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

August 03, 2010 | About:
10qk

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.

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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