Southwest Bancorp, Inc. (OKSB) has reported an 182.45 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $5.28 million, or $0.28 a share in the quarter, compared with $1.87 million, or $0.10 a share for the same period last year.
Revenue during the quarter grew 23.24 percent to $23.27 million from $18.88 million in the previous year period. Net interest income for the quarter rose 1.63 percent over the prior year period to $20.16 million. Non-interest income for the quarter rose 42.90 percent over the last year period to $4.88 million.
Southwest Bancorp, Inc. has made provision of $1.78 million for loan losses during the quarter, down 59.41 percent from $4.38 million in the same period last year.
Net interest margin contracted 11 basis points to 3.43 percent in the quarter from 3.54 percent in the last year period. Efficiency ratio for the quarter improved to 63.30 percent from 67.48 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Mark Funke, president and chief executive officer, stated, "This quarter's solid loan growth combined with the improvement in net interest margin and stronger noninterest income provided momentum for the good results in the first quarter."
Deposits stood at $1,977.26 million as on Mar. 31, 2017, up 4.33 percent compared with $1,895.25 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $541.02 million or 27.36 percent of total deposits on Mar. 31, 2017, compared with $552.50 million or 29.15 percent of total deposits on Mar. 31, 2016.
Investments stood at $435.10 million as on Mar. 31, 2017, up 1.82 percent or $7.76 million from year-ago. Shareholders equity was at $290.91 million as on Mar. 31, 2017.
Return on average assets moved up 54 basis points to 0.86 percent in the quarter from 0.32 percent in the last year period. At the same time, return on average equity increased 484 basis points to 7.40 percent in the quarter from 2.56 percent in the last year period.
Credit quality improves
Southwest Bancorp, Inc. recorded an improvement in credit quality during the quarter. Nonperforming assets moved down 30.97 percent or $7.60 million to $16.94 million on Mar. 31, 2017 from $24.54 million on Mar. 31, 2016. Nonperforming assets to total loans was 0.88 percent in the quarter, down from 1.38 percent in the last year period.
Equity to assets ratio was 11.53 percent for the quarter, down from 12.10 percent for the previous year quarter. Average equity to average assets ratio was 11.62 percent for the quarter, down from 12.42 percent for the previous year quarter. Book value per share was $15.57 for the quarter, up 5.13 percent or $0.76 compared to $14.81 for the same period last year.
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