Earnings Down Slightly at BOk

BOK Financial Corporation today reported earnings of $53.9 million for the second quarter of 2007, compared with net income of $55.0 million for the second quarter of 2006.
Highlights of the quarter included the acquisitions of Worth National Bank and First United Bank were completed during the quarter. Worth added net loans of $281 million, total deposits of $369 million and five banking locations in Fort Worth, Texas. First United added net loans of $94 million, total deposits of $133 million and eleven banking locations in the Denver, Colorado area.
Net interest revenue totaled $134.9 million for the second quarter of 2007, up $13.8 million or 11 percent over the second quarter of 2006 and $6.1 million or 16 percent annualized over the first quarter of 2007.
Average deposits were up $1.2 billion or 10 percent over the second quarter of 2006 and $314 million or 10 percent annualized over the first quarter of 2007. Average interest-bearing transaction accounts grew $1.1 billion compared with the second quarter of 2006 and $314 million compared with the first quarter of 2007.
Net interest margin was 3.31 percent for the second quarter of 2007 compared with 3.40% for the second quarter of 2006 and 3.32 percent for the first quarter of 2007.
Outstanding loans totaled $11.7 billion at June 30, 2007, up $556 million since March 31, 2007. Loans grew at a 6 percent annualized rate since March 31, 2007, excluding $378 million of loans acquired with Worth National Bank and First United Bank. Commercial loans increased $38 million or 2 percent and residential mortgage loans grew $43 million or 13 percent. Outstanding consumer loans grew $59 million or 31 percent due largely to indirect automobile lending.



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