WICHITA — The holding company of Bank of Kansas posted lower earnings for the fourth quarter and 2009 — and said its Oklahoma bank subsidiary faces a regulatory enforcement action.
Stillwater, Okla.-based Southwest Bancorp said its net income available to common shareholders in the fourth quarter was $2.5 million compared to $3 million in the same quarter a year ago.
For the year, net income was $8.8 million, compared to $14.7 million in 2008.
The $3.1 billion company said the decrease in net income was partly attributable to a $20.2 million increase in loan loss reserves and a $3.5 million increase in Federal Deposit Insurance Corp. insurance.
Southwest also said that its main bank subsidiary, Stillwater National Bank and Trust, entered into a formal agreement with the Office of the Comptroller of the Currency this week.
"In 2010 our goals are to work diligently to identify and resolve problem credits, reduce our commercial lending concentrations and comply with our agreement with the OCC while continuing to produce consistent net interest income," Southwest said in a news release.
Southwest said its capital levels qualify it as a well-capitalized bank.
South Hutchinson-based Bank of Kansas acquired First National Bank of Anthony last year in an FDIC-assisted transaction. First National was closed by the OCC.