BOK Financial Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>BOK Financial Corp. has filed its Q1 2024 10-Q report, detailing financial performance and balance sheet information.</b>

AI Summary

BOK FINANCIAL CORP (BOKF) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. BOK Financial Corp. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial data from previous periods, including December 31, 2023, and March 31, 2023, are referenced. Specific revenue segments such as Brokerage and Trading, Transaction Card, Fiduciary and Trust, Deposit Accounts, Mortgage Banking, and Financial Service Other are detailed. Balance sheet components including Common Stock, Additional Paid-In Capital, Retained Earnings, Treasury Stock, and Accumulated Other Comprehensive Income are presented for multiple periods.

Why It Matters

For investors and stakeholders tracking BOK FINANCIAL CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial results and operational details for BOK Financial Corp., crucial for assessing recent performance and future outlook. The detailed breakdown of revenue segments and balance sheet items allows for a granular analysis of the company's financial health and business mix.

Risk Assessment

Risk Level: low — BOK FINANCIAL CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed revenue segment performance and balance sheet changes in the 10-Q to understand BOK Financial Corp.'s current financial standing and operational trends.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Conformed Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-05-01 — Filed As Of Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Q1 FALSE)
• 2024-03-31 — Quarter End Date (Q1 FALSE)
• 2023-03-31 — Prior Year Quarter End Date (2023-01-01 2023-03-31)
• 2023-12-31 — Prior Year End Date (2023-12-31)
• 2022-12-31 — Two Year Prior End Date (2022-12-31)

Key Players & Entities

• BOK FINANCIAL CORP (company) — FILER
• 0000875357 (company) — CENTRAL INDEX KEY
• 6021 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• OK (company) — STATE OF INCORPORATION
• TULSA (company) — CITY
• 74172 (company) — ZIP
• 9185886000 (company) — BUSINESS PHONE
• 1934 Act (regulator) — SEC ACT

FAQ

Key Financial Figures

• $0.00006 — ich registered Common Stock, par value $0.00006 per share BOKF Nasdaq Stock Market In
• $83.7 million — BOK Financial reported net income of $83.7 million or $1.29 per diluted share for the firs
• $1.29 — reported net income of $83.7 million or $1.29 per diluted share for the first quarter
• $82.6 million — r the first quarter of 2024 compared to $82.6 million or $1.26 per diluted share for the four
• $1.26 — er of 2024 compared to $82.6 million or $1.26 per diluted share for the fourth quarte
• $123.2 million — ent expense, net income would have been $123.2 million or $1.91 per share for the first quarte
• $1.91 — ncome would have been $123.2 million or $1.91 per share for the first quarter of 2024
• $2.6 million — PNR, also a non-GAAP measure, decreased $2.6 million to $114.9 million compared to the fourt
• $114.9 million — GAAP measure, decreased $2.6 million to $114.9 million compared to the fourth quarter of 2023.
• $293.6 m — ncluded: Net interest revenue totaled $293.6 million, a decrease of $3.1 million compa
• $3.1 million — e totaled $293.6 million, a decrease of $3.1 million compared to the prior quarter. Net inte
• $200.6 m — . Fees and commissions revenue totaled $200.6 million, an increase of $3.8 million. Hig
• $3.8 million — totaled $200.6 million, an increase of $3.8 million. Higher mortgage banking and fiduciary
• $340.4 m — venue. Other operating expense totaled $340.4 million, a decrease of $43.7 million. Per
• $43.7 million — e totaled $340.4 million, a decrease of $43.7 million. Personnel expense was relatively uncha

