Company: BOKF
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000875357-25-000013
Chunk: 197

Company: BOK FINANCIAL CORP
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 197
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,793)(3)%279,939 53,218 19 %

Combined net interest income and fees and commission revenue attributed to the Wealth Management segment totaled $591.9 million for 2024, a decrease of $2.6 million. Total revenue from institutional trading activities was consistent with the prior year.

Other operating expense increased $26.8 million, or 8%, over the prior year. Personnel expense increased $13.0 million, or 5%, largely due to growth in incentive compensation expense. Non-personnel expense increased $13.8 million, or 14%, primarily due to an increased level of operational losses. FDIC insurance expense increased $2.4 million driven by increased deposits in 2024. Data processing and communications expense increased $1.9 million, or 6%, and net occupancy and equipment expense grew $2.0 million, or 8%, primarily due to ongoing projects. Corporate allocations increased $2.7 million, or 5%, over the prior year.

Average Wealth Management loans declined by $24 million, or 1%, to $2.2 billion. Average deposits attributed to Wealth Management increased $1.9 billion, or 25%, to $9.7 billion in 2024.

50

Fourth Quarter 2024 Wealth Management

Table 20 - Wealth Management - Fourth Quarter 2024

(Dollars in thousands)

Three Months Ended Dec. 31, 2024Sep. 30, 2024Increase(Decrease)%Increase(Decrease)Net interest income from external sources$6,696 $5,692 $1,004 18 %Net interest income from internal sources31,448 27,493 3,955 14 %Net interest income38,144 33,185 4,959 15 %Net loans recovered(10)(159)(149)(94)%Net interest income after net loans recovered38,154 33,344 4,810 14 %Other operating revenue118,310 112,457 5,853 5 %Personnel expense69,944 66,524 3,420 5 %Non-personnel expense25,252 27,015 (1,763)(7)%Total other operating expense95,196 93,539 1,657 2 %Corporate allocations12,353 13,458 (1,105)(8)%Income before taxes$48,915