Southwest Bancorp Inc. reports positive earnings for third quarter
BY LAURIE WINSLOW World Staff Writer
Thursday, October 18, 2012
A decrease in a provision for loan losses was just partially responsible for helping Southwest Bancorp Inc. record positive earnings for the third quarter, the financial services company announced Thursday.
The Stillwater-based bank company posted third-quarter net income available to common shareholders of $4.3 million, or 22 cents per diluted shared, compared with a net loss of $10.6 million loss, or 54 cents a share, for the same quarter last year.
For the first nine months of the year, net income available to common shareholders was $11.5 million, or 59 cents a diluted share, compared with a net loss of $13.2 million, or 68 cents per share, for the same period last year.
During the quarter, Southwest took action to accomplish strategic goals. In August, for instance, the bank company announced that it had paid back the government for capital obtained in 2008 under the Troubled Assets Relief Program, which bailed out banks burdened by that year’s financial crisis.
The bank company completed the repurchase of all $70 million of its preferred securities that it sold to the Treasury Department in December 2008.
The Series B Preferred was issued under the Treasury’s Capital Purchase Program.
“The funds for the repurchase were internally generated, and Southwest and each of its banking subsidiaries remain well capitalized after the repurchase,” said Rick Green, president emeritus, in a written comment.
“We were able to accomplish these goals while at the same time improving year-to-date profitability, stabilizing asset quality, and maintaining strong capital levels,” he added.
On Oct. 1, Mark Funke became Southwest’s president and CEO. He previously served as market president for Bank of Oklahoma- Oklahoma City.
Funke said he plans to lead the bank company on a path of conservative growth.
“We will continue to have an emphasis on solid underwriting and taking advantage of opportunities for growth and increasing shareholder value,” Funke said in a written comment.
At the end of September, Southwest had total assets of $2.2 billion, total loans of $1.5 billion and total deposits of $1.7 billion.
Southwest Bancorp is the holding company for Stillwater National Bank and Trust Co. and Bank of Kansas.
