Company: BOKF
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000875357-25-000013
Chunk: 186

Company: BOK FINANCIAL CORP
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 186
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 liabilities mirror the performance of the deferred compensation investments, which increased due to performance of the equity markets in 2024. Employee benefits expense increased $12.3 million, or 12%, related to increased employee healthcare costs, retirement plan costs, and payroll tax expense.

Non-personnel expense

Non-personnel expense decreased $11.8 million, or 2%, compared to the prior year. Expense related to the FDIC special assessment totaled $5.5 million for 2024, compared to $43.8 million for the prior year. Charitable contributions to the BOKF Foundation increased $10.9 million, largely due to the donation of converted Visa shares to the foundation. Data processing and communications expense increased $5.9 million, or 3%, and net occupancy and equipment expense grew $3.8 million, or 3%, primarily due to ongoing projects. Mortgage banking costs increased $4.1 million, or 13%, primarily due to an increase in prepayments. Other expense increased $3.8 million, or 10%, due to higher operational losses.

Fourth Quarter 2024 Operating Expense

Table 13 – Fourth Quarter 2024 Other Operating Expense

(Dollars in thousands)

Three Months EndedDec. 31, 2024Sep. 30, 2024Increase (Decrease)% Increase (Decrease)Regular compensation$117,163 $114,790 $2,373 2 %Incentive compensation:Cash-based compensation56,748 50,682 6,066 12 %Share-based compensation5,865 8,526 (2,661)(31)%Deferred compensation2,441 3,980 (1,539)N/ATotal incentive compensation65,054 63,188 1,866 3 %Employee benefits28,458 28,843 (385)(1)%Total personnel expense210,675 206,821 3,854 2 %Business promotion9,365 7,681 1,684 22 %Professional fees and services15,175 13,405 1,770 13 %Net occupancy and equipment32,713 32,077 636 2 %FDIC and other insurance6,862 8,186 (1,324)(16)%FDIC special assessment(686)(1,437)751 52 %Data processing and communications48,024 47,554 470 1