Quarterly Earnings Increase 18% in BOK Financial
Tulsa, Okla. - BOK Financial Corporation (NASDAQ: BOKF) reported an increase of 18%, the result for the first quarter of 2008 compared to first quarter 2007. Net earnings amounted to $ 62.3 million or $ 0.92 per share diluted compared to $ 52.8 million or $ 0.78 per share more for the first quarter of 2007. Net earnings amounted to $ 51.2 million or $ 0.76 per diluted share for the fourth quarter of 2007.
Highlights of the first quarter of 2008 include:
– Net interest margin was 3.31% for the first quarter of 2008 by 1 basis point from the first quarter of 2007 and 9 basis points over the fourth quarter of 2007. The interest rate on surplus revenue increased by 14% compared to first quarter 2007 and 16% annualized over the fourth quarter of 2007.
– The outstanding loans have increased an average of 12% over the first quarter of 2007. Period end of the loan annualized growth rate of 12% since the end of the fourth quarter of 2007.
– Non-performing assets totaling $ 126 million, or 1.02% of loans outstanding at 31 March 2008 of $ 104 million, or 0.87% of loans outstanding at December 31, 2007 and $ 50 million, or 0.45% of loans outstanding at 31 March 2007.
– Net charged off loans and risk prevention in cases of credit were $ 8.9 million and $ 17.6 million, respectively, for the first quarter of 2008, compared with net loans charged off $ 7, 3 million and the provision for loan losses of $ 13.2 million for the fourth quarter 2007 and $ 3.1 million and $ 6.5 million for the first quarter of 2007.
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Fees and commission revenue grew by 24% over the first quarter of 2007 and annualized 2% over the fourth quarter of 2007. Revenue from brokerage and trading rose by 80% compared to first quarter 2007 and 69% annualized over the previous quarter. All major categories of income from fees rose during the same period last year.
Operating expenses increased 16% compared to first quarter 2007. The staff costs have increased by 12% of incentive compensation is linked to growth in turnover. The annualized operating expenses increased by 3% over the fourth quarter of 2007, without changing the uncertainty under an obligation to care for visa arrangements legal recourse is excluded.
“The company takes advantage of our strong balance sheet growth of our markets and our diverse mix of tax revenue,” said President and CEO Stan Lybarger. “With a moderate growth in net interest margin growth and controlled costs, we have a strong start in 2008.”
Visa enjoys Exchange and the Securities Trading value
During the first quarter of 2008, the company has a result of $ 6.8 million ($ 4.4 million after taxes) for cash from visas Exchange. This represents a partial resumption of the company to the benefit of visas Class B. In addition, the company’s vice $ 2.8 million in support of possible visa free legal agreement, previously recorded in the fourth quarter of 2007. Visa has been an escrow-Fund with a portion of the proceeds from its IPO for payments in the proceedings.
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