BOKF - Earnings call transcript Q3 2018 | BOK Financial Corporation

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Operator

Greetings and welcome to the BOK Financial Corporation’s Third Quarter 2018 Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I’d now like to turn the conference over to Steven Nell, Chief Financial Officer. ahead. go Please

Steven Nell

refer some press you thanks Credit Steve the statements release and PDFs call. the Kymes, us. to we’ll Q&A for of Vice slide also Today, Vice well. at call quarter presentation the Good Maun, has www.bokf.com. third Marc our for pertains also Chief website session. from Executive make to I’ll now I’ll And Bradshaw, Corporate Slide We and Stacy available about Executive hear the President, as Chief are we morning, on President, Steve quarter to at disclaimers this it two Banking. joining Bradshaw. our the remarks and Officer turn over make as Officer; Executive during forward-looking us and joined any

Steven Bradshaw

morning. third the to Thanks quarter XXXX us for Good results. discuss joining financial

CNI our and loan to slight the net Net factors. in from in metrics regional activities, yet QX business interest in Financial previous off operating quarter was As both a quarter of diluted This third expand be with up income shown number quarter year-ago. portfolio represented Credit $X.XX the or up to income growth our across share, from the all XX% growth of activities. performance remain interest record Loan quality and a Slide strong execution per a that's coupled continue our BOK strong. improvement and driven growth coming X.X% continues four, on units. financial $XXX.X million excellent strong record from another quarter by quarter for trading was specialty margin. with lines Net same the with

wealth management This a our since the X loan and third is $XX the had the our competitive earn to and business for your add result a Fee first portfolio. quarter was allowed up loan million million as did commission ability we the XXXX. loss scale loan of we’ve the for of growth However, provision in of reserve us quarter revenue loss fee. over X% to

be to extremely continue We regarding expense disciplined growth.

levels substantial increases year-over-year expense in overall revenue. are Our despite down

Turning X.X% an annualized continue. loan. continues quarter across we’re record growth XX% this to second great growth in growth of Coming our loan increase major five, to pleased quarter was to with broad-based or off loan the average for Most slide a another be all of quarter, categories. importantly, see

a year feel more the to to provide We optimistic of the Stacy strong will for details balance moment. continue in growth about due levels and loan commitment

slightly Assets of the primarily I’ll the seasonality now financial quarter. under results were Steven? in Steven call disbursements, perspective additional results conclusion the to attribute but the on Nell more to the at bond the prepared in quarterly management down remarks, provide of this business. the back We decrease inflows management detail. timing over our I’ll turn of to and cover

Steven Nell

Steve. Thanks

was noted X% As or seven, pre-provision. million the income up $X.X for second interest slide quarter $XXX quarter about for net million, the on

compared recoveries the interest moved Net basis track recoveries available Steve points, However, income to continue basis deposit the basis from on of included X securities was The cost yields yields sales and varying interest immaterial basis that to $X.X to higher the in for an margin loan points. points second driven the industry. net XX increase X.XX%, Interest largely interest by remind mentioned. Loan was million you increased that quarter. quarter in this by X I’ll growth XX points quarter. second interest favorably increased but improvement

million XXXX. and products slowed margins. million, mortgage our commissions of Rising trading the sequential revenue both On slide the second on banking decreased has rates This loans Brokerage compared high increase revenue. impacted interest quarter $X.X of $X.X a related eight, fees to leading brokerage from and mortgage compressed basis. trading revenue continue as were $XXX.X benefit and to mortgage X.X% commercial We our to as well and an have our deposits. and mix adversely decreases of revenue production enviable of million demand

While interest added million of quarter, rate rate run resulting headwind have was this $XX have of last measures to Transaction businesses. one these and demonstrates quarter. we hikes million of to increase, growth volumes, card tier are this the unless think wealth in which businesses, primarily capacity aren't mortgage in large other in the been size to due contract higher compared management revenue X% action up transaction I was Fiduciary previous management to take was there comprised year-over-year a Transaction count. was strong and third our savings up expense Though the top This strong undertaken you in in was by a quarter. $X.X fee are driven expecting save transaction reduce similar revenue was turn from how buyout comparison a quarter The firm. this capabilities are. XX% and nearly that asset heavy customer to revenue XXXX. impacted by of attainable

was driver been fee production stated deal quarter, significant an a ongoing we're segment to trend this has see. this this happy that in While

