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BOK Financial Corporation (NASDAQ: BOKF) is a prominent regional financial services company headquartered in Tulsa, Oklahoma, with an impressive $50 billion in assets and $106 billion in assets under management or administration. As the largest financial institution in Oklahoma, BOK Financial offers a comprehensive range of nationally competitive financial products and services through its key operating segments: commercial banking, consumer banking, and wealth management.
BOK Financial Corp's commercial banking segment, which generates the majority of its revenue, provides services such as lending, treasury and cash management, and customer risk management to a diverse clientele, including small businesses, middle-market firms, and large commercial customers. The consumer banking segment caters to individual customers with services including loans, deposits, mortgage banking, and electronic funds transfers. Wealth management offers fiduciary and insurance services, investment management, and financial planning, ensuring a holistic approach to managing client assets.
With a strong geographic footprint, BOK Financial operates under various regional brands like Bank of Oklahoma, Bank of Texas, and Bank of Albuquerque, serving clients across eight states: Arizona, Arkansas, Colorado, Kansas, Missouri, New Mexico, Oklahoma, and Texas. Limited purpose offices are also maintained in Nebraska, Wisconsin, Connecticut, and Tennessee.
The company has shown significant resilience and growth, marked by key achievements such as its recent expansion into Memphis, Tennessee, and San Antonio, Texas, and the sale of its risk management and employee benefits insurance brokerage to USI Insurance Services. These strategic moves not only enhance its service capabilities but also align with its disciplined growth strategy.
BOK Financial's commitment to community investment is reflected in its Outstanding rating for the Community Reinvestment Act (CRA) by the Office of the Comptroller of the Currency (OCC). This rating highlights the company's dedication to improving the financial well-being of low- and moderate-income communities.
Despite industry challenges, BOK Financial continues to demonstrate robust financial performance. For the first quarter of 2024, the company posted a net income of $83.7 million or $1.29 per diluted share. The net interest revenue stood at $293.6 million, and the company saw period-end loans grow to $24.2 billion. These results underline the company's strategic focus on sustainable growth and disciplined risk management.
With a diversified revenue model and a strong emphasis on risk management and community investment, BOK Financial Corporation remains a solid player in the financial services industry, providing value to both its shareholders and the communities it serves.
BOK Financial Corporation has appointed Mike Rogers as the new Chief Accounting Officer, effective September 2022, following the retirement of John Morrow after 30 years with the company. Rogers brings nearly 30 years of accounting experience, including significant public company experience with SEC reporting. He previously served as CAO at T.D. Williamson Inc. and holds a degree in accounting from Baylor University. BOK Financial, a $47 billion regional financial services company, operates across eight states and offers a range of banking and financial services.
BOK Financial announces the retirement of Arizona market executive Dave Ralston effective August 1, 2022. Chet Samuelson has been appointed as the new Arizona market CEO, starting July 11, 2022. Samuelson brings over 20 years of financial services experience, having previously served as Arizona commercial banking leader for Wells Fargo. Ralston noted his confidence in Samuelson's leadership to continue the success built in Arizona. BOK Financial, a $47 billion regional bank, aims to maintain its commitment to serving the community under the new leadership.
BOK Financial's Opportunity Banking account has been certified by the CFE Fund, meeting Bank On National Account Standards. This account offers essential features like a monthly fee of $5, no overdraft fees, bill payments, digital banking, and access to an extensive ATM network. It aims to provide safe, affordable financial products, particularly benefiting those who are unbanked or underbanked, especially during COVID-19. Available at BOK Financial centers across eight states and online, the account is part of a broader initiative to improve access to mainstream financial services.
Kyle Beasley has been appointed as the new market CEO for Bank of Albuquerque, effective July 1, 2022, succeeding Jennifer Thomas upon her planned retirement. Thomas served as market executive for 13 years. BOK Financial president Stacy Kymes acknowledged Thomas's contributions while expressing confidence in Beasley's leadership capabilities, particularly in building long-term relationships. Beasley, who holds a business administration degree from Texas A&M, has a decade of leadership experience in corporate banking.
BOK Financial Corporation (BOKF) reported net income of $62.5 million or $0.91 per diluted share in Q1 2022, down from $117.3 million or $1.71 in Q4 2021. The results were affected by interest rate volatility and geopolitical tensions, leading to a $8.7 million decline in net interest revenue to $268.4 million and a decrease in fees and commissions revenue by $48.7 million. Loan growth continued, with outstanding loans increasing by $469 million to $20.7 billion. The company's common equity Tier 1 capital ratio was 11.30 percent.
BOK Financial Corporation (BOKF) will announce its first quarter financial results on April 27, 2022, before the market opens. A conference call will follow at 9 a.m. Central Time to discuss the results with investors. The call can be accessed via audio webcast or by phone at specified numbers. BOK Financial, a $50 billion regional financial services company based in Tulsa, Oklahoma, manages $105 billion in assets and offers a variety of financial services across eight states, including commercial and consumer banking.
Cavanal Hill Funds has been ranked 26th out of 849 asset managers in Barron’s Best Fund Families 2021 list, with only 51 firms qualifying for this recognition. The ranking evaluates the one-year returns of actively managed funds based on Refinitiv Lipper data. President Bill King highlighted the firm's commitment to understanding client challenges and developing targeted products such as the World Energy Fund and Mid Cap Diverse Leadership Fund. This recognition affirms Cavanal Hill's strategic approach and dedication to client service as stated by BOKF executives.
Cavanal Hill Opportunistic Fund has won the Refinitiv Lipper Fund Award for the absolute return category, marking its 10-year recognition for exceptional risk-adjusted performance. The award adds to the fund's total of 14 Lipper awards earned over 11 years, showcasing the expertise of the fund's management team. As of November 30, 2021, the fund ranked first among 47 peers, demonstrating its effective strategy and disciplined investment approach. BOK Financial, the fund's parent company, reports over $100 billion in assets under management, highlighting its commitment to excellence in wealth management.
BOK Financial (NASDAQ: BOKF) has excelled in the annual PLANSPONSOR survey, earning 12 out of 12 'Best in Class' awards for the 2021 Defined Contribution Survey. This reflects strong client satisfaction, highlighted by a 94% Net Promoter Score. The accolades span various service categories including recordkeeping, participant services, sponsor services, and investments. Senior executives emphasize their commitment to client service and helping employees secure better retirement outcomes. BOK Financial manages $105 billion in assets, providing comprehensive employer-sponsored retirement plans.
BOK Financial Corporation (BOKF) reported record net income of $618.1 million, or $8.95 per diluted share, for 2021, up from $435.0 million in 2020. Notable achievements include a 14% increase in assets under management to over $100 billion and a $250 million (13%) growth in period-end loan balances to over $2.1 billion. Net interest revenue remained stable at $1.1 billion, while net interest margin decreased to 2.60%. Operating expenses rose to $1.2 billion, reflecting strategic investments. The company anticipates further loan growth and is well-positioned for a rising rate environment.
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