Newspaper article THE JOURNAL RECORD

Tulsa-Based BOK Enjoys 14th Year of Record Annual Profits

Newspaper article THE JOURNAL RECORD

Tulsa-Based BOK Enjoys 14th Year of Record Annual Profits

Article excerpt

BOK Financial's net income jumped 13 percent in 2004, marking the regional financial services company's 14th consecutive year of record earnings.

Earnings for the year totaled $179 million, or $2.68 per diluted share, up from $158.4 million, or $2.38 per diluted share, for 2003.

The addition of high-quality assets boosted earnings, said V. Burns Hargis, vice chairman of the operator of Bank of Oklahoma and other regional banks.

Profits for the fourth quarter jumped 32 percent to $46.6 million, or 70 cents per diluted share, from $35.3 million, or 53 cents per diluted share, for the same period of 2003.

We experienced strong loan growth in our regional markets in the fourth quarter, Hargis said Tuesday. Our commercial loans were up 13 percent, or $126 million, in Texas, and we're excited about growth opportunities in Phoenix through our recently announced acquisition of Valley Commerce Bank.

In late December, Tulsa-based BOK announced an agreement to buy Phoenix-based Valley Commerce Bancorp and its Valley Commerce Bank subsidiary for $32 million. BOK's planned acquisition is part of a strategy of expanding into growing metropolitan markets. BOK opened a commercial real estate loan production office in Phoenix during the summer.

Valley Commerce has assets of $152 million, net loans of $89 million and deposits of $112 million. The bank has two full-service locations in Arizona. The deal is expected to be completed during the first quarter.

In addition to Bank of Oklahoma, BOK's holdings include Bank of Albuquerque, Bank of Arkansas, Bank of Texas, Colorado State Bank and Trust, BOSC Inc. and the TransFund electronic funds network.

BOK Financial's net interest revenue for 2004 increased 8 percent to $423.2 million from $391.5 million for 2003. Net interest revenue for the fourth quarter totaled $106.5 million, up 5 percent from a year earlier. …

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