$X for There manage Other assumption leverage. to carefully Turning acquisition the related a our this of balance XX compensation quarter that to earnings valuation equity write we due is result guidance current some $X.X were marginally million this to license outlook less expenses has a slide coupled $X.X to as expense adjustments general impairment to and about mostly estate expenses operating nine, XXXX this owned up quarter, normal. in quarter. guidance expense an Slide XXXX. CoBiz Personnel well continue than expenses software in real of a second with of up of million being in operating for deliver million with is quarter due primarily down. other to line

lines businesses. loan expect growth of CoBiz integrate into continued portfolios We as we our

below influenced at consolidation CoBiz. loan counting be by levels loss will forward growth. X% We moving could after loan that of levels provision result, a anticipate As drop reserve

into to at rate as the be We December. have intensifies additional one decreasing deposits in although rate additional built rate expect increases the XXXX federal competition in forecast, future. accretive currently funds hike our We for in a

of We to noticeable. to businesses quarter the generating fourth be relative from of is models. mortgage and continue to production forecast our are due challenged now the quarter first feed competition be with continued The will million impact of XX% to may holding the our headwinds. environment trading down while bit closing CoBiz adds be obviously XX% $XX revenue own mortgage on in right to CoBiz mortgage approximately charges XXXX. of and expect are our forward businesses the going mortgage production XXXX and expected integration the complexity a we

I'll on hold discussing our budget XXXX time. until fully this assumptions at So adjusted, off are

based XXXX information share However, announced. as per forecast previously earnings accretion post the reviewed closing, I’ve we on X% in the feel still with comfortable

track on conversion more be call the first to review quarter Kymes continue over loan Stacy turn We to portfolio for detail. in Stacy. the in of XXXX. now I'll late the will

Stacy Kymes

Steven. Thanks,

showing energy, was third segments up for was strong healthcare, quarter, real loan the As X% can X% at on slide Building were gains. and quarter, X.X% you quarter quarter record to on and quarterly second Total commercial with see the a all annualized. XX, in the second manufacturing the growth for broad, loans X.X% over or total compared C&I also year-over-year. very estate and

energy the We nearly during was that market C&I and the banks. industry year-over-year, book. to to are to about recent broad-based the which other clearly against a testament for which region seeing differentiated every up maintain with we X.X% our is adding quarter, across XX.X% the strength commitment is Energy the downturn, as

are also lower or We in normal than from slower portfolio churn current right market the are divest assets as in the benefiting energy companies environment. to sellout

sequentially was last national which remains Outstandings the for engine which lead continued a to deliver. perform up Many should real to Financial year-over-year. estate and year more quarter regional for players constitute over or has customers in prospects. to growth to players, and quarter housing X% the is channel were opportunities primary healthcare X.X% senior This well. year-over-year. the up large continue for X.X% for Commercial expected BOK have Our channel and our X.X% struggled

the finding length customer are trends strong and of credit any X.XX% remain national and While this the Bradshaw and broader call footprint quarter. into remains credit the show not quality our and about appropriate Net the down for core long X.X% basis XXXX see leases. teams slide turn XXXX XX strong. period-end currently cautious to XX We loan with closing Non-accruals continues during We the as charge-off we still declining our now quality in within economic do portfolio. us will opportunities economy. outperform I'll remain given at allow banking low On we points strength. We optimistic reserves to loans the our our finished back loan were over to quality loss believe of as Steve as remains remain base. recovery, we geographic growth commentary. economy

