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BOK Financial Corporation’s BOKF fourth-quarter 2024 adjusted earnings per share (EPS) of $2.12 beat the Zacks Consensus Estimate of $1.97. The bottom line increased from earnings per share of $1.26 a year ago.
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For 2024, adjusted EPS was $8.14, which beat the Zacks Consensus Estimate of $8.07. This compares favorably with $8.02 reported in the year-ago quarter.
The results benefited from higher loans and deposit balances. An increase in net interest revenues and total fees and commissions supports top-line growth. A decline in provisions and expenses was another positive.
Net income attributable to shareholders was $136.2 million, up 64.9% year over year.
For 2024, the company reported net income available to its common shareholders of $523.6 million, which decreased 1.4% year over year.
BOKF’s Revenues Rise & Expenses Fall
Quarterly net revenues of $523.1 million (net interest revenues and total other operating revenues) moved up 5.5% year over year. The top line surpassed the Zacks Consensus Estimate of $519.2 million.
Full-year revenues aggregated to $2.03 billion, which increased nearly 1% year over year. The top line matched the Zacks Consensus Estimate.
Net interest revenues were $313 million, up 5.5% year over year. The net interest margin expanded 11 basis points to 2.75%.
Total fees and commissions were $206.9 million, up 5.2% year over year. The upside was driven by higher fiduciary and asset management revenues, deposit service charges and fees and mortgage banking revenues.
Total other operating expenses were $347.7 million, down 9.5% year over year. This decline mainly resulted from lower FDIC special assessment charges.
The efficiency ratio rose to 65.61% from the prior year’s 71.62%. A fall in the efficiency ratio indicates a rise in profitability.
BOK Financial’s Loans and Deposits Rise
As of Dec. 31, 2024, total loans were $24.1 billion, up marginally from the prior quarter. Total deposits rose 2.6% sequentially to $38.2 billion.
BOKF Credit Quality Improves
Non-performing assets were $49 million or 0.20% of outstanding loans and repossessed assets as of Dec. 31, 2024, which decreased significantly from $148.3 million or 0.62% in the prior-year quarter.
The company recorded nil provisions for credit losses compared with $6 million recorded in the prior-year quarter.
The company recorded net charge-offs of $528 thousand, down from $4.1 million in the year-ago quarter.
The allowance for loan losses was 1.16% of outstanding loans as of Dec. 31, 2024, which remained flat from the year-ago quarter.