BOK Financial Corporation has reported a significant increase in net income for the second quarter of 2024. Net income was $163.7 million or $2.54 per diluted share, compared to $83.7 million or $1.29 per diluted share in the prior quarter. Excluding certain factors, net income would have been $131.1 million or $2.02 per share for the second quarter of 2024.
Net interest income totaled $296.0 million, representing an increase of $2.4 million. However, the net interest margin decreased to 2.56% from 2.61% in the prior quarter. The company also saw an increase in fees and commissions revenue, which remained consistent with the prior quarter at $200.0 million.
Operating expenses decreased by $3.7 million to $336.7 million, primarily due to a reduction in personnel expense. Non-personnel expense increased by $7.9 million, largely due to the contribution of Visa shares valued at $10.0 million to the BOKF Foundation.
Period end loans grew by $381 million to $24.6 billion at June 30, 2024, driven by growth in commercial loans, partially offset by a reduction in commercial real estate loans. Nonperforming assets totaled $93 million or 0.38% of outstanding loans and repossessed assets at June 30, 2024, compared to $122 million or 0.51% at March 31, 2024.
Period end deposits increased by $858 million to $36.2 billion, driven by growth in demand deposits and interest-bearing transaction accounts. The loan to deposit ratio was 68% at June 30, 2024, unchanged from the prior quarter.
Tangible common equity ratio was 8.38% compared to 8.21% at March 31, 2024. Tier 1 capital ratio was 12.11%, common equity tier 1 capital ratio was 12.10%, and total capital ratio was 13.25%.
As a result of these announcements, the company's shares have moved 3.0% on the market, and are now trading at a price of $106.79. For more information, read the company's full 8-K submission here.
