Magazine article American Banker

BancOklahoma Posts Loss, Cuts Dividend

Magazine article American Banker

BancOklahoma Posts Loss, Cuts Dividend

Article excerpt

NEW YORK -- The BancOklahoma Corp. cut its quarterly dividend to 10 cents from 22 1/2 cents Friday and reported a $3.4 million fourth-quarter loss.

The company's loss, equal to 64 cents per fully diluted share, compared with $4.5 million in net earnings, or 63 cents a share, in the same period of 1984. It earned $3.4 million, or 47 cents a share, in the third quarter of 1985.

The loss resulted from a $6 million provision for loan losses in the quarter. The company said it also wrote off $5.85 million in bad loans during the fourth quarter, leaving its loan loss reserve at $33.12 million, or 1.66% of total loans on Dec. 31, compared to $33.0 million, or 1.64% of total loans, a year earlier.

Net income for the year was $6.15 million, compared to $20.04 million in 1984.

Leonard J Eaton Jr., chairman and chief executive officer, said in a statement that the lower dividend and the loss provision put his company "in a better position to deal with the uncertainties in the Oklahoma economy caused by declining energy prices. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.