Business
BOK Financial Corporation Reports Quarterly Earnings of $84 million, or $1.29 Per Share, in the First Quarter
TULSA, OK / ACCESSWIRE / April 24, 2024 /First quarter 2024 financial highlights1Net income was $83.7 million or $1.29 per diluted share compared to $82.6
About this update from Bok Financial Corporation
[{"type":"text","content":"TULSA, OK / ACCESSWIRE / April 24, 2024 /First quarter 2024 financial highlights1Net income was $83.7 million or $1.29 per diluted share compared to $82.6 million or $1.26 per diluted share. Excluding the loss from repositioning of the available for sale securities portfolio and the additional FDIC special assessment expense, net income would have been $123.2 million or $1.91 per share for the first quarter of 2024.Net interest revenue totaled $293.6 million, a decrease of $3.1 million. Net interest margin was 2.61% compared to 2.64%.Fees and commissions revenue was $200.6 million, an increase of $3.8 million. Higher mortgage banking and fiduciary and asset management revenue was partially offset by lower brokerage and trading and transaction card revenue.Operating expense decreased $43.7 million to $340.4 million, primarily due to a reduction in non-personnel expense resulting from the FDIC special assessment recognized in the fourth quarter of 2023. Personnel expense was relatively consistent with the prior quarter.Period end loans grew by $268 million to $24.2 billion at March 31, 2024, mostly driven by growth in commercial loans, partially offset by a reduction in commercial real estate loans. Average outstanding loan balances were $23.9 billion, a $243 million increase.Nonperforming assets totaled $122 million or 0.51% of outstanding loans and repossessed assets at March 31, 2024, compared to $148 million or 0.62% at December 31, 2023. Net charge-offs were $5.5 million or 0.09% of average loans on an annualized basis in the first quarter.Period end deposits increased $1.4 billion to $35.4 billion while average deposits increased $1.3 billion to $35.0 billion. Average interest-bearing deposits increased $2.1 billion while average demand deposits declined by $747 million. The loan to deposit ratio was 68% at March 31, 2024 compared to 70% at December 31, 2023.Tangible common equity ratio was 8.21% compared to 8.29% at December 31, 2023. Tier 1 capital ratio was 12.00%, Common equity Tier 1 capital ratio was 11.99%, and total capital ratio was 13.15%.1 Comparisons are to prior quarter unless otherwise noted.CEO CommentaryFirst quarter results were characterized by a stabilizing net interest margin, strong asset quality, continued strong operating revenue growth, and well-managed expenses. It is also another reflection of our l...