Business
BOK Financial Reports Record Earnings for Second Straight Quarter
$142 million or $2.00 Per Share in the Third Quarter TULSA, Okla., Oct. 23, 2019 (GLOBE NEWSWIRE) -- BOK Financial (NASDAQ: BOKF) today reported net earnings
About this update from Bok Financial Corporation
[{"type":"text","content":"$142 million or $2.00 Per Share in the Third Quarter\n TULSA, Okla., Oct. 23, 2019 (GLOBE NEWSWIRE) -- BOK Financial (NASDAQ: BOKF) today reported net earnings applicable to common shareholders for the third quarter of 2019 of $142.2 million, or $2.00 per diluted common share. CEO Commentary “The third quarter was the second-consecutive record quarter for BOK Financial,” said Steven G. Bradshaw, president and chief executive officer. “It was a quarter that really illustrated the value of having an optimum balance between our banking and fee service businesses. This balance benefits our clients in a meaningful way as we are able to serve a broader spectrum of their needs, while reducing earnings volatility for shareholders. Our results suggest that our entire team is executing at a very high level.” Bradshaw continued, “This counter-cyclical strength, combined with continued expense management and sound credit underwriting discipline, positions us well for the remainder of 2019 and into 2020.” Third Quarter 2019 Financial Highlights Net income was $142.2 million or $2.00 per diluted share for the third quarter of 2019 and $137.6 million or $1.93 per diluted share for the second quarter of 2019.Net interest revenue totaled $279.1 million, a decrease of $6.3 million. Net interest margin was 3.01 percent compared to 3.30 percent in the second quarter of 2019. Falling interest rates compressed the net interest margin by 9 basis points.Fees and commissions revenue totaled $186.1 million, an increase of $10.0 million. Falling interest rates led to growth in brokerage and trading revenue and mortgage banking revenue.Operating expense increased $2.2 million to $279.3 million. Personnel expense increased $2.2 million while non-personnel expense was consistent with the second quarter of 2019.A $12.0 million provision for credit losses was recorded in the third quarter of 2019. The combined allowance for credit losses totaled $206 million or 0.92 percent of outstanding loans compared to $204 million or 0.92 percent in the previous quarter.Average loans increased $409 million to $22.4 billion. Period-end loans increased $30 million to $22.3 billion. Average deposits increased $538 million to $25.7 billion. Period-end deposits increased $862 million.Income tax expense decreased $5.2 million during the third quarter primarily due to completion...