BOK Financial Corporation reported annual earnings of $524 million, or $8.14 per share, for 2024. Fourth-quarter earnings were $136 million, or $2.12 per share, compared to $140 million in the prior quarter. The bank's net interest margin improved to 2.75% from 2.68% in Q3, driven by lower liability repricing. Total loans increased by $130 million to $24.1 billion, reflecting growth in commercial and individual loans, though commercial real estate loans declined. Nonperforming assets reached a historic low, totaling $49 million, or 0.20% of outstanding loans, compared to $87 million in Q3.
Deposits grew by $964 million to $38.2 billion, with the loan-to-deposit ratio at 63%. Operating expenses rose slightly to $347.7 million, driven by higher personnel costs and business promotion expenses. Wealth Management showed notable growth, contributing $48.9 million to pre-tax income, driven by higher trading volumes and asset management revenue. However, Commercial Banking income declined due to reduced loan balances and spreads.
CEO Stacy Kymes highlighted the company's robust performance, with core C&I loans growing 8.1% year-over-year and asset quality and capital levels remaining strong. The company’s capital ratios, including a Common Equity Tier 1 ratio of 13.03%, reflect a stable financial position.
Looking ahead, BOK Financial remains well-positioned for diverse business cycles, supported by its diversified business model and strong liquidity.
