The holding company of Bank of Kansas said Wednesday it reversed its loss from a year ago.
Southwest Bancorp, the Stillwater, Okla.-based parent of the South Hutchinson-based bank and Stillwater National Bank, said net income at the end of 2012 was $16.2 million compared with a loss of $68.3 million at the end of 2011.
Mark Funke, president and CEO of Southwest, said in a news release that the company saw “significant improvement” in its balance sheet and capital position in 2012.
The company also said in the fourth quarter it identified a $5.6 million “impairment,” which reduced its net income in 2010. Southwest said in the release that the impairment was the result of a “miscalculation in the valuation analysis on the goodwill of its Kansas market segment.” The correction has been included in the bank’s 2011 and 2012 financial information, Southwest said. The company also has restated its 2010 financial information.
“This correction is a result of a diligent accounting review and another milestone in repositioning Southwest for 2013 and beyond,” said Southwest chief financial officer Joe Shockley, in the release. “This did not impact net income for 2011 or 2012, nor will it affect earnings going forward.”
Bank of Kansas operates branches in east and west Wichita.