BOK Financial Corporation (NASDAQ:BOKF) Q1 2024 Earnings Call Transcript

Stacy Kymes: We said from the very beginning in commercial real estate there’s two things that matter, geography and recourse and I think that that’s really bearing out. And so the fact that we have 90% of our commercial real estate loans have some form of guarantor support and recourse is a differentiator here and we’re really seeing that show up in our portfolios.

Brandon King: Great. Thank you.

Operator: Thanks, Brandon. And we have a follow-up question from Timur Braziler with Wells Fargo.

Timur Braziler: Hi, thanks for that. Just a quick one on that line of comments, who was taking you guys out on the payoff activity? Was it other banks? Insurance companies, I guess. Where were those pay downs going to?

Stacy Kymes: Yes, largely permanent financing sources. So Livecos [ph], anywhere that you typically see a longer term non-recourse financing in commercial real estate is kind of where those take outs are coming from. It’s not coming from other banks.

Timur Braziler: Great, thanks.

Operator: Thank you. And that does conclude the question-and-answer session. I’d like to turn the call back over to Stacy Kymes for any additional or closing remarks.

Stacy Kymes: Thank you to everyone for the questions and discussion and spending time hearing about the unique story we believe we have to tell this morning. We’ve always predicated our decisions on generating long-term value for our shareholders while effectively managing our risk, and I think that was on full display this quarter. We remain focused on these core values and are excited about the opportunities ahead of us. We appreciate your interest in BOK Financial and would encourage you to reach out to Heather if you have any questions at hworley@bokf.com.

Operator: Thank you. And that does conclude today’s presentation and thank you for your participation today, and you may now disconnect.