BOK Financial earned $2.64 a share as higher rates lifted margin and cut fees
BOK Financial earned $159.9 million in the third quarter, or $2.64 a diluted share, down from $176.5 million and $2.92 in the second quarter, according to an 8-K the Tulsa lender filed with the SEC on October 19. That comparison misleads. The second quarter carried a net gain on exchanging Visa B shares and a loss on repositioning securities, and without them it would have been $156.5 million, or $2.59 a share.
Rates cut both ways. Net interest income rose $18.1 million to $370.0 million and the net interest margin widened to 3.00 percent from 2.91 percent. Fees and commissions fell to $188.0 million from $202.0 million, and the company tied a $13.0 million drop in brokerage and trading revenue to an unfavorable rate environment and lower fixed-income trading volumes, while mortgage banking revenue fell 11.8 percent. Chief Executive Stacy Kymes said higher rates had created headwinds for both businesses.
Period-end loans grew $646 million to $27.7 billion, led by energy, industrial-facility and mortgage finance lending. Net charge-offs were $886 thousand.
