- Net interest revenue increased to $181.4 million for the second quarter of 2012 compared to $173.6 million for the first quarter of 2012. Net interest margin was 3.30% for the second quarter of 2012 and 3.19% for the first quarter of 2012. Net interest revenue for the second quarter of 2012 included $2.9 million from the full recovery of a nonaccruing commercial loan. Excluding this recovery, net interest margin was 3.25% for the second quarter of 2012.
- Fees and commissions revenue totaled $154.5 million, up $10.1 million or 7% over the first quarter of 2012. Mortgage banking revenue increased $6.5 million. All other fee-based revenue sources also increased over the prior quarter.
- Operating expenses, excluding changes in the fair value of mortgage servicing rights, totaled $212.3 million, up $20.0 million over the previous quarter. Personnel expenses were up $7.5 million due largely to incentive compensation. Non-personnel expenses increased $12.4 million due primarily to higher mortgage banking, repossessed assets, and data processing expenses.
- An $8.0 million negative provision for credit losses was recorded in the second quarter of 2012. No provision for credit losses was recorded in the first quarter of 2012. Net charge-offs continued to decrease and other credit quality indicators continue to improve. Net charge-offs totaled $4.8 million or 0.17% of average loans on an annualized basis in the second quarter of 2012 compared to $8.5 million or 0.30% of average loans on an annualized basis in the first quarter of 2012. Net charge-offs for the second quarter were reduced by $2.1 million from the full recovery of a nonaccruing commercial loan.
- The combined allowance for credit losses totaled $241 million or 2.09% of outstanding loans at June 30, 2012 compared to $254 million or 2.20% of outstanding loans at March 31, 2012. Nonperforming assets totaled $279 million or 2.38% of outstanding loans and repossessed assets at June 30, 2012 and $336 million or 2.87% of outstanding loans and repossessed assets at March 31, 2012.
- Outstanding loan balances were $11.6 billion at June 30, 2012, flat compared to the prior quarter. Commercial loan balances increased $93 million and residential mortgage loans increased $37 million over March 31, 2012. Commercial real estate loans decreased $107 million and consumer loans decreased $24 million.
- Period end deposits totaled $18.4 billion at June 30, 2012 compared to $18.5 billion at March 31, 2012. Demand deposit accounts were up $251 million, offset by a $357 million decrease in interest-bearing transaction accounts and a $58 million decrease in time deposits.
- Tangible common equity ratio was 10.07% at June 30, 2012 and 9.75% at March 31, 2012. 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 13.62% at June 30, 2012 and 13.03% at March 31, 2012.
- The Company paid a cash dividend of $26 million or $0.38 per common share during the second quarter of 2012. On July 31, 2012, the board of directors approved a quarterly cash dividend of $0.38 per common share payable on or about August 31, 2012 to shareholders of record as of August 17, 2012.
BOK Financial Reports Quarterly Earnings Of $98 Million
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