BOK Financial Corporation reported its financial results for the third quarter of 2024, highlighting a net income of $140.0 million, or $2.18 per diluted share, a decrease from $163.7 million, or $2.54 per diluted share, in the previous quarter. The pre-provision net revenue (PPNR) also fell to $175.3 million, down $43.7 million from the second quarter of 2024.
Net interest income for Q3 2024 increased to $308.1 million, up $12.1 million from the prior quarter, with a net interest margin of 2.68%, compared to 2.56% in Q2 2024. The core net interest margin, excluding trading activities, rose to 3.02% from 2.94%. Fees and commissions revenue saw a modest increase to $202.5 million, up $2.5 million from the previous quarter. However, other operating expenses rose to $341.0 million, an increase of $4.3 million, primarily driven by a $15.7 million rise in personnel expenses.
The company’s loan portfolio decreased to $24.0 billion, down $569 million from June 30, 2024, while period-end deposits increased by $985 million to $37.2 billion. Assets under management or administration grew by $3.2 billion to $110.7 billion. The tangible common equity ratio improved to 9.22%, up from 8.38% in the previous quarter.
BOK Financial's capital ratios remained strong, with a common equity Tier 1 capital ratio of 12.73%, a Tier 1 capital ratio of 12.74%, and a total capital ratio of 13.91%. The efficiency ratio increased to 65.11%, compared to 59.83% in Q2 2024, reflecting higher operating expenses.
In terms of credit quality, the provision for credit losses was $2.0 million, with a combined allowance for credit losses totaling $332 million, or 1.39% of outstanding loans. Nonperforming assets decreased to $80 million, down $6 million from the previous quarter.
BOK Financial declared a regular cash dividend of $35.1 million, or $0.55 per common share, in Q3 2024, with an increase to $0.57 per share approved for the next quarter. The company has repurchased a total of 3,457,020 shares under its buyback program, which allows for up to five million shares to be repurchased.
Overall, BOK Financial's performance in Q3 2024 reflects a mix of growth in net interest income and fees, alongside increased operating expenses and a decline in net income compared to the previous quarter.
About BOK FINANCIAL CORP
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