BOK Financial Corp. in Tulsa, Okla., posted double-digit gains in its net income in the second quarter as it kept expenses flat and benefited from higher short-term interest rates.
Net income for the $32.4 billion-asset company totaled $88.1 million in the second quarter, representing a year-over-year increase of 33.9%. Its earnings per share of $1.35 came in a nickel above the consensus of analysts’ estimates as compiled by FactSet Research Systems.
“Profit growth was driven by higher net interest margin and net interest income combined with continued careful expense management, as total expenses are essentially flat compared to last year,” President and CEO Steven G. Bradshaw said in a press release Wednesday. “At the same time, credit quality remains sound, resulting in us recording no provision for credit losses for the third consecutive quarter.”
Net interest revenue increased 26% to $205.2 million. The net interest margin expanded by 26 basis points to 2.89%.
Total loans increased 4.9% to $17.2 billion. The company reported year-over-year gains across all of its loan categories, with a 56% increase in personal loans outpacing growth in commercial, commercial real estate and residential mortgage lending.
Noninterest income from fees and commissions dipped 1.4% to $177.5 million. Mortgage banking revenue and brokerage and trading revenue declined on a year-over-year basis, while revenues from cards, wealth management and deposit charges and fees increased.
Noninterest expenses declined slightly to $250.8 million, driven by declines in professional fees and services and insurance costs.