BOK Financial Corporation (NASDAQ:BOKF) Q2 2024 Earnings Conference Call July 23, 2024 1:00 PM ET

Company Participants

Heather King - Director of Investor Relations
Stacy Kymes - President and Chief Executive Officer
Martin Grunst - Executive Vice President and Chief Financial Officer
Marc Maun - Executive Vice President, Regional Banking
Scott Grauer - Executive Vice President, Wealth Management

Conference Call Participants

Michael Rose - Raymond James
Brett Rabatin - Hovde Group
Jon Arfstrom - RBC Capital
Peter Winter - D.A. Davidson
Woody Lay - KBW
Matt Olney - Stephens Inc.
Timur Braziler - Wells Fargo

Operator

Greetings. Welcome to the BOK Financial Corporation Second Quarter 2024 Earnings Conference Call. All lines are being placed on mute to prevent any background noise. After the speakers’ remarks, there'll be a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the presentation over to Heather King, Director of Investor Relations for BOK Financial Corporation. Please proceed.

Heather King

Good afternoon and thank you for joining our discussion of BOK Financial second quarter 2024 financial results. Our CEO, Stacy Kymes will provide opening comments; Marc Maun, Executive Vice President of 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. Our CFO, Martin Grunst will then discuss financial performance for the quarter and our forward guide.

Slide presentation and press release are available on our website at bokf.com. We will refer you to the disclaimers on Slide 2 regarding any forward-looking statements made during this call.

I'll now turn the call over to Stacy Kymes, who will begin on Slide 4.

Stacy Kymes

Thank you, Heather. We are pleased to report earnings in the second quarter of $163.7 million or EPS of $2.54 per diluted share. Adjusting for notable items such as the Visa gain and related charitable contribution net income would've been $131.1 million and EPS would've been $2.02 per share. Last quarter, I shared an overview of our strategy, which is based on driving long-term shareholder value by focusing on a well-diversified loan portfolio, including one of the lowest levels of commercial real estate concentration among peers at 21% of total loans, disciplined credit quality, which has produced attractive net charge off versus peers for more than 20 years.

Industry leading fee income business mix, top tier risk management practices with a disciplined focus on capital and liquidity with a loan to deposit ratio below 70%. And asset liability management practices that have led to well controlled levels of tangible common equity or TCE, all of which together allowed us to welcome new business during periods when others were on hold, all paired with an attractive geographic footprint in dynamic high growth markets high growth markets. These core 10 as of our operating philosophy have enabled us to produce attractive returns over time and given us a resilience to market stresses that are unmatched.