Business
BOK Financial Corporation Reports Quarterly Earnings of $151 Million or $2.27 Per Share in the Second Quarter
TULSA, OK / ACCESSWIRE / July 26, 2023 /CEO CommentaryStacy Kymes, president and chief executive officer, stated, "I am proud of the exceptional second
About this update from Bok Financial Corporation
[{"type":"text","content":"TULSA, OK / ACCESSWIRE / July 26, 2023 /CEO CommentaryStacy Kymes, president and chief executive officer, stated, \"I am proud of the exceptional second quarter financial results delivered across the board by our team. Wealth segment revenues set another record this quarter, and core loans reached an all-time high led by the commercial and industrial segments. Our growth efforts are supported by the vitality of our geographic footprint as well as our diverse business model-non-interest revenues were almost 40 percent of total revenues for the quarter.\"Using our capital and liquidity strength, we are taking advantage of market and economic uncertainty to prudently grow. Our full-service banking market expansion into San Antonio and the addition of a fixed-income sales and trading office in Memphis are just two more examples of how we are investing to build long-term shareholder value. That disciplined, long-view approach has consistently been a distinct advantage for BOK Financial.\"Second Quarter 2023 Financial Highlights(Unless indicated otherwise, all comparisons are to the prior quarter)Net income was $151.3 million or $2.27 per diluted share for the second quarter of 2023 compared to $162.4 million or $2.43 per diluted share for the first quarter of 2023.Net interest revenue totaled $322.3 million, a decrease of $30.1 million compared to the prior quarter. Net interest margin was 3.00 percent compared to 3.45 percent. Growth in low-spread trading assets drove a 9 basis point decline in net interest margin with deposit repricing activity primarily driving the remaining 36 basis point reduction.Fees and commissions revenue was $200.5 million, an increase of $14.5 million. Brokerage and trading revenue grew $12.6 million, driven largely by higher U.S. government agency mortgage-backed securities and related derivative contracts trading volumes.The net cost of the changes in the fair value of mortgage servicing rights and related economic hedges was $1.2 million compared to $10.5 million for the first quarter of 2023.Operating expense increased $12.9 million to $318.7 million. Personnel expense increased $8.5 million. Growth in regular compensation related to our annual merit increases and higher cash-based incentive compensation reflecting sales activity was partially offset by lower seasonal employee benefits costs. Non-perso...