Southwest Bancorp reported net income of $162,000...
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Southwest Bancorp reported net income of $162,000 for the second quarter ended June 30, compared with $633,000 in net income for the same quarter a year ago. It reported $519,000 in net income for the first half, down from $1 million a year ago.
Southwest Bancorp Chairman Sidney Fox said “several non-recurring expenses,” generated by a recently completed preferred stock swap and the relocation of the company’s headquarters, caused the earnings drop.
Total assets rose by 9% to $380 million, deposits increased by 13% to $312 million and net loans rose by 5% to $221 million for the first half.
Southwest Bancorp is the parent company of Vista-based Southwest Bank and its two wholly owned subsidiaries, SW Mortgage Inc., a mortgage-banking company, and Southwest Thrift & Loan Assn.
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