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Southwest Bancorp Q4 net income declines

Southwest Bancorp has reported a net income of $3 million

Southwest Bancorp has reported a net income of $3 million, or $0.20 per diluted share for the fourth quarter 2008, compared to $4.5 million, or $0.31 per diluted share for the fourth quarter of 2007.

Net interest income totalled $22.4 million for the fourth quarter of 2008 compared to $23.5 million for the fourth quarter of 2007. Net interest margin was 3.22% for the fourth quarter of 2008, compared to 3.89% for the fourth quarter of 2007.

For the year ended December 31, 2008, the company posted net income of $14.7 million, or $1 per diluted share, compared to $21.4 million, or $1.46 per diluted share, for the same period of 2007. Net interest income totalled $89.7 million for 2008 compared to $92.6 million for 2007. Net interest margin for the year was 3.36% for 2008 compared to 4.20% in 2007.

Rick Green, president and CEO of Southwest Bancorp, said: Southwest continues to generate earnings and dividends for our shareholders, but our 2008 performance was disappointing. The main causes are linked to current economic conditions — the competitive pressures that have caused reductions in rates on deposits and other funding sources to decrease less than the drop in rates on earning assets and the market conditions that have required increases in our allowance for loan losses.