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Southwest Bancorp in Stillwater, Okla., has recruited veteran executive from BancFirst Corp. in Oklahoma City to be its new chief financial officer.
November 16
Southwest Bancorp (OKSB) in Stillwater, Okla., reported higher earnings because of lower expenses, fewer loan losses and higher fee revenue.
The $2.1 billion-asset company earned $972,000 in the fourth quarter, after losing roughly $59 million a year earlier. Earnings per share of 5 cents missed the average of analysts' estimate by 16 cents, according to Bloomberg.
Noninterest expense fell by 58% from a year earlier, to $17.7 million, because of lower expenses from foreclosed real estate, loan costs and collection fees.
Noninterest income rose 36% from a year earlier, to $4.9 million, because of higher fees and gains from the sale of securities.
Net interest income fell roughly 21% from a year earlier, to $17.3 million. The net interest margin compressed 22 basis points from a year earlier, to 3.41%.
Southwest's loan portfolio increased by 18% from a year earlier, to $1.4 billion. The loan-loss provision fell 96% from a year earlier, to $3.1 million.