Business
BOK Financial Corporation Reports Quarterly Earnings of $134 million or $2.04 Per Share in the Third Quarter
TULSA, OK / ACCESSWIRE / October 25, 2023 /CEO CommentaryStacy Kymes, president and chief executive officer, stated, "We recognized another solid quarter of
About this update from Bok Financial Corporation
[{"type":"text","content":"TULSA, OK / ACCESSWIRE / October 25, 2023 /CEO CommentaryStacy Kymes, president and chief executive officer, stated, \"We recognized another solid quarter of earnings driven by our diverse business model, which prudently balances interest revenue with non-interest revenues and allows us to perform well in a multitude of business climates. Non-interest revenues now represent 40% of our total revenues. In addition, we continue to focus on opportunities for growth given the economic vitality of our core geographic footprint as we take advantage of our capital and liquidity strengths. We have increased loans almost 9% over the previous year and our core commercial and industrial loans are up 8% from last year. We're focused on investing in growth initiatives like our San Antonio expansion, which will drive long-term shareholder value. We have consistently proven that our business diversification coupled with our outstanding team outperforms against strong headwinds.\"Third Quarter 2023 Financial Highlights (Unless indicated otherwise, all comparisons are to the prior quarter)Net income was $134.5 million or $2.04 per diluted share for the third quarter of 2023 compared to $151.3 million or $2.27 per diluted share for the second quarter of 2023.Net interest revenue totaled $300.9 million, a decrease of $21.4 million compared to the prior quarter. Net interest margin was 2.69 percent compared to 3.00 percent. Growth in low-spread U.S. government agency residential mortgage-backed trading assets drove an 8 basis point decline in net interest margin with deposit repricing activity primarily driving the remaining 23 basis point reduction. For the third quarter of 2023, our core net interest margin excluding trading activities, a non-GAAP measure, was 3.14 percent compared to 3.36 percent in the prior quarter.Fees and commissions revenue decreased $2.6 million to $197.9 million. Decreased brokerage and trading revenue and mortgage banking revenue were partially offset by increased other revenue.Operating expense increased $5.6 million to $324.3 million. Personnel expense was relatively unchanged, while non-personnel expense increased $5.5 million, primarily due to higher occupancy and equipment costs and other expenses.Other gains and losses, net decreased $11.1 million to $1.5 million. The prior quarter included gains on alternative inve...