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TULSA, Oklahoma - BOK Financial Corporation (NASDAQ:BOKF) reported fourth-quarter earnings that surpassed analyst expectations, with revenue showing a modest increase. The company's stock edged down 0.4% Friday following the announcement.
The Tulsa-based financial services company posted adjusted earnings per share of $2.12 for the quarter, beating the analyst consensus of $2.00 by $0.12. Revenue came in at $523.09 million, surpassing the estimated $517.65 million and marking a YoY increase.
Net interest income for the quarter totaled $313.0 million, up $4.9 million from the previous quarter, with net interest margin expanding 7 basis points to 2.75%. Fees and commissions revenue grew by $4.4 million to $206.9 million, driven by higher brokerage and trading revenue and fiduciary and asset management revenue.
"I am very proud of the BOKF team and the exceptional results we've reported this year," said Stacy Kymes, President and CEO. "We have a talented team with an award-winning culture that focuses on driving long-term success for our organization."
The company reported strong deposit growth, with period-end deposits increasing by $964 million to $38.2 billion. Average deposits rose by $1.1 billion to $37.8 billion. The loan-to-deposit ratio stood at 63% at the end of the quarter.
Credit quality improved significantly, with nonperforming assets reaching a historic low of $49 million, or 0.20% of outstanding loans and repossessed assets, down from $87 million, or 0.36%, in the previous quarter. Net charge-offs remained low at $528 thousand, or 0.01% of average loans on an annualized basis.
For the full year 2024, BOK Financial reported net income of $523.6 million, or $8.14 per diluted share, compared to $530.7 million, or $8.02 per diluted share, in the previous year.
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