8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 24, 2012

SOUTHWEST BANCORP, INC.

(Exact name of registrant as specified in its charter)

Oklahoma	000-23064	73-1136584
(State or other jurisdiction of incorporation)	(Commission file number)	(IRS Employer Identification No)

608 South Main Street, Stillwater, Oklahoma 74074

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (405) 372-2230

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

Item 7.01 Regulation FD Disclosure.

On January 24, 2012, Southwest Bancorp, Inc. issued a press release reporting its results of operations and its financial condition for the year and quarter ended December 31, 2011. The text of the press release is included as Exhibit 99 to this report on Form 8-K. Southwest Bancorp will include final annual financial statements in its Annual Report on Form 10-K for the year ended December 31, 2011.

Item 9.01 Financial Statements and Exhibits.

(a) Financial statements of businesses acquired. Not applicable.

(b) Pro forma financial information. Not applicable.

(c) Exhibits. Exhibit 99-Press Release dated January 24, 2011.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SOUTHWEST BANCORP, INC.
	By:	/s/ Rick Green
		Rick Green President and Chief Executive Officer

Dated: January 24, 2012

EX-99

Exhibit 99

For additional information:

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

Southwest Bancorp Inc. Reports Fourth Quarter and 2011 Results

January 24, 2012, Stillwater, Oklahoma . . . . Southwest Bancorp, Inc. (NASDAQ Global Select Market - OKSB, OKSBP), (“Southwest”), today reported a net loss available to common shareholders of ($59.3) million, or ($3.05) per diluted share for the fourth quarter of 2011, compared to net income available to common shareholders of $3.3 million, or $0.17 per diluted share for the fourth quarter of 2010. Fourth quarter results in 2011 include the pretax loss of ($101.0) million resulting from the sale of nonperforming assets and potential problem loans.

The net loss available to common shareholders for the year ended December 31, 2011 was ($72.5) million, or ($3.73) per diluted share, compared to net income available to common shareholders for the year ended December 31, 2010 of $12.8 million, or $0.71 per diluted share.

“We ended the year with successful sales of approximately $300 million of loans and other real estate.” Rick Green, President and CEO, stated. “Approximately $170 million of the total were nonperforming assets. The remaining assets sold were classified worse than “pass” in our credit risk system or were pass assets related to other assets sold. These sales immediately and substantially reduced our nonperforming assets and potential problem loans. We believe this action is a major step toward achieving our goals.”

Background

“We began 2011 with continued high levels of nonperforming and potential problem assets. In the spring of 2011, we reorganized and strengthened our credit, loan review and workout functions. During the year, we had success in resolving credits, but downgrades and new problem assets, mainly driven by real estate appraisal decreases, kept our total levels of unresolved credits unsatisfactorily high. The levels significantly affected our earnings.

“Faced with these facts, management and the Board of Directors considered our alternatives for bringing nonperforming and potential problem assets to healthier levels:

Do we take action to eliminate the pool of higher risk loans by selling a substantial amount of nonperforming and potential problem loans to immediately reduce the risk and improve our future prospects?

or

Do we continue to “work out” these loans over some unknown period and with uncertain earnings impact?”

Decision

“Southwest’s Board of Directors carefully considered the potential costs and benefits to Southwest and its shareholders, in consultation with financial and legal advisors and management. The Board also considered the substantial regulatory capital cushions which made significant near-term sales possible. Based on their analysis, the Board concluded that sale of assets in the near-term was in the best interests of Southwest’s shareholders. The sales were completed in December 2011.”

NASDAQ: OKSB

OKSBP

Southwest Bancorp Inc. Reports Fourth Quarter and 2011 Results

Result

“Although the result was a loss for 2011, we start 2012 with significantly improved credit quality and regulatory capital ratios that exceed “well capitalized” standards.

“We are looking forward to 2012. With our improved balance sheet, we will continue to focus on our commercial banking operations serving our primary markets in Oklahoma, Texas, and Kansas. We have renewed strength in our credit and lending areas and plan to stabilize loan revenue by generating new loans prudently and profitably.

“Southwest is driven to return to sustained profitability, to resume payment of dividends on trust preferred securities, preferred stock, and common stock, and to once again produce reliable and attractive returns for our shareholders.”

Key items for the quarter were as follows:

Credit Quality (noncovered assets):

• During the fourth quarter, Southwest sold nonperforming loans, potential problem loans, other related loans and other real estate with an aggregate carrying value, before transfer to assets held for sale, of $301.6 million, of which $169.1 million were nonperforming assets. Southwest recognized $88.6 million in net charge-offs as a result of the sales transactions. The loan sales caused Southwest to increase the provision for loan losses in the quarter by $74.9 million.

• Nonperforming loans were $13.5 million or 0.80% of portfolio loans as of December 31, 2011, a decrease of $119.2 million (90%) from $132.7 million at September 30, 2011. Excluding the loan sale, nonperforming loans would have decreased by $7.4 million in the fourth quarter of 2011. The allowance for loan losses to nonperforming loans was 326.47% as of December 31, 2011 compared to 48.75% as of September 30, 2011. Nonperforming assets were $33.4 million or 1.96% of portfolio loans and other real estate as of December 31, 2011, a decrease of $170.1 million (84%) from $203.5 million or 9.86% of portfolio loans and other real estate as of September 30, 2011.

• Potential problem loans were $133.0 million as of December 31, 2011, a decrease of $143.7 million (52%) from $276.7 million as of September 30, 2011. Excluding the loan sale, potential problem loans would have decreased by $13.2 million in the fourth quarter of 2011.

• The allowance for loan losses to portfolio loans was 2.62% as of December 31, 2011 compared to 3.25% as of September 30, 2011. The decrease was primarily due to the loan sale and the related reduction in nonperforming and potential problem loans discussed above.

• The provision for loan losses was $77.8 million for the fourth quarter of 2011, while net charge-offs were $98.3 million. For the third quarter of 2011, the provision for loan losses and net charge-offs were $24.6 million and $14.5 million, respectively. Excluding the loan sale impact, the provision for loan losses and net charge-offs for the fourth quarter of 2011 would have been approximately $6.2 million and $9.7 million, respectively.

Capital Position and Liquidity:

• As of December 31, 2011, Southwest and each of its banking subsidiaries met the criteria for regulatory classification as “well-capitalized”. Southwest’s total regulatory capital was $398.9 million, for a total risk-based capital ratio of 20.78%, and Tier 1 capital was $374.6 million, for a Tier 1 risk-based capital ratio of 19.51%. Southwest’s capital exceeded the minimum to be classified as “well-capitalized” by $206.9 million. Stillwater National Bank, Southwest’s principal banking subsidiary, had total regulatory capital of $323.4 million, for a total risk-based capital ratio of 18.83%, and Tier 1 capital of $286.7 million, for a Tier 1 risk-based capital ratio of 16.69%. Stillwater National Bank exceeded the minimum to be classified as “well-capitalized” by $108.8 million. Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by Federal bank regulators. Stillwater National Bank’s leverage and total risk-based capital ratios also exceeded the individual minimum ratios agreed to with the Comptroller of the Currency of 8.50% and 12.50%.

