SOUTHWEST BANCORP, INC. (OK)Exchange

NMSSymbolOKSB

Price$18.45 (3/31/2005)

52Wk Range26.85-16.40

Yield1.63

P/E12.47

*7 Year Price Score 155.58 *12 Month Price Score 90.58*NYSE Composite Index=100 Interim Earnings (Per Share)Qtr. Mar Jun Sep Dec2001 0.23 0.25 0.27 0.262002 0.26 0.28 0.28 0.292003 0.29 0.33 0.28 0.322004 0.34 0.36 0.39 0.39Interim Dividends (Per Share)Amt Decl Ex Rec Pay0.07Q 5/28/2004 6/16/2004 6/18/2004 7/1/20040.07Q 8/27/2004 9/15/2004 9/17/2004 10/1/20040.07Q 11/23/2004 12/16/2004 12/20/2004 1/3/20050.075Q 2/25/2005 3/15/2005 3/17/2005 4/1/2005

Indicated Div: $0.30Valuation AnalysisForecast P/E 15.65 (4/6/2005)Market Cap $223.3 Million Book Value 126.0 MillionPrice/Book 1.77 Price/Sales 1.88Dividend Achiever StatusRank 76 10 Year Growth Rate 15.98%Total Years of Dividend Growth 10

TRADING VOLUME (thousand shares)4

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1996 1997 1998 1999 2000 2001 2002 2003 2004 20050.00.51.01.52.0

Business Summary: Other Depository Banking (MIC: 8.5 SIC: 035 NAIC: 22120)Southwest Bancorp is a bank holding company. Co. provides commercial and consumer banking services through its banking subsidiaries,Stillwater National Bank & Trust Company and SNB Bank of Wichita, along with management consulting services through BusinessConsulting Group, Inc. and Healthcare Strategic Support, Inc. At Dec 31 2003, Co. operated nine full-service banking offices, including threein Stillwater, OK, two in Tulsa, OK, and one each in Oklahoma City and Chickasha, OK, Frisco, TX, and Wichita, KS. Co. also operated loanproduction offices on the campuses of the University of Oklahoma Health Sciences Center and Oklahoma State University-Tulsa. Recent Developments: For the year ended Dec 31 2004, net income increased 25.1% to $18,629 thousand from net income of $14,892thousand a year earlier. Net interest income was $72,477 thousand, up 30.7% from $55,468 thousand the year before. Provision for loanlosses was $12,982 thousand versus $8,522 thousand in the prior year, an increase of 52.3%. Non-interest income fell 2.9% to $14,085thousand, while non-interest expense advanced 15.5% to $43,750 thousand. Prospects: Results are being positively affected by strong loan growth and an increase in net interest income resulting from improvementin interest spread and margin. Results are also benefiting from Co.'s emphasis on appropriately pricing loan renewals, commercial loanparticipation sales, and service charge increases. Going forward, Co. will continue to focus on increasing net interest income by prudent loangrowth in its Oklahoma, Texas and Kansas markets and in guaranteed student lending coupled with careful management of interest marginsand funding. Financial Data

Address: 608 South Main Street,Stillwater, OK 74074 Telephone: (405) 372-2230Web Site: www.oksb.com

Officers: Robert B. Rodgers - Chmn. Rick J. Green -Vice-Chmn., Pres., C.E.O. Transfer Agents:

Investor Contact: 405-372-2230No of Institutions: 70Shares: 5,924,926 % Held: 48.61

(US$ in Thousands) 12/31/2004 12/31/2003 12/31/2002 12/31/2001 12/31/2000 12/31/1999 12/31/1998 12/31/1997Earnings Per Share 1.48 1.22 1.12 1.00 0.88 0.73 0.63 0.29Cash Flow Per Share (9.15) (8.03) 1.54 1.35 0.88 1.00 1.06 1.19Tang Book Value Per Share 10.41 9.20 8.35 6.95 6.44 5.52 5.07 5.93Dividends Per Share 0.280 0.250 0.220 0.160 0.147 0.133 0.120 0.107Dividend Payout % 18.92 20.49 19.73 16.00 16.67 18.26 19.05 36.36Income StatementInterest Income 104,723 84,079 76,495 90,400 97,274 80,595 80,252 76,849Interest Expense 32,246 28,611 30,606 48,867 57,155 42,495 42,274 41,247Net Interest Income 72,477 55,468 45,889 41,533 40,119 38,100 37,978 35,602Provision for Losses 12,982 8,522 5,443 4,000 3,550 2,495 3,380 12,104Non-Interest Income 14,085 14,500 12,646 10,741 8,489 8,444 6,943 9,895Non-Interest Expense 44,412 38,448 33,319 31,165 29,615 30,426 26,982 25,746Income Before Taxes 29,168 22,998 19,773 17,109 15,443 13,623 14,559 7,647Income Taxes 10,539 8,106 6,354 5,357 5,238 4,757 5,181 2,667Net Income 18,629 14,892 13,419 11,752 10,205 8,866 9,378 4,980Average Shares 12,548 12,159 12,052 11,728 11,585 12,164 11,742 11,619Balance SheetNet Loans & Leases 1,249,374 1,074,566 1,078,586 906,814 900,425 841,618 782,918 710,831Total Assets 1,912,834 1,580,725 1,349,768 1,216,495 1,203,566 1,120,420 1,027,865 963,286Total Deposits 1,500,058 1,204,125 1,021,757 904,796 945,102 871,235 843,061 841,425Total Liabilities 1,786,850 1,470,790 1,253,396 1,131,370 1,130,327 1,056,166 970,064 895,238Stockholders' Equity 125,984 109,935 96,372 85,125 73,239 64,254 57,801 68,048Shares Outstanding 12,104 11,955 11,546 12,243 11,370 11,649 11,397 11,364Statistical RecordReturn on Assets % 1.06 1.02 1.05 0.97 0.88 0.83 0.94 0.56Return on Equity % 15.75 14.44 14.79 14.84 14.80 14.53 14.90 7.48Net Interest Margin % 69.21 65.97 59.99 45.94 41.24 47.27 47.32 46.33Efficiency Ratio % 37.38 39.00 37.38 30.81 28.00 34.17 30.94 29.68Loans to Deposits 0.83 0.89 1.06 1.00 0.95 0.97 0.93 0.84Price Range 26.85-16.22 18.90-11.25 13.62-8.80 9.57-5.58 7.00-4.50 8.98-6.50 10.83-6.58 9.50-6.50P/E Ratio 18.14-10.96 15.49-9.22 12.16-7.86 9.57-5.58 7.95-5.11 12.30-8.90 17.20-10.45 32.76-22.41Average Yield % 1.44 1.75 1.87 2.03 2.64 1.76 1.30 1.43

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