Stillwater National Bank and Trust Co. parent company Southwest Bancorp. posted a $16.2 million profit for 2012 after reporting a $68.3 million loss in 2011. The bank company also announced Wednesday that it would reduce its stated 2010 earnings by $5.6 million.
Southwest restated its previously reported profits for 2010 to $11.4 million from $17 million after it discovered an error in analysis of the company's Kansas market segment.
The restated earnings will reduce Southwest's assets and shareholder equity by $5.7 million, but the error did not change tangible equity or the company's 2011 or 2012 earnings, said Joe Shockley, Southwest's chief financial officer.
“This did not affect our regulatory capital, and we remained well-capitalized during this period,” Shockley said.
The company is still rebuilding after selling off a troubled portfolio of real estate and nonperforming loans in 2011 for a net pretax loss of $101.2 million.
Mark Funke, who assumed the CEO role at Southwest in September, said the company has repositioned itself in 2012 and strengthened its balance sheet to become more profitable.