BOK Financial Reports 2013 Earnings of $317 Million
by January 29, 2014 10:36 am 84 views
BOK Financial Corp. of Tulsa, the publicly traded parent company of Bank of Arkansas, reported net income of $316.6 million, or $4.59 per diluted share, for the year ended Dec. 31, 2013, according to a news release Wednesday.
That compares to a net income of $351.2 million, or $5.13 per diluted share, for the year ended Dec. 31, 2012.
Slower mortgage volumes and increased expenses were the main factors that impacted a decrease in earnings, BOK Financial president and CEO Steven Bradshaw said.
The same factors, he said, persisted into the fourth quarter of 2013. Net income for the period was $73 million, compared to net income of $75.7 million in the third quarter of 2013.
“However, loan growth accelerated nicely in the fourth quarter, led by commercial real estate and health care lending,” Bradshaw noted. “Our capital strength and the credit quality of our loan portfolio remain at industry-leading levels.”
Bradshaw noted it was the first year since 2008 that the company was unable to increase earnings.
“While we remained solidly profitable, consistent earnings growth is the key to building long term shareholder value, and we don’t make excuses,” Bradshaw noted. “Our newly-constituted executive leadership team is executing on a plan to accelerate revenue growth, enhance our customer experience and control internal expense growth, meet heightened regulatory expectations and provide a great place to work.
“These five key objectives will set the foundation for long-term growth in earnings and shareholder value.”
Bradshaw assumed the company’s top leadership post in July, marking the first leadership change at BOK Financial in more than 20 years.
Bank of Arkansas joined the BOK Financial Corp. in 1995. The bank has offices in Fayetteville and Bentonville, and BOK Financial also has a presence in Little Rock.