BOK Financial(US:BOKF) ZACKS·2024-07-23 14:45Core Viewpoint - BOK Financial Corporation's second-quarter 2024 adjusted earnings per share (EPS) of $2.02 exceeded expectations but declined compared to the previous year, indicating mixed financial performance driven by higher loans and deposits but hindered by lower net interest revenues [2][15]. Financial Performance - Adjusted EPS of $2.02 surpassed the Zacks Consensus Estimate of $1.89 but fell from $2.27 a year ago [2]. - Net income attributable to shareholders was $131.1 million, down 14.6% year over year, excluding certain gains and expenses [3]. - Quarterly net revenues were $496.1 million, a decrease of 6.6% year over year, missing the consensus estimate of $520.4 million [5]. - Net interest revenues were $296 million, down 8.1% year over year, with a net interest margin decline of 44 basis points to 2.56% [5]. Revenue and Expenses - Total fees and commissions were $200 million, down 0.2% year over year, with mixed performance across different revenue streams [6]. - Total other operating expenses decreased by 1.1% year over year to $336.7 million, primarily due to reduced personnel expenses [6]. Asset Quality and Provisions - Non-performing assets were $93 million, or 0.38% of outstanding loans, down from $136.5 million or 0.59% a year ago [8]. - Provisions for credit losses were $8 million, a significant decrease of 52.9% from the prior year [9]. - Net charge-offs increased to $6.9 million, up 3.6% year over year, with the allowance for loan losses at 1.17% of outstanding loans [10]. Capital Ratios and Profitability - Common equity Tier 1 capital ratio was 12.10%, slightly down from 12.12% a year ago [11]. - Return on average equity improved to 12.79% from 12.28% year over year, while return on average assets increased to 1.29% from 1.27% [12]. Share Repurchase Activity - During the second quarter, the company repurchased approximately 0.41 million shares at an average price of $90.38 per share [14].