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BOK Financial Corp. Reports Operating Results (10-Q)

August 03, 2010 | About:
Todd Sullivan

10qk

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BOK Financial Corp. (BOKF) filed Quarterly Report for the period ended 2010-06-30.

Bok Financial Corp. has a market cap of $3.43 billion; its shares were traded at around $50.41 with a P/E ratio of 16.3 and P/S ratio of 2.5. The dividend yield of Bok Financial Corp. stocks is 2%. Bok Financial Corp. had an annual average earning growth of 0.6% over the past 10 years.BOKF is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, Murray Stahl of Horizon Asset Management, Chuck Royce of Royce& Associates, David Dreman of Dreman Value Management, John Keeley of Keeley Fund Management, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
This is the annual revenues and earnings per share of BOKF over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of BOKF.


Highlight of Business Operations:

BOK Financial Corporation (“the Company”) reported net income of $63.5 million or $0.93 per diluted share for the second quarter of 2010, compared to $60.1 million or $0.88 per diluted share for the first quarter of 2010 and $52.1 million or $0.77 per share for the second quarter of 2009. Net income for the six months ended June 30, 2010 totaled $123.7 million or $1.81 per diluted share compared with net income of $107.1 million or $1.58 per diluted share for the six months ended June 30, 2009.

Net income for the first quarter of 2010 included a $6.5 million or $0.10 per diluted share day-one gain from the purchase of the rights to service $4.2 billion of residential mortgage loans on favorable terms. Net income for the second quarter of 2009, included a $7.7 million or $0.11 per share special assessment by the Federal Deposit Insurance Corporation (“FDIC”).

Growth in average earning assets was funded by a $505 million increase in average deposits. Demand deposits for the second quarter of 2010 were up $478 million over the second quarter of 2009. In addition, interest-bearing transaction accounts increased $1.4 billion over the second quarter of 2009. Time deposits decreased $1.4 billion compared with the second quarter of 2009 as we continued to decrease brokered deposits and other higher costing time deposits. Borrowed funds decreased $158 million compared to the second quarter of 2009.

Average earning assets decreased $40 million compared to the previous quarter. Securities increased $155 million. Growth in securities was due to a $79 million increase in investment securities and a $69 million increase in mortgage trading securities. Residential mortgage loans held for sale increased $46 million. Outstanding loans, net of allowance for loan losses, decreased $219 million. Commercial, commercial real estate and consumer loan categories decreased in the second quarter of 2010. Residential mortgage loans increased $15 million over the first quarter of 2010. Deposits increased $441 million compared with the previous quarter, including a $324 million increase in interest-bearing transaction accounts and a $175 million increase in demand deposits, partially offset by a $71 million decrease in higher-costing time deposits. Borrowed funds decreased $714 million compared to the previous quarter.

Other operating revenue was $157.4 million for the second quarter of 2010 compared to $128.0 million for the second quarter of 2009 and $113.9 million for the first quarter of 2010. Fees and commissions revenue increased $5.1 million or 4% compared with the second quarter of 2009. Net gains on securities, derivatives and other assets increased $25.5 million, including an increase of $32.6 million on securities and derivatives held as an economic hedge of mortgage servicing rights. Other-than-temporary impairment charges recognized in earnings were $1.1 million greater compared to the second quarter of 2009.

Other operating revenue increased $43.6 million compared to the first quarter of 2010. Fees and commissions revenue increased $12.9 million. Net gains on securities, derivatives and other assets increased $29.1 million over the first quarter of 2010, including $22.6 million on securities and derivatives held as an economic hedge of mortgage servicing rights. Other-than-temporary impairment charges recognized in earnings were $1.6 million lower compared with the first quarter of 2010.

Read the The complete Report

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