BOK Financial Corp Q3 2024 10-Q Filing

TL;DR

BOK Financial's Q3 2024 10-Q is in. Check financials.

AI Summary

BOK Financial Corporation filed a 10-Q for the period ending September 30, 2024. The filing details financial performance and operations for the third quarter and the first nine months of the year. Key financial data and operational metrics are presented, reflecting the company's activities in the national commercial banking sector.

Why It Matters

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

Risk Assessment

Risk Level: medium — As a financial institution, BOK Financial is subject to market, credit, and regulatory risks inherent in the banking industry.

Key Numbers

• 2024-09-30 — Period End Date (Indicates the end of the reporting period for this 10-Q.)
• 2024-01-01 to 2024-09-30 — Year-to-Date Period (Covers the financial performance for the first nine months of 2024.)
• 2023-07-01 to 2023-09-30 — Q3 2023 Period (Provides comparative data for the third quarter of the previous year.)

Key Players & Entities

• BOK FINANCIAL CORP (company) — Filer
• 0000875357 (company) — Central Index Key
• 731373454 (company) — IRS Number
• OK (company) — State of Incorporation
• TULSA (company) — City
• 74172 (company) — ZIP Code
• 9185886000 (company) — Business Phone
• 20240930 (date) — Period of Report
• 20241030 (date) — Filing Date

FAQ

Key Financial Figures

• $0.00006 — ich registered Common Stock, par value $0.00006 per share BOKF Nasdaq Stock Market In
• $140.0 m — BOK Financial reported net income of $140.0 million, or $2.18 per diluted share, for
• $2.18 — ported net income of $140.0 million, or $2.18 per diluted share, for the third quarte
• $163.7 m — r the third quarter of 2024 compared to $163.7 million, or $2.54 per diluted share, for
• $2.54 — of 2024 compared to $163.7 million, or $2.54 per diluted share, for the second quart
• $43.7 million — PPNR 1 , a non-GAAP measure, decreased $43.7 million to $175.3 million compared to the secon
• $175.3 million — AAP measure, decreased $43.7 million to $175.3 million compared to the second quarter of 2024.
• $308.1 m — included: Net interest income totaled $308.1 million, an increase of $12.1 million ove
• $12.1 million — totaled $308.1 million, an increase of $12.1 million over the prior quarter. Net interest ma
• $202.5 m — . Fees and commissions revenue totaled $202.5 million, an increase of $2.5 million over
• $2.5 million — totaled $202.5 million, an increase of $2.5 million over the prior quarter. Higher transact
• $341.0 m — venue. Other operating expense totaled $341.0 million, an increase of $4.3 million. Per
• $4.3 million — totaled $341.0 million, an increase of $4.3 million. Personnel expense increased $15.7 mill
• $15.7 million — .3 million. Personnel expense increased $15.7 million due to higher incentive compensation an
• $11.4 m — sation. Non-personnel expense decreased $11.4 million, largely due to our contribution

Filing Documents

• bokf-20240930.htm (10-Q) — 7086KB
• a20240930bokfex311.htm (EX-31.1) — 12KB
• a20240930bokfex312.htm (EX-31.2) — 12KB
• a20240930bokfex32.htm (EX-32) — 8KB
• 0000875357-24-000050.txt ( ) — 27019KB
• bokf-20240930.xsd (EX-101.SCH) — 67KB
• bokf-20240930_cal.xml (EX-101.CAL) — 130KB
• bokf-20240930_def.xml (EX-101.DEF) — 403KB
• bokf-20240930_lab.xml (EX-101.LAB) — 956KB
• bokf-20240930_pre.xml (EX-101.PRE) — 669KB
• bokf-20240930_htm.xml (XML) — 7279KB

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) 45 Nine-Month Financial Summary – Unaudited (Item 2) 95 Quarterly Financial Summary – Unaudited (Item 2) 96 Quarterly Earnings Trend – Unaudited 99

Other Information

Part II. Other Information

Legal Proceedings 100

Item 1. Legal Proceedings 100

Risk Factors 100

Item 1A. Risk Factors 100

Unregistered Sales of Equity Securities and Use of Proceeds 100

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 100

Other Information 100

Item 5. Other Information 100

Exhibits 101

Item 6. Exhibits 101 Signatures 102 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 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 FHLB Federal Home Loan Bank 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 $140.0 million, or $2.18 per diluted share, for the third quarter of 2024 compared to $163.7 million, or $2.54 per diluted share, for the second quarter of 2024. PPNR 1 , a non-GAAP measure, decreased $43.7 million to $175.3 million compared to the second quarter of 2024. Highlights of the third quarter of 2024 compared to the second quarter of 2024 included: Net interest income totaled $308.1 million, an increase of $12.1 million over the prior quarter. Net interest margin was 2.68% for the third quarter of 2024 compared to 2.56% for the prior quarter, due to increased yields on our available-for-sale securities portfolio, combined with higher loan fees driven by payoffs and the funding shift from wholesale borrowings to interest-bearing deposits. For the third quarter of 2024, our core net interest margin excluding trading activities 1 , a non-GAAP measure, was 3.02% compared to 2.94% in the prior quarter. Fees and commissions revenue totaled $202.5 million, an increase of $2.5 million over the prior quarter. Higher transaction card revenue and other revenue was partially offset by lower brokerage and trading revenue. Other operating expense totaled $341.0 million, an increase of $4.3 million. Personnel expense increased $15.7 million due to higher incentive compensation and regular compensation. Non-personnel expense decreased $11.4 million, largely due to our contribution to the BOKF Foundation in the prior quarter. Other gains, net, were $13.1 million for the third quarter of 2024, compared to $57.4 million in the second quarter of 2024. The prior quarter included a $53.8 million pre-tax gain on the conversion of our Visa B shares under the exchange offer announced by Visa, Inc. During the third quarter of 2024, we sold the remaining 133,472 converted shares of Visa common stock and realized an additional gain

View Full Filing

View this 10-Q filing on SEC EDGAR