BOK Financial Corporation reported a net income of $119.8 million, or $1.86 per diluted share, for the first quarter of 2025, a decrease from $136.2 million, or $2.12 per diluted share, in the previous quarter. The company's pre-provision net revenue (PPNR) was $154.8 million, down from $175.4 million in the fourth quarter of 2024. The decline in profitability was attributed to a significant drop in fees and commissions revenue, which totaled $184.1 million, a decrease of $22.8 million compared to the prior quarter, primarily due to lower brokerage and trading revenue amid market volatility.
BOK Financial's net interest income increased slightly to $316.3 million, up by $3.2 million from the previous quarter, with a net interest margin of 2.78%, compared to 2.75% in the fourth quarter of 2024. The growth in net interest income was driven by liabilities re-pricing lower more quickly than assets. However, the company did not record any provision for expected credit losses during the quarter, reflecting improved portfolio credit quality despite a worse economic outlook compared to the prior quarter.
Operationally, BOK Financial's total outstanding loan balances decreased to $23.7 billion, down $424 million from December 31, 2024, primarily due to a reduction in commercial loans, particularly in the energy sector. Average loan balances increased by $44 million to $24.1 billion, while period-end deposits grew to $38.3 billion, an increase of $90 million over the previous quarter. The company reported a loan-to-deposit ratio of 62% as of March 31, 2025, compared to 63% at the end of 2024.
In terms of strategic developments, BOK Financial's tangible common equity ratio improved to 9.48% from 9.17% in the previous quarter, indicating a stronger capital position. The company also declared a cash dividend of $36.5 million, or $0.57 per common share, during the first quarter, with plans for a similar dividend in the upcoming quarter. Looking ahead, BOK Financial anticipates that ongoing economic conditions, including interest rate fluctuations and market volatility, will continue to impact its financial performance, but it remains focused on managing its balance sheet effectively to navigate these challenges.
About BOK FINANCIAL CORP
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