Southwest Bancorp reports positive earnings for second quarter
BY LAURIE WINSLOW World Staff Writer
Wednesday, July 18, 2012
Southwest Bancorp Inc., parent of Stillwater National Bank and Bank of Kansas, saw its earnings turn around for the second quarter as the bank company reported positive gains.
The Stillwater-based bank company reported second-quarter net income available to common shareholders of $3.0 million, or 15 cents per diluted share, for the quarter, compared with a net loss to common shareholders of $4.0 million, or 21 cents per share, for the same period a year ago.
For the first half of the year, net income available to common shareholders was $7.1 million, or 37 cents per diluted share, compared with a net loss to common shareholders of $2.6 million, or 13 cents per share, for the first half of 2011.
The improved earnings come as Southwest has continued to make progress on regulatory goals
“We are pleased that the total of nonperforming assets plus potential problem loans is down and loan losses continue to decline,” said Rick Green, president and CEO, in a release. “These factors, in addition to our smaller loan portfolio, reduced the required loan loss provision, which contributed to our performance.”
He noted that the bank company is “working to stabilize loan revenue and volume by generating new loans prudently and profitably by focusing on customers in our primary markets.”
Through its subsidiaries, Southwest serves customers in Oklahoma, Texas and Kansas.