Steven Bradshaw

Stacy. Thanks,

diversified Our isn't is any has display model The on our proving broad-based full strength Financial segment quarter. put positive one another geography. team produces power of and or of business upon earnings record outcomes platform together and the again overly BOK our reliant

outstanding strong due to to this finish closed the of earnings of track transaction I community CRA growth record XXXX. is time record very acquisition core the excited be this to and earlier about rating. continue and closing about We optimistic engagement the part We month. CoBiz We're our believe in

the questions. take remain was a integration our I'm for that merge spot leg them sweet process efficiencies industry our up has geographic and factor gives thorough we're broader success. BOK business us Financial and in the well CoBiz about of Financial. already standpoint. we planning integrated rate M&A Operator? This most the activities transaction. another is the organizations, as will both team and convinced cultural in Our similar very told, organization. for now integration yet create a to BOK to and We has meetings welcome All to a important been and this that in with we've CoBiz with evident discussions your in are mix been integration the a excellent which run begun leadership, With CoBiz proud certainly quarter contemplated and

Operator

Thank be Zerbe question-and-answer [Operator of conducting Instructions] with session. Stanley. you question the and line we Morgan Ken will a now first comes from Our

Ken Zerbe

Good Thanks. morning. Great.

Steven Bradshaw

morning. Good

Ken Zerbe

mean, your how but across non-bank loan the affected we And remind target maybe is I mix? of one Can competition us non-banks you solid portfolio should guys growth Thanks. less industry affecting versus because have the growth of just much quarter. loan affected hear clients, it’s of negatively you to this just things and banks. in the how talk part about the loan might for of and by sort just it’s what like most more we think be more. little wrong Maybe say, know very the smaller the I obviously you

Stacy Kymes

the play living Well, – think, career, of off we've C&I playing a across of footprint and businesses. lending a of Certainly cases the for the in migrate outside footprint our national market I with big made our lines the business of most we a of entirety in on as and perspective. big we some terms our look and some my in

and I that move So not play for been a time outside made scale our lower larger, has as on partners of will case industry Generally we the as well have those found platform that certainly be continue the against think I to peers but think, overall. better and the are changing than some lending the material I the any to firms future. in of as liked impact Financial lending that been But has and who there foresee inroads, BOK size speaking, folks we types always don't end forward. that competitors,

Ken Zerbe

Understood. it. Got

Okay much. thank very you

Operator

Gailey KBW. Our next is line of go ahead. Brady question with Please from the

Brady Gailey

guys. good Hey morning

Steven Bradshaw

Good morning.

Brady Gailey

of Maybe been third here. we buyback. past, that's back know with just in on stock with could Maybe start you trading, what the stock update the front going weren't I about you trading CoBiz you quarter. in but buying in your where its thoughts because the was have if on on buyback could the the active the us

Steven Nell

Yes.

do shares fourth be be in to You're we'll we price. out at of exactly quarter buyback beyond moment, of got position And third markets to CoBiz. I because that quarter. in this suspect authorization fourth in of million of in and during the have a quarter stayed and the the this We’ll of be market two market just at in right. the plans the level the we've shy We

Brady Gailey

this the estimates then And specifically Okay. BX driven wealth fee income of part by know I consensus the quarter management. and was

expand a you You there? just that earned of about larger on talked of the Can assets. the some fee was some client result happened as what sale of

Steven Bradshaw

we Yes typically regular engaged a we assets their that's would but on than optimize see, Bradshaw. basis. helping in on we Sure larger to because Brady. It's thought Steven clients we're that, needed call what attention bit a

minerals Our and ranch for trust not business to business clients pretty and hold so to try earn property a properties farm in optimize significant and those has significant that pretty fee. unusual set of it's work of on that the or to in a we fiduciary us with areas sales. In negotiated gas was this order to a oil it client and behalf case, land

for a core than us, would So larger business typically what little fee see. we

we thought important results of fees but will attention disposition So asset business. just to to quarterly a as it draw normal of was your include our all course

Brady Gailey

it. you Thank Alright. guys. Got

Steven Nell

you. Thank

Operator

of from comes questions next Our the line Rabatin Piper with Brett Jaffray.

Brett Rabatin

morning. good guys, Hey

Steven Bradshaw

Morning.

