BOK Financial in Tulsa, Okla., plans to offset losses tied to a recent securities sale with proceeds from converting its Visa shares.
The $48.2 billion-asset company disclosed in a regulatory filing that it sold about $783 million of debt securities at a $45 million pretax loss. It reinvested the proceeds into higher-yielding securities.
The company said that, as a result, it will recognize a $34 million net charge to first-quarter earnings.
Separately, BOK plans to participate in Visa’s planned share exchange, where it could monetize up to half of its 252,233 Class B-1 shares. Those shares are equivalent to 400,420 shares of Visa common stock.
“The timing of the exchange offer is unknown,” the filing said.