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BOK Financial Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 10, 2011 10:23AM

BOK Financial Corp. (BOKF) filed Quarterly Report for the period ended 2011-03-31. Bok Financial Corp. has a market cap of $3.67 billion; its shares were traded at around $53.01 with a P/E ratio of 14.4 and P/S ratio of 2.7. The dividend yield of Bok Financial Corp. stocks is 1.9%. Bok Financial Corp. had an annual average earning growth of 0.2% over the past 10 years.



Highlight of Business Operations:

BOK Financial Corporation (“the Company”) reported net income of $64.8 million or $0.94 per diluted share for the first quarter of 2011 compared to $60.1 million or $0.88 per diluted share for the first quarter of 2010 and $58.8 million or $0.86 per diluted share for the fourth quarter of 2010. Net income for the first quarter of 2010 included a $6.5 million or $0.10 per diluted share gain from the purchase of the rights to service $4.2 billion of residential mortgage loans on favorable terms.

Net interest revenue totaled $170.6 million for the first quarter of 2011, down $11.9 million or 7% from the first quarter of 2010 and up $7.0 million over the fourth quarter of 2010. The decrease in net interest revenue from the first quarter of 2010 was due primarily to lower yield on our securities portfolio, partially offset by lower funding costs. The increase in net interest revenue over the fourth quarter of 2010 resulted from improved yield on the securities portfolio.

Average deposits increased $2.3 billion over the first quarter of 2010, including a $1.6 billion increase in average interest-bearing transaction accounts and a $780 million increase in average demand deposits. Average time deposits decreased $155 million compared with the first quarter of 2010. Average borrowed funds decreased $2.8 billion compared to the first quarter of 2010.

Average earning assets for the first quarter of 2011 decreased $491 million compared to the fourth quarter of 2010. Average securities decreased $319 million due to a $239 million decrease in available for sale securities and a $78 million decrease in mortgage trading securities which are used as an economic hedge of our mortgage servicing rights. Average outstanding loans, net of allowance for loan losses, were flat with the previous quarter. Average commercial loan balances increased in the first quarter 2011, offset by lower commercial real estate, residential mortgage and consumer loan balances. Average deposits increased $428 million over the fourth quarter of 2010, including a $307 million increase in average interest-bearing transaction accounts, a $94 million increase in average demand deposits and a $15 million increase in average time deposits. Average borrowed funds decreased $779 million.

Other operating revenue was $117.6 million for the first quarter of 2011 compared to $113.9 million for the first quarter of 2010. Fees and commissions revenue increased $8.0 million or 7%. Net gains on securities, derivatives and other assets decreased $3.9 million. Other-than-temporary impairment charges recognized in earnings in the first quarter of 2011 were $374 thousand greater than charges recognized in the first quarter of 2010.

Other operating revenue increased $5.7 million over the fourth quarter of 2010. Fees and commissions revenue decreased $12.7 million and net gains on securities, derivatives and other assets increased $16.3 million. Other-than-temporary impairment charges recognized in earnings were $2.0 million lower compared with the fourth quarter of 2010.

Read the The complete Report



Stocks Discussed: BOKF,
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