BOK Financial earned $2.92 a share, but a Visa share exchange lifted the figure

Net income was $176.5 million. That is the headline, and a chunk of it happens once. BOK Financial reported diluted earnings of $2.92 a share for the second quarter on July 20, against $155.8 million and $2.58 a year earlier, according to an 8-K filed with the SEC.

The company set the one-time items apart itself. Excluding the net gain on the exchange of Visa B shares and the loss from repositioning its available-for-sale securities portfolio, net income would have been $156.5 million, or $2.59 a share. The two items netted to roughly $20 million, about 33 cents. Zions Bancorporation, reporting the same day, booked a similar Visa gain worth far more, which made the padding harder to miss there than here.

The core quarter was unremarkable in the way a bank prefers. Net interest income rose $9.3 million to $351.8 million and net interest margin edged up to 2.91 percent from 2.90 percent, while core net interest margin excluding trading slipped two basis points to 3.13 percent. Period-end loans grew $896 million to $27.1 billion, up 11.5 percent from a year earlier, and deposits rose $1.2 billion to $39.9 billion, holding the loan-to-deposit ratio at 68 percent. Net charge-offs were $500,000, or 0.01 percent of average loans. The common equity Tier 1 ratio was 12.89 percent and the tangible common equity ratio was 9.61 percent, up from 9.29 percent. BOK Financial, a $53 billion company based in Tulsa, will discuss the results on a call at noon Central on July 21.