Southwest Bancorp Inc. (OKSB) Wednesday reported a profit for the second quarter compared to a loss last year, due mainly to lower loan loss provisions.
The Stillwater, Oklahoma-based company's second-quarter net profit available to common shareholders was $3.01 million or $0.15 per share, compared to a net loss of $4.03 million or $0.21 per share last year. On average, three analysts polled by Thomson Reuters expected earnings of $0.15 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income for the quarter dropped 21 percent to $19.75 million from $24.99 million in the year-ago quarter. Total non-interest income was flat at $3.60 million.
Loan loss provisions for the quarter decreased to $32 thousand from $20.14 million last year.
Non-interest expense for the quarter advanced to $16.77 million from $14.98 million in the prior-year quarter.
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