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.