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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.
BOK Financial
BOK Financial
BOK Financial Revenue by Segment
Revenue by Segment
Commercial Banking Revenue
CapyFin.comConsumer Banking Revenue
CapyFin.comWealth Management Revenue
CapyFin.com 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.
- Other gains, net decreased $36.2 million to $4.3 million.
- Average demand deposits declined by $747 million.
- Other expense was up $2.4 million, primarily due to increased operational losses.