• In July 2011, Southwest determined to defer future payments of interest on its debentures and dividends on related trust preferred securities and to defer payments of dividends on its Series B Preferred Securities issued under the U.S. Treasury Department’s Capital Purchase Program. The terms of the debentures and trust preferred securities allow Southwest to increase or decrease the deferral period without default or penalty.

• As of December 31, 2011, the holding company has $29.0 million in available cash.

NASDAQ: OKSB

OKSBP

Southwest Bancorp Inc. Reports Fourth Quarter and 2011 Results

Financial Overview

Condition: Total assets were $2.4 billion and total loans were $1.8 billion at December 31, 2011, a decrease of 16% and 27%, respectively, from December 31, 2010.

At December 31, 2011 the allowance for loan losses was $44.7 million, a decrease of 32% from December 31, 2010.

Total core funding, which includes all non-brokered time deposits and sweep repurchase agreements, comprised 94% of total funding, compared to 86% at December 31, 2010. Wholesale funding, including FHLB borrowings, federal funds purchased, and brokered deposits, accounted for 6% of total funding at December 31, 2011, compared to 14% at December 31, 2010. Please see Table 7 for details on these non-GAAP financial measures.

Year-to-date Results:

Summary: The net loss available to common shareholders was ($72.5) million as of December 31, 2011, compared to net income available to common shareholders of $12.8 million as of December 31, 2010. The $85.3 million decrease in our net income available to common shareholders from 2010 is the result of a $96.5 million increase in the provision for loan losses, a $26.6 million increase in noninterest expense, an $11.0 million decrease in net interest income, and a $4.5 million decrease in noninterest income, offset in part by a $53.4 million decrease in income tax expense.

On June 28, 2011, Southwest entered into a settlement agreement with the Oklahoma State Tax Commission (the “Commission”) with respect to certain claims by the Commission. Southwest had previously recorded reserves against these claims. As a result of the settlement agreement, Southwest paid the sum of $4.8 million to the Commission and recorded a gain of $2.6 million, net of tax effect, upon reversal of excess reserves.

The year-to-date calculated effective tax rate is 39.00% and results in a tax benefit.

Net Interest Income: Net interest income totaled $96.3 million for 2011, compared to $107.3 million for 2010, a decrease of $11.0 million, or 10%. Year-to-date net interest margin was 3.74%, compared to 3.67% for 2010. Included in 2011 year-to-date net interest income was a net reduction of $1.6 million resulting from interest reversals on nonaccrual loans, which includes reversals relating to the nonaccrual loans sold in the fourth quarter, offset by the year-to-date adjustments of the discount accretion on loans and the loss share receivable. 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 loss share receivable, offset in part by interest reversals on nonaccrual loans. The net effects of these adjustments on net interest margin were a 6 basis point decrease and a 3 basis point increase, respectively.

Provision for Loan Losses and Net Charge Offs: The provision for loan losses totaled $132.1 million for 2011, compared to $35.6 million for 2010. Net charge-offs totaled $152.6 million, or 7.01% (annualized) of average portfolio loans year-to-date as of December 31, 2011, compared to $32.7 million, or 1.29% (annualized) of average portfolio loans as of December 31, 2010. Excluding the fourth quarter loan sales impact, the provision for loan losses and net charge-offs would have been approximately $60.0 million and $64.1 million, respectively.

Noninterest Income: Noninterest income totaled $14.0 million for 2011, compared to $18.6 million for 2010. The decrease in noninterest income was primarily the result of a $2.7 million decline in gain on investment securities, a $1.1 million decline in gain on sale of loans, mainly from declined student loan sales, a $0.5 million decline in other noninterest income, and a $0.3 million decline in service charges and fees.

Noninterest Expense: Noninterest expense totaled $90.2 million for 2011, compared to $63.6 million for 2010. The increase consists of a $28.6 million increase in other real estate expense, which includes the fair value adjustment for the assets sold in the fourth quarter, and a $0.3 million increase in general and administrative expense, offset in part by a $1.9 million decrease in FDIC and other insurance expense and a $0.4 million decrease in occupancy expense.

NASDAQ: OKSB

OKSBP

Southwest Bancorp Inc. Reports Fourth Quarter and 2011 Results

Fourth Quarter Results:

Summary: For the fourth quarter of 2011, Southwest incurred a net loss available to common shareholders of ($59.3) million, compared to net income available to common shareholders of $3.3 million in the fourth quarter of 2010 and a net loss available to common shareholders of ($10.6) million in the third quarter of 2011. The decrease from the fourth quarter of 2010 was the result of a $71.0 million increase in the provision for loan losses, a $25.1 million increase in noninterest expense, a $5.1 million decrease in net interest income, and a $0.5 million decrease in noninterest income, offset in part by a $39.1 million decrease in income taxes. The decrease from the third quarter of 2011 was the result of a $53.7 million increase in the provision for loan losses, a $24.2 million increase in noninterest expense, and a $2.1 million decrease in net interest income, offset in part by a $31.3 million decrease in income taxes.

For the fourth quarter of 2011, the calculated effective tax rate is 38.49% and results in a tax benefit.

Net Interest Income: Net interest income totaled $21.9 million for the fourth quarter of 2011, compared to $27.0 million for the fourth quarter of 2010, a decrease of $5.1 million, or 19%, and $24.0 million for the third quarter of 2011, a decrease of $2.1 million, or 9%. Net interest margin was 3.62% for the fourth quarter of 2011, compared to 3.82% for the fourth quarter of 2010 and 3.77% for the third quarter of 2011. Included in the fourth quarter of 2011 net interest margin was a net reduction of $1.2 million, resulting from interest reversals on nonaccrual loans, primarily from the fourth quarter loan sale, offset by the quarterly adjustments of the discount accretion on loans and the loss share receivable. Included in the fourth quarter of 2010 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 of 2011 was a net reduction of $0.3 million resulting from interest reversals on nonaccrual loans offset by the quarterly adjustments of the discount accretion on loans and the loss share receivable. The net effects of these adjustments on the net interest margins were a 19 basis point decrease, a 7 basis point increase, and a 5 basis point decrease for each quarter, respectively.

