Southwest Bancorp Inc. of Stillwater, Okla., said Tuesday that a shrinking net interest margin and higher expenses cut its fourth-quarter profit by 31% from a year earlier, to $4.5 million.
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Earnings per share fell 29%, to 31 cents.
The $2.6 billion-asset company said its loan portfolio grew 34%, to $2.1 billion, but its net interest income slipped 2%, to $23.5 million. The net interest margin decreased a whopping 58 basis points, to 3.89%.
Southwest said an increase in operating expenses from its Texas and Kansas expansion also cut into earnings. Noninterest expenses went up 13%, to $17.7 million.
For the full year, Southwest's earnings declined by 17%, to $21.4 million.
