BOK Financial Corporation (NASDAQ:BOKF) Q3 2023 Earnings Conference Call October 25, 2023 10:00 AM ET
Company Participants
Martin Grunst - CFO
Stacy Kymes - CEO
Marc Maun - EVP, Regional Banks
Scott Grauer - EVP, Wealth Management
Conference Call Participants
Brady Gailey - KBW
Peter Winter - D.A. Davidson
Jon Arfstrom - RBC Capital Markets
Brandon King - Truist Securities
Matt Olney - Stephens
Timur Braziler - Wells Fargo Securities
Operator
Greetings, and welcome to BOK Financial Corporation Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Marty Grunst, Chief Financial Officer for BOK Financial Corporation. Thank you, Mr. Grunst. You may begin.
Martin Grunst
Good morning, and thank you 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 then discuss financial performance for the quarter and our forward guidance. PDFs of the slide presentation and third 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 will now turn the call over to Stacy Kymes.
Stacy Kymes
Good morning, and thanks for joining us to discuss BOK Financials’ third quarter financial results. Starting on Slide 4, third quarter net income was $134 million, or $2.04 per diluted share. Our team had another solid quarter of earnings, driven by our diverse business model, which prudently balances interest revenue with non-interest revenues and allows us to perform well in a variety of business climates.
Fee and commission revenues were 40% of total revenue for the quarter. This quarter, our Public and Corporate Finance group established new record for investment banking fees, which materially offset last quarter's record high derivative fees. Additionally, we continue to focus on opportunities for growth, given the economic vitality of our core geographic footprint as we take advantage of our capital and liquidity strength.
Total loans have increased almost 9% from last year and a core commercial and industrial loans were up 8%. We are poised to introduce our full service banking model into the San Antonio market with the addition of a fixed income sales and trading office in Memphis. We are confident both will drive long-term shareholder value.