Company: BOKF
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000875357-25-000027
Chunk: 3

Company: BOK FINANCIAL CORP
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 3
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28.1 million, largely due to lower trading volumes and compressed trading margins. Fiduciary and asset management revenue increased $5.7 million led by growth in trust fees related to higher market valuations and continued growth in client relationships. Other revenue increased $2.0 million, primarily related to higher fees earned on derivative counterparty margin. Deposit service charges increased $1.6 million due to growth in commercial service charges and transaction card revenue grew $1.6 million, primarily due to an increase in the volume of transactions processed during the quarter.

• Other gains (losses), net, were a net loss of $725 thousand for the three months ended March 31, 2025, compared to a net gain of $4.3 million for the three months ended March 31, 2024. Unrealized gains on merchant banking investments was $678 thousand and losses on investments related to deferred compensation were $1.1 million for the three months ended March 31, 2025, compared to a net loss on merchant banking investments of $918 thousand and a gain of $4.4 million on investments related to deferred compensation for the three months ended March 31, 2024. The first quarter of 2024 also included a loss of $45.2 million on the repositioning of the AFS securities portfolio.

• Total operating expense was $347.5 million for the three months ended March 31, 2025, an increase of $7.1 million over the three months ended March 31, 2024. Personnel expense increased $11.5 million. Regular compensation increased $6.4 million, largely related to annual merit increases, salary adjustments, and business expansion. Employee benefits expense increased $5.1 million related to higher employee healthcare costs and an increase in payroll taxes. Non-personnel expense decreased $4.4 million to $133.3 million. FDIC insurance special assessment costs were $523 thousand for the three months ended March 31, 2025, compared to $6.5 million for the three months ended March 31, 2024, while other expense decreased $3.7 million due to lower operational losses. These decreases were partially offset by increases in net occupancy and equipment expense, data processing expense, and mortgage banking costs.

• No provision for expected credit losses was necessary for the three months ended March 31, 2025. An $8.0 million provision for expected credit losses was recorded for the three months ended March