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BANK OF OKLAHOMA AND PARENT COMPANY REPORT STRONG EARNINGS, INCREASED LOANS, REDUCED TROUBLED ASSETS

 BANK OF OKLAHOMA AND PARENT COMPANY REPORT STRONG EARNINGS,
 INCREASED LOANS, REDUCED TROUBLED ASSETS
 TULSA, Okla., April 28 /PRNewswire/ -- BOK Financial Corp, parent company for Bank of Oklahoma (BOK), announced that net income for the company for the quarter ended March 31, 1992 was $5.2 million. Those earnings reflect an annual rate of return on equity of 18.95 percent and a return on assets of 1.05 percent.
 Board Chairman George B. Kaiser noted, "much of our earnings increase over the past year results from loan activity, as Oklahoma companies return home to fund their expansion. We have set as a goal for Bok to help fuel Oklahoma's economic growth. We're pleased that we were able to increase our loan totals by $44 million during the quarter and more than $200 million since last June in the face of limited improvement in the general economy."
 Stanley A. Lybarger, president and chief operating Officer, added "customer and employee response to Bok's renewed strength and vitality has been very gratifying. It is a pleasure to be able to fully serve our communities once again."
 BOK Financial also elected Keith E. Bailey, president of the Williams Companies, to the board effective with the annual meeting. Bailey commented, "I am pleased to be joining BOk at a time when both of our companies are addressing exciting new challenges." The company previously announced that Wayne Allen, president and chief operating officer of Phillips Petroleum Co., and Robert W. Donaldson, president of the University of Tulsa, joined the BOk board of directors during March. Financial Discussion
 Total loans increased by $43.7 million from the fourth quarter end 1991 to $1,127.2 million at first quarter end 1992. This brings total loan growth to $229 million since the June 1991 acquisition of BOk by BOK Financial. Both total assets and total deposits declined slightly from year end 1991 seasonal high levels to $2,077.2 million and $1,720.4 million, respectively, at March 31, 1992.
 Capital adequacy of BOK Financial and BOk are both well in excess of applicable regulatory requirements. Risk adjusted capital, in which equity and reserves are compared to assets on a risk weighted basis, stands at 9.34 percent for first quarter end 1992, compared to a required minimum of 7.25 percent and up from 9.06 percent at fourth quarter end 1991. The leverage ratio, tier one capital as a percentage of adjusted average assets, is 5.43 percent at first quarter end 1992, compared to 5.15 percent at fourth quarter end 1991. The more traditional former measure, primary capital as a percentage of assets, reached 7.05 percent at first quarter end 1992 compared to 6.71 percent for fourth quarter end 1991.
 Non-performing assets declined by $5.6 million to $36.2 million at first quarter end 1992 from $41.8 million at fourth quarter end 1991. As a percentage of the loan and other asset portfolio, these problem assets declined from 3.7 percent to 3.1 percent. About the Company
 BOK Financial Corp. is a one bank holding company whose principal subsidiary is Bank of Oklahoma. The Bank has 26 locations, 14 in Oklahoma City and surrounding cities, and 12 in Northeastern Oklahoma, principally Tulsa. Other operating units include BancOklahoma Mortgage Corp., one of the largest mortgage banking companies in the state with five offices and a $2.2 billion servicing portfolio and which recently became the largest originator of home loans in the state; BancOklahoma Trust Co., which is responsible for management of the largest portfolio of trust assets of any Oklahoma-headquartered company; and the TransFund Automated Teller Machine Network. TransFund is the state's dominant network, with some 460 installed machines statewide, serving more than 80 financial institutions and 330,000 cardholders.
 BOK Financial Corp. common stock is traded in the over-the-counter market under the symbol BOKF, with quotations available through NASDAQ.
 BOK FINANCIAL CORP.
