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TheStreet Open House

BOK Financial Reports Quarterly Earnings Of $84 Million

BOK Financial Corporation reported net income of $83.6 million or $1.22 per diluted share, up 29% over the first quarter of 2011. Net income was $64.8 million or $0.94 per diluted share for the first quarter of 2011 and $67.0 million or $0.98 per diluted share for the fourth quarter of 2011.

“BOK Financial is pleased to announce results for the first quarter of 2012,” said President and CEO Stan Lybarger. “The year has started with strong growth in revenues and loans. Net interest revenue and fees and commissions revenue combined were up 8% over the previous year. Outstanding commercial loan balances increased 15% over March 31, 2011. In addition, net loans charged-off and nonperforming asset balances continue to decline. The Company’s sustained performance and strong capital position allows us to increase our quarterly cash dividend. This is the seventh consecutive annual increase since we paid our first cash dividend in 2005.”

Highlights of first quarter of 2012 included:

  • Net interest revenue increased to $173.6 million for the first quarter of 2012 from $171.5 million for the fourth quarter of 2011. Net interest margin was 3.19% for the first quarter of 2012 compared to 3.20% for the fourth quarter of 2011.
  • Fees and commissions revenue totaled $144.3 million, up $12.5 million over the fourth quarter of 2011. Mortgage banking revenue increased $7.6 million and brokerage and trading revenue increased $5.5 million.
  • Operating expenses, excluding changes in the fair value of mortgage servicing rights, totaled $192.4 million, down $21.6 million compared to the previous quarter. Personnel expenses decreased $6.4 million and non-personnel expense decreased $15.2 million.
  • No provision for credit losses was recorded in the first quarter of 2012 compared to a $15.0 million negative provision for credit losses recorded in the fourth quarter of 2011. Net charge-offs continued to decrease and other credit quality indicators continue to improve.
  • The combined allowance for credit losses totaled $254 million or 2.20% of outstanding loans at March 31, 2012 compared to $263 million or 2.33% of outstanding loans at December 31, 2011. Nonperforming assets totaled $336 million or 2.87% of outstanding loans and repossessed assets at March 31, 2012 and $357 million or 3.13% of outstanding loans and repossessed assets at December 31, 2011.
  • Outstanding loan balances were $11.6 billion at March 31, 2012, up $308 million over December 31, 2011. Commercial loan balances increased $371 million over December 31, 2011. Consumer loans decreased $38 million, commercial real estate loans decreased $16 million and residential mortgage loans decreased $9.6 million.
  • Period end deposits totaled $18.5 billion at March 31, 2012 compared to $18.8 billion at December 31, 2011. Demand deposit accounts increased $389 million offset by a $446 million decrease in interest-bearing transaction accounts and a $216 million decrease in time deposits.
  • Tangible common equity ratio was 9.75% at March 31, 2012 and 9.56% at December 31, 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 13.03% at March 31, 2012 and 13.27% at December 31, 2011.
  • The Company paid a cash dividend of $23 million or $0.33 per common share during the first quarter of 2012. The Company will increase the quarterly cash dividend to $0.38 per common share payable on or about May 29, 2012 to shareholders of record as of May 15, 2012.

Net Interest Revenue

Net interest revenue increased $2.1 million over the fourth quarter of 2011. Net interest margin decreased 1 basis point from the prior quarter to 3.19%.

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