BOK Financial Reports $51 Million Third Quarter Income

BOK Financial Corp. reports net income dipped 10.6 percent from a year ago.
BOKF reported that third quarter net income this year was $50.7 million or 75 cents per share, down from $56.7 million, or 84 cents a share, at the same time a year ago.
“BOK Financial is pleased with solid performance this quarter, especially considering the continued challenges we see in the economy,” said President and CEO Stan Lybarger. “Earnings for the third quarter were based on continued net interest revenue growth, solid fee revenue and controlled operating expenses.”
Net income for the second quarter this year totaled $52.1 million or 77 cents a share.
Net income for the nine months ended Sept. 30, totaled $157.8 million or $2.33 per share compared with $117.8 million or $1.74 per share for the nine months ending Sept. 30, 2008.
Net income for the nine months a year ago was impacted by $67.6 million of pre-tax charges for loan and energy derivative credit exposure related to a customer bankruptcy filing which reduced net income by approximately $43.9 million or 65 cents per share.
Highlights include:
—?Net interest revenue totaled $180.5 million, up $4.9 million compared to the second quarter of 2009. Net interest margin was 3.63 percent for the third quarter of 2009, up 8 basis points over the second quarter of 2009 largely due to higher loan yields and lower funding costs.
—?Fees and commission revenue totaled $120 million, down $3.1 million from the previous quarter. Mortgage banking revenue decreased $6.7 million due to lower volume of loans originated during the quarter. Brokerage and trading revenue and deposit service charges increased over the previous quarter.
—?Operating expenses totaled $178.7 million, up $3 million over the second quarter of 2009. Net losses and operating expenses of repossessed assets and personnel expenses increased over the previous quarter.
—?Combined reserve for credit losses totaled $293 million or 2.52 percent of outstanding loans at Sept. 30, up from $274 million or 2.27 percent of outstanding loans at June 30. Net loans charged off and provision for credit losses were $36.0 million and $55.1 million, respectively, for the third quarter of 2009.
— Non-performing assets totaled $490 million or 4.19 percent of outstanding loans and repossessed assets at Sept. 30, compared to $446 million or 3.67 percent of outstanding loans and repossessed assets at June 30.



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