Southwest Bancorp (OKSB) 8-K Results of Operations and Financial Condition

Exhibit 99

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

Southwest Bancorp Preliminary Results: 4th Quarter Net Income Up 41%; Twelve Months Net Income Up 24%

     January 26, 2007, Stillwater, Oklahoma . . . . Southwest Bancorp, Inc. (Nasdaq National Market—OKSB), (“Southwest”), today reported preliminary net income for the fourth quarter of 2006 of $6.5 million, a 41% increase from the $4.6 million reported for the fourth quarter of 2005. Diluted earnings per share were $0.44 compared to $0.31 per share for the 2005 period, an increase of 42%. Net income for the twelve months of 2006 was $26.0 million, a 24% increase from the $21.0 million reported for the twelve months of 2005. Diluted earnings per share were $1.79 compared to $1.55 per share for the 2005 period, an increase of 15%. The results described in this release are preliminary due to the ongoing investigation of cash shortages relating to ATMs owned by a subsidiary of Stillwater National. See “Contingency” below. Southwest expects to issue final results prior to filing the Annual Report on Form 10-K.

     Rick Green, President and Chief Executive Officer, stated, “Our 2006 performance is a result of our long-range strategies for growth and market expansion. Portfolio loan growth from our Texas and Kansas operations drove our net income increase. The total $250 million (19%) growth in portfolio loans more than offset the decreases in student lending, and helped produce higher net interest margins and income for the quarter and twelve months. At December 31, 2006 our Texas and Kansas operations accounted for $690 million, (43%) of total portfolio loans.”

Highlights (Preliminary)

•	Fourth quarter net income:	$6.5 million, a 41% increase from fourth quarter 2005
•	Annual net income:	$26.0 million, a 24% increase from the twelve months of 2005
•	Portfolio loans:	$1.6 billion, a 19% increase from year-end 2005
•	Return on average equity:	13.06% for the fourth quarter 2006
		13.99% for the year 2006
•	GAAP-based efficiency ratio:	55.28% for the fourth quarter 2006
		51.67% for the year 2006

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

Preliminary Results of Operations

     The $1.9 million, or 41% increase in quarterly net income was the result of a $2.3 million (11%) increase in net interest income, and a $1.8 million (41%) decrease in provision for loan losses and an $814,000 (18%) decrease in income taxes, offset in part by a $573,000 (12%) decrease in noninterest income and a $2.5 million (19%) increase in noninterest expense. The $2.3 million increase in net interest income for the quarter was primarily the result of increased loan yields and a $91.8 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 1.52% of total loans at quarter end, up from 1.37% at December 31, 2005. The decrease in other income was mainly the

NASDAQ: OKSB

Southwest Bancorp Preliminary Results: 4^th Quarter Net Income Up 41%; Twelve Months Net Income Up 24%

result of substantially lower gains on the sale of student and other loans. The quarterly efficiency ratio was a favorable 55% level.

     The $5.0 million, or 24% increase in net income for the twelve months was the result of a $7.7 million (9%) increase in net interest income and a $4.2 million (27%) decrease in the provision for loan losses, offset in part by a slight decrease in noninterest income, a $4.8 million (9%) increase in noninterest expense and a $1.6 million (11%) increase in income taxes.

Financial Condition

     At December 31, 2006, total assets were $2.2 billion, a $71.0 million, or 3% increase from year-end 2005. Shareholders’ equity at December 31, 2006 totaled $197.5 million, a $27.1 million, or 16%, increase from December 31, 2005. Core deposits grew by $68.1 million, or 6%, for the year. Consistent with our earlier disclosures, student lending balances have decreased from year-end 2005 and are expected to continue to decrease.

     Portfolio loans increased by $250.3 million, or 19% during the twelve 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 $171.2 million (68%) of the annual growth in total portfolio loans. At December 31, 2006, Southwest’s seven Texas and two Kansas offices accounted for $689.9 million in loans, or 43% of total portfolio loans, up from 38% at year-end 2005. Southwest expects to open additional offices in Texas and Kansas in the months ahead.