Brett Rabatin

efficient. and quarter comp, and related you more impact be doing to or see doing like how more us kind what that about and give a might mortgage around have should in maybe share talk you expenses, some you you're that and to it's other how you color million and about then going you playing we other whether the were expenses to become were just just out mentioned Can based about of businesses. understanding incentive wanted to think this doing what had that? I things XXXX little in ten you

Steven Bradshaw

talk Yes. well. some the Steven initiatives may things Bradshaw. have to I'll as about add It's Steven and expense

mortgage which that cyclical For significant as as lot as obviously activities related pretty well. presence design, we're mortgage dealer by mortgage us, to broker businesses our a our a today the strong are mitigate in businesses, to well a have inside both way origination earnings MBS of and fee our trading counter seeing volatility or to as presence

excess lines. line get of So to both growth trying out run this about we've those going revenue in expenses X been in We of for how working rate particular in those of mortgage that side the rate business out this we're forward to on we're and about million, capacity expense quarter we environment. talked take businesses with took thinking just

run the expect that work rate say, to fourth would We continues. that So to add quarter. in

Brett Rabatin

So kind a is rate, is it core XXX-ish, number? the kind assume of of run to fair XXX

Steven Nell

put the BOK work so expect don't your XX% and of But we our fourth mentioned I size, base I mentioned and million trend there through what course process We'll and own but the in we unusual now, a and expense CoBiz will budget in anything action that the then Steve don't standalone also good Yes that highly deviation expenses. mentioned. We'll of have into you Financial terms closing of terms quarter standalone. integration see necessary BOK as with of with I in $XX we'll their quarter. and of from incorporate take together that costs we of need a kind budget, to normal fourth

Brett Rabatin

mortgage quarter, income and kind guidance especially softer. might large make gain Fee here obviously be to would on fee your Okay assume on that the of slightly view the softer income sure and around from of thinking the wanted a the then I the ongoing understand, and I about little I businesses. to I right, an were third guidance just assume wealth what understood sale in contribution basis does the mineral contribute? management end piece continue exclude

Steven Bradshaw

profitability it is with origination, pressure that's security as size. we It do right affected well. continue. those But work bit. mean quarter, and mentioned, as as that as currently going some we our be we our level the to the it’s affects to exactly in trade forward The In down a gave has industry. our of I the has to with mortgage trading think the to margins brokerage back reason revenue guidance, we’ll third mortgage relates determine the Steve in mortgage the businesses expect activity It impacts activity. it

fee So those businesses, we in environment – because two the do quarter. see some our fourth mortgage of pressure in primarily continuing the those categories

Brett Rabatin

Okay. Appreciate the all color.

Operator

Securities. Peter of with is Winter next line from question Wedbush Our

Peter Winter

morning. Good

Steven Bradshaw

morning. Yes

Peter Winter

that and better terms XX% do diligence. can synergies of potential some wondering, you can provide an if the just Now update you additional than closed done you chance saves? guys any due cost and in maybe quantifying I’m CoBiz revenue

Steven Nell

Well fee not forecast it's build process budget term is the longer be immediate, quarter, our we in or pro opportunity of into there. exactly the we for It be some XXXX. deal, synergies. there to might -- fee we When revenue certainly into what their is revenue to going this any think early did in until a our fourth upside the synergies the client be into won’t don't into fall fee But from businesses forma know base. kind selling announced but pricing. little benefit the we we to get There that

in on the today, So going synergies yes, the the putting June. I be just indicated to far we and get to that contingent in I what of us be. when are lift would budget taken at, paper announced believe during we us the think looked understanding can lead we’ve attained initially synergies the process the the it expense side. it Everything kind on believe that have actions so we that we deal will

I’m with So pretty confident that.

