(RTTNews) - Wednesday, financial holding company BOK Financial Corp. (BOKF: News ), reported a decline in profit for the third quarter, reflecting lower fees and commissions and higher provision for credit losses, even as net interest revenue increased from last year. Nevertheless, net earnings for the quarter came in ahead of analysts' consensus.

For the third quarter, the Tulsa, Oklahoma-based company's net income attributable to BOK Financial Corp. decreased to $50.66 million or $0.75 per share from $56.70 million or $0.84 per share in the same period last year.

On average, seven analysts polled by Thomson Reuters expected the company to earn $0.68 per share for the quarter. Analysts' estimate typically exclude one-time charges and gains.

Net interest revenue after provision for credit losses for the quarter increased to $125.34 million from $111.64 million in the year-ago quarter. Street analysts' revenue consensus was $296.79 million for the quarter.

Net interest margin for the quarter expanded to 3.63% from 3.48% in the same quarter last year.

Total fees and commission revenue for the quarter decreased to $120 million from $126.66 million last year. Total other operating revenue was $131.77 million, compared to $132.30 million a year earlier.

Provision for credit losses for the quarter was $55.12 million, up from $52.71 million in the year-ago quarter.

Operating expense for the quarter was $178.73 million, compared to $164.30 million in the year-earlier period. Interest expense for the quarter was $45.78 million, compared to $55.10 million in the year-ago period.
At September 30, 2009, net gain on securities were $12.27 million, compared to $2.10 million at September 30, 2008.

Stan Lybarger, president and chief executive officer said, "BOK Financial is pleased with solid performance this quarter, especially considering the continued challenges we see in the economy."

At September 30, 2009, total assets were $23.88 billion, compared to $22.38 billion at September 30, 2008. Total loans were $11.61 billion, compared to $12.68 billion, while total deposits were $15.13 billion, compared to $14.26 billion last year.

For the nine-month period, net income attributable to BOK dropped to $157.81 million from $117.80 million in the same period last year. On a per share basis, earnings slipped to $2.33 per share from $1.74 per share last year.

Net interest revenue after provision for credit losses for nine months rose to $378.61 million from $340.82 million in the same period last year.

To receive FREE breaking news email alerts for BOK Financial Corp. and others in your portfolio

 1   2   Next Page