Provision for Loan Losses and Net Charge-Offs: The provision for loan losses totaled $78.3 million for the fourth quarter of 2011, compared to $7.3 million for the fourth quarter of 2010 and $24.6 million for the third quarter of 2011. Net charge-offs totaled $98.3 million, or 19.78% (annualized) of average portfolio loans for the fourth quarter of 2011, compared to $14.5 million, or 2.35% (annualized) of average portfolio loans for the fourth quarter of 2010 and $14.5 million, or 2.70% (annualized) of average portfolio loans for the third quarter of 2011. Excluding the fourth quarter loan sales impact, the provision for loan losses and net charge-offs would have been approximately $6.2 million and $9.7 million, respectively.

Noninterest Income: Noninterest income totaled $3.6 million for the fourth quarter of 2011, compared to $4.1 million for the fourth quarter of 2010 and $3.6 million for the third quarter of 2011. The decrease in noninterest income from the fourth quarter of 2010 was primarily the result of a $0.3 million decrease in service charges and fees.

Noninterest Expense: Noninterest expense totaled $41.9 million for the fourth quarter of 2011, compared to $16.8 million for the fourth quarter of 2010 and $17.7 million for the third quarter of 2011. The increase from fourth quarter 2010 consisted of a $25.1 million increase in other real estate expense, which includes the loss on assets sold during the quarter of $23.6 million, and a $0.4 million increase in general and administrative expense, offset in part by a $0.5 million decrease in FDIC and other insurance expense. The increase from third quarter 2011 consisted of a $24.9 million increase in other real estate expense, offset in part by a $0.6 million decrease in general and administrative 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, 2011 we had total assets of $2.4 billion, deposits of $1.9 billion, and shareholders’ equity of $307.2 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

NASDAQ: OKSB

OKSBP

Southwest Bancorp Inc. Reports Fourth Quarter and 2011 Results

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, 2011, approximately $614.7 million, or 36%, of our noncovered loans were loans to individuals and businesses in the healthcare industry. We conduct regular market reviews of our current and potential healthcare lending and the appropriate concentrations within healthcare based upon economic and regulatory conditions.

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 residential lending has never been a part of our business strategy, and our exposure to subprime mortgage loans and subprime lenders is minimal. One-to-four family mortgages account for less than 5% of total noncovered loans. As of December 31, 2011 approximately $1.3 billion, or 73%, of our noncovered loans were commercial real estate mortgage and construction loans, including $381.1 million of loans to individuals and businesses in the healthcare industry.

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.

Caution About Forward-Looking Statements

We make forward-looking statements in this news release that are subject to risks and uncertainties. We intend these statements to be covered by the safe harbor provision for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

These forward-looking statements include:

• Statements of Southwest’s goals, intentions, and expectations;

• Estimates of risks and of future costs and benefits;

• Expectations regarding our future financial performance and the financial performance of our operating segments;

• Expectations regarding our ability to utilize tax loss benefits;

• Assessments of loan quality, probable loan losses, and the amount and timing of loan payoffs;

• Estimates of the value of assets held for sale or available for sale; and

• Statements of our 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, regulations, and accounting principles; changes in regulatory standards and examination policies, and a variety of other matters. These other matters include, among other things, the direct and indirect effects of economic conditions on interest rates, credit quality, loan demand, liquidity, and monetary and supervisory policies of banking regulators. 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. For other factors, risks, and uncertainties that could cause actual results to differ materially from estimates and projections contained in forward-looking statements, please read the “Risk Factors” contained in Southwest’s reports to the Securities and Exchange Commission.

The cautionary statements in this release also identify important factors and possible events that involve risk and uncertainties that could cause our actual results to differ materially from those contained in the forward-looking statements. These forward-looking statements speak only as of the date on which the statements were made. We do not intend, and undertake no obligation, to update or revise any forward-looking statements contained in this release, whether as a result of differences in actual results, changes in assumptions, or changes in other factors affecting such statements, except as required by law.

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, 2011 through the date its financial statements are filed with the Securities and Exchange Commission. The December 31, 2011 financial statements included in this release 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 Fourth Quarter and 2011 Results

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 Loan Data	Table 6
Unaudited Quarterly Summary Financial Data	Table 7
Unaudited Quarterly Supplemental Analytical Data	Table 8

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

	Fourth Quarter									Third Quarter
QUARTERLY HIGHLIGHTS	2011			2010			% Change			2011			% Change
Operations
Net interest income	$	21,901		$	26,970			(19	)%	$	24,025			(9	)%
Provision for loan losses		78,285			7,265			978			24,626			218
Noninterest income		3,576			4,089			(13	)		3,589			—
Noninterest expense		41,903			16,811			149			17,693			137
Income (loss) before taxes		(94,711	)		6,983			(1,456	)		(14,705	)		544
Taxes on income		(36,450	)		2,675			(1,463	)		(5,180	)		604
Net income (loss)		(58,261	)		4,308			(1,452	)		(9,525	)		512
Net income (loss) available to common shareholders		(59,340	)		3,257			(1,922	)		(10,589	)		460
Diluted earnings per share		(3.05	)		0.17			(1,894	)		(0.54	)		465
Balance Sheet
Total assets		2,382,873			2,820,541			(16	)		2,572,492			(7	)
Loans held for sale		38,695			35,194			10			39,902			(3	)
Noncovered portfolio loans		1,687,178			2,331,293			(28	)		1,933,694			(13	)
Covered portfolio loans		37,615			53,628			(30	)		41,209			(9	)
Total deposits		1,921,382			2,252,728			(15	)		2,022,253			(5	)
Total shareholders’ equity		307,186			377,812			(19	)		367,024			(16	)
Book value per common share		12.28			15.97			(23	)		15.37			(20	)
Key Ratios
Net interest margin		3.62	%		3.82	%					3.77	%
Efficiency ratio		164.47			54.13						64.07
Total capital to risk-weighted assets		20.78			19.06						20.81
Nonperforming loans to portfolio loans - noncovered		0.80			4.59						6.66
Shareholders’ equity to total assets		12.89			13.40						14.27
Tangible common equity to tangible assets*		9.76			10.78						11.38
Return on average assets (annualized)		(8.96	)		0.59						(1.43	)
Return on average common equity (annualized)		(79.48	)		4.11						(13.42	)
Return on average tangible common equity (annualized)**		(81.35	)		4.21						(13.72	)
YEAR-TO-DATE HIGHLIGHTS	Twelve Months
	2011			2010			% Change
Operations
Net interest income	$	96,332		$	107,331			(10	)%
Provision for loan losses		132,101			35,560			271
Noninterest income		14,018			18,564			(24	)
Noninterest expense		90,201			63,633			42
Income (loss) before taxes		(111,952	)		26,702			(519	)
Taxes on income		(43,657	)		9,738			(548	)
Net income (loss)		(68,295	)		16,964			(503	)
Net income (loss) available to common shareholders		(72,548	)		12,777			(668	)
Diluted earnings per share		(3.73	)		0.71			(625	)
Balance Sheet
Total assets		2,382,873			2,820,541			(16	)
Loans held for sale		38,695			35,194			10
Noncovered portfolio loans		1,687,178			2,331,293			(28	)
Covered portfolio loans		37,615			53,628			(30	)
Total deposits		1,921,382			2,252,728			(15	)
Total shareholders’ equity		307,186			377,812			(19	)
Book value per common share		12.28			15.97			(23	)
Key Ratios
Net interest margin		3.74	%		3.67	%
Efficiency ratio (GAAP-based)		81.74			50.54
Total capital to risk-weighted assets		20.78			19.06
Nonperforming loans to portfolio loans - noncovered		0.80			4.59
Shareholders’ equity to total assets		12.89			13.40
Tangible common equity to tangible assets*		9.76			10.78
Return on average assets		(2.53	)		0.57
Return on average common equity		(23.40	)		4.37
Return on average tangible common equity**		(23.93	)		4.48

