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.
“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.