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3Q Results

Solid 3Q Earnings for Southwestern Regionals BOK, Frost and UMB

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Buoyed by solid loan growth and strong gains in fee income, BOK Financial Corp. in Tulsa, Okla., reported a third-quarter profit of $85.1 million, up 32% from the same period last year. Earnings per share also rose 32%, to $1.24, the company said Wednesday, beating consensus analysts estimates by 19 cents.

Two of BOK's primary competitors, Cullen/Frost Bankers Inc. in San Antonio and UMB Financial Corp., in Kansas City, Mo., also reported solid earnings, with both hitting earnings-per-share targets of analysts polled by Thomson Reuters.

In a news release Wednesday, the $18.8 billion-asset Cullen/Frost said it earned $54.5 million, or 89 cents per share, down slightly from the same period last year, but in line with consensus estimates. Though total loans declined year over year, net interest income was up 3.1% and noninterest income — fueled by strong gains in trust-related fees — rose nearly 13%.

The $12.1 billion-asset UMB said late Tuesday that its net income rose 14% in the quarter, to $26 million, or 65 cents per share, thanks to largely to a 4.8% increase in average loans and a 12.1% jump in fee income.

Shares of the $25.1 billion-asset BOK were up nearly 2% in early trading Wednesday, to $49.50. UMB's shares were also up 2%, to $35.90, while Cullen/Frost's shares were down 1%, to $47.54.

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