BOK Financial Taps Mortgage Income for Higher Quarterly Earnings

by Chris Cumming

JAN 30, 2013 10:24am ET

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BOK Financial (BOKF) in Oklahoma City reported higher quarterly earnings because of higher mortgage-banking income.

The $27.5 billion-asset holding company's earnings rose 23% from a year earlier, to $82.6 million, or $1.21 a share.

Net interest income ticked 1% higher from a year earlier, to $173.4 million. The net interest margin narrowed by 25 basis points from the fourth quarter of 2011, to 2.95%. The loan-loss provision fell $1 million from a year earlier, to $14 million. Net chargeoffs of $4.3 million were less than half what the company reported a year earlier.

Noninterest income increased by 18% from a year earlier, to $162.5 million, after mortgage-banking income nearly doubled, to $46.4 million. BOK originated more than $3.7 billion in mortgages last year, Stan Lybarger, the company's president and chief executive, said in a Wednesday press release.

The company's operating costs were nearly flat from a year earlier, at $222 million.

BOK Financial is the parent of seven banks with 181 total branches.

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