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

* This is a Non-GAAP financial measure. Please see Table 8 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, 2011			December 31, 2010
Assets
Cash and due from banks	$	30,247		$	26,478
Interest-bearing deposits		199,642			41,018
Cash and cash equivalents		229,889			67,496
Securities held to maturity (fair values of $15,885, $14,029, respectively)		15,252			14,304
Securities available for sale (amortized cost of $253,869, $246,649, respectively)		260,100			248,221
Loans held for sale		38,695			35,194
Noncovered loans receivable		1,687,178			2,331,293
Less: Allowance for loan losses		(44,233	)		(65,229	)
Net noncovered loans receivable		1,642,945			2,266,064
Covered loans receivable (includes loss share of $10,073, $14,370, respectively)		37,615			53,628
Less: Allowance for loan losses		(451	)		—
Net covered loans receivable		37,164			53,628
Net loans receivable		1,680,109			2,319,692
Accrued interest receivable		7,176			8,590
Income tax receivable		28,666			—
Premises and equipment, net		22,700			23,772
Noncovered other real estate		19,844			37,722
Covered other real estate		4,529			4,187
Goodwill		6,811			6,811
Other intangible assets, net		4,857			5,371
Other assets		64,245			49,181
Total assets	$	2,382,873		$	2,820,541
Liabilities
Deposits:
Noninterest-bearing demand	$	400,985		$	377,182
Interest-bearing demand		105,905			92,584
Money market accounts		423,181			495,253
Savings accounts		33,406			26,665
Time deposits of $100,000 or more		487,907			694,565
Other time deposits		469,998			566,479
Total deposits		1,921,382			2,252,728
Accrued interest payable		3,689			1,577
Income tax payable		—			2,878
Other liabilities		12,174			8,981
Other borrowings		56,479			94,602
Subordinated debentures		81,963			81,963
Total liabilities		2,075,687			2,442,729
Shareholders’ equity
Serial preferred stock; 2,000,000 shares authorized; 70,000 shares issued and outstanding		68,455			67,724
Common stock - $1 par value; 40,000,000 shares authorized; 19,444,213, 19,421,900, shares issued and outstanding, respectively		19,444			19,422
Additional paid-in capital		98,932			98,894
Retained earnings		118,244			190,793
Accumulated other comprehensive income		2,111			979
Total shareholders’ equity		307,186			377,812
Total liabilities and shareholders’ equity	$	2,382,873		$	2,820,541

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

	For the three months ended December 31,					For the twelve months ended December 31,
	2011			2010		2011			2010
Interest income
Loans	$	25,333		$	32,831	$	113,223		$	133,918
Investment securities		1,584			1,724		6,973			8,148
Other interest-earning assets		148			131		549			741
Total interest income		27,065			34,686		120,745			142,807
Interest expense
Interest-bearing deposits		3,318			5,920		16,793			28,267
Other borrowings		339			514		1,799			2,079
Subordinated debentures		1,507			1,282		5,821			5,130
Total interest expense		5,164			7,716		24,413			35,476
Net interest income		21,901			26,970		96,332			107,331
Provision for loan losses		78,285			7,265		132,101			35,560
Net interest income (loss) after provision for loan losses		(56,384	)		19,705		(35,769	)		71,771
Noninterest income
Service charges and fees		2,849			3,144		12,075			12,404
Gain on sales of loans		637			682		1,658			2,736
Gain on investment securities		—			15		—			2,661
Other noninterest income		90			248		285			763
Total noninterest income		3,576			4,089		14,018			18,564
Noninterest expense
Salaries and employee benefits		7,657			7,516		29,880			29,916
Occupancy		2,614			2,717		10,815			11,171
FDIC and other insurance		858			1,333		3,862			5,788
Other real estate, net		26,369			1,255		30,852			2,218
General and administrative		4,405			3,990		14,792			14,540
Total noninterest expense		41,903			16,811		90,201			63,633
Income (loss) before taxes		(94,711	)		6,983		(111,952	)		26,702
Taxes on income		(36,450	)		2,675		(43,657	)		9,738
Net income (loss)	$	(58,261	)	$	4,308	$	(68,295	)	$	16,964
Net income (loss) available to common shareholders	$	(59,340	)	$	3,257	$	(72,548	)	$	12,777
Basic earnings per common share	$	(3.05	)	$	0.17	$	(3.73	)	$	0.71
Diluted earnings per common share		(3.05	)		0.17		(3.73	)		0.71
Common dividends declared per share		—			—		—			—

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

	For the three months ended December 31,
	2011								2010
	Average Balance			Interest		Average Yield/Rate			Average Balance			Interest		Average Yield/Rate
Assets
Noncovered loans	$	1,973,320		$	24,473		4.92	%	$	2,417,584		$	31,933		5.24	%
Covered loans		39,010			860		8.75			58,755			898		6.06
Investment securities		264,011			1,584		2.38			253,664			1,724		2.70
Other interest-earning assets		123,532			148		0.48			71,638			131		0.73
Total interest-earning assets		2,399,873			27,065		4.47			2,801,641			34,686		4.91
Other assets		178,904								81,735
Total assets	$	2,578,777							$	2,883,376
Liabilities and Shareholders’ Equity
Interest-bearing demand deposits	$	98,167		$	53		0.21	%	$	85,967		$	85		0.39	%
Money market accounts		471,059			388		0.33			508,110			885		0.69
Savings accounts		32,032			12		0.15			25,885			17		0.26
Time deposits		994,519			2,865		1.14			1,316,536			4,933		1.49
Total interest-bearing deposits		1,595,777			3,318		0.82			1,936,498			5,920		1.21
Other borrowings		70,952			339		1.90			96,267			514		2.12
Subordinated debentures		81,963			1,507		7.35			81,963			1,282		6.26
Total interest-bearing liabilities		1,748,692			5,164		1.17			2,114,728			7,716		1.45
Noninterest-bearing demand deposits		400,435								367,761
Other liabilities		65,093								19,252
Shareholders’ equity		364,557								381,635
Total liabilities and shareholders’ equity	$	2,578,777							$	2,883,376
Net interest income and spread				$	21,901		3.30	%				$	26,970		3.46	%
Net interest margin (1)							3.62	%							3.82	%
Average interest-earning assets to average interest-bearing liabilities		137.24	%							132.48	%

