- Net interest revenue totaled $163.7 million for the fourth quarter of 2010 and $180.7 million for the third quarter of 2010. Net interest margin was 3.19% for the fourth quarter of 2010 and 3.50% for the third quarter of 2010. Net interest revenue decreased as cash flows from the securities portfolio increased during the third and fourth quarters. Prepayments spiked as interest rates declined, resulting in portfolio reinvestment at lower rates.
- Fees and commissions revenue totaled $136.0 million, essentially unchanged from the third quarter of 2010. Mortgage banking revenue decreased $4.1 million. Brokerage and trading revenue grew $1.5 million and trust fees and commissions grew $1.4 million.
- Changes in the fair value of mortgage servicing rights, net of economic hedge, increased fourth quarter pre-tax net income by $6.6 million and decreased pre-tax net income $7.9 million in the third quarter of 2010.
- Operating expenses, excluding changes in the fair value of mortgage servicing rights, totaled $203.5 million, up $14.2 million over the prior quarter. Personnel expenses increased $5.6 million due primarily to increased incentive compensation expense.
- Provision for credit losses totaled $7.0 million for the fourth quarter of 2010, down $13.0 million from the previous quarter. Net loans charged off decreased to $14.2 million for the fourth quarter of 2010 from $20.1 million for the third quarter of 2010.
- Combined allowance for credit losses totaled $307 million or 2.89% of outstanding loans at December 31, 2010 and $314 million or 2.91% of outstanding loans at September 30, 2010. Nonperforming assets totaled $394 million or 3.66% of outstanding loans and repossessed assets at December 31, 2010 compared to $421 million or 3.85% of outstanding loans and repossessed assets at September 30, 2010.
- Outstanding loan balances were $10.6 billion at December 31, 2010, down $163 million since September 30, 2010. All major loan categories decreased during the fourth quarter. Unfunded commercial loans increased $237 million during the fourth quarter to $4.6 billion.
- Total period end deposits increased $356 million during the fourth quarter of 2010 to $17.2 billion due primarily to growth in interest-bearing transaction and demand deposits, partially offset by a decrease in higher costing time deposits.
- Tangible common equity ratio increased to 9.21% at December 31, 2010 from 8.96% at September 30, 2010, due to retained earnings growth. The tangible common equity ratio is a non-GAAP measure of capital strength used by the Company and investors based on shareholders’ equity minus intangible assets and equity that does not benefit common shareholders, such as equity provided by the U.S. Treasury’s Asset Relief Program. BOK Financial chose not to participate in the TARP Capital Purchase Program. The Company and each of its subsidiary banks exceeded the regulatory definition of well capitalized. The Company’s Tier 1 capital ratios, as defined by banking regulations, were 12.69% at December 31, 2010 and 12.30% at September 30, 2010.
- The Company paid a cash dividend of $17.0 million or $0.25 per common share during the fourth quarter of 2010. On January 25, 2011, the board of directors approved a quarterly cash dividend of $0.25 per common share payable on or about February 25, 2011 to shareholders of record as of February 11, 2011.
BOK Financial Reports Record Earnings For 2010 Of $247 Million
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