Bank SNB holding company reports drop in quarterly earnings

The holding company for Bank SNB reported a drop in first quarter earnings on Wednesday, according to a news release.

Southwest Bancorp reported net income of $1.9 million, or 10 cents per diluted share, for the first quarter of 2016, which is down significantly from its net income total of $4.5 million during the same quarter in 2015.

The company, based in Stillwater, Okla., blamed the lower revenue numbers primarily on low energy prices and the “deterioration in a few business credits,” which the company said caused it to increase its loan loss reserves.

“Although the quarter was less than what we expected, we will continue to focus our company on producing consistent, conservative and sustainable earnings,” Mark Funke, Southwest Bancorp president and CEO, said in the release. “We continued to have strong loan production during the first quarter, but the net growth was reduced by expected payoffs on real estate loans.”

A quarterly cash dividend of 8 cents a share, approved by the holding company’s board of directors, will be payable May 13 to shareholders of record as of April 29, according to the release.

Total loans for the company grew to $1.78 billion during the first quarter, which represents a slight increase from year-end 2015 and a 24 percent increase when compared to the first quarter of 2015, according to the release. The bank funded $108.8 million in new loans during the first quarter of 2016.

Bank SNB has $2.4 billion in assets. The bank has four Kansas locations: two in Wichita and two in Hutchinson.

This story was originally published April 20, 2016 at 11:11 AM with the headline "Bank SNB holding company reports drop in quarterly earnings."