(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,
	2011								2010
	Average Balance			Interest		Average Yield/Rate			Average Balance			Interest		Average Yield/Rate
Assets
Noncovered loans	$	2,168,458		$	109,839		5.07	%	$	2,504,684		$	129,314		5.16	%
Covered loans		45,449			3,384		7.45			68,758			4,604		6.70
Investment securities		264,006			6,973		2.64			245,411			8,148		3.32
Other interest-earning assets		96,753			549		0.57			103,792			741		0.71
Total interest-earning assets		2,574,666			120,745		4.69			2,922,645			142,807		4.89
Other assets		121,416								76,099
Total assets	$	2,696,082							$	2,998,744
Liabilities and Shareholders’ Equity
Interest-bearing demand deposits	$	108,808		$	382		0.35	%	$	98,589		$	468		0.47	%
Money market accounts		483,373			2,154		0.45			508,583			3,911		0.77
Savings accounts		29,862			49		0.16			25,609			64		0.25
Time deposits		1,117,483			14,208		1.27			1,479,287			23,824		1.61
Total interest-bearing deposits		1,739,526			16,793		0.97			2,112,068			28,267		1.34
Other borrowings		84,738			1,799		2.12			96,141			2,079		2.16
Subordinated debentures		81,963			5,821		7.10			81,963			5,130		6.26
Total interest-bearing liabilities		1,906,227			24,413		1.28			2,290,172			35,476		1.55
Noninterest-bearing demand deposits		377,780								330,998
Other liabilities		33,991								18,039
Shareholders’ equity		378,084								359,535
Total liabilities and shareholders’ equity	$	2,696,082							$	2,998,744
Net interest income and spread				$	96,332		3.41	%				$	107,331		3.34	%
Net interest margin (1)							3.74	%							3.67	%
Average interest-earning assets to average interest-bearing liabilities		135.07	%							127.62	%

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

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

	2011												2010
	Dec. 31			Sep. 30			Jun. 30			Mar. 31			Dec. 31			Sep. 30			Jun. 30			Mar. 31
LOAN COMPOSITION
Noncovered:
Real estate mortgage:
Commercial	$	1,028,561		$	1,169,010		$	1,262,753		$	1,302,164		$	1,310,464		$	1,271,278		$	1,251,709		$	1,230,009
One-to-four family residential		80,375			85,272			87,407			87,286			89,800			109,980			106,814			111,185
Real estate construction
Commercial		227,098			348,053			372,576			403,635			441,265			527,773			589,590			630,472
One-to-four family residential		4,987			25,527			26,400			26,758			27,429			30,527			35,129			34,996
Commercial		346,266			367,241			404,229			416,392			452,626			463,132			471,004			487,074
Installment and consumer:
Guaranteed student loans		5,396			5,547			5,600			5,700			5,843			5,960			7,389			10,199
Other		33,190			32,946			34,335			36,493			39,060			39,014			39,328			38,048
Total noncovered loans, including held for sale		1,725,873			2,033,596			2,193,300			2,278,428			2,366,487			2,447,664			2,500,963			2,541,983
Less allowance for loan losses		(44,233	)		(64,698	)		(54,575	)		(61,285	)		(65,229	)		(72,418	)		(67,055	)		(65,168	)
Total noncovered loans, net	$	1,681,640		$	1,968,898		$	2,138,725		$	2,217,143		$	2,301,258		$	2,375,246		$	2,433,908		$	2,476,815
Covered:
Real estate mortgage:
Commercial	$	23,686		$	23,201		$	26,976		$	28,929		$	30,997		$	33,428		$	36,107		$	37,487
One-to-four family residential		7,072			7,378			8,113			8,192			9,122			10,071			10,277			10,843
Real estate construction
Commercial		3,746			5,987			6,001			6,144			6,840			7,464			8,190			11,173
One-to-four family residential		—			—			172			281			439			1,823			3,853			5,273
Commercial		2,841			4,286			4,461			5,021			5,554			6,816			8,487			10,807
Installment and consumer:		270			357			430			550			676			956			1,092			1,326
Total covered loans		37,615			41,209			46,153			49,117			53,628			60,558			68,006			76,909
Less allowance for loan losses		(451	)		—			—			—			—			—			—			—
Total covered loans, net	$	37,164		$	41,209		$	46,153		$	49,117		$	53,628		$	60,558		$	68,006		$	76,909
LOANS BY SEGMENT
Oklahoma banking	$	688,592		$	770,306		$	834,189		$	838,006		$	871,393		$	890,598		$	914,004		$	926,870
Texas banking		665,010			845,485			911,134			953,123			982,845			1,024,863			1,041,228			1,063,511
Kansas banking		238,468			252,302			260,431			272,685			289,642			309,240			329,157			342,596
Out of market		132,723			166,810			196,495			226,383			241,041			248,653			258,965			260,329
Subtotal		1,724,793			2,034,903			2,202,249			2,290,197			2,384,921			2,473,354			2,543,354			2,593,306
Secondary market		38,695			39,902			37,204			37,348			35,194			34,868			25,615			25,586
Total loans	$	1,763,488		$	2,074,805		$	2,239,453		$	2,327,545		$	2,420,115		$	2,508,222		$	2,568,969		$	2,618,892
NONPERFORMING LOANS BY TYPE
Construction & development	$	3,877		$	68,554		$	73,487		$	68,183		$	67,571		$	88,590		$	75,079		$	54,648
Commercial real estate		4,667			56,234			60,857			47,986			30,510			34,448			25,413			28,520
Commercial		3,374			6,080			15,224			16,633			6,977			6,180			2,614			4,100
One-to-four family residential		1,491			1,706			1,457			2,634			1,984			6,401			8,843			10,552
Consumer		140			152			153			27			41			42			255			42
Total nonperforming loans - noncovered	$	13,549		$	132,726		$	151,178		$	135,463		$	107,083		$	135,661		$	112,204		$	97,862
NONPERFORMING LOANS BY SEGMENT
Oklahoma banking	$	3,699		$	14,932		$	18,870		$	13,443		$	9,726		$	9,937		$	6,041		$	7,638
Texas banking		83			95,191			91,449			87,122			55,431			74,581			48,873			41,303
Kansas banking		9,070			7,976			9,725			7,924			6,923			14,126			18,593			15,603
Out of market		697			14,627			31,134			26,974			35,003			37,017			38,697			33,318
Total nonperforming loans - noncovered	$	13,549		$	132,726		$	151,178		$	135,463		$	107,083		$	135,661		$	112,204		$	97,862
OTHER REAL ESTATE BY TYPE
Construction & development	$	3,542		$	38,927		$	12,588		$	6,304		$	5,579		$	9,349		$	1,625		$	1,441
Commercial real estate		15,464			24,364			16,300			23,890			20,750			19,053			19,444			12,320
One-to-four family residential		838			7,494			10,068			10,873			11,393			7,321			6,565			5,048
Total other real estate - noncovered	$	19,844		$	70,785		$	38,956		$	41,067		$	37,722		$	35,723		$	27,634		$	18,809
OTHER REAL ESTATE BY SEGMENT
Oklahoma banking	$	6,178		$	8,709		$	2,613		$	4,616		$	4,814		$	4,108		$	3,547		$	3,665
Texas banking		9,846			35,270			17,398			18,652			15,810			14,651			10,352			4,376
Kansas banking		3,210			12,390			14,539			12,848			13,182			12,218			8,989			9,198
Out of market		610			14,416			4,406			4,951			3,916			4,746			4,746			1,570
Total other real estate - noncovered	$	19,844		$	70,785		$	38,956		$	41,067		$	37,722		$	35,723		$	27,634		$	18,809
POTENTIAL PROBLEM LOANS BY TYPE
Construction & development	$	43,607		$	75,867		$	111,032		$	111,204		$	94,765		$	111,401		$	101,455		$	132,546
Commercial real estate		55,873			162,692			140,079			85,833			101,629			97,694			107,538			111,989
Commercial		32,477			37,027			38,850			19,940			36,142			27,119			32,843			30,582
One-to-four family residential		1,082			1,108			1,210			429			589			608			354			764
Consumer		—			—			—			—			15			22			27			31
Total potential problem loans - noncovered	$	133,039		$	276,694		$	291,171		$	217,406		$	233,140		$	236,844		$	242,217		$	275,912
POTENTIAL PROBLEM LOANS BY SEGMENT
Oklahoma banking	$	27,481		$	54,310		$	42,565		$	30,678		$	36,170		$	58,230		$	47,686		$	47,147
Texas banking		83,035			163,973			183,486			114,506			144,357			116,049			145,684			168,717
Kansas banking		836			14,530			11,289			19,472			20,232			19,737			1,754			5,175
Out of market		21,687			43,881			53,831			52,750			32,381			42,828			47,093			54,873
Total potential problem loans - noncovered	$	133,039		$	276,694		$	291,171		$	217,406		$	233,140		$	236,844		$	242,217		$	275,912

