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BOK Financial Reports Annual Earnings Of $317 Million For 2013

BOK Financial Corporation reported net income of $316.6 million or $4.59 per diluted share for the year ended December 31, 2013. Net income for the year ended December 31, 2012 was $351.2 million or $5.13 per diluted share.

Net income for fourth quarter of 2013 totaled $73.0 million or $1.06 per diluted share compared to net income of $75.7 million or $1.10 per diluted share for the third quarter of 2013.

Steven Bradshaw, President and Chief Executive Officer, stated, “Many of the factors that impacted earnings throughout 2013 persisted into the fourth quarter, including slower mortgage volumes and increased expenses to meet regulatory initiatives. However, loan growth accelerated nicely in the fourth quarter, led by commercial real estate and healthcare lending, and our capital strength and the credit quality of our loan portfolio remain at industry-leading levels.”

Bradshaw continued, “All told, 2013 was a challenging year. While we remained solidly profitable, it was the first year since 2008 that we were unable to grow earnings. Consistent earnings growth is the key to building long term shareholder value, and we don’t make excuses. Accordingly, our newly-constituted executive leadership team is executing on a plan to accelerate revenue growth, enhance our customer experience, and control internal expense growth while meeting heightened regulatory expectations and providing a great place to work for employees. These five key objectives will set the foundation for long-term growth in earnings and shareholder value.”

Highlights of fourth quarter of 2013 included:

  • Net interest revenue totaled $166.2 million for the fourth quarter of 2013 compared to $167.9 million for the third quarter of 2013. Net interest margin was 2.74% for the fourth quarter of 2013, and 2.75% for the third quarter of 2013.
  • Fees and commissions revenue totaled $142.4 million for the fourth quarter of 2013 compared to $145.2 million for the third quarter of 2013.
  • Operating expenses were $215.4 million for the fourth quarter, up $5.1 million over the previous quarter. Personnel expense was largely unchanged compared to the previous quarter. Non-personnel expense increased $5.3 million.
  • An $11.4 million negative provision for credit losses was recorded in the fourth quarter of 2013 compared to an $8.5 million negative provision for credit losses in the third quarter. BOK Financial had a net recovery of $3.0 million for the fourth quarter of 2013 compared to net charge-offs of $299 thousand in the third quarter.
  • The combined allowance for credit losses totaled $187 million or 1.47% of outstanding loans at December 31, 2013 compared to $196 million or 1.59% of outstanding loans at September 30, 2013. Nonperforming assets that are not guaranteed by U.S. government agencies totaled $155 million or 1.23% of outstanding loans and repossessed assets (excluding those guaranteed by U.S. government agencies) at December 31, 2013 and $183 million or 1.49% of outstanding loans and repossessed assets (excluding those guaranteed by U.S. government agencies) at September 30, 2013.
  • Average loans increased $59 million over the previous quarter due primarily to growth in commercial loans. Average commercial loans were up $135 million. Average commercial real estate loans were unchanged. Residential mortgage and consumer loans decreased by a total of $69 million. Period-end outstanding loan balances were $12.8 billion at December 31, 2013, an increase of $442 million over September 30, 2013. Commercial loan balances increased $372 million and commercial real estate loans were up $66 million over the prior quarter. Growth in residential mortgage loans was largely offset by a decrease in consumer loans.
  • Average deposits increased $428 million over the previous quarter. Growth in demand deposits and interest-bearing transaction accounts was partially offset by a decrease in time deposit balances. Period end deposits grew by $778 million over September 30, 2013 to $20.3 billion at December 31, 2013. Interest-bearing transaction accounts increased $814 million. Demand deposit account balances were largely unchanged and time deposits decreased $24 million.
  • Tangible common equity ratio was 9.90% at December 31, 2013 and 9.73% at September 30, 2013. 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 13.73% at December 31, 2013 and 13.51% at September 30, 2013.
  • The Company paid a regular quarterly cash dividend of $28 million or $0.40 per common share during the fourth quarter of 2013. On January 28, 2014, the board of directors approved a quarterly cash dividend of $0.40 per common share payable on or about February 28, 2014 to shareholders of record as of February 14, 2014.

Net Interest Revenue

Net interest revenue decreased $1.6 million compared to the third quarter of 2013. Net interest margin was 2.74% for the fourth quarter of 2013, compared to 2.75% for the third quarter of 2013.

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