Deposits with banks in the Tulsa Metropolitan Statistical Area nearly reached $19 billion in the past year, posting a 12.32 percent increase, the most recent FDIC bank deposit market share report showed.
The FDIC updated its market share report this month based on deposits as of June 30. Total deposits in the Tulsa MSA were $18.86 billion at June 30, compared to $16.79 billion a year ago.
There was no movement in the ranking of the top 10 banks in the MSA, with Bank of Oklahoma NA and Bank of America NA retaining their first and second place slots with 24.06 and 12.03 percent of the deposit share, respectively. BOk reported $4.54 billion in deposits inside the market, up 13.13 percent from its $4.01 billion reported in 2008. Bank of America’s market share jumped 35.38 percent, from $1.68 billion to $2.27 billion.
The market share report is based on deposits in the Tulsa MSA, which includes Creek, Okmulgee, Osage, Pawnee, Rogers, Tulsa and Wagoner counties.
New on the market share list were Nowata-based Regent Bank and Pryor-based Century Bank of Oklahoma.
Regent Bank moved into the Tulsa market Aug. 1, 2008, opening a branch in the Executive Center I at 71st Street and Yale Avenue. It entered the market ranked 55th of 65 banks on the market share list, with deposits of $16.6 million in the Tulsa MSA.
Century Bank of Oklahoma entered the Tulsa market at No. 61 on the list, opening a branch at 5705 E. 71st St. last November. The bank, with $6.5 million in deposits in the Tulsa MSA as of June 30, expects to move from its temporary trailer housing into its permanent building before the end of the year.
Central National Bank of Enid brought up the end of the list but showed the greatest percentage increase in market share, with growth in deposits from $53,000 to $932,000, an increase of 1,658.49 percent. The bank is beginning a push into the full-service banking realm in the Tulsa market with the Oct. 13 opening of a branch at 4880 S. Lewis Ave.
The unit moved from its loan production office at 8023 E. 63rd Place, Suite 100, where it has operated since July 2007.
Earnings Up for Quarter
Commerce Bancshares Inc., which operates two locations in Tulsa, announced earnings of 66 cents per share for the quarter ended Sept. 30, compared to 48 cents per share in the previous quarter and 32 cents per share in the third quarter of 2008.
Net income for the third quarter amounted to $51.6 million, compared to $37 million in the previous quarter and $24.7 million in the same period last year. During the third quarter of 2008, the company recorded a loss on the purchase of auction rate securities, totaling about $21 million after tax, or 27 cents per share. For the quarter, the return on average assets totaled 1.16 percent, and the return on average equity was 11.5 percent.
For the nine months ended Sept. 30, earnings per share totaled $1.54, compared to $1.90 for the first nine months of last year. Net income amounted to $119.5 million for the first nine months of 2009, compared with $144.8 million in 2008, or a decline of $25.4 million. At Sept. 30, the ratio of tangible common equity to total assets improved to 9.6 percent, compared to 8.7 percent at the same time last year.
“Although the economy remains challenging, this quarter, we were pleased to report an increase in net income of 40 percent, or $14.7 million, over the previous quarter,” David W. Kemper, chairman and CEO, said. “The increase in net income over the previous quarter was mainly the result of 4-percent growth in total revenue and good overall expense control. Our net interest margin increased to 4.02 percent from 3.91 percent in the previous quarter. Loan balances continued to decline this quarter as a result of weak demand, while deposits were relatively flat.
Total assets at Sept. 30 were $18 billion, total loans were $10.6 billion, and total deposits were $13.8 billion.
Southwest Bancorp Reports
Income Down for Quarter
Stillwater-based Southwest Bancorp Inc. reported net income available to common shareholders of $1.1 million, or 7 cents per diluted share for the third quarter 2009, compared to $2.3 million, or 16 cents per diluted share for the third quarter of 2008. Net income available to common shareholders for the nine months ended Sept. 30, was $6.3 million, or 43 cents per diluted share, compared to $11.7 million, or 80 cents per diluted share for the nine months ended Sept. 30, 2008. At Sept. 30, total assets were $3 billion.
Rick Green, Southwest Bancorp’s president and chief executive officer, said, “We continue to generate earnings from operations in a difficult banking environment and are taking steps designed to position ourselves to succeed when the economy improves. For now, we expect continuing weakness in our commercial real estate markets and are clearly focused on identification and resolution of problem credits. We are pleased to have been able to earn money, hold down operating expenses, and increase key capital ratios, while at the same time providing appropriate reserves for loan losses.”
