Newspaper article THE JOURNAL RECORD

A Pair of Local Record Setters BOK Reaches New Horizons

Newspaper article THE JOURNAL RECORD

A Pair of Local Record Setters BOK Reaches New Horizons

Article excerpt

Led by higher net interest and other operating revenues, BOK Financial Corp. reported record results for the 1996 fourth quarter and full year.

The bank holding company reported a 10 percent increase in net income to $54 million, or $2.24 per share, for 1996. Earnings were up from $49 million, or $2.05 per share, in 1995.

BOK Financial is a two-bank holding company whose bank subsidiaries are Bank of Oklahoma NA and Citizens Bank of Northwest Arkansas NA. For the fourth quarter ended Dec. 31, BOK Financial reported a 15 percent rise in net income to $14.6 million, or 60 cents per share, from $12.7 million, or 53 cents per share, a year earlier. In 1996, net interest revenue rose 10.5 percent to $127.4 million while other operating revenue increased 15.5 percent to $105.3 million. Net interest revenue for the fourth quarter totaled $32.2 million, up 9 percent from the same period in 1995. Other operating revenue rose 15 percent to $27.5 million. "We had very strong growth in other operating income, led by increases in mortgage banking revenue, service charge income and trust income," said Wayne D. Stone, president of Bank of Oklahoma NA- Oklahoma City. Brokerage and trading revenue showed the highest improvement from a year ago, a 30 percent increase. In 1997, the bank plans to continue focusing on its fee-based services including its trust, mortgages and TransFund operations. "We will continue to put some additional resources behind those activities so we can generate fee-based income," Stone said. Bank of Oklahoma also plans to improve its small business lending emphasis, he added. The bank's Oklahoma City operations has outperformed the overall corporation in terms of loan growth for the last three years, Stone said. Oklahoma City's 23 percent loan growth was well above the overall company's 9 percent increase in the category. Stone attributed the loan growth to added confusion as a result of the Bank IV Oklahoma NA/Boatmen's/NationsBank mergers as well as to additional needs of its current customer base. …

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