Steven Bradshaw

Yes. to already our among fee benefit in other traditional base Steve. I’d say customer some the addition from sheet. Peter larger the CoBiz it's add kind synergies, thing, interest balance we’re of seeing I’d to

out of those, And our relationships. and to those adding And some we on that of fee as of well loan focused XXXX. both addition to incremental we’ll so see those in expect businesses would base customer growth we come in to both base

Peter Winter

Okay. the Fed And increases. growth from the you rate NIM continued slowing mentioned Steven in about

XX the benefit it's could how you So more bit hike what do to before am other just just NIM words, if point rate was wondering so specific, think be a to? from little basis going and I much you in

Steven Nell

Yes.

basis it four and at normalize the I look have a bit rate real that, unusual items but expect you three we higher deposit comparative the basis I in to points increase. do out deposit see some a terms quarter, to betas mean, normalized second I the with basis XX think point third little in we it bit. will listing this pricing a close just to for the be quarter. were the on of probably when

loan expect same the the We we grow, which as as think in be long that's to will. it quarter fourth growth continues to going

but lower next we slightly perhaps So, increase, a previous that the from rate quarters. points couple the we XX of in see benefit basis saw levels

Peter Winter

sorry, loan very on single-digits. basis, growth out And high standalone question next just am think there? given I you but final slightly might just a Do less that my year are competitive pressures it's strong be it

Stacy Kymes

year on kind that We sit was be where out look based I when digit similar started you mid-to-high as tell today, thought growth we that achievable. loan very we would of And the single guidance into indicated was something appropriate. would XXXX, I

predicated is I GDP that X.X% of plus that think on minus range. rate or growth in all to that's X%

get If economy I as I with kind and economy, in view. that you of growth, economic feel loan as should of growth, the there’s continue to comfortable co-relation broader well my slowing, level the is the very our current long loan there's a growth and a overtime. doing clear But of the sustainability think

Peter Winter

my Right. questions. Thanks for taking

Operator

of Michael Raymond next the Our question from line Rose James. is with

Michael Rose

are morning guys. good you? How Hey

Steven Bradshaw

Morning. Good.

Michael Rose

Good.

quarter. and Just Obviously, closed the next sense conversion you're the a wanted get cost timing to a earlier a deal save of for expecting realization.

Thanks. we flow about Just forward? the move the just savings should think how cost through as of we expected

Steven Nell

about the we think action some the on currently guidance of then around Well taking we we gave the you integration will around cost, base. talked I you if that expense synergies and are

continue end you converted, be that of systems somewhat to get CoBiz others, those March. sooner will the until than and scheduled independently will will the some we have for if got of we we've to others operate And --

that we some full and to be quarters what And to so, dollars of three will of the time there last going take get don’t ourselves to conversion to a but difference it's of originally We we'll the think announced. lot think, end date compared pretty to March. XXXX, at close get synergies

Michael Rose

up on maybe Okay. a loan question That's the then helpful. on just follow last growth. And

to growth You talked decoupled of GDP, about relative the that to seems here to kind history. but correlation

can be So you than portfolio as guys maybe color I might guess, Thanks. of and some I you and give context different the why industry? what rest relates your guess it the to

Steven Nell

been franchise. and in first think, in and ultimately peers said foremost relative states think, a I think, best the is fastest built parts about and and do that differentiated. Well we're think the I of of from purposeful how growing outcome result perspective very the economic in an geographical country. footprint different I our we differentiated that We some we've does to We've

is build that then franchise energy able times, franchise clearly as Healthcare that, a that that differentiator. we're were we us, and segments and benefit how grow to at part For I a have period a in build us on we a continue differentiator, is time. look over and of of focused think long that's a to we to different a

Michael Rose

for color. my questions. Thanks guys good taking Okay. you

Steven Nell

Thank you.

Operator

from question next is Our Arfstrom of RBC. line Jon with

Jon Arfstrom

Thanks. morning. Good

Steven Bradshaw

Jon. Morning

Jon Arfstrom

A here. couple of ups follow

and center Stacy, your about growth. there some consistency talked seeing that of I front leading your you you're Are increased Just business? in competition since on energy, to guess, you

Stacy Kymes

imagine generally into There would competition couple coming prices up as you is the rising. with last until some and weeks stabilizing space back

beginning has back equity from the some part markets been in public entrance huge some some the companies. foreign in energy toe the the the of a growth of to competitors large headwind water. for You particularly slowdown their do that dip see perspective, not It's of

in in being per those loans pretty public seeing way longer grow and their around currency or kind aren't to see there. have are that of we're properties so multiple that the competition who of EMP opportunities taking that's and advantage our to been for opportunities but buy growing this the the they stickier benefit, better other se and right helped portfolio in changing to customer are and near I buying space so frankly. think, churn decrease So the respected the term, them rewarding it's in well for I leaders then returning, enhance markets growth to the and don't and is this and base that's it equity maybe and the our the who don't resulted but say

Jon Arfstrom

Yes, okay.

