Better credit and revenue health seem to be the influencing factors behind strong quarterly earnings reports from ""BOK Financial Corporation."":http://investor.bokf.com/CorporateProfile.aspx?iid=100003 The company's net interest revenue rose by nearly $4 million between the first and second quarters of this year, while revenue from fees and commissions also increased by over $4 million.[IMAGE]
BOK's reported quarterly net income is a record for the company, and the entity's earnings grew to $69 million, for a total of $1.00 per diluted share for the second quarter.
Commenting on the recent success, Stan Lybarger, BOK's president and CEO, said, ""We continue to benefit from diversified sources of non-interest income. Transaction card, mortgage banking, and deposit revenues all grew during the second quarter due to increased transaction volume. Outstanding commercial loan balances are up in most of our markets and credit quality metrics continue to improve.""[COLUMN_BREAK]
Residential mortgage loans rose $91 million during the quarter, while consumer and commercial loans saw decreases.
Numbers for combined allowance for credit losses totaled 2.77 percent of outstanding loans as of June 30, and nonperforming assets equaled 3.23 percent of outstanding loans and repossessed properties as of the same date.
Non-accruing residential mortgages, which encompass non-guaranteed residential mortgage loans more than 90-days past due, dropped by $6.1 million to total $32 million at the end of the second quarter.
BOK says the decrease can be attributed to foreclosures during the period, which totaled $6.7 million.
BOK also noted that the $129 million in real estate and additional repossessed assets resulted from specific properties and developments in Arizona, Texas, Colorado, and Oklahoma.
Overall, BOK's total repossessed assets showed a small decrease of $2.4 million over the second quarter.
BOK's holdings and companies include diverse entities such as Cavanal Hill Investment Management, Inc.; Southwest Trust Company, N.A.; Bank of Albuquerque; Bank of Arizona; Bank of Arkansas; Bank of Oklahoma; Bank of Texas; Colorado State Bank; Trust, Bank of Kansas City; and the TransFund electronic funds network.