BOK Financial Corporation

Greetings. Welcome to BOK Financial Corporation's third quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. 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.

Good afternoon, and thank you for joining our discussion of BOK Financial's third quarter of 2024 financial results. Our CEO, Stacey Kimes, will provide opening comments. Mark Mond, Executive Vice President of Regional Banking, will cover our loan portfolio and related credit metrics. And Scott Grower, Executive Vice President of Wealth Management, will cover our fee-based results. Our CFO, Marty Gruntz, 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 two regarding any forward-looking statements made during this call. I will now turn the call over to Stacey Kimes, who will begin on slide four.

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 data as we've 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 Mark will cover later, robust capital markets activity during the quarter impacted growth and outstanding loan balances. We are encouraged by current sales activity and the trajectory that sets up going forward. Our fee income statements performed particularly well and contributed significantly to our overall results. Scott will talk more about those details shortly, but I wanted to note that we're proud of surpassing the $110 billion mark for assets under management or administration for the first time in our history. These results were achieved while preserving strong levels of liquidity with continued growth in our deposit portfolio. showcasing the strength of our franchise. We remain well positioned for growth while maintaining regulatory and tangible capital levels that are attractive versus peers. Our performance is reflective of solid operational execution and the strength of the economic conditions in our markets. We remain focused on delivering value to our customers and shareholders. During the quarter, we also saw the first cut in rates from the Federal Reserve, and I'm happy with the proactive steps our team is working through to adapt quickly to this change. Marty will discuss this in more detail later. It's also important to consider that for the first time in more than two years, the yield curve is no longer inverted as of the end of the quarter. While we may be neutral to the level of rates, there is certainly upside to our operating model when the yield curve is normal and upward sloping. This bodes well for us moving forward. I'm pleased with the results the BOKF team produced this quarter, and I'm optimistic about the trajectory our team has established. The economic backtrack we're operating in should allow us to continue generating attractive returns moving forward. And with that, I'll turn the call over to Mark.