BOK Financial 4Q income rose 38% from year earlier
BOK Financial Corp.'s (BOKF) fourth-quarter income rose 38%, helped by increases in fee-based businesses. The Tulsa, Okla.-based financial services company earned $58.8 million, or 86 cents a share, up from $42.8 million, or 63 cents a share, a year earlier. Provisions for loan losses for the three months ended Dec. 31 declined to $7 million from $48.6 million in 2009. Fourth-quarter revenue climbed 3.5% to $111.9 million from about $108.2 million a year earlier. "Low interest rates and continued soft commercial loan demand did challenge net interest revenue during the quarter, but our fee-based business lines continued to grow," President and Chief Executive Stan Lybarger said. "We exited 2010 with annual earnings in excess of levels seen before the recession and with strong capital resources to take advantage of an improving economy in 2011." Interest revenue for the quarter fell to $163.7 million from $184.5 million, as cash flows from the securities portfolio rose in the second half of the year. Prepayments spiked as interest rates declined, resulting in portfolio reinvestment at lower rates. BOK Financial lowered fourth-quarter nonperforming assets to $394.5 million from $484.3 million a year earlier. Real estate and other repossessed assets at Dec. 31 totaled $141 million. Year revenue fell nearly 5.7% to $520.9 million from nearly $493 million a year earlier. Income for the full year rose to $246.8 million, or $3.61 a share, from $200.6 million, or $2.96 a share, for 2009. Lybarger said 2010 earnings were the highest in the 100-year history of the company. He said diversified sources of fee and commission revenue grew $36 million in 2010, and the company’s mortgage banking division originated nearly $2.8 billion in new loans during the year while the portfolio of mortgage loans serviced rose more than 70% from a year earlier. BOK Financial ended the year with total assets of $23.94 billion and total deposits of $17.2 billion. Write to Jason Philyaw.