BOK Financial Corporation, a regional financial services company based in Tulsa, Oklahoma, reported a net income of $136.2 million or $2.12 per diluted share for the fourth quarter of 2024, compared to $140 million or $2.18 per diluted share in the prior quarter. For the full year 2024, the company generated a net income of $523.6 million, or $8.14 per diluted share, marking a slight decline from $530.7 million, or $8.02 per diluted share, in 2023.

The company’s total assets amounted to $49.7 billion as of December 31, 2024, reflecting a decrease from $50.1 billion at the end of the previous quarter. The loan portfolio grew modestly, with period-end loans reaching $24.1 billion, a 0.5% increase linked quarter and a 0.9% increase year-over-year. Meanwhile, average loan balances decreased by $280 million to $24 billion, driven by declines in commercial and commercial real estate (CRE) loans.

Net interest income for the fourth quarter was $313 million, up $4.9 million from the previous quarter. The net interest margin expanded 7 basis points to 2.75%, benefiting from the repricing of deposits to lower costs more quickly than assets. Average interest-bearing deposits surged by $954 million, with period-end deposits growing by $964 million to $38.2 billion, contributing to a decrease in the loan-to-deposit ratio to 63%.

Adjusted revenue from fees and commissions totaled $206.9 million, reflecting an increase of $4.4 million from the prior quarter. Growth was attributed to higher brokerage and trading revenue, along with fiduciary and asset management fees. Notably, the contribution from fee income segments constituted 40% of total revenue.

The company maintained a strong credit quality profile, with non-performing assets declining to $49 million, or 0.20% of outstanding loans and repossessed assets. This represents a notable decrease from $87 million, or 0.36%, at the end of the third quarter. The net charge-off rate was exceptionally low, at $528,000, or an annualized 0.01% of average loans.

Operating expenses increased by $6.6 million, totaling $347.7 million for the quarter, driven primarily by higher personnel costs related to increased trading activity. Despite the uptick, the efficiency ratio improved to 65.61%, down from 65.11% in the previous quarter.

Moving forward, BOK Financial anticipates a plan to grow total revenue in the mid- to upper single-digit range for fiscal year 2025, with net interest income expected to rise above single digits, supported by a favorable mix shift from trading fees to net interest income. The company’s capital ratios remain strong, with a tangible common equity ratio of 9.17% as of year-end 2024.