Okay, a significant for guess. can off I and how thing migration some management. Curious was about guess you're you also a migration talk in margin This or question follow-up that concerned good. sheet about Steve alternatives Then that wealth I of more about maybe commercial and balance to maybe Steven, other maybe consumer? and

Steven Nell

Yes.

really wealth think was of big of that I the not million and XXX it million that's component, to base. XXX deposit that around a moment out of

really And sheet. there. kind trend comment so, I thoughts. of don’t indication as the see of my real of or any that movement Only balance Other

Jon Arfstrom

Okay. Commercial concern and consumer, any there?

Steven Nell

DDA Commercial in actually fact and looked is consumer's good pretty this high, were in quarter in flat. And this up we commercial. really balances

competition stimulate side we have and But we forward. by talking well can around do there's products the and we details on that things see yet. and talk can internally going we're some maybe to backward in. as Now both to ready some we the those things moving speak aren’t deposit some of do consumer that about that we growth other to

Stacy Kymes

think cycle market this mutual products changes there's less in I to been Generally increase fund of because the rate money speaking, non-bank the this intermediation rules.

issue been been which their really rate this financial has liquidity competition has mitigation time past more the bigger a individual focused institutions so rising needs periods. other on And then and in inter

Steven Bradshaw

and between two. are I peers lagging deposit Yes number with non-interest base That's and XX tag Out base. in being of of count deposit to from well. fact think and I'd XX our Steven. benchmark as its June those DDA. XX helps one of the Jon, all our of XX% the our as the that we banks that We

the banks, were their and a very said the XX% why DDA the at that's large beta look we've if commercial range. in hard and to about deposit we us. that build we strength XX% And you base for that's was If range, in national worked Steven

Jon Arfstrom

limits loan for Okay. deposit and A little that. one I on of the asset on the bit put ratio, to when shift And deposit? Steven, Any on a you. mix just last side

Steven Nell

And a we Well, range. on way ways ranged good than loan close to still appropriately We'll of really today. from fund liquidity to liability That'd go management deposit a comment. what the we while good growth there. just spread kind support all in to XX% it's of and are no of limit as at here find continue we'll of there growth we'll at all long what I level is our we work no we've generate time, love up be look to XX% the our XX% my far to doing. asset into what We're terms and the need about a but to that. the would balance other to Stacy are lenders

Jon Arfstrom

okay. right, for questions. thanks Yes, taking the All

Operator

will with the from line Our next question come Jennifer Demba of SunTrust.

Jennifer Demba

good Thank morning. you,

Steven Bradshaw

Good morning, Jennifer.

Steven Nell

morning. Good

Jennifer Demba

a Just question. quick

items? license software were OREO You on the had the impairment down right and in those two healthcare property. What the on amounts

Steven Nell

on $X.XX was out them pondered the because don’t on That's there, they we $X.X write a was time-to-time. the think were impairment the really down million million. from property happen and contract The I they unusual software

the containing had was we any value, vendor with of is provides value during term, longer component from carve that so of perspective out that software a didn’t component it it did forward. great vendor renegotiation have renegotiated. charge. the going that we the contract renegotiation with paused. particular that contract synergies the But the us, however But just counting the to the economically no There On longer licenses with had us renegotiated that

Jennifer Demba

question general healthcare forward? in comfort category And loans. concentration on the healthcare going what's in your Stacy,

Steven Bradshaw

that growth sector. internal continue We'll have comfortable. any We that. would to don’t grow very the limit were in that We constraints

kind As know, healthcare medical us senior you of and for has three buckets, housing other. hospitals,

any and We housing growth senior there feel good limit our the in that. good we opportunities to is grow We primarily focus that space. about factors Our would don’t there. see have

Jennifer Demba

thank you. Okay,

Steven Bradshaw

Thank you.

