The holding company of Bank of Kansas said Tuesday it saw profit gains in the third quarter of 2010.
Stillwater, Okla.-based Southwest Bancorp said earnings for the quarter were $2.8 million, or 15 cents a diluted share, compared to $1.1 million, or 7 cents a diluted share in the same quarter a year ago.
"We are pleased with our solid performance this quarter," Rick Green, Southwest president and CEO, said in a news release. "Earnings for the third quarter were based on stable net interest income and controlled non-interest expenses. We increased our allowance for loan losses by $5.4 million in the third quarter after recording $6.6 million in net charge offs. Our annualized quarterly ratio of net loan charge-offs to portfolio loans remained at approximately 1 percent."
The company said it is continuing to make loans in each of its markets, including Hutchinson and Wichita, emphasizing health care lending and "carefully controlled real estate collateralized credits."