     At December 31, 2006, the allowance for loan losses was $27.3 million, an increase of $3.5 million, or 15%, from the allowance for loan losses at year-end 2005. This change is due to increased allowances on impaired loans and growth in performing commercial and commercial real estate loans, offset in part by reductions in the allowance related to potential problem loans. At December 31, 2006, the allowance for loan losses was 1.52% of total loans, compared to 1.37% at year-end 2005. The unallocated allowance at December 31, 2006 was $2.4 million, or 9% 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 December 31, 2006, the reserve for unfunded loan commitments was $1.9 million, an increase of $38,000, or 2%, from year-end 2005 due to an increase in commitments, partially offset by a substantial decrease in the reserve on commitments related to potential problem loans.

     Other real estate at December 31, 2006, was $1.9 million, a reduction of $5.3 million, or 74% decrease from year-end 2005. Total nonperforming assets at December 31, 2006, were $31.2 million, an increase of $515,000, or 2% from year-end 2005.

     Nonaccrual loans totaled $26.7 million at December 31, 2006, compared to $22.1 million at December 31, 2005. Total nonperforming loans of $29.4 million increased $5.8 million, or 24% from year-end 2005, and represented 1.64% of total loans, compared to 1.36% of total loans at year-end 2005. The increase in nonperforming loans is due primarily to two relationships. At December 31, 2006, $1.6 million, or 6%, of loans classified as nonperforming were guaranteed by United States agencies or U.S. government sponsored entities.

     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 $50.6 million at December 31, 2006, compared to $62.2 million at December 31, 2005, a 19% decrease. This decrease was primarily the result of one credit for which full payment was received this quarter.

Contingency

     Cash Source Inc. (“CSI”), a subsidiary of Stillwater National Bank and Trust Company (“Stillwater National”), owns ATMs in third party locations, such as convenience stores. Stillwater National provides the cash for those ATMs. The assets and operations of CSI are not material to Stillwater National or Southwest. In December 2006, an armored transportation company failed to deliver to Stillwater National approximately $1.3 million in cash then

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NASDAQ: OKSB

Southwest Bancorp Preliminary Results: 4^th Quarter Net Income Up 41%; Twelve Months Net Income Up 24%

due to it from certain CSI ATMs. Since that time, CSI has discovered other cash shortages or discrepancies arising from the same company. Stillwater National is in the process of removing all cash from the other CSI ATMs for which that company provided cash transportation. The total amount of Stillwater National cash that is reported as still in the custody of that armored transportation company does not exceed $2.6 million. This amount is recorded as a receivable and included in other assets on the accompanying Unaudited Consolidated Statements of Financial Condition.

     Stillwater National and CSI have filed legal action for the recovery of their funds, have notified law enforcement and bank regulatory authorities and their insurers, and are in the process of determining the amount and nature of insurance coverage, which may depend upon the reasons for the nonpayment. Southwest cannot yet reasonably estimate the amount of any ultimate loss, if any, that may result from this matter. Therefore, no accrual for potential loss has been reflected in the financial statements included in this release.

     Southwest will promptly report material developments relating to the amount of any loss as required by securities laws and rules of the NASDAQ Stock Market.

Southwest Bancorp and Subsidiaries

     Southwest Bancorp is the financial holding company for 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, throughSNB 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 December 31, 2006, Southwest had total assets of $2.2 billion, deposits of $1.8 billion, and shareholders’ equity of $197.5 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.

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NASDAQ: OKSB

Southwest Bancorp Preliminary Results: 4^th Quarter Net Income Up 41%; Twelve Months Net Income Up 24%

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.

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NASDAQ: OKSB

Southwest Bancorp Preliminary Results: 4^th Quarter Net Income Up 41%; Twelve Months Net Income Up 24%

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

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

	Fourth Quarter									Third Quarter
							%
QUARTERLY HIGHLIGHTS	2006			2005			Change			2006			Change
Operations
Net interest income	$	24,039		$	21,729			11	%	$	23,696			1	%
Provision for loan losses		2,567			4,348			(41	)		3,006			(15	)
Other income		4,344			4,917			(12	)		3,959			10
Other expense		15,691			13,220			19			13,910			13
Income before taxes		10,125			9,078			12			10,739			(6	)
Taxes on income		3,672			4,486			(18	)		4,100			(10	)
Net income		6,453			4,592			41			6,639			(3	)
Diluted earnings per share		0.44			0.31			42			0.46			(4	)
Balance Sheet
Total assets		2,170,628			2,099,639			3			2,157,738			1
Loans held for sale		188,464			383,447			(51	)		257,689			(27	)
Portfolio loans		1,602,726			1,352,433			19			1,541,738			4
Total deposits		1,765,611			1,657,820			7			1,740,564			1
Total shareholders’ equity		197,510			170,444			16			191,231			3
Book value per share		13.87			12.16			14			13.44			3
Key Ratios
Net interest margin		4.47	%		4.22	%					4.47	%
Efficiency ratio (GAAP-based)		55.28			49.61						50.30
Allowance to total loans		1.52			1.37						1.56
Nonperforming loans to total loans		1.64			1.36						1.72
Shareholders’ equity to total assets		9.10			8.12						8.86
Return on average assets		1.15			0.85						1.20
Return on average equity		13.06			10.64						13.94

