BOK Financial Corp. (BOKF), Wednesday reported a profit for the second quarter due to the absence of one-time charges, which hurt results in the year-ago quarter. Quarterly results benefited from higher net interest revenues and lower provision for credit losses.
The company posted net income attributable to BOK of $52.1 million or $0.77 per share for the second quarter of 2009, compared to a net loss of $1.2 million or $0.02 per share in the prior year quarter. On average, 6 analysts polled by Thomson Reuters expected the company to earn $0.58 per share for the second quarter. Analysts' estimates typically exclude special items.
Result for the quarter included an $11.8 million pre-tax charge for a special assessment by the FDIC and net pre-tax gains on available for sale securities of $15.2 million. The second quarter of 2008 was impacted by $87.0 million of pre-tax charges for loan and energy derivative credit exposure related to the bankruptcy filing by SemGroup LP and related entities.
Net interest revenue increased 10% to $175.6 million from $158.9 million in the year-ago quarter.
Net interest margin was 3.55% for the second quarter of 2009, up from 3.44% in the second quarter of 2008.
Fees and commissions revenue grew to $123.1 million from $63.7 million in the previous year quarter.
Provision for credit losses for the second quarter eased to $47.1 million from $59.3 million in the preceding year quarter.
Total nonperforming assets increased to $445.7 million from $181.5 million, while total nonaccruing loans rose to $353.0 million from $148.6 million in the prior year quarter.
Tier 1 capital ratios were 9.86% at June 30, 2009, compared to 8.92% at the end of the year-ago quarter.
For the first half of 2009, net income attributable to BOK was $107.1 million or $1.58 per share, compared to $61.1 million or $0.90 per share in the previous year period.
Net interest revenue increased to $345.4 million from $306.1 million, while total fees and commissions revenues rose to $244.6 million from $177.6 million in the year-ago period.
BOKF is currently trading at $39.99, down 3 cents.
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