Newspaper article THE JOURNAL RECORD

Tulsa-Based BOKF Earnings Beat Wall Street Estimates

Newspaper article THE JOURNAL RECORD

Tulsa-Based BOKF Earnings Beat Wall Street Estimates

Article excerpt

BOK Financial shares inched 1.1 percent higher Wednesday after the Tulsa financial services company posted a 2.7-percent increase in third-quarter earnings, beating Wall Street estimates.

The report ended a year-plus run of double-digit quarterly earnings growth.

"Based on the high bar that they've set, their year-over-year improvements are solid but they aren't as impressive," said Tulsa securities analyst M. "Jake" Dollarhide. "I think what BOKF's going to have to do is what it's always done, continue to challenge itself. They're going to have to continue to expand into other states, buy other firms."

BOK Financial noted one such step Wednesday, reminding investors of its August purchase of Denver's investment adviser firm The Milestone Group. The company's board of directors took one step Wednesday to generate investor interest, deciding to pay a special $1 cash dividend next month along with its 38-cent quarterly dividend.

"That's BOKF saying, 'Hey, investors, we understand we can't stay idle and keep telling investors about the assets we already have," said Dollarhide, chief executive of Tulsa's Longbow Asset Management.

BOK Financial, the parent of Bank of Oklahoma, Bank of Texas and several other regional bank brands, reported net income of $87.4 million, or $1.27 per diluted share, for the three months ended Sept. 30. That beat year-ago marks of $85.1 million, or $1.24 per share, as well as two sets of analyst forecasts: one averaging $1.22 per share from analysts polled by Thomson Financial Network, and one averaging $1.21 per share from analysts polled by Zacks Investment Research.

For the first nine months of 2012, BOKF earnings surged 22.7 percent to $268.6 million, or $3.92 per diluted share, from $218.9 million, or $3.19 per diluted share, for the same period of 2011.

President and Chief Executive Stan Lybarger attributed BOKF's results to its diversified revenue business model: strong home purchase and refinancing activity stimulated by the nation's continued low interest rates, matched with rising deposits and improved commercial loan growth. …

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