The Bank Slate


FDIC assessment, securities loss cut into BOK Financial profit

BOK Financial in Tulsa, Okla., reported a sharp decline in net income that reflected securities losses and its special assessment from the Federal Deposit Insurance Corp.

The $49.8 billion-asset company said in a press release that its fourth-quarter profit fell by 51% from a year earlier, to $82.5 million.

The results included a $43.7 million special assessment to help replenish the Deposit Insurance Fund following several bank failures last spring.

BOK also recorded $27.6 million in losses from selling underwater securities during the fourth quarter.

BOK offset some of the hits by recording a $31 million pretax gain from selling BOKF Insurance, though the company said it paid about $2.5 million in professional fees tied to the sale.

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