	Twelve Months
							%
YEAR-TO-DATE HIGHLIGHTS	2006			2005			Change
Operations
Net interest income	$	92,838		$	85,106			9	%
Provision for loan losses		11,565			15,785			(27	)
Other income		16,776			17,406			(4	)
Other expense		56,643			51,873			9
Income before taxes		41,406			34,854			19
Taxes on income		15,409			13,840			11
Net income		25,997			21,014			24
Diluted earnings per share		1.79			1.55			15
Balance Sheet
Total assets		2,170,628			2,099,639			3
Loans held for sale		188,464			383,447			(51	)
Portfolio loans		1,602,726			1,352,433			19
Total deposits		1,765,611			1,657,820			7
Total shareholders’ equity		197,510			170,444			16
Book value per share		13.87			12.16			14
Key Ratios
Net interest margin		4.41	%		4.29	%
Efficiency ratio (GAAP-based)		51.67			50.60
Allowance to total loans		1.52			1.37
Nonperforming loans to total loans		1.64			1.36
Shareholders’ equity to total assets		9.10			8.12
Return on average assets		1.18			1.01
Return on average equity		13.99			13.78

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

Please see accompanying tables for additional financial information.

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

	December 31,			December 31,
	2006			2005
Assets
Cash and due from banks	$	46,618		$	50,277
Federal funds sold		11,000			—
Cash and cash equivalents		57,618			50,277
Investment securities:
Held to maturity. Fair value: $1,621, $1,530		1,630			1,538
Available for sale. Amortized cost: $258,742, $262,180		255,904			256,751
Federal Reserve and FHLB Stock, at cost		12,315			9,804
Loans held for sale		188,464			383,447
Loans receivable		1,602,726			1,352,433
Less: Allowance for loan losses		(27,293	)		(23,812	)
Net loans receivable		1,575,433			1,328,621
Accrued interest receivable		24,269			14,382
Premises and equipment, net		21,818			20,584
Other real estate owned		1,873			7,130
Goodwill		1,213			194
Other intangible assets, net		3,069			1,407
Other assets		27,022			25,504
Total assets	$	2,170,628		$	2,099,639
Liabilities and shareholders’ equity
Deposits:
Noninterest-bearing demand	$	254,415		$	224,555
Interest-bearing demand		55,396			49,235
Money market accounts		371,912			402,709
Savings accounts		11,273			8,765
Time deposits of $100,000 or more		648,664			608,989
Other time deposits		423,951			363,567
Total deposits		1,765,611			1,657,820
Accrued interest payable		13,260			8,953
Income tax payable		1,136			288
Other liabilities		8,624			11,233
Other borrowings		138,094			204,508
Subordinated debentures		46,393			46,393
Total liabilities		1,973,118			1,929,195
Shareholders’ equity
Common stock — $1 par value; 20,000,000 shares authorized; 14,658,042 shares issued		14,658			14,658
Paid in capital		45,901			45,672
Retained earnings		146,197			124,882
Accumulated other comprehensive loss		(1,738	)		(3,325	)
Treasury stock, at cost, 417,535 636,125 shares		(7,508	)		(11,443	)
Total shareholders’ equity		197,510			170,444
Total liabilities and shareholders’ equity	$	2,170,628		$	2,099,639

