BOK Financial in Tulsa, Okla., reported higher second-quarter earnings as mortgage banking and loan growth offset an increase in expenses.
The $30.7 billion-asset company's net income jumped 4.4% to $79.2 million, or $1.15 per share, from a year earlier. That was 5 cents higher than the average estimate of analysts polled by Bloomberg.
Fee income rose 6.1% to $176.3 million. Mortgage income rose 26% to $36.8 million. Revenue from transaction cards and fiduciary and asset management also increased.
Net interest income rose 5.8% to $175.7 million. Total loans rose 12.6% to $15.1 billion, led by a 17% increase in business loans to $9.8 billion. The net interest margin compressed 14 basis points to 2.61%.
Noninterest expense grew 5.8% to $227.1 million, mostly on increases in personnel and data processing costs. The efficiency ratio improved 9 basis points to 64.21%.
