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Mar 31, 2024
BOK Financial Q1 2024 Earnings Report
Reported net income of $83.7 million, or $1.29 per diluted share, for the first quarter of 2024.
Key Takeaways
BOK Financial Corporation reported a net income of $83.7 million, or $1.29 per diluted share, for the first quarter of 2024. Excluding certain items, net income would have been $123.2 million, or $1.91 per share. The results reflect a stabilizing net interest margin, strong asset quality, continued revenue growth, and well-managed expenses.
Net income was $83.7 million, or $1.29 per diluted share.
Net interest revenue totaled $293.6 million, with a net interest margin of 2.61%.
Fees and commissions revenue was $200.6 million.
Period end loans grew by $268 million to $24.2 billion.
Revenue by Segment
Forward Guidance
The company expects the gain on conversion of their Visa B shares to offset the realized losses on the repositioning of the available for sale securities portfolio.
Positive Outlook
- Expect to receive full value in VISA’s announced exchange offer.
- Expect to improve net interest margin and net interest revenue outlook in future periods.
- Commercial loans grew almost 9% annualized as we focus on growth to utilize our strong capital and liquidity levels as others retrench.
- Credit metrics remain very strong and are a direct reflection of the focus we put on disciplined risk management.
- Recognized as one of only 60 organizations to receive the 2024 Gallup Exceptional Workplace Award.
Challenges Ahead
- Losses on available for sale securities were $45.2 million in the first quarter of 2024 as we repositioned the available for sale securities portfolio by selling approximately $783 million of lower-yielding debt securities.
- Customer hedging revenue decreased $1.3 million, largely as result of reduced energy customer hedging volumes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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