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

November 01, 2010 | About:

BOK Financial Corp. (NASDAQ:BOKF) filed Quarterly Report for the period ended 2010-09-30.

Bok Financial Corp. has a market cap of $3.19 billion; its shares were traded at around $46.23 with a P/E ratio of 15.1 and P/S ratio of 2.2. The dividend yield of Bok Financial Corp. stocks is 2.2%. Bok Financial Corp. had an annual average earning growth of 0.4% 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.

Highlight of Business Operations:

BOK Financial Corporation (“the Company”) reported net income of $64.3 million or $0.94 per diluted share for the third quarter of 2010, compared to $63.5 million or $0.93 per diluted share for the second quarter of 2010 and $50.7 million or $0.75 per share for the third quarter of 2009. Net income for the nine months ended September 30, 2010 totaled $187.9 million or $2.75 per diluted share compared with net income of $157.8 million or $2.33 per diluted share for the nine months ended September 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”).

Average earning assets for the third quarter of 2010 increased $893 million or 4% compared to the third quarter of 2009. Available for sale securities, which consist largely of U.S. government agency issued residential mortgage-backed securities, increased $1.5 billion. We purchased these securities to supplement earnings, especially in a period of declining loan demand, and to manage interest rate risk. Loans, net of allowances for loan losses, decreased $1.1 billion compared to the third quarter of 2009. With exception of residential mortgage loans, all other major loan categories decreased largely due to reduced customer demand and normal repayment trends.

Growth in average earning assets was funded by a $1.4 billion increase in average deposits. Interest-bearing transaction accounts increased $1.5 billion and demand deposits were up $439 million over the third quarter of 2009. Time deposits decreased $631 million as we continued to decrease brokered deposits and other higher costing time deposits. Borrowed funds decreased $765 million.

Average earning assets increased $507 million compared to the previous quarter. Average securities increased $546 million due to a $379 million increase in available for sale securities and a $166 million increase in mortgage trading securities which we use as an economic hedge of our mortgage servicing rights. Average outstanding loans, net of allowance for loan losses, decreased $105 million. Commercial, commercial real estate and consumer loan categories each decreased in the third quarter of 2010. Residential mortgage loans increased $44 million over the second quarter of 2010. Average deposits increased $661 million, including a $412 million increase in interest-bearing transaction accounts, a $171 million increase in demand deposits and a $73 million increase in time deposits. Average balances of borrowed funds decreased $415 million.

Fees and commissions revenue increased $17.0 million or 14% compared with the third quarter of 2009. Net gains on securities, derivatives and other assets decreased $147 thousand. Other-than-temporary impairment charges recognized in earnings were $10.9 million greater compared to the third quarter of 2009.

Read the The complete Report

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