Timur Braziler (Wells Fargo) asked about funding loan growth and deposit trends. Grunst indicated deposit growth would continue and loan-to-deposit ratios could rise modestly without concern.

Wood Lay (KBW) sought clarity on the mortgage finance launch. Grunst explained the business will focus on operational stability in 2025, with significant growth expected in 2026 and beyond, leveraging existing client overlap.

Brett Rabatin (Hovde Group) inquired about fee income guidance. Grunst and EVP Scott Grauer pointed to strong growth in asset management, transaction card, and investment banking pipelines, expecting positive trends into the second half of the year.

Jon Arfstrom (RBC Capital Markets) questioned loan growth momentum. CEO Stacy Kymes described accelerating growth in CRE and C&I, with payoffs in energy and healthcare stabilizing, supporting sustained loan growth ahead.

Jared David Shaw (Barclays) asked about net interest margin outlook. CFO Martin Grunst emphasized that margin expansion will continue, supported by asset repricing and deposit pricing optimization in the coming quarters.

While we enjoy listening to the management’s commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Is now the time to buy BOKF? Find out in our full research report (it’s free).

BOK Financial’s second quarter results showed resilience amid a challenging environment, as the company surpassed Wall Street’s revenue and profit expectations despite a modest year-on-year sales decline. Management highlighted a return to loan growth, particularly in commercial real estate, and a stabilization in specialized portfolios as key drivers. CEO Stacy Kymes credited the quarter’s performance to “a reacceleration of loan growth with the anticipated fund up of our CRE book, continued strength in the core C&I portfolio and a tapering of the abnormal payoff activity.” Fee income also improved, supported by normalized trading activity and record performances in several fee-based business lines.

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Catalysts in Upcoming Quarters

In upcoming quarters, our analysts will be tracking (1) the rollout and initial performance of the mortgage warehouse lending business, (2) the pace and sustainability of loan and deposit growth across core and specialty segments, and (3) the effectiveness of deposit pricing strategies in supporting margin expansion. Additionally, ongoing investments in technology and operational efficiency will be key markers of execution.

BOK Financial currently trades at $105.20, down from $106.87 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free).

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