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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,
	2006		2005		2006		2005
Interest income
Loans	$	42,034	$	34,554	$	158,873	$	128,011
Investment securities		2,661		2,598		10,722		9,211
Other interest-earning assets		28		53		165		122
Total interest income		44,723		37,205		169,760		137,344
Interest expense
Interest-bearing deposits		17,117		12,327		63,102		40,782
Other borrowings		2,578		2,317		10,023		7,343
Subordinated debentures		989		832		3,797		4,113
Total interest expense		20,684		15,476		76,922		52,238
Net interest income		24,039		21,729		92,838		85,106
Provision for loan losses		2,567		4,348		11,565		15,785
Other income
Service charges and fees		2,837		2,788		11,492		10,945
Gain on sales of loans		877		1,813		3,438		4,915
Gain (loss) on investment securities		525		—		251		—
Other noninterest income		105		316		1,595		1,546
Total other income		4,344		4,917		16,776		17,406
Other expense
Salaries and employee benefits		8,392		6,561		30,897		25,285
Occupancy		2,673		2,522		10,190		9,910
FDIC and other insurance		132		126		511		486
Other real estate, net		30		201		286		971
General and administrative		4,464		3,810		14,759		15,221
Total other expenses		15,691		13,220		56,643		51,873
Income before taxes		10,125		9,078		41,406		34,854
Taxes on income		3,672		4,486		15,409		13,840
Net income	$	6,453	$	4,592	$	25,997	$	21,014
Basic earnings per common share	$	0.45	$	0.33	$	1.84	$	1.60
Diluted earnings per common share		0.44		0.31		1.79		1.55
Cash dividends declared per share		0.0825		0.0750		0.3300		0.3000

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

	For the three months ended December 31,
	2006								2005
	Average					Average			Average					Average
	Balance			Interest		Yield/Rate			Balance			Interest		Yield/Rate
Assets
Loans	$	1,861,357		$	42,034		8.96	%	$	1,769,527		$	34,554		7.75	%
Investment securities		269,819			2,661		3.91			267,468			2,598		3.85
Other interest-earning assets		2,089			28		5.32			5,492			53		3.83
Total interest-earning assets		2,133,265			44,723		8.32			2,042,487			37,205		7.23
Other assets		84,126								93,588
Total assets	$	2,217,391							$	2,136,075
Liabilities and Shareholders’ Equity
Interest-bearing demand deposits	$	55,633		$	62		0.44	%	$	49,069		$	45		0.36	%
Money market accounts		363,370			3,979		4.34			416,049			3,526		3.36
Savings accounts		10,855			20		0.73			8,945			5		0.22
Time deposits		1,069,062			13,056		4.85			975,012			8,751		3.56
Total interest-bearing deposits		1,498,920			17,117		4.53			1,449,075			12,327		3.37
Other borrowings		208,299			2,578		4.91			231,631			2,317		3.97
Subordinated debentures		46,393			989		8.53			46,393			832		7.02
Total interest-bearing liabilities		1,753,612			20,684		4.68			1,727,099			15,476		3.56
Noninterest-bearing demand deposits		245,254								219,218
Other liabilities		22,519								18,509
Shareholders’ equity		196,006								171,249
Total liabilities and shareholders’ equity	$	2,217,391							$	2,136,075
Net interest income and spread				$	24,039		3.64	%				$	21,729		3.67	%
Net interest margin (1)							4.47	%							4.22	%
Average interest-earning assets to average interest-bearing liabilities		121.65	%							118.26	%

(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 twelve months ended December 31,
	2006								2005
	Average					Average			Average					Average
	Balance			Interest		Yield/Rate			Balance			Interest		Yield/Rate
Assets
Loans	$	1,830,996		$	158,873		8.68	%	$	1,734,501		$	128,011		7.38	%
Investment securities		270,352			10,722		3.97			245,086			9,211		3.76
Other interest-earning assets		3,342			165		4.94			3,750			122		3.25
Total interest-earning assets		2,104,690			169,760		8.07			1,983,337			137,344		6.92
Other assets		90,405								92,444
Total assets	$	2,195,095							$	2,075,781
Liabilities and Shareholders’ Equity
Interest-bearing demand deposits	$	56,984		$	282		0.49	%	$	58,243		$	267		0.46	%
Money market accounts		384,470			16,020		4.17			392,554			10,727		2.73
Savings accounts		9,734			50		0.51			8,631			21		0.24
Time deposits		1,046,945			46,750		4.47			973,585			29,767		3.06
Total interest-bearing deposits		1,498,133			63,102		4.21			1,433,013			40,782		2.85
Other borrowings		214,677			10,023		4.67			209,103			7,343		3.51
Subordinated debentures		46,393			3,797		8.18			58,686			4,113		7.01
Total interest-bearing liabilities		1,759,203			76,922		4.37			1,700,802			52,238		3.07
Noninterest-bearing demand deposits		229,680								205,498
Other liabilities		20,395								17,027
Shareholders’ equity		185,817								152,454
Total liabilities and shareholders’ equity	$	2,195,095							$	2,075,781
Net interest income and spread				$	92,838		3.70	%				$	85,106		3.85	%
Net interest margin (1)							4.41	%							4.29	%
Average interest-earning assets to average interest-bearing liabilities		119.64	%							116.61	%

