Bank of Arizona parent’s profits fall
May 6th, 2009BOK Financial Corp., parent of Bank of Arizona and other banks, earned $55 million, or 81 cents a share, for the quarter ending March 31. Profits were down from $62.3 million, or 92 cents a share, one year earlier.
The Tulsa, Okla.-based company reported quarterly interest revenue of $233.2 million, down from $276 million a year earlier.
The company, which operates mainly in the south-central U.S., reported deterioration in its Arizona operations.
Some $112 million, or 20 percent of its loans in the state, were nonaccruing as of March 31, up from $81 million, or 14 percent, as of Dec. 31, 2008.
Arizona also accounted for BOK’s highest portion of nonaccruing commercial real estate loans ($102 million) and repossessed real estate assets ($16 million).