 (In thousands except for ratio and share data)
 AVERAGE BALANCE
 For the quarter ended
 BOK Financial BOk
 March 31, Dec. 31, March 31,
 BALANCE SHEETS 1992 1991 1991
 Investment securities, at
 cost:
 Taxable $ 579,446 $ 610,349 $ 353,642
 Tax-exempt 2,881 3,575 21,540
 Total investment securities 582,327 613,924 375,182
 Trading account securities 1,074 1,259 1,515
 Loans
 Commercial 623,522 594,061 535,146
 Commercial real estate 221,006 202,510 186,221
 Consumer 271,660 266,930 239,043
 Other 6,448 5,638 3,728
 Reserve for loan losses (36,004) (35,746) (44,071)
 Total loans 1,086,632 1,033,390 920,067
 Federal funds sold 58,937 72,195 178,519
 Total interest-earning assets 1,728,970 1,720,771 1,475,283
 Cash and due from banks 177,370 173,102 161,736
 Premises and equipment, net 21,393 30,621 35,665
 Other real estate owned, net 9,894 10,476 33,081
 Other assets 60,486 56,366 44,663
 Total Assets $ 1,998,113 $ 1,991,336 $ 1,750,428
 Deposits
 Demand $ 410,728 $ 422,209 $ 367,922
 Transaction 180,835 173,895 136,769
 Money market 335,541 346,786 330,610
 Time: CDs 573,627 591,858 544,733
 Time: Other 188,675 176,863 154,776
 Total Deposits 1,689,406 1,711,611 1,534,810
 Federal funds purchased
 and other borrowings 165,783 148,638 117,712
 Other liabilities 32,067 28,980 25,531
 FDIC interest -- -- 90,000
 Equity 110,857 102,107 (17,625)
 Total Liabilities, FDIC
 Interest and Equity $ 1,998,113 $ 1,991,336 $1,750,428
 1 BOK Financial's March 31, 1991 average balance sheet is not presented as it is not meaningful since BOK Financial began significant operations only after its June, 1991 acquisition of BOk.
 2 BOk's March 31, 1991 average balance sheet depicts BOk's operations prior to BOk's purchase by BOK Financial and related capital injections and accordingly is not entirely comparable with BOK Financial's average balance sheets.
 BOK FINANCIAL CORP.
 (In thousands except for ratio and share data)
 PERIOD END BALANCE
 BOK Financial BOk
 March 31, Dec. 31, March 31,
 BALANCE SHEETS 1992 1991 1991
 Investment securities, at
 cost:
 Taxable $ 583,289 $ 591,804 $ 348,160
 Tax-exempt 2,878 2,881 21,246
 Total investment securities 586,167 594,685 369,406
 Trading account securities 393 496 1,881
 Loans
 Commercial 650,184 614,327 570,727
 Commercial real estate 222,308 217,458 182,771
 Consumer 282,977 280,115 226,880
 Other 7,476 7,105 3,534
 Reserve for loan losses (35,767) (35,495) (43,006)
 Total loans 1,127,178 1,083,510 940,906
 Federal funds sold 70,540 121,835 226,000
 Total interest-earning assets 1,784,278 1,800,526 1,538,193
 Cash and due from banks 205,493 210,360 161,924
 Premises and equipment, net 21,437 20,691 35,174
 Other real estate owned, net 9,641 10,369 29,051
 Other assets 56,319 52,127 42,203
 Total Assets $ 2,077,168 $ 2,094,073 $ 1,806,545
 Deposits
 Demand $ 462,031 $ 510,159 $ 379,927
 Transaction 184,359 175,485 135,235
 Money market 318,091 340,845 351,787
 Time: CDs 567,403 585,555 538,492
 Time: Other 188,466 187,132 193,746
 Total Deposits 1,720,350 1,799,176 1,599,187
 Federal funds purchased
 and other borrowings 211,091 154,883 111,608
 Other liabilities 32,622 32,685 23,058
 FDIC interest -- -- 90,000
 Equity 113,105 107,329 (17,308)
 Total Liabilities, FDIC
 Interest and Equity $ 2,077,168 $ 2,094,073 $1,806,545
 CREDIT QUALITY (period end)
 Nonperforming assets:
 Nonaccrual loans $ 23,743 $ 29,012 $ 34,561
 90-days past due 1,032 1,683 1,885
 Restructured loans 936 967 1,002
 OREO (other assets) 10,485 10,145 28,729
 Total nonperforming assets $ 36,196 $ 41,807 $ 66,177
 Gross charge-offs $ 1,712 $ 1,275 $ 2,130
 Less recoveries 484 388 633
 Net charge-offs $ 1,228 $ 887 $ 1,497
 Key Ratios:
 Reserve for loan losses to
 period end loans (percent) 3.08 3.17 4.37
 Nonperforming assets to
 period end loans and OREO
 (other assets) 3.08 3.70 6.54
 Net charge-offs to average
 loans (annualized) 0.44 0.33 0.63
 1 BOK Financial's March 31, 1991 period end balance sheet is not presented as it is not meaningful since BOK Financial began significant operations only after its June, 1991 acquisition of BOk.
 2 BOk's March 31, 1991 period end balance sheet depicts BOk's operations prior to BOk's purchase by BOK Financial and related capital injections and accordingly is not entirely comparable with BOK Financial's period end balance sheets.