Continued

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

	2011								2010
	Dec. 31		Sep. 30		Jun. 30		Mar. 31		Dec. 31		Sep. 30		Jun. 30		Mar. 31
OUT OF MARKET LOANS
Net balance out of market loans:
Iowa	$	26,494	$	26,626	$	26,695	$	26,759	$	26,836	$	28,953	$	25,035	$	25,108
Arizona		26,372		35,978		49,977		57,657		65,615		68,887		65,770		66,428
New Mexico		15,215		21,019		21,092		28,226		28,710		29,188		29,514		29,732
Ohio		12,741		9,367		9,568		9,963		10,420		10,666		10,786		10,293
California		10,530		10,737		9,814		9,984		9,906		10,169		10,554		10,560
Tennessee		6,427		6,484		6,550		6,606		6,784		6,837		6,898		6,967
Florida		6,421		6,374		10,582		7,600		7,627		7,622		7,531		7,635
Louisiana		5,336		5,644		5,963		8,018		8,651		9,223		9,788		10,354
Arkansas		5,192		3,848		2,549		1,502		3,162		3,283		9,218		9,409
Colorado		5,162		23,234		24,187		28,422		28,619		30,160		31,509		32,793
Other (16 states included)		12,833		17,499		29,518		41,646		44,711		43,665		52,362		51,050
Total out of market loans	$	132,723	$	166,810	$	196,495	$	226,383	$	241,041	$	248,653	$	258,965	$	260,329
Nonperforming out of market loans:
Florida	$	299	$	305	$	1,479	$	1,479	$	1,479	$	1,479	$	1,486	$	1,486
Arizona		267		8,441		16,745		10,316		17,061		19,145		19,576		11,834
Colorado		131		746		4,909		880		1,235		1,239		1,255		521
New Mexico		—		5,135		5,135		11,827		11,827		11,827		11,827		11,827
Tennessee		—		—		—		—		30		32		33		35
Alabama		—		—		157		172		192		192		195		195
Other		—		—		2,709		2,300		3,179		3,103		4,325		7,420
Total nonperforming out of market loans	$	697	$	14,627	$	31,134	$	26,974	$	35,003	$	37,017	$	38,697	$	33,318
Potential problem out of market loans:
New Mexico	$	11,542	$	11,589	$	11,635	$	—	$	—	$	—	$	—	$	—
Arizona		9,463		10,287		14,865		25,242		14,986		15,608		10,648		18,428
California		578		593		9,423		9,575		—		9,825		9,950		9,950
Florida		104		108		116		—		—		—		—		—
Iowa		—		—		—		—		—		—		9,100		9,100
Colorado		—		17,034		13,500		17,933		17,395		17,395		17,395		17,395
Alabama		—		4,270		4,292		—		—		—		—		—
Total potential problem out of market loans	$	21,687	$	43,881	$	53,831	$	52,750	$	32,381	$	42,828	$	47,093	$	54,873
ALLOWANCE ACTIVITY, Noncovered
Balance, beginning of period	$	64,698	$	54,575	$	61,285	$	65,229	$	72,418	$	67,055	$	65,168	$	62,413
Charge offs		99,604		16,067		27,562		13,392		14,720		7,006		6,168		6,545
Recoveries		1,305		1,564		712		398		266		381		279		769
Net charge offs		98,299		14,503		26,850		12,994		14,454		6,625		5,889		5,776
Provision for loan losses		77,834		24,626		20,140		9,050		7,265		11,988		7,776		8,531
Balance, end of period	$	44,233	$	64,698	$	54,575	$	61,285	$	65,229	$	72,418	$	67,055	$	65,168
NET CHARGE OFFS BY TYPE
Construction & development	$	41,513	$	7,177	$	10,847	$	1,012	$	11,613	$	1,641	$	4,126	$	2,920
Commercial real estate		50,070		5,702		7,593		7,290		1,351		1,582		515		919
Commercial		6,434		1,469		7,999		4,337		1,214		1,318		1,081		1,148
One-to-four family residential		1		55		165		58		149		1,589		119		558
Consumer		281		100		246		297		127		495		48		231
Total net charge offs by type	$	98,299	$	14,503	$	26,850	$	12,994	$	14,454	$	6,625	$	5,889	$	5,776
NET CHARGE OFFS BY SEGMENT
Oklahoma banking	$	13,210	$	1,058	$	1,442	$	1,593	$	1,616	$	1,960	$	371	$	1,815
Texas banking		64,370		7,386		9,163		4,502		10,485		2,219		4,726		3,734
Kansas banking		8,872		361		1,791		372		64		823		482		1,077
Out of market		11,847		5,698		14,454		6,527		2,289		1,623		310		(850	)
Total net charge offs by segment	$	98,299	$	14,503	$	26,850	$	12,994	$	14,454	$	6,625	$	5,889	$	5,776

