Wednesday, BOK Financial Corp. (BOKF) reported a decrease in first-quarter profit compared to the same period last year on higher provision for credit losses. Earnings, however, surpassed Street expectations.
The Tulsa, Oklahoma-based company reported net income attributable to BOK Financial for the first quarter of $55.03 million or $0.81 per share, compared to $62.27 million or $0.92 per share in the year-ago quarter.
On average, six analysts polled by Thomson Reuters expected the company to earn $0.57 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest revenues for the quarter increased to $169.8 million from $147.13 million in the prior-year quarter.
Total other operating revenue for the quarter rose to $125.09 million from $120.59 million in the same quarter last year.
Three analysts had a revenue consensus of $285.69 million for the first quarter.
Net interest margin was 3.47% for the first quarter of 2009, 3.57% for the fourth quarter of 2008 and 3.31% for the first quarter of 2008.
Provision for credit losses surged to $45.04 million from $17.57 million in the first quarter of 2008.
Total other operating expense totaled $165.79 million, up from $153.40 million in the year-ago quarter.
BOKF is currently trading at $38.99, up $1.79 or 4.81%.
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