BOK Financial Corporation (NASDAQ:BOKF) Q2 2022 Results Conference Call July 27, 2022 10:00 AM ET
Company Participants
Steven Nell - Chief Financial Officer
Stacy Kymes - Chief Executive Officer
Marc Maun - Executive Vice President, Regional Banking
Scott Grauer - Executive Vice President, Wealth Management
Conference Call Participants
Brady Gailey - KBW
Jared Shaw - Wells Fargo Securities
Brett Rabatin - Hovde Group
Peter Winter - Wedbush Securities
Jon Arfstrom - RBC
Matt Olney - Stephens Inc
Gary Tenner - D.A. Davidson
Jennifer Demba - Truist Securities
Operator
Good day, ladies and gentlemen, and welcome to the BOK Financial Corporation Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
I would now like to turn the conference over to your host, Mr. Steven Nell, Chief Financial Officer for BOK Financial Corporation. Please go ahead, sir.
Steven Nell
Good morning, and thanks for joining us. Today, our CEO, Stacy Kymes, will provide opening comments. And Marc Maun, Executive Vice President for Regional Banking, will cover our loan portfolio and related credit metrics; Scott Grauer, Executive Vice President of Wealth Management, will cover our fee-based results; then I'll provide details regarding net interest income, net interest margin, expenses and our overall balance sheet position from a liquidity and capital standpoint.
PDFs of the slide presentation and second quarter press release are available on our website at bokf.com. We refer you to the disclaimers on Slide 2 regarding any forward-looking statements we make during the call.
I'll now turn the call over to Stacy Kymes.
Stacy Kymes
Good morning, and thanks for joining us to discuss BOK Financial's second quarter financial results. Starting on Slide 4, second quarter net income was $133 million or $1.96 per diluted share. The quarter represented strong earnings performance from across the Company, demonstrating with our diversity and breadth. Core average loan balances grew $714 million during the quarter, with gross spread among geography and loan types.
More impactful to this quarter's results was a 35 basis point increase in our average loan yields. Our loan portfolio has begun to reprice in response to the recent increases in short-term rates. As we've noted previously, our balance sheet is asset sensitive with the majority of our commercial and commercial real estate loans repricing in a year or less.