BOK Earnings Fall 30 Percent

Thursday, January 29th 2009, 10:54 am
By: News On 6

Associated Press

TULSA, Okla. (AP) -- BOK Financial Corp. is reporting fourth quarter earnings were down 31 percent compared to the fourth quarter of 2007 as the parent of the Bank of Oklahoma feels the effects of the national economic downturn and problems in credit markets.

Tulsa-based BOK Financial earned $35.4 million during the final three months of 2008. That's down from $51.2 million in earnings in the final three months of the year before.

For the year BOK reports 153.2 million in net income compared to $217.7 million in 2007.

Despite the drop BOK Chief Financial Officer Steven Nell calls the earnings "a real accomplishment" given the recession and the downturn in the banking sector.

BOK shares were down 32 cents to $37.92 per share in early morning trading.