 BOK FINANCIAL CORP.
 (In thousands except for ratio and share data)
 For the quarter ended
 BOK Financial BOk
 March 31, Dec. 31, March 31,
 STATEMENTS OF EARNINGS 1992 1991 1991
 Interest revenue $ 34,686 $ 37,604 $ 34,460
 Interest expense 16,416 19,303 20,890
 Net interest revenue 18,270 18,301 13,570
 Provision for loan losses 1,500 1,500 500
 Provision for OREO losses -- -- 1,500
 Net interest revenue after
 provisions 16,770 16,801 11,570
 Noninterest revenue
 Service charges and fees
 on deposit accounts 3,711 3,706 2,916
 Trust income 3,622 3,549 3,276
 Mortgage servicing revenue 2,752 2,913 792
 TransFund network revenue 1,287 1,250 1,161
 Other 2,771 2,696 2,489
 Total noninterest revenue 14,143 14,114 10,634
 Noninterest expense
 Personnel 12,039 11,568 9,749
 Net occupancy 1,813 1,771 1,798
 Business promotion 1,152 962 604
 Professional fees and
 services 1,303 1,166 1,214
 Equipment expense 1,335 1,074 1,352
 Other 6,485 6,792 4,806
 Total noninterest expense 24,127 23,333 19,523
 Operating income 6,786 7,582 2,681
 Income tax expense
 Current tax 619 366 111
 Purchase accounting
 adjustments 944 4,555 --
 Net income $ 5,223 $ 2,661 $ 2,570
 1 BOK Financial's March 31, 1991 statement of earnings is not presented as it is not meaningful since BOK Financial began significant operations only after its June, 1991 acquisition of BOk.
 2 BOk's March 31, 1991 statement of earnings depicts BOk's operations prior to BOk's purchase by BOK Financial and related capital injections and accordingly is not entirely comparable with BOK Financial's statements of earnings.
 BOK FINANCIAL CORP.
 (In thousands except for ratio and share data)
 For the quarter ended
 BOK Financial BOk
 March 31, Dec. 31, March 31,
 FINANCIAL DATA 1992 1991 1991
 Capital
 Average equity $ 110,857 $ 102,107 $ (17,625)
 Period end equity 113,105 107,329 (17,308)
 Primary capital ratio (percent) 7.05 6.71 6.26
 Risk-based capital ratios:
 Tier 1 7.87 7.60 (2.11)
 Total capital 9.34 9.06 (2.11)
 Leverage ratio 5.43 5.15 (1.43)
 Common stock
 Book value per share $ 6.42 $ 6.18 $ n/m
 Earnings per share:
 Primary 0.35 0.20 n/m
 Fully diluted 0.30 0.16 n/m
 Average shares outstanding 15,096,300 13,640,518 n/m
 Average shares outstanding
 (fully diluted) 17,596,300 16,140,518 n/m
 Key ratios
 Return on average assets (percent) 1.05 0.53 0.60
 Return on average equity 18.95 10.34 n/m
 Net yield 4.25 4.22 3.69
 Operating results
 Operating income $ 6,786 $ 7,582 $ 2,681
 Income tax
 Current tax 619 366 111
 Purchase accounting
 adjustments 944 4,555 --
 Net income $ 5,223 $ 2,661 $ 2,570
 Per share operating results
 Operating income $ 0.45 $ 0.56 $ n/m
 Income tax
 Current tax 0.04 0.03 n/m
 Purchase accounting
 adjustments 0.06 0.33 n/m
 Net income $ 0.35 $ 0.20 $ n/m
 Net income (fully diluted) $ 0.30 $ 0.16 $ n/m
 Employees - FTE 1,236
 1 BOK Financial's March 31, 1991 financial data is not presented as it is not meaningful since BOK Financial began significant operations only after its June, 1991 acquisition of BOk.
 2 BOk's March 31, 1991 financial data depicts BOk's operations prior to BOk's purchase by BOK Financial and related capital injections and accordingly is not entirely comparable with BOK Financial's financial data.
 -0- 4/28/92
 /CONTACT: William B. Fader (investors), 918-588-6348 (office) or 918-749-0313 (home); or Kathryn Barr (public relations) 918-588-6740 (office) or 918-258-4870 (home), both of BOK Financial Corp./
 (BOKF) CO: Bank of Oklahoma ST: Oklahoma IN: FIN SU: ERN


MM -- SF010 -- 4026 04/28/92 17:00 EDT
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