Southwest Bancorp, the parent company of Southwest Bank, reported a $4.3-million net loss for the third quarter ended Sept. 30. The bank holding company reported a $1.2-million net profit during the same quarter of 1986.
Southwest Bancorp reported a $3.6-million net loss for the nine-month period ended Sept. 30, compared with a $2.7-million net profit for the same period a year ago.
Chairman Sidney Fox linked the loss to the bank's decision to add $3.7 million to its loan loss reserve. The reserve account increase was "primarily attributed to a single, out-of-state real estate transaction" that originated at Southwest's mortgage banking subsidiary, Fox said.
Fox described the increased reserve as a "positive step in preparing the company and its banking and mortgage subsidiaries to take advantage of projected growth and profit opportunities."
The addition brings Southwest's reserve account total to $6 million.
Deposits at Southwest Bank increased to $346 million from $323 million, assets increased to $368 million from $346 million and net loans increased to $231 million from $221 million.