Q3 2024 BOK Financial Corp Earnings Call Transcript
Key Points
- BOK Financial Corp (BOKF) reported strong earnings of $140 million, or $2.18 per diluted share, for the third quarter.
- Net interest income and net interest margin have stabilized and are on an upward trend.
- The company surpassed the $110 billion mark for assets under management or administration for the first time in its history.
- Credit performance remains excellent with net recoveries and low criticized classified levels.
- Fee income segment performed well, contributing significantly to overall results, with a record quarter for investment banking fees.
- Overall period-end loans decreased by 2.3% quarter-over-quarter, with commercial loans down 4.8%.
- Energy loan balances decreased by 9.4% due to broader trends in the public debt market and M&A activity.
- Trading fees decreased by 14.6% due to lower mortgage-backed securities volumes.
- Mortgage banking revenue remained relatively unchanged, indicating a soft origination market.
- Personnel expenses increased significantly, driven by incentive compensation, impacting overall expense growth.
Greetings, welcome to BOK Financial Corporation's third 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 third 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, Executive Vice President of Wealth Management will cover our fee based results.
Our CFO Marty Grunst, will then discuss financial performance for the quarter and our forward guidance. The 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. I will
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