Newspaper article THE JOURNAL RECORD

Southwest Bancorp Posts 25 Percent Earnings Drop

Newspaper article THE JOURNAL RECORD

Southwest Bancorp Posts 25 Percent Earnings Drop

Article excerpt

STILLWATER (JR) -- Earnings for Southwest Bancorp fell 25 percent in 1997 due to "unusually large provisions for loan losses during the first, third, and fourth quarters of 1997."

The holding company of Stillwater National Bank and Trust reported Thursday a net income for 1997 of $5.66 million, or $1.08 per share after deducting preferred stock dividends, down from $7.5 million, or $1.59 per share, in 1996.

However, profits for the fourth quarter ended Dec. 31 were up 85 percent to $3.7 million, or 88 cents per share, from $2 million, or 44 cents per share, the prior year. The bank attributed the increase to a one-time $3.7 million gain on the sale of substantially all of its credit card portfolio and its increased loan loss provision. Southwest raised its provision for loan losses to $11 million in 1997 from $3.1 million in 1996. That included a $2.1 million hike in the latest quarter, up from $675,000 for the fourth period of 1996. At Dec. …

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