Bok Financial Corporation Et Al (BOKF) has reported an 107.58 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $88.36 million, or $1.35 a share in the quarter, compared with $42.56 million, or $0.64 a share for the same period last year.
Revenue during the quarter grew 21.80 percent to $371.48 million from $304.99 million in the previous year period. Net interest income for the quarter rose 10.19 percent over the prior year period to $201.18 million. Non-interest income for the quarter rose 8.18 percent over the last year period to $170.30 million.
Net interest margin improved 16 basis points to 2.81 percent in the quarter from 2.65 percent in the last year period. Efficiency ratio for the quarter improved to 65.77 percent from 68.84 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Marc Maun, chief credit officer, stated, "We continued to see a stable credit environment in the first quarter, with no segments of our loan portfolio showing any material signs of stress. We recognized net recoveries during the quarter, saw nonaccrual loans decrease by over ten percent, and have a combined allowance for credit losses to period��"end loans at or near the top of our peer group of mid-sized regional banks. After evaluating all credit factors, no provision for loan losses was booked for the first quarter. Looking forward, we are forecasting $15 million to $20 million provision for the full year.”
Liabilities outpace assets growth Total assets stood at $32,628.93 million as on Mar. 31, 2017, up 3.87 percent compared with $31,413.94 million on Mar. 31, 2016. On the other hand, total liabilities stood at $29,258.04 million as on Mar. 31, 2017, up 4.28 percent from $28,057.68 million on Mar. 31, 2016.
Loans outpace deposit growth Net loans stood at $16,743.20 million as on Mar. 31, 2017, up 6.04 percent compared with $15,789.41 million on Mar. 31, 2016. Deposits stood at $22,575.36 million as on Mar. 31, 2017, up 10.56 percent compared with $20,418.32 million on Mar. 31, 2016.
Investments stood at $10,380.29 million as on Mar. 31, 2017, down 5.21 percent or $570.36 million from year-ago. Shareholders equity stood at $3,370.89 million as on Mar. 31, 2017, up 0.44 percent or $14.63 million from year-ago.
Return on average assets moved up 55 basis points to 1.09 percent in the quarter from 0.54 percent in the last year period. At the same time, return on average equity increased 565 basis points to 10.86 percent in the quarter from 5.21 percent in the last year period.
Nonperforming assets moved down 4.41 percent or $15.40 million to $333.92 million on Mar. 31, 2017 from $349.32 million on Mar. 31, 2016.
Book value per share was $51.09 for the quarter, up 1.75 percent or $0.88 compared to $50.21 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
