BOK Financial Corp. of Tulsa, Okla., topped $100 million in earnings for the first time last year, thanks mainly to a 37% increase in commercial lending, according to the company.
The $9.7 billion-asset company said last week that net income for the year was up 12%, to $100.1 million, and that fourth-quarter income rose 10%, to $25.5 million.
Stanley Lybarger, president and chief executive officer, attributed the performance to strong loan growth in neighboring states. The companys Texas portfolio grew 34%, to $1.6 billion, and loan volume in New Mexico increased 55%.
Our objective for the last few years has been to concentrate on growing our business in high-growth metropolitan markets in the states surrounding Oklahoma, Mr. Lybarger said. As these figures demonstrate, our plan is working.
BOK is especially bullish on Houston. The company recently bought $424 million-asset CNBT Bancshares in Houston. The deal increased its assets in the state to about $1.8 billion.
