Southwest Bancorp, parent company of Southwest Bank, reported an $89,000 net loss for the third quarter ended Sept. 30. Southwest reported a $4.2-million net loss during the third quarter of 1987.
Southwest’s banking subsidiary posted record quarterly profits for the third quarter, but its mortgage-banking and thrift subsidiaries each reported operating losses. During the quarter, Southwest merged its four-branch Southwest Thrift & Loan Assn. into Southwest Bank. Southwest expects consolidation to reduce administrative costs and bolster profits.
Total deposits rose by 3%, to $333.9 million, up from $323 million the year before. Total assets rose by 1%, to $374.7 million, up from $367.4 million. Total loans fell to $225.2 million from $233.2 million. Southwest blamed the decline on a dip in interim construction lending.