Newspaper article THE JOURNAL RECORD

BOKF Earnings Beat Street Expectations

Newspaper article THE JOURNAL RECORD

BOKF Earnings Beat Street Expectations

Article excerpt

TULSA - BOK Financial shares rose 1.39 percent Wednesday after the Tulsa financial services company posted first-quarter earnings that fell 2.3 percent below year-ago results, but beat Wall Street expectations.

Those profits would have jumped 12.6 percent above 2014 results but for a $10.2 million year-ago benefit from reversed executive compensation costs. That equaled 15 cents per diluted share.

"We did very well," President and Chief Executive Steven G. Bradshaw said Wednesday. "We kind of hit on all cylinders."

The parent of lender BOKF NA, which operates under the brands Bank of Oklahoma, Bank of Texas and others, recorded 13-percent annualized loan growth across its eight-state footprint in the first quarter. Oklahoma charted about 8.7-percent loan growth over fourth- quarter activity, Executive Vice President Stacy Kymes said.

Chief Financial Officer Steven Nell forecast the lender would maintain low-double-digit loan growth through the rest of 2015.

"That certainly gives me a good perspective and a good feel for how Oklahoma and Texas are competing for business," Bradshaw said. "We're not seeing anything diminishing from that despite lower commodity prices."

BOK Financial's fee-generating operations also enjoyed a record quarter, he said.

"They're high-quality earnings," Bradshaw said, reflecting back on the first quarter's net income. "They're driven by increasing business with customers, both existing and adding new business."

For the three months ended March 31, BOK Financial posted a $74.8 million net income, or $1.08 per diluted share, the Tulsa company reported in a Wednesday press release. That trailed year-ago earnings of $76.6 million, or $1.11 per diluted share, but rose 16.3 percent above the fourth quarter's net income of $64.3 million, or 93 cents.

The latest results beat the $1.04-per-share earnings forecast consensus by Thomson Financial Network analysts, and the $1.03 estimate by Zacks Investment Research.

BOKF NA posted $14.7 billion in outstanding loans at March 31, up 12.3 percent from a year ago and 3.2 percent from Dec. 31. Average loans increased by $673 million, with commercial loans up $295 million and commercial real estate loans up $207 million. …

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