Newspaper article THE JOURNAL RECORD

Profits Fall at BOKF, but Results Beat Estimates

Newspaper article THE JOURNAL RECORD

Profits Fall at BOKF, but Results Beat Estimates

Article excerpt

TULSA - Hurt by lower interest revenues, BOK Financial Corp. reported a $4 million decline in second-quarter profits compared to last year.

The Tulsa-based financial services company, which trades under the symbol BOKF, reported $75.9 million in profits for the three- month period that ended in June, compared to $79.9 million during the same period a year ago. Profits were down $700,000 compared to the first quarter, dipping a penny per share.

For the first six months, profits totaled $152 million, down 9 percent compared to the first six months of 2013.

Net interest revenues totaled $166.1 million for the second quarter, up $3.5 million over the first quarter, but declined $2.7 million from a year ago. For the first six months, net interest revenues totaled $328.7 million, down from $348.3 million a year earlier.

However, BOKF, the parent of Bank of Oklahoma, Bank of Texas, TransFund and several other regional brands, topped analysts' estimates. Second-quarter earnings per share were $1.10, down 6 cents per share from last year. But 10 analysts polled by Thomson- Reuters estimated the company's earnings to be $1.04 for the quarter. Analysts' estimates typically exclude one-time items. For the first six months, earnings per share were $2.21, down 10 percent from $2.45 a year ago.

The Oklahoma and New Mexico markets led in loan growth, said Steven G. Bradshaw, BOK Financial president and CEO.

"Our Oklahoma pipeline was very strong headed into Q2, and we were able to capitalize on that with the Oklahoma market driving the majority of our growth in the second quarter," Bradshaw said. "In fact, our $349 million of loan growth, $317 million was from Oklahoma."

Overall loan growth exceeded expectations, and each of BOKF's fee- generating businesses delivered very strong sequential revenue growth, said Bradshaw.

"Businesses were cautious coming out of the period of 2009-10 time frame," Bradshaw said. …

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