BOK Financial Corporation (NASDAQ:BOKF) Q1 2023 Earnings Conference Call April 26, 2023 10:00 AM ET
Company Participants
Martin Grunst - Executive Vice President and Chief Financial Officer
Stacy Kymes - President and Chief Executive Officer
Marc Maun - Executive Vice President, Regional Banks
Scott Grauer - Executive Vice President, Wealth Management
Conference Call Participants
Jon Arfstrom - RBC
Brady Gailey - KBW
Timur Braziler - Wells Fargo.
Thomas Wendler - Stephens.
Peter Winter - D.A. Davidson
Brandon King - Truist Securities
Operator
Greetings, and welcome to the BOK Financial Corporation's First Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
I would now like to turn the presentation over to Martin Grunst, Chief Financial Officer for BOK Financial Corporation. Please proceed.
Martin Grunst
Good morning, and thanks for joining us. Today, our CEO, Stacy Kymes will provide opening comments. I will highlight current capital and liquidity strength. Marc Maun, Executive Vice President for Regional Banking, will cover our loan portfolio and related credit metrics. And Scott Grauer, Executive Vice President of Wealth Management will cover our fee-based results. I will then provide details regarding financial performance metrics for the quarter and comments regarding our forward guidance. PDFs of the slide presentation and first quarter press release are available on our website at bokf.com. We refer you to the disclaimers on slide two regarding any forward-looking statements we make during this call.
I will now turn the call over to Stacy Kymes.
Stacy Kymes
Good morning. Thanks for joining us to discuss BOK Financial's first quarter financial results. Starting on slide four. First quarter net income was $162 million or $2.43 per diluted share. The strong results of the first quarter continued the earnings momentum we developed throughout 2022. This quarter was the second highest pre-provision net revenue in our history and would have been the highest absent the extraordinary market volatility impacting the net mortgage servicing results.
The strong financial results in the first quarter are a testament to our diverse business model, strong operating geographies and disciplined approach to risk management that has long been critical to our ability to sustain success.
Our peer-leading tangible capital ratio carried with our balance sheet liquidity have served us well over the last 45 days with the disruption in our sector. The disruptions and almost unprecedented level of rate volatility in the quarter have demonstrated our ability to both manage critical risk well, while also continuing to post strong financial results for our shareholders. The first quarter showed sustained revenue in our noninterest income businesses, continued loan growth and an efficiency ratio below 57%.