Earnings Up at BOKF

Tulsa-based BOK Financial Corporation reported its 17th consecutive year of record earnings for 2007. Net income totaled $217.7 million or $3.22 per diluted share for 2007 compared with $213.0 million or $3.16 per diluted share for 2006.

Net income totaled $51.2 million or $0.76 per diluted share for the fourth quarter of 2007 compared with $50.6 million or $0.75 per diluted share for the fourth quarter of 2006.

Diluted earnings per share for both the fourth quarter and full year 2007 were reduced $0.11 by charges recognized for the impairment of certain securities and for the company’s share of its contingent liabilities to support Visa’s antitrust litigation costs.

The company also reported that average outstanding loans and deposits increased 14 percent and 10 percent, respectively over the fourth quarter of 2006.

Period-end annualized loan and deposit growth rates were 9 percent and 15 percent, respectively since the end of the third quarter of 2007.

Net interest revenue increased 14 percent over the fourth quarter of 2006 and 5 percent annualized over the third quarter of 2007. Net interest margin was 3.22 percent for the fourth quarter of 2007, down 3 basis points from the fourth quarter of 2006 and down 5 basis points from the third quarter of 2007.

Non-performing assets totaled $104 million or 0.87 percent of outstanding loans at December 31, 2007, up from $66 million or 0.57 percent of outstanding loans at
September 30, 2007.

The provision for credit losses was $13.2 million for the fourth quarter of 2007, up from $7.2 million for the third quarter of 2007 and $6.0 million for the fourth quarter of 2006.

Fees and commissions revenue increased 20% over the fourth quarter of 2006 and 12percent annualized over the third quarter of 2007. All major categories were up over the same period last year.

Changes in the fair value of mortgage servicing rights, net of economic hedges reduced net income by $1.3 million or $0.02 per diluted share for the fourth quarter of 2007, but had little effect on the fourth quarter of 2006 or the third quarter of 2007.

Operating expenses, excluding changes in the fair value of mortgage servicing rights, were up 15 percent over the fourth quarter of 2006. Personnel costs were up 8 percent.



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