BOK Financial Corp Q2 2024 10-Q Filed

TL;DR

BOKF 10-Q filed: Q2 2024 financials out, showing revenue streams like brokerage, card, and trust.

AI Summary

BOK Financial Corporation filed a 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Specific revenue streams like brokerage and trading, and transaction card revenue are reported, alongside fiduciary and trust activities.

Why It Matters

This filing provides investors and analysts with a detailed look at BOK Financial's financial health and operational performance during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not inherently indicate new or elevated risks.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20240731 — Filing Date (Shows when the report was officially submitted to the SEC.)

Key Players & Entities

• BOK FINANCIAL CORP (company) — Filer of the 10-Q
• 0000875357 (company) — Central Index Key for BOK FINANCIAL CORP
• 20240630 (date) — Conformed period of report
• 20240731 (date) — Filed as of date

FAQ

Key Financial Figures

• $0.00006 — ich registered Common Stock, par value $0.00006 per share BOKF Nasdaq Stock Market In
• $163.7 million — BOK Financial reported net income of $163.7 million or $2.54 per diluted share for the seco
• $2.54 — eported net income of $163.7 million or $2.54 per diluted share for the second quarte
• $83.7 million — the second quarter of 2024 compared to $83.7 million or $1.29 per diluted share for the firs
• $1.29 — er of 2024 compared to $83.7 million or $1.29 per diluted share for the first quarter
• $131.1 million — Foundation, net income would have been $131.1 million or $2.02 per share for the second quart
• $2.02 — ncome would have been $131.1 million or $2.02 per share for the second quarter of 202
• $104.1 million — 1 , also a non-GAAP measure, increased $104.1 million to $219.0 million compared to the first
• $219.0 million — AP measure, increased $104.1 million to $219.0 million compared to the first quarter of 2024.
• $296.0 m — included: Net interest income totaled $296.0 million, an increase of $2.4 million over
• $2.4 million — totaled $296.0 million, an increase of $2.4 million over the prior quarter. Net interest ma
• $200.0 m — . Fees and commissions revenue totaled $200.0 million, consistent with the prior quarte
• $336.7 m — venue. Other operating expense totaled $336.7 million, a decrease of $3.7 million. Pers
• $3.7 million — e totaled $336.7 million, a decrease of $3.7 million. Personnel expense decreased $11.6 mill
• $11.6 million — .7 million. Personnel expense decreased $11.6 million due to lower incentive compensation, in

Filing Documents

• bokf-20240630.htm (10-Q) — 7137KB
• a20240630bokfex311.htm (EX-31.1) — 12KB
• a20240630bokfex312.htm (EX-31.2) — 12KB
• a20240630bokfex32.htm (EX-32) — 8KB
• 0000875357-24-000041.txt ( ) — 26886KB
• bokf-20240630.xsd (EX-101.SCH) — 67KB
• bokf-20240630_cal.xml (EX-101.CAL) — 129KB
• bokf-20240630_def.xml (EX-101.DEF) — 398KB
• bokf-20240630_lab.xml (EX-101.LAB) — 932KB
• bokf-20240630_pre.xml (EX-101.PRE) — 657KB
• bokf-20240630_htm.xml (XML) — 7277KB

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 Six-Month Financial Summary – Unaudited (Item 2) 94 Quarterly Financial Summary – Unaudited (Item 2) 95 Quarterly Earnings Trend – Unaudited 98

Other Information

Part II. Other Information

Legal Proceedings 99

Item 1. Legal Proceedings 99

Risk Factors 99

Item 1A. Risk Factors 99

Unregistered Sales of Equity Securities and Use of Proceeds 99

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 99

Other Information 99

Item 5. Other Information 99

Exhibits 100

Item 6. Exhibits 100 Signatures 101 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 $163.7 million or $2.54 per diluted share for the second quarter of 2024 compared to $83.7 million or $1.29 per diluted share for the first quarter of 2024. Excluding the gain on conversion of Visa shares, the additional FDIC special assessment expense, and the contribution of Visa shares to the BOKF Foundation, net income would have been $131.1 million or $2.02 per share for the second quarter of 2024, both of which are non-GAAP measures 1 . PPNR 1 , also a non-GAAP measure, increased $104.1 million to $219.0 million compared to the first quarter of 2024. Highlights of the second quarter of 2024 compared to the first quarter of 2024 included: Net interest income totaled $296.0 million, an increase of $2.4 million over the prior quarter. Net interest margin was 2.56% for the second quarter of 2024 compared to 2.61% for the prior quarter. The pace of demand deposit migration and deposit repricing has slowed compared to the previous quarter and was offset by improving yields on the available for sale securities portfolio. For the second quarter of 2024, our core net interest margin excluding trading activities 1 , a non-GAAP measure, was 2.94% compared to 2.97% in the prior quarter. Fees and commissions revenue totaled $200.0 million, consistent with the prior quarter. Higher fiduciary and asset management revenue and transaction card revenue was offset by lower brokerage and trading revenue. Other operating expense totaled $336.7 million, a decrease of $3.7 million. Personnel expense decreased $11.6 million due to lower incentive compensation, including deferred compensation plans, regular compensation, and employee benefits. Non-personnel expense increased $7.9 million, largely due to our contribution of converted Visa shares valued at $10.0 million to the BOKF Foundation. Other gains and losses, net increased $53.

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View this 10-Q filing on SEC EDGAR