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Southwest Bancorp reports $16.2 million in profits for 2012

The Stillwater National Bank and Trust Co. parent company Southwest Bancorp. also announced Wednesday that it would reduce its stated 2010 earnings by $5.6 million.
BY BRIANNA BAILEY Published: January 24, 2013

“We were coming off a very difficult year in 2012. But this company has really rebounded, and we are well-assembled to continue to take care of our customers moving forward,” Funke said.

Southwest reported $49.7 million in nonperforming assets at the end of 2012, an increase of $8.1 million, or 20 percent from $41.6 million from the end of the third quarter.

The increase was from placing $12.5 million in loans in nonaccrual status and because of an increase in loans more than 90 days past due.

The company's nonperforming assets make up about 3.73 percent of its portfolio loans and other real estate.

Southwest Bancorp. is the parent company of Stillwater National Bank and Trust Co. and Bank of Kansas.

The company had $2.1 billion in assets at the end of 2012 and a market capitalization of about $240 million.

Shares in Southwest closed at $12.34, up 0.57 percent, or 7 cents, Wednesday on the Nasdaq.


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