Southwest Bancorp reports improved earnings in second quarter
STILLWATER — Southwest Bancorp Inc. reported net income of $5.4 million, or 28 cents per share in the second quarter, up from $4.2 million, or 22 cents per share, for the same period a year ago.
Southwest, parent of Bank SNB, also said Tuesday that its board of directors has approved a quarterly cash dividend of 8 cents per share payable Aug. 12, to shareholders of record as of July 29.
“We are pleased with the improvement in earnings and efficiency,” Mark Funke, president and CEO of Southwest, said in a statement. “Loan growth was good in the second quarter and asset quality
Total loans grew $1.82 billion, up 26 percent compared to the second quarter of 2015. Southwest funded $51.4 million in new loans during the second quarter, marking its 10th consecutive quarter of loan growth.
In May, Southwest's directors authorized its fourth consecutive share repurchase program of up to another 5 percent of Southwest's outstanding common stock, up to 921,000 shares.
During the first six months of 2016, Southwest repurchased more than 1.3 million shares for a total of $21 million. Since August 2014, Southwest has repurchased more than 2.4 million shares under the share repurchase programs for a total of $39.8 million.
Shares in Southwest closed Tuesday at $18.08 on Nasdaq, up 0.8 percent, or 15 cents per