BOK Financial Corporation (NASDAQ:BOKF) Q4 2022 Earnings Conference Call January 25, 2023 10:00 AM ET
Company Participants
Steven Nell - Chief Financial Officer
Stacy Kymes - President and Chief Executive Officer
Marc Maun - Executive Vice President, Regional Banks
Scott Grauer - Executive Vice President, Wealth Management
Martin Grunst - Incoming Chief Financial Officer
Conference Call Participants
Jared Shaw - Wells Fargo Securities
Brady Gailey - KBW
Jon Arfstrom - RBC Capital Markets
Matt Olney - Stephens Inc.
Operator
Greetings. Welcome to BOK Financial Corporation Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.
I will now turn the conference over to Steven Nell, Chief Financial Officer for BOK Financial Corporation. Thank you. You may begin.
Steven Nell
Good morning and thanks for joining us. Today, our CEO, Stacy Kymes will provide opening comments. 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 provide details regarding the key financial performance metrics and Marty Grunst, our recently named incoming CFO will provide our forward guidance. PDF of the slide presentation and fourth quarter press release are available on our website at bokf.com. We refer you to the disclaimers on slide two regarding our forward-looking statements we make during the call.
I'll now turn the call over to Stacy Kymes.
Stacy Kymes
Good morning. Thanks for joining us to discuss BOK Financial's fourth quarter and 2022's full-year financial results.
Starting on slide four, fourth quarter net income was $168 million or $2.51 per diluted share. The strong results of the fourth quarter continued to build on the earnings momentum we have been developing throughout 2022. This quarter was the highest pre-provision net revenue in our history. Through the fourth quarter, we've now put together five straight quarters with solid core loan growth, with annualized core loan growth of 13%.
Our fee business has remained strong for the quarter and for the year, despite the worst combined equity and fixed income markets since the late 1960s. As short-term interest rates continued to rise during the quarter, the combination of our asset-sensitive balance sheet and growth in earning assets drove a $36 million increase in net interest revenue and a 30 basis point linked-quarter increase in the net interest margin.