- Net interest revenue decreased to $171.5 million for the fourth quarter of 2011 from $175.4 million in the third quarter of 2011. Net interest margin was 3.20% for the fourth quarter of 2011 compared to 3.34% in the third quarter. Increased premium amortization and cash flows reinvested at lower current interest rates combined to reduce the securities portfolio yield.
- Fees and commissions revenue totaled $131.8 million for the fourth quarter of 2011, compared to $146.0 million for the third quarter of 2011. Transaction card revenue decreased $5.4 million primarily due to new federal regulations which reduced debit card interchange revenue. Mortgage banking revenue decreased $4.1 million and brokerage and trading revenue decreased $3.8 million.
- Operating expenses, excluding changes in the fair value of mortgage servicing rights, totaled $213.9 million, up $17.9 million over the prior quarter. Personnel expense increased $17.9 million primarily due to increased incentive compensation expense.
- A $15.0 million negative provision for credit losses was recorded in the fourth quarter of 2011. No provision for credit losses was recorded in the third quarter of 2011. Net charge-offs continued to decrease and other credit quality indicators continue to improve.
- The combined allowance for credit losses totaled $263 million or 2.33% of outstanding loans at December 31, 2011 compared to $287 million or 2.58% of outstanding loans at September 30, 2011. Nonperforming assets totaled $357 million or 3.13% of outstanding loans and repossessed assets at December 31, 2011 and $388 million or 3.45% of outstanding loans and repossessed assets at September 30, 2011.
- Outstanding loan balances were $11.3 billion at December 31, 2011 compared to $11.1 billion at September 30, 2011. Commercial loan balances increased $96 million over September 30, 2011. Commercial real estate loans increased $20 million and residential mortgage loans increased $59 million. Consumer loans decreased $29 million.
- Period end deposits totaled $18.8 billion at December 31, 2011 compared to $18.4 billion at September 30, 2011. Demand deposit accounts increased $386 million and interest-bearing transaction accounts increased $102 million. Time deposits decreased $172 million.
- Tangible common equity ratio was 9.56% at December 31, 2011 and 9.65% at September 30, 2011. 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. The Company and its subsidiary bank continue to exceed the regulatory definition of well capitalized. The Company’s Tier 1 capital ratios, as defined by banking regulations, were 13.27% at December 31, 2011 and 13.14% at September 30, 2011.
- The Company increased the cash dividend to $22 million or $0.33 per common share during the fourth quarter of 2011. This was the second quarterly cash dividend increase in 2011. On January 31, 2012, the board of directors approved a quarterly cash dividend of $0.33 per common share payable on or about February 29, 2012 to shareholders of record as of February 15, 2012.
BOK Financial Reports Earnings Of $286 Million For 2011
Check Out Our Best Services for Investors
Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.