(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
	Dec. 31		Sep. 30		Jun. 30			Mar. 31			Dec. 31		Sep. 30		Jun. 30		Mar. 31
OPERATIONS
Interest income:
Loans	$	42,034	$	41,074	$	39,047		$	36,718		$	34,554	$	32,429	$	31,105	$	29,923
Investment securities		2,661		2,686		2,705			2,670			2,598		2,488		2,122		2,003
Other interest-earning assets		28		57		60			20			53		31		18		20
Total interest income		44,723		43,817		41,812			39,408			37,205		34,948		33,245		31,946
Interest expense:
Interest bearing demand deposits		62		79		78			63			45		57		89		76
Money market accounts		3,979		4,066		4,227			3,748			3,526		2,914		2,383		1,904
Savings accounts		20		19		6			5			5		6		5		5
Time deposits of $100,000 or more		8,121		8,106		7,478			6,182			5,673		5,235		4,937		4,132
Other time deposits		4,935		4,578		3,943			3,407			3,078		2,638		2,250		1,824
Total interest-bearing deposits		17,117		16,848		15,732			13,405			12,327		10,850		9,664		7,941
Other borrowings		2,578		2,281		2,275			2,889			2,317		1,904		1,454		1,668
Subordinated debentures		989		992		944			872			832		801		1,235		1,245
Total interest expense		20,684		20,121		18,951			17,166			15,476		13,555		12,353		10,854
Net interest income		24,039		23,696		22,861			22,242			21,729		21,393		20,892		21,092
Provision for loan losses		2,567		3,006		3,316			2,676			4,348		4,142		2,986		4,309
Other income:
Service charges and fees		2,837		2,872		3,009			2,774			2,788		2,894		2,768		2,495
Gain on sales of loans		877		616		1,040			905			1,813		1,333		916		853
Gain (loss) on investment securities		525		60		(71	)		(263	)		—		—		—		—
Other noninterest income		105		411		527			552			316		364		494		372
Total other income		4,344		3,959		4,505			3,968			4,917		4,591		4,178		3,720
Other expense:
Salaries and employee benefits		8,392		7,477		7,788			7,240			6,561		6,173		6,339		6,212
Occupancy		2,673		2,520		2,430			2,567			2,522		2,704		2,338		2,346
FDIC and other insurance		132		128		124			127			126		124		119		117
Other real estate, net		30		122		26			108			201		230		376		164
General and administrative		4,464		3,663		3,484			3,148			3,810		3,494		4,612		3,305
Total other expenses		15,691		13,910		13,852			13,190			13,220		12,725		13,784		12,144
Income before taxes		10,125		10,739		10,198			10,344			9,078		9,117		8,300		8,359
Taxes on income		3,672		4,100		3,572			4,065			4,486		3,310		3,071		2,973
Net income	$	6,453	$	6,639	$	6,626		$	6,279		$	4,592	$	5,807	$	5,229	$	5,386
PER SHARE DATA
Basic earnings per common share	$	0.45	$	0.47	$	0.46		$	0.45		$	0.33	$	0.41	$	0.42	$	0.44
Diluted earnings per common share		0.44		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			0.0825			0.0750		0.0750		0.0750		0.0750
Book value per share		13.87		13.44		12.89			12.52			12.16		11.92		11.68		10.64
Tangible book value per share		13.78		13.37		12.88			12.51			12.14		11.91		11.67		10.62
Weighted average shares outstanding:
Basic earnings per common share		14,230,015		14,206,947		14,151,442			14,075,998			14,001,209		13,944,877		12,533,323		12,154,300
Diluted		14,562,343		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	$	269,849	$	269,818	$	269,736		$	271,858		$	268,093	$	268,212	$	258,749	$	215,494
Loans held for sale		188,464		257,689		318,477			383,164			383,447		381,597		391,074		400,179
Portfolio loans		1,602,726		1,541,738		1,457,705			1,391,817			1,352,433		1,319,222		1,306,206		1,273,599
Total loans		1,791,190		1,799,427		1,776,182			1,774,981			1,735,880		1,700,819		1,697,280		1,673,778
Total assets		2,170,628		2,157,738		2,188,102			2,145,839			2,099,639		2,107,254		2,039,646		1,994,569
Total deposits		1,765,611		1,740,564		1,764,774			1,699,212			1,657,820		1,684,905		1,666,478		1,628,934
Other borrowings		138,094		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		46,393		72,180
Total shareholders’ equity		197,510		191,231		182,700			176,945			170,444		166,467		162,888		129,734
Mortgage servicing portfolio		135,904		131,688		134,414			132,825			133,470		133,035		130,699		126,202

