BOK Financial continued streak of record earnings

TULSA — BOK Financial continued its streak of record earnings Wednesday.

The Tulsa-based bank holdi ng c ompany posted a net i ncome of nearly $ 138 million, or $ 1.93 per share, for the second quarter of 2019 compared to $114 million, or $1.75 per share, for the second quarter of 2018.

The second-quarter earnings in 2018 were a record for the company at the time and helped BOK Financial close out the year with record earnings. The company' s second- quarter earnings this year also reflect a 24% increase over the previous quarter.

“The second quarter was another in a long line of exceptional earnings performance for B OK Financial ,” B OK CEO Steve Bradshaw said. “By achieving the highest level of quarterly earnings in the history of the company, our diversified revenue approach was on full display this quarter as continued growth in our loan portfolio was matched by re-energized activity in our fee businesses.

“Combined strength in these dual pillars of revenue generation, combined with diligent expense management, drove us through a 60% efficiency ratio for the first time since the first quarter of 2012. These factors, along with a benign credit environment, affirm our confidence for the remainder of 2019.”

The first-quarter earnings were affected by $12.7 million in integration expenses related to its acquisition of CoBiz.

BOK Financial purchased the bank last year in an effort to expand its reach in the Denver and Phoenix markets. Those banks have been rebranded as BOK Financial, marking the first time the company has used that as a universal brand for retail locations.

“The overall momentum we are building in Colorado and Arizona on the back of the final systems in te gr ation of CoBiz last quarter is growing ,” Bradshaw said. “Now that we've achieved the expense synergies, we are very focused on growing our share and serving our customers in both of these markets and are pleased to see the progress we've made already.”