BOK Financial Corporation (NASDAQ:BOKF) Q3 2024 Earnings Conference Call October 22, 2024 1:00 PM ET
Company Participants
Heather King - Director, IR
Stacy Kymes - President & CEO
Martin Grunst - EVP & CFO
Marc Maun - EVP, Regional Banking
Scott Grauer - EVP, Wealth Management
Conference Call Participants
Michael Rose - Raymond James
Jon Arfstrom - RBC Capital Markets
Peter Winter - D.A. Davidson
Brett Rabatin - Hovde Group
Woody Lay - KBW
Matt Olney - Stephens
Operator
Greetings. Welcome to BOK Financial Corporation's Third Quarter 2024 Earnings Conference Call. [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's Third 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, Marty Grunst, will then discuss financial performance for the quarter and our forward guidance.
The slide presentation and press release are available on our website at bokf.com. We refer you to the disclaimers on Slide 2 regarding any forward-looking statements made during this call.
I will now turn the call over to Stacy Kymes, who will begin on Slide 4.
Stacy Kymes
Thank you, Heather. We're pleased to report earnings of $140 million or EPS of $2.18 per diluted share for the third quarter. As we've mentioned previously, we are a strong and growing company that has prioritized generating attractive long-term results, and we have demonstrated that again this quarter.
During the quarter, net interest income and net interest margin have stabilized and started an upward trend, consistent with prior expectations. We're also on track to capturing the down rate deposit betas we communicated.
The credit performance of our loan portfolio remains excellent. We had net recoveries during the quarter, criticized classified levels remain below normalized pre-pandemic levels and a combined allowance that remains robust at 1.39% of outstanding loans given our strong credit profile and performance.
Loan commitments remain stable, although as Marc will cover later, robust capital markets activity during the quarter impacted growth in outstanding loan balances. We are encouraged by current sales activity and the trajectory that sets up going forward.