Company: BOKF
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000875357-25-000013
Chunk: 192

Company: BOK FINANCIAL CORP
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 192
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 Operations - Liquidity and Capital for further discussion of this change. 

46

Fourth Quarter 2024 Commercial Banking

Table 16 - Commercial Banking - Fourth Quarter 2024

(Dollars in thousands)

Three Months Ended Dec. 31, 2024Sep. 30, 2024Increase(Decrease)%Increase(Decrease)Net interest income from external sources$243,915 $273,934 $(30,019)(11)%Net interest expense from internal sources(44,180)(66,324)22,144 33 %Net interest income199,735 207,610 (7,875)(4)%Net loans recovered(115)(1,329)(1,214)(91)%Net interest income after net loans recovered199,850 208,939 (9,089)(4)%Other operating revenue58,225 59,482 (1,257)(2)%Personnel expense49,592 48,152 1,440 3 %Non-personnel expense31,242 30,235 1,007 3 %Total other operating expense80,834 78,387 2,447 3 %Corporate allocations16,848 17,371 (523)(3)%Net income before taxes$160,393 $172,663 $(12,270)(7)%Average assets$21,510,871 $21,881,574 $(370,703)(2)%Average loans19,996,608 20,340,512 (343,904)(2)%Average deposits17,941,793 17,131,237 810,556 5 %Average invested capital2,146,616 2,144,219 2,397 — %

Commercial Banking contributed $160.4 million to consolidated net income before taxes in the fourth quarter of 2024, a decrease of $12.3 million, or 7%, compared to the third quarter of 2024. Net interest income decreased $7.9 million, or 4%, primarily due to lower average loan balances, along with reduced loan fees and loan spreads. Other operating revenue was relatively consistent with the prior quarter. Net loans recovered decreased $1.2 million to $115 thousand in the fourth quarter of 2024. Personnel expense increased $1.4 million, or 3%, due to increased incentive compensation costs during the quarter, and non-personnel expense increased $1