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

		$2,218,571			$2,218,571			$2,218,571			$2,218,571			$2,218,571			$2,218,571			$2,218,571			$2,218,571
	2011												2010
	Dec. 31			Sep. 30			Jun. 30			Mar. 31			Dec. 31			Sep. 30			Jun. 30			Mar. 31
NET INCOME (LOSS) BY SEGMENT
Oklahoma banking	$	(5,586	)	$	7		$	5,290		$	3,435		$	4,205		$	3,399		$	4,387		$	2,857
Texas banking		(35,435	)		(6,455	)		1,575			1,079			4,001			(1,801	)		757			1,685
Kansas banking		(7,533	)		(612	)		971			131			293			(306	)		940			(322	)
Out of market		(7,857	)		(1,947	)		(9,039	)		(924	)		(3,674	)		494			(477	)		1,750
Subtotal		(56,411	)		(9,007	)		(1,203	)		3,721			4,825			1,786			5,607			5,970
Secondary market		144			90			127			(13	)		444			173			83			310
Other operations		(1,994	)		(608	)		(1,894	)		(1,247	)		(961	)		1,914			(1,279	)		(1,908	)
Net income (loss)	$	(58,261	)	$	(9,525	)	$	(2,970	)	$	2,461		$	4,308		$	3,873		$	4,411		$	4,372
PER SHARE DATA
Basic earnings per common share	$	(3.05	)	$	(0.54	)	$	(0.21	)	$	0.07		$	0.17		$	0.15		$	0.19		$	0.23
Diluted earnings per common share		(3.05	)		(0.54	)		(0.21	)		0.07			0.17			0.15			0.19			0.23
Book value per common share		12.28			15.37			15.89			16.02			15.97			15.93			15.88			16.79
Tangible book value per share*		11.93			15.02			15.54			15.67			15.62			15.58			15.53			16.33
COMMON STOCK
Shares issued and outstanding		19,444,213			19,441,577			19,439,167			19,438,290			19,421,900			19,395,675			19,388,797			14,779,711
OTHER FINANCIAL DATA
Investment securities	$	275,352		$	269,599		$	268,153		$	258,436		$	262,525		$	240,844		$	247,108		$	241,693
Loans held for sale		38,695			39,902			37,204			37,348			35,194			34,868			25,615			25,586
Noncovered portfolio loans		1,687,178			1,993,694			2,156,096			2,241,080			2,331,293			2,412,796			2,475,348			2,516,397
Total noncovered loans		1,725,873			2,033,596			2,193,300			2,278,428			2,366,487			2,447,664			2,500,963			2,541,983
Covered portfolio loans		37,615			41,209			46,153			49,117			53,628			60,558			68,006			76,909
Total assets		2,382,873			2,572,492			2,660,495			2,779,028			2,820,541			2,905,275			3,010,835			3,074,923
Total deposits		1,921,382			2,022,253			2,094,236			2,218,571			2,252,728			2,345,648			2,444,939			2,554,165
Other borrowings		56,479			86,583			96,682			85,332			94,602			82,506			93,036			103,620
Subordinated debentures		81,963			81,963			81,963			81,963			81,963			81,963			81,963			81,963
Total shareholders’ equity		307,186			367,024			376,930			379,350			377,812			376,576			375,319			315,341
Mortgage servicing portfolio		295,492			285,886			283,083			281,271			278,146			261,266			249,632			241,224
INTANGIBLE ASSET DATA
Goodwill	$	6,811		$	6,811		$	6,811		$	6,811		$	6,811		$	6,811		$	6,811		$	6,811
Core deposit intangible		3,030			3,155			3,285			3,420			3,557			3,693			3,830			3,967
Mortgage servicing rights		1,825			1,808			1,781			1,718			1,810			1,661			1,589			1,603
Nonmortgage servicing rights		2			3			3			3			4			4			5			5
Total intangible assets	$	11,668		$	11,777		$	11,880		$	11,952		$	12,182		$	12,169		$	12,235		$	12,386
Intangible amortization expense	$	252		$	226		$	222		$	361		$	402		$	392		$	350		$	359
DEPOSIT COMPOSITION
Non-interest bearing demand	$	400,985		$	388,365		$	389,027		$	369,013		$	377,182		$	329,655		$	326,721		$	317,896
Interest-bearing demand		105,905			98,270			124,346			112,731			92,584			86,153			102,218			119,757
Money market accounts		423,181			461,546			465,269			486,770			495,253			518,422			510,549			506,659
Savings accounts		33,406			31,319			29,586			28,440			26,665			25,556			25,321			25,871
Time deposits of $100,000 or more		487,907			551,914			570,116			669,817			694,565			795,303			861,110			944,871
Other time deposits		469,998			490,839			515,892			551,800			566,479			590,559			619,020			639,111
Total deposits**	$	1,921,382		$	2,022,253		$	2,094,236		$	2,218,571		$	2,252,728		$	2,345,648		$	2,444,939		$	2,554,165
OFFICES AND EMPLOYEES
FTE Employees		435			437			437			424			432			440			447			455
Branches		23			23			23			23			23			23			23			24
Loan production offices		2			2			2			2			2			2			2			2
Assets per employee	$	5,478		$	5,887		$	6,088		$	6,554		$	6,529		$	6,603		$	6,736		$	6,758
*       This is a Non-GAAP based financial measure.
**    Calculation of Non-brokered Deposits and Core Funding (Non-GAAP Financial Measures)
Total deposits	$	1,921,382		$	2,022,253		$	2,094,236		$	2,218,571		$	2,252,728		$	2,345,648		$	2,444,939		$	2,554,165
Less:
Brokered time deposits		14,974			46,838			52,407			122,124			145,240			226,238			279,027			359,571
Other brokered deposits		78,236			105,483			105,392			112,033			117,532			129,096			126,643			124,969
Non-brokered deposits	$	1,828,172		$	1,869,932		$	1,936,437		$	1,984,414		$	1,989,956		$	1,990,314		$	2,039,269		$	2,069,625
Plus:
Sweep repurchase agreements		31,482			40,305			30,636			27,214			26,492			22,211			22,700			33,192
Core funding	$	1,859,654		$	1,910,237		$	1,967,073		$	2,011,628		$	2,016,448		$	2,012,525		$	2,061,969		$	2,102,817