Southwest Bancorp is the $3 billion asset financial holding company for Stillwater National Bank and Trust Co., Bank of Kansas, SNB Capital Corp., Healthcare Strategic Support Inc., and Business Consulting Group Inc.
BancFirst Corp. Reports
Earnings Drop in 3Q
Oklahoma City-based BancFirst Corp. reported net income of $9.4 million of 60 cents per diluted earnings per share for the third quarter of 2009. These results compare to net income of $11 million or 70 cents diluted earnings per share for the same period in 2008.
Net income for the first nine months of 2009 was $22.8 million or $1.46 per diluted earnings per share compared to $36.3 million or $2.33 per diluted earnings per share for the same period a year ago. Last year’s reported results included several one-time gains that totaled $9.1 million or $5.9 million after-tax.
Net interest income for the third quarter was $33 million compared to $35.3 million for the same period in 2008. The company’s net interest margin for the quarter was 3.27 percent versus 4.03 percent a year ago. The lower interest rate environment in 2009 compared to a year ago has caused the company’s net interest margin to decline. The company’s loan loss provision for the third quarter was $1 million compared to $2.3 million for the same period a year ago. Nonperforming loans at quarter end represented 1.76 percent of total loans, while net charge-offs year-to-date totaled 0.37 percent of total loans compared to 0.81 percent and 0.14 percent, respectively, for the same period in 2008.
David Rainbolt, BancFirst Corp. CEO said, “In light of the current economic environment, earnings for the quarter were respectable. Going forward earnings will likely continue to be somewhat variable as long as the economy is in flux.”
First Financial Network
To Sell Loan Participations
Oklahoma City-based First Financial Network Inc. said it will sell $150 million in loan participations.
The loans are being marketed on behalf of the FDIC and include loan participations from four failed banks currently in FDIC receivership.
First Financial Network will market and manage all facets of the sale to bid on Nov. 3. The performing and non-performing loan participations will be sold on an individual basis. The loans are secured primarily by commercial real estate. Due diligence materials are available to qualified bidders on First Financial Network’s Loan Trading Platform at www.firstfinancialnet.com.
Oklahoma Appliance Rebate
Plan Submitted to DOE
The Oklahoma Department of Commerce has submitted a comprehensive plan to the U.S. Department of Energy for the state’s Energy Star Appliance Rebate program that is being funded through the American Recovery and Reinvestment Act. Oklahoma was approved for a $3.5 million federal grant for the ARRA appliance rebate program.
The DOE is expected to notify Commerce if the state’s plan has been approved by Nov. 30. The program will likely begin in early spring of 2010.
“This plan is designed to assist Oklahomans in reducing their energy costs,” said Natalie Shirley, Oklahoma Secretary of Commerce. “The program will be managed by a third party administrator, which will be selected through the state’s procurement process.”
A working group comprised of members from Commerce, Oklahoma Community Action Agencies, and members of state utility companies developed the recommended rebates for Oklahoma. The working group estimated about 23,000 rebates for Energy Star appliances could be awarded from the proposed state plan. The proposed appliances and rebates levels are:
Clothes washers, $200; refrigerators, $200; room air conditioners, $50; water heaters, $100; central-air conditioners%9$100; gas furnaces, $100; ground source heat pumps, $250.
Shirley said more details on qualified appliances will be determined following the selection of a third party administrator and that all information is pending DOE approval.
Pre-Paid Legal On Rise
in the 2009 Forbes List
Ada-based Pre-Paid Legal Services Inc. is ranked number 66 in the 2009 Forbes Magazine annual list of “America’s 200 Best Small Companies,” climbing 64 positions from its 2008 ranking of 130 on the list.
For the second consecutive year Pre-Paid Legal Services has the number one ranking in the Forbes survey in the category of return on equity.
“It’s gratifying to see Pre-Paid Legal Services recognized once again in the Forbes list of best small companies in America,” said Harland C. Stonecipher, founder and CEO of Pre-Paid Legal Services.
Earlier this year, DeMarche Associates, an independent investment research firm, named PPD as one of the 100 best U.S. corporations, based on the company’s growth and risk management strategy.
PPD’s 2009 Forbes ranking (based on $453 million in sales), included the 192nd position for sales growth and the 128th position for earnings per share.
PPD has been on the Forbes list for the past three years.