Southwest Bancorp reports positive year-end earnings
BY LAURIE WINSLOW World Staff Writer
Wednesday, January 23, 2013
Southwest Bancorp Inc. saw a turnaround in its earnings as the bank company on Wednesday reported positive net income for both the 2012 fourth quarter and full year compared with losses a year earlier.
The Stillwater-based parent of Stillwater National Bank and Trust Co. and Bank of Kansas reported net income available to common shareholders for the year of $12.4 million, or 64 cents per diluted share, compared with a net loss available to common shareholders of $72.5 million, or $3.73 per diluted share, for 2011.
The bank company’s fourth-quarter net income available to common shareholders was $1.0 million, or 5 cents per diluted share, compared with a net loss available to common shareholders of $59.3 million, or $3.05 per share, for the 2011 fourth quarter.
“Many positive changes took place in 2012. We experienced significant improvement in our balance sheet strength and capital position following the bulk asset sale which was completed in fourth quarter of 2011. We restored all interest payments on our trust preferred capital,” said Mark Funke, president and CEO, in a written statement. “We repurchased all of the $70 million Series B preferred securities issued to the Department of Treasury under the Treasury’s Capital Purchase Program. We strengthened our relationship with banking regulators and returned the company to profitability. We also added key management personnel in various areas.”
He noted that last year Southwest focused on restructuring and repositioning the company for 2013 and beyond.
“While income for the fourth quarter was less than anticipated, we are aggressively identifying potential problem loans and assets and establishing appropriate reserves and values,” he said.