BOK Financial reports rise in earnings for 2012
BY LAURIE WINSLOW World Business Writer
Wednesday, January 30, 2013
BOK Financial Corp. saw its net income grow 23 percent for both the 2012 fourth quarter and full year, according to information released Wednesday.
The Tulsa-based regional financial services company recorded a fourth-quarter net income of $82.6 million, or $1.21 per diluted share, compared with net income of $67.0 million, or 98 cents a share, for the 2011 fourth quarter.
For the full year, BOK Financial’s net income was $351.2 million, or $5.13 per diluted share, compared with $285.9 million, or $4.17 per share, in 2011.
“BOK Financial’s results for 2012 reflect the value of our diversified revenue business model,” said President and CEO Stan Lybarger, in a written comment. “Non-interest revenue increased by $103 million or 20 percent over 2011, led by tremendous growth in mortgage banking revenue.”
Lybarger noted that the bank company originated more than $3.7 billion in loans, assisting a record number of customers in the purchase or refinance of their home during the year. In addition to mortgage banking revenue, brokerage and trading revenue rose nearly $23 million over the previous year, which more than offset the effect of regulatory limits on interchange fees.
“While persistently low interest rates and modest economic growth present a challenge for all banks, including BOK Financial, we expect the company to continue to perform well,” said Lybarger. “Our outlook for the upcoming year includes continued loan growth, increased non-interest revenue and operating expense discipline.”
BOK Financial Corp. executive Stan Lybarger at the BOK Tower in downtown Tulsa. MICHAEL WYKE/Tulsa World