BOK Financial Corporation Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017; Provides Federal and State Effective Tax Rate Guidance for the Year 2018
January 24, 2018 at 06:25 pm IST
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BOK Financial Corporation reported unaudited earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported interest revenue of $255,767,000 compared to $215,737,000 a year ago. Net interest revenue was $216,863,000 compared to $194,198,000 a year ago. Net income before taxes was $126,712,000 compared to $72,405,000 a year ago. Net income attributable to company shareholders was $72,492,000 or $1.11 per basic and diluted share compared to $50,026,000 or $0.76 per basic and diluted share a year ago. Return on average assets was 0.86% compared to 0.60% a year ago. Return on average equity was 8.24% compared to 6.03% a year ago.
For the year, the company reported interest revenue of $972,751,000 compared to $829,117,000 a year ago. Net interest revenue was $841,701,000 compared to $747,228,000 a year ago. Net income before taxes was $518,278,000 compared to $338,658,000 a year ago. Net income attributable to company shareholders was $334,644,000 or $5.11 per basic and diluted share compared to $232,668,000 or $3.53 per basic and diluted share a year ago. Book value per share as at December 31, 2017 was $53.45 compared to $50.12 a year ago. Tangible book value per share as at December 31, 2017 was $46.17 compared to $42.53 a year ago.
For the quarter, the company reported net charge-offs of $11,688,000 compared to net recoveries of $1,162,000 a year ago.
The company expects federal and state effective tax rate for 2018 will be between 22% and 23%, compared to 33.8% for 2017, excluding the tax effects of equity compensation arrangements and similar discrete items.
BOK Financial Corporation is a financial holding company. It offers full service banking in Oklahoma, Texas, New Mexico, Northwest Arkansas, Colorado, Arizona, and Kansas/Missouri. Its segments include Commercial Banking, Consumer Banking and Wealth Management. Its Commercial Banking segment includes lending, treasury and cash management services and customer commodity risk management products for small businesses, middle market and larger commercial customers. It also includes the TransFund electronic funds network. Its Consumer Banking segment includes retail lending and deposit services, lending and deposit services to small business customers served through the retail branch network and all mortgage loan origination and servicing activities. Wealth Management segment offers brokerage and trading activities mainly related to providing liquidity to the mortgage markets through trading of United States government agency mortgage-backed securities and related derivative contracts.
BOK Financial Corporation Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017; Provides Federal and State Effective Tax Rate Guidance for the Year 2018