BOK Financial Earnings, Revenue Up for 1Q

BOK Financial Corp. reported an 18 percent increase in earnings for the first quarter of 2008 compared to the first quarter of 2007. Net income totaled $62.3 million or 92 cents per share compared with $52.8 million or 78 cents per share for the first quarter of 2007. Net income totaled $51.2 million or 76 cents per share for the fourth quarter of 2007.
Highlights of the first quarter of 2008 included:
? Net interest margin was 3.31 percent for the first quarter of 2008, down 1 basis point from the first quarter of 2007 and up 9 basis points from the fourth quarter of 2007. Net interest revenue increased 14 percent over the first quarter of 2007 and 16 percent annualized over the fourth quarter of 2007.
? Average outstanding loans increased 12 percent over the first quarter of 2007. Period-end annualized loan growth rate was 12 percent since the end of the fourth quarter of 2007.
? Non-performing assets totaled $126 million or 1.02 percent of outstanding loans at March 31, 2008, up from $104 million or 0.87 percent of outstanding loans at Dec. 31, 2007 and $50 million or 0.45 percent of outstanding loans at March 31, 2007.
? Net loans charged off and provision for credit losses were $8.9 million and $17.6 million, respectively, for the first quarter of 2008 compared with net loans charged off of $7.3 million and provision for credit losses of $13.2 million for the fourth quarter of 2007 and $3.1 million and $6.5 million for the first quarter of 2007.
? Fees and commissions revenue increased 24 percent over the first quarter of 2007 and 2 percent annualized over the fourth quarter of 2007. Brokerage and trading revenue grew 80 percent over the first quarter of 2007 and 69 percent annualized over the previous quarter. All major categories of fee revenue increased over the same period last year.
? Operating expenses were up 16 percent over the first quarter of 2007. Personnel expenses increased 12 percent from incentive compensation, which is linked to revenue growth.
Operating expenses increased 3 percent annualized over the fourth quarter of 2007 excluding changes in the contingent obligation to support Visa’s antitrust litigation.
“The company benefitted from our strong balance sheet growth across our markets and from our diversified mix of fee revenue,” said President and CEO Stan Lybarger. “Combined with a modest increase in net interest margin and controlled expense growth, we enjoyed a strong start to 2008.”



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