BOK Financial’s quarterly profit tops $100M

Business Editor dmecoy@oklahoman.com

TULSA — Boosted by a lower federal corporate income tax, first-quarter profits for BOK Financial Corp. topped $100 million, the Tulsa company reported Wednesday.

BOK Financial, parent of Oklahoma’s largest bank, posted a $105.6 million profit in the first quarter of this year, compared to an $88.4 million profit in the same period last year.

Lower federal corporate income tax rates reduced BOK Financial’s income tax expense for the first quarter of 2018 by about $13.8 million, the company said.

CEO Steven G. Bradshaw labeled the January-through-March period as “one of the strongest quarters in company history.”

“Loan growth accelerated, driven by growth in key lending businesses including energy, health care, commercial and industrial, and commercial real estate,” Bradshaw said in a statement. “We continued to benefit from the current interest rate environment and saw an additional uptick in net interest margin, which in conjunction with higher earning assets led to a significant increase in net interest revenue.”

Higher margins on mortgage transactions and disciplined spending also boosted the firm’s pretax income, Bradshaw said. BOK Financial’s wealth management business surpassed $100 million in total revenue for the first time, he said.

“The economy across the BOK Financial footprint is strong, the financial markets are healthy, and the credit environment remains benign with no trouble spots on the horizon,” he said. “Accordingly, we are optimistic about prospects for continued earnings growth through the remainder of 2018.”

BOK Financial is a $32 billion firm that operates Bank of Oklahoma and banks in seven other states.