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TheStreet Open House

BOK Financial Reports Quarterly Earnings Of $77 Million

Stocks in this article: BOKF

BOK Financial Corporation reported net income of $76.6 million or $1.11 per diluted share for the first quarter of 2014. Net income was $73.0 million or $1.06 per diluted share for the fourth quarter of 2013 and $88.0 million or $1.28 per diluted share for the first quarter of 2013.

Steven G. Bradshaw, Chief Executive Officer, stated, “We are executing well on our strategic objectives, and as a result the first quarter was solid for BOK Financial Corporation. Sustained loan growth, sequential revenue growth from key fee-generating lines of business, and careful expense controls led to a strong bottom line. Credit quality remains pristine with net recoveries in the quarter, and our capital base remains at industry-leading levels.”

Bradshaw added, “We also closed on our acquisition of GTRUST Financial Corporation, and announced the acquisition of MBM Advisors during the quarter. Each of these acquisitions strengthens our presence in an important growth market while bringing a new wealth management product line that can be delivered across the footprint.”

Highlights of first quarter of 2014 included:

  • Net interest revenue totaled $162.6 million for the first quarter of 2014 compared to $166.2 million for the fourth quarter of 2013. Net interest margin was 2.71% for the first quarter of 2014 and 2.74% for the fourth quarter of 2013.
  • Fees and commissions revenue totaled $140.9 million for the first quarter of 2014 compared to $142.4 million for the fourth quarter of 2013.
  • Operating expenses were $185.1 million for the first quarter, a decrease of $30.3 million compared to the previous quarter. Personnel expense decreased $21.2 million. The Company reversed $15.5 million accrued in 2011 through 2013 for amounts payable to certain executive officers under the 2011 True-Up Plan. Non-personnel expense decreased $9.1 million.
  • No provision for credit losses was recorded in the first quarter of 2014 compared to an $11.4 million negative provision for credit losses in the fourth quarter of 2013. BOK Financial had a net recovery of $2.5 million for the first quarter of 2014 compared to a net recovery of $3.0 million in the previous quarter.
  • The combined allowance for credit losses totaled $190 million or 1.45% of outstanding loans at March 31, 2014 compared to $187 million or 1.47% of outstanding loans at December 31, 2013. Nonperforming assets that are not guaranteed by U.S. government agencies totaled $153 million or 1.18% of outstanding loans and repossessed assets (excluding those guaranteed by U.S. government agencies) at March 31, 2014 and $155 million or 1.23% of outstanding loans and repossessed assets (excluding those guaranteed by U.S. government agencies) at December 31, 2013.
  • Average loans increased by $486 million over the previous quarter due primarily to growth in commercial loans. Average commercial loans were up $234 million and average commercial real estate loans increased $252 million. Period-end outstanding loan balances were $13.1 billion at March 31, 2014, a $286 million increase over December 31, 2013. Commercial loan balances increased $108 million and commercial real estate loans increased $216 million.
  • Average deposits increased $360 million over the previous quarter. Growth in interest-bearing transaction accounts was partially offset by a decrease in demand and time deposit balances. Period-end deposits were $20.4 billion at March 31, 2014, a $120 million increase over December 31, 2013, primarily due to growth in demand deposit balances.
  • The Company's Tier 1 common equity ratio, as defined by banking regulations, was 13.59% at both March 31, 2014 and December 31, 2013. The Company and its subsidiary bank continue to exceed the regulatory definition of well capitalized. The Company's Tier 1 capital ratio was 13.77% at both March 31, 2014 and December 31, 2013. Total capital ratio was 15.55% at March 31, 2014 and 15.56% at December 31, 2013. The Company's leverage ratio was 10.17% at March 31, 2014 and 10.05% at December 31, 2013.
  • The Company paid a regular quarterly cash dividend of $28 million or $0.40 per common share during the first quarter of 2014. On April 29, 2014, the board of directors approved a quarterly cash dividend of $0.40 per common share payable on or about May 30, 2014 to shareholders of record as of May 16, 2014.

Net Interest Revenue

Net interest revenue decreased $3.6 million compared to the fourth quarter of 2013. Net interest margin was 2.71% for the first quarter of 2014 compared to 2.74% for the fourth quarter of 2013.

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