Q2 2024 BOK Financial Corp Earnings Call Transcript
Key Points
- BOK Financial Corp (BOKF) reported strong earnings of $163.7 million for Q2 2024, with an EPS of $2.54 per diluted share.
- The company has a well-diversified loan portfolio with one of the lowest levels of commercial real estate concentration among peers at 21% of total loans.
- Net charge-offs remain very low, and non-performing loans have decreased, indicating strong credit quality.
- Fee income businesses are robust, contributing 40% of total revenue, which is a peer-leading contribution.
- The company successfully monetized 50% of its Visa stock, generating a $54 million pretax gain.
- Commercial real estate (CRE) loans decreased by 2.9% quarter over quarter, reflecting some challenges in this segment.
- The trading fees decreased by 26.1% to $27.7 million, consistent with broader industry trends.
- Net interest margin was sequentially lower by 5 basis points, driven by higher average balances for the trading portfolio and the AFS securities portfolio.
- There is uncertainty regarding the pace of CRE paydowns, which could impact future loan growth.
- Personnel expenses increased by $11.6 million, driven by various factors including incentive compensation and payroll taxes.
Greetings, welcome to the BOK Financial Corporation second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the presentation over to Heather King, Director of Investor Relations for BOK Financial Corporation. Please proceed.
Good afternoon and thank you for joining our discussion of BOK Financial Second Quarter 2024 financial results. Our CEO, Stacy Kymes, will provide opening comments; Marc Maun, Executive Vice President of Regional Banking, will cover our loan portfolio and related credit metrics; and Scott Grauer, our Executive Vice President of Wealth Management and cover our fee-based results; our CFO, Marty Graham, will then discuss financial performance for the quarter and our forward guide.
Slide presentation and press release are available on our website at bokf.com. We refer you to the disclaimers on slide 2 regarding any forward-looking statements made during this call.
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