BOK Financial delivered Q3 2024 earnings of $139.999 million, or $2.18 per diluted share, as net interest income and net interest margin (NIM) stabilized and moved higher through the quarter. The bank benefited from a strong fee-based revenue mix, with total fee income reaching $202.5 million (40% of revenue) and assets under management surpassing $110 billion for the first time. Revenue climbed 79.2% year over year, while operating income declined 53.1% year over year on a comparably weaker prior-year due to non-recurring factors; however, the sequential performance showed meaningful NIM and fee resilience. Critical to investor positioning is BOKF’s robust credit quality, with nonperforming assets at 34 basis points of period-end loans and loans outstanding, and a combined credit allowance of 1.39% of loans totaling $332 million. The balance sheet remains liquid and well-capitalized, supported by healthy deposit growth and a sizable, high-quality investment portfolio. Looking ahead, management signaled that 2025 guidance will be provided in January, anchored by expectations for continued NII expansion, deposit beta realization, and disciplined loan growth, albeit with some sensitivity to policy changes and market cycles. Overall, BOKF presents a diversified, defensible growth model with meaningful earnings leverage from fee-based businesses and prudent risk management, positioning it to navigate a normalization of rates and ongoing market headwinds.