BOK?s Local Division Is One of Firm?s Best
by June 7, 2004 12:00 am 55 views
BOK Financial Corp., the parent company of Fayetteville’s Bank of Arkansas N.A., saw its first quarter net income fall 10.9 percent to $39.2 million (60 cents per share) from $43.5 million (67 cents per share) a year ago. The information was filed in May with the SEC.
The drop in net income, the financial holding company said, was due to a $3.3 million decrease in net after-tax gains on sales of securities and mark-to-market of derivative contracts, plus additional factors.
The corporation operates five regional banks — Bank of Arkansas, Bank of Oklahoma N.A., Bank of Texas N.A., Bank of Albuquerque N.A., and Colorado State Bank and Trust N.A. — which account for 94 percent of its revenue.
Locally, the Arkansas division’s net income grew 65 percent for the three months ended March 31 from $354,000 in 2003 to $585,000, in 2004. Deposits for Bank of Arkansas decreased by $23 million due to a decrease in large time deposits (see chart), but the corporation’s deposits were up $146 million to $9.4 billion during the first quarter overall.
The firm’s annualized returns on average assets and equity (ROA and ROE) were 1.16 percent and 12.59 percent, respectively, for the second quarter.
That compared to a 1.43 percent ROA and 15.8 percent ROE in 2003’s first quarter.