Southwest Bancorp, Inc. Tuesday reported net income available to common shareholders for the fourth quarter of 2013 of $6.8 million, or $0.34 per diluted share, compared to $3.8 million, or $0.19 per diluted share, for the third quarter of 2013. Net income available to common shareholders for the year ended December 31, 2013 totaled $17.4 million, or $0.88 per diluted share, compared to $12.4 million, or $0.64 per diluted share, for the year ended December 31, 2012.
Southwest’s board of directors reinstated quarterly common stock dividends with their approval of a quarterly cash dividend of $0.04 per share. The dividend is payable February 14, 2014 to shareholders of record as of February 3, 2014.
Mark Funke, President and CEO, stated, “We are pleased to report strong earnings for the fourth quarter and the year 2013. Our net earnings were boosted by improved asset quality and loan recoveries combined with the impact of the redemption of our 10.5% Trust Preferred Securities, that was completed in the previous quarter.
“Our balance sheet remains solid with good liquidity and exceptionally strong capital. We reinstated common dividends and completed the rebranding on our subsidiary bank, Bank SNB, simultaneously with the successful charter consolidation of our two subsidiary banks.
“Subsequent to the end of fourth quarter, we announced an agreement to sell three community bank branches in Kansas in an effort to consolidate our geographic footprint and focus appropriately on our future strategic direction. We remain committed to growing our Kansas franchise in the Wichita and Hutchinson markets.
This quarter’s positive results represent continued progress as we focus on future growth opportunities and on delivering the highest quality service and products to our customers.”