0825			0.0750		0.0750		0.0750		0.0750
Book value per share			13.44		12.89			12.52			12.16		11.92		11.68		10.64
Tangible book value per share			13.37		12.88			12.51			12.14		11.91		11.67		10.62
Weighted average shares outstanding:
	Basic earnings per common share		14,206,947		14,151,442			14,075,998			14,001,209		13,944,877		12,533,323		12,154,300
	Diluted		14,533,573		14,470,954			14,406,911			14,387,171		14,359,808		12,893,800		12,579,941
OTHER FINANCIAL DATA
Investment securities		$	269,818	$	269,736		$	271,858		$	268,093	$	268,212	$	258,749	$	215,494
Loans held for sale			257,689		318,477			383,164			383,447		381,597		391,074		400,179
Portfolio loans			1,541,738		1,457,705			1,391,817			1,352,433		1,319,222		1,306,206		1,273,599
Total loans			1,799,427		1,776,182			1,774,981			1,735,880		1,700,819		1,697,280		1,673,778
Total assets			2,157,738		2,188,102			2,145,839			2,099,639		2,107,254		2,039,646		1,994,569
Total deposits			1,740,564		1,764,774			1,699,212			1,657,820		1,684,905		1,666,478		1,628,934
Other borrowings			157,740		170,904			203,616			204,508		190,571		145,932		147,908
Subordinated debentures			46,393		46,393			46,393			46,393		46,393		46,393		72,180
Total shareholders' equity			191,231		182,700			176,945			170,444		166,467		162,888		129,734
Mortgage servicing portfolio			131,688		134,414			132,825			133,470		133,035		130,699		126,202
*Continued*

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

		As of and for the three months ending

		2006									2005

		Sep. 30			Jun. 30			Mar. 31			Dec. 31			Sep. 30			Jun. 30			Mar. 31

PERFORMANCE RATIOS
Return on average assets			1.20	%		1.21	%		1.17	%		0.85	%		1.10	%		1.02	%		1.08	%
Return on average equity			13.94			14.59			14.48			10.64			13.81			14.92			16.73
Net interest margin			4.47			4.36			4.34			4.22			4.24			4.28			4.42
Dividends declared to net income			17.68			17.63			18.54			22.90			18.04			19.54			16.97
Effective tax rate			38.00			35.00			39.00			49.00			36.00			37.00			36.00
Efficiency ratio			50.30			50.62			50.32			49.61			48.97			54.98			48.94
ASSET QUALITY RATIOS
Nonperforming assets to total loans and
	other real estate owned		1.83	%		1.61	%		1.82	%		1.76	%		2.20	%		1.24	%		1.53	%
Nonperforming loans to total loans			1.72			1.49			1.43			1.36			1.64			0.67			0.83
Net loan charge-offs to average total loans			0.28			0.38			0.39			0.55			0.70			0.42			0.86
Allowance for loan losses to total loans			1.56			1.48			1.39			1.37			1.29			1.23			1.17
Allowance for loan losses to
	nonperforming loans		90.52			99.67			97.80			100.96			78.42			183.10			141.91
CAPITAL RATIOS
Average total shareholders' equity to
	average assets		8.62	%		8.31	%		8.08	%		8.02	%		7.97	%		6.85	%		6.47	%
Leverage ratio			10.84			10.58			10.37			10.24			10.24			10.20			8.75
Tier 1 capital to risk-weighted assets			12.53			12.54			12.62			12.95			12.80			12.67			11.03
Total capital to risk-weighted assets			13.80			13.80			13.87			14.21			14.06			13.92			13.89
SEGMENT LOANS
Oklahoma banking		$	889,453		$	844,047		$	846,045		$	836,850		$	855,858		$	889,322		$	877,435
Texas and Kansas banking			652,285			613,658			545,825			518,708			463,837			425,767			399,343

	Subtotal		1,541,738			1,457,705			1,391,870			1,355,558			1,319,695			1,315,089			1,276,778
Secondary market			257,689			318,477			383,164			380,346			380,970			382,191			396,820
Other operations			0			0			(53	)		(24	)		154			0			180

Total loans		$	1,799,427		$	1,776,182		$	1,774,981		$	1,735,880		$	1,700,819		$	1,697,280		$	1,673,778

SEGMENT NET INCOME
Oklahoma banking		$	3,086		$	2,706		$	2,865		$	2,339		$	2,365		$	2,511		$	1,604
Texas and Kansas banking			987			1,146			1,387			537			716			610			530

	Subtotal		4,073			3,852			4,252			2,876			3,081			3,121			2,134
Secondary market			1,304			1,673			1,630			1,377			2,063			2,572			3,416
Other operations			1,262			1,101			397			339			663			(464	)		(164	)

Total net income		$	6,639		$	6,626		$	6,279		$	4,592		$	5,807		$	5,229		$	5,386

OFFICES AND EMPLOYEES
FTE Employees			430			409			390			381			371			365			367
ATM's			302			296			297			291			292			291			292
Branches			15			13			13			13			13			13			13
Loan production offices			3			3			2			3			3			3			3
Assets per employee		$	5,018		$	5,350		$	5,502		$	5,511		$	5,680		$	5,588		$	5,435


