Business
BOK Financial Corporation Reports Annual Earnings of $618 million or $8.95 Per Share and Quarterly Earnings of $117 million or $1.71 Per Share in the Fourth Quarter
TULSA, Okla., Jan. 19, 2022 (GLOBE NEWSWIRE) -- BOK Financial Corporation (NASD: BOKF) - CEO Commentary Stacy Kymes, president and chief executive officer,
About this update from Bok Financial Corporation
[{"type":"text","content":"TULSA, Okla., Jan. 19, 2022 (GLOBE NEWSWIRE) -- BOK Financial Corporation (NASD: BOKF) - CEO Commentary Stacy Kymes, president and chief executive officer, stated, “Our record earnings in 2021 are a testament to our diversified business model focused on revenue growth from long-term commitments and investments. It also reflects extraordinary dedication from our employees serving our clients in all areas of our business in a very difficult environment. While there were facets to our financial performance in 2021 that are non-recurring, the business activities that created those opportunistic gains are core to our franchise. Our diversified Wealth Management business achieved significant milestones this year, assets under management grew just over 14 percent, to over $100 billion, period end loan balances surpassed $2.1 billion, growing $250 million or 13 percent, while trust fees grew $11 million or 6 percent.” Kymes continued, “Although our Commercial Lending segment experienced net payoffs this past year, the fourth quarter has been a bright spot as we’ve realized annualized growth above 10 percent in our Commercial and Industrial category. Also encouraging is that outstanding C&I loan commitments increased, with the resulting C&I utilization levels actually decreasing linked quarter. This further underscores the capacity we have for future loan growth. Although Commercial Real Estate payoffs continued in the fourth quarter, we expect these balances to grow in 2022 after the first quarter.” Kymes added, “As I look forward, I am excited about BOK Financial's prospects for 2022. We believe we have turned the corner on loan growth, our overall asset quality is better than pre-pandemic, we have strong fundamental growth in assets under management in our Wealth Management business, and we are well positioned for a rising rate environment. Based on our history during the last rising rate cycle, we believe that we can deliver net interest revenue growth that will perform exceptionally well in the regional bank space.” 2021 Financial Highlights Net income was $618.1 million or $8.95 per diluted share for the year ended December 31, 2021, and $435.0 million or $6.19 per diluted share for the year ended December 31, 2020. Improving economic conditions related to the COVID-19 pandemic and massive government stimulus drove a $100.0 million...