11

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
	Dec. 31			Sep. 30			Jun. 30			Mar. 31			Dec. 31			Sep. 30			Jun. 30			Mar. 31
PERFORMANCE RATIOS
Return on average assets		1.15	%		1.20	%		1.21	%		1.17	%		0.85	%		1.10	%		1.02	%		1.08	%
Return on average equity		13.06			13.94			14.59			14.48			10.64			13.81			14.92			16.73
Net interest margin		4.47			4.47			4.36			4.34			4.22			4.24			4.28			4.42
Dividends declared to net income		18.20			17.68			17.63			18.54			22.90			18.04			19.54			16.97
Effective tax rate		36.27			38.18			35.03			39.30			49.42			36.31			37.00			35.57
Efficiency ratio		55.28			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		1.74	%		1.83	%		1.61	%		1.82	%		1.76	%		2.20	%		1.24	%		1.53	%
Nonperforming loans to total loans		1.64			1.72			1.49			1.43			1.36			1.64			0.67			0.83
Net loan charge-offs to average total loans		0.71			0.28			0.38			0.39			0.55			0.70			0.42			0.86
Allowance for loan losses to total loans		1.52			1.56			1.48			1.39			1.37			1.29			1.23			1.17
Allowance for loan losses to nonperforming loans		92.97			90.52			99.67			97.80			100.96			78.42			183.10			141.91
CAPITAL RATIOS
Average total shareholders’ equity to average assets		8.84	%		8.62	%		8.31	%		8.08	%		8.02	%		7.97	%		6.85	%		6.47	%
Leverage ratio		10.91			10.84			10.58			10.37			10.24			10.24			10.20			8.75
Tier 1 capital to risk-weighted assets		12.25			12.53			12.54			12.62			12.95			12.80			12.67			11.03
Total capital to risk-weighted assets		13.50			13.80			13.80			13.87			14.21			14.06			13.92			13.89
SEGMENT LOANS
Oklahoma banking	$	912,862		$	889,453		$	844,047		$	846,045		$	836,850		$	855,858		$	889,322		$	877,435
Texas and Kansas banking		689,864			652,285			613,658			545,825			518,708			463,837			425,767			399,343
Subtotal		1,602,726			1,541,738			1,457,705			1,391,870			1,355,558			1,319,695			1,315,089			1,276,778
Secondary market		188,464			257,689			318,477			383,164			380,346			380,970			382,191			396,820
Other operations		—			—			—			(53	)		(24	)		154			—			180
Total loans	$	1,791,190		$	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	$	3,285		$	3,086		$	2,706		$	2,865		$	2,339		$	2,365		$	2,511		$	1,604
Texas and Kansas banking		845			987			1,146			1,387			537			716			610			530
Subtotal		4,130			4,073			3,852			4,252			2,876			3,081			3,121			2,134
Secondary market		1,246			1,304			1,673			1,630			1,377			2,063			2,572			3,416
Other operations		1,077			1,262			1,101			397			339			663			(464	)		(164	)
Total net income	$	6,453		$	6,639		$	6,626		$	6,279		$	4,592		$	5,807		$	5,229		$	5,386
OFFICES AND EMPLOYEES
FTE Employees		429			430			409			390			381			371			365			367
ATM’s		125			302			296			297			291			292			291			292
Branches		15			15			13			13			13			13			13			13
Loan production offices		3			3			3			2			3			3			3			3
Assets per employee	$	5,060		$	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.

