BOK Financial Corporation’s (BOKF) third-quarter earnings of 75 cents per share were 7 cents ahead of the Zacks Consensus Estimate of 68 cents. The company had earned 84 cents in the year-ago period. Results reflected an increase in interest revenue and margin, though credit quality continued to deteriorate in the quarter.   Net interest revenue totaled $180.5 million, up 2.8% sequentially and 9.8% year-over-year. Net interest margin was 3.63%, up 8 basis points (bps) sequentially and 15 bps year-over-year. The increase in net interest margin over the previous quarter resulted from improved loan pricing and lower funding costs.  Outstanding loan balances were $11.6 billion at Sep 30, 2009, down $458 million since Jun 30, 2009. All major loan categories decreased during the quarter largely due to reduced customer demand, normal repayment trends and management decisions to exit certain loan types. Average deposits decreased $202 million from the ...

US Bancorp (USB) has reported third quarter earnings of $603 million or 30 cents per share. Results were ahead of the Zacks Consensus Estimate of 26 cents, and reflected higher revenue and an increase in fee income. However, credit losses and nonperforming assets continued to trend higher in the quarter, reflecting continued stress in the commercial, commercial real estate, residential real estate and consumer loan portfolios. We note that the rate of deterioration has somewhat moderated in the quarter. Quarterly results were, however, impacted by a $415 million of provision for credit losses in excess of net charge-offs, net securities losses of $76 million and a gain of $39 million associated with the company’s investment in Visa Inc. (V). These items reduced earnings by 19 cents per share. Results for the quarter were driven by record total net revenue of $4.3 billion, representing an ...

BOK Financial Corporation's (BOKF) second-quarter earnings of $0.77 were significantly above our expectation as well as the Street's. Results reflect increase in interest revenue and fees and commissions revenue both sequentially and year-over-year. Provisions for credit losses were down around 21% on a year-over-year basis to $47.1 million. Net income for the quarter came in at $52.1 million or 77 cents per diluted share, compared to net income of $55.0 million or 81 cents per diluted share for the first quarter of 2009 and a net loss of $1.2 million or 2 cents per diluted share in the year-ago quarter. Mortgage banking revenue remained at relatively high levels due to increased loan volume driven by government initiatives to lower national mortgage interest rates. The company has achieved an increase in interest margin both on a sequential and year-over-year basis. This was primarily driven by lower ...