Southwest Bancorp Inc. in Stillwater, Okla., posted a 31% decline in second-quarter net income compared with a year earlier.
Earnings were down largely because of a 4% increase in its loan-loss provision as the company works through nonperforming loans that were not covered by the Federal Deposit Insurance Corp. when one of its subsidiaries, Bank of Kansas, acquired a failed bank in 2009. Southwest Bancorp reported net income of $3.4 million, or 19 cents per share, down from $4.9 million, or 33 cents per share.
