Southwest Bancorp Inc.'s stock plummeted Friday after the Stillwater, Okla., company said that its fourth-quarter earnings could be down by as much as 10% from a year ago.
The $2.1 billion-asset company earned $4.9 million in the fourth quarter of 2004; it said it expects to earn $4.4 million to $4.8 million this quarter. It blamed an increase in its loan-loss provision.
"The increased provision relates mainly to several potential problem loans, all of which are now performing in accordance with their terms, and our close attention to the growth in relatively new markets and our concentrations in health care," said president and chief executive Rick Green in a press release.
Southwest's stock was trading at $20.76 late Friday, down nearly 11% from Thursday's close.
