Wednesday, financial holding company BOK Financial Corp. (BOKF) reported a higher profit for the fourth quarter, reflecting lower provision for credit losses and expenses, as well as improved net interest revenue. Nevertheless, earnings for the quarter missed analysts' consensus.
The Tulsa, Oklahoma-based company reported net income attributable to the company for the fourth quarter of $42.77 million or $0.63 per share, compared to $35.44 million or $0.52 per share in the year-ago quarter.
On average, seven analysts polled by Thomson Reuters expected the company to earn $0.66 per share for the quarter. Analysts estimates typically exclude special items.
Net interest revenue for the quarter was $184.48 million, up from $176.45 million reported in the fourth quarter of 2009. Total other operating revenue declined to $108.16 million from $121.45 million in the same quarter last year. Four analysts had a revenue consensus of $303.61 million for the fourth quarter.
Net interest margin for the quarter expanded to 3.64% from 3.57% in the same quarter last year, due to improved loan yields and lower funding costs.
Provision for credit losses for the quarter was $48.62 million, down from $73.00 million in the year-ago quarter.
Interest expense for the quarter was $39.93 million, compared to $85.71 million in the year-ago period Total other operating expense for the quarter was $176.44 million, compared to $185.44 million in the year-earlier period..
At December 31, 2009, net gain on securities was $7.28 million, compared to $12.27 million at December 31, 2008.
At December 31, 2009, total assets were $23.52 billion, compared to $22.73 billion at December 31, 2008. Total loans were $11.28 billion, compared to $12.88 billion, while total deposits were $15.57 billion, compared to $14.09 billion last year.
For fiscal 2009, net income attributable to the company improved to $200.58 million from $153.23 million in the same period last year. On a per share basis, earnings rose to $2.96 from $2.27 last year.
Net interest revenue for the fiscal year rose to $710.36 million from $646.86 million in the same period last year. Total other operating revenue grew to $492.99 million from $428.72 million a year ago.
Analysts were looking for earnings of $3.01 per share on revenues of $1.21 billion for fiscal year 2009.
The company declared a cash dividend of $0.24 per common share payable on or about February 26, 2010 to shareholders of record as of February 12, 2010.
BOKF is currently trading at $49.32, up $0.56 or 1.15% on the Nasdaq.
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