Thursday, financial holding company Southwest Bancorp Inc. (OKSB), reported a decline in first-quarter earnings, hurt by lower net interest income and a higher provision for loan losses.
The Stillwater, Oklahoma-based company reported net income available to common shareholders for the first quarter of $296 thousand or $0.02 per share, down from $5.2 million or $0.36 per share in the year-ago quarter, due to lower net interest income, higher provision for loan losses and increase in insurance expense.
Net interest income for the quarter decreased to $21.0 million from $21.8 million in the prior-year quarter.
Net interest margin was 3.00% for the first quarter of 2009 compared to 3.45% for the first quarter of 2008.
Provision for loan losses surged to $10.9 million from $2.2 million in the same quarter last year.
Non-interest income for the quarter totaled $6.5 million, up from $4.7 million in the year ago quarter, due to an increase in gain on sale of investment securities and higher service charges and fee income.
The company during the first quarter, said it increased portfolio loans by $31.8 million, up 1%, from year-end 2008 and increased core deposits by $105.3 million, up 8%.
Allowance for loan losses at March 31, 2009 was $46.3 million, up 54% from March 31, 2008 and up 16% from year-end 2008. This represented 1.83% of portfolio loans, compared to 1.31% at March 31, 2008 and 1.59% at December 31, 2008.
Total assets were $2.9 billion at March 31, 2009, up 2% from December 31, 2008. At March 31, 2009 total loans increased 2% to $2.6 billion from December 31, 2008.
OKSB is currently trading at $8.88, down $0.32 or 3.48%, on the Nasdaq.
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