Company: BOKF
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000875357-25-000013
Chunk: 194

Company: BOK FINANCIAL CORP
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 194
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 %Average assets$8,112,293 $8,040,602 $71,691 1 %$8,789,697 $(749,095)(9)%Average loans2,023,837 1,800,320 223,517 12 %1,688,697 111,623 7 %Average deposits8,077,700 8,014,159 63,541 1 %8,763,046 (748,887)(9)%Average invested capital313,460 285,997 27,463 10 %250,546 35,451 14 %

Net interest income from Consumer Banking activities decreased by $7.0 million, or 3%, compared to 2023, largely due to increased customer demand for time deposits and a decrease in deposit spreads from a change in market conditions. 

Other operating revenue increased $34.2 million, or 32%, compared to prior year. Mortgage banking revenue increased $19.0 million, primarily due to higher mortgage production volume combined with increased servicing revenue driven by recent purchases of mortgage servicing rights. Mortgage production volume increased $158 million, or 24%, and production revenue as a percentage of production volume, which includes unrealized gains and losses on our mortgage commitment pipeline and related hedges, increased 189 basis points to 1.07%. The net cost of the change in fair value of mortgage servicing rights and related economic hedges, as more fully presented in Table 10, was $5.7 million for 2024, compared to a net cost of $18.2 million in 2023.

Other operating expense increased $14.2 million, or 7%, led by higher incentive compensation and regular compensation. Corporate allocations increased $7.2 million, or 15%, compared to the prior year.

Average loans attributed to Consumer Banking increased $224 million, or 12%, to $2.0 billion. Average consumer deposits increased $64 million, or 1%, to $8.1 billion. See Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital for further discussion of the changes.

48

Fourth Quarter 2024 Consumer Banking

Table 18 - Consumer Banking - Fourth Quarter 2024

(Dollars in thousands)

Three Months Ended Dec. 31, 2024Sep. 30, 2024Increase(Decrease)%Increase(Decre