BOK posts record Q2 profit

TULSA — BOK Financial Corp., parent company of the state’s biggest bank, Bank of Oklahoma, generated record profits in the second quarter driven by robust loan growth.

CEO Steven G. Bradshaw said the firm, which operates banks in eight states, booked a record $665 million in new loan production.

“This was a record quarter for BOK Financial, with the highest level of pretax, preprovision income in our company’s history,” Bradshaw said in a statement.

BOK Financial’s profit for the April through June period totaled $114.4 million, or $1.75 per diluted share. In the same period last year, the company recorded a profit of $88.1 million, or $1.35 per share.

Those per-share earnings topped the Zacks Consensus Estimate of $1.71 per share.

“With continued loan growth and net interest margin expansion, a stable credit environment, and ongoing expense management as we move toward our 60 percent efficiency ratio goal, we see earnings leverage continuing for the foreseeable future,” Bradshaw said.

BOK’s directors boosted the company’s quarterly stock dividend to 50 cents per share from 45 cents. The dividend will be payable on or about Aug. 27 to shareholders of record on Aug. 13.

The company expects to complete its $1 billion stock-and-cash acquisition of CoBiz Financial later this year, which Bradshaw said “will create the premier commercial bank in Colorado and Arizona.”

BOK Financial, a $34 billion company, operates Bank of Oklahoma, Bank of Texas, Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Mobank in Missouri and Kansas, and Colorado State Bank and Trust. The firm also operates TransFund, Cavanal Hill Investment Management and BOK Financial Asset Management Inc.

In Wednesday trading, BOK shares gained 62 cents to close at $99.03.