Filing Documents

• bokf-20240331.htm (10-Q) — 6024KB
• a20240331bokfex311.htm (EX-31.1) — 12KB
• a20240331bokfex312.htm (EX-31.2) — 12KB
• a20240331bokfex32.htm (EX-32) — 8KB
• 0000875357-24-000023.txt (&nbsp;) — 23410KB
• bokf-20240331.xsd (EX-101.SCH) — 66KB
• bokf-20240331_cal.xml (EX-101.CAL) — 126KB
• bokf-20240331_def.xml (EX-101.DEF) — 402KB
• bokf-20240331_lab.xml (EX-101.LAB) — 929KB
• bokf-20240331_pre.xml (EX-101.PRE) — 658KB
• bokf-20240331_htm.xml (XML) — 5998KB

Financial Information

Part I. Financial Information

Management's Discussion and Analysis (Item 2) 2

Management's Discussion and Analysis (Item 2) 2 Market Risk (Item 3) 39

Controls and Procedures (Item 4) 43

Controls and Procedures (Item 4) 43 Consolidated Financial Statements – Unaudited (Item 1) 44 Quarterly Financial Summary – Unaudited (Item 2) 89 Quarterly Earnings Trend – Unaudited 92

Other Information

Part II. Other Information

Legal Proceedings 93

Item 1. Legal Proceedings 93

Risk Factors 93

Item 1A. Risk Factors 93

Unregistered Sales of Equity Securities and Use of Proceeds 93

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 93

Other Information 93

Item 5. Other Information 93

Exhibits 94

Item 6. Exhibits 94 Signatures 95 - 1 - GLOSSARY OF DEFINED TERMS The following items may be used throughout this report, including the consolidated financial statements and related notes. Term Definition AFS Available For Sale AOCI Accumulated Other Comprehensive Income ASU Accounting Standards Update ATM Automated Teller Machine Board Board of Directors of BOK Financial Corporation BOK Financial BOK Financial Corporation BOKF BOK Financial Corporation BOKF Insurance BOK Financial Insurance, Inc. BOKFI BOK Financial Insurance, Inc. CECL Current Expected Credit Losses Company BOK Financial Corporation EFT Electronic Funds Transfer FASB Financial Accounting Standards Board FDIC Federal Deposit Insurance Corporation GAAP Generally Accepted Accounting Principles in the United States of America GDP Gross Domestic Product GNMA Government National Mortgage Association MSR Mortgage Servicing Rights Nasdaq National Association of Securities Dealers Automated Quotations NYMEX New York Mercantile Exchange PPNR Pre-Provision Net Revenue RMHFS Residential Mortgages Held for Sale SEC Securities and Exchange Commission SOFR Secured Overnight Financing Rate SVaR Stressed Value at Risk TransFund BOKF's electronic funds transfer network USDC United States District Court VA U.S. Department of Veterans Affairs VaR Value at Risk WTI West Texas Intermediate - 1 -

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations Performance Summary BOK Financial reported net income of $83.7 million or $1.29 per diluted share for the first quarter of 2024 compared to $82.6 million or $1.26 per diluted share for the fourth quarter of 2023. 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, both of which are non-GAAP measures. PPNR, also a non-GAAP measure, decreased $2.6 million to $114.9 million compared to the fourth quarter of 2023. Highlights of the first quarter of 2024 compared to the fourth quarter of 2023 included: Net interest revenue totaled $293.6 million, a decrease of $3.1 million compared to the prior quarter. Net interest margin was 2.61% for the first quarter of 2024 compared to 2.64% for the prior quarter reflecting continued demand deposit migration and deposit repricing. For the first quarter of 2024, our core net interest margin excluding trading activities, a non-GAAP measure, was 2.97% compared to 3.03% in the prior quarter. Fees and commissions revenue totaled $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. Other operating expense totaled $340.4 million, a decrease of $43.7 million. Personnel expense was relatively unchanged, while non-personnel expense decreased $43.3 million resulting from the recognition of the FDIC special assessment in the fourth quarter of 2023. Other gains and losses, net decreased $36.2 million to $4.3 million. The prior quarter included a $31.0 million pre-tax gain, before related professional fees, on the sale of insurance brokerage and consulting business, BOKFI. Losses on available for sale securities were $45.2 million in the

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View this 10-Q filing on SEC EDGAR