Southwest Bancorp Inc. in Stillwater, Okla., on Tuesday reported a first-quarter profit despite a sharp rise in its loan-loss provision.

Earnings at the $2.78 billion-asset company fell 58% from both the fourth quarter and a year earlier, to $1.4 million.

The provision rose 25% from the fourth quarter and 6% from a year earlier, to $9.1 million. Nonperforming assets, excluding those covered by loss-sharing agreements with the government, totaled 4.81% off total loans at March 31, compared with 4.59% at Dec. 31 and 3.89% a year earlier.

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