BOK Financial (BOKF) posted a second-quarter net income of $75.6 million, or $1.09 per diluted share for the third-quarter of 2014, barely moving from its second-quarter net income of $75.9 million or $1.10 per diluted share.
“Financial performance was solid in the third quarter. We delivered strong profitability while executing on several strategic objectives, including positioning our balance sheet for an expected rising interest rate environment in 2015 and investing in our information technology infrastructure,” said President and CEO Steven Bradshaw.
“Loan growth remained robust and revenue from fee generating businesses was up 9.2% compared to last year’s third quarter. Credit quality is strong, as we realized net recoveries for the fourth consecutive quarter, and our balance sheet continues to benefit from industry-leading capital strength and liquidity,” Bradshaw said.
While fees and commissions revenue totaled $158.5 million for the third quarter of 2014, brokerage and trading revenue decreased $3.8 million and mortgage-banking revenue decreased $2.5 million.
This is compared to fees and commissions revenue of $164.1 million for the second quarter.
In addition, operating expense was $221.8 million for the third quarter, an increase of $7.1 million over the previous quarter. Non-personnel expense increased $7.8 million primarily due to increased risk management and compliance expenses.
Mortgage banking revenue totaled $26.8 million, marginally down $2.5 million from the previous quarter.
Revenue from mortgage loan production decreased $3 million, while revenue from mortgage loan servicing grew by $518 thousand due to an increase in the volume of loans serviced.