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

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

	As of and for the three months ending

	2006									2005

	Sep. 30			Jun. 30			Mar. 31			Dec. 31			Sep. 30			Jun. 30			Mar. 31

LOAN COMPOSITION
Real estate mortgage:
Commercial	$	615,495		$	579,966		$	573,842		$	563,074		$	543,937		$	525,638		$	527,137
One-to-four family residential		94,966			97,513			91,007			93,478			93,860			96,211			91,738
Real estate construction		383,751			366,247			302,698			299,344			277,722			274,822			244,491
Commercial		421,173			389,525			401,820			374,101			381,584			392,892			394,772
Installment and consumer:
Guaranteed student loans		252,664			312,888			378,372			377,110			375,178			383,585			390,492
Other		31,378			30,043			27,242			28,773			28,538			24,132			25,148

Total loans, including held for sale		1,799,427			1,776,182			1,774,981			1,735,880			1,700,819			1,697,280			1,673,778
Less allowance for loan losses		(28,064	)		(26,341	)		(24,760	)		(23,812	)		(21,920	)		(20,841	)		(19,660	)

Total loans, net	$	1,771,363		$	1,749,841		$	1,750,221		$	1,712,068		$	1,678,899		$	1,676,439		$	1,654,118

By statement of condition category:
Loans held for sale:
Student loans	$	252,664		$	312,888		$	378,372		$	377,110		$	375,178		$	383,585		$	390,492
One-to-four family residential		2,506			2,583			1,718			3,236			3,521			4,784			3,782
Other		2,519			3,006			3,074			3,101			2,898			2,705			5,905

Total loans held for sale		257,689			318,477			383,164			383,447			381,597			391,074			400,179
Portfolio loans		1,541,738			1,457,705			1,391,817			1,352,433			1,319,222			1,306,206			1,273,599

Total loans before allowance	$	1,799,427		$	1,776,182		$	1,774,981		$	1,735,880		$	1,700,819		$	1,697,280		$	1,673,778

DEPOSIT COMPOSITION
Non-interest bearing demand	$	245,335		$	235,649		$	229,979		$	224,555		$	229,462		$	221,067		$	198,821
Interest-bearing demand		58,037			62,114			58,188			49,235			49,927			56,925			65,045
Money market accounts		358,812			383,772			389,688			402,709			410,789			385,516			365,835
Savings accounts		10,931			8,895			9,233			8,765			8,789			8,304			8,602
Time deposits of $100,000 or more		646,849			678,660			637,574			608,989			640,503			665,697			681,927
Other time deposits		420,600			395,684			374,550			363,567			345,435			328,969			308,704

Total deposits	$	1,740,564		$	1,764,774		$	1,699,212		$	1,657,820		$	1,684,905		$	1,666,478		$	1,628,934

NONPERFORMING ASSETS
Nonaccrual loans	$	23,913		$	23,135		$	23,555		$	22,099		$	23,141		$	9,955		$	12,737
90 days past due and accruing		7,090			3,293			1,763			1,486			4,812			1,427			1,117

Total nonperforming loans		31,003			26,428			25,318			23,585			27,953			11,382			13,854
Other real estate loans		1,878			2,143			7,124			7,130			9,610			9,761			11,902

Total nonperforming assets	$	32,881		$	28,571		$	32,442		$	30,715		$	37,563		$	21,143		$	25,756

ALLOWANCE ACTIVITY
Balance, beginning of period	$	26,341		$	24,760		$	23,812		$	21,920		$	20,841		$	19,660		$	18,991
Charge offs		1,630			1,844			1,808			2,665			3,277			2,220			3,858
Recoveries		347			109			80			209			214			415			218

Net charge offs		1,283			1,735			1,728			2,456			3,063			1,805			3,640
Provision for loan losses		3,006			3,316			2,676			4,348			4,142			2,986			4,309

Balance, end of period	$	28,064		$	26,341		$	24,760		$	23,812		$	21,920		$	20,841		$	19,660

REGULATORY CAPITAL DATA
Tier I capital	$	237,421		$	231,721		$	225,595		$	218,587		$	214,089		$	209,085		$	176,397
Total capital		261,521			254,894			248,014			239,759			235,037			229,745			222,289
Total risk adjusted assets		1,894,750			1,847,635			1,788,001			1,687,519			1,672,180			1,650,154			1,599,780
COMMON STOCK
Issued		14,658,042			14,658,042			14,658,042			14,658,042			14,658,042			14,658,042			12,243,042
Less treasury shares		(433,308	)		(484,774	)		(524,867	)		(636,125	)		(693,364	)		(715,056	)		(49,915	)

Outstanding shares		14,224,734			14,173,268			14,133,175			14,021,917			13,964,678			13,942,986			12,193,127

INTANGIBLE ASSET DATA
Goodwill	$	1,098		$	194		$	194		$	194		$	194		$	194		$	194
Core deposit intangible		1,659			—			—			—			—			—			—
Mortgage servicing rights		1,385			1,351			1,343			1,353			1,311			1,271			1,217
Nonmortgage servicing rights		25			48			53			54			63			67			72

Total intangible assets	$	4,167		$	1,593		$	1,590		$	1,601		$	1,568		$	1,532		$	1,483

Intangible amortization expense	$	331		$	188		$	93		$	379		$	284		$	193		$	86


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