The parent of Bank SNB said Tuesday that it finished the year with higher net income in the fourth quarter and the full year.
Southwest Bancorp said in a news release issued after the market closed Tuesday that its fourth-quarter 2013 net income was $6.8 million, compared with $1 million in the fourth quarter of 2012.
For the year, net income was $17.4 million, compared with $12.4 million in 2012.
Mark Funke, president and CEO of the Stillwater, Okla.-based company, said in the release that the company’s earnings improved because of higher asset quality and better loan recoveries, as well as redemption of its trust preferred securities.
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“Our balance sheet remains solid with good liquidity and exceptionally strong capital,” Funke said.
Southwest’s 2013 earnings were not affected by last week’s announcement that it was selling three Kansas branches to two different banks, including its Overland Park office to Wichita-based Fidelity Bank. Those deals, which include its branches in Anthony and Harper, aren’t expected to close until the second quarter of this year.
“We remain committed to growing our Kansas franchise in the Wichita and Hutchinson markets,” Funke said in Tuesday’s release.
Bank SNB operates branches in east and west Wichita as well as in Hutchinson and South Hutchinson. It also operates branches in Oklahoma and Texas.
Southwest’s assets totaled $1.98 billion at the end of 2013, compared with $2.01 billion in 2012.