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BOK Financial (BOKF) Forays Into San Antonio for Texas Expansion
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BOK Financial Corporation’s (BOKF - Free Report) division, Bank of Texas, has set foot in the San Antonio market and will offer its full-service, relationship-focused financial services in the region. This marks BOKF’s foray into the markets outside Dallas, Fort Worth and Houston, and further expands its footprint in Texas.
Bank of Texas currently has 39 total locations. The company’s debut in San Antonio underlines its efforts to expand in the Texas region and will benefit from the dynamic and fast-growing market.
Mark Wade, Bank of Texas CEO, stated, “We have been searching for the right team to lead our San Antonio operations and couldn’t be more excited to have Mark Johnson and Parker Hensley leading this charge. Both are well respected in the financial sector and are passionate about forming relationships and driving growth. We are leading with a talented commercial, wealth and treasury team that will be aligned with the San Antonio community and will provide best in class service.”
Stacy Kymes, president and CEO of BOK Financial, informed, “We believe that this is a great time to grow our presence in this vibrant state.” He continued, “Even though we’re seeing some turbulence in the industry, we believe the strength and stability of our franchise will be very attractive to consumers, businesses and wealth clients in San Antonio.”
Markedly, over the past several years, BOK Financial has transformed from merely being a bank in Oklahoma to a chief financial service provider by expanding into carefully selected markets in its neighboring states. Since 2016, it has completed several acquisitions, expanding the asset management business and its footprint. We remain encouraged by such expansion moves that boost the company’s growth prospects.
Inorganic growth aside, the company’s balance sheet has been strong. Loans witnessed a compound annual growth rate (CAGR) of 1% in the last five years (2018-2022), and the rising trend continued in the first quarter of 2023. Deposits have showcased a growing trend, seeing a five-year CAGR of 8.1% through 2018-2022. The metric, however, declined in the first quarter of 2023.
We believe that with a strong loan pipeline, favorable conditions in its geographic footprints, and business in-migration from other markets, the company will be well-poised for organic growth.
In the past six months, shares of BOKF have fallen 16.1% compared with the industry's 28.5% decline.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold).
Bank Stocks Worth a Look
A couple of better-ranked stocks from the finance space are Pathward Financial, Inc. (CASH - Free Report) and First Citizens BancShares (FCNCA - Free Report) .
The Zacks Consensus Estimate for Pathward Financial’s current-year earnings has been revised 1.8% upward over the past 60 days. Its shares have gained 11% in the past six months. Currently, CASH carries a Zacks Rank #2 (Buy). You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
First Citizens BancShares currently sports a Zacks Rank #1. Its earnings estimates for 2023 have been revised 67% upward over the past 30 days. In the past six months, FCNCA’s shares have rallied 60%.
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BOK Financial (BOKF) Forays Into San Antonio for Texas Expansion
BOK Financial Corporation’s (BOKF - Free Report) division, Bank of Texas, has set foot in the San Antonio market and will offer its full-service, relationship-focused financial services in the region. This marks BOKF’s foray into the markets outside Dallas, Fort Worth and Houston, and further expands its footprint in Texas.
Bank of Texas currently has 39 total locations. The company’s debut in San Antonio underlines its efforts to expand in the Texas region and will benefit from the dynamic and fast-growing market.
Mark Wade, Bank of Texas CEO, stated, “We have been searching for the right team to lead our San Antonio operations and couldn’t be more excited to have Mark Johnson and Parker Hensley leading this charge. Both are well respected in the financial sector and are passionate about forming relationships and driving growth. We are leading with a talented commercial, wealth and treasury team that will be aligned with the San Antonio community and will provide best in class service.”
Stacy Kymes, president and CEO of BOK Financial, informed, “We believe that this is a great time to grow our presence in this vibrant state.” He continued, “Even though we’re seeing some turbulence in the industry, we believe the strength and stability of our franchise will be very attractive to consumers, businesses and wealth clients in San Antonio.”
Markedly, over the past several years, BOK Financial has transformed from merely being a bank in Oklahoma to a chief financial service provider by expanding into carefully selected markets in its neighboring states. Since 2016, it has completed several acquisitions, expanding the asset management business and its footprint. We remain encouraged by such expansion moves that boost the company’s growth prospects.
Inorganic growth aside, the company’s balance sheet has been strong. Loans witnessed a compound annual growth rate (CAGR) of 1% in the last five years (2018-2022), and the rising trend continued in the first quarter of 2023. Deposits have showcased a growing trend, seeing a five-year CAGR of 8.1% through 2018-2022. The metric, however, declined in the first quarter of 2023.
We believe that with a strong loan pipeline, favorable conditions in its geographic footprints, and business in-migration from other markets, the company will be well-poised for organic growth.
In the past six months, shares of BOKF have fallen 16.1% compared with the industry's 28.5% decline.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold).
Bank Stocks Worth a Look
A couple of better-ranked stocks from the finance space are Pathward Financial, Inc. (CASH - Free Report) and First Citizens BancShares (FCNCA - Free Report) .
The Zacks Consensus Estimate for Pathward Financial’s current-year earnings has been revised 1.8% upward over the past 60 days. Its shares have gained 11% in the past six months. Currently, CASH carries a Zacks Rank #2 (Buy). You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
First Citizens BancShares currently sports a Zacks Rank #1. Its earnings estimates for 2023 have been revised 67% upward over the past 30 days. In the past six months, FCNCA’s shares have rallied 60%.