BOK Financial reports record results for quarter

TULSA — BOK Financial’s third quarter results were golden.

A filing the company made with the U.S. Securities and Exchange Commission on Wednesday stated it earned a record net income of $117 million, or $1.79 per share, for the period.

The firm’s top executive attributed its continued growth to loans and net interest revenues it was able to generate while it diligently managed its expenses and enjoyed a stable credit environment.

“This is yet another record quarter for BOK Financial,” CEO Steven G. Bradshaw said in the statement. “We added $346 million in new loan production to last quarter’s record loan growth.”

Other items from the earnings statement reported:

• Net interest revenue totaled almost $241 million, up $2.3 million compared to the second quarter of the year.

• Average loans increased $453 million, while period-end loans increased $346 million to $18.3 billion.

• Commercial banking contributed $85 million to net income, down $2.6 million compared to the previous quarter.

• Consumer banking contributed $9.2 million to net income, up $3.1 million compared to the previous quarter.

While those were all positives, the bank’s quarterly report did note rising interest rates affected its business somewhat during the third quarter.

The report stated rising rates slowed the origination of mortgage loans and related investment products, sending brokerage and trading revenue $3.4 million lower and mortgage banking revenue $2.8 million lower in the period.

Bradshaw alsosaid BOK closed its deal to acquire CoBiz Financial on Oct. 1, after CoBiz shareholders approved the deal at a special meeting in a deal that gave CoBiz shareholders 0.17 shares of BOK Financial stock and $5.70 cash for each share of CoBiz common stock that they own.

The merger was first announced in June. As of June 30, CoBiz had about $3.9 billion in assets, $3 billion in loans and $3.1 billion in deposits.

“We welcome CoBiz employees into our organization and look forward to many great things to come,” Bradshaw said. “The combination of CoBiz and BOK Financial creates the premier commercial bank in Colorado and Arizona, and we are excited to see how it helps drive earnings into 2019 and beyond.”