BOK Financial reports $524M annual earnings

By Tamara Parker • Saturday, January 18 10:15 • Permanent Link

BOK Financial Corporation reported annual earnings of $524 million, or $8.14 per share, and quarterly earnings of $136 million, or $2.12 per share, in the fourth quarter of 2024.

Net income for the fourth quarter was $136.2 million, compared to $140.0 million in the previous quarter, and net interest income was $313.0 million, an increase of $4.9 million. Net interest margin expanded by 7 basis points to 2.75% compared to the prior quarter.

Fees and commissions revenue grew to $206.9 million, marking a $4.4 million increase from the previous quarter. Operating expense increased by $6.6 million to $347.7 million, with personnel expense up by $3.9 million and non-personnel expense up by $2.8 million.

Period end loans were $24.1 billion, showing an increase of $130 million, and period end deposits grew by $964 million to $38.2 billion. The tangible common equity ratio was 9.17% compared to 9.22% at September 30, 2024.

For the full year 2024, net income was $523.6 million, compared to $530.7 million in the prior year. Net interest income totaled $1.2 billion, a decrease of $61.4 million. Fees and commissions revenue grew by $28.9 million to $810.0 million, while operating expense increased by $32.9 million to $1.4 billion. Net charge-offs were $12.9 million, or 0.05% of average loans in 2024, compared to $18.1 million, or 0.08% of average loans in 2023.

CEO Stacy Kymes commented on the results, highlighting the growth in core C&I loans by 8.1% year over year and the expansion of net interest income every quarter throughout 2024. Kymes also emphasized the historically strong capital and asset quality, attributing the performance to the diverse business model and an extraordinary team.

In terms of specific financial metrics, net interest income increased by $4.9 million, brokerage and trading revenue grew by $5.1 million, and fiduciary and asset management revenue increased by $3.2 million. However, net charge-offs decreased to $12.9 million from $18.1 million in the previous year.

The loan to deposit ratio was 63% at December 31, 2024, compared to 64% at September 30, 2024, while the average interest-bearing deposits increased by $954 million.

The market has reacted to these announcements by moving the company's shares 1.7% to a price of $112.99. For more information, read the company's full 8-K submission here.

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