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

SOUTHWEST BANCORP, INC.	Table 8
UNAUDITED QUARTERLY SUPPLEMENTAL ANALYTICAL DATA
(Dollars in thousands, except per share)

	2011												2010
	Dec. 31			Sep. 30			Jun. 30			Mar. 31			Dec. 31			Sep. 30			Jun. 30			Mar. 31
PERFORMANCE RATIOS
Return on average assets (annualized)		(8.96	)%		(1.43	)%		(0.43	)%		0.35	%		0.59	%		0.52	%		0.58	%		0.57	%
Return on average common equity (annualized)		(79.48	)		(13.42	)		(5.11	)		1.81			4.11			3.57			4.64			5.42
Return on average tangible common equity (annualized)*		(81.35	)		(13.72	)		(5.22	)		1.85			4.21			3.65			4.75			5.58
Net interest margin (annualized)		3.62			3.77			3.79			3.78			3.82			3.63			3.65			3.59
Total dividends declared to net income		(0.92	)		(9.24	)		(29.46	)		35.56			20.31			22.59			19.84			20.02
Effective tax rate		38.49			35.23			54.53			38.40			38.31			28.02			38.29			39.19
Efficiency ratio		164.47			64.07			52.40			54.50			54.13			47.02			51.97			49.25
NONPERFORMING ASSETS
Noncovered:
Nonaccrual loans	$	13,506		$	132,268		$	151,135		$	134,934		$	106,566		$	135,209		$	111,871		$	97,858
90 days past due and accruing		43			458			43			529			517			452			333			4
Total nonperforming loans		13,549			132,726			151,178			135,463			107,083			135,661			112,204			97,862
Other real estate		19,844			70,785			38,956			41,067			37,722			35,723			27,634			18,809
Total nonperforming assets	$	33,393		$	203,511		$	190,134		$	176,530		$	144,805		$	171,384		$	139,838		$	116,671
Performing restructured	$	1,017		$	1,026		$	3,191		$	2,166		$	2,177		$	5,334		$	5,525		$	5,650
Potential problem loans	$	133,039		$	276,694		$	291,171		$	217,406		$	233,140		$	236,844		$	242,217		$	275,912
Covered:
Nonaccrual loans	$	7,128		$	7,065		$	9,800		$	9,809		$	10,806		$	7,906		$	14,504		$	16,192
90 days past due and accruing		—			610			—			—			—			1,871			130			356
Total nonperforming loans		7,128			7,675			9,800			9,809			10,806			9,777			14,634			16,548
Other real estate		4,529			5,350			3,806			4,016			4,187			4,448			4,352			4,489
Total nonperforming assets	$	11,657		$	13,025		$	13,606		$	13,825		$	14,993		$	14,225		$	18,986		$	21,037
Potential problem loans	$	912		$	2,015		$	2,731		$	3,444		$	3,495		$	6,413		$	6,184		$	6,620
ASSET QUALITY RATIOS
Net loan charge-offs to average portfolio loans (annualized)		19.78	%		2.70	%		4.76	%		2.25	%		2.35	%		1.05	%		0.92	%		0.90	%
Noncovered:
Nonperforming assets to portfolio loans and other real estate		1.96	%		9.86	%		8.66	%		7.74	%		6.11	%		7.00	%		5.59	%		4.60	%
Nonperforming loans to portfolio loans		0.80			6.66			7.01			6.04			4.59			5.62			4.53			3.89
Allowance for loan losses to portfolio loans		2.62			3.25			2.53			2.73			2.80			3.00			2.71			2.59
Allowance for loan losses to nonperforming loans		326.47			48.75			36.10			45.24			60.91			53.38			59.76			66.59
Covered:
Nonperforming assets to portfolio loans and other real estate		27.66	%		27.98	%		27.23	%		26.02	%		25.93	%		21.88	%		26.24	%		25.84	%
Nonperforming loans to portfolio loans		18.95			18.62			21.23			19.97			20.15			16.14			21.52			21.52
Allowance for loan losses to portfolio loans		1.64			—			—			—			—			—			—			—
Allowance for loan losses to nonperforming loans		6.33			—			—			—			—			—			—			—
CAPITAL RATIOS
Average total shareholders’ equity to average assets		14.14	%		14.39	%		13.98	%		13.57	%		13.24	%		12.85	%		11.78	%		10.18	%
Leverage ratio		14.62			16.47			16.25			15.95			15.55			14.96			14.48			12.32
Tier 1 capital to risk-weighted assets		19.51			19.54			18.93			18.49			17.78			17.17			16.50			14.00
Total capital to risk-weighted assets		20.78			20.81			20.20			19.77			19.06			18.45			17.78			15.28
Tangible common equity to tangible assets***		9.76			11.38			11.38			10.99			10.78			10.43			10.02			7.87
REGULATORY CAPITAL DATA
Tier I capital	$	374,552		$	433,628		$	444,106		$	447,803		$	445,966		$	442,188		$	438,973		$	381,280
Total capital		398,945			461,929			473,950			478,713			477,930			475,040			472,971			415,955
Total risk adjusted assets		1,920,075			2,219,271			2,346,596			2,421,752			2,507,867			2,574,746			2,659,886			2,722,628
Average total assets		2,562,094			2,633,000			2,733,561			2,807,518			2,867,114			2,955,779			3,032,328			3,094,756
*         This is a Non-GAAP based financial measure.
***   Calculation of Tangible Capital to Tangible Assets (Non-GAAP Financial Measure)
Total shareholders’ equity	$	307,186		$	367,024		$	376,930		$	379,350		$	377,812		$	376,576		$	375,319		$	315,341
Less:
Goodwill		6,811			6,811			6,811			6,811			6,811			6,811			6,811			6,811
Preferred stock		68,455			68,268			68,084			67,902			67,724			67,548			67,375			67,205
Tangible common equity	$	231,920		$	291,945		$	302,035		$	304,637		$	303,277		$	302,217		$	301,133		$	241,325
Total assets	$	2,382,873		$	2,572,492		$	2,660,495		$	2,779,028		$	2,820,541		$	2,905,275		$	3,010,835		$	3,074,923
Less goodwill		6,811			6,811			6,811			6,811			6,811			6,811			6,811			6,811
Tangible assets	$	2,376,062		$	2,565,681		$	2,653,684		$	2,772,217		$	2,813,730		$	2,898,464		$	3,004,024		$	3,068,112
Tangible common equity to tangible assets		9.76	%		11.38	%		11.38	%		10.99	%		10.78	%		10.43	%		10.02	%		7.87	%

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