Operator

Olney is Our of next Stephens. from the line question with Matt

Matt Olney

good guys. Hey thanks, morning great,

Steven Bradshaw

Good morning, Matt.

Steven Nell

Good morning.

Matt Olney

and curious go quarter. to trying I'm betas in fourth higher completed a was post deposit your back want when appreciate deposit I'm you rate? last wholesale expectations time the for update in I the deposit discussion to the just to fully

Steven Nell

this at portfolio, wholesale pricing we've on point. the Well, commercial exception increase not board a the had across

again create price do we have pricing there that exception perhaps opportunity I some historically do we've think portfolio there's seen. balances are we we smaller and going through there the Now, clients had the more on mean, have deposit growth got commercial deposits to but there exception stimulate of We of held and kind I [Approach] fact some had can that at, in side some things looking some kind we've pricing. and that CD sort those term out in flat. increase some Consumer, a some it's we product to got it of continue without pretty to traction. we're longer wholesale forward.

held talked deposits pretty different customer angles of for all about management earlier. And our the flat. But all types. consumer wealth so, at And we looking deposits

Matt Olney

Okay, And then, call benefit you still the that benefit trade the the third mentioned we Did that in saw the off will coming Are would It some remaining quarter. get FHLB like the impact you be in that's looks helpful. all margin. third quarter? fourth that last there in Steven, quarter?

Steven Bradshaw

third It's benefit. we don’t pretty in the much have quarter, all any other

by I if of it's a a So, deluded not out. It's transaction think starting margin kind that. will, point off good all being that any see you XXX that you like is

Matt Olney

the for clarification more fee And Okay. then just, on income I'm looking guidance.

core below trying income you fee the be the in exact fee give that so that just what BOKF million. there? XXXX, is saying XXXX you income down down. legacy be think XXX I message the will Are just versus you would understand that I'm that to said

Steven Nell

we long million. indicate saw third as the that'll dollar in trading the comment the quarter we it is over line that revenue in, where and two more so Well, million and environment but those that pressure saw see to brokerage mortgage the give off $X there on pressure I I'm stays do the to know continues giving it don’t to be there line think wanted over amount. trading item quarter's think mortgage mortgage do $X magnitude fourth be wanting additional in line any There'll specific acknowledge drop off level. items without and just what to behave the same. and will I or And items I'm both market and the like on I I we drop that relates the really

Matt Olney

from me. question last then, And okay. it, Got

quarters least some about for commercial that real-estate can at parameters. think growth, view they still you as in run a past good still real-estate commercial growth? the last this the few far I at rates Is for those some really good run talked way point, within as more

Steven Bradshaw

based So, based not on commitment we on that outstanding. measure

And going at XXXX as integrate we as we into CoBiz. so, particularly look

going we're around commitment commercial that think will I real-estate. to around I see the will large side. constraints be think But that

in I a way that to of grow that continue have terms outstanding reasonably space. think in we consistent of go see seeing at kind we with that mid-single-digit to year-over-year still pace the run

think still grow. sustainable. that think forward, I that concentration certainly growth outstanding that to commitments. We'll outstanding But have on the and I is look levels room think have So, I as I manage to based

Matt Olney

Got it. Thank you, guys.

Steven Bradshaw

Thank you.

Operator

would turn We answer our and comments. you. question session. over the end Thank reached I back now of like the closing to for floor

Steven Bradshaw

Okay. Well, us. it. We thanks everyone again appreciate for joining

have day. ir@bokf.com. further me questions, you me a at or great If call Have XXX-XXX-XXXX a give any at email

Operator

conference. today's concludes This

time. this participation. And at may your disconnect thank lines you for You your

BOK Financial (BOKF) 24 Oct 182018 Q3 Earnings call transcript