Bok Financial Corp (BOKF) Tops Q1 EPS by 9c

Bok Financial Corp (NASDAQ: BOKF) reported Q1 EPS of $1.54, $0.09 better than the analyst estimate of $1.45.

• Net income was $110.6 million or $1.54 per diluted share for the first quarter of 2019 and $108.5 million and $1.50 per diluted share for the fourth quarter of 2018. The first quarter included a 13 cent per share reduction as a result of CoBiz integration costs and the fourth quarter included a 15 cent per share reduction.
• Net interest revenue totaled $278.1 million, a decrease of $7.6 million. Net interest margin decreased to 3.30 percent from 3.40 percent.
• Fees and commissions revenue totaled $160.6 million, consistent with the fourth quarter of 2018.
• Operating expense was relatively consistent at $287.2 million. The first quarter of 2019 included $12.7 million of integration costs, while the fourth quarter of 2018 included $14.5 million.
• An $8.0 million provision for credit losses was recorded in the first quarter of 2019. The combined allowance for credit losses totaled $207 million or 0.95 percent of outstanding loans compared to $209 million or 0.97 percent in the previous quarter.
• Average loans increased $187 million and period-end loans increased $102 million to $21.8 billion.
• The Company repurchased 705,609 shares at an average price of $85.85 per share.

Steven G. Bradshaw, president and chief executive officer, stated, “The first quarter was a great start to the year for BOK Financial, with continued growth in our loan portfolio led by our specialty lines of business, and re-energized activity in our brokerage and trading and mortgage businesses. These drivers, combined with diligent expense management, helped us maintain the growth trend established with our record year in 2018. The economy across the BOK Financial footprint is strong and the credit environment remains benign with no trouble spots on the horizon. We are optimistic about prospects for continued earnings growth through the remainder of 2019.”

Bradshaw added, "We are proud to have completed the last steps of the CoBiz systems integration this quarter and look forward to the cost savings and revenue growth envisioned when we announced the deal a mere ten months ago. As I've said previously, I believe the combination of CoBiz and BOK Financial creates the premier commercial bank in Colorado and Arizona and I look forward to our success in these markets for the balance of 2019 and beyond."

For earnings history and earnings-related data on Bok Financial Corp (BOKF) click here.

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