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Increase in interest rates drives down BOK Financial earnings

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Increase in interest rates drives down BOK Financial earnings

BOK Financial Corp. on Jan. 25 reported fourth-quarter 2016 net income attributable to shareholders of approximately $50.0 million, or 76 cents per share, down approximately 16.1%, compared to $59.6 million, or 89 cents per share, in the year-ago quarter.

For the full year 2016, net income attributable to shareholders was $232.7 million, or $3.53 per share, down approximately 19.4%, compared to $288.6 million, or $4.21 per share, in 2015.

The S&P Capital IQ consensus estimates for normalized EPS were $1.03 for the fourth quarter and $3.85 for 2016.

From an unexpected 85-basis-point increase in the 10-year U.S. Treasury interest rate and market reaction after the U.S. presidential elections, the company recorded a $17.0 million loss in the fair value of mortgage servicing rights, net of economic hedges, during the fourth quarter of 2016. The company noted that the decrease reduced EPS by 18 cents. In addition, the company's net fair value of trading portfolio positions decreased by $5.0 million, lowering EPS by 5 cents.

The company recorded $4.7 million, or 5 cents per share, in expenses related to its acquisition of MBT Bancshares Inc. Furthermore, the company's fourth-quarter results included severance and other expenses of $5.0 million, or 5 cents per share, related to staff reductions during the quarter.

The Tulsa, Okla.-based bank's tax-equivalent net interest margin was 2.63% for the recent quarter, nearly in line with 2.64% for both the third quarter and the year-ago fourth quarter.

Fourth-quarter nonperforming assets totaled $356.6 million, higher than $349.2 million in the prior quarter and $251.9 million a year ago. Excluding nonperforming assets guaranteed by the U.S. government, the total was $263.4 million, up from $253.5 million in the linked quarter and $156.0 million a year ago.

The company reported net recoveries in the fourth quarter of approximately $1.2 million, compared to net charge-offs of $6.1 million in the prior quarter and $3.0 million in the fourth quarter a year ago. BOK Financial did not record any provision for credit losses in the fourth quarter. The provision for credit losses was $10.0 million in the third quarter and $22.5 million in the year-ago quarter.