12

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

	As of and for the three months ending
	2006												2005
	Dec. 31			Sep. 30			Jun. 30			Mar. 31			Dec. 31			Sep. 30			Jun. 30			Mar. 31
LOAN COMPOSITION
Real estate mortgage:
Commercial	$	609,271		$	615,495		$	579,966		$	573,842		$	563,074		$	543,937		$	525,638		$	527,137
One-to-four family residential		91,441			94,966			97,513			91,007			93,478			93,860			96,211			91,738
Real estate construction		453,750			383,751			366,247			302,698			299,344			277,722			274,822			244,491
Commercial		424,189			421,173			389,525			401,820			374,101			381,584			392,892			394,772
Installment and consumer:
Guaranteed student loans		181,458			252,664			312,888			378,372			377,110			375,178			383,585			390,492
Other		31,081			31,378			30,043			27,242			28,773			28,538			24,132			25,148
Total loans, including held for sale		1,791,190			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		(27,293	)		(28,064	)		(26,341	)		(24,760	)		(23,812	)		(21,920	)		(20,841	)		(19,660	)
Total loans, net	$	1,763,897		$	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	$	181,458		$	252,664		$	312,888		$	378,372		$	377,110		$	375,178		$	383,585		$	390,492
One-to-four family residential		4,654			2,506			2,583			1,718			3,236			3,521			4,784			3,782
Other		2,352			2,519			3,006			3,074			3,101			2,898			2,705			5,905
Total loans held for sale		188,464			257,689			318,477			383,164			383,447			381,597			391,074			400,179
Portfolio loans		1,602,726			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	$	1,791,190		$	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	$	254,415		$	245,335		$	235,649		$	229,979		$	224,555		$	229,462		$	221,067		$	198,821
Interest-bearing demand		55,396			58,037			62,114			58,188			49,235			49,927			56,925			65,045
Money market accounts		371,912			358,812			383,772			389,688			402,709			410,789			385,516			365,835
Savings accounts		11,273			10,931			8,895			9,233			8,765			8,789			8,304			8,602
Time deposits of $100,000 or more		648,664			646,849			678,660			637,574			608,989			640,503			665,697			681,927
Other time deposits		423,951			420,600			395,684			374,550			363,567			345,435			328,969			308,704
Total deposits	$	1,765,611		$	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	$	26,735		$	23,913		$	23,135		$	23,555		$	22,099		$	23,141		$	9,955		$	12,737
90 days past due and accruing		2,622			7,090			3,293			1,763			1,486			4,812			1,427			1,117
Total nonperforming loans		29,357			31,003			26,428			25,318			23,585			27,953			11,382			13,854
Other real estate loans		1,873			1,878			2,143			7,124			7,130			9,610			9,761			11,902
Total nonperforming assets	$	31,230		$	32,881		$	28,571		$	32,442		$	30,715		$	37,563		$	21,143		$	25,756
ALLOWANCE ACTIVITY
Balance, beginning of period	$	28,064		$	26,341		$	24,760		$	23,812		$	21,920		$	20,841		$	19,660		$	18,991
Charge offs		3,643			1,630			1,844			1,808			2,665			3,277			2,220			3,858
Recoveries		305			347			109			80			209			214			415			218
Net charge offs		3,338			1,283			1,735			1,728			2,456			3,063			1,805			3,640
Provision for loan losses		2,567			3,006			3,316			2,676			4,348			4,142			2,986			4,309
Balance, end of period	$	27,293		$	28,064		$	26,341		$	24,760		$	23,812		$	21,920		$	20,841		$	19,660
REGULATORY CAPITAL DATA
Tier I capital	$	241,399		$	237,421		$	231,721		$	225,595		$	218,587		$	214,089		$	209,085		$	176,397
Total capital		266,097			261,521			254,894			248,014			239,759			235,037			229,745			222,289
Total risk adjusted assets		1,968,119			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			14,658,042			12,243,042
Less treasury shares		(417,535	)		(433,308	)		(484,774	)		(524,867	)		(636,125	)		(693,364	)		(715,056	)		(49,915	)
Outstanding shares		14,240,507			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	$	1,213		$	1,098		$	194		$	194		$	194		$	194		$	194		$	194
Core deposit intangible		1,595			1,659			—			—			—			—			—			—
Mortgage servicing rights		1,436			1,385			1,351			1,343			1,353			1,311			1,271			1,217
Nonmortgage servicing rights		38			25			48			53			54			63			67			72
Total intangible assets	$	4,282		$	4,167		$	1,593		$	1,590		$	1,601		$	1,568		$	1,532		$	1,483
Intangible amortization expense	$	493		$	331		$	188		$	93		$	379		$	284		$	193		$	86

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

13